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McDonald’s Corporate Performance Evaluation

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1.0  Introduction

1.1 Background of Study

Public organizations have an assortment of partners, for example, shareholders, bondholders, investors, suppliers, representatives, and administration. All of these partners need to monitor the firm and guarantee that their interests are being provided. They depend on the organization’s financial statements to offer essential data (Brealy et al., 2008).

In this work, McDonald’s Corp’s corporate performance has been assessed regarding the organization’s financial statements. Pro Forma financial statements of McDonald’s for the following two monetary years were created, keeping in mind the end goal of figuring out whether the association’s expected performance is following their objectives and deciding future financing requirements of the organization. This was accompanied by McDonald’s Corp ‘s thorough financial review of financial ratios, its DuPont Return on Equity (ROE) inquiry, and its Economic Value Added (EVA). These inquiries were completed to determine the reliability of the financial plans of the organisation and also to determine whether to bring money into the stock of the organisation or not.

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1.2 Overview of McDonald’s Corp

McDonald's Corp is one of the world's largest food service retailers, with its headquarters in Oak Brook, Illinois, with almost 34,000 local restaurants serving 69 million customers every day in more than 118 countries (McDonald's Corp, 2012). The company is listed on the New York Stock Exchange and is connected to the restaurant industry. Mc Donald's founder, Ray Kroc, laid a solid base that continues with success even today (Franchising.com, 2013).

1.3 Business Description

In the process of franchising McDonald's restaurants around the world, McDonald's Corp participates. Under mutual effort understandings, McDonald's Corp, franchisees, or associates managed the restaurants of the corporation. In 2014, there were 19,869 conventional franchised eateries, 6,598 eateries worked by the company, 4,350 approved formative eateries, and 3,663 subsidiary eateries, making McDonald's Corp (McDonald's Corp, 2012) a total of 34,480 restaurant structures.

  • 1.3.1​​ McDonald’s Brand

McDonald's trademark is one of the world's most renowned and profitable brands and grasps the leading share in the market of branded fast food restaurants segment in each nation in which they work (Franchising.com, 2013).​​ 

  • 1.3.2 McDonald’s Products

McDonald's offer a uniform menu in all the areas and stresses on low prices, which incorporates its renowned burgers, cheeseburgers like the BigMac, Chicken sandwiches, Quarter Pounder,​​ Chicken​​ Nuggets, French fries, servings of mixed greens, pastries,​​ sundaes, soda pops and drinks (Orji et al., 2005). Mc​​ Donald’s​​ additionally give a breakfast menu that would incorporate Egg McMuffin, bagel sandwiches, hotcakes, and biscuits.

Regardless of the variety of food​​ items being​​ offered, McDonald’s Corp​​ and its franchisees operate all restaurants to​​ assure consistency in both​​ the standards and the​​ services.​​ The organisation is vigilant when awarding franchises and establishing joint venture agreements and does not pursue the trend of franchising with or collaborating with investor groups or passive investors (Orji et al., 2005).

  • Pro Forma Financial Statements of McDonald’s Corp

The company’s Pro Forma financial statements (Income Statements and Balance Sheets) for the 2013 and 2014 fiscal years are exposed in Tables 1 and 2. These Pro Forma financial statements were generated by utilizing the Percentage of Sales technique and the following postulations:

  • 10% growth rate in Sales and Cost of Goods Sold (COGS)

  • The company is operating at full capability, so all resources (including Fixed Assets) grow proportionally with sales

  • Accruals and Accounts payables​​ rise by the​​ sales​​ 

  • The corporation’s dividend is 60% of the Net Income

Reflecting on​​ Table 1,​​ it can be assessed that the company​​ is​​ anticipated​​ to​​ produce​​ revenue of about $33.36 billion by the end of the fiscal​​ year​​ 2014.​​ The company’s​​ Pro Forma​​ balance sheets (Table 2)​​ reflect​​ that the company will​​ require​​ external financing of about $1.012 billion during the fiscal year 2013 and approximately $1.099 billion in​​ 2014. It is also assumed that the corporation will manage the funding for the two fiscal years using Long-term debt (50%) and Common stocks (50%).

  • McDonald’s Financial Statement Analysis

Table 3 shows the results​​ of McDonald's analysis of financial statements with respect to the last fiscal year. The, as can be seen from the table, liquidity of the company is satisfactory. The latest McDonald's ratio for the last fiscal year is 1.45. It suggests that McDonald's Corp has enough existing assets to take care of its current liabilities since the value is above 1.0 (the benchmark). Compared to the industry average, the company outperformed the industry average (1.45 as against 1.26 for the industry average). The quick ratio for McDonald's is also above 1.0 (1.41). This shows that the company can comfortably take care of its short-term financial obligations using its most liquid assets. The organisation also outperformed the industry average easily in the last fiscal year (1.41 as against 0.82 for the industry average).

The company's financial statement examination results for the fiscal year 213 and 2014 are presented in Table 3.​​ The assessment shows that the association's liquidity is fulfilling. As the quality is higher than 1.0, which is the benchmark, it prescribes that McDonald's Corp has a​​ sufficient​​ flow of​​ assets​​ to​​ manage its recurring pattern liabilities.​​ Comparing the company with the industry average, i.e.,​​ 1.45​​ is higher than​​ 1.26 for the​​ industry average.​​ This exhibits​​ that​​ the association can​​ easily manage its temporary​​ monetary​​ duties using its assets.​​ 

Regarding the profitability and productivity, the organization is sound as it beats the business average in ROE and ROA. The company's ROE of 35.75% recommends that 35.75% of revenues have increased over the shareholders' equity in the last financial year.

Considering the management of the​​ assets,​​ Table 3​​ reflects that the company is not managing its​​ resources. The​​ organization’s​​ inventory turnover​​ proportion​​ for the last fiscal year is about​​ six​​ times​​ more than that of​​ the​​ industry (137.64 as against 25.22 for the industry average). This high value​​ reflects​​ that McDonald’s inventory is​​ small. This may​​ lead to​​ a possible loss of sales opportunities​​ for the company. The company’s total assets turnover​​ proportion​​ is also lower than that of the industry (0.78 as​​ in opposition to​​ 1.12 for the industry average). This also shows​​ that the company is not managing its assets well.

The company had a lot of debt commitments amid the last monetary year. This is because the organization's debt to equity proportion is 1.31, which is much more than that of the normal business average of 0.99. This proposes that the debt commitments bolster 1.31 times the shareholders' equity. This is bad as the organization's profits will be utilized as a part of settling debt commitments. The organization's yearly aggregate debt obligation is 0.57. The company's annual​​ debt ratio recommends that leasers financed 57% of the organization's aggregate resources. This additionally demonstrates​​ the company's high debt​​ commitments.

The company’s last fiscal year’s​​ price per earnings (P/E) ratio is​​ 17.64. This​​ figure​​ proposes​​ that for every dollar of current earnings, an investor in​​ the company’s common stock pays​​ $17.64​​ for every​​ share. The company’s stock performance is not in​​ the market​​ as its​​ ratio for​​ P/E is​​ lower​​ than​​ that of the industry average of 23.64.​​ The​​ corporation’s​​ earnings per share in the last fiscal year​​ are​​ $5.36.

  • McDonald’s ROE DuPont Analysis

The​​ results of the company’s return on equity DuPont analysis are reflected​​ in Table 4.​​ The table shows that​​ a 35.73% return on equity is​​ acceptable​​ for a restaurant company. If the equity multiplier, on the other hand, is excluded from the analysis to analyze the company's earnings if it were​​ free from its​​ debt​​ commitments, it is reflected that​​ the ROE​​ falls​​ to 15.44%.​​ Thus, implying that​​ 15.44% of the return on equity​​ for the last fiscal year was due to sales and profit margins, while 20.29% was​​ owed​​ to​​ the​​ returns earned on the debt at work in the business.​​ This​​ also reflects​​ the company’s high debts​​ commitments.​​ If an investor can​​ come across​​ an organization​​ with a​​ similar​​ return on equity​​ and​​ an​​ elevated​​ proportion​​ due to sales generated internally,​​ the new​​ company​​ would be more​​ appealing​​ than McDonald’s Corp.​​ 

  • McDonald’s Economic Value Added (EVA)

Economic value added included in account measures the net worth included by an organization amid a period. Its idea is like present net worth. NPV computes the total value added over a venture's life in current value terms; EVA discovers net value added in a solitary period. For a period, the positive value of EVA proposes that the administration has expanded the organization's aggregate worth. Then again, negative EVA suggests that the cost of capital utilized is more than the organization's generated profits and, subsequently, a decrease in its value over the period.

The​​ method for calculating EVA is:

EVA=NOPAT-(WACC ×TOC)

Where NOPAT = net operating profit after tax;

TOC = total operating cost;

WACC = weight average cost of capital.

The​​ computation​​ of​​ the company’s​​ economic value added​​ is in Table 5.​​ According to the​​ table,​​ the company’s​​ EVA for the last fiscal year is about $3.922 billion. This​​ positive value​​ shows that​​ the company​​ was​​ competent​​ to​​ include​​ $3.922 billion to its importance in the previous fiscal year.​​ 

  • ​​ McDonald’s Capital Structure

An organization's capitalization portrays its arrangement of perpetual or long-term capital, which comprises a mixture of debt obligations and equity. An organization's sensible, corresponding utilization of debt obligations and equity to bolster its resources is an essential indicator of accounting report quality and strength (Investopedia, 2013). A substantial capital structure that indicates a reduced level of debt obligation and a comparing high level of equity is an exceptionally positive indication of budgetary wellness. As per Sadeghian et al. (2012), adopting an obligation approach or a capital structure is a meaningful choice that impacts the organizations' worth.​​ 

 

The​​ outcome of the analysis of the company's financial statement​​ demonstrates​​ that the organization may not be​​ financially​​ fit. This is​​ due to​​ the organization's capital structure comprising​​ a high​​ debt​​ obligation segment.​​ Compared​​ to​​ its equity​​ proportion in the last​​ monetary year (1.31 as against 0.99 for industry standard), its elevated debt obligation proposes that the organization has high​​ debt​​ commitments.​​ Leasers finance the company's​​ aggregate​​ debt proportions, 57% of the organization's aggregate resources. The organization's​​ ROE​​ DuPont investigation additionally uncovers​​ that​​ the corporation’s​​ high​​ productivity​​ regarding ROE in the last monetary year is a consequence of the​​ debt​​ part of the organization's capital structure.​​ If the​​ organization were to be​​ free of debt commitments, its ROE in the last monetary year would have been 15.44%.

Even though​​ the company’s​​ economic value added is positive, its​​ estimation of $3.922 billion may have acknowledged more as the organization's weighted-average cost of capital may have been lessened if the corporation had an ideal capital structure. The organization's Pro Forma financial statements likewise demonstrate that the organization will require financing in the following two financial years. This may stop expanding the company's debt commitments segment of the capital structure if they choose to source the funding from debts.

  • Conclusion

McDonald's Pro Forma budgetary articulations (Income statement and Balance sheets) for the following two financial years have demonstrated that with a 10%​​ sales​​ growth​​ rate,​​ the company is anticipated to produce​​ incomes of $30.32 billion and $33.36 billion,​​ respectively. The organization's Pro Forma​​ financial statements​​ additionally demonstrate that​​ the company will require external financing in the following two​​ fiscal​​ years.​​ The financial statements analysis indicates​​ that the organization is​​ liquid regarding the current and quick ratios​​ and​​ profitable regarding the returns on equity and assets.​​ On the​​ other hand,​​ the outcomes additionally demonstrate that the organization is not​​ properly managing its resources and​​ has high​​ debt​​ commitments.​​ 

 

The stock of the organisation is not doing great in the business sector as its cost per income (P/E) proportion of 17.64 in the last financial year is below that of the organization's business typical of 23.64.

The company’s return on equity DuPont examination results demonstrates that the organization's high return on equity of 35.73% in the last fiscal year is as an aftereffect of the debts in the company’s capital structure.​​ If the​​ organization were​​ not experiencing​​ debt​​ obligations, its ROE would have been 15.44%. The organization's​​ economic value added​​ of $3.922 billion proposes that McDonald's Corp​​ could​​ include a sum of $3.922 billion to its worth in the last monetary year.

  • ​​ Decision​​ Making​​ Whether to​​ Invest in​​ the Company’s​​ Stock

The​​ strong points of an organization’s balance sheet are​​ assessed​​ by three broad​​ types​​ of investment – quality measurements:

  • Adequacy of Working capital

  • Performance of the Assets and

  • Capital​​ arrangement

The evaluation of McDonald's Corp 's corporate version reflected that the business performs better only in the capacity of working capital. The growing liquidity of the​​ company in the previous fiscal year shows that in the coming years, the company will easily take care of its current liabilities. This means that McDonald's Corp has enough working capital.​​ sOn the other hand, McDonald's Corp's performance is not satisfactory​​ in assets and financial leverage aspects. The corporation's​​ high inventory turnover​​ percentage​​ in the​​ previous fiscal year, which was​​ approximately five to six​​ times​​ more than​​ that of the industry average,​​ proposes​​ that the​​ business​​ has a low inventory and may​​ face​​ reduced​​ sales opportunities​​ in the future.​​ The corporation’s​​ high debt​​ commitments show​​ that​​ its capital structure​​ consists of​​ high​​ intensity​​ of debt and​​ the resultant​​ low levels​​ of equity,​​ indicating​​ poor financial​​ strength.

It is crucial that​​ investors wishing to invest in a publicly-traded company's common stocks​​ mainly consider the​​ company's price-to-earnings ratio.​​ Usually,​​ a high price to earnings ratio​​ indicates​​ that investors​​ anticipate superior​​ earnings growth​​ opportunities​​ compared to​​ the businesses having​​ a lower cost to earnings​​ proportion. As a business’s​​ price to earnings ratio does not​​ consider many crucial aspects, it​​ is more​​ practical​​ to​​ contrast​​ the corporation’s​​ price to earnings ratio to other corporations​​ in the same​​ business​​ or against that of the corporations’​​ industry average.​​ By analyzing the​​ corporate performance​​ of​​ the​​ McDonald’s Corporation reflects that​​ the​​ ratio of​​ price to earnings​​ is​​ lower than that of the industry average (17.64 as against 23.64 of the industry average). This​​ specifies​​ that the common stock of McDonald’s Corp is not performing​​ well​​ in the market.

Acknowledging that the corporation is facing​​ sound​​ issues like debt commitments,​​ capital structure, leverage,​​ and​​ dividend policy,​​ I do not think I would be​​ eager​​ to invest in​​ the​​ corporation’s​​ common stock. The​​ corporation possesses​​ an inadequate capital structure​​ owing to​​ its debt, strategies, and​​ failure​​ to manage​​ the​​ assets.​​ 

 

 

 

References​​ 

  • Brealy, R. A., Myers, S. C., and Allen, F. (2008).​​ Principles of Corporate Finance.​​ New York: McGraw-Hill.

  • Franchising.com (2013). McDonald's Business Overview. Retrieved from:​​ http://www.franchising.com/mcdonalds/overview.html​​ 

  • Investopedia (2013). Complete Guide to Corporate Finance. Retrieved from:​​ http://www.investopedia.com/walkthrough/corporate-finance/5/capital-structure/capital-structure.aspx​​ 

  • McDonald's Corp. (2012). McDonald's 2012 Annual Report. Retrieved from:​​ http://www.aboutmcdonalds.com/content/mcd/investors/annual_reports/_jcr_content/genericpagecontent/everything/file.res/2012%20Annual%20Report%20Final.pdf​​ 

  • Orji, A., Bao, C., Zino, A., and Philippis, E. (2005).Asset Management: McDonald's​​ Corporation Analysis. Retrieved from:​​ ​​ http://www.stjohns.edu/media/3/56b4dec8650c44b7adcc81d25da93148.pdf​​ 

  • Sadeghian, N., Latifi, M., Soroush, S., & Aghabagher, Z. (2012). Debt Policy and Corporate Performance: Empirical Evidence from Tehran Stock Exchange​​ Companies.​​ International Journal Of Economics And Finance,​​ 4(11). http://dx.doi.org/10.5539/ijef.v4n11p217​​ 

 

 

McDonald’s Corporate Performance Evaluation Tables

Table 1​​ Pro Forma Income statements of McDonald’s Corp

McDonald's Pro Forma Income Statement​​ 

 

 

 

 

 

 

Period Ending:

12/31/2012

12/31/2013

12/31/2014

Total Revenue

$27,567,000​​ 

$30,323,700​​ 

$33,356,070​​ 

Cost of Revenue

$16,750,700​​ 

$18,425,770​​ 

$20,268,347​​ 

 

 

 

 

Gross Profit

$10,816,300​​ 

$11,897,930​​ 

$13,087,723​​ 

Operating Expenses

 

 

 

Research and Development

$0​​ 

$0​​ 

$0​​ 

Sales, General, and Admin.

$2,203,700​​ 

$2,424,070​​ 

$2,666,477​​ 

Non-Recurring Items

$8,000​​ 

$8,800​​ 

$9,680​​ 

Other Operating Items

$0​​ 

$0​​ 

$0​​ 

 

 

 

 

Operating Income

$8,604,600​​ 

$9,465,060​​ 

$10,411,566​​ 

Add'l income/expense items

($9,000)

($9,900)

($10,890)

Earnings Before Interest and Tax

$8,595,600​​ 

$9,455,160​​ 

$10,400,676​​ 

Interest Expense

$516,600​​ 

$516,600​​ 

$516,600​​ 

Earnings Before Tax

$8,079,000​​ 

$8,938,560​​ 

$9,884,076​​ 

Income Tax

$2,614,200​​ 

$2,892,336​​ 

$3,198,286​​ 

Minority Interest

$0​​ 

$0​​ 

$0​​ 

Equity Earnings/Loss Unconsolidated Subsidiary

$0​​ 

$0​​ 

$0​​ 

Net Income-Cont. Operations

$5,464,800​​ 

$6,046,224​​ 

$6,685,790​​ 

 

 

 

 

Net Income

$5,464,800​​ 

$6,046,224​​ 

$6,685,790​​ 

 

 

 

 

Net Income Applicable to Common Shareholders

$5,464,800​​ 

$6,046,224​​ 

$6,685,790​​ 

Dividend​​ 

$3,278,880​​ 

$3,627,734​​ 

$4,011,474​​ 

Addition to Retained Earnings

$2,185,920​​ 

$2,418,490​​ 

$2,674,316​​ 

 

Table 2​​ Pro Forma Balance sheets of McDonald’s Corp​​ 

McDonald's Pro Forma Balance Sheet​​ 

 

 

 

 

 

 

Period Ending:

12/31/2012

12/31/2013

12/31/2014

 

 

 

 

Current Assets

 

 

 

Cash and Cash Equivalents

$2,336,100​​ 

$2,569,710​​ 

$2,826,681​​ 

Short-Term Investments

$0​​ 

$0​​ 

$0​​ 

Net Receivables

$1,375,300​​ 

$1,512,830​​ 

$1,664,113​​ 

Inventory

$121,700​​ 

$133,870​​ 

$147,257​​ 

Other Current Assets

$1,089,000​​ 

$1,197,900​​ 

$1,317,690​​ 

 

 

 

 

Total Current Assets

$4,922,100​​ 

$5,414,310​​ 

$5,955,741​​ 

Long-Term Assets

 

 

 

Long-Term Investments

$1,380,500​​ 

$1,518,550​​ 

$1,670,405​​ 

Fixed Assets

$24,677,200​​ 

$27,144,920​​ 

$29,859,412​​ 

Goodwill

$2,804,000​​ 

$3,084,400​​ 

$3,392,840​​ 

Intangible Assets

$0​​ 

$0​​ 

$0​​ 

Other Assets

$1,602,700​​ 

$1,762,970​​ 

$1,939,267​​ 

Deferred Asset Charges

$0​​ 

$0​​ 

$0​​ 

 

 

 

 

Total Assets

$35,386,500​​ 

$38,925,150​​ 

$42,817,665​​ 

 

 

 

 

Current Liabilities

 

 

 

Accounts Payable

$3,403,100​​ 

$3,743,410.00​​ 

$4,117,751​​ 

Short-Term Debt / Current Portion of Long-Term Debt

$0​​ 

$0​​ 

$0​​ 

Other Current Liabilities

$0​​ 

$0​​ 

$0​​ 

 

 

 

 

Total Current Liabilities

$3,403,100​​ 

$3,743,410​​ 

$4,117,751​​ 

 

 

 

 

Long-Term Debt

$13,632,500​​ 

$14,138,710​​ 

$14,688,552​​ 

Other Liabilities

$1,526,200​​ 

$1,526,200​​ 

$1,526,200​​ 

Deferred Liability Charges

$1,531,100​​ 

$1,531,100​​ 

$1,531,100​​ 

Misc. Stocks

$0​​ 

$0​​ 

$0​​ 

Minority Interest

$0​​ 

$0​​ 

$0​​ 

 

 

 

 

Total Liabilities

$20,092,900​​ 

$20,939,420.00​​ 

$21,863,603​​ 

Stock Holders’ Equity

 

 

 

Common Stocks

$16,600​​ 

$522,810​​ 

$1,072,652​​ 

Capital Surplus

$5,778,900​​ 

$5,778,900​​ 

$5,778,900​​ 

Retained Earnings

$39,278,000​​ 

$41,463,920​​ 

$43,882,410​​ 

Treasury Stock

($30,576,300)

($30,576,300)

($30,576,300)

Other Equity

$796,400​​ 

$796,400​​ 

$796,400​​ 

 

 

 

 

Total Equity

$15,293,600​​ 

$17,985,730​​ 

$20,954,062​​ 

 

 

 

 

Total Liabilities & Equity

$35,386,500​​ 

$38,925,150​​ 

$42,817,665​​ 

 

 

 

 

 

 

Table 3​​ Financial ratios of McDonald’s last fiscal year

Financial Ratios

Equation

Value

Industry Average

Liquidity

 

 

 

Current Ratio

(Current Assets)/(Current Liabilities)

1.45

1.26

Quick Ratio

(Current Assets - Inventory)/(Current Liabilities)

1.41

0.82

Profitability

 

 

 

Return on Equity

(Net Income)/(Shareholders' Equity)

35.73

30.68

Return on Assets

(Net Income)/(Total Assets)

15.44

11.58

Assets

 

 

 

Inventory turnover

(Cost of goods sold)/(Inventories)

137.64

25.22

Total assets turnover

(Sales)/(Total Assets)

0.78

1.12

Financial leverage

 

 

 

Debt to Equity

(Total liabilities)/(Shareholders' Equity)

1.31

0.99

Debt Ratio

(Total liabilities)/(Total Assets)

0.57

-

Market​​ 

 

 

 

Price to Earnings (P/E)

(Market Price of Common Stock)/(Earnings per Share)

17.64

23.64

Earnings per Share​​ 

(Net Earnings)/(Outstanding shares)

5.36

-

Table 4​​ ROE DuPont analysis result of McDonald’s last fiscal year

DuPont Analysis Equations

ROE

Net Profit Margin

Asset Turnover

Equity Multiplier

 

(Net Income)/(Equity)

(Net Income)/(Revenue)

(Revenue)/(Assets)

(Assets)/(Equity)

Company

 

 

 

 

McDonald's DuPont Results

0.3573

0.1982

0.7790

2.3138

 ​​​​ 

Table 5​​ McDonald's last fiscal year EVA calculation.

EVA Equation:

EVA = NOPAT - (WACC * TOC)

 

 

NOPAT  ​​​​ =

Net Operating Profit After Tax = EBIT * (1 - T)

 

 

TOC(average) ​​​​ =​​ 

Average total operating cost = Total Assets - (Total current liabilities - Short term debts)

T ​​ =

Tax

0.32

 

EBIT  ​​​​ =

Earnings before interest and tax

$8,595,600​​ 

 

WACC

Weight Average Cost of Capital

6.12%

 

NOPAT  ​​​​ 

 ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​​​ =

$5,814,238.75

 

TOC(average)​​ 

 ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​​​ =

$30,915,350.00

 

 

 

 

 

EVA

$3,922,219.33

 

 

 

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