Investment Valuation
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- Pages: 11
KEY ASSUMPTIONS Investment Details ● ●
New Investment
New Existing
Name of Investment
Status Quo
2007
First Year of Investment
Input Denomination
$000
Goodwill Amort (Yrs)
10
Taxation & Amortisation Rate Credits
33.00%
Company/Business Tax Rate
Carry forward tax credits (if any) on operational losses?
✘
Capital and Cost of Capital Equity Ke Debt Kd Timing
10,000
Current level of Company Equity (in denomination above)
15.00%
Cost of Equity, or Calculate
9,000
Current level of Company Debt
7.00%
Cost of Debt
End
Discount cash flow evenly through the year (Mid) or at the end (End).
CE
Beg
Risk-Free Rate
7.00%
Market Risk Premium
8.00%
Equity Beta
Weighted Average Cost of Capital
WACC = 10.12%
Capital Employed calculated at the start
Include existing asset input data in
of the year (Beg) or averaged (Avg).
EVA capital charge?
Terminal Value Include Rate Capex
Include a terminal value after 5 years?
✘
2.00% 0
Calculation Type ● Infinite Finite
Growth Rate after Yr 5 (or omit to use Yr 5 Growth Rate as per forecast). Ongoing annual capital expenditure requirement into perpetuity
Comparable Investment Score Optimal 10.00% 500 3.0
Weight 40% Return on Invested Capital (> WACC) 25% Net Present Value of cash flows 5% Cost/Benefit Ratio
5.0
15% Payback Period for cash invested
500
15% Free cash flow after 2 years 100%
1.00
Apply default weightings: Capital Constrained
0 2
TRUE
1
FALSE
0
TRUE
1
Mid End Beg Avg
1 1 1 Capital Constrained Capital Constrained Capital Constrained No Capital Constraint 40
40
20
25
25
40
5
5
20
15
15
10
15
15
10
100
100
100
INPUT ASSUMPTIONS FOR 0 (Before 0) $000
Description
Year 0
Year 1
Year 2
Year 3
Year 4
Year 5
2006
2007
2008
2009
2010
2011
Total
Assumptions
Taxable Revenue 0 0
Non-Taxable Revenue 0 0
Operating Expenses 0 0
Investment Expenses
Amort Yrs 1 1 1
Existing Assets
Existing Asset Life (yrs)
Age (Yrs)
Life (yrs)
Yr of Acq
Capital Expenditure
Accounting
Disposal
Rate
Method
Actg BV
Disposal
Rate
New Asset Acq Price
Taxation
Current BV
Current BV
Accounting Method
Rate
Unamort. Method
Taxation Rate
Method
Goodwill
Equity Funding 52.6% 52.6% 52.6% 52.6% 52.6%
Page 4 of 11
24891933.xlsBefore
11/14/2009
FINANCIAL ANALYSIS FOR 0 Accounting Impact
$000
2006
2007
2008
2009
2010
2011
Total
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
less Accounting
0
0
0
0
0
0
0
less Goodwill
0
0
0
0
0
0
0
0
0
0
0
0
0
0
less Interest
0
0
0
0
0
0
0
less Tax
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2006
2007
2008
2009
2010
2011
Taxable Revenue Expenditure less Tax Payable less Interest Expense Operating Cash Flow
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
add Non
0
0
0
0
0
0
0
less Capital
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total Revenue less Expenditure
EBITDA Depreciation Amortisation
EBIT Expense Payable Net Profit B4 Ab. Items
add Profit
on Asset disposal Net Profit
$000
Cash Flow Analysis
less Total
Taxable Income Expenditure add Asset Disposal Proceeds Net Cash Flow
Total PV of Capital Commitments after Year 5
5 Yr NPV
0
Total NPV of Cash Flow
0
Economic Value Added
2006
2007
2008
2009
2010
2011
Total Revenue Expenditure less Tax Payable less Interest Expense add Asset Disposal Proceeds add Economic Adjustments Economic Profit
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Capital Employed less Capital Charge Economic Value Added
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$000
less Total
Page 55ofYr11PV of EVA Total PV of EVA
0 0
24891933.xlsBefore
Total PV of Capital Commitments after Year 5
11/14/2009
INPUT ASSUMPTIONS FOR 0 $000
Description
Year 0
Year 1
Year 2
Year 3
Year 4
Year 5
2006
2007
2008
2009
2010
2011
Total
Assumptions
Taxable Revenue 0 0
Non-Taxable Revenue 0 0
Operating Expenses 0 0
Investment Expenses
Amort Yrs 1 1 1
Existing Assets
Existing Asset Life (yrs)
Age (Yrs)
Life (yrs)
Yr of Acq
Capital Expenditure
Accounting
Disposal
Rate
Method
Actg BV
Disposal
Rate
New Asset Acq Price
Taxation
Current BV
Current BV
Accounting Method
Rate
Unamort. Method
Taxation Rate
Method
Goodwill
Equity Funding 52.6% 52.6% 52.6% 52.6% 52.6%
Page 6 of 11
24891933.xlsAfter
11/14/2009
FINANCIAL ANALYSIS FOR 0 Accounting Impact
$000
2006
2007
2008
2009
2010
2011
Total
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
less Accounting
0
0
0
0
0
0
0
less Goodwill
0
0
0
0
0
0
0
0
0
0
0
0
0
0
less Interest
0
0
0
0
0
0
0
less Tax
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2006
2007
2008
2009
2010
2011
Taxable Revenue Expenditure less Tax Payable less Interest Expense Operating Cash Flow
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
add Non
0
0
0
0
0
0
0
less Capital
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total Revenue less Expenditure
EBITDA Depreciation Amortisation
EBIT Expense Payable Net Profit B4 Ab. Items
add Profit
on Asset disposal Net Profit
$000
Cash Flow Analysis
less Total
Taxable Income Expenditure add Asset Disposal Proceeds Net Cash Flow
Total PV of Capital Commitments after Year 5
5 Yr NPV
0
Total NPV of Cash Flow
0
Economic Value Added
2006
2007
2008
2009
2010
2011
Total Revenue Expenditure less Tax Payable less Interest Expense add Asset Disposal Proceeds add Economic Adjustments Economic Profit
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Capital Employed less Capital Charge Economic Value Added
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$000
less Total
Page 75ofYr11PV of EVA Total PV of EVA
0 0
24891933.xlsAfter
Total PV of Capital Commitments after Year 5
11/14/2009
FINANCIAL RESULTS FOR DIFFERENCE BETWEEN 0 AND 0 $000
Accounting Impact
2006
2007
2008
2009
2010
2011
Total
Total Revenue less Expenditure EBITDA
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
less Accounting
0
0
0
0
0
0
0
less Goodwill
0
0
0
0
0
0
0
0
0
0
0
0
0
0
less Interest
0
0
0
0
0
0
0
less Tax
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2006
2007
2008
2009
2010
2011
Taxable Revenue Expenditure less Tax Payable less Interest Expense Operating Cash Flow
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
add Non
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Depreciation Amortisation
EBIT Expense Payable Net Profit B4 Ab. Items
add Profit
on Asset disposal Net Profit
$000
Cash Flow Analysis
less Total
Taxable Income Capital Expenditure less Asset Disposal Proceeds add Net Cash Flow 5-Yr NPV of Cash Flow
0
Infinite Terminal Value
0
Total NPV of Cash Flow
0
Page 8 of 11
24891933.xlsResults
Total PV of Capital Commitments after Year 5
11/14/2009
$000
Economic Value Added
2006
2007
2008
2009
2010
2011
Total Revenue less Total Expenditure less Tax Payable less Interest Expense add Asset Disposal Proceeds add Economic Adjustments Economic Profit
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Capital Employed Charge Economic Value Added
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total PV of EVA
0
Infinite Terminal Value
0
Total PV of EVA
0
less Capital
COMPARABLE INVESTMENT SCORE Return on Invested Capital (> WACC) Net Present Value of Cash Flows Cost/Benefit Ratio Payback Period (Year) Free Cash Flow after 2 years
Result No Capital 0 No Upfront 5 0
Comparable Investment Score
Page 9 of 11
Total PV of Capital Commitments after Year 5
ADDITIONAL ANALYSIS Score 40.00% 0.00% 5.00% 0.00% 0.00%
45.00%
Implicit Annual Growth Rates Total Revenues Total Expenses Operating Cash Flow Net Cash Flow Economic Profit EVA
24891933.xlsResults
Change in Company Gearing Before (Year 0) 47.37% After (Year 5) 47.37% Change 0.00% Modified Internal Rate of Return No solution
11/14/2009
Cash Flow Chart Analysis Annual Cash Flow
Cumulative Cash Flow
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0 2006
2007
2008
2009
2010
0 2006
2011
2007
2008
2009
2010
2011
Annual Cash Flow with Terminal Value
99
101
97
95
93
91
89
87
85
83
81
79
77
75
73
71
69
67
65
63
61
59
57
55
53
51
49
47
45
43
41
39
37
35
33
31
29
27
25
23
21
19
17
15
13
9
11
7
5
3
1
1 1 1 1 1 0 0 0 0 0 0 Year
Page 10 of 11
24891933.xlsResults
11/14/2009
Economic Value Added Chart Analysis Annual Economic Value Added
Cumulative Economic Value Added
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0 2006
2007
2008
2009
2010
0 2006
2011
2007
2008
2009
2010
2011
Annual EVA with Terminal Value
99
101
97
95
93
91
89
87
85
83
81
79
77
75
73
71
69
67
65
63
61
59
57
55
53
51
49
47
45
43
41
39
37
35
33
31
29
27
25
23
21
19
17
15
13
9
11
7
5
3
1
1 1 1 1 1 0 0 0 0 0 0 Year
Page 11 of 11
24891933.xlsResults
11/14/2009
New Investment
New Existing
Name of Investment
Status Quo
2007
First Year of Investment
Input Denomination
$000
Goodwill Amort (Yrs)
10
Taxation & Amortisation Rate Credits
33.00%
Company/Business Tax Rate
Carry forward tax credits (if any) on operational losses?
✘
Capital and Cost of Capital Equity Ke Debt Kd Timing
10,000
Current level of Company Equity (in denomination above)
15.00%
Cost of Equity, or Calculate
9,000
Current level of Company Debt
7.00%
Cost of Debt
End
Discount cash flow evenly through the year (Mid) or at the end (End).
CE
Beg
Risk-Free Rate
7.00%
Market Risk Premium
8.00%
Equity Beta
Weighted Average Cost of Capital
WACC = 10.12%
Capital Employed calculated at the start
Include existing asset input data in
of the year (Beg) or averaged (Avg).
EVA capital charge?
Terminal Value Include Rate Capex
Include a terminal value after 5 years?
✘
2.00% 0
Calculation Type ● Infinite Finite
Growth Rate after Yr 5 (or omit to use Yr 5 Growth Rate as per forecast). Ongoing annual capital expenditure requirement into perpetuity
Comparable Investment Score Optimal 10.00% 500 3.0
Weight 40% Return on Invested Capital (> WACC) 25% Net Present Value of cash flows 5% Cost/Benefit Ratio
5.0
15% Payback Period for cash invested
500
15% Free cash flow after 2 years 100%
1.00
Apply default weightings: Capital Constrained
0 2
TRUE
1
FALSE
0
TRUE
1
Mid End Beg Avg
1 1 1 Capital Constrained Capital Constrained Capital Constrained No Capital Constraint 40
40
20
25
25
40
5
5
20
15
15
10
15
15
10
100
100
100
INPUT ASSUMPTIONS FOR 0 (Before 0) $000
Description
Year 0
Year 1
Year 2
Year 3
Year 4
Year 5
2006
2007
2008
2009
2010
2011
Total
Assumptions
Taxable Revenue 0 0
Non-Taxable Revenue 0 0
Operating Expenses 0 0
Investment Expenses
Amort Yrs 1 1 1
Existing Assets
Existing Asset Life (yrs)
Age (Yrs)
Life (yrs)
Yr of Acq
Capital Expenditure
Accounting
Disposal
Rate
Method
Actg BV
Disposal
Rate
New Asset Acq Price
Taxation
Current BV
Current BV
Accounting Method
Rate
Unamort. Method
Taxation Rate
Method
Goodwill
Equity Funding 52.6% 52.6% 52.6% 52.6% 52.6%
Page 4 of 11
24891933.xlsBefore
11/14/2009
FINANCIAL ANALYSIS FOR 0 Accounting Impact
$000
2006
2007
2008
2009
2010
2011
Total
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
less Accounting
0
0
0
0
0
0
0
less Goodwill
0
0
0
0
0
0
0
0
0
0
0
0
0
0
less Interest
0
0
0
0
0
0
0
less Tax
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2006
2007
2008
2009
2010
2011
Taxable Revenue Expenditure less Tax Payable less Interest Expense Operating Cash Flow
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
add Non
0
0
0
0
0
0
0
less Capital
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total Revenue less Expenditure
EBITDA Depreciation Amortisation
EBIT Expense Payable Net Profit B4 Ab. Items
add Profit
on Asset disposal Net Profit
$000
Cash Flow Analysis
less Total
Taxable Income Expenditure add Asset Disposal Proceeds Net Cash Flow
Total PV of Capital Commitments after Year 5
5 Yr NPV
0
Total NPV of Cash Flow
0
Economic Value Added
2006
2007
2008
2009
2010
2011
Total Revenue Expenditure less Tax Payable less Interest Expense add Asset Disposal Proceeds add Economic Adjustments Economic Profit
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Capital Employed less Capital Charge Economic Value Added
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$000
less Total
Page 55ofYr11PV of EVA Total PV of EVA
0 0
24891933.xlsBefore
Total PV of Capital Commitments after Year 5
11/14/2009
INPUT ASSUMPTIONS FOR 0 $000
Description
Year 0
Year 1
Year 2
Year 3
Year 4
Year 5
2006
2007
2008
2009
2010
2011
Total
Assumptions
Taxable Revenue 0 0
Non-Taxable Revenue 0 0
Operating Expenses 0 0
Investment Expenses
Amort Yrs 1 1 1
Existing Assets
Existing Asset Life (yrs)
Age (Yrs)
Life (yrs)
Yr of Acq
Capital Expenditure
Accounting
Disposal
Rate
Method
Actg BV
Disposal
Rate
New Asset Acq Price
Taxation
Current BV
Current BV
Accounting Method
Rate
Unamort. Method
Taxation Rate
Method
Goodwill
Equity Funding 52.6% 52.6% 52.6% 52.6% 52.6%
Page 6 of 11
24891933.xlsAfter
11/14/2009
FINANCIAL ANALYSIS FOR 0 Accounting Impact
$000
2006
2007
2008
2009
2010
2011
Total
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
less Accounting
0
0
0
0
0
0
0
less Goodwill
0
0
0
0
0
0
0
0
0
0
0
0
0
0
less Interest
0
0
0
0
0
0
0
less Tax
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2006
2007
2008
2009
2010
2011
Taxable Revenue Expenditure less Tax Payable less Interest Expense Operating Cash Flow
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
add Non
0
0
0
0
0
0
0
less Capital
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total Revenue less Expenditure
EBITDA Depreciation Amortisation
EBIT Expense Payable Net Profit B4 Ab. Items
add Profit
on Asset disposal Net Profit
$000
Cash Flow Analysis
less Total
Taxable Income Expenditure add Asset Disposal Proceeds Net Cash Flow
Total PV of Capital Commitments after Year 5
5 Yr NPV
0
Total NPV of Cash Flow
0
Economic Value Added
2006
2007
2008
2009
2010
2011
Total Revenue Expenditure less Tax Payable less Interest Expense add Asset Disposal Proceeds add Economic Adjustments Economic Profit
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Capital Employed less Capital Charge Economic Value Added
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$000
less Total
Page 75ofYr11PV of EVA Total PV of EVA
0 0
24891933.xlsAfter
Total PV of Capital Commitments after Year 5
11/14/2009
FINANCIAL RESULTS FOR DIFFERENCE BETWEEN 0 AND 0 $000
Accounting Impact
2006
2007
2008
2009
2010
2011
Total
Total Revenue less Expenditure EBITDA
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
less Accounting
0
0
0
0
0
0
0
less Goodwill
0
0
0
0
0
0
0
0
0
0
0
0
0
0
less Interest
0
0
0
0
0
0
0
less Tax
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2006
2007
2008
2009
2010
2011
Taxable Revenue Expenditure less Tax Payable less Interest Expense Operating Cash Flow
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
add Non
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Depreciation Amortisation
EBIT Expense Payable Net Profit B4 Ab. Items
add Profit
on Asset disposal Net Profit
$000
Cash Flow Analysis
less Total
Taxable Income Capital Expenditure less Asset Disposal Proceeds add Net Cash Flow 5-Yr NPV of Cash Flow
0
Infinite Terminal Value
0
Total NPV of Cash Flow
0
Page 8 of 11
24891933.xlsResults
Total PV of Capital Commitments after Year 5
11/14/2009
$000
Economic Value Added
2006
2007
2008
2009
2010
2011
Total Revenue less Total Expenditure less Tax Payable less Interest Expense add Asset Disposal Proceeds add Economic Adjustments Economic Profit
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Capital Employed Charge Economic Value Added
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total PV of EVA
0
Infinite Terminal Value
0
Total PV of EVA
0
less Capital
COMPARABLE INVESTMENT SCORE Return on Invested Capital (> WACC) Net Present Value of Cash Flows Cost/Benefit Ratio Payback Period (Year) Free Cash Flow after 2 years
Result No Capital 0 No Upfront 5 0
Comparable Investment Score
Page 9 of 11
Total PV of Capital Commitments after Year 5
ADDITIONAL ANALYSIS Score 40.00% 0.00% 5.00% 0.00% 0.00%
45.00%
Implicit Annual Growth Rates Total Revenues Total Expenses Operating Cash Flow Net Cash Flow Economic Profit EVA
24891933.xlsResults
Change in Company Gearing Before (Year 0) 47.37% After (Year 5) 47.37% Change 0.00% Modified Internal Rate of Return No solution
11/14/2009
Cash Flow Chart Analysis Annual Cash Flow
Cumulative Cash Flow
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0 2006
2007
2008
2009
2010
0 2006
2011
2007
2008
2009
2010
2011
Annual Cash Flow with Terminal Value
99
101
97
95
93
91
89
87
85
83
81
79
77
75
73
71
69
67
65
63
61
59
57
55
53
51
49
47
45
43
41
39
37
35
33
31
29
27
25
23
21
19
17
15
13
9
11
7
5
3
1
1 1 1 1 1 0 0 0 0 0 0 Year
Page 10 of 11
24891933.xlsResults
11/14/2009
Economic Value Added Chart Analysis Annual Economic Value Added
Cumulative Economic Value Added
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0 2006
2007
2008
2009
2010
0 2006
2011
2007
2008
2009
2010
2011
Annual EVA with Terminal Value
99
101
97
95
93
91
89
87
85
83
81
79
77
75
73
71
69
67
65
63
61
59
57
55
53
51
49
47
45
43
41
39
37
35
33
31
29
27
25
23
21
19
17
15
13
9
11
7
5
3
1
1 1 1 1 1 0 0 0 0 0 0 Year
Page 11 of 11
24891933.xlsResults
11/14/2009
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