AsLrld urlbe 88

!"# %&'() #*+,' - ./, %*'0

1&)2*)&34 1200*'5

lrledrlch von eLersen ls Lhe owner of 8ad Pausen farm. Cne day, lrledrlch called hls son
Ceorg, who was currenLly applylng for banklng lnLervlews, for advlce on Lhe opLlons for Lhe
famlly's farm afLer Lhe manager of 8ad Pausen larm, Mlchael, called Lo Lell hlm LhaL he
found ouL LhaL Lhe Agees farm, a farm whlch 8ad Pausen had a operaLlng cooperaLlon
agreemenL wlLh, was purchased by Lhe faLher-ln-law of Mlchael's asslsLanL manager, Lrlch.
Clven Lhe new confllcL of lnLeresL, Ceorg decldes Lo vlslL Lhe von eLersen farm Lo flnd ouL
more abouL Lhe currenL slLuaLlon, so he can provlde hls faLher an advlse on whaL Lo do.

#'367,0 ()*),0,4)8 Clven Lhe new confllcL of lnLeresL, whaL should Ceorg recommend hls
faLher Lo do wlLh Lhe currenL cooperaLlon agreemenL beLween 8ad Pausen and Agees?

9'&),'&*
1. CosLs: Whlch are Lhe currenL cosL expenses? Pow have cosLs been allocaLed? Whlch
would be Lhe cosLs lf Lhere were no agreemenL? Pow much ls 8ad Pausen savlng
wlLh Lhe currenL agreemenL?
2. von eLersen lnLeresL: Pow does Lhe alLernaLlve allgn wlLh Lhe famlly lnLeresL? Pow
lnvolved do Lhe von eLersen wanL Lo be ln Lhe buslness?

!7),'4*)&:,(
1. ConLlnue wlLh Lhe cooperaLlon agreemenL
2. Cease currenL cooperaLlon agreemenL, conLlnue by Lhemselves
3. Modlfy Lhe cooperaLlon agreemenL and cosLs allocaLlon

!4*75(&(

1. CosLs

LxhlblLs 1 Lo 6 show Lhe cosL analyses and exhlblL 7 summarlzes Lhe cosL sLrucLure for each
alLernaLlve analyzed.

!"#$%&'(#) +#,',

roducLlon cosLs are calculaLed based on Lhe area and crop culLlvaLed and Lhe cosLs per
hecLare per crop. As shown ln ;</&6&) =, 28 of Lhe crop share corresponds Lo rapeseed,
28 Lo wheaL, 14 Lo 8arley, and 14 Lo 8ye. nelLher 13 of Lhe oLher crops area nor 10
of Lhe LoLal farm area dedlcaLed Lo anlmal farmlng was Laken lnLo accounL for Lhe exerclse,
and lL was assumed LhaL crop share was equal ln Agees and ln 8ad Pausen. 1he producLlon
cosLs per hecLare vary across crops and generaLe savlngs when Lhe agreemenL ls operaLlng
(see ;</&6&) >). 1he LoLal amounL of savlngs generaLed by Lhe agreemenL reaches 11.2 of
Lhe producLlon cosLs Lo boLh companles (see ;</&6&) ?).


AsLrld urlbe 88

-./#" +#,',

Labor CosLs are esLlmaLed wlLh Lhe amounL of weekly hours worked by each worker and Lhe
hourly wage pald Lo each worker accordlng Lo hls skllls. Slnce Lhe cooperaLlon agreemenL
sLarLed ln 2003, Lhe number of hours per year worked by each worker has lncreased for 8ad
Pausen aL a hlgher raLe Lhan lL used Lo lncrease from 2001 Lo 2003, as for Agees number of
hours per year worked by each worker has decreased, alLhough Lhe CAC8
1
from 2001 Lo
2003 lncreased 0.3 (see ;</&6&) @). Slnce LoLal labor cosLs are deLermlned by Lhe LoLal
hours worked, Lhe labor cosLs behave accordlng Lo changes ln worklng hours (see ;</&6&) A).
1here ls no operaLlng change LhaL explalns Lhe lncrease ln 8ad Pausen labor cosLs, and Lhe
decrease ln Agees labor cosLs, Lherefore lL can be concluded LhaL managemenL ls allocaLlng
hlgher worklng hours Lo 8ad Pausen as lL should.

0".&'#", 1.()'2).)&2 +#,',

MalnLenance cosLs depend on Lhe LracLor usage. 1hls usage can be esLlmaLed wlLh Lhe
accumulaLed hours per LracLor. MalnLenance cosLs accrue Lo 3 of Lhe LracLor value when
accumulaLed usage ls less Lhan 6,000 hours, and lncreases by 2 for each addlLlonal 1,000
hours of use. lrom 2001 Lo 2003, malnLenance cosLs were lncreaslng around 2 per year ln
8ad Pausen, buL were lncreaslng aL 18 per year ln Agees (see ;</&6&) B). 1he average usage
per year was esLlmaLed wlLh Lhe labor hours, Lherefore once agaln, Lhe cooperaLlng
agreemenL favors Agees over 8ad Pausen, allocaLlng hlgher cosLs Lo 8ad Pausen.

lurLhermore, a new LracLor was acqulred ln 2006 lowerlng Lhe malnLenance cosLs
slgnlflcanLly. Clven Lhe greaL dlsLress" of Agees ln 2003, one can assume LhaL Lhe t300,000
lnvesLed ln Lhe new LracLor acqulred ln 2006 (see ;</&6&) C), whlch lowered slgnlflcanLly
Agees malnLenance cosLs, was purchased by 8ad Pausen.

1(&3.24 .)$ 5"(&3 6.4."(2,

As shown ln ;</&6&) C, Lrlch [olned Lhe operaLlon ln 2008 Lo help Mlchael manage Lhe
workload and hls salary ls dlvlded beLween boLh companles. Mlchael salary ls sLlll pald by
8ad Pausen. lL ls assumed LhaL Mlchael's bonus, whlch ls 2 of Lhe operaLlng margln,
represenLs 2 of Lhe operaLlng margln. 1he cease of Lhe agreemenL would lower Mlchael's
workload, so 8ad Pausen would noL need Lrlch anymore.

+#,' 6'"%&'%"2

CosL sLrucLure ls summarlzed ln ;</&6&) C. Cn one hand, acLual savlngs from Lhe agreemenL
have noL been as slgnlflcanL as 8ad Pausen could have expecLed and savlngs have decllned
slnce 2003. Cn Lhe oLher hand, Agees has reached savlngs of 9 of Lhelr cosLs wlLh Lhe
cooperaLlon agreemenL and Lhey seem Lo keep growlng (4 new LracLors).

Accordlng Lo Lhe analysls shown &4 ;</&6&) C, 8ad Pausen sLlll has yearly savlngs generaLed
from Lhe cooperaLlon agreemenL (around t13k), Lherefore based on a cosL analysls lL does
noL make sense Lo cease Lhe agreemenL. lf Lhe labor and malnLenance cosLs allocaLlon ls

1
Compound annual growLh raLe
AsLrld urlbe 88


ad[usLed, hlgher savlngs can be generaLed, maklng Lhe opLlon of havlng Lhe agreemenL
modlfled Lhe mosL appeallng Lo 8ad Pausen.


2. van eLersen lnLeresL

Lven Lough each of Lhe alLernaLlves ls posslble Lo execuLe, each of Lhem has dlfferenL
parLlclpanLs lnvolved, affecLlng Lhe van eLersen famlly besL lnLeresL. ln Lhe alLernaLlve of
keeplng buslness as usual, 8ad Pausen wlll be generaLlng llmlLed savlngs from Lhe
cooperaLlon agreemenL and wlll have a hlgher rlsk of exposure due Lo Lhe new confllcL of
lnLeresL.

Pow could Mlchael noL know abouL Lhe new Agees owner? Mlchael has been lnvolved ln
Lhe farm slnce lL sLarLed and slnce Alexandra dled has operaLed lL baslcally by hlmself. Were
t66,000 a year noL enough for hlm? Cr ls Lhere any moLlve LhaL drlves Mlchaels wlll Lo favor
Agees over 8ad Pausen performance? So far Mlchael has been a loyal and proacLlve
employee, who knows Lhe famlly for ages. Slnce no member of Lhe von eLersen famlly ls
wllllng Lo Lake charge over Lhe farm managemenL and Mlchael ls Lhe only person avallable
for such [ob, ls beLLer Lo assume Mlchaels lnnocence unLll proven gullLy.

lf Lhe von eLersen famlly decldes Lo cease Lhe cooperaLlon agreemenL, Lhere are Lwo maln
ouLcomes LhaL can affecL lLs maln lnLeresL:
1. Mlchael mlghL reslgn
2. 8ad Pausen wlll lose Lhe procuremenL and Lhe operaLlng cosLs per hecLare savlngs
lf Mlchael reslgns, Lhere ls no successor prepared Lo Lake over hls place and Ceorg would
have Lo Lake charge of Lhe farm. Slnce Ceorg ls applylng for lnvesLmenL banklng ln London,
one can assume LhaL Lhe farm ls a parallel buslness, buL noL hls maln lnLeresL. larmlng
requlres full Llme dedlcaLlon and nelLher Ceorg nor lrledrlch are wllllng Lo be ln charge of
Lhe farm.

1he besL posslble way Lo lncrease 8ad Pausen savlngs ls Lo use Lhe new ownershlp change of
Agees as an opporLunlLy Lo revlse Lhe currenL cosL allocaLlon sysLem and Lhe cooperaLlon
agreemenL per se. Agees ls beneflLlng more from Lhe agreemenL Lhan 8ad Pausen ls (see
;</&6&) C), Lherefore lL wlll noL be convenlenL for Lhem Lo cease Lhe agreemenL, and Lhey wlll
be wllllng Lo negoLlaLe a new allocaLlon pollcy glven Lhe new slLuaLlon (Lrlch and Agees new
owner famlllar relaLlonshlp).

lL seems LhaL Lhe von eLersen famlly cares abouL Lhe farm, and ls noL wllllng Lo sell aunL
Alexandra's legacy. Moreover, Lhe farm has represenLed exLra lncome for Lhe famlly and
whlle Lhls conLlnues Lhey don'L seem Lo be lnLeresLed ln leLLlng Lhe farm go. 1herefore, Lhe
alLernaLlve of selllng Lhe farm was noL consldered.






AsLrld urlbe 88

D,E&(&34

1he followlng Lable ls a declslon maLrlx, whlch summarlzes Lhe lmpacL of Lhe analyses and
shows Lhe besL opLlon glven Lhe analyses provlded:

AlLernaLlves


A1 A2 !?
CrlLerla
CosLs + - FF
von eLersen lnLeresL - - - F



!E)&34 #7*4

1he acLlon plan Lo lmplemenL Lhe chosen alLernaLlve should lnclude:

1. SlLuaLlon Analysls
a. 1alk Lo Lhe new owner and ask hlm abouL hls sLraLegy Lo manage Agees ln Lhe
fuLure
b. 1alk Lo Mlchael abouL Lhe currenL slLuaLlon, dlscuss wlLh hlm how Lo manage
Lrlch relaLlonshlp wlLh Agees owner, and Lry Lo flnd ouL lf he ls sLlll worklng
for 8ad Pausen maln lnLeresL
c. 1alk Lo Lrlch Lo flnd ouL hls expecLaLlons and wllllngness Lo leave
2. 8evlse currenL cosL allocaLlon
a. CaLher lnformaLlon Lo flnd new savlngs whlch were noL assessed before
b. ueflne an easy-Lo-monlLor sysLem Lo revlse cosL allocaLlon
3. upgradlng Lhe currenL agreemenL Lo a formal conLracL beLween 8ad Pausen and
Agees
a. negoLlaLe new cosL allocaLlon sysLem
b. lnclude Lhe new cosL allocaLlon sysLem ln Lhe conLracL

















AsLrld urlbe 88


LxhlblL 1
Area per Crop and larm


noLes: (1) lor analysls purposes CnL? common crops such as 8apeseed, WheaL, 8arley, and 8ye areas were
Laken lnLo accounL
(2) lL ls assumed LhaL Agees has Lhe same crop share as 8ad Pausen

LxhlblL 2
CosL per lLem and crop per ha


noLe: 1he cooperaLlon agreemenL conslsLed ln 10 procuremenL savlngs (procuremenL lncludes ferLlllzer,
pesLlcldes, and seeds), and 13 operaLlng cosL savlngs

LxhlblL 3
roducLlon cosLs per larm wlLh and wlLhouL cooperaLlng agreemenL


noLe: 1oLal cosL per larm = cosL per crop x ha per crop per farm




!"#$% &'(#) +# !"#$% &'(# +#
,#-%.%%/ 012 034 ,#-%.%%/ 012 430
5"%#( 012 034 5"%#( 012 430
6#$)%7 842 809 6#$)%7 842 00:
,7% 842 809 ,7% 842 00:
;("%$ 832 8<1 ;("%$ 832 043
='> #$#?)% 8@@ ='> #$#?)% 891
A$#?)% 8@@2 B@@ A$#?)% 8@@2 8C:@@
!"!#$ %&''' !"!#$ %&))*
+#, -#./01 #200/
!"#$%&%'"# (")$%*%+") ,-"#.$%/0 23)$ 4""+) !"#$ &'( )*
5.-")""+ 678 678 669 6:; ++,
<=".$ 678 6>? 666 9: -./
@.#&"A 6?> 687 666 9: -/0
5A" 6BB 688 666 9: -11
!"#$%&%'"# (")$%*%+") ,-"#.$%/0 23)$ 4""+) !"#$ &'( )*
5.-")""+ 6;: 6;: 6B: 68: 120
<=".$ 6;: 6?: 6>: 6:: +10
@.#&"A 6C: 6B: 6>: 6:: +-0
5A" 67: 6>? 6>: 6:: +2+
34$) 5""&'(*$4"6 *7(''8'6$ 9 !:(('6$
34$)":$ 5""&'(*$4"6 *7(''8'6$ 9 ;('<4":#
!"#$%&'( )'""#*+ !"#$%&'( )'""#*+
,-.#(##/ 1234565 1784826 ,-.#(##/ 9384839 9564615
:;#-+ 1594955 19<47<6 :;#-+ 9294636 9954<22
=-">#? <64269 <@4686 =-">#? 1914897 1@649<7
,?# <<4<33 284165 ,?# 1164273 1@24912
!"#$% '"(# )* + ,-,./01 -02.,30 !"#$% '"(# )* + 11-.-43 202./,0
567 869:;< =;> ?;6> 6@;;: 'A:!: =;> ?;6>
AsLrld urlbe 88

LxhlblL 4

Worklng hours per year ln Lhousand - wlLh cooperaLlon agreemenL

noLe: lor analysls purposes, 4 vacaLlon weeks were Laken lnLo accounL

Worklng hours per year ln Lhousand - wlLhouL cooperaLlon agreemenL

noLes: (1) lor analysls purposes, 4 vacaLlon weeks were Laken lnLo accounL
(2) CrowLh raLe for 2006-2010 was assumed Lo be CAC8 2001-2003


LxhlblL 3

Labor CosL er ?ear ln 1housand t - wlLh cooperaLlon agreemenL

noLe: lor analysls purposes, Lhe workers' sklll levels and wages were Laken lnLo accounL (Low Sklll 10t/h, Med
Sklll 12t/h, Plgh Sklll 14t/h)

Labor CosL er ?ear ln 1housand t - wlLhouL cooperaLlon agreemenL

noLes: (1) lor analysls purposes, 4 vacaLlon weeks were Laken lnLo accounL
(2) CrowLh raLe for 2006-2010 was assumed Lo be CAC8 2001-2003






Worker Company Sklll !""# !""! !""$ !""% !""& 2006 2007 2008 2009 2010 CAC8
'()*
!""#,!""&
'()*
!""&,!"#"
1 Agees Low #-. #-. #-. #-. #-. 1.7 1.7 1.7 1.7 1.7 -0.6 "-$/ -1.3
2 Agees Med !-" !-" !-" !-# !-# 2.0 2.0 2.0 2.0 2.0 -0.2 "-0/ -0.8
3 Agees Med !-# !-# !-# !-# !-# 2.0 2.0 2.0 1.9 1.9 -1.0 ,"-#/ -1.7
4 Agees Low #-1 #-1 #-1 #-1 #-. 1.7 1.7 1.7 1.7 1.7 0.0 "-$/ -0.3
3 Agees Low #-1 #-1 #-1 #-1 #-1 1.7 1.7 1.7 1.7 1.7 -0.1 "-#/ -0.2
6 Agees Low #-1 #-1 #-1 #-1 #-. 1.8 1.7 1.7 1.7 1.7 -0.2 "-%/ -0.7
7 Agees Low #-1 #-1 #-1 #-1 #-. 1.7 1.7 1.7 1.7 1.7 0.0 "-$/ -0.3
8 Agees Med #-1 #-1 #-1 #-1 #-1 1.7 1.7 1.7 1.7 1.7 -0.3 "-#/ -0.6
1 8ad Pausen Plgh #-2 #-2 #-2 #-2 #-2 2.0 2.0 2.0 2.1 2.1 1.4 "-$/ 2.3
2 8ad Pausen Low #-. #-. #-. #-. #-. 1.8 1.8 1.8 1.8 1.8 0.2 "-"/ 0.4
3 8ad Pausen Med #-. #-. #-. #-2 #-2 1.9 1.9 1.9 2.0 2.0 1.0 "-!/ 1.6
4 8ad Pausen Plgh #-2 #-. #-. #-2 #-2 2.0 2.0 2.0 2.1 2.1 1.3 ,"-#/ 2.3
1ota| 8ad nausen !"# !"% !"# !"# !"# 7.6 7.7 7.8 7.9 8.1 1.0 &"'( 1.7
1ota| Agees '#") '#") '#") '#"! '#"! 14.S 14.4 14.3 14.1 14.2 -0.3 &"%( -0.8
!""# !""! !""$ !""% !""& !""# !""$ !""% !""& !"'" ()*+
'()*
!""#,!""&
'()*
!""&,!"#"
!"#$% !"# !"% !"# !"# !"# &'( &'( &'( &'* &'* +',- &"'( +'.-
!"#$% '#") '#") '#") '#"! '#"! /('& /('& /('& /('0 /('0 +',- &"*( +'/-
(,-./01
1$2 3$4567
89665
Worker Company Sklll !""# !""! !""$ !""% !""& 2006 2007 2008 2009 2010 CAC8
'()*
!""#,!""&
'()*
!""&,!"#"
1 Agees Low #-.# #-.! #-.# #-.% #-.$ 17.4 17.0 17.2 17.1 17.1 -0.6 ".$/ -1.3
2 Agees Med !%.! !%.% !%.& !%.- !%.- 24.2 24.1 23.9 23.6 23.8 -0.2 ".0/ -0.8
3 Agees Med !%.- !%.1 !%.- !&." !%.2 24.3 24.2 24.1 23.3 22.6 -1.0 ,".#/ -1.7
4 Agees Low #2.% #2.$ #2.& #2.% #2.0 17.3 17.3 17.2 17.2 17.3 0.0 ".$/ -0.3
3 Agees Low #2.$ #2.& #2.& #2.% #2.% 17.3 17.3 17.2 16.8 17.2 -0.1 ".#/ -0.2
6 Agees Low #2.$ #2.$ #2.% #2.% #2.0 17.6 17.2 17.2 17.2 17.0 -0.2 ".%/ -0.7
7 Agees Low #2.% #2.$ #2.& #2.% #2.0 17.3 17.4 17.2 17.2 17.3 0.0 ".$/ -0.3
8 Agees Med !".- !#." !#." !".1 !".1 20.8 21.0 20.6 20.0 20.2 -0.3 ".#/ -0.6
1 8ad Pausen Plgh !0.! !0.& !0.0 !0.& !0.& 27.6 28.0 28.4 29.1 29.6 1.4 ".$/ 2.3
2 8ad Pausen Low #2.- #2.2 #2.2 #2.& #2.- 18.0 18.0 18.0 18.2 18.1 0.2 "."/ 0.4
3 8ad Pausen Med !!.# !!." !!.! !!.! !!.$ 22.3 22.9 23.3 23.8 24.1 1.0 ".!/ 1.6
4 8ad Pausen Plgh !0.$ !&.2 !&.1 !0.! !0.# 27.4 27.7 28.2 28.8 29.6 1.3 ,".#/ 2.3
1ota| 8ad nausen !"#$ !&#! !"#$ !"#$ !"#' 9S.4 96.7 98.0 99.9 101.S 1.1 (#&) 1.8
1ota| Agees &*'#+ &*'#! &*,#" &*,#, &*,#! 1S6.S 1SS.S 1S4.7 1S2.4 1S2.6 -0.3 (#+) -0.8
!""# !""! !""$ !""% !""& !""# !""$ !""% !""& !"'" ()*+
'()*
!""#,!""&
'()*
!""&,!"#"
!"#$% !"#$ !&#! !"#$ !"#$ !"#' &'() &'(+ &'(& &,(- &,(. -(./ (#&) -(./
!"#$% &*'#+ &*'#! &*,#" &*,#, &*,#! .0&(, .0&() .1-(. .1-(0 .1-(& -(,/ (#+) -(,/
(,-./01
2$3 4$5678
9:776
AsLrld urlbe 88


LxhlblL 6
MalnLenance CosLs Analysls

noLes: (1) lor analysls purposes, 2 weeks off a year for malnLenance were Laken lnLo accounL, and lL ls
assumed LhaL LracLor operaLlng hours are equlvalenL Lo half of Lhe weekly average per worker, slnce
LracLors are noL needed durlng Lhe whole year
(2) MalnLenance cosLs calculaLlon based on accumulaLed usage per LracLor

LxhlblL 7

CosLs Analysls wlLh cooperaLlon agreemenL, wlLhouL cooperaLlon agreemenL, lnvesLmenL, and LoLal savlngs per
company



1oLal 1racLor
hours per
year (1)
AccumulaLed
Pours
MalnLenance
CosLs (2)
1oLal 1racLor
hours per
year (1)
AccumulaLed
Pours
MalnLenance
CosLs (2)
1oLal 1racLor
hours per
year (1)
AccumulaLed
Pours
MalnLenance
CosLs (2)
1oLal 1racLor
hours per
year (1)
AccumulaLed
Pours
MalnLenance
CosLs (2)
2001 !"#!# %&"%## 43,388 !"#!# %&"%## 43,388 2001 '"(## ()"*+' 117,063 '"(## ()"*+' 117,063
2002 !"#*) %("!!! 43,731 !"#*) %("!!! 43,731 2002 '"+%( ('"##* 138,963 '"+%( ('"##* 138,963
2003 !"#!# %&"%') 47,396 !"#!# %&"%') 47,396 2003 '"+!) +("(%* 162,189 '"+!) +("(%* 162,189
2004 !"#!# %("!!' 44,263 !"#!# %("!!' 44,263 2004 '"+(( '!"%+' 194,418 '"+(( '!"%+' 194,418
2003 !"#() %&"%#' 48,493 !"#() %&"%#' 48,493 2003 '"++( #)"#!* 228,049 '"++( #)"#!* 228,049
2006 3,938 23,144 37,330 3,833 23,040 37,192 2006 7,684 36,033 177,830 7,684 36,189 178,183
2007 4,008 18,489 30,138 3,836 18,239 49,971 2007 7,704 63,332 206,823 7,704 63,893 207,724
2008 4,038 22,346 37,918 3,839 22,119 37,399 2008 7,724 46,974 136,048 7,724 47,463 136,921
2009 4,133 26,681 66,009 3,863 23,981 63,110 2009 7,743 39,172 132,024 7,743 39,948 133,013
2010 4,193 30,876 79,698 3,866 29,847 76,143 2010 7,763 46,342 143,002 7,763 47,711 143,073
CAC8 1.0 !"#$ %"#$ 0.1 !"&$ !"'$ CAC8 0.3 (&"'$ )")$ 0.3 (&"%$ )"#$
CAC8 2001-2003 ),%- ),)- %,+- ),%- ),)- %,+- CAC8 2001-2003 ),!- %*,+- %#,%- ),!- %*,+- %#,%-
CAC8 2003-2010 1.7 10.0 10.4 0.1 9.2 9.4 CAC8 2003-2010 0.3 -10.3 -8.9 0.3 -10.0 -8.6
WlLhouL Coop. agreemenL WlLh Coop. agreemenL WlLh Coop. agreemenL WlLhouL Coop. agreemenL
*+, .+/012 +3110
W|th Cooperat|on
Labor
roducLlon CosLs
ManLalnance
Salarles
Mlchael
8onus (Aprox 10)
Lrlch
8onus (Palf of Mlchael)
8enL
uepreclaLlon
1ota| Costs
varlaLlon
Investment
W|thout Cooperat|on
Labor
roducLlon CosLs
ManLalnance
Salarles
Mlchael
8onus (Aprox 10)
Lrlch
8onus (Palf of Mlchael)
8enL
uepreclaLlon
1ota| Costs
varlaLlon
Net Sav|ngs
Labor
roducLlon CosLs
ManLalnance
Salarles
Mlchael
8onus (Aprox 10)
Lrlch
8onus (Palf of Mlchael)
8enL
uepreclaLlon
1ota| Sav|ngs
Savlngs/CosLs WlLhouL Coop.
8AD nAUSLN
!""# 2006 2007 2008 2009 2010 W|th Cooperat|on
!"#$ 93.4 96.7 98.0 99.9 101.3 Labor
&'(#) 386.4 386.4 386.4 386.4 386.4 roducLlon CosLs
&*#( 37.3 30.2 37.9 66.0 79.7 ManLalnance
++#) 66.0 66.0 87.3 87.3 87.3 Salarles
+)#) 60.0 60.0 60.0 60.0 60.0 Mlchael
+#) 6.0 6.0 6.0 6.0 6.0 8onus (Aprox 10)
, - - 20.0 20.0 20.0 Lrlch
, - - 1.3 1.3 1.3 8onus (Palf of Mlchael)
-")#) 120.0 120.0 120.0 120.0 120.0 8enL
(&#) 34.0 34.0 34.0 34.0 34.0 uepreclaLlon
$%&'% 779.2 773.2 803.8 813.8 829.1 1ota| Costs
)#(. -4.S -0.8 4.0 1.2 1.9 varlaLlon
) - 220.0 - - - Investment
!""# 2006 2007 2008 2009 2010 W|thout Cooperat|on
!"#$ 92.7 92.8 92.9 93.0 93.1 Labor
&'(#) 433.0 433.0 433.0 433.0 433.0 roducLlon CosLs
&*#( 37.2 30.0 37.4 63.1 76.1 ManLalnance
++#) 66.0 66.0 66.0 66.0 66.0 Salarles
+)#) 60.0 60.0 60.0 60.0 60.0 Mlchael
+#) 6.0 6.0 6.0 6.0 6.0 8onus (Aprox 10)
, - - - - - Lrlch
, - - - - - 8onus (Palf of Mlchael)
-")#) 120.0 120.0 120.0 120.0 120.0 8enL
(&#) 34.0 34.0 34.0 34.0 34.0 uepreclaLlon
$%&'% 824.9 817.8 82S.3 833.1 844.2 1ota| Costs
)#+. 1.1 -0.9 0.9 1.0 1.3 varlaLlon
!""# 2006 2007 2008 2009 2010 Net Sav|ngs
, (2.7) (3.9) (3.1) (6.9) (8.4) Labor
, 48.6 48.6 48.6 48.6 48.6 roducLlon CosLs
, (0.1) (0.2) (0.3) (0.9) (3.6) ManLalnance
, - - (21.3) (21.3) (21.3) Salarles
, - - - - - Mlchael
, - - - - - 8onus (Aprox 10)
, - - (20.0) (20.0) (20.0) Lrlch
, - - (1.3) (1.3) (1.3) 8onus (Palf of Mlchael)
, - - - - - 8enL
, - - - - - uepreclaLlon
) 4S.7 44.S 21.S 19.3 1S.1 1ota| Sav|ngs
Savlngs/CosLs WlLhouL Coop. 6 3 3 2 2 Savlngs/CosLs WlLhouL Coop.
8AD nAUSLN AGLLS
!""# 2006 2007 2008 2009 2010
-(*#! 136.3 133.3 134.7 132.4 132.6
$$'#' 686.9 686.9 686.9 686.9 686.9
""*#) 177.9 206.8 136.0 132.0 143.0
, - - 20.0 20.0 20.0
, - - - - -
, - - - - -
, - - 20.0 20.0 20.0
, - - 1.3 1.3 1.3
'")#) 320.0 320.0 320.0 320.0 320.0
--$#' 93.3 93.3 93.3 93.3 93.3
%*#+,'& 1,434.7 1,462.6 1,431.0 1,404.7 1,41S.9
"#". -10.2 1.9 -2.2 -1.8 0.8
) 300 - S00 190 -
!""# 2006 2007 2008 2009 2010
-(*#! 139.3 139.7 160.1 160.3 160.9
$$'#' 773.3 773.3 773.3 773.3 773.3
""*#) 178.2 207.7 136.9 133.0 143.1
, - - 43.0 43.0 43.0
, - - - - -
, - - - - -
, - - 40.0 40.0 40.0
, - - 3.0 3.0 3.0
-")#) 120.0 120.0 120.0 120.0 120.0
--$#' 93.3 93.3 93.3 93.3 93.3
%*-+,'& 1,324.1 1,3S4.1 1,346.7 1,323.1 1,33S.6
"#(. -S.3 2.3 -0.8 -1.7 0.9
!""# 2006 2007 2008 2009 2010
, 2.7 4.2 3.4 8.1 8.3
, 86.4 86.4 86.4 86.4 86.4
, 0.3 0.9 0.9 1.0 2.1
, - - 21.3 21.3 21.3
, - - - - -
, - - - - -
, - - 20.0 20.0 20.0
, - - 1.3 1.3 1.3
, - - - - -
, - - - - -
) 89.4 91.4 114.2 116.9 118.2
Savlngs/CosLs WlLhouL Coop. 7 7 8 9 9
AGLLS