% of current assets

The provided financial statement shows the property, plant, and equipment of a company, along with its liabilities and stockholders' equity. The total assets are $2452, while the total liabilities and stockholders' equity are $1910. The company has a significant amount of accumulated depreciation, which affects its net worth. Additionally, it has a substantial amount of goodwill and intangible assets, as well as deferred income taxes and other long-term liabilities.

JB Hi- FI company merged with GOod Guys Company
Amalgamation and Merger Acquisition analysis of new special-purpose truck
Business Finance
System-PPP
University Name-
EXECUTIVE SUMMARY
With the ramified economic changes, there are several financial analysis tools
which could be used by company to evaluate the post-merger and pre-merger options
available for the company. The capital budgeting tool is used to evaluate the financial

performance of company and its associated benefits with the proposed project. In this report,
net investment to buy the new truck project has been analyzed by evaluating the cash outflow
and NPV of the project. This report reveals the details analysis of the pre and post-merger
financial position of JB Hi-Fi Company.
.
1

Table of Contents
EXECUTIVE SUMMARY........................................................................................................2
INTRODUCTION......................................................................................................................4
(a) What is the net investment in the truck project? (That is, what is the Year 0 net cash
flow?) 6
(b) What are the operating cash flows in Year 1 & 2?.........................................................6
(c). what is the NPV of this project?..........................................................................................7
Market capitalization of the JB HI- Fi Company after takeover of Good Guy Company.....8
Financial performance analysis of the JB Hi- Fi Company pre and post-merger with the Good
Guy Company............................................................................................................................9
Computation of the cost of equity of company....................................................................13
Cost of equity of company...............................................................................................13
Computation of the Post-Merger stock Price of JB Hi- FI Company..............................14
Recommendation and conclusion............................................................................................15
References................................................................................................................................16
Appendix..................................................................................................................................18
2

INTRODUCTION
The project selection and evaluation is critical process which helps in identification of
the possible benefits and losses to organization after accepting the project. The capital
budgeting tool, top down analysis, bottom up analysis, du pont analysis are used to analysis
the financial performance of company. This report will focuses on the financial performance
of company and how well company will functions after accepting the new truck project.
Description of the JB Hi- Fi Company
It is an Australian Company indulged in consumer goods selling and specialised in the
electronic video games, HD ultra-blue rays and retail selling of the DVD and CD electronic
hardware appliances. All the employees are accustomed to act as per the directions of CEO
Richard Murray. The current share price of company has been traded at
JBH (ASX) A$ 25.00 -0.28 (-1.11%). Currently, total turnover of JB Hi-Fi Company
increased to AUD $ AUD $ 1125 billion. The net profit and overall turnover of JB Hi-Fi
Company has increased by 12% after merging with the Good Guy Company (JB HI-FI,
2017).
During the research, it was found that JB Hi- Fi Company acquired Good Guy
Company with a view to strengthen its busienss outcomes and grabbing more market share by
using the loyalty card and manpower of Good Guy Company.
3

(JB HI-FI, 2017).
4

(a) What is the net investment in the truck project? (That is,
what is the Year 0 net cash flow?)
The net investment is the amount of cash outflow which is required to accept the particular
project. The net investment in the truck project is the amount of consideration paid to truck
project seller (Garrett, Hoitash & Prawitt, 2014).
Computation of the cash outflow for acquiring the new truck
Particular Amount in $
Initial investment $ 50,000.00
Additional costing $ 10,000.00
Inventory costing $ 2,000.00
Total Initial cash outflow $ 62,000.00
(b) What are the operating cash flows in Year 1 & 2?
The operating cash outflow is the amount of cash inflow which company would have after
accepting the particular project. It will be the possible benefits which company would have if
the truck project is accepted in company (Kundakchyan, & Zulfakarova, 20140.
Data Year Year Year
Particular 0 1 2
Total sales
$
-
$
20,000.00
$
20,000.00
(-) Variable Costs
$
-
$
-
$
-
Contribution
$
-
$
20,000.00
$
20,000.00
(-) Fixed Cost
$
-
$
-
$
-
Net Profit
$
-
$
20,000.00
$
20,000.00
(-)Depreciation
$
-
$
0.50
$
0.50
Net Profit before Tax
$
-
$
19,999.50
$
19,999.50
(-) Tax @40%
$
-
$
7,999.80
$
7,999.80
Net Profit after tax
$
-
$
11,999.70
$
11,999.70
(+) Depreciation
$
-
$
5,500.00
$
5,500.00
Cash Inflows $ $ $
5

- 17,499.70 17,499.70
(+) Salvage Value 40000
Working Capital 2000
Free Cash Flows in
Australian Dollars 0.00 17499.70 59499.70
(c). what is the NPV of this project?
The NPV is the net present value which reveals the differences between the present
value of cash inflow and present value of cash outflow. The NPV of the project is computed
as below (Lunev, et al. 2016).
Computation of the Net present value
of the Truck Project
Data Year Year Year
Particular 0 1 2
Total sales
$
-
$
20,000.00
$
20,000.00
(-) Variable Costs
$
-
$
-
$
-
Contribution
$
-
$
20,000.00
$
20,000.00
(-) Fixed Cost
$
-
$
-
$
-
Net Profit
$
-
$
20,000.00
$
20,000.00
(-)Depreciation
$
-
$
0.50
$
0.50
Net Profit before Tax
$
-
$
19,999.50
$
19,999.50
(-) Tax @40%
$
-
$
7,999.80
$
7,999.80
Net Profit after tax
$
-
$
11,999.70
$
11,999.70
(+) Depreciation
$
-
$
5,500.00
$
5,500.00
Cash Inflows
$
-
$
17,499.70
$
17,499.70
(+) Salvage Value 40000
Working Capital 2000
Free Cash Flows in 0.00 17499.70 59499.70
6

Australian Dollars
*Present value factor
@9% 1.000 0.917 0.842
Present Value
$
-
$
16,054.77
$
50,079.71
Total Present values(A)
$
66,134.48
(-)Cash Outflows
Initial investment
$
50,000.00
Working capital
investment
$
2,000.00
(+)Cost Of equipment
$
10,000.00
Total(B)
$
62,000.00
Net Present Value(A-
B) 4,134.48
Market capitalization of the JB HI- Fi Company after takeover of Good Guy
Company
The market capitalization is the total value of the company which is equal to the price of the
total number of the shares outstanding in the market (Ehiedu, 2014). Before merging with
the Good Guy Company, the market capitalization was AUD$ 1212 million which increased
to AUD $ 1933 million after merging with the Good Guy Company (Palepu, Healy, & Peek,
2013).
7

Net value of Good Guy Company Amount in AUD $ Million)
Particular
Total Assets 40933
Total Liabilities 20952
Net Value of Business 1981
The net value of the Good Guy Company which was considered by the JB HI- FI company
was AUD $ 1981 million which reveals that company paid of this consideration by offering
to shareholders of company at AUD $ 10 to its shareholders. The swapping of the shares of
Good Guy Company to the shares of JB Hi- FI Company has been done to the equity. After
assessing the profitability and increased business outcomes, it could be inferred that after
amalgamation with the Good Guy Company, JB Hi-Fi company had synergy in it business
and increased its profitability by 20% (Palepu, Healy, & Peek, 2013).
Estimated figures for the synergy for the JB HI-FI company (AUD $ in million
Net Value of Business 19981
Add % of synergy 20%
Estimated figure 3996.2
Assumption based on the creation of the synergy
The main assumption of the creation of the synergy is that the experts employees of
Good Guy and value chain activities will assist company to get the easily availability of the
products and pool of talented employees (Robb, & Robinson, 2014).
The loyalty card approach of the Good Guy Company will also be useful for the JB Hi-FI
Company to grab more potential clients in market (Uechi, et al. 2015).
Financial performance analysis of the JB Hi- Fi Company pre and post-
merger with the Good Guy Company
Financial data of JB hi Fi Company
Description I/S
Merged
B/S
Merged
Jan
%
Chang
e
Yea Apr-16 Apr-15 Apr-14 Apr-13 2016
8

ren
d
to
2014
Revenue 3954
3,652 3,484 3,308
13%
Cost of revenue 3089
2,854 2,745 2,610
13%
Gross profit 865
798 739 699
17%
Operating expenses 0
- - -
0%
Sales, General and
administrative
1006
931 884 839
14%
Other operating
expenses
-361
(334) (336) (318)
7%
Total operating
expenses
644
597 548 521
18%
Operating income 221
201 191 178
16%
Interest Expense 4
6 9 10
-56%
Other income (expense) 1
1 - 1
0
Income before income
taxes
218
196 183 168
19%
Provision for income
taxes
66
59 54 51
22%
Minority interest 0
- - -
0%
Other income 0
- - -
0%
Net income from
continuing operations
152
137 128 117
19%
Other 0
- - -
0%
Net income 152
137 128 116
19%
Net income available to
common shareholders
152
137 128 116
19%
Earnings per share 0
- - -
0%
Basic 1.51
1 1 331
19%
Diluted 1.5
1 1 488
20%
Weighted average
shares outstanding
559
- - 10,651
0%
Equity 49 57 58 63 -16%
Basic 1386 1272%
9

100 101 333
Diluted 211.37
101 149.62 116.80
41%
EBITDA 168.63
169.15 145.85 121.27
16%
S&PJB Hi- Fi Equip
Index
187.89
177.23 134.57 113.00
40%
JB Hi -Fi shares out 1425.9
1,109.00 1,013.60
1,
027.50
41%
Net Income per share
0.71 0.84 0.87 0.82
-19%
JB Hi Fi P/E ratio
299.59 120.31 171.56 143.04
75%
JB Hi-Fi Company
Equity/share - - - -
0%
JB Hi FI Company
Price/Book 7.00 8.00 7.50 9.50
-7%
Tax Rate 21.97% 21.59% 21.61% 21.22% 2%
After Tax Cost of Debt 193.47% Cost of
Equity
-0.96%
Amount of Equity 72.4
6%
1471 Beta
(0.101)
Amount of Debt 27.5
4%
559 Risk Free
rate
2.50%
WACC 52.5
8%
Expected
Mkt Ret
12.00%
After assessing the financial data of company, it could be inferred that JB Hi- Fi Company
has increased its overall liquidity by 20% by increasing its investment in current assets. The
profitability of company has also strengthened by 12% since last three years (Vogel, 2014).
Descr
iption
Formula JB Hi-Fi Limited
2017 2016 2015 2014 2013
Profit
abilit
y
Retu
rn on
equit
y
Net profit/revenues 0.03056147
8
0.038
44208
4
0.037513691 0.03
6739
4
0.0350665
05
Retu
rn on
asset
s
Net profit/Equity 0.20140515
2
0.375
30864
2
0.39941691 0.43
3898
3
0.4773662
55
10

Fina
ncial
lever
age
EBIT / EBIT - Interest 1.04280155
6
1.018
43318
1.030769231 1.04
9450
5
1.0595238
1
Asset
turn
over
total assets / total sales
*365
159.087597
7
91.66
54021
2
89.45098576 90.0
9758
9
93.015417
17
Earn
ings
per
share
Net income - pref div /
shares outstanding
0.39179954
4
3.102
04081
6
2.403508772 2.20
6896
6
1.8412698
41
Liqui
dity
cash
ratio
cash equivalents +
cash / current
liabilities
0.08239277
7
0.116
33109
6
0.128947368 0.12
2159
1
0.1515837
1
Curr
ent
ratio
Current assets/current
liabilities 1.32 1.57 1.62 1.64 1.28
Quic
k
Ratio
Current assets-
Inventory/current
liabilities
0.35 0.35 0.36 0.34 0.31
Recei
vable
turn
over
Receivables/ Total
sales*365 29.31 36.02 33.03 30.1
3
27.71
Inve
ntory
turn
over
Inventory / cost of
goods sold *365 71.37 64.52 61.26 61.0
3
59.57
Mark
et
based
ratios
Price
/
earni
ngs
ratio
Market value per
share / earnings per
share
60.90
Divid
end
yield
ratio
dividend / current
share price 4.99
Solve
11

ncy
Time
s
inter
est
earne
d
EBIT / Interest
expenses
24.3636363
6
55.25 33.5 21.2
2222
2
17.8
Cash
cover
age
ratio
EBIT + non-cash
expenses / interest
expenses
269.00 222.0
0
202.00 192.
00
179.00
Debt
to
Equi
ty
Ratio
Debt/ Equity
1.87 1.45 1.61 1.92 2.47
Company has used the loyalty card approach of Good Guy Company to grab more
potential clients in market. It has resulted to increased return on capital employed. It has also
increased its return to equity shareholders to 18% which is good indicator to attract more
investors (Delen, Kuzey, & Uyar, 2013). The efficiency ratio also shows that company has
increased its creditor’s turnover ratio to 112 times which will lower down the amount of
capital blockage in its business. It will assist company to lower down the cost of capital. The
debtor turnover ratio has decreased to 54 times which will also be positive indicator for the
future growth of the organization (Brigham, & Ehrhardt, 2013). The debt to equity ratio of
company has increased after merger with the Good guy as it has included the debt funding of
the Good guy in its balance sheet which has increased its financial leverage as well. It will
help company to lower down the cost of capital but at the same time increase the sustainbitiy
risk (Yahoo finance, 2017). The changes in the equity to debt turnover have been to 60%
which shows that company could easily add value in its business. ON the other hand, Harvey
Norman and Bing Lee both have increased their profitability by 18% and 16%
respectively and shown high turnover. Nonetheless, JB Hi-Fi Company has increased its
brand image and market share by acquiring Good Guys Company in market.
Computation of the cost of equity of company
Cost of equity of company
Calculation of Required rate of return
Risk free rate (A) 4%
Beta (B) -
12

0.10125
2
Market Risk premium (C) 6%
Required rate of return [A+
(B*C)]
3.39%
(Please find attached excel file for more details)
Computation of the Post-Merger stock Price of JB Hi- FI Company
Valuation in Efficient Markets - No Bootstrapping (in $million)
JB HI FI
before merger
Good Guy Company
before merger
JB HI Fi Company after
the merger (AB)
1. Earnings per
share
2 1 3.33
2. Price per share 60 10 60
3. Price-earnings
ratio
30 10 18
4. Number of shares 20 mil. 60 mil. 30 mil.
5. Total earnings $40 mil. $60 mil. $100 mil.
6. Total market
value
$1,200 mil. $600 mil. $1,800 mil.
7. Earnings per
dollar invested in
the stock (line 1 ¸
line 2)
0.033 0.1 0.056
The outstanding share value of the JB Hi- FI Company after post-merger would be as fellow
AUD $ 446 million (Morningstar, 2017).
MPS 25
EPS 0.056
13

Post Takeover share
price
446.4285714
Recommendation and conclusion
After assessing the financial details, it is found that the takeover deal of JB Hi-Fi
Company has been positive indicator for future growth. The lack of transparency of the
business and non-effective legal compliance and other external factors have high influence
the net profit and overall earning of company (Bekaert, & Hodrick, 2017). It is analyzed that
shareholders could be benefited by the takeover deal with the increase in overall turnover.
The JB Hi-Fi Company has increased its profitability and turnover by acquiring more market
share. It is suggested that shareholders will be having high wealth maximization if they will
invest their capital in JB Hi-Fi Company.
It could be inferred that after amalgamation with the Good Guy Company, JB Hi-Fi
company had synergy in it business and increased its profitability by 20% (Abbott, et al.
2017). The merger with the Good Guy Company is very effective and strengthens the
business outcomes of the organization. It will assist investors to create value on the
investment if they invest their capital in JB Hi- Fi Company. The share value of company has
increased by 12% since last three years which is the good indicator for the increased return on
capital employed.
14

References
Abbott, B. P., Abbott, R., Abbott, T. D., Abernathy, M. R., Ackley, K., Adams, C., ... &
Aggarwal, N. (2017). Calibration of the Advanced LIGO detectors for the discovery
of the binary black-hole merger GW150914. Physical Review D, 95(6), 062003
Bekaert, G. & Hodrick, R., (2017). International financial management. 6th edition, USA,
Cambridge University Press.
Bessler, W., & Schneck, C. (2016). Excess Takeover Premiums & Bidder Contests in Merger
& Acquisitions: New Methods for Determining Abnormal Offer Prices. In Analysis of
Large & Complex Data (pp. 323-333). Springer, Cham.
Brigham, E.F. & Ehrhardt, M.C., (2013). Financial management: Theory & practice.
Cengage Learning. 55 (4), pp.107-115
Delen, D., Kuzey, C. & Uyar, A., 2013. Measuring firm performance using financial ratios:
A decision tree approach. Expert Systems with Applications, 40(10), pp.3970-3983.
Ehiedu, V.C., (2014). The impact of liquidity on profitability of some selected companies:
The financial statement analysis (FSA) approach. Research Journal of Finance &
Accounting, 5(5), pp.81-90.
Garrett, J., Hoitash, R. & Prawitt, D.F., (2014). Trust & financial reporting quality. Journal of
Accounting Research, 52(5), pp.1087-1125.
Innocent, E.C., Mary, O.I. & Matthew, O.M., 2013. Financial ratio analysis as a determinant
of profitability in Nigerian pharmaceutical industry. International journal of business
& management, 8(8), p.107.
JB HI-FI, (2017), annual report, Retrieved on 23rd October, 2018 from
http://www.annualreports.com/HostedData/AnnualReports/PDF/ASX_JBH_2016.pdf
Kundakchyan, R.M. & Zulfakarova, L.F., 2014. Current issues of optimal capital structure
based on forecasting financial performance of the company. Life Science
Journal, 11(6s), pp.368-371.
15

Lunev, A. N., Safin, R. S., Korchagin, E. A., Sharafutdinov, D. K., Suchkova, T. V.,
Kurzaeva, L. V., ... & NatalKuznetsova, N. A. (2016). The mechanism of industrial
educational clusters creation as managerial entities of vocational
education. International Review of Management & Marketing, 6(2S), 166-171.
Morningstar, 2017, JB Hi- FI, retrieved on 23rd October, 2018 from
https://in.finance.yahoo.com/
Palepu, K.G., Healy, P.M. & Peek, E., 2013. Business analysis & valuation: IFRS edition:
USA, Cengage Learning.
Robb, A.M. & Robinson, D.T., 2014. The capital structure decisions of new firms. The
Review of Financial Studies, 27(1), pp.153-179.
Uechi, L., Akutsu, T., Stanley, H. E., Marcus, A. J., & Kenett, D. Y. (2015). Sector
dominance ratio analysis of financial markets. Physica A: Statistical Mechanics & its
Applications, 421, 488-509.
Vogel, H. L. (2014). Entertainment industry economics: A guide for financial analysis. 5th ed,
USA Cambridge University Press.
Yahoo finance, 2017, CVE Technology retrieved on 23rd October, 2018 from
https://in.finance.yahoo.com/
Yahoo finance, 2017, JB Hi Fi Company retrieved on 23rd October, 2018 from
https://in.finance.yahoo.com/
16

Appendix
Computation of financial data
Details (JB HI_FI financial data AUD $ in million)
Post-merger with
Good Guy
Company
Pre-merger with Good Guy
Company
2017 2016 2015 2014 2013
Total
revenue 5628 3954 3652 3484 3308
Cost of
goods sold 4398 3089 2854 2745 2610
Gross
profit 1230 865 798 739 698
Operating
profit 268 221 201 191 178
Net profit 172 152 137 128 116
Interest 11 4 6 9 10
Inventory 860 546 479 459 426
Current
assets 1171 703 617 578 564
Cash and
cash
equivalents 73 52 49 43 67
Receivable
s 197 98 81 71 64
Current
liabilities 886 447 380 352 442
Payables 584 302 254 244 335
Shares
outstanding 439 49 57 58 63
Equity 854 405 343 295 243
Total
liabilities 1599 588 552 565 600
Total assets 2453 993 895 860 843
Market
share price 23.86
Descriptio
n Formula JB Hi-Fi Limited
2017 2016 2015 2014 2013
Profitabilit
y
Return on
equity
Net profit/revenues 0.0305614
78
0.038
4420
0.037513691 0.03
6739
0.035066
505
17

84 4
Return on
assets Net profit/Equity
0.2014051
52
0.375
3086
42 0.39941691
0.43
3898
3
0.477366
255
Financial
leverage
EBIT / EBIT -
Interest
1.0428015
56
1.018
4331
8 1.030769231
1.04
9450
5
1.059523
81
Asset
turnover
total assets / total
sales *365
159.08759
77
91.66
5402
12 89.45098576
90.0
9758
9
93.01541
717
Earnings
per share
Net income - pref
div / shares
outstanding
0.3917995
44
3.102
0408
16 2.403508772
2.20
6896
6
1.841269
841
Liquidity
cash ratio
cash equivalents +
cash / current
liabilities
0.0823927
77
0.116
3310
96 0.128947368
0.12
2159
1
0.151583
71
Current
ratio
Current
assets/current
liabilities 1.32 1.57 1.62 1.64 1.28
Quick
Ratio
Current assets-
Inventory/current
liabilities 0.35 0.35 0.36 0.34 0.31
Receivable
turnover
Receivables/ Total
sales*365 29.31 36.02 33.03
30.1
3 27.71
Inventory
turnover
Inventory / cost of
goods sold *365 71.37 64.52 61.26
61.0
3 59.57
Market
based
ratios
Price /
earnings
ratio
Market value per
share / earnings per
share 60.90
Dividend
yield ratio
dividend / current
share price 4.99
Solvency
Times
interest
earned
EBIT / Interest
expenses
24.363636
36 55.25 33.5
21.2
2222
2 17.8
Cash EBIT + non-cash
18

coverage
ratio
expenses / interest
expenses 269.00
222.0
0 202.00
192.
00 179.00
Debt to
Equity
Ratio Debt/ Equity 1.87 1.45 1.61 1.92 2.47
Financial data of JB hi Fi Company
Description
I/S
Merged
B/S
Merged
Jan
%
Chang
e
Yea
ren
d Apr-16 Apr-15 Apr-14 Apr-13
2016
to
2014
Revenue 3954 3,652 3,484 3,308 13%
Cost of revenue 3089 2,854 2,745 2,610 13%
Gross profit 865 798 739 699 17%
Operating expenses 0 - - - 0%
Sales, General and
administrative 1006 931 884 839 14%
Other operating expenses -361 (334) (336) (318) 7%
Total operating expenses 644 597 548 521 18%
Operating income 221 201 191 178 16%
Interest Expense 4 6 9 10 -56%
Other income (expense) 1 1 - 1 0
Income before income
taxes 218 196 183 168 19%
19

Provision for income
taxes 66 59 54 51 22%
Minority interest 0 - - - 0%
Other income 0 - - - 0%
Net income from
continuing operations 152 137 128 117 19%
Other 0 - - - 0%
Net income 152 137 128 116 19%
Net income available to
common shareholders 152 137 128 116 19%
Earnings per share 0 - - - 0%
Basic 1.51 1 1 331 19%
Diluted 1.5 1 1 488 20%
Weighted average shares
outstanding 559 - - 10,651 0%
Equity 49 57 58 63 -16%
Basic 1386 100 101 333 1272%
Diluted 211.37 101 149.62 116.80 41%
EBITDA 168.63 169.15 145.85 121.27 16%
S&P JB HI- FI Equip
Index 187.89 177.23 134.57 113.00 40%
JB Hi -Fi shares out 1425.9 1,109.00 1,013.60
1,
027.50 41%
Net Income per share 0.71 0.84 0.87 0.82 -19%
JB Hi Fi P/E ratio 299.59 120.31 171.56 143.04 75%
JB Hi-Fi Company
Equity/share - - - - 0%
JB Hi FI Company
Price/Book 7.00 8.00 7.50 9.50 -7%
Tax Rate 21.97% 21.59% 21.61% 21.22% 2%
After Tax Cost of Debt 193.47%
Cost of
Equity -0.96%
Amount of Equity
72.4
6% 1471 Beta (0.101)
Amount of Debt
27.5
4% 559
Risk Free
rate 2.50%
WACC 52.5 Expected 12.00%
20

8% Mkt Ret
JB Hi-FI Complete balance sheet
Fiscal year ends in December.
(Amount in $ million)
20
16
Div
by
Total
Asset
s
JB Hi
Fi
Com
pany
12-
31-
2016
Div
by
Total
Asset
s
201
5
Good
guy
Com
pany
2014
201
4 2013
Assets
Current assets
Cash
0.00
% 52
5.24
% 49 67
60.
3 919
Cash and cash equivalents 73
5.69
% 52
5.24
% 49 67
60.
3
1021
1
Total cash 73
5.69
% 98
9.88
% 81 64
57.
6 539
Receivables
19
7
15.37
% 546
55.04
% 479 426
383
.4 1712
Inventories
86
0
67.08
%
0.00
% 4 4 3.6 744
Prepaid expenses 30
2.34
% 6
0.60
% 3 2 1.8 3727
Other current assets 12
0.94
% 703
70.87
% 617 564
507
.6
1785
2
Total current assets
11
71 0
Non-current assets
0.00
%
0.00
% 0 2490
Property, plant and equipment
0.00
% 419 385 333
299
.7
269.
73
Other properties
48
4
37.75
% 419
42.24
% 385 333
299
.7
269.
73
Property and equipment, at cost
48
4
37.75
% -236
-
23.79
%
-
208 -152
-
136
.8
-
123.
12
Accumulated Depreciation
-
27
6
-
21.53
% 184
18.55
% 176 181
162
.9
146.
61
Property, plant and equipment,
net
20
8
16.22
%
0.00
% 0 0 0 0
Equity and other investments
0.00
% 37
3.73
% 36 35
31.
5
28.3
5
Goodwill
73
6
57.41
% 49
4.94
% 49 49
44.
1
39.6
9
Intangible assets 29 22.62 21 2.12 17 15 13. 12.1
21

0 % % 5 5
Deferred income taxes
0.00
%
0.00
% 0 0
Other long-term assets 47
3.67
% 290
29.23
% 278 280 252
226.
8
Total non-current assets
12
82
100.0
0% 992
100.0
0% 895 843
758
.7
682.
83
Total assets
24
52 0 0
Liabilities and stockholders'
equity 0 0
Liabilities
0.00
%
0.00
% 0 0
Current liabilities
0.00
% 302
30.44
% 254 335
301
.5
271.
35
Accounts payable
58
4
45.55
% 11
1.11
% 9 15
13.
5
12.1
5
Deferred income taxes 9
0.70
%
0.00
% 0 0
Deferred revenues
14
2
11.08
% 134
13.51
% 117 93
83.
7
75.3
3
Other current liabilities
15
1
11.78
% 447
45.06
% 380 442
397
.8
358.
02
Total current liabilities
88
6
69.11
%
0.00
% 0 0
Non-current liabilities 110 139 124
111
.6
100.
44
Long-term debt
55
9
43.60
%
0.00
% 0 0
Deferred taxes liabilities 8
0.62
% 31
3.13
% 32 33
29.
7
26.7
3
Other long-term liabilities
14
6
11.39
% 141
14.21
% 171 158
142
.2
127.
98
Total non-current liabilities
71
3
55.62
% 588
59.27
% 552 600 540 486
Total liabilities
15
99
124.7
3%
0.00
% 0 0
Stockholders' equity
0.00
% 49
4.94
% 57 63
56.
7
51.0
3
Common stock
43
9
34.24
% 328
33.06
% 269 169
152
.1
136.
89
Retained earnings
38
2
29.80
% 27
2.72
% 18 12
10.
8 9.72
Accumulated other
comprehensive income 33
2.57
% 405
40.83
% 343 243
218
.7
196.
83
Total stockholders' equity
85
4
66.61
% 992
100.0
0% 895 843
758
.7
682.
83
Total liabilities and
stockholders' equity
24
52
191.2
6%
4413
3
4448.
89%
544
14 0 0
22

Accumulated other
comprehensive income
-
18
68
-
145.7
1% 0
0.00
%
-
118
4 0 0
Total stockholders' equity
14
71
114.7
4%
4553
0
4589.
72%
544
68 9242
831
7.8
7486
.02
Total liabilities and
stockholders' equity
19
10
148.9
9%
4585
8
4622.
78%
547
37 9411
846
9.9
7622
.91
Total Debt 559
43.60
% 302
30.44
% 254 335
301
.5
271.
35
23