AA 07-3 Global Analysis LO P2

Access Samsungs and Apple's income statements (in Appendix A) for fiscal year 2017. The ratio of investments in property, plant, and equipment to sales can be used to assess how much a company is investing to maintain and expand its productive capacity. Required: 1. Compute Samsung's ratio of investments in property, plant, and equipment to sales for 2017. 2. Compute Apple's ratio of investments in property, plant, and equipment to sales for 2017. 3. Which company (Samsung or Apple) invested more (as a percent of sales) in property, plant, and equipment? 4. Assume Samsung forecasts total sales of 240 million Korean won for 2018 and plans to invest 18% of 2018 revenue in property, plant, and equipment. What amount (in Korean won) will Samsung budget for investments in property, plant, and equipment for 2018?

Please help!!!!

A-2 Appendix A Financial Statement Information APPL September 24, 2016 s Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 30, 2017 ASSETS Current assets Cash and cash equivalents s 20.289 Short-term marketable securities 53,892 Accounts receivable, less allowances of $58 and $53, respectively 17,874 Inventories 4,855 Vendor non-trade receivables 17.799 Other current assets 13,936 Total current assets 128,645 Long-term marketable securities 194,714 Property, plant and equipment, net 33,783 Goodwill 5,717 Acquired intangible assets, net 2.298 Other non-current assets 10.162 Total assets 375,319 20,484 46,671 15,754 2.132 13.545 8,283 106,869 170,430 27.010 5,414 3,206 8,757 321,686 s LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable Accrued expenses Deferred revenue Commercial paper Current portion of long-term deht Total current liabilities Deferred revenue, non-current Long-term det Other non-current liabilities Total liabilities Commitments and contingencies Shareholders' equity Common stock and additional paid-in capital, S0.00001 par value: 12,600,000 shares authorized; 5,126,201 and 5,336,166 shares issued and outstanding, respectively Retained earnings Accumulated other comprehensive income (loss) Total shareholders' equity Total liabilities and shareholders' equity See accompanying Notes to Consolidated Financial Statements. 49.049 25,744 7,548 11,977 6,496 100,814 2,836 97,207 40,415 241,272 37,294 22,027 8,080 8,105 3.500 79,006 2.930 75,427 36,074 193,437 35.867 98,330 (150) 134,047 375,319 31.251 96,364 634 128,249 321.686 AP September 26, 2015 S 233,715 140,089 93,626 (In millions, except number of shares which are reflected in thousands and per share amounts) Years ended September 30, 2017 September 24, 2016 Net sales 229,234 S 215,639 Cost of sales 141,048 131,376 Gross margin 88,186 84,263 Operating expenses Research and development 11,581 10,045 Selling, general and administrative 15,261 14,194 Total operating expenses 26,842 24,239 Operating income 61,344 60,024 Other income (expense), net 2,745 1,348 Income before provision for income taxes 64,089 61,372 Provision for income taxes 15,738 15,685 Net income 48,351 45,687 8,067 14,329 22,396 71,230 1,285 72,515 19.121 53,394 $ 9.28 s s S S 9.22 Earnings per share: Basic 9.27 $ 8.35 Diluted 9.21 8.31 Shares used in computing earnings per share: Basic 5.217.242 5,470,820 Diluted 5.251,692 5,500,281 Cash dividends declared per share S 2.40 $ 2.18 See accompanying Notes to Consolidated Financial Statements. 5,753,421 5,793,069 1.98 s Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Years ended September 30, 2017 September 24, 2016 September 26, 2015 Net income $ 48,351 45,687 S 53,394 Other comprehensive income (loss): Change in foreign currency translation, net of tax effects of S(77), $8 and S201, respectively 224 75 (411) Change in unrealized gains/losses on derivative instruments: Change in fair value of derivatives, net of tax benefit (expense) of S(478), $(7) and S(441), respectively 1.315 7 2,905 Adjustment for net (gains) losses realized and included in net income, net of tax expense (benefit) of $475, $131 and $630, respectively (1.477) (741) (3.497) Total change in unrealized gains/losses on derivative instruments, net of tax (162) (734) Change in unrealized gains/losses on marketable securities: Change in fair value of marketable securities, net of tax benefit (expense) of $425, 8(863) and S264, respectively (782) 1.582 (483) Adjustment for net (gains) losses realized and included in net income, net of tax expense (benefit) of $35. (31), and S(32), respectively Total change in unrealized gains/losses on marketable securities, net of tax (846) 1,638 (424) Total other comprehensive income (loss) (784) 979 (1.427) Total comprehensive income 47.567 46,666 S 51.967 (592) 56 59 See accompanying Notes to Consolidated Financial Statements. APPLE - Apple Inc. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In millions, except number of shares which are reflected in thousands) Accumulated Other Common Stock and Comprehensive Total Additional Paid-In Capital Retained Income Shareholders' Shares Amount Earnings (Loss) Equity Balances as of September 27, 2014 5,866,161 S 23.313 S 87,152 $ 1,082 $ 111.547 Net income 53,394 53,394 Other comprehensive income (loss) (1.427) (1.427) Dividends and dividend equivalents declared (11,627) (11.627) Repurchase of common stock (325,032) (36,026) (36,026) Share-based compensation 3,586 3.586 Common stock issued, net of shares withheld for employee taxes 37,624 (231) (609) (840) Tax benefit from equity awards, including transfer pricing adjustments 748 748 Balances as of September 26, 2015 5,578,753 S 27.416 S 92,284 $ (345) S 119,355 Net income 45,687 45,687 Other comprehensive income (loss) 979 979 Dividends and dividend equivalents declared (12,188) (12.188) Repurchase of common stock (279,609) (29,000) (29,000) Share-based compensation 4.262 4.262 Common stock issued, net of shares withheld for employee taxes 37,022 (806) (419) (1.225) Tax benefit from equity awards, including transfer pricing adjustments 379 379 Balances as of September 24, 2016 5,336,166 S 31.251 S 96,364 634 $ 128,249 Net income 48,351 48,351 Other comprehensive income (loss) (784) (784) Dividends and dividend equivalents declared (12.803) (12.803) Repurchase of common stock (246,496) (33,001) (33.001) Share-based compensation 4,909 4.909 Common stock issued, net of shares withheld for employee taxes 36,531 (913) (581) - (1.494) Tax benefit from equity awards, including transfer pricing adjustments 620 620 Balances as of September 30, 2017 5,126,201 S 35,862 S 98,330 $ (150) $ 134,047 See accompanying Notes to Consolidated Financial Statements. $ - APPL September 26, 2015 S 13,844 53,394 11.257 3.586 1,382 385 417 (238) (3.735) (283) 5.001 1,042 9.058 81.266 Apple Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Years ended September 30, 2017 September 24, 2016 Cash and cash equivalents, beginning of the year 20,484 $ 21,120 Operating activities: Net income 48,351 45,687 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 10,157 10.50S Share-based compensation expense 4.840 4.210 Deferred income tax expense 5.966 4,938 Other (166) 486 Changes in operating assets and liabilities: Accounts receivable, net (2,093) 527 Inventories (2.723) 217 Vendor non-trade receivables (4,254) (51) Other current and non-current assets (5.318) 1,055 Accounts payable 9,618 1,837 Deferred revenue (626) (1,554) Other current and non-current liabilities (154) (2,033) Cash generated by operating activities 63,598 65,824 Investing activities: Purchases of marketable securities (159,486) (142,428) Proceeds from maturities of marketable securities 31,775 21,258 Proceeds from sales of marketable securities 94,564 90,536 Payments made in connection with business acquisitions, net (329) (297) Payments for acquisition of property, plant and equipment (12,451) (12,734) Payments for acquisition of intangible assets (344) (814) Payments for strategic investments, net (395) (1,388) Other 220 (110) Cash used in investing activities (46,446) (45,977) Financing activities: Proceeds from issuance of common stock 555 495 Excess tax benefits from equity awards 627 Payments for taxes related to net share settlement of equity awards (1,874) (1,570) Payments for dividends and dividend equivalents (12,769) (12,150) Repurchases of common stock (32,900) (29,722) Proceeds from issuance of term debt, net 28,662 24,954 Repayments of term debt (3.500) (2,500) Change in commercial paper, net 3,852 (397) Cash used in financing activities (17,347) (20,483) Increase (decrease) in cash and cash equivalents (195) (636) Cash and cash equivalents, end of the year 20,289 20,484 (166,402) 14,538 107,447 (343) (11.247) (241) (26) (56.274) 407 543 749 (1.499) (11.561) (35.253) 27.114 2.191 (17,716) 7.276 $ $ 21.120 Supplemental cash flow disclosure: Cash paid for income taxes, net Cash paid for interest $ S 11,591 2.092 S $ 10,444 1,316 $ S 13.252 514 See accompanying Notes to Consolidated Financial Statements. useful lives primarily consist of patents and licenses. The following table summarizes the components of acquired intangible asset balances as of September 30, 2017. Amortization expense related to acquired intangible assets was $1.2 billion in 2017. ware are amortized using the straight-line method over the estimated useful lives of the assets, which range from three to five years. Depreciation and amortization expense on property and equipment was $8.2 billion, $8.3 billion and $9.2 billion during 2017, 2016 and 2015, respectively. Property, Plant and Equipment, Net ($ millions) 2017 2016 Land and buildings S 13,587 S 10.185 Machinery, equipment and internal-use software 54,210 44,543 Leasehold improvements 7,279 6,517 Gross property, plant and equipment 75,076 61,245 Accumulated depreciation and amortization (41,293) (34,235) Total property, plant and equipment, net $ 33,783 $ 27.010 Gross Net Carrying Accumulated Carrying Amount Amortization Amount $ 7,507 $ (5,309) S 2,198 $ millions Definite-lived and amortizable acquired intangible assets Indefinite-lived and non-amortizable acquired intangible assets Total acquired intangible assets 100 $ 7,607 100 (5.309) 2298 Long-Lived Assets Including Goodwill and Other Acquired Intangible Assets The Company reviews property, plant and equipment, in- ventory component prepayments and identifiable intangi- Fair Value Measurements The Company applies fair value accounting for all finan- cial assets and liabilities and non-financial assets and li- abilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Third quarter The Company declared and paid cash dividends per share hierarchy upon the lowest level of input that is available and significant to the fair value measurement: during the periods presented as follows: Level 1Quoted prices in active markets for identical assets 2017 2016 or liabilities. Dividends Amount Dividends Amount Level 2Observable inputs other than quoted prices in ac- Per Share (in millions) Per Share (in millions) tive markets for identical assets and liabilities, quoted prices Fourth quarter $ 0.63 $ 3,252 $ 0.57 S 3,071 for identical or similar assets or liabilities in inactive mar- 0.63 3,281 0.57 3.117 kets, or other inputs that are observable or can be corrobo- Second quarter 0.57 2,988 0.52 2.879 rated by observable market data for substantially the full First quarter 0.57 3,042 0.52 2.898 term of the assets or liabilities. Total cash dividends Level 3Inputs that are generally unobservable and typically declared and paid $ 2.40 S 12,563 $ 2.18 $ 11.965 reflect management's estimate of assumptions that market participants would use in pricing the asset or liability. The Company's valuation techniques used to measure the Segment Information and Geographic Data fair value of money market funds and certain marketable Net sales by product (mil.) 2017 2016 2015 equity securities were derived from quoted prices in active iPhone S141,319 $136,700 S155,041 markets for identical assets or liabilities. The valuation iPad 19.222 20,628 23,227 techniques used to measure the fair value of the Company's debt instruments and all other financial instruments, all of Mac 25,850 22,831 25,471 Services 29,980 24,348 19,909 which have counterparties with high credit ratings, were valued based on quoted market prices or model-driven val- Other Products 12,863 11,132 10,067 uations using significant inputs derived from or corrobo Total net sales S229,234 $215,639 $223.715 rated by observable market data. In accordance with the fair value accounting require Reportable segment (mil.) 2017 2016 2015 ments, companies may choose to measure eligible financial Americas: instruments and certain other items at fair value. The Net sales S96,600 S86,613 S 93.864 Company has not elected the fair value option for any eli- Operating income S30,684 S28.172 S 31,186 gible financial instruments. Europe: Accrued Warranty and Indemnification Net sales S54,938 S49,952 S 50,337 The following table shows changes in the Company's ac Operating income S16,514 S 15,348 S 16,527 crued warranties and related costs for 2017 and 2016: Greater China: Net sales S44,764 $48.492 S 58,715 $ millions 2017 2016 Operating income $17,032 S 18,835 S 23,002 Beginning accrued warranty and related costs $ 3,702 S 4.780 Japan: Cost of warranty claims (4.322) (4.663) Net sales $17,733 S16,928 S 15,706 Accruals for product warranty 4.454 3,585 Operating income S 8,097 S 7.165 S 7,617 Ending accrued warranty and related costs $ 3.834 $ 3,702 Rest of Asia Pacific Net sales S15,199 $ 13,654 $ 15,093 Term Debt Operating income S 5,304 S 4,781 S 5,518 As of September 30, 2017, the Company had outstanding floating and fixed-rate notes with varying maturities for an A reconciliation of the Company's segment operating in- aggregate principal amount of $104.0 billion (collectively come to the Consolidated Statements of Operations for the "Notes"). The Notes are senior unsecured obligations, 2017, 2016 and 2015 is as follows: and interest is payable in arrears. $ millions 2017 2016 2015 The Company recognized $2.2 billion, $1.4 billion and Segment operating income $ 77,631 $ 74,301 $83,850 $722 million of interest expense on its term debt for 2017, 2016 and 2015, respectively. Research and development expense As of September 30, 2017 and September 24, 2016, the (11,581) (8,067) (10,045) fair value of the Company's Notes, based on Level 2 inputs, Other corporate expenses, net (4,706) (4,232) (4,553) was $106.1 billion and $81.7 billion, respectively. Total operating income S 61,344 $ 60,024 $71.230 Samsung Electronics Co., Ltd. and Subsidiaries CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in millions of Korean won) December 31, 2017 December 31, 2016 Assets KRW KRW Current assets Cash and cash equivalents 30.545,130 32,111,442 Short-term financial instruments 49.447.696 52.432.411 Short-term available for sale financial assets 3.191,375 3.638,460 Trade receivables 27.695.995 24.279.211 Non-trade receivables 4.108.961 3.521.197 Advance payments 1.753,673 1,439,938 Prepaid expenses 3.835.219 3.502.083 Inventories 24.983.355 18,353,503 Other current assets 1.421.060 1.315.653 Assets held foe-sale 835.806 Total current assets 146,982,464 141,429,704 Non-current assets Long-term available for sale financial assets 7.752.180 6,804,276 Held-to-maturity financial assets 106.751 Investment in associates and joint ventures 6,802.351 5.837,884 Property, plant and equipment 111.665.648 91.473.041 Intangible assets 14.760.483 5.344.020 Long term prepaid expenses 3.434,375 3.834.831 Net defined benefit assets 825.892 557,091 Deferred income tax assets 5.061.687 5.321.450 Other non-current assets 4.360.259 1.572.027 Total assets 301,752,090 262,174,324 Liabilities and Equity Current liabilities Trade payables 9.083.907 6,485.039 Short-term borrowings 15.767.619 12.746.789 Other payables 13.899,633 11.525.910 Advances received 1.249.174 1.358,878 Withholdings 793.582 685.028 Accrued expenses 13.996.273 12.527,300 Income tax payable 7.408,348 2.837,353 Current portion of long term liabilities 278.619 1.232.817 Provisions 4.294.820 4.597.417 Other current liabilities 403.139 351.176 Liabilities held for sale 356,388 Total current liabilities 67,175,114 54,704,095 Non-current liabilities Debentures 953.361 58.542 Long-term borrowings 1.814.446 1.244.238 Long-term other payables 2,043,729 3.317.054 Net defined benefit liabilities 389.922 173.656 Deferred income tax liabilities 11.710,781 7.293.514 Provisions 464.324 358.126 Other non-current liabilities 2.708.985 2,062,066 Total liabilities 87.260,662 69,211,291 Equity attributable to owners of the parent Preference shares 119.467 119.467 Ordinary shares 778.047 778,047 Share premium 4.403.893 4,403,893 Retained earnings 215.811.200 193,086,317 Other components of equity (13.899,191) (11.934,586) Accumulated other comprehensive income attributable to assets held for sale (28.810) 207213416 186,424,328 Non-controlling interests 7.278.012 6,538.705 Total equity 214,491,428 192,963,033 Total liabilities and equity 301,752,090 262,174,324 The above consolidated statement of financial position should be read in conjunction with the accompanying notes. AMSUNG Samsung Electronics Co., Ltd. and Subsidiaries CONSOLIDATED STATEMENTS OF PROFIT OR LOSS 2016 For the year ended December 31 (In millions of Korean won) Revenue Cost of sales Gross profit Selling and administrative expenses Operating profit Other non operating income Other non operating expense Share of profit of associates and joint ventures Financial income Financial expense Profit before income tax Income tax expense Profit for the period Profit attributable to owners of the parent Profit attributable to non controlling interests 2017 KRW 239,575,376 129,290,661 110,284,715 56,639,677 53,645,038 3,010,657 1.419,648 201,442 9,737.391 8,978,913 56,195,967 14,009,220 42,186,747 KRW 201.866,745 120.277.713 81,589,030 52.348, 358 29,240,672 3.238.261 2.463.814 19.501 11,385.645 10,706,613 30,713,652 7.987.560 22,726,092 22,415,655 310.437 842,178 Earnings per share Basic Diluted 299,868 299,868 157.967 157.967 The above consolidated statement of financial position should be read in conjunction with the accompanying notes. Samsung Electronics Co., Ltd. and Subsidiaries CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 2016 2017 KRW 42,186,747 KRW 22,726,092 414,247 (6.347) 963,602 50,438 For the year ended December 31 (Ir millions of Korean Won) Profit for the period Other comprehensive income (los) Items not to be reclassified to profit or loss subsequently Remeasurement of net defined benefit liabilities, net of tax Shares of other comprehensive income (loss) of associates and joint ventures, net of tax Items to be reclassified to profit or loss subsequently Changes in value of available for sale financial assets, net of tax Share of other comprehensive income (loss) of associates and joint ventures, net of tax Foreign currency translation, net of tax Gain (loss) on valuation of derivatives Other comprehensive income (los) for the period, net of tax Total comprehensive income for the period Comprehensive income attributable to Owners of the parent Non-controlling interests (23.839) (130,337) 1,131,536 511,207 (49,256) (6,334,987) (37,121) (5,502,257) 36,684,490 1.991,400 24,717,492 35,887,505 796,985 24,310,814 406,678 The above consolidated statement of financial position should be read in conjunction with the accompanying notes. AMSUNG A-16 Appendix A. Financial Statement Information Samsung Electronics Co., Ltd. and Subsidiaries CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Accumulated ocher comprehemale income Equity attributable to attributable as held towers for-sale of the parent 23,797 172.876,767 22,415,655 Non controlling Total 6,183,038 179,059,805 310,437 22,726,092 - (23.797) (111,503) 87,664 (23.839) 212 (79,934) 1.160,316 35 (28,780) 1.131,536 926,280 37,322 963,602 (52.607) 24,310,814 (3,061,361) (37) IIIII 406,678 24,717,492 (65,161) (3,126,522) 12.272 12,235 1,790 (7,707,938) 1,290 (7,707,938) 6,083 Oder Preference Ordinary Share Retained Competens lo millions of Korcan won shares premium earnings of equity Balance as at January 1, 2016 119,467 778,047 4,403,893 185,132,014 (17,580,451) Profit for the period 22,415,655 Changes in value of available for sale financial assets, net of tax (87,706) Share of other comprehensive income (loss) of associates and joint ventures, net of tax (80,1-46) Foreign currency translation, net of tax 1.160.316 Remeasurement of net defined benefit liabilities, net of tax 926,280 Classified as held for sale 29,022 Total comprehensive income (loss) 22,415,655 1,947,766 Dividends (3,061,361) Capital transaction under common control Changes in consolidated entities Acquisition of treasury stock (7,707,918) Retirement of treasury stock (11,399,991) 11.399,99 Others 6.083 Total transactions with owners (14,461,352) 3,698,099 Balance as at December 31, 2016 119,467 778,047 4,403,893 193,086,317 (11,934,586) Profit for the period 41.344.569 Changes in value of available for sale financial assets, net of tax 489,150 Share of other comprehensive income (loss) of associates and joint ventures, net of tax (54.300) Foreign currency translation, net of tax Remeasurement of net defined benefit liabilities, net of tax 406,323 Gain (loss) on valuation of derivatives (37,121) Total comprehensive income loss) 41,344,569 15,485,874) Dividends (6,747,123) Capital transaction under common control (2.992) Changes in consolidated entities Acquisition of treasury stock (8.350,424) Retirement of treasury slock (11,872,563) 11.872.563 Others 4.821 Total transactions with (18,619,686) 3,521,269 Balance as at December 31, 2017 119,467 778,047 4,403,893 215,811,200 (13,899,191) 88 6,171 (51,011) (10,814,264) 6,538,705 192,963,033 842,178 42,186,747 (10,763,253) 186,424,328 41,344,569 (28,810) 499,150 22,057 511,207 I (54,300) (6,261,116) (1,303) (55,603) (73,871) (6,334,987) 28,810 7.924 414,247 (37,121) 28,810 LIITTI 111 406,323 (37,121) 35,887,805 (6,747,123) (2,992) (2,699) (8,350,424) 796,985 36,684,490 (64,277) (6,811.400) 15,114 12,122 (9,352) (12,051) (8.350,424) 11 11% 4,821 837 5,658 (15,098,417) (57,678) (15,156,095) 7,278,012 214,491,428 207,213,416 G The above consolidated statement of financial position should be read in conjunction with the accompanying notes. Samsung Electronics Co., Ltd. and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS 2016 2017 KRW KRW 42,186,747 36,211,232 (10,620,547) 67.777.432 1,581,117 (542,715) 173,305 (6,827,098) 62,162,041 22,726,092 30,754,471 (1.180,953) 52.299.610 1.405.ORS (443,838) 256.851 (6,132,064) 47.385.644 387,627 499,856 (6,780,610) 3.010.003 (2,129,551) 789.862 (1,741,547) 2.010.356 (1,498,148) For the year ended December 31 (In millions of Korean Won) Cash flows from operating activities Profit for the period Adjustments Changes in assets and liabilities arising from operating activities Cash generated from operations Interest received Interest paid Dividends received Income tax paid Net cash inflow from operating activities Cash flows from investing activities Net decrease increase) in short-term financial instruments Disposal of short-term available for sale financial assets Acquisition of short-term available for sale financial assets Disposal of long-term financial instruments Acquisition of long term financial instruments Disposal of long-term available for sale financial assets Acquisition of long term available for sale financial assets Acquisition of held-to-maturity financial assets Disposal of investment in associates and joint ventures Acquisition of investment in associates and joint ventures Disposal of property, plant and equipment Acquisition of property, plant and equipment Disposal of intangible assets Acquisition of intangible assets Cash outflow from business combinations Cash inflow from business transfers Others Net cash outflow from investing activities Cash flows from financing activities Net increase in short-term borrowings Acquisition of treasury stock Proceeds from long-term borrowings and debentures Repayment of long term borrowings and debentures Dividends paid Net increase in non-controlling interests Net cash outflow from financing activities Effect of exchange rate changes on cash and cash equivalents Net (decrease) increase in cash and cash equivalents Cash and cash equivalents Beginning of the period End of the period 1.750,221 (1,079,355) 191,826 (358,497) (106,751) 355,926 (25,293) 308,354 (42,792,234) 733 (983,740) (8,754,268) 1,248,834 (28,455) (49,385,216) 2.280.203 (84,306) 270.874 (24,142,973) 6.944 (1,047,668) (622,050) 19.936 (29,658,675) 2,730,676 (8.350,424) 998,311 (1,140,803) (6,804,297) 5,670 (12,560,867) (1,782,270) (1,566,312) 1.351.037 (7,707,938) 1.041.743 (252,846) (3,114,742) 13.232 (8,669,514) 417.243 9,474,698 32,111,442 30,545,130 22.636,744 32,111,442 The above consolidated statements of cash flows should be read in conjunction with the accompanying notes. JG