President: Tammy Middleton

30 July 2010

Submission to ACCC regarding Sydney Airport Corporation Limited PriceNotification for Regional Air Services

The Bathurst Business Chamber

The Bathurst Business Chamber is the peak representative body for business in the BathurstRegional Council area. The Chamber has over 200 member businesses. It is affiliated to the NSWBusiness Chamber. It works closely with Bathurst Regional Councilin promoting business andeconomic development in the region

The Chamber members utilise airtravelregularly and represent a high proportion of passengers onthe Regional Express service operating between Bathurst Regional Airport and Sydney KingsfordSmith Airport.

The Chamber recognises the importance of transport to regional development, be it by road, rail orregular public transport air service. Access to the state's capital, and connecting ports is important forthe development of business in Bathurst and further afield. It is equally important for attractingbusiness and investment to the region.

Air travel fulfils an important role particularly for regional, national and multi national companies withoperations in the Bathurst region.

This submission deals primarily with Regional Express, the operator of the route between Bathurstand Sydney.

BathurstBusiness

' ChamberSecretary: StaceyWhittaker

Background

The Chamber notes that:

I. The Federal Government has sought to secure access for regional airlines and reasonablepricing at Sydney Airport .

The Regulatory protection for such services includes, inter alia, the provisions of the TradePractices Act

2.

3. The existing Declaration 91, PUTSuantto s. 95X of the Trade Practibes Act was extended andreplaced by Declaration 92, for a period from I July 2010 to 30 June 2013.

The Government recognises the importance of viable regional air services to and from SydneyAirport.

In 2002 Regional Express elected to pay a Passenger Facilitation Charge (PFC) of $4.50 perarriving and departing passenger. It is understood that figure represented a combination ofcharges then applying at the Domestic Express Terminal upon the transfer of regionalservices to Terminal 2

4,

5

Arithony Albanese MP, Media Release 2 June 2010

- I ~

6.

7.

The PFC agreed upon in 2002 included as one of its component parts, apron parking. '

The pricing arrangement in 2002 was the subject of review by the ACCC.

Regional Express currently expends approximately $4.5 million per annum by way of the perpassenger PFC charged, per passenger security charge and an aircraft movement charge.

SACL proposes to impose upon Regional Express aircraft parking charges which would totalin excess of $3million per annum, above the $45 million.

Aeronautical services is defined in Part 7 of the Airports Regulation 1997 to include, runways,taxiways, aprons and aircraft parking sites

8

9.

I O.

Proposed Increases by SACL

SACL states that the fee increase represents 2.9%. The Chamber is concerned not only by thatincrease but also by the imposition of additional fees and charges particularly the proposed aircraftparking fees.In assessing the SACL notification, the AGCC ought consider regional passenger growth that in turnhas grown SACL revenue. On the Sydney Bathurstroute passenger numbers have increased from13,000 to 24,000 in the past seven years

Those fee increases are clearly aeronautical services within the scope of the Regulatory protection forregional air services, and are the subject of notification.

The fleet of SAAB 340 aircraft operated by Regional Express regularly leave country airports early inthe morning, (for example the Bathurst flight departs Bathurst Regional Airport at 0630) and followinga second flight to Bathurst will spend the off peak period during the middle of the day parked atSydney Airport.

The proposed increase in aircraft apron parking to of more than $3million represents a tripling of thecurrent aircraft apron parking fees as paid through the PFC.

The Chamber is concerned that the aircraft apron parking fees will be applied in addition to the perpassenger PFC resulting in a significant price increases to regional operators, consequentticket priceincreases, and a very realthreat to the via billty of such services.

SACL Justification for increased fees

The Chamber does not agree that its members travelling between Bathurst and Sydney have had thebenefit of any improved facilities or services. The airline operates from one gate, using buses toaccess aircraft parked in various locations distant from the terminal itself

Other airport upgrades do not impact on the regional operations eg runway improvements toaccommodate A380 Aircraft.

The suggestion that the increase in fees will"encourage the more efficient use of scarce resources atSydney Airport" does not appear to have any proper justification, in circumstances where largeraircraft cannot operate, and the airlines are limited by the size of the centres they service to generatepassenger loads reflective of the size of aircraftin service.

SACL Letter to ACCC 24 June 2010, Schedule 2 to Attachment I

- 2 -

The Chamber provides the following submissions in response to the justifications advances by SACLin Part C of its Submission (adopting the numbering in the SACL Submission):

9. Outdatedvolumeparameters usedto derive existIhg equivalentbasedcharges

The current charge levied on passengers travelling with Regional Express is based on a perpassenger PFC and security charge, in addition to an aircraft movement charge. It is submitted thatthe increase in regional passenger numbers has already resulted in significant revenue increases toSACL, by way of the volume of passengers alone. As noted above, for example, on the SydneyBathurstroute passenger numbers have increased from 13,000 to 24,000 in the past seven years

Implied in the justification is that regional airlines, due to the size of aircraft are inefficient and use uppeak slots, which could be used by other larger and more lucrative operators with larger aircraft

The Chamber understands that regional peak slots are otherwise protected by Regulation.

The Chamber is concerned that SACL does not recognise the importance to regional communities oftimely and welltimed flight timetables, allowing a full business day in Sydney, or connections to otherports. The ability to travel to Sydney from Bathurst before the commencement of the business dayand return in the evening is essential. It avoids additional costs of accommodation, and makes flyinga much more attractive option than a 3 hour carjourney from Bathurst to the city

The Chamber is concerned that any attempt to move regional flights from peak slots would adverselyimpact upon members and demand for such services, and their ultimate demise. The Regulatoryframework has been put in place to protectthe regional operators from such pressure.

Current Pndng for regional airl^hes does notreilectthe changing aviatibn environment

Regional Express operates from a single departure and arrival gate in Terminal 2 with passengerstravelling by bus to aircraft in outlying parking areas. The traveller from Bathurst to Sydney has notbenefited in any appreciable way, if at all, from improvements or infrastructure. Those changes havebeen directed at the larger operators

No data has been provided by SACL with respect to connecting flights, however our membersregularly connect to other airlines via Sydney Airport. SACL and other airlines clearly derive benefitfrom passenger volumes connecting from regional air services.

The arrangements put in place in 2002 and subject of AGCC determination have not varied to anysignificant degree so as to justify price increases. SACL would no doubt have been aware at alltimesof the Regulatory framework and protections afforded to regional operators. It would have beenaware that the cost recovery model now promulgated is not one which would have applied to smallregional operators, nor could ever apply to them,It is submitted that the Regulations and protections are designed specifically to avoid suchcontentions and justifications for fee increases. The profitability of SACL will not be affected shouldthe fee increases be declined.

70.

The Chamber notes that on 23 July 2010 SACL announced "a 12.7 per cent increase in EBITDA(excluding specific non-recurring expenses) forthe half year to 30 June 2010. "' The profitforthe halfyear to 30 June 2010 was stated as being A$367.2 million. An announcement to the AsX was madeon the same date in similarterms by Macquarie Airports. ' The media release and announcement areAnnexure A to these submissions

' SACL Media Release 23 July 2010MAP Airports Limited, AsX Announcement 23 July 2001

- 3 -

The proposed changes will not have an appreciable impact on passengers or the generalbusiness offegiona/ airlines

The example cited by SACL' is not reflective of airfares between Bathurst and Sydney, which isgenerally in the order of $94.00 per sector. The example represents 8.2% of the Bathurst airfare,excluding any additional apron parking which appears to have been omitted from the example.

Furthermore, Bathurst Regional Council, the operator of Bathurst Regional Airport charges someconcessional fees to Regional Express to encourage and support the route. This partnershipapproach by Council highlights the importance of regional air services to the region, and the veryprice sensitive nature of the market.

I f.

The Chamber notes that SACL excluded the Bathurst Airport charges from the select examples atTab 10 of its submission. ' The actual unit rate of airport charges cannot be looked at in isolation ofpassenger through put, and in those circumstances SACL should not make any comparison withregional airport charges.

72. The proposed changes will not have an appreciable impact on competition between regionalairlines

The Chamber is concerned that any increase in fees will reduce passenger numbers and renderservices unprofitable to the extent that they cease. The market is particularly price sensitive inBathurst with opportunities to drive to the city or travel by train at mush less cost, but taking a longerperiod of time. The assessment of the alternatives and a cost versus time saved analysis swaysagainst airtravel when the fare becomes too high

If the costs are too high for travel to Sydney airport, it is feared that regional operators, althoughhaving protected peak slots, will be priced out of Sydney airport by fee increases, and forced to useairports such as Bankstown, following the closure of other airports in the Sydney region. That wouldbe of no benefit to travellers from Bathurst, in terms of time to attend meetings in the city and theopportunity to join connecting flights operating out of Sydney Airport.

The price increases could have the affect of routes being decreased, with other larger operatorsutilising the time slots and "scarce airport assets" as described by SACL. '

Constraints on SACL and regional air services providers'pricing behaviour

The Chamber notes the concerns of the Federal Government to protect and continue the protection toregional airlines as recently as 28 May 2010 at the time of by Declaration N0 92. Clearly the FederalGovernment remains concerned to ensure the protections at the time of the privatisation of the airportremain in place.

13

The Chamber notes the Productivity Commission report quoted by SACL is dated 14 December 2006and is of little, if any weight, in determining the current notification. The Chamber does not agree withthe suggestion that SACL would, in the absence of Regulatory supervision, conduct its business inthe interests of regional communities, rather than the interests of it shareholders, and larger airlinecustomers.

SACL Submission, 24 June 2010, Tab 9fi SACL Submission, 24 June 2010, Tab 10

SACL Submission, 24 June 2010, pi2

- 4 -

The Chamber repeats its submissions above, in that increased regional passenger volumes haveincreased revenue to SACL over the past 8 years. There is no basis, therefore, for the presentincreases to PFC or aircraft apron parking.

There is no doubtthat any increase in fees by SACL will be passed on to travellers,

Improving incentives and efficient use offhfr'astructure

SACL submits that increasing fees is a "signal to regional air service providers of the need to operatemore efficiently".' SACL does not provide any suggestion as to how such efficiencies are to beachieved, given the limitations of aircraft size, rural populations (markets) from which to drawpassengers and other airport constraints including slots. The factthat Regional Express is forced tooperate through a single departure and arrival gate by SACL, with remote aircraft parking andtransport to the terminal by bus, appears only to add to the inefficiencies resulting in more aircrafttime on the apron

The Chamber is concerned that SACL is disinterested in regional operators, particularly where theyutilise valuable peak slots, to the exclusion of more lucrative and bigger aircraft containing morepassengers.

74.

The Chamber is concerned that in reading Schedule 8 to the Sydney Airport Conditions of Use, thatSACL in offering discounts to airlines moving from peak to off-peak periods, is endeavouring to priceregional operators out of peak times, due to financial pressures.

The Chamber is concerned to ensure that the Regulatory protections for regional airlines aremaintained

Summary of Submission

A. The Chamber opposes increases as sought in the notification by SACL and submits that itshould be rejected by the AGCC

B. The increases proposed would adversely affectregionalairline services operating to and fromSydney Airport.

C. The increases will add significant costs to business and other travellers from the BathurstRegion. Such increases have the potential to impeded economic development.

D. Any move from Sydney Airport to another airport(eg Bankstown) would render nori-viable theservice from Bathurstto Sydney

Any move to non peak times would adversely affect business travellers and the viability of theBathurst service.

E.

F. The Regulatory Protections for regional air services are in place to ensure the viabillty andlongevity of such services in the public interest and such protections should not be consideredin the profit model advanced by SACL. The regional airlines, whilst a hindrance to SACL inpeak times, are a condition of the SACL operations at Sydney Airport as imposed by theFederal Government

G. Rejecting the proposed price increase will have no adverse impact on the profitability of SACL,which recorded a half year profit of $367.2 million to 30 June 2010.

SACL has already benefitted by the growth in regional passenger numbers in the past sevenyears'

H.

' SACL Submission 24 June 2010, PI6

- 5 -

SACL Media Release 23 July20, O

MAP Airports Limited, AsX Announcement 23 July 200,

Annexure A

- 6 -

AsX Release

23 July 2010

MAPFIRST HALF & SECOND QUARTER 20. .0 RESULTS FOR SYDNEYAIRPORT

MAP today welcomes Sydney Airport's announcement of its results for the six months to

30 June 2010 (see below)', reporting EBITDA (earnings before interest, tax, depreciation and

amortisation) of A$367.2m (excluding specific expenses), which represents an increase of

12.7% over the previous corresponding period (PCp).

SCACH (A$in)

Revenue

Cost of Sales

Operating costs

MAP

EBi:TDA (beforespecific expenses)

Specific expenses

EBITDA

Q2203.0

224.0

(1.0)

(42.8)

MAP CEO, Ms Kerrie Mather, said, '*Sydney Airport has again delivered a very strong result,

with EBITDA growth of 12.7% for the first half of 2010, outperforming traffic growth of 9.4%,

This excellent performance was driven by double digit growth in domestic capacity and

materialIy higher load factors on international routes, enhanced by commercial initiatives such

as the enhanced retail offering in the International Terminal redevelopment.

Q22009

199.9

(0.3)

(39.4)

,. 80.2

91'0

Change

+12.1%

HY to

30

Jun

20.0

,. 80.2

1.60.2

Results based on uriaudited inaria ement accounts

(0.2)

' ' . 69, ',

MAP Airports LimitedABN 85 075 295 760AFSL 23687526,4893

HY to

30

Jun

2009

+ a. 2. 5910

1.60. O

452.7

(1.2)

(84.2)

+ 12.69'o

404.5

(0.7)

(78.0)

367.2

9'0

Change

+11.99'o

325.8

367.2

+7.99'o

(o. 5 )

+1.2.7910

Level L3

20 Hunter Street SydneyNew South Wales 2000Australia

325.4 +,. 2.99'o

T L800 L81. 895 or+61. 2 9237 3333

F +61. 2 9237 3399

WWW. mapairports. comaU

I

MAP Airports Limited

'sydney Airport is seeing the benefit of the A$1.7 billion investment made since 2002 to

support growth and meet passenger needs at the domestic and international terminals. The

recent completion of the International Terminal redevelopment and the runway safety areas

represent significant milestones for passengers and airlines travelling through Sydney.

Completion of the ground power and preconditioned air project will help airlines to reduce

turnaround costs and greenhouse emissions. Sydney Airport also recently welcomed the

opening of the new Qantas Domestic Transfer Facility at the International Terminal, which

provides a faster seamless transfer for Qantas passengers. A further A$1.0 billion has been

earmarked by Sydney Airport for ongoing investment over the next five Years, in line with

airlines' priorities.

*'The redesign and upgrade of Sydney Airport's services and facilities is delivering great value

for the 90,000 passengers who travel through Sydney daily. The new retail mix on offer at

Sydney Airport delivered a double digit growth in total retail revenue well ahead of

international traffic growth in particular. Passengers are now able to enjoy even more world

class retailers, such as Pandora and Australia's first Victoria's Secret as well as a wider range

of restaurant choices. In addition, a free parking time band was introduced at the

International Terminal's car park, further enhancing passenger convenience.

**Another milestone was reached in the period with Sydney Airport's first unwrapped capital

markets issue of A $175 million, which positions the airport well ahead of its September 2011

debt maturities, " Ms Mather added.

Other key points to note from the results include:

. Total revenues increased by 11.9% in the first half of 2010 over the PCp to A$452.7million. Aeronautical revenues increased by 17.6'fo reflecting significant capitalinvestment and strong passenger growth.

. Retail revenue increased by 12.2% for the first half of 2010 to A$102.6 million. Theincrease of 14.59'0 in the second quarter is well ahead of the 5.89'0 international trafficgrowth (excluding domestic on-carriage) in the same period. The strong result onlypartially reflects the roll out of the new retail and flagship duty free stores at theInternational Terminal.

. Total operating expenses excluding recoverable security expenses and specific non-recurring expenses for the first half of 201.0 increased by 9.29'0 over PCp to $56. Omillion, reflecting lower management incentive payments In the PCp and reducedaccrual of annual leave also in the PCp. The increase also reflects increased servicesand utilities costs corresponding with the opening of the TI Redevelopment. Total

2

MAP Airports Limited

operating expenses per passenger excluding recoverable security expenses andspecific non-recurring expenses were flat at A$3.28 per passenger.

Security costs increased by 5.6% for the first half of 2010, This growth rate was notduplicated in aeronautical security revenue due to the end in the recovery profile ofsome security capital assets.

Total capital expenditure was A$52.0 million in the first half reflecting the completionof the runway safety works and International Terminal redevelopment, and start ofnew projects, such as the construction of the central terrace building, new signage andinformation screens at the International Terminal. The second half will see the roll out

of a number of runway redevelopment projects, including resheets and realignmentsand well as the acceleration of the central terrace building project.

.

.

For further information, please contact:

Bryony Duncan. SmithCorporate Affairs ManagerTel: +61292373317

Mob: +61417 091,940

Email: bryony. duncan-smith@mapairports. coin. au

Keith IrvingChief Financial Officer

Tel: +61,292373302

Mob: +61 4/7 254369

Email: keith. irving@mapairports. coin. au

3

Media ReleaseWWW. sydneyairport, coin

23 July 20.0

First Half 2010

Sydney AirportSydney Airport' today announced a ,2.7 per cent increase in EBITDA (excludingspecific non-recurring expenses) forthe half year to 30 June 20.0.

Sydney Airport today announced an uriaudited consolidated profit before depreciation andamortisation, net financing costs, income tax, and specific non-recurring expenses (EBITDAexcluding specific non-recurring expenses) of A$367.2 million forthe half year to 30 June 2010(HY CY2009: A$325.8 million). EBITDA (including specific non-recurring expenses) alsoincreased to A$367,2 million (HY CY2009: A$325.4 million),

EBITDA (excluding specific nori-recurring expenses) forthe first halft0 30 June 2010 increasedby 12.7 per cent overthe previous corresponding period (PCp). EBtTDA (including specific non-recurring expenses)increased by 12.9 per cent on the PCp.

Sydney Airport's Chief Executive Officer, Russell Balding, said that the airport had achieved anoutstanding result, with EBITDA excluding specific non-recurring expenses continuing tooutperform passenger growth

'The 12.7 per centincrease in EBITDA (excluding specific nori-recurring expenses) was achievedwith a 9.4 per cent increase in traffic on the PCp forthe first half of the year. Total revenue growthof 11.9 per cent overthe PCp was mainly driven by strong passenger traffic. "

Financial

^ Sydney* Airport

Results for

o*

II

II

"This period marks the completion of a significantinvestment phase and forms part of the $17billion investment that Sydney Airport has made since 2002. !ritemationaltravellers will enjoy asignificantly improved travel experience following the upgrade of the International TerminalSydney Airport also completed its $100 million runway safety project. "

"It's particularly pleasing to welcome the launch of Qantas' new Domestic Transfer Facility whichprovides a purpose built and materialIy expanded area to facilitate the seamless transfer ofQantas passengers transferring between international and domestic flights. The launch ofQantas' new Domestic Transfer Facility represents a significantinvestmentfrom both SydneyAirport and Qantas. "

"June also saw the introduction of a free 15 minutes time band at the International Terminal's car

park which has been wellreceived. This initiative follows the successful changes made to the T2Domestic pick-up area in September 2009. Along with the recent upgrades to the internationalTerminal, this new initiative will improve the experience fortravellers and their friends and familyat Sydney Airport. "

"During the quarter Sydney Airport issued $175 million of 5 year bonds, its first unwrapped issueThe bonds were wellreceived by the market and the proceeds will be used to retire existing debtSydney Airport is well positioned to address its refinancing needs ahead of its 2011 and 2012debt maturities, " Mr Balding said.

I

I

I. Southern Cross Airports Corporation Holdings Limited is the parent company of Sydney Airport CorporationLimited

Revenue

Total revenue from all business units rose 11.9 per cent over PCp to A$452.6 million (HY CY2009:A$404.5 million)

The first half of the year saw a continuation of strong traffic growth of 9.4 per cent overall. Growthcontinues to be largely driven by substantial increases in Australian outbound demand, supportedby strong increases from some key inbound markets including New Zealand, Us, China andKorea.

Retailrevenue forthe quarter continues to be supported by strong passenger growth and theofficial unveiling of the new selection of world"class retailers at the International Terminal, whichincludes Thomas Sabo, L'Occitane, Tigerlily, R. M. Williams, Pandora and Australia's firstVictoria's Secret outlet. Passengers have also been able to enjoy the arrival of new food andbeverage outlets, such as Black Tonic and Montreux Jazz Cafe. The terminal layout and retailmix arthe redeveloped terminal was the product of significant customer research to ensure atenancy mix which responds to the demands of both passengers and airline customers. Thiscustomer focussed planning is being reflected in the recent positive passenger satisfactionratings.

Ground transport and commercial services revenues continued to benefitfrom the traffic recoveryand new productinnovations, such as E-Park

Property revenue growth was solid in the quarter reflecting the low level of vacancies. During thequarter, construction of the Central Terrace Building commenced. This is a nine storey 9,000m2building in the international precinct underpinned by a lease pre-commitment from a majorgovernment agency.

Operating Expenses

Operating expenses continue to be managed closely. Total operating expenses excludingrecoverable security expenses and specific non-recurring expenses increased by 9.2 per centover PCp to A$560 million (HY CY2009: A$51.2 million)

A significant component of the increase in labour costs in the first half relate to lowermanagement incentive payments in the PCp and a programme to reduce accrued annual leavealso in the PCp, with the remaining increase largely due to CPI-based salary reviews. Theincrease in services and utilities costs is primarily due to increased expenses associated withredevelopment of the International Terminal

Total operating expenses per passenger excluding recoverable security expenses and specificnon-recurring expenses are flat and remain at A$3.28 per passenger(HY CY2009: A$3.28 perpassenger). Whilst security expenses rose by 5.6 per cent, this was riot replicated in aeronauticalsecurity revenue due to the end in the recovery profile of some security capital assets.

Total operating expenses including specific non-recurring expenses increased by 7.3 per cent onPCp to As84.2 million (HY CY2009: A$78.4 million) which is higher than full year cost growihexpectations.

Issued by Sydney Airport, Public Affairs

Further information:

MichaelSamaras Ph: 0296676470 Mobile: 0437 033 479

Capital Expenditure

Total capital expenditure decreased 67.4 per cent on PCp to A$52.0 million (HY CY2009: A$159.7million). A number of important aimeld projects are all planned to commence later in the yearThe decline in capital expenditure compared to the PCp is primarily attributed to theredevelopment of the International Terminal and runway safety area works, as these projectswere completed in the quarter, The principal items of spend in the quarter related to thecompletion of these projects but also to the commencement of the Central Terrace Building andthe new 11 metres by 3 metres flight and customer information screen in the InternationalTerminal,

Attachment: Financial Highlights

Issued by Sydney Airport, Public Affairs

Further information:

MichaelSamaras Ph: 0296676470 Mobile: 0437 033 479

Thousands

Revenues

Aeronaulical

Anronaulicalsecurlty recoveryRelail

Property and carrenialGround transport and commercial servicesOtherTotal revenues

Ou, rl, ,lye", meal"-from~

Quarter IYear to dale , ID.

SYDNEYAIRPORT FINANCIAL HIGHLIGHTS

Cost of sales

Other income

Profit on sale 11/05s on disposal of nori current assets

Operating expens"sLabour

Services and uliliiiesOther operational costsProperly and maintenance

Specific expenses:

02 2010

SCACH

Group01-Apr-To30.1un. 10

Total operating expenses before specific expenses

Total operating expenses

EBITDA before specific expenses

EBITDA

022009SCACH

Group01-AprO"30Jun. CD

92,40618,24551,18735,04925.878

1,248224,013

Capital expenditure

S per passenger measuresRevenue

% change

78,66517,96944,68734,02423,316

1,247199,908

Operating expenses before spedfic expensesOperating expenses

1,043

EBITDA before specific expensesEBITDA

CY2010

SCACHGroup

o1u, ". In

30-Jun-10

17.5%

1.5%

14.5%

3.0%

11.07,

0.1%

12.1%

Capex

o

10,28823,9523,4545,105

288

Note

I. Carrental has been reclassified from Ground transport and commercialservices 10 Property and carrenial.2. Commercial trading has been renamed as Ground transporl and commercialservices

CY 2009

SCACHGroup

ui~!rin. rin

30. Ju". Do

187,51536,063

to 2,62072,29451,653

2,478452,623

o

9,37222,058

3,5764,413

o

42,798

42,798

% change

159,43136,03291,44968,60646,535

2,460404,513

180,172

180.72

192

9.8%

8.6%

-3.4%

t57%

1,240

39,419

39.6, O

21.212

17.6%

o. 1%

12.2%

5.4%

11.0V.

0.7%

11.9%

28

160,202

160,010

19,99247,427

7,2319,529

26.92

7/5

8.6%

8.0%

5.14

5.14

82,818

21.65

21.65

o

12.5%

12.6%

26.28

17,37344,8757,1398,608

o

84,179

84,179

2.55

5.18

5.21

.74.4%

367,232

367,232

21.06

21.03

2.4%

15.1%5.7%

1.3%

10.7%

450

77,994

78,445

-0.7%

-1.2%

10.89

52,022

325,804

325,353

2.8%

2.9%

26.52

.76.6%

7.9%

7.3%

159,713

4.93

4.93

21.52

21.52

f2.7%

,2.99'.

25.93

3.05

.67.4%

5.00

5.03

20.89

20.86

2.3%

-1.3%

-1.99,

10.24

3.0%

3.2%

.70.2%