SHARE DATA

Earnings grow above expectation

1H14 core earnings up 18.1%. Globe reported 2Q14 earnings of
Php4.2Bil, up 26.7% from the same period last year. This
brought 1H14 earnings to Php7.6Bil, up by 18.1% y/y,
exceeding both COL and consensus estimates as it accounted
for 58.3% and 58.6% of full year forecasts, respectively.
Earnings growth was driven by higher services revenues which
increased by 7.1% to Php47.7Bil. This was accompanied by a
steep 18% decline in depreciation expenses to Php7.3Bil. We
have a BUY rating on GLO with a FV estimate of
Php2019/sh.

Fair Value:
Price, Sep 29 14(Php):
Upside (%):

-- MAKI, I GOT THIS FROM THE REPORT YOU

GAVE. CHECK MO IF ITS STILL APLICABLE!

Outstanding Shares (Mil):

Market Cap (Mil Php):
52-week Range (Php):
Free Float (%):

Ysabel Banson
Wendy Chen
Maki De Jesus
Edol Jimenez
Cole Tan
Nicole Torres
Renson Yu

2019.00
1665.00
21.29%

Table of Contents
Financial Summary............................................................................................................................................ 3
Investment Summary ....................................................................................................................................... 4
Valuation ............................................................................................................................................................. 4
Major Assumptions ...................................................................................................................................... 4
Peer Analysis.................................................................................................................................................. 5
Technical Analysis..................................................................................................................................... 5
Industry Overview & Competitive Positioning.......................................................................................... 7
Porters Five Forces Model ........................................................................................................................ 7
SWOT Analysis............................................................................................................................................. 8
Competitive Positioning and Strategy...................................................................................................... 8
Company Analysis............................................................................................................................................. 9
Investment Risks ............................................................................................................................................... 9
Treading New Waters .................................................................................................................................... 10
APPENDIX A: Financial Statements ........................................................................................................ 12
Income Statement ...................................................................................................................................... 12
Balance Sheet............................................................................................................................................... 12
Cash Flow Statement ................................................................................................................................. 14
APPENDIX B: KPI and BEM........................................................ Error! Bookmark not defined.

Financial Summary
Financial Metrics
2011A
EBITDA Growth (%)
EBIT Growth (%)
Net Income Growth (%)
EBIT Margn (%)
Net Income Margin (%)
ROCE (%)
ROA (%)
Net Debt/EV (%)
EV/sales (x)
EV/EBITDA (x)
EBITDA Margin (%)
ROE

2012A

2.333000997

Profitabily Margins

2013A

2014E

4.28
-20.94
13.18199532
13.12
11.87
7.722399011
6.934619724

12.14599294
9.5
12.21
5.680125219
7.302569131

40.5
22.46%

38.38
27.90%

2015E

7.153822536

Return on Equity
30.00%
25.00%
20.00%
15.00%

ROE

10.00%
5.00%
0.00%
2011A 2012A 2013A 2014E 2015E

EBITDA Margin
100000
80000
60000
40000
20000
0

2011A

2012A

Revenues

2013A

2014E

EBITDA

2015E

Investment Summary
Mobile Segments Grow
Mobile segment grows on the back of stronger postpaid and mobile data. 1H14 mobile services
revenues grew by 5% to Php24.5Bil. Growth was primarily driven by the stronger contribution
of the postpaid segment and mobile data services. During1H14, postpaid revenues reached
Php14.6Bil, up by 11% from the same period last year. Consequently, postpaid revenues now
account for 39% of mobile revenues and 31% of total service revenues, up by two percentage
points from just 37% and 29% respectively. Globe added that postpaid subscribers already
reached 2.1Mil, up by 10% from last year. On the other hand, prepaid revenues reached
Php23.2Bil, up by 2.2% y/y while its subscriber base grew by 19% y/y to 40.6Mil. However,
Globe said that it is looking to churn out around 7% of prepaid subscribers who just signed up
to avail of its free Facebook promo but are non-revenue generating units.

Valuation

Using the Free Cash Flow to Equity (FCFE) Approach of the Discounted Cash Flow (DCF)
Valuation Model, we estimate the fair value of GLOs stock at Php 2,019.42 per common share
outstanding. Since Globe Telecom, Inc. is already one of the major players in the mobile, broadband
and fixed line markets of the telecommunications industry, then we believe that GLO stocks should
be selling at a higher price that is close or equal to the stocks fair value.

Major Assumptions

Summary of Assumptions based on Empirical Data

INPUT
VALUE
Risk-free Rate (rRF)
5%

NOTE
Given

Market Risk Premium (RPM)

10.13%

Given

Beta ( in CAPM)
Required Rate of Return (r)
Retention Rate
Return On Assets (ROA)

0.59
9.9767%
16%
6.53%

Given
rRF + RPM *
1 Dividend Payout Ratio
Given

Short-term FCFE Growth

Rate

1.0448

Calculated by
analysts/authors

GDP Growth Rate (2013)

GDP Growth Rate (2019)

7.2%
6.0%

Actual; Annual
Forecasted; Annual

0.8707%

Begins after 5 years; year

2019;
Calculated by
analysts/authors

Constant FCFE Growth Rate

SOURCE
Bangko Sentral ng
Pilipinas (BSP)
New York
University
Reuters
Topyields.nl
The Financial Times
Ltd. 2014
The Financial Times
Ltd. 2014;
Topyields.nl
World Bank (WB)
International
Monetary Fund
(IMF)

Peer Analysis
Company Name

Hong Kong

Price/Earnings
(TTM)
8.76

Price/Book
(MRQ)
0.8843

Price/Sales
(TTM)
0.28

China

49.17

5.11

3.6

Taiwan

15.58

2.86

2.14

Philippines

21.37

5.07

2.23

Thailand

16.2

9.47

22

LG Uplus Corp

South Korea

29.23

1.34

0.4718

PCCW Limited

Hong Kong

17.49

3.89

1.3

Spark New Zealand Ltd

New Zealand

16.5

3.12

1.46

StarHub Ltd.

Singapore

19.85

74.89

3.02

Tower Bersama Infrastructure Tbk PT

Indonesia

27.38

9.48

11.91

TPG Telecom Ltd

Indonesia

32.32

6.67

5.71

China Communications Services Corp.

Ltd.
Dr Peng Telecom & Media Group Co
Ltd
Far EasTone Telecommunications Co.,
Ltd.
Globe Telecom, Inc.
Intouch Holdings PCL

Country

Technical Analysis
As can be seen in the graph a, GLO
stock has hit a support at the 1600+
level. A bearish candle with a
considerably long shadow was formed.
The long shadow indicates that there is
sufficient demand in the support level
such that it was able to drive up the
stock price higher. The stock price was
driven up to almost half of the
candlesticks body. A bearish marubozu
candlestick was prevented from forming.
A marubozu is a candlestick with full
bullish or bearish trend. This failure to
form a bearish marubozu signals that
the bullish trend (or uptrend) of the GLO stock will likely to continue and that this drop in price is
likely just a retracement and not an indicator of trend reversal. Moreover, in general, the trend
mostly contains higher highs and higher lows which is indicative of bullish trend. Furthermore, a
trendline has been drawn to show that such trendline sustained and survived 4 re-tests. The
trendline was able to hold even though it was re-tested four times. One of the basic rules of thumb
in technical analysis is that the more re-tests a trendline, a support, or a resistance is able to survive,
the stronger or sturdier it becomes. As such, with this knowledge of the trendline, we can extract a
supporting insight to our initial proposition that GLO stock will continue to increase. Since the last
candlestick (which is a bearish one with considerably long shadow) hit and re-tested the trendline
but the trendline was able to hold, then we expect that bullish candlesticks will appear as the stock
price will bounce back up and will likely to continue the generally bullish trend.

Company Profile
Globe Telecom, Inc. is a major provider
of telecommunications services in the
Philippines, supported by over 5,900 employees
and over 855,000 retailers, distributors,
suppliers, and business partners nationwide.
The Company operates one of the largest and
most technologically-advanced mobile, fixed
line and broadband networks in the country,
providing reliable, superior communications
services to individual customers, small and medium-sized businesses, and corporate and enterprise
clients. Globe currently has about 38.5 million mobile subscribers, over 2,000,000 broadband
customers, and over 594,000 million landline subscribers.
Globe is one of the largest and most profitable companies in the country, and has been
consistently recognized both locally and internationally for its corporate governance practices. It is
listed on the Philippine Stock Exchange under the ticker symbol GLO and had a market
capitalization of US$4.9 billion as of the end of December 2013.
Globe Telecom, Inc. is among the leading integrated telecom services in Philippines. The
company is primarily engaged in offering wireline, wireless and broadband services. Its major
shareholders include Singapore Telecom (47.3%) and Ayala Corporation (30.5%). The broad
portfolio of services offered by Globe Telecom include Glboe Postpaid, Globe Prepaid, TM (a
prepaid service), T@ttoo and Globe Gcash. The company has a network of over 782,000 retailers,
distributors, suppliers and business partners.
By 2012, the company had 33.12 million wireless and 1.67 million broadband subscriptions
which included 1.33 million wireless broadband and 340,560 wireline broadband subscriptions.
For the year ended December 2012, the company generated revenues of PHP 82.7 billion,
recording annual growth of 6%, with net income of PHP 6.9 billion. As of 2013, had revenues of
PHP 95 billion, and net income of PHP 4.96 billion.
Globe is committed to being a responsible corporate citizen. Globe BridgeCom, the
companys umbrella corporate social responsibility program, leads and supports various initiatives
that (1) promote education and raise the level of computer literacy in the country, (2) support
entrepreneurship and micro-enterprise development particularly in the countryside, and (3) ensure
sustainable development through protection of the environment and excellence in operations. Since
its inception in 2003, Globe BridgeCom has made a positive impact on the lives of thousands of
public elementary and high school students, teachers, community leaders, and micro-entrepreneurs
throughout the country. For its efforts, Globe BridgeCom has been recognized and conferred
several awards and citations by various Philippine and international organizations.

Industry Overview & Competitive Positioning

Porters Five Forces Model
1. Threat of New Entrants: WEAK
The threat of new entrants in this industry is weak because to enter in this market, a large
capital is needed. Furthermore, this capital expenditure is dependent on the level of economic
development of a certain market. To successfully enter into this market, the new entrant must
secure a large number of customers/subscribers in order to minimize the risk of entry. They
need a large number of subscribers because they will have to make up for the large capital
expenditures. Included in these expenditures are the fixed costs of building and maintenance of
the required infrastructure.
2. Bargaining Power of Suppliers: MODERATE
Since the suppliers of telecommunications companies re not exclusive, the firm has the power
to choose among the available suppliers based on quality and price. In this regard, the
bargaining power of suppliers is weak. However, since in this industry there is constant
emergence of new technologies, telecommunications companies are defenseless when the
suppliers who are able to meet the technological requirements are scarce. Therefore, overall,
the bargaining power of suppliers in this industry is moderate.
3. Threats of Substitutes: WEAK
Possible substitutes in this industry are mobile landlines and large-scale wi-fi systems. These
substitutes pose a weak threat to this industry because of mobility, coverage, and price. Mobile
landline companies like PLDT and BayanTel pose a weak threat because mobile landline
services are more expensive and their coverage is limited. Large-scale wi-fi systems likewise
pose a weak threat because the coverage is limited therefore mobility is also limited.
4. Bargaining Power of Buyers: MODERATE
Back when the only players in the market are Globe and Smart, the bargaining power of buyers
was weak because buyers did not have any choice but to subscribe to these two players
services even if the prices are high. However, when Sun entered the market and introduced the
all-you-can services, Globe and Smart needed to rethink their pricing and servicing strategy to
counter this new entrant. In this regard, the bargaining power of buyers is strong. Therefore,
overall, the bargaining power of buyers is moderate.
5. Rivalry Among Competitors: INTENSE
There is a struggle to differentiate their products. Since firms in this market have similar
products, there is intense competition. The only chance of companies to differentiate
themselves from the rest is to offer affordable and innovative services to subscribers.

SWOT Analysis
Strengths
- well-established brand
identity
- innovative offerings
- growing subscriber base

Weaknesses
- signal location, cellsites
acquisition
- poor brand marketing
communications
- high rate of employee turnover
Opportunities
S-O Strategies
W-O Strategies
- expand reach to include
- take advantage of
- improve satellite facilities as well
rural, overseas
expansion opportunities
as other kinds of
consumer base
both locally and abroad
telecommunications equipment
- new mobile applications,
- investment in research and
- increase advertising presence
browsing plans, etc.
development to tap into
- continued and introduction of
- heavy reliance on
new innovations
new services addressing
information technology
changing needs of clients
Threats
- lowered service
performance
- strategies of competitors
- rise of social media as a
provider of connectivity

S-T Strategies
- more attractive rates and
pricing
- partnerships with
companies offering
systems using the mobile
phone

W-T Strategies
- competitive assessment and
benchmarking to better finetune own strategies

Competitive Positioning and Strategy

Globe Telecom has had the advantage over its competitors because of their use of a digital
infrastructure to support its cellular network. Even though this is more expensive for Globe
Telecom, they were able to gain more due to the wide range of services that are offered. However,
Smart has recently transitioned into the same digital infrastructure as Globe. Because of this, success
will be dependent on who will dominate the market segment.
Along with this advantage over other telecommunication companies, Globe is currently
doing technological innovations to make life easier for its customers. The G-pass has been
developed to make riding the MRT easier for the public, it uses an electronic chip system and the
Hypercash Payment System. Globe believes the G-pass will be much appreciated by its subscribers
due to the daily use of the MRT. It is seen that Globe innovates past the cellular service to make
lives of their subscribers much easier.

Company Analysis
TAX INCENTIVES
Foreign investors of the mobile telecommunications sector are given tax incentives for giving funds
to site roll outs and technology upgrades. Globe Telecom being a part of this industry allows them
to have more funds for their research and development of new services, to compensate for their
being second place in holding the market.
RISING COMPETITOR
Smart Communications was able to garner 58.68% of the market during 2005, While Globe
Telecom came in second with only 35.94%. Consumers care more about the prices and packages
that are being offered, hence Smart being able to cater to the masses with their low prices and
packages that they were able to garner the largest portion of the market. However, Globe is
compensating by innovating more services such as the G-cash.
INCREASE OF SUBSCRIBERS
A significant increase of subscribers was seen during the 3rd quarter of 2006 for both Globe and
Smart. For globe it was from 12,403,575 in 2005 to 14,467,985 in 2006. Globe plans to tap the
lower segment of the market hoping to reach 50% of the total population. Smart which is currently
the major player in that segment will have a new competitor when Globe starts gearing its marketing
efforts towards the rural area/lowersegment.

Risks

INVESTMENT RISKS

Foreign Exchange Risk

-this risk basically arises from the volatile
movement of the Philippine Peso value
against the US Dollars with respect to
Globes US Dollar denominated revenues,
expenditures, assets, and liabilities. Globe
heavily relies on the Philippine Peso US
Dollar values because a almost Globes entire
capital expenditures are in US Dollars.
-Globe minimizes this risk by passing the
effects of local currency depreciation to its
subscribers. They can do this because they
bill and settle with their subscribers in
foreign currency. Another way how Globe
minimizes this risk is by entering into shortterm currency forwards and long-term
foreign currency swap contracts.

INDUSTRY RISKS

Competition in the Industry

-there is intense competition in the
Philippine telecommunications industry
because current players in the market are
still continuing to aggressively increase
market share. If Globes competitors gets a
slight advantage by any significant economic,
technological, or regulatory development, it
could negatively impact Globes business,
revenues, and net income.
Highly Regulated Environment
-Globe and other telecommunications
companies are regulated by the NTC. This is
considered a risk because changes in laws
and regulations may affect Globes
operations.
Economic Factors
-in 2013, the Philippines GDP growth was
7.2%. In the last quarter of 2013, the
Philippines was recognized as one of the best
in the Asian region in terms of economic
performance. However, external risks like
the debt and fiscal problem in the US and the
continued debt crisis in the Euro Zone will
likely remain and could stall regional trade
and capital flows. Events like these could
negatively affect the Philippines, which in
turn could affect Globes business and
financial condition.
Political Factors
-There is no way of assuring political stability
in the Philippines even if there was a recent
successful national election. Because of this,
political stability is a risk for companies like
Globe who depend on the overall political
and economic performance of the country.
Any political instability could potentially
affect Globes business negatively because
political instability will affects economic
performance.

Whats Next For Globe?

As part of its strategy to take over its competitors and widen its consumer reach,
Globe has recently tied up with Allphones, an Australian-based telecommunications
retailer, to mainly attract postpaid subscribers and encourage their continued use of
Globes products and services. Allphones will be the one providing the phones tied up with
Globes bundle plans, wherein customers are also given the flexibility of options from Plan
299 to the higher-end plans, as well as contract periods from 6 to 24 months.
We are one with Allphones in their commitment to superior service, as well as
ensuring that we empower customers with customizable products that better fit their
needs, budget, and lifestyle, shared Peter Bithos, Chief Operating Advisor at Globe. The
partnership between Globe and Allphones is yet another milestone in the industry as we
bring the future of telecoms and mobile retailing in the Philippines. We are excited to see
how Allphones will continue to trailblaze the industry by providing a game-changing retail
experience to Filipino mobile phone users. (Globe Telecom).
Despite aggressive switching campaigns and attractive price offerings of its
competitors, Globe is still the postpaid leader after posting a double-digit growth both in
revenues and in subscriber base last 2013. Its postpaid base is currently at 2.03 million,
17% more than last years 1.7 million, while the number of new subscribers has likewise
increased by 21%, closing in at 711,000 as of December 2013. This leads to Globes total
mobile subscriber base now being at 38.5 million, an impressive 16% rise from 33.1
million the previous year. Meanwhile, there has been a gross addition of 51% signing up
for monthly postpaid plans of P999 and above, as against 44% in 2012. Noting the surge in
subscriber base, Globes postpaid revenues have also improved by 18% year-on-year, now
at P27.1 billion.

APPENDIX A: Financial Statements

Income Statement

Millions of Philippines Pesos as of:

2010

2011

2012

2013

75,735.40

81,518.20

86,446.10

95,141.00

--

376.8

225.5

302.7

TOTAL REVENUES

75,735.40

81,895.00

86,671.70

95,443.70

Cost Of Goods Sold

17,741.00

19,601.90

20,380.40

23,211.50

GROSS PROFIT

57,994.40

62,293.10

66,291.30

72,232.30

Selling General & Admin Expenses, Total

23,419.60

27,420.60

31,326.40

35,708.70

Depreciation & Amortization, Total

18,085.80

18,941.20

18,502.90

18,411.50

-173.3

-172.5

-172.5

-172.5

OTHER OPERATING EXPENSES, TOTAL

41,332.20

46,189.30

49,656.90

53,947.70

OPERATING INCOME

16,662.20

16,103.80

16,634.50

18,284.50

Interest Expense

-1,981.80

-2,059.70

-2,086.10

-2,091.90

218.5

297.4

579.9

688.2

-1,763.30

-1,762.30

-1,506.20

-1,403.70

-3

-27.3

-83.6

-80

465.4

-308.6

318.3

-486.3

Other Non-Operating Income (Expenses)

-1,153.80

-185.9

-257.8

-333.6

EBT, EXCLUDING UNUSUAL ITEMS

14,207.50

13,819.60

15,105.20

15,981.10

--

--

-5,080.50

-9,066.00

42.4

64.3

Trend
Revenues
Other Revenues

Other Operating Expenses

Interest And Investment Income

NET INTEREST EXPENSE
Income (Loss) On Equity Investments
Currency Exchange Gains (Loss)

Merger & Restructuring Charges

Gain (Loss) On Sale Of Assets

32.5

319.3

Other Unusual Items, Total

-201.9

-80.7

-315.6

-114.6

Legal Settlements

-138.8

47.9

-56.3

-88.3

14,038.20

14,058.10

9,751.50

6,864.80

Income Tax Expense

4,293.60

4,253.60

2,906.30

1,904.50

Earnings From Continuing Operations

9,744.60

9,804.60

6,845.30

4,960.20

NET INCOME

9,744.60

9,804.60

6,845.30

4,960.20

NET INCOME TO COMMON INCLUDING EXTRA ITEMS

9,699.20

9,769.30

6,812.10

4,936.40

NET INCOME TO COMMON EXCLUDING EXTRA ITEMS

9,699.20

9,769.30

6,812.10

4,936.40

EBT, INCLUDING UNUSUAL ITEMS

Balance Sheet

Currency in
Millions of Philippines Pesos as of:

12/31/2010

1/1/2012

12/31/2012

5,159

6,759.80

12/31/2013

Assets
Cash And Equivalents

5,869

Trading Asset Securities

11.7

TOTAL CASH AND SHORT TERM

INVESTMENTS
Accounts Receivable
Notes Receivable

--

--

5,880.70

5,159.00

6,759.80

7,420.70

8,170.50

10,119.5
0
--

11,426.40

14,140.40

347.9

1,608.00

1,104.40

1,280.60

12,878.80

17,028.90

2,076.20

3,544.90

--

Other Receivables

--

7,420.70

658.6

--

TOTAL RECEIVABLES

8,829.10

Inventory

1,839.30

10,119.5
0
1,911.20

983.5

5,586.40

1,050.70

949.2

4,052.10

788.1

11,262.90

6,687.40

21,584.80

34,028.40

35,631.20

274,022.50

285,842.00

172,600.10

-175,417.90

101,422.40

110,424.10

327.1

327.1

324.6

385.5

5,811.80

4,556.30

Prepaid Expenses
Other Current Assets
TOTAL CURRENT ASSETS

Goodwill

327.1

23,564.2
0
251,078.
00
151,810.
20
99,267.8
0
327.1

Long-Term Investments

298.9

249

Gross Property Plant And Equipment

239,155.50

Accumulated Depreciation

-137,318.20

NET PROPERTY PLANT AND EQUIPMENT

101,837.30

Loans Receivable, Long Term

1,263.00

Deferred Tax Assets, Long Term

--

670.6

864.9

1,016.90

1,916.90

Other Intangibles

2,921.30

3,264.40

3,466.80

3,513.50

Other Long-Term Assets

1,725.00

2,527.90

1,613.80

2,324.40

130,628.00

130,065.
30

148,011.80

159,078.90

TOTAL ASSETS

LIABILITIES & EQUITY

Accounts Payable

5,617.40

Accrued Expenses

14,325.40

Short-Term Borrowings

--

23,041.4
0
--

8,837.70

11,540.60

18,489.10

26,350.00

1,756.80

2,053.90

5,219.90

Current Portion Of Long-Term Debt/Capital

Lease
Current Income Taxes Payable

8,677.20

9,597.40

9,294.90

6,131.80

1,098.50

1,157.90

1,341.60

1,028.30

Other Current Liabilities, Total

1,015.50

958.4

931.7

362.9

Unearned Revenue, Current

4,575.20

2,474.10

4,877.10

4,355.90

TOTAL CURRENT LIABILITIES

35,309.10

45,826.00

54,989.30

Long-Term Debt

41,694.30

38,985.9
0
37,324.6
0
--

50,430.60

58,100.70

1,342.30

1,018.00

Capital Leases

640.9

Pension & Other Post-Retirement Benefits

--

--

843.9

1,607.30

Deferred Tax Liability Non-Current

4,620.50

3,667.40

2,271.30

Other Non-Current Liabilities

1,494.10

2,501.60

1,599.70

1,724.30

83,758.80

102,313.80

117,439.70

792.6

792.6

792.6

792.6

TOTAL LIABILITIES
Preferred Stock Convertible

792.6

82,479.6
0
--

TOTAL PREFERRED EQUITY

792.6

--

Common Stock

--

6,617.40

7,410.20

6,620.30

6,629.80

Additional Paid In Capital

26,536.80

26,683.10

26,980.00

Retained Earnings

12,466.60

26,557.3
0
13,449.2
0
169.1

11,655.60

7,715.30

-53.6

-478.4

47,585.7
0
47,585.7
0
130,065.
30

44,905.40

40,846.70

45,698.00

41,639.30

148,011.80

159,078.90

Comprehensive Income And Other

455.7

TOTAL COMMON EQUITY

46,076.60

TOTAL EQUITY

46,869.10

TOTAL LIABILITIES AND EQUITY

130,628.00

Cash Flow Statement

Currency in
Millions of
Philippines
Pesos as of:
NET INCOME

12/31/2010

12/31/2011

12/31/2012

12/31/2103

9,744.60

9,804.60

6,845.30

4,960.20

Depreciation &
Amortization
Amortization Of
Goodwill And
Intangible
Assets
DEPRECIATION
&
AMORTIZATIO
N, TOTAL
Amortization Of
Deferred
Charges
(Gain) Loss
From Sale Of
Asset
Asset
Writedown &
Restructuring
Costs
Other
Operating
Activities
(Income) Loss
On Equity
Investments
Change In
Accounts
Receivable
Change In
Inventories
Change In
Accounts
Payable
Change In
Unearned
Revenues
Change In
Other Working
Capital
CASH FROM
OPERATIONS
Capital
Expenditure
Sale Of
Property, Plant,
And Equipment
Sale (Purchase)
Of Intangible
Assets
Investments In
Marketable &
Equity
Securities
CASH FROM
INVESTING
Short-Term
Debt Issued
Long-Term
Debt Issued

17,339
842

18,941
--

17,371.10

16,851.50

1,251.70

1,690.10

18,181

18,941.20

18,622.80

18,541.50

110.6

116.6

103.5

132

-32.5

-319.2

-42.4

-64.3

63.1

128.6

5,339.70

9,092.30

1,444.60

1,555.00

152.8

-1,423.30

27.3

83.6

80

-1,932.40

-1,678.50

-2,235.80

-3,607.90

-185.6

-67.4

-165

-1,468.30

980.1

2,212.50

2,578.70

2,459.10

-579.1

71.4

28.8

256.7

-753.8

-954.3

-7,102.90

4,224.90

27,148.40

29,887.20

24,220.50

33,232.90

-17,552.20

-18,007.10

-20,124.50

-28,999.50

113.3

180.9

70.1

105.8

-169.3

-145.2

-152.1

-102

2.8

-79

-21

-59

-16,928.80

-18,150.80

-24,616.30

-27,368.00

1,000.00

1,738.60

5,052.40

3,428.90

14,182.00

8,000.00

25,847.80

16,695.00

TOTAL DEBT
ISSUED
Short Term
Debt Repaid
Long Term
Debt Repaid
TOTAL DEBT
REPAID
Issuance Of
Common Stock
Common
Dividends Paid
Preferred
Dividends Paid
TOTAL
DIVIDEND PAID
Special
Dividend Paid
Other
Financing
Activities
CASH FROM
FINANCING
Foreign
Exchange Rate
Adjustments
NET CHANGE
IN CASH

15,182.00
-3,000.80

9,738.60
--

30,900.20

20,123.90

-4,694.00

-432.1

-8,986.30

-11,552.50

-12,810.10

-13,613.50

-11,987.10

-11,552.50

-17,504.10

-14,045.60

5.5

0.8

16.5

44.7

-5,293.90

-8,205.60

-8,605.60

-8,876.80

-50.5

-45.4

-35.3

-57

-5,344.40

-8,251.00

-8,640.90

-8,933.70

-5,293.90

--

--

--

-2,734.00

-2,456.80

-2,573.70

-2,665.50

-10,172.00

-12,520.90

2,197.90

-5,476.20

-118.5

74.5

-201.3

272.2

-70.9

-709.9

1,600.70

661