PV GAS

No. Target 2011 2012

1 Revenue 36,066 48,675
2 COGS 25,998 37,663
3 Gross Profit 10,068 11,012
4 Operating and Adminstration Expenses 2,177 2,473
5 Depreciation and Commercial Advantages Distribution 3,931 4,252
6 Financial Income 469 633
7 Financial Expenses 491 523
8 Profit before Taxes 3,938 4,397
9 Corporate Taxes 841 906
10 Net Income 3,097 3,491
Equity_min 22,930 22,930
ROE_max 13.51% 15.22%
Number Of Shares 1,895,000,000 1,895,000,000
EPS 1,634 1,842
DPS 196 221
Discounted factor 1.10 1.22
Diiounted value 177.64 181.38

g1 12.72%

g2

Price
 1,000,000,000

2013 2014 2015 TB

60,987 77,923 76,032
47,892 62,946 63,269 Payout Ratio 12%
13,095 14,977 12,763 r 10.40%
2,389 3,041 3,066 blowback ratio 88%
4,368 4,376 5,533
793 1,013 988
464 1,023 1,639
6,667 7,550 3,513
1,397 1,814 1,067
5,270 5,736 2,446
22,930 22,930 22,930
22.98% 25.02% 10.67% 17.48%
1,895,000,000 1,895,000,000 1,895,000,000
2,781 3,027 1,291
334 363 155 254
1.35 1.49 1.64
248.01 244.51 94.45 945.99

50.96% 8.84% -57.36% 3.79%

15.38%

9.59%

35,154.5

945.99