GLOBAL AIRLINES
Industry & Company Analysis
BUS 417 | Security Analysis
Leo | Margarita | Miki | Vincent | Wylie
Agenda
Industry Overview – Leo
Market Analysis – Wylie
Singapore Airline – Vincent
Cathay Pacific – Miki
Southwest – Margarita
Terminology
 ATK – Available Tonne Kilometer (Capacity)
 Passenger and cargo capacity
 ASK – Available Seat Kilometer (Capacity)
 [number of seats] * [kilometers flown]
 RPK – Revenue Passenger Kilometer (Traffic)
 [number of paying passengers] * [kilometers flown]
 FTK – Freight Tonne Kilometer (Traffic)
 [Freight tonnes carried] * [kilometers flown]
 Yield – Revenue per Kilometers Flown by Paying Passengers
 [Revenue] / [RPK]
 LF – Load Factor (Capacity Utilization)
 [RPK] / [ASK] = [Number of Passengers] / [Number of Seats]
 Break Even LF – Operating Costs = Operating Revenue
 [Unit Cost] / [Yield]
History
1945
1925
2007
1970
1910
World
War industry
II brought
new life
to the
airline
industry.
Passenger
The airline
service
isheavily
established
depends
on the
on mail
global
routes
1970s
was
the
era
of
revolution
for
airlines.
Introduction
Many
airlines
in the Allied
countries
were
flush
from
through
economic
theconditions.
development
Decline
of the
in Ford
disposable
Trimotor,
income
the first
of
large
multi-aisle,
wide
body
planes
(Boeing
747).
First
propelled
(Coandă)
lease
contracts
toaircraft
theairliner
military
foresaw
aseverely
future
successful
andjet
business
American
sentiment
due
with
toand
the
aproduced
12
recession
passenger
Southwestdemand
launchesfor
era
of air
low-cost
airlines.
explosive
civil
transport.
crippled demand
for air
travel.
capacity
1910
1925
1909 1914
1909
2014
1914
1938
1949
2001
1970
1945
1938
1949
2007
2001
Following the 9/11 incident, air travel decreased nearly
20% in air travel capacity. Passenger sentiment
Plunge
in crude
oilLuftschiffahrts-Aktiengesellschaft)
prices
have
alleviated
on
DELAG
Tony
Jannus
(Deutsche
conducted
United
States’improvements.
firststress
scheduled
remained
low
despite
airport
security
operating
costs
for
airlines,
enjoying
peak
profit DH
becomes
Civil
airline
Aeronautics
flight
the
onworld’s
1commercial
January
Act
–first
Delegating
airline
1914
for the
federal
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PetersburgFirst
production
aircraft
(de
Havilland
Stock
exchange
remained
closed
until
17,
margins.
responsibilities
Tampa
Line
Civil (7.1%)
Aeronautics
Authority
106)
and fell Airboat
by 684to
points
according
to the Dow
Jones Industrial Average, a record one day point
decline. US stocks lost $1.4 trillion in valuation in the
following week.
2014
Regulation
 1925 – Contract Air Mail Act
 Private ownership of air mail (TWA, American, United)
 Air mail carriers soon expanded to carrying passengers
 1926 – Air Commerce Act
 Established aviation safety standards
 1934 – Federal Aviation Administration (FAA)
 Formed by Bureau of Air Commerce, improved and built additional airfields
 1940 – Civil Aeronautics Administration (CAA) & Civil Aeronautics Board
(CAB)
 CAA in oversee air traffic control and safety regulations
 CAB oversee air service, regulating fees and schedules
 Post 1945 – Air Transport Agreement
 Open skies competition for international routes
 Liberalized rules for international aviation markets and minimizes government
intervention
Regulation
1978 – Airline Deregulation Act
Elimination of the CAB which previously regulated
entry, exit, routes, and pricing
Mergers of local carriers permitted
Implementation of the “Hub and Spoke System”
Effect
Removed government control over commercial
aviation
Expose airline industry to market forces
Business Structure
Hub and Spoke
Used by legacy carriers
Allows more distant and international routes
Utilize main airports as hubs
Lead to more efficient use of transportation resource
Centralized model result in inflexible operation
Business Structure
Point to Point
Used by low cost (discount) carriers
Shorter routes, usually regional/domestic
Decreased connection and travel times
Increased utilization leads to lower unit cost
Avoid domino effect
Require more routes, less flexibility in destination
Airline Types
Network Legacy Airlines
Low Cost Airlines
• Service differentiation
• Price leadership
• Different service classes
• Fewer services
• Luxury aircrafts
• Medium sized aircrafts
• Hub and spoke system
• Point to point system
• Serve major airport with
connecting flights
• Serves smaller airports
to maximize air time
Cargo Airlines
• Dedicated to transport
of air cargo
• Division or subsidiary of
passenger airlines
• (US) Forbidden from
carrying passengers
Airline Alliance
 An agreement between two or more airlines to
cooperate on a substantial level
Advantages
• Increased traffic/revenue
per seat mile
• Improved frequent flyer
program
• Cost savings from
economies of scale
• Brand prestige
Disadvantages
• Violation of fair competition
standards/antitrust rules
• Consolidation of market,
eliminating competition
• Complex partnerships
Current Environment
 Economic value of industry
 Growing since the global recession
 Recent dip due to rise in the US dollar, devaluing foreign goods and
tourist spending
Industry Economic Sensitivity
Key external success drivers
Global per capita income
Global tourist arrivals
World GDP
World price of crude oil
Consumer demand determinants
Travel options
Price
Consumer preferences
Global Economy
 Reviving economic activity in key global markets
 Europe and Japan monetary policy stimulus
 Emerging markets in Asia
 Income levels and consumer spending on upward trajectory
Passenger Traffic Demand
 Steady growth since 2010
 China and Middle East lead all regions with double-digit traffic
growth
 Consumer spending on the rise in alignment with increasing
disposable income
Industry Productivity
 Historically high airplane utilization and passenger load factors
 Airlines matching demand without oversupplying capacity
 Achieve all time high 80% load factor in 2014
Revenue and Cost Structure
Revenue and Cost Structure
 Profit Margin – 6%
 Historically low due to a mature industry with heavy competition
 Improving from cost cutting, lower fuel prices, and mergers and
acquisitions
Revenue and Cost Structure
 Regional Profit Margins
 US airlines experience largest improvement due to post-financial crisis restructuring
 Consolidation of US airlines and adding capacity
 Strong US economy, rising US dollar, falling fuel prices
 Other regions did not experience consolidation
Revenue and Cost Structure
 Purchases (fuel, food, etc.) – 45.5%
 Fuel experienced drastic dips in 2014 and 2015, decrease in 25%
airline costs, profit margins nearly doubled to US$20B in 2014
 Newer aircrafts are more fuel efficient
 Long term is uncertain due to high oil price volatility
 Oil hedging tactics can help smooth the effects
Revenue and Cost Structure
 Wages – 21.8%
 High union participation rates keep industry labour costs high
 Declined in proportion to revenue due to industry consolidation
and technological improvements to labour productivity
Revenue and Cost Structure
 Aircraft – 12.4%
 Fleet forecasted to increase by 900 to a total of 27000 aircraft to
satisfy growth in demand
 Pressure to replace aircrafts due to fuel efficiency higher capacity
Equity Investors
 Return on invested capital lower than Weighted Average Cost of Capital
 Marginally low due to slim profits
 Intensity of competition and challenges of the industry make it a
risky investment
 Forecasted ROIC at 7.5% for 2015, higher than WACC for once
Market Analysis
 Power of suppliers – High
 Dominated by two major suppliers, Boeing and Airbus
 Possibility of vertical integration of supplier is low
 Power of buyers – High
 There is low product differentiation across airlines
 Consumers are price conscious
 Competitive Rivalry – High
 Intense price competitions, multiple airlines offers the same routes and services
 Airlines need to compete on additional services and quality of services offered
 Availability of Substitutes – Low
 The distance covered by long-haul flights are not feasibly achieved by any other
means currently
 Threat of New Entrants – Low
 High competition, low industry concentration, mature industry life cycle, capital
intensity, heavy regulation, high technology changes all act as barriers to entry
Future Outlook
 Growing demand
 Traffic growth expected to increase in alignment with improving
economic conditions, namely, world GDP
Future Outlook
 Diversifying market
 Less concentration on North America and Europe markets
 Booming emerging markets make expected revenues from airline
industry less susceptible to region specific economic conditions
Industry Forecast
Year
Revenue
($B)
IVA
($B)
Revenue
∆ (%)
IVA
∆ (%)
IVA/Revenue
(%)
2010
625.3
206.3
17.1
28.3
33.0
2011
697.3
211.3
11.5
2.4
30.3
2012
753.0
220.7
8.0
4.4
29.3
2013
754.0
227.7
0.1
3.2
30.2
2014
773.8
244.7
2.6
7.5
31.6
2015
783.0
256.7
1.2
4.9
32.8
2016
814.0
254.1
4.0
-1.0
31.2
2017
836.0
269.0
2.7
5.9
32.2
2018
865.0
282.9
3.5
5.2
32.7
2019
881.0
285.1
1.8
0.8
32.4
2020
897.0
291.2
1.8
2.1
32.5
*Industry GDP (IVA) = revenue + change in stock – purchases – transfers in and selected expenses
*Extracted from IBISWorld Industry Report “Global Airlines” March 2015
Singapore Airlines Ltd. (SIA)
Stock information
Source: Bloomberg
1 year Stock Price Movements
Source: Bloomberg
1 year vs S&P 500
Source: Bloomberg
5 years Stock Price Movements
Source: Bloomberg
5 years vs S&P 500
Source: Bloomberg
10 years Stock Price Movements
10 years vs S&P 500
Share Price and Turnover
Source: Annual report FY2014/15 of Singapore Airline
Share Price and Turnover
Source: Annual report FY2014/15 of Singapore Airline
Company information
Company Profile
 Founded in 1972 - from a regional airline to one of
the most respected travel brands around the world
 Based at Singapore Changi Airport, Singapore Airlines
is the national carrier of Singapore
 Ranking amongst the top 15 carriers worldwide in terms of
revenue passenger kilometres
 10th in the world for international passengers carried
 One of the largest airlines in Asia
Subsidiaries for the group
Corporate Structure
Information on Shareholdings
Source: Annual report FY2014/15 of Singapore Airline
Company Mission
Company History
The maiden flight of Malayan Airways Limited (MAL), operated by an Airspeed
Consul, takes off from Singapore Kallang Airport.
Singapore Airlines moves to the new Singapore Changi Airport from Paya
Lebar
Singapore Airlines becomes the first airline to operate a 747-400 on a
commercial flight across the Pacific.
Singapore Airlines is the first airline to operate the A380 superjumbo, the largest
passenger plane in the world.
Today, Singapore Airlines serves over 280 destinations in 70 countries, including
services by Singapore Airlines Cargo, SilkAir and codeshare partners.
Management Team
STEPHEN LEE CHING YEN
 Chairman of Singapore Airlines Ltd, SIA Engineering
Company Ltd and NTUC Income Insurance Cooperative Limited.
 Managing Director of Shanghai Commercial & Savings
Bank Ltd (Taipei) and GMT Investments Pte Ltd
 Graduated from Northwestern University, Illinois, USA in
1973 with a Master of Business Administration
Management Team
Goh Choon Phong
 Chief Executive Officer (CEO) of Singapore Airlines Ltd
 Appointed the CEO of the airline on 3 September
2010
 Worked for the SIA group for more than 20 years for
the airlines' operations in China and Scandinavia
 Has held numerous senior positions during his career
at the airline
Fleet Profile
Source: Annual report FY2014/15 of Singapore Airline
Company Routes
Singapore Airlines operates passenger services to more than 60 cities in over 30
countries around the world. Within Asia, passengers can connect to over 30
cities served by SilkAir, our regional wing. Use the interactive route map to view
our flight itineraries
Company Routes
Source: Annual report FY2014/15 of Singapore Airline
Operation Analysis
Operation Analysis
Source: Annual report FY2014/15 of Singapore Airline
Revenue
Source: Annual report FY2014/15 of Singapore Airline
Expenditure
Source: Annual report FY2014/15 of Singapore Airline
Net profit
Source: Annual report FY2014/15 of Singapore Airline
Profit margin
Source: Annual report FY2014/15 of Singapore Airline
Risk Management
Over the course of the period under review, the following were the more
significant risk management activities carried out:
 (a) Review of Compliance Risks from Outsourced Activities
 (b) Review of strategies for managing Information Technology Risks
 (c) Review of Risks from Critical Supplier
 (d) Jet fuel prices
Fuel Price and Fuel Cost
Source: Annual report FY2014/15 of
Singapore Airline
Financial Aanalysis
Balance Sheet (Annual)
Source: Annual report FY2014/15 of Singapore Airline
Balance Sheet Continued (Annual)
Source: Annual report FY2014/15 of Singapore Airline
Consolidated Profit and Loss Account
Source: Annual report FY2014/15 of Singapore Airline
Consolidated Profit and Loss Account
Source: Annual report FY2014/15 of Singapore Airline
Consolidated Statement of
Comprehensive Income
Source: Annual report FY2014/15 of Singapore Airline
Statement of Cash flow
Source: Annual report FY2014/15 of Singapore Airline
Statement of Cash flow
Source: Annual report FY2014/15 of Singapore Airline
Statements of Changes in Equity
Source: Annual report FY2014/15 of Singapore Airline
Quarterly Results of the Group
Source: Annual report FY2014/15 of Singapore Airline
Five-Year Financial Summary of the Group
Source: Annual report FY2014/15 of Singapore Airline
Five-Year Financial Summary of the Group
Source: Annual report FY2014/15 of Singapore Airline
Five-Year Financial Summary of the Group
Source: Annual report FY2014/15 of Singapore Airline
Financial Summary
For the fiscal year ended 31 March 2015, Singapore Airlines Ltd. revenues
increased 2% to SP$15.57B. Net income increased 2% to SP$367.9M. Revenues
reflect Passenger Carried increase of 1% to 18.7M. Net income also reflects
Impairment of Freighters decrease of 98% to SP$7M (expense), Provision for
penalties and costs incur decrease of 71% to SP$25.1M (expense). Dividend
per share increased from SP$0.21 to SP$0.22.
Recommendation
Cathay Pacific
Stock Information
1 Year Stock Price Movements
5 year stock price movements
10 year stock price movements
10 year stock price movements
compare with index
Shareholding Structure
Company Profile
 Registered and based in Hong Kong, founded in 1946
 Owned by the Swire Group.
 Cathay Pacific and its subsidiaries employ more than 32,900 people
worldwide, of whom around 25,400 are employed in Hong Kong.
 Listed on The Stock Exchange of Hong Kong Limited, as are its
substantial shareholders Swire Pacific Limited (“Swire Pacific”) and Air
China.
 Offering scheduled passenger and cargo services to 203 destinations
in 50 countries and territories
 Carry approximately one million passengers each month
Subsidiaries
Associates
Company Mission
Company History
1946
Founded by Farrell and Kantzow
Began to operate passenger flights to Manila, Bangkok,
Singapore and Shanghai
1948
Butterfield & Swire (k.a. the Swire Group) took a 45%
share in the company, which then became wholly
responsible for the management of the airline afterward
1960-1967
Business grew at average 20% a year
initiated international services to Japan
Had their one millionth passenger
1980s
Expanded international network to Europe and North
America, which includes Vancouver
Company History
2001
Faced some of its greatest commercial challenges
including the 11 September terrorist attacks, a
second Gulf War and SARS.
2002
Became joint venture partners in Air Hong Kong
with DHL
2006
brought Dragonair into the Cathay Pacific Group as a
wholly owned subsidiary.
Also established a closer relationship with Air China, with
each airline taking a 17.5% stake in the other
Management Team
Management Team
John Slosar
 Became Chairman of Cathay Pacific on 14 March 2014.
 Joined the Swire group in 1980 and has worked with the group in Hong Kong, the
United States and Thailand.
 Holds degrees in Economics from Columbia University and Cambridge University.
 Has been a Director of the airline since July 2007.
 Was appointed Chief Operating Officer in July 2007 and Chief Executive
in March 2011.
 Is also Chairman of John Swire & Sons (H.K.) Limited, Swire Pacific Limited,
Swire Properties Limited and Hong Kong Aircraft Engineering Company Limited.
Management Team
Ivan Chu
 Appointed as Chief Executive of Cathay Pacific on 14 March 2014.
 Joined the Swire group in 1984 and has worked with the group in Hong Kong,
Mainland China, Taiwan, Thailand and Australia.
 Holds a Bachelor of Social Science degree from the University of Hong Kong and a
Master of Commerce degree from the University of New South Wales.
 Was appointed Director Service Delivery for Cathay Pacific in September 2008 and
Chief Operating Officer in March 2011.
 Is also Chairman of Hong Kong Dragon Airlines Limited and a Director of John Swire &
Sons (H.K.) Limited and Swire Pacific Limited.
Management Team
Rupert Hogg
 Became the Director and Chief Operating Officer on 14 March 2014.
 Joined the Swire group in 1986 and has worked with the group in Hong Kong,
Southeast Asia, Australia and the United Kingdom.
 Holds a Master of Arts degree in History from Edinburgh University.
 Was appointed Director Cargo in September 2008 and Director Sales &
Marketing in August 2010.
 Is also Chairman of AHK Air Hong Kong Limited and a Director of Hong Kong
Dragon Airlines Limited.
Management Team
Martin Murray
 Appointed as Finance Director of the Company since November 2011.
 Joined the Swire group in 1995 and has worked with the group in Hong Kong,
the United States, Singapore and Australia
 Graduated from the University of Glasgow with a Bachelor of Accountancy
degree.
 Also a director of Hong Kong Dragon Airlines Limited.
 Was previously Deputy Finance Director of Swire Pacific Limited
Fleet Profile
Aircraft
 66 Owned
 81 Leased (Most of them are with purchase option)
 Had 16 new aircraft in 2014 and expecting 9 new
aircrafts to be delivered in 2015.
 Have 79 new aircraft due for delivery up to 2024 as at
31st December 2014 .
Company Route
Operation Analysis
Composition of Assets
Revenue Composition
Revenue and Break-even
Geographical Revenue
Composition of Expenses
Key Statistics
Key Statistics
Risk Management
The company is exposed to the fluctuations in:
•
Foreign exchange rate
 As the company’s revenue streams are denominated in various foreign currencies.
 Strategy: Financed their assets in those foreign currencies in which net operating
surpluses are anticipated, thus establishing a natural hedge. Also uses currency
derivatives to reduce anticipated foreign currency surpluses.
•
Interest rate
 The company’s long term borrowings are at floating rates
 Strategy: Use interest rate swaps to maintain appropriate fixed and floating rates.
•
Jet fuel prices
 Fuel cost accounts for over 35% of the total operating expenses
 Strategy: Use fuel derivatives
Fuel price and consumption
Fuel Expenditure and Hedging
Hedging Fuel Prices
Financial Statements
Balance Sheet
(Semi-annual)
Balance Sheet
(Annual)
Income Statement
(Annual)
Income Statement
(Semi-annual)
Statement of Cash Flow
(Annual)
Statement of Cash Flow
(Semi-annual)
Statement of
Changes in Equity
Recommendation
BUY
STOCK INFORMATION
1YEAR STOCK PRICE MOVEMENTS
5 YEARS STOCK PRICE MOVEMENTS
10 YEARS STOCK PRICE MOVEMENTS
COMPARISON OF FIVE
YEAR CUMULATIVE
TOTAL RETURN
-SOUTHWEST AIRLINES CO.,
-S&P 500 INDEX,
- NYSE ARCA AIRLINE INDEX
Company Ownership
Company Profile
 Headquarters in Dallas, Texas
 Southwest is a major domestic airline that provides primarily short-haul,
high-frequency, point-to-point, low-fare services
 Has among the lowest cost structures in domestic airline industry
 Southwest offers a relatively simple fare structure. . Southwest bundles
fares into three major categories: “Wanna Get Away ” “Anytime ” and
“Business Select”
 Uses a single aircraft type – Boeing 737 Southwest’s use of a single
aircraft type has allowed for simplified scheduling, maintenance, flight
operations, and training activities
 #4 Fuel Efficiency U.S Domestic airline
 Provides services in 93 destinations in 40 states, the District of Columbia,
the Commonwealth of Puerto Rico, and five near-international
countries including Mexico (Cancun, Mexico City, and Cabo San
Lucas/Los Cabos)
Company History
 1971 – Air Southwest Co. changes its name to Southwest
Airlines Co. Begins its service to Dallas, San Antonio and
Houston.
 1975 – Southwest Airlines common stock is listed for
trading on the American Stock Exchange under the ticker
symbol "LUV".
 1979 – Begins its service to New Orleans. That is the first
destination outside the State of Texas.
 1993 - Acquires Morris Air and Arizona One
 1995 – Becomes one of the first airlines to have a website
Company History
 1996 - Online booking site is launched
 2009 – Becomes largest carrier in the US with 545 Boeing
737 aircrafts servicing 68 airports in 35 states and able to
offer more than 3,300 flights a day
 2011 – Integration of Air Tran. The purchase adds 25
additional destinations previously not served by
Southwest in Mexico and the Caribbean , Atlanta,
Georgia
 2014 –AirTran and Southwest are fully integrated.
Southwest introduces new branding, including a new
livery and logo
MISSION
FLEET
SYSTEM MAP
Route Map (Dallas)
Management Team
Management
Team
Chairman of the Board,
President & Chief Executive
Officer
• In 1986 began his career at Southwest Airlines
as Controller, moving up to Chief Financial
Officer and Vice President Finance, then
Executive Vice President and CFO, before being
promoted to CEO and Vice Chairman in July
2004.
• He received a B.B.A. in Accounting from the
University of Texas at Austin.
•
Gary C. Kelly
He is a Certified Public Accountant and serves
on the Board of Directors of the Lincoln National
Corporation and Airlines for America, the airline
industry advocacy group (serving as Chairman
from 2012 - 2014).
Executive Vice President & Chief
Operating Officer
Management
Team
• Mike received a B.B.A. from the University of
Texas at Austin. He is also a Certified Public
Accountant
• Joined Southwest in 1993
Mike Van de Ven
• Mike has held several positions at Southwest
such as Executive Vice President of Aircraft
Operations, Senior Vice President of Planning,
Vice President Financial Planning & Analysis,
Senior Director of Financial Planning & Analysis,
Director of Financial Planning, and Director of
Internal Audit
Management
Team
Executive Vice President & Chief
Legal & Regulatory Officer
• Before joining Southwest Airlines, Ron was a
partner in the San, where Ron worked
extensively on the Southwest Airlines' account.
•
Ron has represented Southwest since 1981
• Ron has an undergraduate degree from the
University of Texas at Austin, and, earned a law
degree from George Washington University, in
Washington, D.C
Ron Ricks
Executive Vice President & Chief
People & Administrative Officer
Management
Team
• Prior to joining Southwest Airlines, Jeff worked 12
years at Mesa Petroleum from 1981 to 1993.
• Following Belo, Jeff joined The Staubach
Company as their Executive Vice President
Corporate Operations and was also President of
Staubach Lease Administration Company until
2004 when he came to Southwest Airlines.
• Joined Southwest in 2004
Jeff Lamb
• Jeff completed his undergraduate work at West
Texas State University - Canyon, Texas (now West
Texas A&M) in 1986
OPERATIONS ANALYSIS
Air Tran Integration:
Two Approaches to Low Cost
Southwest and AirTran may share a low-cost philosophy, but they deliver a significantly
different product. Among the differences:
 AirTran operates two aircraft types - Boeing 717-200 and Boeing 737-700. Southwest
only flies Boeing 737s.
 AirTran flies to five international cities. Southwest is domestic only.
 AirTran offers business class seating. Southwest is strictly coach..
 AirTran has assigned seating. Southwest offers open seating.
 AirTran sells food. Southwest is limited to peanuts and pretzels.
 AirTran charges for checked bags. Southwest does not.
What Makes AirTran an Attractive
Partner?
 Atlanta. The combined airline can give Delta a serious competitive
challenge.
 New York LaGuardia. Southwest is a recent entrant but will grow with
AirTran's slots and gates.
 Washington Reagan. Southwest flies out of nearby BWI and Dulles.
 Newark International. Additional New York metro area presence.
 Miami International. Southwest serves Fort Lauderdale and West Palm
Beach.
 International destinations
Boston, Fort Lauderdale, Los Angeles, Washington Dulles, Philadelphia,
Orlando, Tampa and Las Vegas are among the cities with an AirTran and
Southwest presence.
Routs after integration
Operating Revenues
Performance Data
Performance Data
Annual Return of Capital
Performance Data
Operating Expenses
Operating Expenses excluding Fuel
Fuel Costs
Fuel Hedging Strategy
Performance
Data
FINANCIAL ANALYSIS
BALANCE SHEET (10-Q)
BALANCE SHEET (10-K)
INCOME
STATEMENT (10-K)
INCOME
STATEMENT (10-Q)
STATEMENT OF CASH
FLOW (10-K)
STATEMENT OF CASH
FLOW (10-Q)