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CI

24,871,121,589 STD

WCI

(7,928,253,810)

STI

47,458,282,571

Total Capital

64,401,150,350 Total Capital

Totol debt
STD
LTD
TE

20,859,299,047
8,461,950,113
12,397,348,934
43,541,851,303

CI
WCA
WCL
WCI

24,871,121,589
9,491,591,091
17,419,844,901
(7,928,253,810)

LTF(LTD+TE)

TA
TL
STI

100,967,897,188
57,426,045,885
47,458,282,571

NCI
Stock Price
No. of Shares
Total Equity
Total Capital

188,692,640
257
2,973,095,330
764,274,192,450
785,133,491,497

Wd%
We%
YTM
Tax Rate
Kd After taxes
RF%
MRP
Beta
Ke%
WACC =
WACC =
Total Revenue
Total Capital
CAT

2.66%
97.34%
3.12% Before taxes
30%
2.18%
4.32%
8.05%
1.073917906
12.97%
(Wd%*Kd%)+(We%&Ke%)
12.68%
141,568,298,927
64,401,150,350
2.198226245

From every 1 Baht of investors' money (Capital) invested in AIS, management has produced 2.19 baht of reve
S/H profit
Finance Cost= Interest Expense =
Avg Taxes Rate
Lender Profit
Total Profit for L&S/H
Total Revenue
PM(profit/total revenue)
ROI

34,899,078,379
1,092,793,794.68
23.49%
836,099,528.27
35,735,177,907.59
141,568,298,927.00
25.24%
55.49%

On every 100 Baht of capital employed by Advance, manaement generated 7.24 baht of after taxes profit for i
WACC = 12.68%

ROI = 55.49%
ROI > WACC

Advance has high volume and margin. So, the model Advance uses is focused strategy.
Profit for the period
total Equity
ROE

34,899,078,379
43,541,851,303
80.15% ;Ke=12.97%

ROE > Ke
ROI
ROE

55.49%
80.15%

FLE=ROE-ROI

24.66%

Max(i)=ROI%/(1-tax rate)

42.45%

8,461,950,113

55,939,200,237

64,401,150,350

As of 14April 2013
Par Value

257
1 Baht

As of 05 April 2013

Sales revenues + Service revenues + interest income + dividend income + gain on currency exchange + investment

total Revenues / total Capital


Good! ( > 1 std )
anagement has produced 2.19 baht of revenues in 2012.
Called Net Profit for the year or Profit for the Period
Changed to positive

>standard of 10% Conclude: High Margin


From CAT*PM

Meaning of PM = 25.24%? Evaluation ?


From every 100 baht of ADVANCE's revenues, company gets 2
Total expense = 100 - 25.24 =
74.76%

erated 7.24 baht of after taxes profit for investors in 2012


Good !

es is focused strategy.

Volume = CAT . Margin = PM


Michael Porter's Model:
1.) Differentiation Strategy : High Margin but Low Volume
2.) Cost Leadership Strategy : High Volume but Low Margin
3.) Focus strategy : High Margin and High Volume (Mono-Poly)

Very Good !

Average Interest rate (i)=Financial cost/Total Debt=


after tax=
4.01%
ROI=
55.49% Gain=
51.48%
D/E=
0.479063
cross check with FLE

5.24%

0.246622

in on currency exchange + investment gain + other income

4%? Evaluation ?
ADVANCE's revenues, company gets 25.24 baht of after taxes profit for investors in 2012

Volume (Mono-Poly)

Advanced Info Service Public Company Limited and its Subsidiaries


Statements of cash flows

Analytical Question

1.What is the tootal CIF of AIS in 2012?


Consolidated

2.What are the source of CIF for AIS in 2012? What is the main source o

financial statements

3.What is the total COF of AIS in 2012?

For the year ended 31 December


Note

2012

2011
(in Baht)

4.What are the uses of COF of AIS in 2012? What is the main use of COF

5.What is the cash amount available (or deficit) for distribute among the in
6.What is the net CF to (or from) AIS lenders in 2012?
7.What is the net CF to (or from) AIS Shareholdersin 2012?

Cash flows from operating activities


Profit for the year( from I/S)

34,899,078,379

22,344,423,964

8.What do you think about the CF condition of AIS in 2012 from operatio

Adjustments for
Depreciation
Amortisation of intangible assets
Impairment loss of assets
Investment income

2,183,059,143

2,510,884,993

13,446,818,269

15,164,388,039

1,541,998,338

11,14
4,11,26

Finance costs

(773,624,201)

Purpose of CF Report: To explain the change in cash and cash equivalents

(632,771,027)

1,092,793,795

1,665,626,981

542,519,791

611,378,641

Doubtful accounts and bad debts expense

Step1: Understand the purpose and Structure of CF report

Allowance for obsolete, decline in value and


write-off inventories
Allowance for obsolete assets

12

(Gain) loss on disposals and write-off of assets

8,098,710

27,181,987

363,724,008

Unrealised (gain) loss on exchange


Income tax expense

22,790,873

(2,835,085)

78,725,479

1,173,285

10,714,505,893

14,364,870,299

62,570,391,429

57,604,419,125

Cash provided by operation before changes in


operating assets and liabilities

Step2:Prepare Sources and uses of cash Table

Changes in operating assets and liabilities


Specifically-designated bank deposits

(171,685,379)

(1,359,801,077)

Trade accounts receivable

(1,564,470,326)

(1,973,663,744)

Other receivables

(1,003,063,859)

Inventories

91,093,163

(362,233,208)

31,641,347

Other current assets

33,388,779

(44,372,997)

Other non-current assets

33,371,762

(7,091,452)

Trade accounts payable

1,648,103,515

Other payables

1,406,641,977

757,650,942

262,089,345

1,264,747,878

Accrued revenue sharing expenses


Unearned income - mobile phone service

(664,269,691)

Advanced receipts from customers

121,638,291

Other current liabilities


Swap and forward contracts payable
Other non-current liabilities
Cash generated from operating activities
Income tax paid
Net cash from operating activities

813,001,036

(12,276,893)
1,153,215,888

(7,556,679)

7,850,030

(110,797,904)

71,803,506

50,613,031

19,302,329

62,242,161,083

58,417,519,081

(11,109,515,280)

(10,201,076,273)

51,132,645,803

48,216,442,808

The accompanying notes are an integral part of these financial statements.


11

Step 3: Cross -checking (verify the calculation)

Step: 4 Cash available (deficit)=net OCF-netICF+extraordinary gain-extra

CASH PROFIT from non cash to cash

Advanced Info Service Public Company Limited and its Subsidiaries


Statements of cash flows
Consolidated
financial statements

Step 5:Calculate net CF to (or form) Lenders = total CIF to lenders-total C

For the year ended 31 December


Note

2012

2011
(in Baht)

Cash flows from i nvesting activities


Interest received

746,495,275

Purchase of property, plant, equipment and computer software

(5,502,658,884)

Sale of property and equipment

27,619,467

Purchase of assets under the Agreements for operations

(4,095,461,459)

Payment of license for operation right in spectrum of

(7,321,291,621)

619,822,954
(3,168,272,347)
12,543,202

Step6: Calculate net CF to (or from) S/H = share repurcghase+dividend pa

(2,538,991,345)
-

telecomunication
Net changes increase of short-term loans to subsidiaries
Net changes (increase) decrease in current investments

(612,419,788)

Net changes increase in other long-term investments

(791,128)

Net changes decrease of investment in a subsidiary

11

Dividend received from subsidiaries


Net cash from (used in) investing activities

(16,758,508,138)

3,494,040,477
(97,773)
(1,580,954,832) Step 7: Cross-checking

Cash flows from financing activities


(1,102,015,007)

(1,747,634,309)

Other finance costs paid

(44,724,905)

(32,442,393)

Finance lease principal payments

(26,470,970)

(22,285,511)

Interest paid

Repayments of short-term loans from a subsidiary

Repayments of long-term borrowings

(5,486,147,730)

(14,050,081,600)

Proceeds from long-term borrowings

3,998,876,000

1,199,500,000

Proceeds from issue of ordinary shares

188,744,653

Share capital reduction paid to non-controlling interests

(159,433,132)

Dividend paid

(30,241,245,805)

(24,102,492,181)

Net cash used in financing activities

(32,901,728,417)

(38,726,124,473)

Net increase in cash and cash equivalents


Cash and cash equivalents at 1 January

1,472,409,248

7,909,363,503

18,360,810,159

10,451,397,637

Beginning

Effect of exchange rate changes on balances


held in foreign currencies
Cash and cash equivalents at 31 December

(197,107)

49,019

19,833,022,300

18,360,810,159

10,291,135,939

760,459,229

Supplemental disclosures of cash flow information


Non-cash transactions
Outstanding debts arising from investment in property,
plant and equipment and assets under
the Agreements for operations and licence for operation
right in spectrum of telecommunication

The accompanying notes are an integral part of these financial statements.


12

Ending

1.What is the tootal CIF of AIS in 2012?

55,905,636,545

2.What are the source of CIF for AIS in 2012? What is the main source of CIF of AIS in 2012?

Operating and divesting and borrowing .The main source is operation

3.What is the total COF of AIS in 2012?

(54,433,424,404)

4.What are the uses of COF of AIS in 2012? What is the main use of COF in 2012?

Investing,debt service,dividend payment and extraordinary loss.The main use o

5.What is the cash amount available (or deficit) for distribute among the investors(lenders&S/Hs) in 2012

34,373,940,558 excess profit after investment and currency exchange loss

6.What is the net CF to (or from) AIS lenders in 2012?


7.What is the net CF to (or from) AIS Shareholdersin 2012?
8.What do you think about the CF condition of AIS in 2012 from operational and financial perspective?
Step1: Understand the purpose and Structure of CF report
Purpose of CF Report: To explain the change in cash and cash equivalents over a period of time(e.g.2012)
increase

decrease
1,472,212,141

CIF+

Company has received cash

COF-()

Company has paid out cash

SCF Report has 4 sections

Source=CIF+
Use=COF-()

Step2:Prepare Sources and uses of cash Table


1.Operation ,net
2.Divesting
3.Borrowing

51,132,645,803
774,114,742

(17,532,622,880)

2.Debt service

(6,659,358,612) (Financing part)loan repayment+interest paid

3,998,876,000 3.Share repurchase

4.Issuing new shares


5.Extraordinary gain
total CIF 2012=

1.Investing

4.Dividend payment

5.extraordinary loss

55,905,636,545 total COF 2012=

Step 3: Cross -checking (verify the calculation)


A) Net CIF 2012=

1,472,212,141 Total CIF+Total COF

B) Ending cash=

19,833,022,300 Dec ,2013

C)Beginning cash=

18,360,810,159 Jan,2013

D)Increase in cash=

1,472,212,141 D=B-C

Step: 4 Cash available (deficit)=net OCF-netICF+extraordinary gain-extraordinary loss


OCF= operating cash flow
ICF=investing cash flow
A)net OCF

51,132,645,803 get it from the table

B) net ICF

(16,758,508,138) get it from SCF report

C)Extra,Gain

0 from table

The accompanying notes are an integral part of these financial statements.


13

(30,241,245,805)

(197,107) key word : dividend;location:Financing;Sign:Negative num


(54,433,424,404)

D)Extra Loss
E)Cash available (deficit)= A+B+C+D

(197,107) from table


34,373,940,558 excess cash profit

give some cash to shareholders

give some to lenders

add the rest to cash A/C for future use

30,241,245,805

2,660,482,612
Step 5:Calculate net CF to (or form) Lenders = total CIF to lenders-total COF from lenders=debt service-borrowing
Note: Do step 5 from Lenders'point of view(do calculation from lender side)
A) Debt service
B)Borrowing
C)Net CF (Lenders)

6,659,358,612 get it from the tablebutchange it to positive number


(3,998,876,000) get it from the tablebutchange it to negative number (cash out flow from lender's point of view)
2,660,482,612 C=A+B
It means Lenders (Banks) have received net CIF from the company

Step6: Calculate net CF to (or from) S/H = share repurcghase+dividend paid-issuing new shares
Note:Do the calculation from S/H side
A) Share repurchase
B)Dividend paid

0 from the table but change sigm to positive


30,241,245,805 from the table but change sigm to positive

C)Issuing new shares


D)Net CF(S/H)

0 from the table but change sigm to negative


30,241,245,805 D=A+B+C
S/H received cash from company

Step 7: Cross-checking
A)Cash available(deficit)=

34,373,940,558 step 4

B)total payment to L&S/H=

32,901,728,417 step5+6

C) Available -Payment=A-B=

1,472,212,141 goes to the cash A/C

The accompanying notes are an integral part of these financial statements.


14

ng and divesting and borrowing .The main source is operation

g,debt service,dividend payment and extraordinary loss.The main use of COF is dividend payment
excess profit after investment and currency exchange loss

(Financing part)loan repayment+interest paid

key word : dividend;location:Financing;Sign:Negative number

The accompanying notes are an integral part of these financial statements.


15

ut flow from lender's point of view)

The accompanying notes are an integral part of these financial statements.


16

Advanced Info Service Public Company Limited and its Subsidiaries


Statements of financial position

Required: To analyze and evaluate the liquidity co

Consolidated

Step 1:Compare CI and STD

financial statements
31 December

Assets

Note

2012

A)Calculate the total cash investment(CI)=

2011
(in Baht)

B)Total STD=

Current assets
Cash and cash equivalents

19,833,022,300

18,360,810,159

Specifically-designated bank deposits

3,697,851,399

3,526,166,019

Current investments

1,340,247,890

726,544,423

Trade accounts receivable

4,8

8,065,058,909

7,037,320,112

Other receivables

4,9

3,661,732,370

2,327,576,494

Short-term loans to related parties

Inventories

10

1,426,532,182

1,087,089,847

Other current assets


Total current assets

78,963,627

112,352,407

38,103,408,677

33,177,859,461

Step2:Calculate Liqudity Position(LP) of ADVAN

Non-current assets
Investments in subsidiaries

11

Other long-term investments

107,217,762

106,426,634

Property, plant and equipment

12

11,139,837,529

7,616,337,080

Assets under the Agreements for operations

13

29,156,810,877

36,504,751,799

Goodwill

14

34,930,692

34,930,692

License for operation right in specADVANCEm of

15

14,576,886,251

A)LTF=

Other intangible assets

16

2,032,637,358

2,275,008,742

B)STI=

Deferred tax assets

17

5,314,463,237

6,421,927,942

Formular: LP=(LTF-STI)/WCI

Data Collection:

telecommunication

Other non-current assets


Total non-current assets
Total assets

501,704,805

535,076,567

62,864,488,511

53,494,459,456

100,967,897,188

86,672,318,917

C)WCI=

D)LP=(A-B)/C=

The accompanying notes are an integral part of these financial statements.


3

Advanced Info Service Public Company Limited and its Subsidiaries


Statements of financial position
Consolidated

Step3: Calculate Cash Cycle (CC) of ADVANCE

financial statements
31 December

Liabilities and equity

Note

2012

2011
(in Baht)

Current liabilities

Formula:CC=CIF days-COF days=(AAI+ACP)-AP

Trade accounts payable

4,19

7,340,963,833

3,520,283,467

Other payables

4,20

7,444,147,767

6,058,796,384

Current portion of long-term borrowings

18

8,461,950,113

5,469,182,948

Accrued revenue sharing expenses

4,854,693,278

4,592,603,933

Unearned income - mobile phone service

1,699,344,990

2,363,614,681

Advanced receipts from customers

2,796,034,520

2,674,396,229

Income tax payable

3,524,842,800

4,897,346,350

Other current liabilities


Total current liabilities

165,648,825

158,217,251

36,287,626,126

29,734,441,243

STD

Non-current liabilities
Long-term borrowings

18

11,887,812,971

16,536,660,676

Employee benefit obligations

21

1,222,767,045

422,439,790

Swap and forward contracts payable

34

509,535,963

368,506,180

Accrued licence fee for telecommunication

15

7,312,500,000

205,803,780

146,718,086

Total non-current liabilities

21,138,419,759

17,474,324,732

Total liabilities

57,426,045,885

47,208,765,975

Authorised share capital

4,997,459,800

4,997,459,800

Issued and paid-up share capital

2,973,095,330

2,973,095,330

22,372,276,085

22,372,276,085

Other non-current liabilities

LTD=

sheet'5'
sheet'5'

Equity
Share capital

22

Additional paid-in capital


Premium on ordinary shares

22

Retained earnings
Appropriated
Legal reserve

23

Unappropriated
Other components of equity

24

Equity attributable to owners of the Company


Non-controlling interests
Total equity
Total liabilities and equity

500,000,000

500,000,000

17,344,196,146

13,245,952,355

163,591,102

162,342,895

43,353,158,663

39,253,666,665

188,692,640

209,886,277

43,541,851,303

39,463,552,942

100,967,897,188

86,672,318,917

Step 4:Provide reccommendation for improving the

A) Operations
AAI

AAI
AAI

B)Financing

The accompanying notes are an integral part of these financial statements.


4

1.Take a LTD instead of STD

The accompanying notes are an integral part of these financial statements.


5

Required: To analyze and evaluate the liquidity condition of ADVANCE in 2012

Step 1:Compare CI and STD

A)Calculate the total cash investment(CI)=

24,871,121,589
CI > STD .ADVANCE is liquid as of Dec 31,2012
8,461,950,113

net CI= A-B=

16,409,171,476

Why ADVANCE has too much CI relative to STD?

Two tentative explanation:

1.ADVANCE has adopted a conservative financing strategy

2.ADVANCE 's operating activities are inefficient its Cash Cycle is unfavorable(CIF is slow while COF is fast)

3.Both
Step2:Calculate Liqudity Position(LP) of ADVANCELP shows the financing strategy of the company

LP indicates the percentage of WCI financed with LTF

Formular: LP=(LTF-STI)/WCI

STD

8,461,950,113

LTD

12,397,348,934

TE

43,541,851,303

CI

24,871,121,589

Standard = 90%

WCA

9,491,591,091

WCL

17,419,844,901

55,939,200,237

LTF=LTD+TE

47,458,282,571

STI=(TA-CI-WCI)-(TL-STD-LTD)

TA

(7,928,253,810)

WCI=WCA-WCL

STI

WCI

TL
C.1)WCA=

9,491,591,091

C.2)WCL=

17,419,844,901

-107%

< 90 % standard Conclude: ADVANCE uses too much CI for investment in working capital
This is an Conservative Financing Strategy"

The accompanying notes are an integral part of these financial statements.


6

Step3: Calculate Cash Cycle (CC) of ADVANCE


CC shows the efficiency of the company's operating activities

Formula:CC=CIF days-COF days=(AAI+ACP)-APP


AAI=Average Age of Invesntories=time it takes to buy ,produce and sell goods
ACP=Average Collection Period=time it takes to collect cash from credit customers
APP=Average Payment Period =time it takes a company to pays its suppliers for its credit purchases
2,012

2,011

Ending amount

Beginning amount

Average amount

Inventories

1,426,532,182

1,087,089,847

1,256,811,015

Trade A/R

8,065,058,909

7,037,320,112

7,551,189,511

TradeA/P

7,340,963,833

3,520,283,467

5,430,623,650

Cost of Sales&Services
Sales&Service Revenues

83,969,968,671 get it from"statement of income" but change to positive


141,568,298,927 get it from"statement of income"

No.of Days

365 days

365*12/12

5 days

AAI =Average Inventories/Cost of sales&Service per day=

19 days

ACP=Average trade Account Receivable/Sale&Service Revenue per day=


CIF days =AAI+ACP=

buying time+product time+selling time = 5days


cash collection from customers =19days

24.93 days

APP=Average trade accounts payable /cost of sales &services per day

23.61 days

COF days

1 Unfavorableinefficient

CC=CIF days-COF days=

solve by

1.Keep cash reserve to pay suppliiers b


2.Take a loan from bank

COF
Suppliers

24 days

CIF
ADVANCE

25 days

Customers

CIF-COF
ADVANCE must pays its suppliers 1 days before it collects cash from its customers
Solution: ADVANCE preffered to use cash as the way to pay for their suppliers.

Step 4:Provide reccommendation for improving the liquidition situation of ADVANCE

CC=AAI+ACP-APP
1.Reduce the lead time (buying time)JIT,EDI(Supply chain management)
2.Speed up cash
collections
3.Delay payment to
suppliers

solution 1:to reduce AAI by

1.Reduce buying time

4.Speed up the production process

2.reduce production time

5.Speed up the distribution of goods to customers

3.reduce selling time

The accompanying notes are an integral part of these financial statements.


7

1.Take a LTD instead of STD


2.Liquidate some assets (STI) to raise cash to repay STD

CI

STD

3.Issue new shares to raise cash and repay STD

WCI

LTF (B.3,B.1)

STD (B.2)

The accompanying notes are an integral part of these financial statements.


8

s unfavorable(CIF is slow while COF is fast)

The accompanying notes are an integral part of these financial statements.


9

1.Keep cash reserve to pay suppliiers before collecting cash from customers
2.Take a loan from bank

The accompanying notes are an integral part of these financial statements.


10

The accompanying notes are an integral part of these financial statements.


11

Advanced Info Service Public Company Limited and its Subsidiaries


Statements of financial position
Consolidated
financial statements
31 December

Assets

Note

2012

2011
(in Baht)

Current assets
Cash and cash equivalents

19,833,022,300

18,360,810,159

Specifically-designated bank deposits

3,697,851,399

3,526,166,019

Current investments

1,340,247,890

726,544,423

Trade accounts receivable

4,8

8,065,058,909

7,037,320,112

Other receivables

4,9

3,661,732,370

2,327,576,494

Short-term loans to related parties

Inventories

10

1,426,532,182

1,087,089,847

Other current assets


Total current assets

78,963,627

112,352,407

38,103,408,677

33,177,859,461

Non-current assets
Investments in subsidiaries

11

Other long-term investments

107,217,762

106,426,634

Property, plant and equipment

12

11,139,837,529

7,616,337,080

Assets under the Agreements for operations

13

29,156,810,877

36,504,751,799

Goodwill

14

34,930,692

34,930,692

License for operation right in spectrum of

15

14,576,886,251

Other intangible assets

16

2,032,637,358

2,275,008,742

Deferred tax assets

17

5,314,463,237

6,421,927,942

telecommunication

Other non-current assets


Total non-current assets
Total assets

501,704,805

535,076,567

62,864,488,511

53,494,459,456

100,967,897,188

86,672,318,917

The accompanying notes are an integral part of these financial statements.


3

Advanced Info Service Public Company Limited and its Subsidiaries


Statements of financial position
Consolidated
financial statements
31 December

Liabilities and equity

Note

2012

2011
(in Baht)

Current liabilities
Trade accounts payable

4,19

7,340,963,833

3,520,283,467

Other payables

4,20

7,444,147,767

6,058,796,384

Current portion of long-term borrowings

18

8,461,950,113

5,469,182,948

Accrued revenue sharing expenses

4,854,693,278

4,592,603,933

Unearned income - mobile phone service

1,699,344,990

2,363,614,681

Advanced receipts from customers

2,796,034,520

2,674,396,229

Income tax payable

3,524,842,800

4,897,346,350

Other current liabilities


Total current liabilities

165,648,825

158,217,251

36,287,626,126

29,734,441,243

Non-current liabilities
Long-term borrowings

18

11,887,812,971

16,536,660,676

Employee benefit obligations

21

1,222,767,045

422,439,790

Swap and forward contracts payable

34

509,535,963

368,506,180

Accrued licence fee for telecommunication

15

7,312,500,000

205,803,780

146,718,086

Total non-current liabilities

21,138,419,759

17,474,324,732

Total liabilities

57,426,045,885

47,208,765,975

Authorised share capital

4,997,459,800

4,997,459,800

Issued and paid-up share capital

2,973,095,330

2,973,095,330

22,372,276,085

22,372,276,085

Other non-current liabilities

Equity
Share capital

22

Additional paid-in capital


Premium on ordinary shares

22

Retained earnings
Appropriated
Legal reserve

23

Unappropriated
Other components of equity

24

Equity attributable to owners of the Company


Non-controlling interests
Total equity
Total liabilities and equity

500,000,000

500,000,000

17,344,196,146

13,245,952,355

163,591,102

162,342,895

43,353,158,663

39,253,666,665

188,692,640

209,886,277

43,541,851,303

39,463,552,942

100,967,897,188

86,672,318,917

The accompanying notes are an integral part of these financial statements.


4

Advanced Info Service Public Company Limited and its Subsidiaries


Statements of cash flows

Analytical Question

1.What is the tootal CIF of AIS in 2012?


Consolidated

2.What are the source of CIF for AIS in 2012? What is the main source o

financial statements

3.What is the total COF of AIS in 2012?

For the year ended 31 December


Note

2012

2011
(in Baht)

4.What are the uses of COF of AIS in 2012? What is the main use of COF

5.What is the cash amount available (or deficit) for distribute among the in
6.What is the net CF to (or from) AIS lenders in 2012?
7.What is the net CF to (or from) AIS Shareholdersin 2012?

Cash flows from operating activities


Profit for the year( from I/S)

34,899,078,379

22,344,423,964

8.What do you think about the CF condition of AIS in 2012 from operatio

Adjustments for
Depreciation
Amortisation of intangible assets
Impairment loss of assets
Investment income

2,183,059,143

2,510,884,993

13,446,818,269

15,164,388,039

1,541,998,338

11,14
4,11,26

Finance costs

(773,624,201)

Purpose of CF Report: To explain the change in cash and cash equivalents

(632,771,027)

1,092,793,795

1,665,626,981

542,519,791

611,378,641

Doubtful accounts and bad debts expense

Step1: Understand the purpose and Structure of CF report

Allowance for obsolete, decline in value and


write-off inventories
Allowance for obsolete assets

12

(Gain) loss on disposals and write-off of assets

8,098,710

27,181,987

363,724,008

Unrealised (gain) loss on exchange


Income tax expense

22,790,873

(2,835,085)

78,725,479

1,173,285

10,714,505,893

14,364,870,299

62,570,391,429

57,604,419,125

Cash provided by operation before changes in


operating assets and liabilities

Step2:Prepare Sources and uses of cash Table

Changes in operating assets and liabilities


Specifically-designated bank deposits

(171,685,379)

(1,359,801,077)

Trade accounts receivable

(1,564,470,326)

(1,973,663,744)

Other receivables

(1,003,063,859)

Inventories

91,093,163

(362,233,208)

31,641,347

Other current assets

33,388,779

(44,372,997)

Other non-current assets

33,371,762

(7,091,452)

Trade accounts payable

1,648,103,515

Other payables

1,406,641,977

757,650,942

262,089,345

1,264,747,878

Accrued revenue sharing expenses


Unearned income - mobile phone service

(664,269,691)

Advanced receipts from customers

121,638,291

Other current liabilities


Swap and forward contracts payable
Other non-current liabilities
Cash generated from operating activities
Income tax paid
Net cash from operating activities

813,001,036

(12,276,893)
1,153,215,888

(7,556,679)

7,850,030

(110,797,904)

71,803,506

50,613,031

19,302,329

62,242,161,083

58,417,519,081

(11,109,515,280)

(10,201,076,273)

51,132,645,803

48,216,442,808

The accompanying notes are an integral part of these financial statements.


11

Step 3: Cross -checking (verify the calculation)

Step: 4 Cash available (deficit)=net OCF-netICF+extraordinary gain-extra

CASH PROFIT from non cash to cash

Advanced Info Service Public Company Limited and its Subsidiaries


Statements of cash flows
Consolidated
financial statements

Step 5:Calculate net CF to (or form) Lenders = total CIF to lenders-total C

For the year ended 31 December


Note

2012

2011
(in Baht)

Cash flows from i nvesting activities


Interest received

746,495,275

Purchase of property, plant, equipment and computer software

(5,502,658,884)

Sale of property and equipment

27,619,467

Purchase of assets under the Agreements for operations

(4,095,461,459)

Payment of license for operation right in spectrum of

(7,321,291,621)

619,822,954
(3,168,272,347)
12,543,202

Step6: Calculate net CF to (or from) S/H = share repurcghase+dividend pa

(2,538,991,345)
-

telecomunication
Net changes increase of short-term loans to subsidiaries
Net changes (increase) decrease in current investments

(612,419,788)

Net changes increase in other long-term investments

(791,128)

Net changes decrease of investment in a subsidiary

11

Dividend received from subsidiaries


Net cash from (used in) investing activities

(16,758,508,138)

3,494,040,477
(97,773)
(1,580,954,832) Step 7: Cross-checking

Cash flows from financing activities


(1,102,015,007)

(1,747,634,309)

Other finance costs paid

(44,724,905)

(32,442,393)

Finance lease principal payments

(26,470,970)

(22,285,511)

Interest paid

Repayments of short-term loans from a subsidiary

Repayments of long-term borrowings

(5,486,147,730)

(14,050,081,600)

Proceeds from long-term borrowings

3,998,876,000

1,199,500,000

Proceeds from issue of ordinary shares

188,744,653

Share capital reduction paid to non-controlling interests

(159,433,132)

Dividend paid

(30,241,245,805)

(24,102,492,181)

Net cash used in financing activities

(32,901,728,417)

(38,726,124,473)

Net increase in cash and cash equivalents


Cash and cash equivalents at 1 January

1,472,409,248

7,909,363,503

18,360,810,159

10,451,397,637

Beginning

Effect of exchange rate changes on balances


held in foreign currencies
Cash and cash equivalents at 31 December

(197,107)

49,019

19,833,022,300

18,360,810,159

10,291,135,939

760,459,229

Supplemental disclosures of cash flow information


Non-cash transactions
Outstanding debts arising from investment in property,
plant and equipment and assets under
the Agreements for operations and licence for operation
right in spectrum of telecommunication

The accompanying notes are an integral part of these financial statements.


12

Ending

1.What is the tootal CIF of AIS in 2012?

55,905,636,545

2.What are the source of CIF for AIS in 2012? What is the main source of CIF of AIS in 2012?

Operating and divesting and borrowing .The main source is operation

3.What is the total COF of AIS in 2012?

(54,433,424,404)

4.What are the uses of COF of AIS in 2012? What is the main use of COF in 2012?

Investing,debt service,dividend payment and extraordinary loss.The main use of COF is dividend

5.What is the cash amount available (or deficit) for distribute among the investors(lenders&S/Hs) in 2012

34,373,940,558 excess profit after investment and currency exchange loss

6.What is the net CF to (or from) AIS lenders in 2012?


7.What is the net CF to (or from) AIS Shareholdersin 2012?
8.What do you think about the CF condition of AIS in 2012 from operational and financial perspective?
Step1: Understand the purpose and Structure of CF report
Purpose of CF Report: To explain the change in cash and cash equivalents over a period of time(e.g.2012)
increase

decrease
1,472,212,141

CIF+

Company has received cash

COF-()

Company has paid out cash

SCF Report has 4 sections

Source=CIF+
Use=COF-()

Step2:Prepare Sources and uses of cash Table


1.Operation ,net
2.Divesting
3.Borrowing

51,132,645,803
774,114,742

(17,532,622,880)

2.Debt service

(6,659,358,612) loan repayment+interest paid

3,998,876,000 3.Share repurchase

4.Issuing new shares


5.Extraordinary gain
total CIF 2012=

1.Investing

4.Dividend payment

5.extraordinary loss

55,905,636,545 total COF 2012=

Step 3: Cross -checking (verify the calculation)


A) Net CIF 2012=

1,472,212,141 Total CIF+Total COF

B) Ending cash=

19,833,022,300 Dec ,2013

C)Beginning cash=

18,360,810,159 Jan,2013

D)Increase in cash=

1,472,212,141 D=B-C

Step: 4 Cash available (deficit)=net OCF-netICF+extraordinary gain-extraordinary loss


OCF= operating cash flow
ICF=investing cash flow
A)net OCF

51,132,645,803 get it from the table

B) net ICF

(16,758,508,138) get it from SCF report

C)Extra,Gain

0 from table

The accompanying notes are an integral part of these financial statements.


13

(30,241,245,805)
(197,107) key word : dividend;location:Financing;Sign:Negative number
(54,433,424,404)

D)Extra Loss
E)Cash available (deficit)= A+B+C+D

(197,107) from table


34,373,940,558 excess cash profit

give some cash to shareholders

give some to lenders

add the rest to cash A/C for future use

30,241,245,805

2,660,482,612

Step 5:Calculate net CF to (or form) Lenders = total CIF to lenders-total COF from lenders=debt service-borrowing
Note: Do step 5 from Lenders'point of view(do calculation from lender side)
A) Debt service
B)Borrowing
C)Net CF (Lenders)

6,659,358,612 get it from the tablebutchange it to positive number


(3,998,876,000) get it from the tablebutchange it to negative number (cash out flow from lender's point of view)
2,660,482,612 C=A+B
It means Lenders (Banks) have received net CIF from the company

Step6: Calculate net CF to (or from) S/H = share repurcghase+dividend paid-issuing new shares
Note:Do the calculation from S/H side
A) Share repurchase
B)Dividend paid

0 from the table but change sigm to positive


30,241,245,805 from the table but change sigm to positive

C)Issuing new shares


D)Net CF(S/H)

0 from the table but change sigm to negative


30,241,245,805 D=A+B+C
S/H received cash from company

Step 7: Cross-checking
A)Cash available(deficit)=

34,373,940,558 step 4

B)total payment to L&S/H=

32,901,728,417 step5+6

C) Available -Payment=A-B=

1,472,212,141 goes to the cash A/C

The accompanying notes are an integral part of these financial statements.


14

rrowing .The main source is operation


payment and extraordinary loss.The main use of COF is dividend payment

t after investment and currency exchange loss

dividend;location:Financing;Sign:Negative number

The accompanying notes are an integral part of these financial statements.


15

Advanced Info Service Public Company Limited and its Subsidiaries


Statements of income
Consolidated
financial statements
For the year ended 31 December
Note

2012
(in Baht)

123,873,056,516

17,695,242,411

Continuing operations
Revenues
Revenues from rendering of services and
equipment rentals
Revenue from sale of goods
Total revenue

141,568,298,927

Cost
Cost of rendering of services and equipment rentals

29

(40,171,736,781)

Revenue sharing expense

(27,579,827,527)

Cost of sale of goods

(16,218,404,363)

Total cost

(83,969,968,671)

Gross profit

57,598,330,256

Selling and administrative expenses


Selling expenses

29

(2,890,359,454)

Administrative expenses

29

(9,067,499,763)

Total selling and administrative expenses

(11,957,859,217)

Profit from sales, services and equipment rentals


Investment income

45,640,471,039
4,11,26

773,624,201

Other operating income

27

342,614,672

Impairment loss of assets

11,14

Net foreign exchange gain


Management benefit expenses
Finance costs

102,307,469
4

(152,639,314)

4,30

(1,092,793,795)

31

(10,714,505,893)

Profit before income tax expense


Income tax expense

45,613,584,272

Profit for the year

34,899,078,379

Profit attributable to:


Owners of the Company

34,883,226,960

Non-controlling interests

15,851,419

Profit for the year


Earnings per share

34,899,078,379
32

Basic earnings per share


The accompanying notes are an integral part of these financial statements.
5

11.73

Advanced Info Service Public Company Limited and its Subsidiaries


Statements of comprehensive income
Consolidated

Note

Separate

financial statements

financial statements

For the year ended 31 December

For the year ended 31 December

2012

2011

2012

2011

(in Baht)
Profit for the year

34,899,078,379

22,344,423,964

1,283,679

1,192,847

32,094,970,085

25,696,161,381

Other comprehensive income


Net change in fair value of available-for-sale
investments
Employee benefit obligation actuarial losses

21

(723,056,490)

(417,477,333)

Income tax on other comprehensive income

31

142,238,598

83,495,466

(333,981,867)

Other comprehensive income for the year,


net of income tax
Total comprehensive income for the year

(579,534,213)

1,192,847

34,319,544,166

22,345,616,811

31,760,988,218

25,696,161,381

34,300,585,675

22,218,886,143

31,760,988,218

25,696,161,381

Total comprehensive income attributable to:


Owners of the Company
Non-controlling interests
Total comprehensive income for the year

18,958,491

126,730,668

34,319,544,166

22,345,616,811

31,760,988,218

25,696,161,381

The accompanying notes are an integral part of these financial statements.


6

Advanced Info Service Public Company Limited and its Subsidiaries


Statements of changes in equity
Consolidated financial statements
Retained earnings

Note

Other components of equity

Issued and

Advance

Unrealised

Fair value

paid-up

receipts

gain on

changes in

Total other

attributable to

Non-

dilution of

available-for-sale

components

owners of

controlling

Total

investment
(in Baht)

investments

of equity

the Company

interests

equity

share

Share

for share

Legal

capital

premium

subscription

reserve

Unappropriated

Equity

Year ended 31 December 2011


Balance at 1 January 2011

2,970,076,139

22,172,703,369

13,847,554

500,000,000

15,073,156,600

161,186,663

3,019,191

199,572,716

(24,044,914,883)

3,019,191

199,572,716

Profit

Other comprehensive income

Total comprehensive income for the year

2,973,095,330

22,372,276,085

(36,615)

161,150,048

40,890,933,710

300,183,081

41,191,116,791

188,744,353

(159,433,132)

(57,577,298)

(24,044,914,883)

(24,044,914,883)

(23,856,170,530)

(217,010,130)

(24,073,180,660)

22,217,710,638

22,217,710,638

126,713,326

22,344,423,964

1,192,847

1,192,847

1,192,847

1,192,847

22,217,710,638

1,192,847

1,192,847

22,218,903,485

126,713,326

22,345,616,811

500,000,000

13,245,952,355

161,186,663

1,156,232

162,342,895

39,253,666,665

209,886,277

39,463,552,942

Transactions with owners, recorded directly in equity


Issue of ordinary shares

22

Reduction in share capital of a subsidiary


Dividend received from subsidiaries
Dividends to owners of the Company

4, 33

Total transactions with owners, recorded directly in equity

(13,847,554)

(13,847,554)

300

188,744,653
(159,433,132)
(57,577,298)
(24,044,914,883)

Comprehensive income for the year

Balance at 31 December 2011

The accompanying notes are an integral part of these financial statements.


7

Advanced Info Service Public Company Limited and its Subsidiaries


Statements of changes in equity
Consolidated financial statements
Retained earnings

Note

Other components of equity

Issued and

Advance

Unrealised

Fair value

paid-up

receipts

gain on

changes in

Total other

attributable to

Non-

dilution of

available-for-sale

components

owners of

controlling

Total

investment
(in Baht)

investments

of equity

the Company

interests

equity

share

Share

for share

Legal

capital

premium

subscription

reserve

Unappropriated

Equity

Year ended 31 December 2012


Balance at 1 January 2012

2,973,095,330

22,372,276,085

500,000,000

13,245,952,355

161,186,663

1,156,232

162,342,895

(30,201,093,677)

Profit

Other comprehensive income

Total comprehensive income for the year

2,973,095,330

22,372,276,085

500,000,000

39,253,666,665

209,886,277

39,463,552,942

(30,201,093,677)

(30,201,093,677)

(30,201,093,677)

(40,152,128)

(30,241,245,805)

34,883,226,960

34,883,226,960

15,851,419

34,899,078,379

1,248,207

1,248,207

34,299,337,468

1,248,207

1,248,207

34,300,585,675

18,958,491

34,319,544,166

17,344,196,146

161,186,663

2,404,439

163,591,102

43,353,158,663

188,692,640

43,541,851,303

Transactions with owners, recorded directly in equity


Dividend received from subsidiaries
Dividends to owners of the Company

4,33

Total transactions with owners, recorded directly in equity

(40,152,128)
-

(40,152,128)
(30,201,093,677)

Comprehensive income for the year

Balance at 31 December 2012

The accompanying notes are an integral part of these financial statements.


8

(583,889,492)

(582,641,285)

3,107,072

(579,534,213)

Advanced Info Service Public Company Limited and its Subsidiaries


Statements of changes in equity
Separate financial statements
Retained earnings
Advance
Issued and
Note

receipts

paid-up

Share

for share

Legal

share capital

premium

subscription

reserve

Unappropriated

Total equity

(in Baht)
Year ended 31 December 2011
Balance at 1 January 2011

2,970,076,139

22,172,703,369

3,019,191

199,572,716

3,019,191

199,572,716

Profit

Total comprehensive income for the year

2,973,095,330

13,847,554

500,000,000

11,958,351,643

37,614,978,705

Transactions with owners, recorded directly in equity


Issue of ordinary shares
Dividends to owners of the Company

22
4,33

Total transactions with owners, recorded directly in equity

(13,847,554)
-

188,744,353

(24,044,914,883)

(24,044,914,883)

(24,044,914,883)

(23,856,170,530)

25,696,161,381

25,696,161,381

25,696,161,381

25,696,161,381

22,372,276,085

500,000,000

13,609,598,141

39,454,969,556

(13,847,554)

Comprehensive income for the year

Balance at 31 December 2011

The accompanying notes are an integral part of these financial statements.


9

Advanced Info Service Public Company Limited and its Subsidiaries


Statements of changes in equity
Separate financial statements
Retained earnings
Advance
Issued and
Note

receipts

paid-up

Share

for share

Legal

share capital

premium

subscription

reserve

Unappropriated

Total equity

(in Baht)
Year ended 31 December 2012
Balance at 1 January 2012

2,973,095,330

22,372,276,085

500,000,000

13,609,598,141

39,454,969,556

(30,201,093,677)

(30,201,093,677)

(30,201,093,677)

(30,201,093,677)

Profit

Other comprehensive income


Total comprehensive income for the year

32,094,970,085

32,094,970,085

31,760,988,218

31,760,988,218

2,973,095,330

22,372,276,085

500,000,000

15,169,492,682

41,014,864,097

Transactions with owners, recorded directly in equity


Dividends to owners of the Company

4,33

Total transactions with owners, recorded directly in equity


Comprehensive income for the year

Balance at 31 December 2012

The accompanying notes are an integral part of these financial statements.


10

(333,981,867)

(333,981,867)

Date
04/10/2013
04/09/2013
04/05/2013
04/04/2013
04/03/2013
04/02/2013
04/01/2013
03/29/2013
03/28/2013
03/27/2013
03/26/2013
03/25/2013
03/22/2013
03/21/2013
03/20/2013
03/19/2013
03/18/2013
03/15/2013
03/14/2013
03/13/2013
03/12/2013
03/11/2013
03/08/2013
03/07/2013
03/06/2013
03/05/2013
03/04/2013
03/01/2013
02/28/2013
02/27/2013
02/26/2013
02/22/2013
02/21/2013
02/20/2013
02/19/2013
02/18/2013
02/15/2013
02/14/2013
02/13/2013
02/12/2013
02/11/2013
02/08/2013
02/07/2013
02/06/2013
02/05/2013
02/04/2013
02/01/2013
01/31/2013
01/30/2013
01/29/2013
01/28/2013
01/25/2013
01/24/2013
01/23/2013
01/22/2013
01/21/2013
01/18/2013
01/17/2013

High

Low
238
231
233
240
245
239
238
241
242
248
250
237
233
235
231
230
231
236
235
237
237
225
220
217
216
214
212
210
207
204
206
206
204
207
205
202
202
203
203
200
203
208
207
204
205
207
210
215
214
212
207
207
207
208
208
209
208
199

Open
231
221
226
223
230
233
234
237
235
241
233
226
223
229
222
225
225
230
231
232
226
218
216
212
212
210
206
205
201
200
201
202
201
203
201
200
200
199.5
199.5
197.5
200
202
201
199
201
203
205
210
211
206
204
203
204
203
204
204
200
195

234
230
233
223
243
236
235
237
239
245
235
227
231
230
230
229
229
232
235
237
226
220
220
215
214
214
208
208
202
204
206
203
203
205
202
201
202
202
200
198
202
207
202
204
203
205
210
214
214
207
205
207
207
207
205
209
201
196.5

Volume Close
Dividend
9606600
237
5575300
228
5902000
226
6258300
235
7031100
230
2705500
239
2546400
235
2610400
240
7679600
236
6297000
242
13740600
245
5949300
234
11696600
223
5959700
233
6248100
229
3513800
228
5757200
228
6640600
230
6561400
231
10736300
237
14423000
234
7965100
224
4608400
217
4835400
217
6723400
213
6260300
211
7508700
211
8652400
207
7390700
207
4280300
200
8995000
202
3649300
204
7171200
203
6825600
206
4471700
205
2086200
200
4575300
200
5994300
202
3746200
202
7149400
198
4530200
200
6817400
203
11099800
207
8700000
201
8522300
204
8750500
203
8108200
208
5834000
210
4050600
214
9453100
212
4504200
205
3207500
206
1769600
207
3368700
205
4163600
205
5989300
204
12295200
206
6015800
198.5

01/16/2013
01/15/2013
01/14/2013
01/11/2013
01/10/2013
01/09/2013
01/08/2013
01/07/2013
01/04/2013
01/03/2013
01/02/2013
12/28/2012
12/27/2012
12/26/2012
12/25/2012
12/24/2012
12/21/2012
12/20/2012
12/19/2012
12/18/2012
12/17/2012
12/14/2012
12/13/2012
12/12/2012
12/11/2012
12/07/2012
12/06/2012
12/04/2012
12/03/2012
11/30/2012
11/29/2012
11/28/2012
11/27/2012
11/26/2012
11/23/2012
11/22/2012
11/21/2012
11/20/2012
11/19/2012
11/16/2012
11/15/2012
11/14/2012
11/13/2012
11/12/2012
11/09/2012
11/08/2012
11/07/2012
11/06/2012
11/05/2012
11/02/2012
11/01/2012
10/31/2012
10/30/2012
10/29/2012
10/26/2012
10/25/2012
10/24/2012
10/22/2012
10/19/2012

197
199.5
202
201
200
204
204
207
207
210
212
215
212
212
211
209
209
211
212
211
212
215
219
218
216
215
219
221
222
220
212
209
204
199
200
199
196
198
199
197
195.5
194
192
189.5
190
190
192
194.5
193
194.5
196
200
201
198.5
202
205
210
213
214

194
195.5
197
194
195
201
200
204
204
205
208
209
209
209
208
204
203
207
209
206
205
210
213
214
212
211
215
216
215
208
206
202
197.5
196.5
195
195
191
191
197
194
189.5
188.5
188.5
187.5
185.5
184
186.5
192.5
187
186
192
197
197.5
196
197
201
201
210
209

197
199.5
202
195.5
200
204
203
206
205
209
210
214
210
211
209
204
206
211
212
208
210
214
219
216
214
214
217
220
220
208
209
204
198
198.5
197
196
192
198
198
195
190
193
190
187.5
187
187
191
194
188
194
195.5
198.5
199
197.5
201
201
207
210
212

6345900
7099100
6875700
10838000
13337800
3945900
4944700
2883600
5033300
6390800
5652500
3015500
3811700
2069800
1409700
2469800
6094400
4642100
5185100
6303700
9329200
3945100
3596400
5730900
7529900
5152300
5788700
6408000
13506700
29638100
9437500
7101300
6632800
2099000
4664300
5147800
4918200
5334500
2374100
3029600
9980000
4790000
3575200
2822000
7816800
14056600
11809700
7503000
9086800
13982500
8086700
2521000
2717100
2747100
7425900
6079500
9379100
3191700
8578600

195
197
197.5
201
197
201
203
204
205
205
209
209
212
210
210
209
203
207
211
210
206
210
213
217
214
213
216
219
220
220
209
207
203
197
198.5
198
196
191.5
198
197
195
189
192
189
187.5
187
188
193
189.5
186
192
197.5
200
197
198
203
203
212
213

10/18/2012
10/17/2012
10/16/2012
10/15/2012
10/12/2012
10/11/2012
10/10/2012
10/09/2012
10/08/2012
10/05/2012
10/04/2012
10/03/2012
10/02/2012
10/01/2012
09/28/2012
09/27/2012
09/26/2012
09/25/2012
09/24/2012
09/21/2012
09/20/2012
09/19/2012
09/18/2012
09/17/2012
09/14/2012
09/13/2012
09/12/2012
09/11/2012
09/10/2012
09/07/2012
09/06/2012
09/05/2012
09/04/2012
09/03/2012
08/31/2012
08/30/2012
08/29/2012
08/28/2012
08/27/2012
08/24/2012
08/23/2012
08/22/2012
08/21/2012
08/20/2012
08/17/2012
08/16/2012
08/15/2012
08/14/2012
08/10/2012
08/09/2012
08/08/2012
08/07/2012
08/06/2012
08/03/2012
08/01/2012
07/31/2012
07/30/2012
07/27/2012
07/26/2012

214
205
204
206
205
206
207
210
207
210
211
212
216
215
217
216
216
216
217
217
216
213
213
214
217
218
217
216
216
220
219
215
221
219
217
213
216
218
225
227
217
210
207
211
210
210
211
211
208
207
204
207
209
209
204
207
205
207
211

206
196
195
199
202
201
204
206
203
205
205
209
211
212
214
212
211
212
214
213
211
210
209
209
212
214
214
213
212
214
214
212
214
215
210
206
208
211
214
217
210
206
204
207
208
207
207
206
204
201
201
203
206
201
200
200
201
200
201

207
196
204
202
202
205
206
207
206
207
209
211
215
214
216
213
212
215
217
214
211
211
209
212
216
218
217
214
212
219
215
214
220
217
211
208
214
215
225
218
211
206
205
208
209
209
207
210
206
203
203
207
208
202
201
206
202
206
211

9954100
8636800
7363400
6974100
2887100
6264900
2180800
4301800
3572300
4622700
8058700
2995800
2722200
3295900
4597800
5062500
3397300
1320000
2208400
3250700
4689900
3147800
2185200
5408600
5972000
3615000
3294300
2034000
2507200
2562200
3183200
3309500
3366100
2888400
3851043
5798300
5718600
5341900
4521900
7406300
7797100
3607600
3209500
4312400
4099200
6231400
5622600
5131100
4627700
4251700
5605200
3192500
3303900
5072600
4642600
7278900
2538300
5551500
3675700

214
204
195
202
202
204
205
208
206
209
206
209
212
214
214
213
212
214
214
216
213
212
210
210
214
214
217
215
215
214
217
214
215
218
217
212
208
213
214
227
217
209
206
210
208
208
210
207
206
206
203
204
207
207
201
200
204
200
201

07/25/2012
07/24/2012
07/23/2012
07/20/2012
07/19/2012
07/18/2012
07/17/2012
07/16/2012
07/13/2012
07/12/2012
07/11/2012
07/10/2012
07/09/2012
07/06/2012
07/05/2012
07/04/2012
07/03/2012
07/02/2012
06/29/2012
06/28/2012
06/27/2012
06/26/2012
06/25/2012
06/22/2012
06/21/2012
06/20/2012
06/19/2012
06/18/2012
06/15/2012
06/14/2012
06/13/2012
06/12/2012
06/11/2012
06/08/2012
06/07/2012
06/06/2012
06/05/2012
06/01/2012
05/31/2012
05/30/2012
05/29/2012
05/28/2012
05/25/2012
05/24/2012
05/23/2012
05/22/2012
05/21/2012
05/18/2012
05/17/2012
05/16/2012
05/15/2012
05/14/2012
05/11/2012
05/10/2012
05/09/2012
05/08/2012
05/04/2012
05/03/2012
05/02/2012

209
204
202
198.5
204
205
215
211
210
205
206
206
196.5
197.5
194.5
193
193
190
188.5
188
182
176.5
176
176.5
176.5
178
176.5
175
175
174.5
177.5
177
177.5
175
178.5
179.5
181.5
182
181
185
187
186.5
184.5
181.5
183
181
183.5
185.5
187.5
183
183
183.5
181
186
190.5
190.5
182
183
184

202
200
194.5
195
194
200
207
206
201
200
200
196
194.5
195
189.5
190
188
185
183
182.5
177.5
174
173.5
174
175
176
174.5
172
172
173
175.5
174.5
175.5
172
172
177
177
179
178
181.5
184.5
181.5
181
178.5
175
177.5
178
183
183
179
178.5
178
178
179.5
185.5
183
178
180
181

204 3742800
201 3809900
195 4271200
197 6806000
204 8047100
205 8020500
212 4698100
208 2466700
201 5859600
203 5205808
204 5657800
196 5509000
195 2751800
195 4553600
190 3597300
193 2515300
189.5 4366000
185.5 5349500
187 5238200
183.5 9297900
178 6846700
174 2644000
176 2069000
175.5 2569900
176 2704000
176.5 5616700
175 5302000
173.5 5381400
173.5 10628200
174 5257200
176.5 5572300
176 6914600
176 4674500
173 2933500
178.5 8621600
179 8107500
180.5 3300000
180 7006700
178.5 8720900
184 3197800
185.5 1091800
182.5 2902400
181 3077200
181 3473500
178 6371000
180 3900400
183 5812400
185 4013700
183 5864900
179.5 5044300
179.5 6136000
180 5948500
179 4448800
185 10567500
185.5 8147000
183.5 10886000
181 2676200
181.5 2221900
181 3485700

208
204
200
197
195
202
209
208
207
200
205
206
195.5
197
193.5
190.5
193
188.5
184.5
186
182
176.5
174
176.5
176
177
176.5
173.5
172
173
175.5
176
177
175
173
177.5
177
179.5
179
181.5
185
186
182.5
181.5
181
177.5
178
183.5
187.5
183
183
179.5
180.5
182
187
189
180
181.5
181.5

04/30/2012
04/27/2012
04/26/2012
04/25/2012
04/24/2012
04/23/2012
04/20/2012
04/19/2012
04/18/2012
04/17/2012
04/12/2012
04/11/2012
04/10/2012

184
183.5
183
181.5
179.5
177
176
170
171
172
169
168
173

182.5
180.5
179
179
176.5
174.5
169.5
166.5
166
165
166.5
165
168.5

182.5
183
179
179.5
178
175
170.5
167
169.5
172
166.5
168
172

1784600
1761800
3372400
2963200
4548300
4453000
6691300
4082900
3127600
6470700
5854800
5954700
5007700

183
181.5
183
179
179
175.5
174
169.5
167
169
168
165
169.5

Date
High
Low
Open
04/10/2013 1490.39
1458.4 1476.58
04/09/2013 1495.24 1470.22 1494.04
04/05/2013 1517.25
1487.6 1515.24
04/04/2013 1528.48 1480.41 1482.48
04/03/2013 1562.39
1518.6
1559
04/02/2013
1559.5
1540 1553.24
04/01/2013
1563.1 1549.33 1562.71
03/29/2013 1567.44 1554.18 1554.64
03/28/2013 1562.49
1539.6 1557.05
03/27/2013 1569.32 1553.57 1553.71
03/26/2013
1547.1 1516.47 1523.86
03/25/2013 1525.42 1491.01 1494.09
03/22/2013 1526.27 1464.72 1519.89
03/21/2013 1548.66 1526.24 1546.81
03/20/2013
1569.7 1534.27 1568.48
03/19/2013 1601.34 1554.27 1598.84
03/18/2013 1596.44 1587.45 1588.84
03/15/2013 1599.89 1592.69
1596.1
03/14/2013 1587.22 1574.48 1577.68
03/13/2013
1582.1
1571.4 1579.12
03/12/2013 1586.41 1570.53 1583.09
03/11/2013 1580.87 1571.58 1574.08
03/08/2013
1573.1 1563.23 1571.73
03/07/2013
1562.9 1554.83
1561.3
03/06/2013 1561.72 1554.23 1558.84
03/05/2013 1555.63 1545.45 1551.07
03/04/2013 1543.38 1530.84 1540.37
03/01/2013 1549.82 1537.02 1544.34
02/28/2013 1541.68 1518.98
1529
02/27/2013 1538.23 1518.02 1535.59
02/26/2013 1539.81 1524.08 1538.87
02/22/2013
1542.9 1527.59 1528.76
02/21/2013 1540.81 1526.93 1537.73
02/20/2013 1547.33 1536.53 1539.59
02/19/2013 1533.59
1524.8 1528.35
02/18/2013 1528.56 1519.86 1523.84
02/15/2013 1526.23 1514.03
1524.6
02/14/2013 1527.48 1516.97 1522.61
02/13/2013 1516.21 1497.73
1497.8
02/12/2013 1497.25
1486.2
1488.4
02/11/2013 1502.47 1488.82 1501.02
02/08/2013 1509.57
1495.9 1499.69
02/07/2013 1502.89 1482.64 1496.75
02/06/2013 1509.89 1498.24
1508.2
02/05/2013 1509.23 1493.96 1494.86
02/04/2013 1511.95 1502.12 1508.44
02/01/2013 1499.22 1480.41 1481.48
01/31/2013 1491.02
1471.4 1487.07
01/30/2013 1492.72 1479.64 1484.28
01/29/2013 1480.19 1468.08 1475.42
01/28/2013 1473.67
1464.4 1467.17
01/25/2013
1463.2 1450.54 1451.53
01/24/2013
1450.8 1437.73
1446.9
01/23/2013 1444.85 1419.53 1440.95
01/22/2013 1451.06 1433.73 1442.73
01/21/2013 1443.98 1434.81 1441.66
01/18/2013 1437.02 1427.35 1429.12

Volume Close
Dividend
1.17E+10 1490.25
1E+10 1470.72
1.15E+10 1489.53
1.59E+10 1528.46
1.61E+10 1520.52
1.41E+10 1550.54
9.37E+09 1549.55
1.18E+10 1561.06
1.49E+10 1544.57
1.42E+10 1560.87
1.26E+10 1544.03
1.5E+10 1523.95
3.56E+10 1478.97
3.18E+10 1529.52
3.17E+10 1543.67
3.03E+10 1568.25
2.74E+10 1591.65
2.16E+10 1598.13
1.4E+10 1586.79
1.67E+10
1578.7
1.84E+10 1576.68
1.68E+10 1577.65
1.59E+10 1566.92
1.24E+10 1560.98
1.14E+10 1559.35
1.12E+10 1549.31
1.27E+10 1540.72
1.33E+10
1539.6
1.18E+10 1541.58
1.53E+10 1518.05
1.12E+10 1530.32
1.19E+10 1540.13
1.85E+10 1528.74
1.55E+10 1546.64
1.58E+10 1532.07
1.85E+10 1523.29
1.32E+10 1521.52
1.22E+10 1526.74
2.01E+10 1514.11
1.64E+10 1488.95
1.49E+10 1489.11
1.34E+10
1497.3
1.82E+10 1499.81
1.44E+10 1500.35
1.15E+10 1505.72
1.37E+10 1506.37
2.08E+10 1499.22
1.17E+10
1474.2
1.27E+10 1490.82
1.21E+10 1478.77
1.69E+10 1472.05
2.09E+10 1461.41
2.17E+10 1449.09
4E+10
1439.2
4.49E+10 1434.09
3.11E+10 1440.48
3.59E+10 1434.44

01/17/2013
01/16/2013
01/15/2013
01/14/2013
01/11/2013
01/10/2013
01/09/2013
01/08/2013
01/07/2013
01/04/2013
01/03/2013
01/02/2013
12/28/2012
12/27/2012
12/26/2012
12/25/2012
12/24/2012
12/21/2012
12/20/2012
12/19/2012
12/18/2012
12/17/2012
12/14/2012
12/13/2012
12/12/2012
12/11/2012
12/07/2012
12/06/2012
12/04/2012
12/03/2012
11/30/2012
11/29/2012
11/28/2012
11/27/2012
11/26/2012
11/23/2012
11/22/2012
11/21/2012
11/20/2012
11/19/2012
11/16/2012
11/15/2012
11/14/2012
11/13/2012
11/12/2012
11/09/2012
11/08/2012
11/07/2012
11/06/2012
11/05/2012
11/02/2012
11/01/2012
10/31/2012
10/30/2012
10/29/2012
10/26/2012
10/25/2012
10/24/2012

1422.5
1426.98
1432.21
1426.22
1412.06
1429.21
1428.98
1421.62
1425.26
1416.67
1415.81
1411.58
1402.86
1398.8
1384.7
1379.66
1375.82
1375.83
1381.38
1378.76
1366.17
1366.01
1360.42
1360.23
1354.84
1344.82
1343.03
1342.53
1335.19
1333.64
1328.27
1311.09
1302.13
1298.47
1292.66
1282.23
1282.73
1279.25
1291.29
1284.77
1280.13
1276.77
1293.77
1293.15
1296.56
1298.04
1295.02
1306.56
1313.24
1310.5
1311.39
1302.68
1300.13
1294.43
1283.74
1294.67
1298.96
1307.85

1410.1
1413.11
1417.91
1414.03
1392.61
1404.12
1421.63
1408.08
1415.32
1399.97
1404.99
1400.95
1391.85
1384.24
1378.43
1374.89
1369.02
1368.66
1372.52
1367.9
1348.15
1357.74
1354.39
1350.55
1345.36
1338.3
1330.26
1335.01
1326.68
1326.95
1313.68
1303.7
1292.64
1292.47
1286.13
1272.98
1276.92
1268.3
1273.82
1278.48
1272.48
1263.05
1278.94
1283.7
1289.63
1286.21
1285.77
1297.51
1298.41
1303.44
1304.93
1294.93
1291.89
1280.3
1274.9
1271.33
1285.83
1291.36

1421.45
1424.9
1431.62
1417.16
1407.12
1426.73
1422.83
1415.08
1423.27
1405.48
1411.56
1401.39
1401.91
1385.38
1379.43
1375.7
1372.99
1371.95
1377.74
1369.77
1364.15
1361.83
1355.41
1356.6
1347.44
1341.2
1341.35
1335.72
1334.3
1329.12
1314.33
1304.33
1295.11
1293.71
1288.19
1277.3
1279.36
1277.98
1289.74
1282.49
1273.35
1274.16
1291.48
1291.63
1293.66
1292.94
1288.58
1304.56
1308.07
1306.87
1307.69
1297.04
1294.54
1281.85
1281.55
1293.24
1293.66
1304.77

4.68E+10
4.31E+10
2.37E+10
2.93E+10
1.46E+10
1.25E+10
1.74E+10
1.19E+10
2.09E+10
1.84E+10
1.46E+10
1.46E+10
1.76E+10
1.52E+10
1.09E+10
7.86E+09
1.17E+10
1.15E+10
1.15E+10
1.63E+10
1.05E+10
8.56E+09
1.74E+10
7.15E+09
1.32E+10
5.95E+09
7.33E+09
6.92E+09
6.58E+09
5.66E+09
6.49E+09
5.14E+09
4.93E+09
5.57E+09
4.86E+09
5.68E+09
5.05E+09
4.51E+09
4.35E+09
4.16E+09
4.21E+09
6.07E+09
5.92E+09
5.13E+09
4.61E+09
6.22E+09
5.85E+09
5.59E+09
5.48E+09
5.54E+09
6.75E+09
5.22E+09
5.57E+09
4.9E+09
4.29E+09
5.93E+09
5.36E+09
7.87E+09

1420.95
1416.14
1422.86
1425.07
1412.06
1405.99
1423.46
1417.33
1415.32
1416.66
1408.41
1407.45
1391.93
1397.19
1382.23
1378.32
1375.82
1373.38
1377.4
1378.4
1362.94
1359.09
1358.5
1353.81
1354.57
1341.33
1334.95
1339.88
1330.06
1332.92
1324.04
1309.57
1299.94
1297.03
1290.85
1281.7
1279.51
1276.39
1276.41
1283.65
1280.13
1274.02
1279.29
1289.07
1294.5
1290.83
1293.7
1299.74
1300.84
1306.7
1306.6
1297.99
1298.87
1294.43
1279.57
1281.81
1297.39
1295

10/22/2012
10/19/2012
10/18/2012
10/17/2012
10/16/2012
10/15/2012
10/12/2012
10/11/2012
10/10/2012
10/09/2012
10/08/2012
10/05/2012
10/04/2012
10/03/2012
10/02/2012
10/01/2012
09/28/2012
09/27/2012
09/26/2012
09/25/2012
09/24/2012
09/21/2012
09/20/2012
09/19/2012
09/18/2012
09/17/2012
09/14/2012
09/13/2012
09/12/2012
09/11/2012
09/10/2012
09/07/2012
09/06/2012
09/05/2012
09/04/2012
09/03/2012
08/31/2012
08/30/2012
08/29/2012
08/28/2012
08/27/2012
08/24/2012
08/23/2012
08/22/2012
08/21/2012
08/20/2012
08/17/2012
08/16/2012
08/15/2012
08/14/2012
08/10/2012
08/09/2012
08/08/2012
08/07/2012
08/06/2012
08/03/2012
08/01/2012
07/31/2012

1310.94
1314.32
1312.07
1301.5
1297.42
1295.61
1302.54
1295.12
1294.22
1314.64
1310.43
1314.28
1314.32
1311.67
1309.04
1303.73
1300.17
1290.5
1285.19
1290.7
1288.57
1288.37
1286.68
1285.55
1279.09
1282.22
1279.67
1262.06
1259.96
1253.05
1254.87
1255.89
1246.98
1238.85
1241.73
1239.19
1227.48
1217.15
1237.82
1239.4
1242.44
1238.02
1243.26
1234.89
1235.39
1229.8
1230.5
1230.61
1227.05
1226.82
1219.37
1223.93
1217.84
1212.82
1209.72
1199.51
1202
1199.74

1300.8
1306.83
1302.83
1290.3
1287.1
1286.12
1296.63
1280.23
1286.5
1292.4
1300.51
1308.63
1306.05
1302.35
1301.06
1294.97
1293.62
1276.91
1270.33
1284.46
1280.49
1282.33
1276.12
1273.6
1269.16
1274.18
1270.71
1253.81
1252.62
1244.61
1249.35
1246.1
1237.23
1230.41
1232.33
1229.15
1211.38
1207.53
1220.16
1232.86
1233.73
1230.93
1235.27
1228.9
1227
1218.15
1220.12
1224.4
1218.34
1217.39
1209.75
1211.71
1212.79
1206.64
1201.77
1186.38
1194.26
1189.38

1301.85
1311.39
1306.84
1292.53
1296
1293.46
1298.38
1290.37
1286.56
1310.95
1308.46
1311.4
1308.97
1309.01
1305.19
1295.31
1295.69
1277.4
1282.89
1287.52
1283.46
1285.56
1282.16
1274.14
1274.54
1277.83
1274.04
1261.9
1254.7
1250.69
1249.73
1254.29
1237.79
1231.28
1240.73
1231.2
1213.17
1216.22
1233.76
1234.65
1240.47
1231.51
1236.43
1230.35
1227.53
1222.1
1230.33
1228.36
1222.88
1223.93
1216.47
1220.27
1213.54
1211.71
1206.44
1194.66
1197.26
1198.8

5.8E+09
5.77E+09
7.69E+09
8.95E+09
8.4E+09
7.19E+09
7.36E+09
8.38E+09
8.05E+09
9.36E+09
1.01E+10
6.99E+09
8.4E+09
8.27E+09
6.28E+09
4.92E+09
6.51E+09
5.75E+09
7.33E+09
7.39E+09
7.8E+09
6.65E+09
7.49E+09
6.91E+09
5.55E+09
8.6E+09
7.22E+09
5.24E+09
6.27E+09
6.83E+09
7.22E+09
8.76E+09
5.12E+09
3.96E+09
3.97E+09
3.51E+09
3.57E+09
3.34E+09
3.64E+09
3.8E+09
3.19E+09
3.26E+09
4.23E+09
4.84E+09
4.25E+09
3.26E+09
3.52E+09
5.43E+09
6.76E+09
4.61E+09
3.91E+09
5.75E+09
5.44E+09
3.62E+09
4.08E+09
4.67E+09
3.97E+09
3.31E+09

1310.42
1307.71
1311.21
1301.28
1287.49
1290.56
1296.98
1294.9
1289.35
1292.48
1304.71
1311.35
1306.63
1307.55
1305.66
1299.71
1298.79
1286.11
1274.5
1287.41
1284.3
1286.26
1282.68
1285.46
1272.86
1278.54
1276.12
1257.69
1259.96
1248.32
1250.93
1246.1
1243.92
1233.84
1236.31
1235.48
1227.48
1214.55
1220.16
1233.16
1233.73
1237.19
1237.64
1234.14
1232.29
1229
1223.91
1224.4
1226.83
1226.82
1219.37
1217.7
1214.13
1208.19
1208.01
1197.53
1201.13
1199.3

07/30/2012
07/27/2012
07/26/2012
07/25/2012
07/24/2012
07/23/2012
07/20/2012
07/19/2012
07/18/2012
07/17/2012
07/16/2012
07/13/2012
07/12/2012
07/11/2012
07/10/2012
07/09/2012
07/06/2012
07/05/2012
07/04/2012
07/03/2012
07/02/2012
06/29/2012
06/28/2012
06/27/2012
06/26/2012
06/25/2012
06/22/2012
06/21/2012
06/20/2012
06/19/2012
06/18/2012
06/15/2012
06/14/2012
06/13/2012
06/12/2012
06/11/2012
06/08/2012
06/07/2012
06/06/2012
06/05/2012
06/01/2012
05/31/2012
05/30/2012
05/29/2012
05/28/2012
05/25/2012
05/24/2012
05/23/2012
05/22/2012
05/21/2012
05/18/2012
05/17/2012
05/16/2012
05/15/2012
05/14/2012
05/11/2012
05/10/2012
05/09/2012

1193.32
1189.59
1196.37
1189.45
1193.09
1194.02
1218.99
1228.8
1224.81
1224.94
1219.46
1212.66
1205.85
1210.44
1204.42
1192.58
1205.04
1201.8
1203.7
1199.17
1190.03
1185.63
1178.06
1167.12
1154.77
1158.12
1152.91
1167
1175.34
1173.09
1181.69
1170.48
1163.78
1166.96
1162.93
1158.07
1127.1
1134.61
1123.44
1122.35
1139.66
1143.92
1148.7
1156.23
1139.93
1134.2
1125.78
1128.43
1149.72
1153.73
1160.56
1179.14
1171.23
1184.55
1201.23
1195.7
1202.2
1227.34

1183.34
1173.89
1172.92
1179.25
1183.23
1183.63
1204.99
1210.67
1215.64
1219.37
1209.57
1194.48
1193.13
1199.31
1187.49
1186.32
1191.07
1190.02
1190.57
1191.81
1181.48
1172.11
1160.75
1156.53
1145.79
1147.43
1144.44
1156.47
1168.15
1162.3
1159.95
1160.4
1152.42
1152.28
1145.48
1143.17
1112.18
1114.84
1110.24
1099.15
1115.19
1123.26
1137.67
1140.57
1123.92
1115.69
1101.59
1108.56
1131.52
1135.16
1148.81
1166.22
1151.84
1159.66
1159.23
1179.8
1185.89
1207.25

1183.34
1188.94
1193.64
1186.61
1184.16
1188.98
1216.42
1228.44
1222.16
1222.3
1212.96
1194.48
1203.24
1200.79
1188.87
1191.39
1201.92
1193.42
1203.1
1193.94
1185.16
1176.07
1170.74
1156.78
1146.89
1151.82
1149.32
1165.46
1171.28
1166.37
1178.74
1161.31
1153.78
1164.31
1148.23
1143.17
1116
1130.87
1110.34
1119.57
1137.27
1127.82
1145.38
1140.81
1130.19
1119.15
1111.06
1125.91
1146.76
1152.71
1157.73
1173.64
1165.77
1164.19
1191.4
1187.94
1201.57
1225.06

2.77E+09
4.03E+09
4.91E+09
5.1E+09
4.08E+09
3.82E+09
3.81E+09
5.3E+09
4.44E+09
4.17E+09
4.58E+09
3.27E+09
3.43E+09
4.49E+09
3.55E+09
2.71E+09
3.55E+09
3.56E+09
3.63E+09
3.99E+09
3.63E+09
3.8E+09
3.62E+09
4.04E+09
3.12E+09
3.13E+09
3.67E+09
3.8E+09
4.51E+09
3.96E+09
4.15E+09
6.09E+09
5.01E+09
5.79E+09
5.04E+09
5.28E+09
3.07E+09
4.55E+09
4.29E+09
4.04E+09
3.43E+09
6.12E+09
5.98E+09
4.92E+09
2.88E+09
2.89E+09
4.01E+09
3.63E+09
3.27E+09
3.97E+09
4.71E+09
5.27E+09
5.19E+09
4.78E+09
6.07E+09
6.24E+09
7.6E+09
7.9E+09

1193.32
1178.01
1172.92
1188.62
1187.64
1185.11
1208.55
1212.96
1220.14
1224.21
1214.25
1210.29
1193.13
1208.67
1204.42
1186.95
1200.08
1201.8
1194.15
1198.07
1188.74
1172.11
1171.32
1165.98
1151.09
1147.43
1152.91
1159.05
1173.24
1173.09
1163.41
1165.73
1153.01
1158.22
1162.93
1158.07
1127.1
1118.53
1117.95
1099.15
1115.19
1141.5
1138.63
1153.66
1139.93
1132.83
1125.78
1110.7
1131.52
1135.16
1154.44
1173.56
1171.23
1184.55
1165.51
1191.01
1190.65
1207.25

05/08/2012
05/04/2012
05/03/2012
05/02/2012
04/30/2012
04/27/2012
04/26/2012
04/25/2012
04/24/2012
04/23/2012
04/20/2012
04/19/2012
04/18/2012
04/17/2012
04/12/2012
04/11/2012
04/10/2012

1232.81
1240.2
1247.72
1241.13
1228.49
1214.78
1213.06
1204.73
1199.86
1201.12
1195.43
1185.5
1173.48
1180.02
1169.45
1161.53
1176.26

1219.43
1226.36
1236.23
1233.77
1217.91
1204.34
1203.82
1196.45
1189.36
1186.46
1182.42
1169.2
1164.24
1156.28
1158.21
1151.21
1156.83

1221.37
1239.99
1240.31
1235.73
1218.1
1212.09
1203.84
1201.71
1193.25
1198.59
1184.99
1170.64
1170.49
1180.02
1158.21
1155.67
1174.23

5.33E+09
6.21E+09
5.05E+09
4.63E+09
3.84E+09
3.66E+09
3.7E+09
3.66E+09
3.86E+09
3.95E+09
3.38E+09
2.84E+09
3.11E+09
2.75E+09
2.38E+09
3.47E+09
3.77E+09

1231.04
1227.41
1240.03
1239.06
1228.49
1211.78
1209.27
1201.36
1199.86
1189.35
1194.6
1185.34
1168.05
1160.23
1169.45
1154.49
1165.61

Close price_AIS
SET_Index
AIS Return Market return
237
1490.25 0.039474 0.013279
228
1470.72 0.00885 -0.01263
226
1489.53
-0.0383 -0.02547
235
1528.46 0.021739 0.005222
230
1520.52 -0.03766 -0.01936
239
1550.54 0.017021 0.000639
235
1549.55 -0.02083 -0.00737
240
1561.06 0.016949 0.010676
236
1544.57 -0.02479 -0.01044
242
1560.87 -0.01224 0.010907
245
1544.03 0.047009 0.013176
234
1523.95 0.049327 0.030413
223
1478.97 -0.04292 -0.03305
233
1529.52 0.017467 -0.00917
229
1543.67 0.004386 -0.01567
228
1568.25
0
-0.0147
228
1591.65
-0.0087 -0.00405
230
1598.13 -0.00433 0.007147
231
1586.79 -0.02532 0.005124
237
1578.7 0.012821 0.001281
234
1576.68 0.044643 -0.00061
224
1577.65 0.032258 0.006848
217
1566.92
0 0.003805
217
1560.98 0.018779 0.001045
213
1559.35 0.009479 0.00648
211
1549.31
0 0.005575
211
1540.72 0.019324 0.000727
207
1539.6
0 -0.00128
207
1541.58
0.035
0.0155
200
1518.05
-0.0099 -0.00802
202
1530.32
-0.0098 -0.00637
204
1540.13 0.004926 0.007451
203
1528.74 -0.01456 -0.01157
206
1546.64 0.004878 0.00951
205
1532.07
0.025 0.005764
200
1523.29
0 0.001163
200
1521.52
-0.0099 -0.00342
202
1526.74
0 0.008342
202
1514.11 0.020202 0.016898
198
1488.95
-0.01 -0.00011
200
1489.11 -0.01478 -0.00547
203
1497.3 -0.01932 -0.00167
207
1499.81 0.029851 -0.00036
201
1500.35 -0.01471 -0.00357
204
1505.72 0.004926 -0.00043
203
1506.37 -0.02404 0.004769
208
1499.22 -0.00952 0.016972
210
1474.2 -0.01869 -0.01115
214
1490.82 0.009434 0.008149
212
1478.77 0.034146 0.004565
205
1472.05 -0.00485 0.007281
206
1461.41 -0.00483 0.008502
207
1449.09 0.009756 0.006872
205
1439.2
0 0.003563
205
1434.09 0.004902 -0.00444
204
1440.48 -0.00971 0.004211
206
1434.44 0.037783 0.009494

1.073918

198.5
195
197
197.5
201
197
201
203
204
205
205
209
209
212
210
210
209
203
207
211
210
206
210
213
217
214
213
216
219
220
220
209
207
203
197
198.5
198
196
191.5
198
197
195
189
192
189
187.5
187
188
193
189.5
186
192
197.5
200
197
198
203
203

1420.95
1416.14
1422.86
1425.07
1412.06
1405.99
1423.46
1417.33
1415.32
1416.66
1408.41
1407.45
1391.93
1397.19
1382.23
1378.32
1375.82
1373.38
1377.4
1378.4
1362.94
1359.09
1358.5
1353.81
1354.57
1341.33
1334.95
1339.88
1330.06
1332.92
1324.04
1309.57
1299.94
1297.03
1290.85
1281.7
1279.51
1276.39
1276.41
1283.65
1280.13
1274.02
1279.29
1289.07
1294.5
1290.83
1293.7
1299.74
1300.84
1306.7
1306.6
1297.99
1298.87
1294.43
1279.57
1281.81
1297.39
1295

0.017949
-0.01015
-0.00253
-0.01741
0.020305
-0.0199
-0.00985
-0.0049
-0.00488
0
-0.01914
0
-0.01415
0.009524
0
0.004785
0.029557
-0.01932
-0.01896
0.004762
0.019417
-0.01905
-0.01408
-0.01843
0.014019
0.004695
-0.01389
-0.0137
-0.00455
0
0.052632
0.009662
0.019704
0.030457
-0.00756
0.002525
0.010204
0.023499
-0.03283
0.005076
0.010256
0.031746
-0.01563
0.015873
0.008
0.002674
-0.00532
-0.02591
0.01847
0.018817
-0.03125
-0.02785
-0.0125
0.015228
-0.00505
-0.02463
0
-0.04245

0.003397
-0.00472
-0.00155
0.009213
0.004317
-0.01227
0.004325
0.00142
-0.00095
0.005858
0.000682
0.01115
-0.00376
0.010823
0.002837
0.001817
0.001777
-0.00292
-0.00073
0.011343
0.002833
0.000434
0.003464
-0.00056
0.009871
0.004779
-0.00368
0.007383
-0.00215
0.006707
0.011049
0.007408
0.002244
0.004788
0.007139
0.001712
0.002444
-1.6E-05
-0.00564
0.00275
0.004796
-0.00412
-0.00759
-0.00419
0.002843
-0.00222
-0.00465
-0.00085
-0.00448
7.65E-05
0.006633
-0.00068
0.00343
0.011613
-0.00175
-0.01201
0.001846
-0.01177

212
213
214
204
195
202
202
204
205
208
206
209
206
209
212
214
214
213
212
214
214
216
213
212
210
210
214
214
217
215
215
214
217
214
215
218
217
212
208
213
214
227
217
209
206
210
208
208
210
207
206
206
203
204
207
207
201
200

1310.42
1307.71
1311.21
1301.28
1287.49
1290.56
1296.98
1294.9
1289.35
1292.48
1304.71
1311.35
1306.63
1307.55
1305.66
1299.71
1298.79
1286.11
1274.5
1287.41
1284.3
1286.26
1282.68
1285.46
1272.86
1278.54
1276.12
1257.69
1259.96
1248.32
1250.93
1246.1
1243.92
1233.84
1236.31
1235.48
1227.48
1214.55
1220.16
1233.16
1233.73
1237.19
1237.64
1234.14
1232.29
1229
1223.91
1224.4
1226.83
1226.82
1219.37
1217.7
1214.13
1208.19
1208.01
1197.53
1201.13
1199.3

-0.00469
-0.00467
0.04902
0.046154
-0.03465
0
-0.0098
-0.00488
-0.01442
0.009709
-0.01435
0.014563
-0.01435
-0.01415
-0.00935
0
0.004695
0.004717
-0.00935
0
-0.00926
0.014085
0.004717
0.009524
0
-0.01869
0
-0.01382
0.009302
0
0.004673
-0.01382
0.014019
-0.00465
-0.01376
0.004608
0.023585
0.019231
-0.02347
-0.00467
-0.05727
0.046083
0.038278
0.014563
-0.01905
0.009615
0
-0.00952
0.014493
0.004854
0
0.014778
-0.0049
-0.01449
0
0.029851
0.005
-0.01961

0.002072
-0.00267
0.007631
0.010711
-0.00238
-0.00495
0.001606
0.004304
-0.00242
-0.00937
-0.00506
0.003612
-0.0007
0.001448
0.004578
0.000708
0.009859
0.009109
-0.01003
0.002422
-0.00152
0.002791
-0.00216
0.009899
-0.00444
0.001896
0.014654
-0.0018
0.009325
-0.00209
0.003876
0.001753
0.00817
-0.002
0.000672
0.006517
0.010646
-0.0046
-0.01054
-0.00046
-0.0028
-0.00036
0.002836
0.001501
0.002677
0.004159
-0.0004
-0.00198
8.15E-06
0.00611
0.001371
0.00294
0.004916
0.000149
0.008751
-0.003
0.001526
0.005011

204
200
201
208
204
200
197
195
202
209
208
207
200
205
206
195.5
197
193.5
190.5
193
188.5
184.5
186
182
176.5
174
176.5
176
177
176.5
173.5
172
173
175.5
176
177
175
173
177.5
177
179.5
179
181.5
185
186
182.5
181.5
181
177.5
178
183.5
187.5
183
183
179.5
180.5
182
187

1193.32
1178.01
1172.92
1188.62
1187.64
1185.11
1208.55
1212.96
1220.14
1224.21
1214.25
1210.29
1193.13
1208.67
1204.42
1186.95
1200.08
1201.8
1194.15
1198.07
1188.74
1172.11
1171.32
1165.98
1151.09
1147.43
1152.91
1159.05
1173.24
1173.09
1163.41
1165.73
1153.01
1158.22
1162.93
1158.07
1127.1
1118.53
1117.95
1099.15
1115.19
1141.5
1138.63
1153.66
1139.93
1132.83
1125.78
1110.7
1131.52
1135.16
1154.44
1173.56
1171.23
1184.55
1165.51
1191.01
1190.65
1207.25

0.02
-0.00498
-0.03365
0.019608
0.02
0.015228
0.010256
-0.03465
-0.03349
0.004808
0.004831
0.035
-0.02439
-0.00485
0.053708
-0.00761
0.018088
0.015748
-0.01295
0.023873
0.02168
-0.00806
0.021978
0.031161
0.014368
-0.01416
0.002841
-0.00565
0.002833
0.017291
0.008721
-0.00578
-0.01425
-0.00284
-0.00565
0.011429
0.011561
-0.02535
0.002825
-0.01393
0.002793
-0.01377
-0.01892
-0.00538
0.019178
0.00551
0.002762
0.019718
-0.00281
-0.02997
-0.02133
0.02459
0
0.019499
-0.00554
-0.00824
-0.02674
-0.01058

0.012996
0.00434
-0.01321
0.000825
0.002135
-0.0194
-0.00364
-0.00588
-0.00332
0.008203
0.003272
0.014382
-0.01286
0.003529
0.014718
-0.01094
-0.00143
0.006406
-0.00327
0.007849
0.014188
0.000674
0.00458
0.012936
0.00319
-0.00475
-0.0053
-0.01209
0.000128
0.00832
-0.00199
0.011032
-0.0045
-0.00405
0.004197
0.027478
0.007662
0.000519
0.017104
-0.01438
-0.02305
0.002521
-0.01303
0.012045
0.006267
0.006262
0.013577
-0.0184
-0.00321
-0.0167
-0.01629
0.001989
-0.01124
0.016336
-0.02141
0.000302
-0.01375
-0.01933

189
180
181.5
181.5
183
181.5
183
179
179
175.5
174
169.5
167
169
168
165
169.5

1231.04
1227.41
1240.03
1239.06
1228.49
1211.78
1209.27
1201.36
1199.86
1189.35
1194.6
1185.34
1168.05
1160.23
1169.45
1154.49
1165.61

0.05
-0.00826
0
-0.0082
0.008264
-0.0082
0.022346
0
0.019943
0.008621
0.026549
0.01497
-0.01183
0.005952
0.018182
-0.02655

0.002957
-0.01018
0.000783
0.008604
0.01379
0.002076
0.006584
0.00125
0.008837
-0.00439
0.007812
0.014802
0.00674
-0.00788
0.012958
-0.00954

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