Globe Telecom Inc.

Module 1: Case Background

A. Company background
Globe Telecom, Inc. had its initial upbringings. The Robert Dollar Company was
incorporated in the country as Globe Wireless Limited and started its services on the 16th of
January, 1935, managing wireless long-distance messaging services in the Philippines
(Company Information - Globe, n.d.). The year 1992 was when the company decided to
transition to the name that is much well known today. Furthermore, the company partnered with
a foreign company, Singapore Telecom, Inc., the year after. For the past eight or so decades,
the company has since become a technological powerhouse, keeping up with the latest and
greatest technology of what people may need.

B. Basic Industry background

Globe Telecom, Inc. is an organized and well-established company known to be one of
the leaders in telecommunications servicing more than 79 million subscribers. The company
provides tons of services, all acquainted with telecommunication. They manage broadband
networking and fixed-line and administer communication services to their customers,
businesses, and different corporations and enterprises. They also provide digital networking
services under their Postpaid, Prepaid, and TM brand nationwide (W.S. Journal, n.d.). As of the
most recent recording, Globe has a whopping 97 million subscribers, while PLDT accounts for
71.4 million subscribers on the market (Philippines Telecommunications Market, n.d.). Globe
Telecom, Inc. has continued to build more network stations and has seen a 152% increase
compared to last year. Globe is also ensuring that their purpose of staying connected with their
loyal customers and stakeholders will be much more prevalent with them planning to reinvent
the all-around digital experience as the economy of the Philippines continues to recover due to
the pandemic (Globe Exceeds Build Targets in Q1 2021 - Globe Newsroom, 2021).

C. Basic Market Analysis

 Globe Telecom, Inc., being a primary service provider of telecommunications in the
Philippines, is not alone in that space. The company directly competes with PLDT as its major
telecommunications industry competition. Given that Globe Telecom, Inc. started as early as
1935, it can be said that it is a well-established telecommunications company and is known by
Filipinos nationwide. Meaning it can be charging much more premium services compared to its
fellow competitors. As of right now, Globe has decent net leverage and is sitting as the
second-largest telecom operator in the Philippines. The company’s revenue market share fell
from 56% in 2019 to only 52% last year (Fitch Affirms Globe Telecom at “BBB-”; Withdraws
Ratings, 2021). Globe lost its number one spot to PLDT Inc. because PLDT increased its
network strength further, making their customers’ data usage grow quicker than Globe.
Furthermore, though they are the second-largest telecommunications company, their services
are not as diversified as its fixed-line offers compared to their primary competitor PLDT, a direct
duopoly rival in the telecom industry. The company expects its revenue to increase by around a
single digit from 2021 to 2023. Globe Telecom, Inc., the Capex amount shall be about ₱65 to
₱75 billion annually. Lastly, the dividend payment shall account for 65-70% compared to the
year prior’s net income (Fitch Affirms Globe Telecom at “BBB-”; Withdraws Ratings, 2021).

D. Financial Objectives
Globe Telecom, Inc. wants to ensure that through their services, Filipinos can have the
ability to overcome their obstacles, discovering ways to enjoy their lives, and, most importantly,
bountiful choices. The company emphasizes that they are customer-obsessed, meaning that
they want to improve people’s lives and ability businesses digitally. Globe would want to extend
its support to all stakeholders and create the most effective digital lifestyle, creating excellent
channels for Filipinos and all stakeholders (Corporate Governance Objectives - Globe, n.d.). As
Globe carries on their investing of services in the Philippines, ensuring that families and
businesses shall have a significantly better quality of life with these objectives:

1. Acceleration of building networks

The company plans to keep on building more wireless sites to keep up with the progressive
demand. Moreover, they plan to have more of their wired footprint to increase their serviceability.
 2. Agile workforce
Given Globe’s emphasis on their motive of being a customer-focused and customer-obsessed
company, having an agile organization more than capable of analyzing much-needed insights
from customers can help the company become much more competent in responding to
customer requests and needs.

3. Establishing ICT capabilities

Once Globe has become a suitor for being one of the most trusted digital partners for their
irresistible ICT services, it can form a stable digital partnership with large and small companies.

4. More households involved

The company shall introduce more of their new yet innovative products and services and have a
much more competent service when migrating their networks when families want to integrate
Globe to their homes and businesses wanting them to be their leading network service provider.

5. Habituation of data and organizing earnings

As Globe continues to maintain its gains in protecting its customers’ data, it also plans to
introduce programs that can attract significant and good quality customers through their
contents.

6. Developing fresh and profitable revenue streams

With the further understanding of telecom products by having complementary plans, Globe aims
to gain more value in the technological world, entertainment, and, most importantly, lifestyle.

Module 2: Summary of Financial Ratios

Module 3: Liquidity Ratios
A. Computations
The liquidity ratios involved in the summary are the current ratio and quick ratio. To solve
for the current ratio, it would be dividing current assets all over current liabilities. According to
the financial statements, for 2019, Globe’s current assets are equal to Php 61,739,472, and their
current liabilities are equal to Php 84,577,181. The result is 0.73. The whole process would then
be repeated for the year 2018 as well. It was stated by the financial statement that these are
2018’s current assets and current liabilities, respectively: Php 73,523,383 and Php 85,465,654.
After dividing these values would answer 0.86.

Moving on to the quick ratio, it would also be a division process involving different
values. The sum of cash, marketable securities, and receivables all over current liabilities shall
result in a quick ratio. Based on the given financial statement, for 2019, Globe’s cash and cash
equivalents and marketable securities equate to Php 8,298,092, and their receivables equate to
Php 21,138,950. The sum of those values is Php 29,437,042. Now, that value would be divided
by Php 84,577,181, the current liabilities for the year 2019. The result is 0.35. It would be the
same for the year 2018. The sum of 2018’s cash and marketable securities and receivables is
Php 43,878,918. That value would be divided by 2018’s current liabilities, Php 85,465,654. It
answered 0.51.

B. Discussion
The working capital ratio, most commonly known as the current ratio, measures a
business’ capabilities in achieving its short-term responsibilities or obligations in a year. The
weight of total current assets against the total current liabilities is recognized by this ratio.
Moreover, the current ratio signifies the health of a business financially and how it takes
advantage of its current assets’ liquidity to resolve all debts and payables (Corporate Finance
Institute, 2021).

The quick ratio, also known as the acid test ratio, measures the business’s ability to use
its easily converted quick assets to cash to pay its short-term liabilities. Now, they are called
quick assets because they can easily be converted to money, as mentioned earlier. The quick
assets involve cash, marketable securities, and accounts receivable.

C. Interpretation and Analysis

The current ratios obtained after solving both 2019 and 2018 are 0.73 and 0.86.
According to Fernando (2021a), if a company has acquired a current ratio of less than 1.0, its
current liabilities that are due within a year have a higher value than its current assets. Given
that both values are less than it is pretty alarming. It also equates that the company only has
Php 0.73 and Php 0.86 for every Php 1, which shows that the company does not have enough
current assets to settle their current liabilities, and their short-term health has diminished
(Keythman, 2016).

The quick ratios obtained after solving both 2019 and 2018 are 0.35 and 0.51. Now, with an
industry average of 0.58, the values above are still lower than it. It can signify that Globe’s
liquidity position compared to its competitors is comparatively lower. Given that the company’s
quick ratios have been getting lower after each year, it shows that the company desperately
needs to improve its liquidity and is having a much more difficult time settling its short-term
debts (Kokemuller, 2016). Globe Telecom, Inc. would have to either reduce their current
liabilities or have their current assets increased. The company must settle their payments on
their short-term liabilities to help in reducing their current liabilities.

Module 4: Asset Management Ratios

A. Computations
The asset management ratios included in the summary are inventory turnover, age of
inventory, Accounts receivable turnover, age of receivables, Total assets turnover, and Fixed
assets turnover. Starting with the inventory turnover ratio, it would be dividing the cost of goods
sold all over the inventory at the start of the year. According to the financial statements, for
2019, Globe's cost of goods sold is Php 18,554,814, and their inventory at the beginning of the
year is Php 4,713,572. The resulting value is 3.94. The process can be repeated for the year
2018, as its resulting value is 5.75. As for the age of inventory is dividing the average inventory
balance all over the cost of goods sold. The number of days obtained after dividing such values,
for years 2018 and 2019, is 79.26 and 94.11 days. Moving on to the accounts receivable
turnover, the value of such is by dividing the total net sales all over the average accounts
receivable. After solving for it, the values obtained for years 2018 and 2019 are 5.54 and 8.07.
Now for the age of receivables, it is necessary to multiply the average of accounts receivable by
365 days, then divide the product by total net sales. The age of receivables for years 2018 and
2019 is 49.86 days and 46.30 days. Next is the total assets turnover ratio, and to get that value
is by dividing the total net sales all over the average of the company's total assets. The total
assets turnover ratio of the company for years 2018 and 2019 are 0.58 and 0.55. Lastly, to get
the fixed assets turnover ratio, it is by dividing the total net sales by the average fixed assets.
After splitting both values, the answers obtained for years 2018 and 2019 are 0.91 and 0.95.
 B. Discussion
The Asset Management Ratios included in the summary are: Inventory Turnover, Age of
Inventory, Receivable Turnover, Age of Receivables, and Asset Turnover. Inventory Turnover is
to determine whether a business has an excessive Inventory in contrast with its business level.
It measures how many times Inventories were sold in a period (Fernando, 2021b). The average
age of inventory is a measurement to determine the average amount of time it takes for a
company to sell its inventory (Kenton, 2020). The Receivable Turnover Ratio is used to evaluate
how successful a company is in gathering its accounts receivable or the cash owned by clients
or customers (Nickolas, 2021). The age of receivables is a record that shows the invoice
balances alongside the term for which they have been outstanding. On the off chance that the
age of receivable shows an organization's receivables are being gathered much slower than
typical, this is a sign that business might be slowing down or that the organization is assuming
greater credit risk in its business practices (Tuovila, 2021). Next is the asset turnover ratio,
which estimates the worth of an organization's deals or incomes relative to the value of its
resources. The higher the asset turnover ratio, the more effective an organization can produce
revenue from its resources. Then again, if an organization has a low asset turnover ratio, it
shows it is not productively utilizing its resources to generate sales (Hayes, 2021a). There is
also the Fixed Asset Turnover. The Fixed Asset Turnover is a metric that measures how
adequately an organization produces deals utilizing its proper resources.

C. Interpretation and Analysis

The asset management ratios demonstrate how effectively an organization is using its
resources to produce income. Analysis of asset management ratios shows how proficiently and
adequately an organization utilizes its resources in the income age. They demonstrate the
capacity of an organization to interpret its resources into deals. While looking into the inventory
turnover ratio for the year 2018 compared to 2019, the ratio got lower, signifying that the
company’s sales have weakened and their inventory has become excessive or better known as
overstocking. There is a chance that in the year 2019, Globe had problems promoting their
services, and they had little to no marketing involved. Although, a lower inventory turnover could
be beneficial, especially when pre-planned inventories or anticipating shortages. Based on the
summary, for the age of inventory, 2018 had a shorter number of days than 2019. In 2019,
Globe got slower in selling their inventory, meaning they have become less profitable. Their
inventory in one year was not appropriately managed.

Although, there is a significant possibility that Globe wanted to maintain a high amount of
inventory for long-term plans or potential discounts. The accounts receivable turnover ratio had
a sudden increase in 2019 compared to 2018, which meant Globe efficiently collected their due
payments. The company efficiently managed their accounts receivable, and they had a high
proportion of unique customers that paid their debts as soon as possible. For investors,
depending on if the company had a higher or lower receivables turnover, this is a crucial factor
as they can determine depending on Globe’s competitors’ ratio, which is the safer investment.
Next is the age of receivables, and given that 2019 was 3.56 days shorter than the previous
year, it showed that Globe did not want to have any credit risks involved and improved their sale
practices by a small percentage. It is essential to determine the bad debt to be reported and
taken off the financial statements.

Moreover, the shorter days can mean that the company was slightly faster in sending out
collection letters to their customers with long-overdue balances. As for the total asset turnover
ratio, Globe has seen a decrease based on the values from 2018 to 2019. It can mean that the
company had too much production, poorly executed methods of collection, or inventory
management. The company did not use its assets properly during 2019. Lastly, fixed assets
turnover, somehow the company managed to increase by .04 in one year. Though a tiny margin
compared to 2018, it still means Globe managed to use their assets effectively, again slight
improvement. Their fixed asset investments were managed effectively. A higher fixed asset ratio
does not necessarily determine if Globe generated good profit or solid cash flows.

Module 5: Debt Management Ratios

A. Computations
The debt management ratios included in the summary are the debt to assets ratio, times
interest earned, and total debt ratio. All ratios would involve division, but each ratio would
include different parts of the financial statements. Starting with the debt to assets ratio, obtaining
it is by dividing total debts all over total assets. After solving for both 2018 and 2019, the ratios
are 0.76 and 0.73. Next is times interest earned, and to get it is by dividing the earnings before
interest all over interest expense. The values obtained after solving it for 2018 and 2019 are
4.46 and 4.83. Lastly, the total debt ratio, which needs the company's total liabilities divided by
the company's total assets. Based on the financial statements, the total debt ratio for 2018 and
2019 are 0.76 and 0.73.

B. Discussion
The debt ratio is a financial statistic that determines how much debt a firm has. The debt
ratio is defined as the decimal or percentage ratio of total debt to total assets. It refers to the
percentage of a company's assets that are funded by debt. The higher a company's debt ratio,
the more indebted it is, and the more significant the financial risk. Simultaneously, leverage is a
crucial tool for firms to develop, and many organizations find long-term uses for debt. Debt
ratios differ dramatically by industry, with capital-intensive firms like utilities and pipelines having
significantly greater debt ratios than other industries like technology. The time interest is a
proportion of an organization's capacity to meet its obligation on its current pay. A lower time
interest earned implies less income is accessible to meet interest installments. Neglecting to
meet these commitments could compel an organization into bankruptcy. It is utilized by the two
loan specialists and borrowers in deciding an organization's debt limit (Boundless Finance, n.d.).
The total debt ratio is a leverage ratio that shows the percentage of assets

C. Interpretation and Analysis

The debt management ratios are used in measuring a company’s use of debt and its
capabilities of avoiding financial distress long term. It helps show their improvement on their
returns to stockholders and their loss of growth in their bad years. Now, looking into the debt to
assets ratio of the company from 2018 to 2019, both have a ratio less than 1, meaning that
Globe’s assets are primarily not funded by debt. It also decreased by .03% after one year.
Moreover, this signifies that the company’s assets are financed by equity, and it has more
assets than liabilities. Investors and creditors can look into these results and see that Globe is
not risky whatsoever to invest in and loan to because of the company’s low leverage. The
decrease can also be attributed to the willingness and ableness of Globe to pay down their
debts. Moving over to the times interest earned ratio of the company, for 2018 and 2019, both
ratios are more significant than 2.5, meaning that Globe can settle their interest expenses owed
on its outstanding long-term debt four or merely five times over. It can also mean that Globe’s
income during those years is four times higher than the interest payments owed in 2018 and
2019. In terms of solvency, these ratios are considered favorable by creditors and investors as
they can see that the company is of less risk. If Globe’s times earned ratio was lower than 2.5,
the company would have had a higher chance of bankruptcy, making them financially unstable.
However, having a higher times interest earned ratio could signify that Globe was not using their
excess income efficiently for reinvestment on new projects, and long-term investors may stop
favoring them if that was the case. Lastly, the total debt ratio of Globe Telecom Inc. for 2018 and
2019 is less than one, meaning that the company had fewer liabilities than assets. Its low debt
ratio can also mean that the company does not want to have any financial risk. The company
did not have a problem paying its loans. Moreover, the company wants longevity involved
making it much more stable. For 2018 76% are owned by creditors and the rest by its
shareholders; it can be said the same for 2019.

Module 6: Profitability
A. Computations
The Profitability ratios involved in the summary are the gross profit margin, operating
margin, return on assets, and return on equity. The gross profit margin must obtain the
difference of the total net sales and cost of goods sold first, then divide it by the total net sales.
The gross profit margin for 2018 and 2019 are 0.88 and 0.89. Next is the operating margin, and
to get that value is by dividing the operating income by the total net sales. The operating margin
determined from Globe’s financial statements, years 2018 and 2019, are 0.18 and 0.20. As for
the return on assets, it is obtained by dividing the net income by the total assets of the company.
The ROA of Globe for 2018 and 2019 are 0.06 and 0.07. Lastly, the return on equity is obtained
by dividing the net income by total equity. The ROE of the company for 2018 and 2019 are 0.25
and 0.27.
B. Discussion
Profitability ratios are a group of financial measures used to evaluate a company's
capacity to create earnings overtime to its revenue, operational costs, balance sheet assets, or
shareholders' equity, utilizing data from a given moment in time. One of the most commonly
used profitability or margin ratios is the gross profit margin. Gross profit is the difference
between revenue and manufacturing expenses (also known as the cost of goods sold). The
gross profit margin is used to evaluate an organization's financial situation by ascertaining the
measure of money left over from item deals after deducting the expense of products sold. If a
company’s gross profit margin is low, then this shows that the company needs practice and the
products are inferior. The operating margin estimates how much benefit an organization earns
from any deals after paying for variable production expenses, like wages and raw materials. The
return on assets shows the percentage of how much profit a company earns from its resources
and assets. Lastly, the return on equity of an organization's profitability is comparable to
investors' value.

C. Interpretation and Analysis

Most profitability ratios suggest that the firm is doing well if the value is higher than a
competitor's or the same ratio from a prior quarter. Compared to similar firms, the company's
history, or average industry ratios, profitability ratios are most relevant. As the gross profit
margin was solved, it can be interpreted that the company's net income for each peso
generated was Php 0.88 for 2018 and Php 0.89 for 2019. Though a slight increase happened in
one year, the company still increased its total net sales and reduced costs. Given that both
values are also higher than the industry average of 0.86, the company had efficient
management practices and competent products. There is a chance that it did not fluctuate over
time because of Globe's pricing adjustments, which can highly influence the gross margin. The
company's market share may be sabotaged if it did start selling its services at a higher price,
and its customers will buy its products and services less. Next is the operating margin, and
though Globe's ratio in 2018 was lower than the industry average, the company was able to
raise it by .02. It showed how Globe Telecom Inc. performed better than its competitors. It also
showed how the company focused on maximizing its profitability by effectively managing its
expenses. These numbers are essential for creditors and investors to see how well the
company works its operations.

Given that their operating margin increased from the year prior, the company made
enough money from its ongoing operations to pay for its fixed and variable expenses. An
operating margin ratio of 20 percent meant that for every Php of revenue, only 20 centavos
remained after all of the company's operating expenses had been settled. Moreover, only 20
centavos are then left to be paid for non-operating costs. For the return on assets ratio, the
company beat out the industry average for 2018 and 2019. Globe managed to be much more
efficient and profitable; given this, the company is less asset-intensive as its return on assets is
higher than 5%.
 Moreover, it showed that the company could earn its returns on its investment in assets,
like how effectively it converted money used to purchase assets into net income. The higher
ratio is more favorable to investors because Globe correctly managed its assets to produce
more significant amounts of net income. Both ratios were positive, and that showed an upward
profit trend. Lastly, the return on equity ratio resides more from the investors than the company.
The numbers are based on the investment of Globe's investors, not its investment in assets.
Given that Globe's ROE has increased over time and is higher than the industry average, this
shows that it is using its investor's funds correctly. Globe's investors can look into these values
and see that the company is competent in maintaining a positive earnings trend.

Module 7: Recommendations
A. Five areas that the company needs to address.
1. Improving customer quality of experience (QoE)
2. Improving equipment reliability in some rural areas
3. Measuring and managing customers’ experience
4. Pioneering uses of analytics
5. Controlling internal content and additions

B. Recommended courses of action.

Customer experience is crucial with the current pandemic continuing to lurk across the
globe. Customers have become much more reliant on their ISP providers to give them a stable
and steady internet connection at their homes. The company must implement a system that can
manage the performance of their networks to further elevate their services, like looking into their
advanced diagnostics, data-driven optimization, and hardware-agnostic approach. They must
partner with manufacturers that can help provide equally aggressive modernization of their
existing network infrastructure for their LTE and 5G services. It can improve the stability of
customer lines, increase their bandwidth, and identify unstable lines to proactively dispatch field
technicians, thus improving customer quality of experience.
 Globe must conduct preventive maintenance activities in its wireless network facilities to
elevate its services in several barangays across the country. The company must ensure that its
physical towers are stable by checking if all bolts are tightened. If necessary, must replace some
parts and install new ones for long-term capabilities. Lastly, always aligning, calibrating, and
testing all its antennas and outdoor systems to see if everything is working well and notify all its
customers if the company has the essential maintenance check of equipment.

The company must look into several ways of measuring its customers’ experience and
its key performance indicators. It can help them identify groups of customers deemed high
valued and settle any of its issues related to its service quality. Moreover, it can help the
company identify its problems and create the best solid solutions.

Globe can further elevate its use of analytics by integrating its data from social media
and using those platforms to respond to customers as additional channels. The company can
also have aid from its partner organizations to help identify and summarize its customers’
preferences, habits, concerns, and usage. Globe explores developing another stream to gain
more revenue by aggregating this combining and undisclosed data to sell to other organizations.

Globe Telecom's enterprise content management facility must ensure that all contracts
now converted to digitized documents (i.e., partners, suppliers, customers) are handled
efficiently and correctly. The company can have a version control system, a practice of tracking
and managing changes to its software code, and ensuring that every member of the company
uses the latest version of any software to aid in reducing situations regarding mismatched data
and order fallouts.

Module 8: Conclusion

All ratios obtained depend on the company’s performance in a given year. All values are
not as reliable as it may seem because it varies from industry to industry. Given that Globe only
has one major competitor, PLDT, it is still stacking up regarding its efficiency and capability of
standing its ground, being the second-best in the country. As for the financial ratios, some that
have decreased over one year can indicate a positive outcome. It depends on what the
company is trying to evaluate. It may be its profit margins, debts, assets, and all other cases
that just because a ratio has decreased does not translate to a negative outcome immediately.
With that being said, the group evaluated how Globe Telecom tried to keep up with the current
pandemic. Based on the numbers, the company has managed to be competitive and continues
with its promises of ensuring a better connection with its customers and fellow business
partners. As Globe Telecom continues to integrate its new architecture while also reducing the
complexity levels of its IT and network infrastructures, it has continued to make strides through
its independently well-made applications and services. Due to its flexibility, the company now
has the keys to build, buy, or outsource IT and networking solutions. Globe Telecom has
benefited from its changes throughout the years, from its use of assets, the services sold to its
customers, and everything else that equated to a still ongoing and successful company. Aspects
that have been improved throughout the evaluation of their financial ratios are the company’s
strategies, processes, architectures, and governance.

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