8. Ch 14: Using the Risk Free rate (1.3% Risk Free Rate) and assuming a 6 percent market risk premium, a) What is the cost of equity for your selected company using CAPM? b) You now need to calculate the cost of debt (after tax YTM) for your selected company, Use the info from Requirement 3d. c) What is the market value of the debt (use markets insider to find other bond issues and the related price). d) What is the market value of common shares? c) What is the bond Yield (using data from markets insider, what is the bond yield). d) Using the YTM, coupon rate and Maturity (from Markets Insider), calculate the bond price (using excel). Include your excel screenshot. Identify: 3.1.2 CONSOLIDATED INCOME STATEMENT 51 33 1,042 102 42 103 on em Notes 2019 2018 Revenue 31 45.415 47.169 Cost of sales 31 (35 018) (36.037) Gross margin 11.397 11.132 Payroll expenses I (5.816) External expenses 5.710) (2.638) (3.307) Depreciation provision and impairment (1.932) (1490) Other recurring operating income /exp) 33 31 (12) RECURRING OPERATING INCOME 801 Non-recurring income and expenses 34 (179) 784) OPERATING INCOME 863 (183) Income from cash and cash equivalents 71 65 Gross cost of financial debt (130) (91) Net cost of financial debt (50) Other financial income 103 13 Other financial expenses (321) INCOME BEFORE TAX 524 (246) Share of net income loss of associates 7 3) Income tax expense (229) 182) NET INCOME FROM CONTINUING OPERATIONS 274 (331) Not income from assets hold for sale and discontinued operations 26 (1529) (624) NET INCOME (1.256) (946) of which attributable to owners of the parent of which attributable to non-controlling interests 208 200 EARNINGS PER SHARE FROM CONTINUING OPERATIONS, ATTRIBUTABLE TO OWNERS OF THE PARENT basic 82 227 (17.80 diluted 82 (1784) NET EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE PARENT baske 82 (50:19 (38.491 diluted (5019) (38.49) EBITDA 32 2.913 2,084 a) The Group applied IFRS 16-Leases for the first time on January 2010 using the simplified retrospective approach According to this approach comporte information is not restated and the pet tax impact of the standards into opplication outlined in note 27 was reported under equity on Jowary 2019 Contribution of Oney Bank Auchan Retail Moly and Auchan Retol Vietnamse note 26 to the consolidated financial statements Intation to the data puhed at 31 December 2018, the contributions of Onay Bonk Auchan Botol Malyond Auchan Retail Vietnam were reclassified under et income from assets held for sale and discontinued operation 82 3.1.4 CONSOLIDATED STATEMENT OF CASH FLOWS un Em Notes 2019 2018 Interests) (1.255) (946) 3 (4) 22 5 318 256 37 70 2336 2801 1 1133 35 1.997 (257) 2,806 (326) (427) 109 (153) 116 2.161 12 Consolidated net income for the period (including non-controlling Share of net income loss of associates Dividends received non-consolidated investments) Net cost of financial debt and lease interest Income tax expense including deferred taxes) Net depreciation provision and impairment expenses (other than on current assets Income and expenses on share-based payment plans Other non-cash items Capital gains/losses net of tax and negative goodwill Cash flows from operations before net cost of financial debt leasing interest and tax Income tax paid Interest paid and lease interest Other financial items Cash flows from operations after net cost of financial debt and tax Changes in working capital requirement Changes in items relating to the credit activity Net cash generated by operating activities Acquisition of property, plant and equipment intangible assets and investment property Proceeds from sales of property, plant and equipment, intangible assets and investment property Acquisition of shares in non-consolidated companies including associates accounted for by the equity method Proceeds from sales of shares in non-consolidated companies including associates accounted for by the equity method Disbursements linked to business combinations net of cash acquired Cash flow from discountinued operation Dividends received (non-consolidated investments) Changes in loans and advances granted Net cash from (used in) investing activities Purchases and sales of treasury shares Dividends paid during the period Acquisitions and disposals of interests without change in control Payment of lease liabilities 1703 74 (28) 1.601 12 1.824 (2181) (1999) 218 82 (54) (69 4 352 (7) (262) (434 11 31 12 (213) (1.136) (196) (120) 1671 (472) 2 (2,383) (250) (313) (27) 12 12 Changes in net financial debt lin Em Notes 2018 12 2019 Net cash from (used in) financing activities (65) 1.431 Effect of changes in foreign exchange rates (40) 35 Net increase (decrease) in cash and cash equivalents 582 683 Cash and cash equivalents at beginning of period 12 2,987 2.304 Cash and cash equivalents at end of period 3.569 2.987 NET INCREASE (DECREASE IN CASH AND CASH EQUIVALENTS 582 683 ) The Group applied IFRS 16 - Leases for the first time on 1 January 2019. using the simplified retrospective approach. According to this approach, comparative information is not restated and the net tax impact of the standard's initial application outlined in note 27 was reported under equity on 1 January 2013 (2) Including 232 million in IFRS 16 financial interest Includes a 471 million positive IFRS 16 impact (4) In 2019. mainly relates to the disposal of shares in Oney Bank by Auchan Holding ) In 2018, mainly relates to the acquisitions of two shopping centres and a retail park through the full acquisition of five companies (Ceetrus Portugal16) This regards the reclassification of changes in the active cash flow of operations held for sale (see Significant event 12) c) Including 98 million in cash reclassified as restricted cash balances - new regulation on prepaid cards in China. (BMainly relates to the reduction in the capital of Auchan Holding through the cancellation of shares in the context of the employee shore ownership plan D) Primarity the impact of the rouble amounting to 160/million 3.2 CONSOLIDATED EQUITY AND LIABILITIES 2017 121 Equity and liabilities on em) Notes 2018 Share capital 813 591 604 Share premiums 1673 1914 Reserves and net income attributable to owners of the parent 5.674 7394 EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT 7.939 9.912 Non-controlling interests 817 3.509 3369 TOTAL EQUITY 11.448 13.281 Provisions 91 265 282 Non-current borrowings and other financial abilities 106 4.198 3.728 Debts financing the credit activity 112 462 928 Non-current derivative financial instruments 104 17 Other non-current liabilities 106 458 341 Deferred tax liabilities $31 627 NON-CURRENT LIABILITIES 5.931 5.927 Provisions 91 284 247 Current borrowings and other financial abilities 106 3.162 1.487 Debts financing the credit activity 112 399 1387 Current derivative financial instruments 104 Trade payables 10.6 Current taxabilities 121 119 140 Other current liabilities 10,6 4.375 4325 Liabilities classified as held for sale 1.738 CURRENT LIABILITIES 18.557 18.436 TOTAL EQUITY AND LIABILITIES 35.935 35.645 The Group applied FRS - Financial instruments for the first time on January 2018. Given the transition method chosen the comparative to has not been restored and the impact set of tox) resulting from the first application of the standard as set out in note 22 has been recognised nequity of 1 onuary 2018 (see changes in equity! 8.457 8.799 The Group applied RS 15 - Revenue from Contracts with customers as from January 2018 without restating comparative persects as authored by the standard NOTE 8 EQUITY AND EARNINGS PER SHARE 8.1 EQUITY France (Volauchan Sopaneer International Valhuchanrus Sopaneer SCA Valespana SCA Valpoland SCA Valhungary 8.1.1 Capital management International SCA, Valportugal SCA and Volrussie SCA) Only Auchan Holding's policy is to maintain a solid capital base that the companies included in the employee share ownership inspires the confidence of its investors and creditors and allows plans outside of France are fully consolidated it to contribute to the development of its activities The articles of association of Valauchan Sopancer International Valauchanrus Sopaneer SCA Valespora SCA Valpoland SCA 8.1.2 Shareholders Valhungary International SCA. Valportugal SCA and Valrussie SCA set out the terms and conditions governing share At 31 December 2019, the majority of Auchan Holding's capital ownership Shares in these companies are purchased and sold was owned by Aumarche, by affiliates throughout the year, based on a price that is Employees owned nearly 3% of the company's capital via the calculated annually according to a financial valuation method Valauchan and Valfrance mutual funds and via the companies defined by a recognised body of valuation experts and which is included in the employee share ownership plans outside of used consistently over time. 8.1.3 Number of shares comprising the share capital 2019 2016 29.565.168 30,194.690 At 1 January issue of new shares for cash Capital reduction AT 31 DECEMBER (650,619) 28,944.549 (629.522 29.565.460 At 31 December 2019, the share capital amounted to 578 290.980. It was split into 28,914549 fully paid-up shares with a par value of 20 each. The share capital amounted to 591.303.360 at 31 December 2018, split into 29.565.168 shares with a nominal value of 20. of 2018) Auchan Holding SA owns 38.022 Auchan Holding SA shares for a transaction cost of 32 million for which 4886 shares are allocated to cover the share option plans for Auchan Holding's management at an acquisition cost of 2 million), while 288.897shares are owned by Valauchan 3.1.1 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 2018 62 222 D 120 111 Assets in Notes 2016" Goodwill 61 3021 2,992 Other intangible acts 1069 1036 Property, plant and equipment 63 11768 10.941 Investment property 5.4 5.099 5264 Investments in associates 7 485 Credit activity lo) Other non-current financial assets 105 505 436 Non-current derivative financial instruments 104 124 Deferred tax assets 438 342 NON-CURRENT ASSETS 22.569 21.359 Inventarios 35 4875 4797 Credit activity 10) 136 Trade receivables 105 542 498 Current taxes 111 148 158 Other current recevables 105 1957 Current derivative financial instruments 104 123 Cath and cash equivalents 101 3.074 3420 Aunts clied as held for saler 26 642 2001 CURRENT ASSETS 11.918 14.576 TOTAL ASSETS 34.407 35.935 a The Group S.rases for repostamento cay 2019 ug the simple retrospective approach According to this approach comporti fonton not retted and therefox import of the stondordnitial application outlined in note 27 was reported under gut antony 2012 Af 31 December 2019, includes acts and abilities prenority relating to Lumbog As of 31 December 2018 Foldes et cond lobes doing to my Bone 3.1.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME B o 2019 2018 nem Gross Gross Amount income tax Net Amount income tax Net Net Income for the period (9461 Revolution of not be in respect of defined benefits 25 > 11 to TOTAL ITEMS THAT WILL NOT BE RECLASSIFIED SUBSEQUENTLY TO PROFIT OR LOSS (25) 7 trol Exchange differences on trong foreign operations 130 139 017 Change in fair value of able for sale Francisco intruments redging net investments in formin operations of cath.flowind forex hectes ol Share of other components of comprehensive income of sociales TOTAL ITEMS THAT MAY BE RECLASSIFIED SUBSEQUENTLY TO PROFIT OR LOSS 110 5 115 (147) co) 6:57 TOTAL OTHER COMPONENTS OF COMPREHENSIVE INCOME 35 97 (19) (134) Total comprehensive income 1,00 Autobeto canes of the parent 20 ..conting interests 233 120 w The Les for the first time on January 2019. ug the simple retrospective approach According to this approach corporate formation not rested and there to part of the standards for collected role 27 was reported andere 5 31 12 . AUCHAN HOLDING S.A. Bond 102.71 +0.07 (+0.07%) 11.12.2020 STU Intraday Mountain-Chart Indicators Tw Tm om Ytd Ty sy Max 0.3 102.50 20 10000 -NON 9750 ON -20% 9500 -BON -90% -100 -110W -1204 9000 ON 2019 2020 About The Auchan Holding S.A.- Bond (FR0011372622) The Auchan Holding S.A.-Bond has a maturity date of 12/12/2022 and offers a coupon of 2.3750%. The payment of the coupon will take place 1.0 times per Year on the 12.12.. At the current price of 106.086 EUR this equals a annual yield of 0.00%. The Auchan Holding S.A.-Bond was issued on the 12/12/2012 with a volume of 750 M. EUR. INFO Dividend History EX-DIVIDEND DATE 10/29/2020 DIVIDEND YIELD 0.75% ANNUAL DIVIDEND P/E RATIO $0.68 39.01 Ex/EFF DATE TYPE CASH AMOUNT DECLARATION RECORD PAYMENT DATE DATE DATE 10/15/2020 10/30/2020 11/16/20 $0.17 10/29/2020 CASH 07/30/2020 CASH $0.17 07/14/2020 07/31/2020 08/14/20 04/29/2020 CASH $0.17 04/16/2020 04/30/2020 05/15/20 02/05/2020 CASH $0.17 01/17/2020 02/06/2020 02/14/20 8. Ch 14: Using the Risk Free rate (1.3% Risk Free Rate) and assuming a 6 percent market risk premium, a) What is the cost of equity for your selected company using CAPM? b) You now need to calculate the cost of debt (after tax YTM) for your selected company, Use the info from Requirement 3d. c) What is the market value of the debt (use markets insider to find other bond issues and the related price). d) What is the market value of common shares? c) What is the bond Yield (using data from markets insider, what is the bond yield). d) Using the YTM, coupon rate and Maturity (from Markets Insider), calculate the bond price (using excel). Include your excel screenshot. Identify: 3.1.2 CONSOLIDATED INCOME STATEMENT 51 33 1,042 102 42 103 on em Notes 2019 2018 Revenue 31 45.415 47.169 Cost of sales 31 (35 018) (36.037) Gross margin 11.397 11.132 Payroll expenses I (5.816) External expenses 5.710) (2.638) (3.307) Depreciation provision and impairment (1.932) (1490) Other recurring operating income /exp) 33 31 (12) RECURRING OPERATING INCOME 801 Non-recurring income and expenses 34 (179) 784) OPERATING INCOME 863 (183) Income from cash and cash equivalents 71 65 Gross cost of financial debt (130) (91) Net cost of financial debt (50) Other financial income 103 13 Other financial expenses (321) INCOME BEFORE TAX 524 (246) Share of net income loss of associates 7 3) Income tax expense (229) 182) NET INCOME FROM CONTINUING OPERATIONS 274 (331) Not income from assets hold for sale and discontinued operations 26 (1529) (624) NET INCOME (1.256) (946) of which attributable to owners of the parent of which attributable to non-controlling interests 208 200 EARNINGS PER SHARE FROM CONTINUING OPERATIONS, ATTRIBUTABLE TO OWNERS OF THE PARENT basic 82 227 (17.80 diluted 82 (1784) NET EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE PARENT baske 82 (50:19 (38.491 diluted (5019) (38.49) EBITDA 32 2.913 2,084 a) The Group applied IFRS 16-Leases for the first time on January 2010 using the simplified retrospective approach According to this approach comporte information is not restated and the pet tax impact of the standards into opplication outlined in note 27 was reported under equity on Jowary 2019 Contribution of Oney Bank Auchan Retail Moly and Auchan Retol Vietnamse note 26 to the consolidated financial statements Intation to the data puhed at 31 December 2018, the contributions of Onay Bonk Auchan Botol Malyond Auchan Retail Vietnam were reclassified under et income from assets held for sale and discontinued operation 82 3.1.4 CONSOLIDATED STATEMENT OF CASH FLOWS un Em Notes 2019 2018 Interests) (1.255) (946) 3 (4) 22 5 318 256 37 70 2336 2801 1 1133 35 1.997 (257) 2,806 (326) (427) 109 (153) 116 2.161 12 Consolidated net income for the period (including non-controlling Share of net income loss of associates Dividends received non-consolidated investments) Net cost of financial debt and lease interest Income tax expense including deferred taxes) Net depreciation provision and impairment expenses (other than on current assets Income and expenses on share-based payment plans Other non-cash items Capital gains/losses net of tax and negative goodwill Cash flows from operations before net cost of financial debt leasing interest and tax Income tax paid Interest paid and lease interest Other financial items Cash flows from operations after net cost of financial debt and tax Changes in working capital requirement Changes in items relating to the credit activity Net cash generated by operating activities Acquisition of property, plant and equipment intangible assets and investment property Proceeds from sales of property, plant and equipment, intangible assets and investment property Acquisition of shares in non-consolidated companies including associates accounted for by the equity method Proceeds from sales of shares in non-consolidated companies including associates accounted for by the equity method Disbursements linked to business combinations net of cash acquired Cash flow from discountinued operation Dividends received (non-consolidated investments) Changes in loans and advances granted Net cash from (used in) investing activities Purchases and sales of treasury shares Dividends paid during the period Acquisitions and disposals of interests without change in control Payment of lease liabilities 1703 74 (28) 1.601 12 1.824 (2181) (1999) 218 82 (54) (69 4 352 (7) (262) (434 11 31 12 (213) (1.136) (196) (120) 1671 (472) 2 (2,383) (250) (313) (27) 12 12 Changes in net financial debt lin Em Notes 2018 12 2019 Net cash from (used in) financing activities (65) 1.431 Effect of changes in foreign exchange rates (40) 35 Net increase (decrease) in cash and cash equivalents 582 683 Cash and cash equivalents at beginning of period 12 2,987 2.304 Cash and cash equivalents at end of period 3.569 2.987 NET INCREASE (DECREASE IN CASH AND CASH EQUIVALENTS 582 683 ) The Group applied IFRS 16 - Leases for the first time on 1 January 2019. using the simplified retrospective approach. According to this approach, comparative information is not restated and the net tax impact of the standard's initial application outlined in note 27 was reported under equity on 1 January 2013 (2) Including 232 million in IFRS 16 financial interest Includes a 471 million positive IFRS 16 impact (4) In 2019. mainly relates to the disposal of shares in Oney Bank by Auchan Holding ) In 2018, mainly relates to the acquisitions of two shopping centres and a retail park through the full acquisition of five companies (Ceetrus Portugal16) This regards the reclassification of changes in the active cash flow of operations held for sale (see Significant event 12) c) Including 98 million in cash reclassified as restricted cash balances - new regulation on prepaid cards in China. (BMainly relates to the reduction in the capital of Auchan Holding through the cancellation of shares in the context of the employee shore ownership plan D) Primarity the impact of the rouble amounting to 160/million 3.2 CONSOLIDATED EQUITY AND LIABILITIES 2017 121 Equity and liabilities on em) Notes 2018 Share capital 813 591 604 Share premiums 1673 1914 Reserves and net income attributable to owners of the parent 5.674 7394 EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT 7.939 9.912 Non-controlling interests 817 3.509 3369 TOTAL EQUITY 11.448 13.281 Provisions 91 265 282 Non-current borrowings and other financial abilities 106 4.198 3.728 Debts financing the credit activity 112 462 928 Non-current derivative financial instruments 104 17 Other non-current liabilities 106 458 341 Deferred tax liabilities $31 627 NON-CURRENT LIABILITIES 5.931 5.927 Provisions 91 284 247 Current borrowings and other financial abilities 106 3.162 1.487 Debts financing the credit activity 112 399 1387 Current derivative financial instruments 104 Trade payables 10.6 Current taxabilities 121 119 140 Other current liabilities 10,6 4.375 4325 Liabilities classified as held for sale 1.738 CURRENT LIABILITIES 18.557 18.436 TOTAL EQUITY AND LIABILITIES 35.935 35.645 The Group applied FRS - Financial instruments for the first time on January 2018. Given the transition method chosen the comparative to has not been restored and the impact set of tox) resulting from the first application of the standard as set out in note 22 has been recognised nequity of 1 onuary 2018 (see changes in equity! 8.457 8.799 The Group applied RS 15 - Revenue from Contracts with customers as from January 2018 without restating comparative persects as authored by the standard NOTE 8 EQUITY AND EARNINGS PER SHARE 8.1 EQUITY France (Volauchan Sopaneer International Valhuchanrus Sopaneer SCA Valespana SCA Valpoland SCA Valhungary 8.1.1 Capital management International SCA, Valportugal SCA and Volrussie SCA) Only Auchan Holding's policy is to maintain a solid capital base that the companies included in the employee share ownership inspires the confidence of its investors and creditors and allows plans outside of France are fully consolidated it to contribute to the development of its activities The articles of association of Valauchan Sopancer International Valauchanrus Sopaneer SCA Valespora SCA Valpoland SCA 8.1.2 Shareholders Valhungary International SCA. Valportugal SCA and Valrussie SCA set out the terms and conditions governing share At 31 December 2019, the majority of Auchan Holding's capital ownership Shares in these companies are purchased and sold was owned by Aumarche, by affiliates throughout the year, based on a price that is Employees owned nearly 3% of the company's capital via the calculated annually according to a financial valuation method Valauchan and Valfrance mutual funds and via the companies defined by a recognised body of valuation experts and which is included in the employee share ownership plans outside of used consistently over time. 8.1.3 Number of shares comprising the share capital 2019 2016 29.565.168 30,194.690 At 1 January issue of new shares for cash Capital reduction AT 31 DECEMBER (650,619) 28,944.549 (629.522 29.565.460 At 31 December 2019, the share capital amounted to 578 290.980. It was split into 28,914549 fully paid-up shares with a par value of 20 each. The share capital amounted to 591.303.360 at 31 December 2018, split into 29.565.168 shares with a nominal value of 20. of 2018) Auchan Holding SA owns 38.022 Auchan Holding SA shares for a transaction cost of 32 million for which 4886 shares are allocated to cover the share option plans for Auchan Holding's management at an acquisition cost of 2 million), while 288.897shares are owned by Valauchan 3.1.1 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 2018 62 222 D 120 111 Assets in Notes 2016" Goodwill 61 3021 2,992 Other intangible acts 1069 1036 Property, plant and equipment 63 11768 10.941 Investment property 5.4 5.099 5264 Investments in associates 7 485 Credit activity lo) Other non-current financial assets 105 505 436 Non-current derivative financial instruments 104 124 Deferred tax assets 438 342 NON-CURRENT ASSETS 22.569 21.359 Inventarios 35 4875 4797 Credit activity 10) 136 Trade receivables 105 542 498 Current taxes 111 148 158 Other current recevables 105 1957 Current derivative financial instruments 104 123 Cath and cash equivalents 101 3.074 3420 Aunts clied as held for saler 26 642 2001 CURRENT ASSETS 11.918 14.576 TOTAL ASSETS 34.407 35.935 a The Group S.rases for repostamento cay 2019 ug the simple retrospective approach According to this approach comporti fonton not retted and therefox import of the stondordnitial application outlined in note 27 was reported under gut antony 2012 Af 31 December 2019, includes acts and abilities prenority relating to Lumbog As of 31 December 2018 Foldes et cond lobes doing to my Bone 3.1.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME B o 2019 2018 nem Gross Gross Amount income tax Net Amount income tax Net Net Income for the period (9461 Revolution of not be in respect of defined benefits 25 > 11 to TOTAL ITEMS THAT WILL NOT BE RECLASSIFIED SUBSEQUENTLY TO PROFIT OR LOSS (25) 7 trol Exchange differences on trong foreign operations 130 139 017 Change in fair value of able for sale Francisco intruments redging net investments in formin operations of cath.flowind forex hectes ol Share of other components of comprehensive income of sociales TOTAL ITEMS THAT MAY BE RECLASSIFIED SUBSEQUENTLY TO PROFIT OR LOSS 110 5 115 (147) co) 6:57 TOTAL OTHER COMPONENTS OF COMPREHENSIVE INCOME 35 97 (19) (134) Total comprehensive income 1,00 Autobeto canes of the parent 20 ..conting interests 233 120 w The Les for the first time on January 2019. ug the simple retrospective approach According to this approach corporate formation not rested and there to part of the standards for collected role 27 was reported andere 5 31 12 . AUCHAN HOLDING S.A. Bond 102.71 +0.07 (+0.07%) 11.12.2020 STU Intraday Mountain-Chart Indicators Tw Tm om Ytd Ty sy Max 0.3 102.50 20 10000 -NON 9750 ON -20% 9500 -BON -90% -100 -110W -1204 9000 ON 2019 2020 About The Auchan Holding S.A.- Bond (FR0011372622) The Auchan Holding S.A.-Bond has a maturity date of 12/12/2022 and offers a coupon of 2.3750%. The payment of the coupon will take place 1.0 times per Year on the 12.12.. At the current price of 106.086 EUR this equals a annual yield of 0.00%. The Auchan Holding S.A.-Bond was issued on the 12/12/2012 with a volume of 750 M. EUR. INFO Dividend History EX-DIVIDEND DATE 10/29/2020 DIVIDEND YIELD 0.75% ANNUAL DIVIDEND P/E RATIO $0.68 39.01 Ex/EFF DATE TYPE CASH AMOUNT DECLARATION RECORD PAYMENT DATE DATE DATE 10/15/2020 10/30/2020 11/16/20 $0.17 10/29/2020 CASH 07/30/2020 CASH $0.17 07/14/2020 07/31/2020 08/14/20 04/29/2020 CASH $0.17 04/16/2020 04/30/2020 05/15/20 02/05/2020 CASH $0.17 01/17/2020 02/06/2020 02/14/20