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[2008-1-9]长江证券--双汇发展(000895)分享肉制品行业

2008-01-07 8627 65799565 shaowz@cjsc.com.cn SZ000895 57.3


2007.9.31 ( A /B ) ( ) 60599.5 29400.2 34.6% 3.34 63.4 17.15 12 / 63/25.74
3.6%
12 91 81 71 61 51 41 31 07-01 07-02 07-03 07-04 07-05 07-06 07-07 07-08 07-09 07-10 07-11 07-12
15%-20% 15% 30% 0.903 1.203 A 1.6 1.509 07 04 05 06
3 15% 7%
EPS
1
1.278 4
PB EV/EBIT 04 PE PB EV/EBIT 2006A 15131 ( ( ) 543 ) 0.89 21.13 -1.15 05 06
2007E 19153 26.58 651 19.89 0.90 20.84 1.44
(
)
2007.11.6
d
PE
2008E 23690 23.69 868 33.33 1.20 22.47 1.80
d
d
d
c
c
d
c
101
30% 07 09 EPS
08
EPS
2009E 28522 20.40 1087 25.23 1.51 22.71 2.17
d c
d
d d
d
c c
d
4 4.3% 0.7%
r qx
w
d
..............................................................................................................................1 ......................................................................2 ..................................................................................2 ......................................................................................2 ..............................................................................3 ...........................................4 ..........................................................................................5 ..............................................................................................5 ..............................................................................................6 ..............................................................................................6 ..................................................................................8 ......................................................................................................9 ---.............................................................10 ---.....................................................................10 ---.........................................................................10 .................................................................................................................... 11 ---.................................................................................12 A ....................................................................................12 ....................................................................................................12 ................................................................................................................13 ....................................................................................................................13 ....................................................................................................................13 ....................................................................................................................13 .................................................................................................... ........................................................................14 ................................................................14
c
1 GDP 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 2006 17 18 19 20 21 22 23 24 25 26 27 28 29
c
.…...………………………………………………….2 ……………………………………………………………2 ………………………………………………………2 …………………………………………………2 ……………………………………………………………………2 …………………………………………………………3 …………………………………………………3 …………………………………………………3 ………………………………………………………....5 ………………………………………………………..5 ………………………………………………………......6 …………………………………………………………..6 …………………………………………………………..7 …………………………………………………………………..7 ……………………………………………………………..8 …………………………………………………………….....8 …………………………………………………………..9 ……………………………………………..............9 ……………………………………………………………….10 …………………………………………………………….10 ……………………………………………………………….11 …………………………………………………………………….11 ……………………………………………………………….12 ………………………………………………………….14 ……………………………………………………………….14 ……………………………………………………………………….15 ……………….. ……………………………………………..15 …………………………………………………………………….15 …………………………………………………….15
GDP
c
          
.......................................................................2 ...............................................................................................4 ...................................................................4 ...............................................................................5 ...................................................................................................7 ...........................................................................................8 .......................................................................................................9 ............................................................................................................. 11 .....................................................................................12 ...........................................................................................................13 ...................................................................................16
3158
250000 200000 150000
20000 15000 10000
14000 12000 10000 8000 6000 4000 2000 0
100000 50000 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 5000 0
0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0
100% 80% 60% 40% 20% 0%
1994A 1996A 1999A 2001A 2002A 2003A 2004A 2005A 2006A 2007E
2001 4.36%
2006 3.69%
1996
4.32% 2006
0.7%
3.6%
0.16 0.14 0.12 0.1 0.08 0.06 0.04 0.02 0 -0.02 1996A 1997A 1998A 1999A 2000A 2001A 2002A 2003A 2004A 2005A 2006A
6000 5000 4000 3000 2000 1000 0 1996A 1998A 2000A 2002A 2004A 2006A


GDP
10.7%
d c c
d


d 1996A 1997A 1998A 1999A 2000A 2001A 2002A 2003A 2004A 2005A 2006A
2006 64.6% 53.3%
5197.2 25.8
10
d 1996 39.54
d
d

d
d


GQL:
3'* 3' *
c3'* 3' *

0.61%
4.3%
d
23.3% 49.9% 19.64% 31.77%
2007
8 50%
1629
1132
2000
0.15 0.1 0.05 0 -0.05 Feb-06 Jun-06 Oct-06 May-07
1500 1000 500 0 Aug-04 Dec-04 May-05 Sep-05




d
c
c
c
c
c
c
d
c

x
d c

 d 1200 1000 800 600 400 200 0 Aug-04 Dec-04 May-05 Sep-05 Feb-06 Jun-06 Oct-06 May-07
c
w
d c c
GQL:
d
 d 
0.04 0.02 0 -0.02 -0.04 -0.06 -0.08 -0.1 -0.12
c c
d
2006 54%
CR3
5% 2480 Smithfield
% 57 26 43 CR3 Tyson Others
% 61 25 39 CR3 Smithfield Others
CR3 Pilgrim’s Pride Others
2010
2005A 25%
2010E 45% 80% 12.47%
2006A CR3 CR3 CR3 5%
2010E 9% 6120 550.8
d
d
d
25% 80%
45%-50%
d
d
d
d
d d d d ---CR3 25% (%) 54 25 46 2010E 50% 100% 14.87% 2010E 10% 6800 612

d  J.
$'68
c 
  
d
d
14000.0 12000.0 10000.0 8000.0 6000.0 4000.0 2000.0 0.0 1999 2000 2001 2002 2003 2004 2005 2006
60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00%
14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 2002 2003 2004 2005 2006
----
+
+
=
+
---30 ” 10000 2245
“ — — —


60%
50%
1
1
2
2
3
1
1
2
3
d d
c
c
d
c
c
d
c
c
c
c d 
06 5

” 12.5
20 300

----
ERP
0
20000
40000
60000
80000
100000
120000
140000
2006 151 6.3 33.99 2 10 3.1 40.79 55.5 89
10

d d
11 14
2005 2000—2006
“ 28.6%

c
d
c
d
10
d “Q
c
c
d
c
d d c c
c
d d
c c  
----
d
d
3 “


“ “ ”
4
100
/


100 100 50 50 100
100 100 100 150
850
1400 /
/
850
/
d d d
” 08
300 50 50 50 100 550
550
d

d
d
d


700 600 500 400 300 200 100 0

/
2010
150
45
105
100% 80%
60.00% 50.00% 40.00% 30.00%
08
60% 40% 20% 0% 2001A 2003H1 2004H1 2005H1 2006H1 2007H1
20.00% 10.00% 0.00%

” 2003 2006
d d
2000 55.5
90%
2008
d
c
 
d 2007E 1400 2008E 1700 2009E 2100 2010E 2500
” 21.32%
2010
2500
/
3
c
GQL:
 d

2003
2006
d
2006 Q
2007
50% 3
15 03
25.8
700000 600000 500000 400000 300000 200000 100000 0 2001A 2002A 2003A 2004A 2005A 2006A
140% 120% 100% 80% 60% 40% 20% 0%
20.00% 15.00% 10.00% 5.00% 0.00% 2003H1 2003A 2004H1 2004A 2005H1 2005A 2006H1 2006A 2007H1
2007 9.81%
9.12%
20%
15% 15% 7%
3
15%-20% 30% 30%
631,373.50
754491.33 19.50%
848048.26 12.40% 719,568.95 15.15% 493408.76 33.00%
953206.24 12.40% 807,079.72 15.33% 598998.24 21.40%
535,404.73 15.20% 257,627.80
642,826.62 14.80% 370984.03 44.00%
(
d 2008
(
r
d r 
d q r d (
d
q
c d 
GQL:
d
c r
d
q 
5 8—9
d q 
231,787.73 10.03% 555,037.90
332,772.68 10.30% 710448.51 28.00%
439,725.89 10.88% 937792.04 32.00% 876,835.55 6.50%
531,071.84 11.34% 1200373.81 28.00% 1,118,748.39 6.80%
519,570.98 6.39%
674,926.09 5.00%
-------
12 10 8 6 4 2 0 2004H1 2005H1 2006H1 2007H1 12 10 8 6 4 2 0 2004H1 2005H1
2006H1
2007H1
60 50 40 30 20 10 0 2004 2005 2006
50 40 30 20 10 0 2004 2005 2006
----
c d
d
c 1
d

c

GQL:
GQL:
d
d c  d 
d
2007
2007 400
86
956
20.00% 15.00% 10.00% 5.00% 0.00% 2002 2003 2004 2005 2006
60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 2004 2005 2006
07 08
09
23.8% 2007 2009
EPS
0.903
1.203
1.509
2006 15,131
2007 19,153
2008 23,690
2009 28,522
13,393 39 834 109 2 -15
17,117 50 1,015 134 -12 81
21,079 61 1,256 166 -13 7
25,366 74 1,483 200 -30 4
0 45 754 -46 713 170 543 457 87
0 0 885 -30 855 203 651 547 104
0 0 1,169 -30 1,139 271 868 729 139
1,457 -30 1,427 340 1,087 913 174
d
c
d c 0 0

d
GQL:
d
 
d
EPS
/
0.89
0.90
1.20
1.51
---A 2006
07 EPS 1 1.278 08 EPS 1.6
2 2007 13.41 2 17.6 6.9 23.8%
05
83.1 64.6
07 18.5
6%
23.8%
7%
8%
9%
d
c c
38.22 62.32
10%
d
49.15 10.93
07
d d d c d d
c
d
 
07 10% ! 6% 11% 17% Wind 10% 10% 07 EPS 1 1.278
08
14% 20%
TTM 69.90 25.22 45.11 81.10 57.30 215.24 13.65 41.94 32.47 0.5926 0.3604 0.3887 1.0637 0.8745 2.2712 0.1562 0.5473 0.5721
07E 0.7671 0.3524 0.4465 1.1463 0.9038 2.3681 0.2160 0.5110 0.6176
08E 1.1855 0.4389 0.6255 1.5996 1.2420 3.4637 0.2533 0.6748 0.7592
TTM 117.94 69.97 116.05 76.24 65.52 94.77 87.35 76.62 56.75
07E
91.12 71.57 101.03 70.75 63.40 90.89 63.19 82.07 52.57 76.29
1.6
10
d
(3
c
d
d
d
d
d r q
GQL:

$
c
64.6
0.492 11%
0.985 12% 0.846 1.831
1.477 13% 0.987 2.464
1.969 14% 1.083 3.052
18.5
0.704 1.196
EPS
1.6
08E 58.96 57.46 72.12 50.70 46.14 62.14 53.89 62.15 42.77 56.26
08
EPS
11-13
 1 2 3
d 3 5
d
d d
c
d
d d d
56%

d d
16 14 12 10 8 6 4 2 0 Jan-00 Oct-00 Jul-01 Apr-02 Jan-03 Oct-03 Jul-04 Apr-05 Jan-06 Oct-06 Jul-07





 10.00 8.00 6.00 4.00 2.00 0.00 Jan00 Oct00 Jul01 Apr02 Jan03 Oct03 Jul04 Apr05 Jan06 Oct06 Jul07

2
1.5 1 0.5 0 Jan00 Oct00 Jul01 Apr02 Jan03 Oct03 Jul04 Apr05 Jan06 Oct06 Jul07
11-13
7 1
d 2006 1,039 0 32 674 10 12 1,832 0 0 297 0 1,539 71 0 21 -31 3,730 28 510 223 67 48 180 1,056 13 0 2 0 1,071 514 601 0 292 753 2,160 499 2,659 3,730 2007 1,915 0 56 842 17 15 2,910 0 0 297 0 1,907 67 0 2 -31 5,153 594 650 287 85 58 237 1,912 13 0 0 0 1,924 514 601 0 347 1,163 2,625 603 3,228 5,153 2008 2,369 0 69 1,036 21 18 3,589 0 0 297 0 2,201 64 0 1 -31 6,121 492 800 355 105 76 292 2,121 13 0 0 0 2,134 514 601 0 420 1,710 3,245 742 3,987 6,121 2009 2,852 0 84 1,247 25 22 4,314 0 0 297 0 2,522 61 0 1 -31 7,164 251 963 428 126 95 351 2,214 13 0 0 0 2,227 514 601 0 511 2,395 4,021 916 4,937 7,164
d

d
4
2006 457 87 0 -45 172 81 2 -100 697 19
2007 547 104 0 0 127 7 -12 99 872 0 0 0
2008 729 139 0 0 146 4 -13 84 1088 0 0 0 -437 0 -437 0 0 -102 -96 0 -198 454
2009 913 174 0 0 168 4 -30 88 1317 0 0 0 -485 0 -485 0 0 -241 -107 0 -349 483
-165 74 -92 0 0 -52 -337 -5 -394 211
-492 0 -492 0 0 566 -70 0 496 876
200002 430015
130 8
5 (8621)63217917 FAX (8621)33130730
TEL E-mail ( ) E-mail
yangjf@cjsc.com.cn FAX (8621)51062920 guihm@cjsc.com.cn
TEL (8621)63516121
12 ,
/
12 , 10% 5% 10% -5% 5% -5%
/
http:// www.cjsc.com.cn
d
c
d c d c c d c d d c
l l

[2008-1-9]长江证券--双汇发展(000895)分享肉制品行业

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报告类型:研究报告 发布日期:2008/1/9
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内容简介

2008-01-07 8627 65799565 shaowz@cjsc.com.cn SZ000895 57.3


2007.9.31 ( A /B ) ( ) 60599.5 29400.2 34.6% 3.34 63.4 17.15 12 / 63/25.74
3.6%
12 91 81 71 61 51 41 31 07-01 07-02 07-03 07-04 07-05 07-06 07-07 07-08 07-09 07-10 07-11 07-12
15%-20% 15% 30% 0.903 1.203 A 1.6 1.509 07 04 05 06
3 15% 7%
EPS
1
1.278 4
PB EV/EBIT 04 PE PB EV/EBIT 2006A 15131 ( ( ) 543 ) 0.89 21.13 -1.15 05 06
2007E 19153 26.58 651 19.89 0.90 20.84 1.44
(
)
2007.11.6
d
PE
2008E 23690 23.69 868 33.33 1.20 22.47 1.80
d
d
d
c
c
d
c
101
30% 07 09 EPS
08
EPS
2009E 28522 20.40 1087 25.23 1.51 22.71 2.17
d c
d
d d
d
c c
d
4 4.3% 0.7%
r qx
w
d
..............................................................................................................................1 ......................................................................2 ..................................................................................2 ......................................................................................2 ..............................................................................3 ...........................................4 ..........................................................................................5 ..............................................................................................5 ..............................................................................................6 ..............................................................................................6 ..................................................................................8 ......................................................................................................9 ---.............................................................10 ---.....................................................................10 ---.........................................................................10 .................................................................................................................... 11 ---.................................................................................12 A ....................................................................................12 ....................................................................................................12 ................................................................................................................13 ....................................................................................................................13 ....................................................................................................................13 ....................................................................................................................13 .................................................................................................... ........................................................................14 ................................................................14
c
1 GDP 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 2006 17 18 19 20 21 22 23 24 25 26 27 28 29
c
.…...………………………………………………….2 ……………………………………………………………2 ………………………………………………………2 …………………………………………………2 ……………………………………………………………………2 …………………………………………………………3 …………………………………………………3 …………………………………………………3 ………………………………………………………....5 ………………………………………………………..5 ………………………………………………………......6 …………………………………………………………..6 …………………………………………………………..7 …………………………………………………………………..7 ……………………………………………………………..8 …………………………………………………………….....8 …………………………………………………………..9 ……………………………………………..............9 ……………………………………………………………….10 …………………………………………………………….10 ……………………………………………………………….11 …………………………………………………………………….11 ……………………………………………………………….12 ………………………………………………………….14 ……………………………………………………………….14 ……………………………………………………………………….15 ……………….. ……………………………………………..15 …………………………………………………………………….15 …………………………………………………….15
GDP
c
          
.......................................................................2 ...............................................................................................4 ...................................................................4 ...............................................................................5 ...................................................................................................7 ...........................................................................................8 .......................................................................................................9 ............................................................................................................. 11 .....................................................................................12 ...........................................................................................................13 ...................................................................................16
3158
250000 200000 150000
20000 15000 10000
14000 12000 10000 8000 6000 4000 2000 0
100000 50000 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 5000 0
0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0
100% 80% 60% 40% 20% 0%
1994A 1996A 1999A 2001A 2002A 2003A 2004A 2005A 2006A 2007E
2001 4.36%
2006 3.69%
1996
4.32% 2006
0.7%
3.6%
0.16 0.14 0.12 0.1 0.08 0.06 0.04 0.02 0 -0.02 1996A 1997A 1998A 1999A 2000A 2001A 2002A 2003A 2004A 2005A 2006A
6000 5000 4000 3000 2000 1000 0 1996A 1998A 2000A 2002A 2004A 2006A


GDP
10.7%
d c c
d


d 1996A 1997A 1998A 1999A 2000A 2001A 2002A 2003A 2004A 2005A 2006A
2006 64.6% 53.3%
5197.2 25.8
10
d 1996 39.54
d
d

d
d


GQL:
3'* 3' *
c3'* 3' *

0.61%
4.3%
d
23.3% 49.9% 19.64% 31.77%
2007
8 50%
1629
1132
2000
0.15 0.1 0.05 0 -0.05 Feb-06 Jun-06 Oct-06 May-07
1500 1000 500 0 Aug-04 Dec-04 May-05 Sep-05




d
c
c
c
c
c
c
d
c

x
d c

 d 1200 1000 800 600 400 200 0 Aug-04 Dec-04 May-05 Sep-05 Feb-06 Jun-06 Oct-06 May-07
c
w
d c c
GQL:
d
 d 
0.04 0.02 0 -0.02 -0.04 -0.06 -0.08 -0.1 -0.12
c c
d
2006 54%
CR3
5% 2480 Smithfield
% 57 26 43 CR3 Tyson Others
% 61 25 39 CR3 Smithfield Others
CR3 Pilgrim’s Pride Others
2010
2005A 25%
2010E 45% 80% 12.47%
2006A CR3 CR3 CR3 5%
2010E 9% 6120 550.8
d
d
d
25% 80%
45%-50%
d
d
d
d
d d d d ---CR3 25% (%) 54 25 46 2010E 50% 100% 14.87% 2010E 10% 6800 612

d  J.
$'68
c 
  
d
d
14000.0 12000.0 10000.0 8000.0 6000.0 4000.0 2000.0 0.0 1999 2000 2001 2002 2003 2004 2005 2006
60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00%
14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 2002 2003 2004 2005 2006
----
+
+
=
+
---30 ” 10000 2245
“ — — —


60%
50%
1
1
2
2
3
1
1
2
3
d d
c
c
d
c
c
d
c
c
c
c d 
06 5

” 12.5
20 300

----
ERP
0
20000
40000
60000
80000
100000
120000
140000
2006 151 6.3 33.99 2 10 3.1 40.79 55.5 89
10

d d
11 14
2005 2000—2006
“ 28.6%

c
d
c
d
10
d “Q
c
c
d
c
d d c c
c
d d
c c  
----
d
d
3 “


“ “ ”
4
100
/


100 100 50 50 100
100 100 100 150
850
1400 /
/
850
/
d d d
” 08
300 50 50 50 100 550
550
d

d
d
d


700 600 500 400 300 200 100 0

/
2010
150
45
105
100% 80%
60.00% 50.00% 40.00% 30.00%
08
60% 40% 20% 0% 2001A 2003H1 2004H1 2005H1 2006H1 2007H1
20.00% 10.00% 0.00%

” 2003 2006
d d
2000 55.5
90%
2008
d
c
 
d 2007E 1400 2008E 1700 2009E 2100 2010E 2500
” 21.32%
2010
2500
/
3
c
GQL:
 d

2003
2006
d
2006 Q
2007
50% 3
15 03
25.8
700000 600000 500000 400000 300000 200000 100000 0 2001A 2002A 2003A 2004A 2005A 2006A
140% 120% 100% 80% 60% 40% 20% 0%
20.00% 15.00% 10.00% 5.00% 0.00% 2003H1 2003A 2004H1 2004A 2005H1 2005A 2006H1 2006A 2007H1
2007 9.81%
9.12%
20%
15% 15% 7%
3
15%-20% 30% 30%
631,373.50
754491.33 19.50%
848048.26 12.40% 719,568.95 15.15% 493408.76 33.00%
953206.24 12.40% 807,079.72 15.33% 598998.24 21.40%
535,404.73 15.20% 257,627.80
642,826.62 14.80% 370984.03 44.00%
(
d 2008
(
r
d r 
d q r d (
d
q
c d 
GQL:
d
c r
d
q 
5 8—9
d q 
231,787.73 10.03% 555,037.90
332,772.68 10.30% 710448.51 28.00%
439,725.89 10.88% 937792.04 32.00% 876,835.55 6.50%
531,071.84 11.34% 1200373.81 28.00% 1,118,748.39 6.80%
519,570.98 6.39%
674,926.09 5.00%
-------
12 10 8 6 4 2 0 2004H1 2005H1 2006H1 2007H1 12 10 8 6 4 2 0 2004H1 2005H1
2006H1
2007H1
60 50 40 30 20 10 0 2004 2005 2006
50 40 30 20 10 0 2004 2005 2006
----
c d
d
c 1
d

c

GQL:
GQL:
d
d c  d 
d
2007
2007 400
86
956
20.00% 15.00% 10.00% 5.00% 0.00% 2002 2003 2004 2005 2006
60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 2004 2005 2006
07 08
09
23.8% 2007 2009
EPS
0.903
1.203
1.509
2006 15,131
2007 19,153
2008 23,690
2009 28,522
13,393 39 834 109 2 -15
17,117 50 1,015 134 -12 81
21,079 61 1,256 166 -13 7
25,366 74 1,483 200 -30 4
0 45 754 -46 713 170 543 457 87
0 0 885 -30 855 203 651 547 104
0 0 1,169 -30 1,139 271 868 729 139
1,457 -30 1,427 340 1,087 913 174
d
c
d c 0 0

d
GQL:
d
 
d
EPS
/
0.89
0.90
1.20
1.51
---A 2006
07 EPS 1 1.278 08 EPS 1.6
2 2007 13.41 2 17.6 6.9 23.8%
05
83.1 64.6
07 18.5
6%
23.8%
7%
8%
9%
d
c c
38.22 62.32
10%
d
49.15 10.93
07
d d d c d d
c
d
 
07 10% ! 6% 11% 17% Wind 10% 10% 07 EPS 1 1.278
08
14% 20%
TTM 69.90 25.22 45.11 81.10 57.30 215.24 13.65 41.94 32.47 0.5926 0.3604 0.3887 1.0637 0.8745 2.2712 0.1562 0.5473 0.5721
07E 0.7671 0.3524 0.4465 1.1463 0.9038 2.3681 0.2160 0.5110 0.6176
08E 1.1855 0.4389 0.6255 1.5996 1.2420 3.4637 0.2533 0.6748 0.7592
TTM 117.94 69.97 116.05 76.24 65.52 94.77 87.35 76.62 56.75
07E
91.12 71.57 101.03 70.75 63.40 90.89 63.19 82.07 52.57 76.29
1.6
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0.985 12% 0.846 1.831
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EPS
1.6
08E 58.96 57.46 72.12 50.70 46.14 62.14 53.89 62.15 42.77 56.26
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16 14 12 10 8 6 4 2 0 Jan-00 Oct-00 Jul-01 Apr-02 Jan-03 Oct-03 Jul-04 Apr-05 Jan-06 Oct-06 Jul-07





 10.00 8.00 6.00 4.00 2.00 0.00 Jan00 Oct00 Jul01 Apr02 Jan03 Oct03 Jul04 Apr05 Jan06 Oct06 Jul07

2
1.5 1 0.5 0 Jan00 Oct00 Jul01 Apr02 Jan03 Oct03 Jul04 Apr05 Jan06 Oct06 Jul07
11-13
7 1
d 2006 1,039 0 32 674 10 12 1,832 0 0 297 0 1,539 71 0 21 -31 3,730 28 510 223 67 48 180 1,056 13 0 2 0 1,071 514 601 0 292 753 2,160 499 2,659 3,730 2007 1,915 0 56 842 17 15 2,910 0 0 297 0 1,907 67 0 2 -31 5,153 594 650 287 85 58 237 1,912 13 0 0 0 1,924 514 601 0 347 1,163 2,625 603 3,228 5,153 2008 2,369 0 69 1,036 21 18 3,589 0 0 297 0 2,201 64 0 1 -31 6,121 492 800 355 105 76 292 2,121 13 0 0 0 2,134 514 601 0 420 1,710 3,245 742 3,987 6,121 2009 2,852 0 84 1,247 25 22 4,314 0 0 297 0 2,522 61 0 1 -31 7,164 251 963 428 126 95 351 2,214 13 0 0 0 2,227 514 601 0 511 2,395 4,021 916 4,937 7,164
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2006 457 87 0 -45 172 81 2 -100 697 19
2007 547 104 0 0 127 7 -12 99 872 0 0 0
2008 729 139 0 0 146 4 -13 84 1088 0 0 0 -437 0 -437 0 0 -102 -96 0 -198 454
2009 913 174 0 0 168 4 -30 88 1317 0 0 0 -485 0 -485 0 0 -241 -107 0 -349 483
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