Exhibit 99
Intier Automotive Inc. | 521 Newpark Blvd., |
PRESS RELEASE
INTIER ANNOUNCES 2002 THIRD QUARTER AND YEAR TO DATE RESULTS
Monday, November 4, 2002, Newmarket, Ontario, Canada Intier Automotive Inc. (TSX: IAI.A, NASDAQ: IAIA) today reported financial results for the third quarter and nine month period ended September 30, 2002. Diluted earnings per share for the third quarter ended September 30, 2002 improved to $0.25 as compared to pro forma diluted earnings per share of $0.04 for the third quarter ended September 30, 2001.
All results are reported in millions of U.S. dollars, except earnings per share figures, in accordance with Canadian Generally Accepted Accounting Principles. | ||||||||||||||
THREE MONTH PERIODS ENDED SEPTEMBER 30, | NINE MONTH PERIODS ENDED SEPTEMBER 30, | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
2002 | 2001 | 2002 | 2001 | |||||||||||
Sales | $ | 931.6 | $ | 728.5 | $ | 2,806.9 | $ | 2,401.4 | ||||||
Operating income | $ | 26.6 | $ | 10.0 | $ | 106.4 | $ | 74.1 | ||||||
Net income | $ | 12.9 | $ | 2.0 | $ | 52.3 | $ | 27.2 | ||||||
Diluted earnings per share (1) | $ | 0.25 | $ | 0.12 | $ | 0.96 | $ | 0.12 | ||||||
Pro forma diluted earnings per share (2) | $ | - | $ | 0.04 | $ | - | $ | 0.65 | ||||||
(1) | The reorganization and new capital structure of the Company was established at the beginning of August 2001. As a result, diluted earnings per share for the 2001 three and nine month periods is calculated based upon the net income for the two month period ended September 30, 2001. For more information see note 8 to the attached Third Quarter Consolidated Financial statements. | |||||||||||||
(2) | Pro forma diluted earnings per share have been presented to give effect to the reorganization and new capital structure of the Company established at the beginning of August 2001. For more information see note 9 to the attached Third Quarter Consolidated Financial Statements. | |||||||||||||
Sales increased 28% to $931.6 million for the three month period ended September 30, 2002 compared to $728.5 million for the three month period ended September 30, 2001. North American production sales grew 24% to $523.3 million in the third quarter of 2002 compared to $422.2 million in the third quarter of 2001 as a result of growth in production volumes and our North American content per vehicle. North American light vehicle production volumes increased approximately 9% to3.8 million units for the three month period ended September 30, 2002 as compared to 3.5 million units for the three month period ended September 30, 2001. North American average content per vehicle increased 11% to $136 for the third quarter of 2002 compared to $122 for the third quarter of 2001 primarily due to the launch of a number of new programs during 2002, including the Company's d oor cassette modules for the Ford Expedition/Lincoln Navigator, as well as products launched in late 2001 including the Company's overhead system, seat tracks and window regulators supplied for the Dodge Ram Pickup, the complete seats and overhead system for the Saturn VUE and the cockpit module, door panels and overhead system for the Cadillac CTS.
Western European production sales increased 42% to $311.1 million for the third quarter of 2002 compared to $219.0 million for the third quarter of 2001. Western European average content per vehicle increased 40% to $87 for the third quarter of 2002 compared to $62 for the third quarter of 2001. The increase in average content per vehicle was primarily due to new product launches in 2001 and 2002. During the second half of 2001 two significant programs started production including, the cockpit module, door panels and other interior components for the BMW MINI, and the complete interior, excluding the overhead system and instrument panel, for the Mercedes Vaneo. New products launched in the first quarter of 2002 include the door cassette modules for the Ford Fiesta/Ka and the instrument panel for the Opel Epsilon platform. Western European vehicle production volumes increased by approximately 3% to 3.6 million units for the three month period ended September 30, 200 2 as compared to 3.5 million units for the three month period ended September 30, 2001.
Consolidated tooling and engineering sales for the three month period ended September 30, 2002 increased by 11% to $97.2 from $87.3 million for the three month period ended September 30, 2001.
Operating income for the three month period ended September 30, 2002 increased to $26.6 million compared to $10.0 million for the comparable period of the prior year. The increase in operating income was primarily attributable to higher sales, operational improvements at specific underperforming divisions and lower amortization expense offset by continued startup costs associated with a number of launches in the Company's European business segments. Lower amortization expense is due to the Company changing its accounting policy for goodwill to comply with the Canadian Institute of Chartered Accountants' new recommendations under Handbook Section 3062 "Goodwill and Other Intangible Assets" (CICA 3062).
Diluted earnings per share was $0.25 for the three month period ended September 30, 2002, compared to a pro forma diluted earnings per share of $0.04 for the three month period ended September 30, 2001.
Commenting on the third quarter, Don Walker, the Company's President and Chief Executive Officer, stated "We are pleased with the third quarter results and the continued success of our recently launched new products".
At its meeting today, Intier Automotive's Board of Directors declared a dividend in respect of the third quarter of 2002 of US$0.05 per share on the Class A Subordinate Voting and Class B Shares payable on or after December 16, 2002 to shareholders of record on November 29, 2002. The Board also declared a dividend of US$2,812,500 on the outstanding Convertible Series 1 and 2 Preferred Shares payable on or after December 31, 2002 to holders of the Convertible Series Preferred Shares of record on November 29, 2002.
2002 OUTLOOK
For the full year, North American light vehicle production volumes are expected to increase to approximately 16.3 million units compared to 2001. Western Europe production volumes are expected to decline to approximately 16.2 million units compared to 2001. Based on these volume estimates, product mix assumptions and tooling and engineering sales estimates, 2002 total sales are expected to be between $3.7 billion and $3.8 billion. The fourth quarter 2002 sales are expected to be in the range of $900 million to $975 million, compared to fourth quarter 2001 sales of $867 million.
Intier is a global full service supplier and integrator of automotive interior and closure components, systems and modules. It directly supplies most of the major automobile manufacturers in the world with approximately 20,000 employees at 64 manufacturing facilities, and 19 product development, engineering and testing centres in North America, Europe, Brazil, Japan and China.
Intier will hold a conference call to discuss the third quarter results and other developments on Tuesday, November 5, 2002 at 9:00 a.m. EST (Toronto Time). The number to use for this call is 1-888-313-7737. Overseas callers should use 212-346-6520. Please call in 10 minutes prior to the conference call. For anyone unable to listen to the scheduled call, the rebroadcast number will be 1-800-558-5253 (reservation number is 20995410#) and will be available until Tuesday, November 12, 2002. The conference call will be chaired by Don Walker, President and Chief Executive Officer and Michael McCarthy, Executive Vice-President and Chief Financial Officer.
For further information please contact Michael McCarthy, Executive Vice-President and Chief Financial Officer of Intier at (905) 830-5824. For teleconferencing questions, please call Karen Lesey at Intier at (905) 898-5200 Ext. 7042.
This press release may contain forward-looking statements within the meaning of applicable securities legislation. Such statements involve certain risks, assumptions and uncertainties which may cause actual future results and performance of Intier Automotive Inc. (the "Company") to be materially different from those expressed or implied in these statements. These risks, assumptions and uncertainties include, but are not limited to: industry cyclicality, including reductions or increases in production volumes; trade and labour disruption; pricing concessions and cost absorptions; product warranty, recall and product liability costs; the Company's financial performance; changes in the economic and competitive markets in which the Company competes; relationships with OEM customers; customer price pressures; the Company's dependence on certain vehicle programs; currency exposure; energy prices; and certain other risks, assumptions and uncertainties disclosed in the Company's public filings. The Company discla ims any intention and undertakes no obligation to update or revise any forward-looking statements to reflect subsequent information, events or circumstances or otherwise.
INTIER AUTOMOTIVE INC.
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in millions) | As at | As at | |||||
(Unaudited) | (Audited) | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 241.7 | $ | 77.1 | |||
Accounts receivable | 577.5 | 574.3 | |||||
Inventories | 298.0 | 240.9 | |||||
Prepaid expenses and other | 23.9 | 23.6 | |||||
Income taxes receivable | 0.9 | - | |||||
1,142.0 | 915.9 | ||||||
Fixed assets, net | 463.8 | 424.0 | |||||
Goodwill, net (notes 2 and 6) | 100.8 | 132.5 | |||||
Future tax assets | 89.7 | 96.0 | |||||
Other assets (note 11) | 10.5 | 11.0 | |||||
$ | 1,806.8 | $ | 1,579.4 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Bank indebtedness | $ | 79.6 | $ | 46.0 | |||
Accounts payable | 636.2 | 527.6 | |||||
Accrued salaries and wages | 74.2 | 53.7 | |||||
Other accrued liabilities | 72.6 | 49.6 | |||||
Income taxes payable | - | 1.8 | |||||
Long-term debt due within one year | 4.0 | 6.8 | |||||
866.6 | 685.5 | ||||||
Long-term debt | 32.1 | 30.6 | |||||
Other long-term liabilities | 25.5 | 22.1 | |||||
Convertible Series Preferred Shares (note 5) | 203.2 | 194.6 | |||||
Future tax liabilities | 43.5 | 35.0 | |||||
Minority interest | 1.1 | 1.7 | |||||
Shareholders' equity: | |||||||
Convertible Series Preferred Shares (note 5) | 24.3 | 31.4 | |||||
Class A Subordinate Voting Shares (note 5) | 71.8 | 71.7 | |||||
Class B Shares (note 5) | 495.8 | 495.8 | |||||
Retained earnings | 24.0 | 15.9 | |||||
Currency translation adjustment | 18.9 | (4.9) | |||||
634.8 | 609.9 | ||||||
$ | 1,806.8 | $ | 1,579.4 | ||||
INTIER AUTOMOTIVE INC.
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
(U.S. dollars in millions, except per share figures and numbers of shares) | |||||||||||
Three month periods ended September 30, | Nine month periods ended September 30, | ||||||||||
2002 | 2001 | 2002 | 2001 | ||||||||
(unaudited) | (unaudited) | ||||||||||
Sales | $ | 931.6 | $ | 728.5 | $ | 2,806.9 | $ | 2,401.4 | |||
Cost of goods sold | 819.5 | 641.6 | 2,448.7 | 2,096.9 | |||||||
Depreciation and amortization (notes 2 and 6) | 22.5 | 23.0 | 64.1 | 66.5 | |||||||
Selling, general and administrative (note 12) | 48.8 | 42.9 | 144.4 | 127.2 | |||||||
Affiliation and social fees (note 12) | 14.2 | 11.0 | 43.3 | 36.7 | |||||||
Operating income | 26.6 | 10.0 | 106.4 | 74.1 | |||||||
Interest (income) expense, net | (1.2) | 1.7 | (0.6) | 16.1 | |||||||
Amortization of discount on Convertible Series |
|
|
|
| |||||||
Equity loss | - | - | - | 0.4 | |||||||
Income before income taxes and minority |
|
|
|
| |||||||
Income taxes | 11.7 | 4.5 | 46.2 | 28.6 | |||||||
Minority interest | 0.3 | (0.1) | (0.1) | (0.1) | |||||||
Net income | $ | 12.9 | $ | 2.0 | $ | 52.3 | $ | 27.2 | |||
Financing charge on Convertible Series |
|
|
|
| |||||||
Net income attributable to Class A Subordinate |
|
|
|
| |||||||
Retained earnings and Magna's net |
|
|
|
| |||||||
Adjustment for change in accounting policy for |
|
|
|
| |||||||
Net distribution to Magna | - | (838.4) | - | (869.5) | |||||||
Dividends on Class A Subordinate Voting and |
|
|
|
| |||||||
Change in currency translation adjustment | - | 4.0 | - | (1.8) | |||||||
Retained earnings, end of period | $ | 24.0 | $ | 5.9 | $ | 24.0 | $ | 5.9 | |||
| |||||||||||
Basic | $ | 0.26 | $ | 0.12 | $ | 1.06 | $ | 0.12 | |||
Diluted | $ | 0.25 | $ | 0.12 | $ | 0.96 | $ | 0.12 | |||
Average number of Class A Subordinate Voting | |||||||||||
Basic | 48.2 | 47.3 | 48.2 | 47.3 | |||||||
Diluted | 63.7 | 47.3 | 63.7 | 47.3 | |||||||
Pro forma earnings per Class A Subordinate | |||||||||||
Basic | - | $ | 0.04 | - | $ | 0.66 | |||||
Diluted | - | $ | 0.04 | - | $ | 0.65 | |||||
Average number of Class A Subordinate Voting | |||||||||||
Basic | - | 45.8 | - | 43.8 | |||||||
Diluted | - | 45.8 | - | 58.7 | |||||||
INTIER AUTOMOTIVE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in millions) | |||||||||||
Three month periods ended September 30, | Nine month periods ended September 30, | ||||||||||
2002 | 2001 | 2002 | 2001 | ||||||||
(unaudited) | (unaudited) | ||||||||||
Cash provided from (used for): | |||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | 12.9 | $ | 2.0 | $ | 52.3 | $ | 27.2 | |||
Items not involving current cash flows | 29.9 | 20.9 | 90.9 | 62.6 | |||||||
42.8 | 22.9 | 143.2 | 89.8 | ||||||||
Change in non-cash working capital | 0.6 | (8.2) | 89.4 | (8.6) | |||||||
43.4 | 14.7 | 232.6 | 81.2 | ||||||||
INVESTMENT ACTIVITIES | |||||||||||
Fixed asset additions | (34.6) | (18.3) | (87.4) | (55.9) | |||||||
Increase in investments and other assets | (1.4) | (4.0) | (2.1) | (5.0) | |||||||
Proceeds from disposition of fixed assets | 0.3 | 0.6 | 2.8 | 2.4 | |||||||
(35.7) | (21.7) | (86.7) | (58.5) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Increase in bank indebtedness | 24.2 | 91.2 | 31.7 | 93.2 | |||||||
Repayments of long-term debt | (3.7) | (0.8) | (3.3) | (6.9) | |||||||
Net distribution to Magna | - | (102.5) | - | (107.8) | |||||||
Issue of Class A Subordinate Voting Shares, net | 0.1 | 71.7 | 0.1 | 71.7 | |||||||
Dividends on Class A Subordinate Voting and |
|
|
|
| |||||||
Dividends on Convertible Series Preferred Shares | (2.8) | - | (5.6) | - | |||||||
15.4 | 59.6 | 15.7 | 50.2 | ||||||||
Effect of exchange rate changes on cash and |
|
|
|
| |||||||
Net increase in cash and cash equivalents during |
|
|
|
| |||||||
Cash and cash equivalents, beginning of period | 221.2 | 69.6 | 77.1 | 51.6 | |||||||
Cash and cash equivalents, end of period | $ | 241.7 | $ | 123.8 | $ | 241.7 | $ | 123.8 | |||
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(All amounts in U.S. dollars unless otherwise noted and all tabular amounts in millions, except per share figures and number of shares)
(All amounts as at September 30, 2002 and for the three month and nine month periods ended September 30, 2002 and 2001 are unaudited).
1. | BASIS OF PRESENTATION |
| |
| |
|
2. | ACCOUNTING CHANGES |
| |
| |
| |
|
3. | CYCLICALITY |
|
4. | USE OF ESTIMATES |
|
5. | CAPITAL STOCK |
| |
| |
|
Authorized | Issued | |||||
Convertible Series Preferred Shares |
|
| ||||
Preferred Shares, issuable in series | Unlimited | - | ||||
Class A Subordinate Voting Shares [i], [ii] | Unlimited | 5,481,191 | ||||
Class B Shares |
|
| ||||
Notes: | ||||||
[i] | On July 31, 2001, the Company filed a final prospectus with the securities regulatory authorities in Canada and the United States for a public offering of Class A Subordinate Voting Shares. The offering was completed in August, 2001. The details of the proceeds from the public offering of Class A Subordinate Voting Shares are as follows: | |||||
Total proceeds on 5,476,191 shares | $ | 74.8 | ||||
Expenses of the issue, net of taxes | (3.1) | |||||
Net proceeds | $ | 71.7 | ||||
[ii] | Class A Subordinate Voting Shares increased by $0.1 million in the three month period ended September 30, 2002, representing 5,000 shares issued as a result of the exercise of stock options. |
Options and Convertible Securities | |
|
Number of Shares | ||
|
| |
Class B Shares outstanding as at September 30, 2002 | 42,751,938 | |
Options to purchase Class A Subordinate Voting Shares | 3,189,000 | |
Convertible Series Preferred Shares, convertible at $15.09 per share | 14,910,537 | |
66,332,666 | ||
On August 6, 2002, the Company's Board of Director's approved an additional 605,000 options to purchase Class A Subordinate Shares to employees and officers of the Company, 295,000 and 310,000 options were issued at exercise prices of Cdn.$26.85 and U.S.$16.40, respectively. | |
|
6. | GOODWILL |
| |
| |
|
Three month period ended September 30, 2001 | Nine month period ended September 30, 2001 | ||||
Net income as reported | $ | 2.0 | $ | 27.2 | |
Goodwill amortization, net of taxes | $ | 1.7 | $ | 5.4 | |
Adjusted net income | $ | 3.7 | $ | 32.6 | |
7. | STOCK BASED COMPENSATION |
| |
|
Risk free interest rate | 4.14% | |
Expected dividend yield | 1.20% | |
Expected volatility | 37% | |
Expected time until exercise | 5 years | |
The Black-Scholes options valuation model used by the Company to determine fair values was developed for use in estimating the fair value of freely traded options which are fully transferable and have no vesting restrictions. In addition, this model requires the input of highly subjective assumptions, including future stock price volatility and expected time until exercise. Because the Company's outstanding stock options have characteristics which are significantly different from those of traded options, and because changes in any of the assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of the stock options. | |
| |
|
8. | EARNINGS PER SHARE FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2002 AND THE TWO MONTH PERIOD ENDED SEPTEMBER 30, 2001. |
| |
|
Three month period ended September 30, 2002 | Nine month period ended September 30, 2002 | Two month period ended September 30, 2001 | |||||
Basic earnings per Class A Subordinate Voting | |||||||
Net income attributable to Class A Subordinate |
|
|
|
|
|
| |
Average number of Class A Subordinate Voting | 48.2 | 48.2 | 47.3 | ||||
Basic earnings per Class A Subordinate Voting or |
|
|
|
|
|
| |
Diluted earnings per Class A Subordinate | |||||||
Net income attributable to Class A Subordinate |
|
|
|
|
|
| |
Adjustments (net of related tax effects): | |||||||
Amortization of discount on Convertible Series |
|
|
| ||||
Financing charge on Convertible Series |
|
|
| ||||
$ | 15.8 | $ | 60.9 | $ | 5.9 | ||
Average number of Class A Subordinate Voting |
|
|
| ||||
Convertible Series Preferred Shares | 14.9 | 14.9 | - | ||||
Stock options | 0.6 | 0.6 | - | ||||
63.7 | 63.7 | 47.3 | |||||
Diluted earnings per Class A Subordinate Voting or |
|
|
|
|
|
| |
At September 30, 2001, the Company has outstanding 2,475,000 incentive stock options and 2,250,000 Convertible Series Preferred Shares, which are anti-dilutive and, therefore, not included in the two month period ended earnings per share calculation, above.
| |
9. | PRO FORMA EARNINGS PER SHARE FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2001 |
|
· | Adjustments to reflect the Company's new capital structure described under Principles of Consolidation in Significant Accounting Policies in the 2001 audited consolidated financial statements included in the Company's 2001 Annual Report and other corporate charges; | |
· | The tax effect of the foregoing adjustments, where applicable, using an assumed income tax rate of approximately 40%. |
Basic and diluted pro forma earnings per Class A Subordinate Voting or Class B Share is based on the assumption that 42,751,938 Class B Shares and 2,250,000 Convertible Series Preferred Shares were issued and outstanding for the entire periods presented. |
|
Three month period ended September 30, 2001 | Nine month period ended September 30, 2001 | ||||||
Pro forma basic earnings per Class A Subordinate | |||||||
Net income attributable to Class A Subordinate Voting |
|
|
|
| |||
Pro forma adjustments (net of tax effects): | |||||||
Amortization of discount on Convertible Series |
|
| |||||
Interest on debt due to Magna | 1.0 | 9.5 | |||||
Corporate charges | - | (0.6) | |||||
Financing charge on Convertible Series Preferred Shares | (0.3) | (1.0) | |||||
Pro forma net income attributable to Class A Subordinate |
|
|
|
| |||
Average number of Class A Subordinate Voting or |
|
| |||||
Pro forma basic earnings per Class A Subordinate Voting |
|
|
|
| |||
Pro forma diluted earnings per Class A Subordinate | |||||||
Pro forma net income attributable to Class A Subordinate |
|
|
|
| |||
Pro forma adjustments (net of related tax effects): | |||||||
Amortization of discount on Convertible Series |
|
| |||||
Financing charge on Convertible Series Preferred |
|
| |||||
$ | 1.9 | $ | 38.0 | ||||
Average number of Class A Subordinate Voting and |
|
| |||||
Convertible Series Preferred Shares (in millions) | - | 14.9 | |||||
45.8 | 58.7 | ||||||
Pro forma diluted earnings per Class A Subordinate |
|
|
|
| |||
For the three month period ended September 30, 2001, pro forma diluted earnings does not include the 2,250,000 Convertible Series Preferred Shares assumed to be outstanding in the calculation of pro forma diluted earnings per share, since they have an anti-dilutive effect. |
10. | SEGMENTED INFORMATION |
|
Three month period ended September 30, 2002 | Three month period ended September 30, 2001 | ||||||||||||
| Operating income (loss) (i) |
|
| Operating income (loss) (i) |
| ||||||||
Interior Sytems | |||||||||||||
North America | $ | 420.5 | $ | 19.7 | $ | 208.2 | $ | 324.0 | $ | 4.4 | $ | 196.1 | |
Europe | 321.1 | 0.2 | 167.8 | 239.3 | 0.6 | 144.0 | |||||||
Closures Systems | |||||||||||||
North America | 156.3 | 12.9 | 39.6 | 141.7 | 11.7 | 33.5 | |||||||
Europe | 34.6 | (6.2) | 48.0 | 24.0 | (3.3) | 41.3 | |||||||
Corporate, other and |
|
|
|
|
|
| |||||||
Total reportable segments | $ | 931.6 | $ | 26.6 | 463.8 | $ | 728.5 | $ | 10.0 | 415.0 | |||
Current assets | 1,142.0 | 942.0 | |||||||||||
Goodwill, future tax and other |
|
| |||||||||||
Consolidated total assets | $ | 1,806.8 | $ | 1,608.4 | |||||||||
Nine month period ended September 30, 2002 | Nine month period ended September 30, 2001 | ||||||||||||
| Operating income (loss) (i) |
|
| Operating income (loss) (i) |
| ||||||||
Interior Sytems | |||||||||||||
North America | $ | 1,319.1 | $ | 80.1 | $ | 208.2 | $ | 1,148.2 | $ | 55.3 | $ | 196.1 | |
Europe | 887.0 | 5.2 | 167.8 | 693.7 | (3.2) | 144.0 | |||||||
Closures Systems | |||||||||||||
North America | 492.9 | 39.0 | 39.6 | 465.8 | 33.6 | 33.5 | |||||||
Europe | 109.5 | (14.6) | 48.0 | 95.8 | (2.9) | 41.3 | |||||||
Corporate, other and |
|
|
|
|
|
| |||||||
Total reportable segments | $ | 2,806.9 | $ | 106.4 | 463.8 | $ | 2,401.4 | $ | 74.1 | 415.0 | |||
Current assets | 1,142.0 | 942.0 | |||||||||||
Goodwill, future tax and other |
|
| |||||||||||
Consolidated total assets | $ | 1,806.8 | $ | 1,608.4 | |||||||||
(i) Effective January 1, 2002, the Company has changed its measure of segment profitability from income (loss)
before income taxes to operating income (loss).
11. | EQUITY INVESTMENT |
|
12. | COMPARATIVE FIGURES |
|