Beruflich Dokumente
Kultur Dokumente
By
To
ACKNOWLEDGMENT
I heartily wish to extend heartfelt appreciation and gratitude to numerous Mentors, benefactors, and constituents who have collectively endowed the Wherewithal, faith and encouragement for me to navigate and complete my Project journey.
To Professor Meghna Dangi, my supporting advisor, who gently and patiently endured my academic tardiness, I offer commensurate veneration?
To the faculty and staff of the School of Management and Entrepreneurship, AURO University, Surat.
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Ch. No
Topic
INTRODUCTION: BACKGROUND OF THE STUDY HISTORY OF THE COMPANY OBJECTIVE OF COMPANY SWOT ANALYSIS
1.
2. 3. 4. 5. 6.
LITERATURE REVIEW RESEARCH METHODOLOGY THEORITICAL FRAME WORK OF RATIOS RATIO ANALYSIS CONCLUSION AND RECOMMENDATION REFERENCES APPENDIXES Balance sheet Profit and loss A/c
12 14 16 18 35 36
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ABSTRACT
Every report has its own theme. The essence of this report is to know the financial condition of WALMART. This report helps to know about what WALMART is all about and how the company is performing in financial terms. To measure the financial performance of the company, ratio analysis is conducted. For this analysis to be conducted, data is needed. Balance sheet and profit and loss account of the company are used which is purely an secondary data ( given in appendixes) to make such analysis. The time period taken for conducting this analysis is from 2009 to 2013 i.e. five years. The conclusion made from this analysis is that WALMART has been growing strongly and is performing well in every financial aspect.
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targeted middle class families and expanded its overhead. Wal-Mart's strategy was to compete with its rivals and lower overhead expenses. Compared with Sears, who consisted of more than 6,000 distribution centers, Wal-Mart had only 2,500 comparable units. Today, Wal-Mart has 1,636 retail stores. There are 1,093 Wal-Mart Super centers, 502 Sam's Clubs, 31 Wal-Mart Neighborhood stores and 1,183 international stores. Its core retail business can be divided into four retail divisions: Wal-Mart stores, super centers, Sam's Club warehouses and neighborhood markets. Wal-Mart stores and Super centers provide "one-stop family Sam's Club is the
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shopping experience for customers who need groceries, pharmaceuticals and general merchandise.
1974 : Wal-Mart stores now in Kentucky and Mississippi, Texas becomes 9 . 1977 : Wal-Mart entered Illinois. 11th state: Alabama. 1981 : Wal-Mart opened at Georgia and South Carolina 1982 : Wal-Mart opened at Florida and Nebraska. 1983 : First SAM'S CLUB opened in Midwest City, OK People Greeter implemented at all store. Wal-Mart enters Indiana, Iowa, New Mexico and North Carolina. 1984: David Glass named company president. Wal-Mart enters Virginia 1985 : Wal-Mart has 882 stores with sales of $8.4 billion and 104,000 Associates. Company adds stores in Wisconsin and Colorado. 1986 : Wal-Mart enters Minnesota. 1989 : Wal-Mart is now in 26 states with the addition of Michigan, West Virginia and Wyoming. 1990 : Wal-Mart becomes nation's No. 1 retailer. McLane Company of Temple, Texas acquired Wal-Mart enters California, Nevada, North Dakota, Pennsylvania, South Dakota and Utah. 1991 : Wal-Mart enters Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey and New York. "Sam's American Choice" brand products introduced. International market entered for first time with the opening of a unit Mexico City. 1992 : Sam Walton passes away April 5. S. Robson Walton named chairman of the board April 7. Wal-Mart has entered 45 states with the addition of Idaho, Montana and Oregon. Wal-Mart enters Puerto Rico. 1993 : Wal-Mart enters Alaska, Hawaii, Rhode Island and Washington. 1994 : Wal-Mart enters Canada by the acquisition of Woolco, and takes over 123 former Woolco stores across Canada. It opens 96 stores in Mexico. Three value clubs open in Hong Kong. 1995 : Wal-Mart enters its 50th state - Vermont - and builds three units in Argentina and five in Brazil.
FINANCIAL ACCOUNTING AND ANALYSIS Page 6
2000 : Wal-Mart ranked 5 by FORTUNE magazine in its Global Most Admired All-Stars list. H. Lee Scott named president and CEO of Wal-Mart Stores, Inc. Wal-Mart ranked #1 Corporate Citizen in America in the 2000 Cone/Roper Report, an annual national survey on philanthropy and corporate citizenship. 2001 : Wal-Mart has the biggest single day sales in history: $1.25 billion on the day after Thanksgiving. (www.walmartstore.com. About Wal-Mart)
2007 : Walmart.com launched Site to Store service, enabling customers to make a purchase online and pick up merchandise in stores. 2010 : Bharti Walmart, a joint venture, opened its first store in India.
OBJECTIVE OF THE COMPANY: As a major international public company, Walmart has lots of objectives. Here are some of them taken directly from Walmarts 2011 Annual Report Expand multi-channel initiatives Strategies: Develop and execute a global eCommerce strategy Accelerate global online channel growth Have accessible stores available for all of the customers needs Tactics: Conduct research on customers Use new formats, such as Walmart Express, in urban and rural markets. Open Walmarts first convenience format stores, Walmart Express, in the second quarter. Investing in global eCommerce (online commerce) Create technology platforms and applications for every Walmart market Deepening their understanding of consumer trends and creating new analytical tools. Leveraging multi-channel innovations like Site-to-Store, Pick Up TodaySM and Fed-Ex Site to Store
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Expanding their assortment, reallocating selling space and enhancing productivity initiatives to reduce costs. Adding services to their pharmacies, such as free monthly health screenings and hearing centers. Continue to add exciting brands in key categories, including apparel, jewelry, technology and entertainment. Deepening their understanding of consumer trends and creating new analytical tools. Attract more customers and Sams Club members Use new formats, such as Walmart Express, in urban and rural markets. Open Walmarts first convenience format stores, Walmart Express, in the second quarter.
Mission slogan:
"Save money. Live better." Saving people money so they can live better was a goal Sam Walton envisioned when he opened the first Wal-Mart store more than 40 years ago. Today, with thousands of stores in a number of formats around the globe, this mission is embedded in our business; it lives in our culture; and it impacts every part of our Company from our customers and our shareholders, to our associates and our communities.
SWOT ANALYSIS:
Strengths 1 Scale of operations. Walmart is the largest retailer in the world with more than $400 billion in revenue and 10,130 stores. It makes Walmart the giant that no other retailer can match. Due to such large scale of operations, the corporate can exercise strong buyer power on suppliers to reduce the prices. It can also achieve higher economies of scale than competitors because of its size. Higher economies of scale results in lower prices that are passed to consumers. Competence in information systems. The corporate achieves significant cost savings because of its extensive information systems that tracks orders, inventory levels, sales and other related information in real time. All this information can be instantly accessed, analyzed and decisions made at each store. Effective management of supply chain and logistics is one of the most important factors for Walmart success.
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Weaknesses 1. Labor related lawsuits. Walmart faces labor related lawsuits every year, which costs millions of dollars for the company. It is criticized for poor work conditions, low wages, unpaid overtime work and female discrimination. In addition to litigation costs, corporates reputation has been damaged and fewer skilled workers are willing to work for it. 2. High employee turnover. The business suffers from high employee turnover that increases firms costs, as it has to train new employees more often. The main reason for high employee turnover is low skilled, poorly paid jobs. 3. Little differentiation. Walmart has no differentiation compared to its competitors, which might hurt the company in the future if commodity prices or average consumer income would increase. In this case, low cost leadership strategy wouldnt be as effective as it currently is and Walmarts main competitive advantage would erode. 4. Negative publicity. The company is often criticized for its questionable practices such as bribery of authorities or poor work conditions. Negative publicity damages corporates reputation. Opportunities 1. Retail market growth in emerging markets. Retail markets grew by at least 5% on average in emerging markets in the last year, opening huge opportunities for Walmarts revenue growth. The business currently operates in Brazil, Mexico, China and India markets. Walmart should increase its presence in these markets to sustain future growth. 2. Rising acceptance of own label products. The sales of private label products have increased by more than 40% over the last 10 years. This reveals increasing consumer acceptance of supermarket chain products compared to national brand products. Walmart has an opportunity
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CHAPTER 2 - LITERATURE REVIEW:There are a number of studies that address claims about Wal-Marts impacts on local labor markets, emphasizing the retail sector. However, we regard much of this literature as uninformative about the causal impact of Wal-Mart on retail employment and earnings. First, some of the existing work is by advocates for one side or the other in local political disputes regarding Wal-Marts entry into a particular market. These studies are often hastily prepared, plagued by flawed methods and arbitrary assumptions, and sponsored by interested parties such as Wal-Mart itself, its competitors, or union groups(e.g., Bianchi and Swinney, 2004; Freeman, 2004; and Rodino Associates, 2003), and can hardly be expected to provide impartial evidence on Wal-Marts effects. Hence, they are not summarized here. There is also an academic literature on the impact of Wal-Mart stores, focusing on the effects of Wal-Mart openings on local employment, retail prices and sales, poverty rates, and the concentration of the retailing industry, as well as the impact on existing businesses. This research is limited by three main factors: the restriction of much of it to small regions (often a single small state); its lack of focus on employment and earnings effects; and its failure to account for the endogeneity of Wal-Mart locations, either at all or (in our view) adequately. Many of these studies, especially the early ones, focus on the effects of Wal-Mart at the regional level, spurred by the expansion of WalMart into a particular region. The largest number of studies focus on the effects of Wal-Mart on retail busin/esses and sales, rather than on employment and earnings. The earliest study, which is typical of much of the research that has followed, is by Stone (1988). He defines the pull factor for a specific merchandise category as the ratio of per capita sales in a town to the per capita sales at the state level, and examines the changes in the pull factor for different merchandise categories in host and surrounding towns in Iowa after the opening of Wal-Mart stores. Stone finds that in host towns, pull factors for total sales and general merchandise (to which all WalMart sales belong) rise after the arrival of Wal-Mart. Pull factors for eating and drinking and home furnishing also go up because Wal-Mart brings in more customers. However, pull factors for grocery, building materials, apparel, and specialty stores decline, presumably due to direct competition from Wal-Mart. He also finds that small towns surrounding Wal-Mart towns suffer a
FINANCIAL ACCOUNTING AND ANALYSIS Page 12
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Importance and Advantages of Ratio Analysis Ratio analysis is an important tool for analyzing the company's financial performance. The following are the important advantages of the accounting ratios. 1. Analyzing Financial Statements Ratio analysis is an important technique of financial statement analysis. Accounting ratios are useful for understanding the financial position of the company. Different users such as investors, management. bankers and creditors use the ratio to analyze the financial situation of the company for their decision making purpose. 2. Judging Efficiency Accounting ratios are important for judging the company's efficiency in terms of its operations and management. They help judge how well the company has been able to utilize its assets and earn profits. 3. Locating Weakness Accounting ratios can also be used in locating weakness of the company's operations even though its overall performance may be quite good. Management can then pay attention to the weakness and take remedial measures to overcome them. 4. Formulating Plans Although accounting ratios are used to analyze the company's past financial performance, they can also be used to establish future trends of its financial performance. As a result, they help formulate the company's future plans. 5. Comparing Performance
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1) Profitability ratio:The name says it all. It shows the profitability of the firm. Every corporate house or firm needs to earn profit not only to survive but also to expand or diversify. Not only this, profit needs to be earned to give returns to investors, payment to creditors, salaries and wages to the employees, and the list goes on. This class of ratio are used to evaluate the companys ability to generate excess revenue over expenses . A) Gross profit ratio:GP ratio is a ratio which shows relationship between sales and gross profit. It is a very effective tool for finding the operational performance of the company. This can be found out by dividing gross profit by net sales.
2010
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GP RATIO
26.00% 25.50% 25.00% 24.50% 24.00% 23.51% 23.50% 23.00% 22.50% 2009 2010 2011 2012 2013 24.19% GP RATIO 25.37% 25.26% 25.02%
Analysis:By viewing this we see that the gross profit ratio increases from year 2009 to 2010 but then this ratio decreases inspite of increase in gross profit.This means that gross profit increases although ratio decreases.
B) Net Profit Ratio:NP ratio is an another tool to measure the profitability of the firm. It is an indicator about how efficient is the firm is and well it is able to control its costs. Its an indicator about how much revenues are converted into actual profits by the company. This can be calculated by dividing profit after tax by net sales. NPR = NPAT / NET SALES *100 (IN $ BILLION) 2009 PAT 13.25 NET SALES 401.09 NP RATIO 3.30%
NP Ratio
3.70% 3.60% 3.53% 3.50% 3.40% 3.30% 3.30% 3.20% 3.10% 2009 2010 2011 2012 2013 3.53% 3.64% 3.62%
NP Ratio
Analysis: By analyzing this graph we see that profit margin increase year by year except year 2012 that mean company achieve good profit from business and company tries to maintain this by increasing net sales .
2) Liquidity ratio:Lteiquidity ratios are those ratios which show the companys ability to meet the companys short term obligations. These ratios help to measure the ability of the firm to pay back their obligations when they become due.
A) Current ratio:This is a balance sheet financial performance ratio which shows whether the company has the ability or assets to repay their current liabilities over the next one year.if the ratio is more than1:1
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(IN $ BILLION) 2009 CURRENT 48.95 ASSET CURRENT 55.39 LIABLITIES CURRENT 0.88 RATIO
Current ratio
0.9 0.88 0.86 0.84 0.82 0.8 2009 2010 2011 Current ratio 2012 2013 0.83 Current ratio 0.89 0.87 0.88
0.88
Analysis:We say that current ratio is high till year 2012 but in year 2013 its become too much low mainly due to its current liability increase and also its asset increase with that. So company believes in tries to maintains that ratio.
FINANCIAL ACCOUNTING AND ANALYSIS Page 21
QUICK OR ACID TEST RATIO = LIQUID ASSET / LIQUID LIABILITIES (IN $ BILLION) 2009 LIQUID 14.44 ASSET LIQUID 55.39 LIABILITIES QUICK OR 0.26 ACID TEST RATIO 2010 15.18 55.56 0.27 2011 15.57 58.48 0.27 2012 14.27 62.30 0.23 2013 16.14 71.82 0.22
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3) Turnover ratios:Accounting ratios that measure a firm's ability to convert different accounts within their balance sheets into cash or sales. Companies would like to convert those accounts into cash as fast as possible. This type of turnover ratios shows if they are able to do so or not.
A) Inventory turnover ratio:In accounting, the Inventory turnover is a measure of the number of times inventory is sold or used in a time period such as a year. The equation for inventory turnover equals the Cost of goods sold divided by the average inventory. Inventory turnover is also known as inventory turns, stock turn, stock turns, turns, and stock turnover.
INVENTORY TURNOVER RATIO = COGS/AVGRAGE STOCK (IN $ BILLION) 2010 2011 297.5 307.65 33.84 8.79 34.74 8.86
2009 297.32
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8.49
Analysis:The inventory turnover ratio is not consistent from the year 2009 to the year 2013. From the year 2009 to the year 2011, it has shown an increasing trend, indicating that number of times the inventory is sold or used has increased. But it has declined in 2012 and 2013 showing that number of times the inventory sold or used has decreased.
B) Fixed asset turnover ratio:Fixed asset turnover is the ratio of sales to value of fixed assets, indicating that how well the company uses its fixed assets to generate sales. Higher the ratio, the better it is because it would mean that the company has less amount of money tied up in fixed assets for each unit of sales revenue. A declining ratio indicates that the company has overinvested in plant, machinery, or other fixed assets.
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2012
1.2
2011
1.18
2010
1.2
1.41 1.45
Analysis:This ratio has declined all these years except 2013 where it has shown a bit of improvement. This ratio shows that how much of sales is generated by using fixed assets.
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NET SALES CURRENT 48.95 ASSET CURRENT 8.19 ASSET TURNOVER RATIO
2009 401.09
(IN $ BILLION) 2010 2011 408.21 421.85 48.33 8.45 51.89 8.13
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D) Assets turnover ratio. Asset turnover is a financial ratio that measures the efficiency of a company's use of its assets in generating sales revenue or sales income to the company.
ASSET TURNOVER RATIO = NET SALES / AVGRAGE ASSET (IN $ BILLION) 2009 SALES 401.09 AVGRAGE ASSETS 163.49 ASSET TURNOVER 2.45 RATIO
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E) Working capital turnover ratio: Working capital means current assets minus current liabilities. The working capital turnover ratio is used to analyze the relationship between the money used to fund operations and the sales generated from these operations. The higher the working capital turnover, the better because it means that the company is generating a lot of sales compared to the money it uses to fund the sales.
2009 NET SALES 401.09 WORKING 22.89 CAPITAL WORKING 17.52 CAPITAL TURNOVER RATIO
(IN $ BILLION) 2010 2011 408.21 421.85 27.84 23.53 14.66 17.93
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Working capital
20 18 16 14 12 10 8 6 4 2 0 2009 2010 2011 2012 2013 17.52 14.66 17.83 18.79 Working capital
Analysis
Working capital turnover ratio has increased since the year 2010. It indicates that lot of sales is generated as compared to the money used in funding the sales.
4) Solvency ratio:Solvency ratios measures company ability to meet its long term obligations. It provides an
assessment of the likelihood of a company to continue congregating its debt obligations.
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2009 DEBT 40.56 SHAREHOLDERS 67.48 FUND DEBT EQUITY 0.60 RATIO
(IN $ BILLION) 2010 2011 46.62 55.17 73.24 71.66 0.64 0.77
Debt equity
0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 2009 2010 2011 2012 2013 0.6 0.64 0.77 0.85 0.6 Debt equity
Analysis:Debt equity ratio has increased from the year 2009 to the year 2012 indicating that outside creditors for the company has increased over the years. But in the year 2013, this ratio has declined showing decrease in outside creditors.
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(IN $ BILLION) 2009 PROPRIETORS 65.29 FUND TOTAL 333.91 ASSETS PROPRIETARY 0.196 RATIO 2010 70.75 388.44 0.182 2011 68.54 409.38 0.167 2012 71.32 426.61 0.167 2013 76.34 450.5 0.169
Proprietary ratio
2013 2012 2011 2010 2009 0.15 0.16 0.17 0.18 0.19 0.169 0.167 0.167 0.182 0.196 0.2 Proprietary ratio
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B) Return on asset ratio:An indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management is at using its assets to generate earnings. It indicates number of dollar earned on each dollar of asset. Higher ratio means the company is earning more dollars per dollar of asset.
2009 NET PROFIT 13.25 AFTER TAX NET ASSETS 163.49 ROA RATIO 8.10%
(IN $ BILLION) 2010 2011 14.41 15.36 196.42 7.34% 180.36 8.52%
ROA ratio
9.00% 8.50% 8.00% 7.50% 8.10% 7.00% 6.50% 2009 2010 2011 2012 2013 7.34% 8.52% 8.33% 8.57% ROA ratio
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2009 NET PROFIT 13.25 AFTER TAX AVG. SHAREHOLDER 66.54 EQUITY ROE RATIO 19.91%
(IN $ BILLION) 2010 2011 14.41 70.36 20.48% 15.36 72.45 21.20%
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ROE ratio
21.50% 21.00% 20.48% 20.50% 19.91% 20.00% 19.50% 19.00% 2009 2010 2011 2012 2013 ROE ratio 21.20% 21.32% 21.45%
Analysis:
It has shown an increasing trend from the year 2009 till the year 2013. It indicates that companys efficiency in generating profit from shareholders equity has increased all these years.
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CHAPTER 6 CONCLUSION
Ratio analysis has a major significance in analyzing the financial performance of a company over a period of time. Decisions affecting product prices, per unit costs, volume or efficiency have an impact on the profit margin or turnover ratios of a company. Financial ratios are essentially concerned with the identification of significant accounting data relationships, which give the decision-maker insights into the financial performance of a company. The analysis of financial statements is a process of evaluating the relationship between component parts of financial statements to obtain a better understanding of the firms position and performance. The first task of financial analyst is to select the information relevant to the decision under consideration from the total information contained in the financial statements. The second step is to arrange the information in a way to highlight significant relationships. The final step is interpretation and drawing of inferences and conclusions. In brief, financial analysis is the process of selection, relation and evaluation. Ratio analysis in view of its several limitations should be considered only as a tool for analysis rather than as an end in itself. The reliability and significance attached to ratios will largely hinge upon the quality of data on which they are based. They are as good or as bad as the data itself. Nevertheless, they are an important tool of financial analysis. Ratios make the related information comparable. A single figure by itself has no meaning, but when expressed in terms of a related figure, it yields significant interferences. Thus, ratios are relative figures reflecting the relationship between related variables. Their use as tools of financial analysis involves their comparison, as single ratios, like absolute figures, are not of much use.
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Assets 2009 2010 2011 2012 2013 Cash & Short Term 7.28B 7.91B 7.4B 6.55B 7.78B Investments Cash Only 3.07B 1.7B 1.75B 7.78B Short-Term Investments 4.84B 5.69B 4.8B 0 Total Accounts 3.91B 4.14B 5.09B 5.94B Receivable Accounts Receivables, 3.91B 4.14B 5.09B 5.94B 6.77B Net Accounts Receivables, 3.91B 4.14B 5.09B 5.94B 6.88B Gross Bad Debt/Doubtful (115M) Accounts Other Receivables 0 0 0 0 0 Inventories 34.51B 33.16B 36.32B 40.71B 43.8B Finished Goods 34.51B 33.16B 36.32B 40.71B 43.8B Work in Progress 0 0 0 0 0 Raw Materials 0 0 0 0 0 Progress Payments & 0 0 0 Other Other Current Assets 3.26B 3.12B 59.94B 1.77B 1.59B Miscellaneous Current 3.26B 3.12B 3.09B 1.77B 1.59B Assets Total Current Assets 48.95B 48.33B 51.89B 54.98B 59.94B Net Property, Plant & 95.65B 102.31B 107.88B 112.32B 116.68B Equipment Property, Plant & 131.16B 143.52B 154.49B 160.94B 171.72B Equipment - Gross Buildings 73.81B 77.45B 79.05B 84.28B 90.69B Land & Improvements 19.85B 22.59B 24.39B 23.5B 25.61B Computer Software and Equipment Other Property, Plant & 35.45B 38.29B 39.23B 40.9B Equipment Accumulated Depreciation 35.51B 41.21B 46.61B 48.61B 55.04B Total Investments and 0 0 0 0 0 Advances
FINANCIAL ACCOUNTING AND ANALYSIS Page 37
15.26B 16.13B 16.76B 20.65B 20.5B 15.26B 16.13B 16.76B 20.65B 20.5B 0 0 0 0 0 3.37B 3.94B 4.13B 4.72B 5.23B 0 3.94B 4.13B 4.72B 5.23B 163.43B 175.41B 185.3B 193.41B 203.11B 2009 2010 2011 2012 2013 7.67B 1.51B 6.16B 28.85B 701M 18.17B 5.58B 12.59B 55.39B 34.55B 31.35B 31.35B 0 3.2B 0 2.87B 3.08B 202M 2.94B 2.94B 95.95B 0 4.92B 523M 4.4B 30.45B 1.37B 18.83B 5.99B 12.84B 55.56B 36.4B 33.23B 33.23B 0 3.17B 0 1.04B 5.74B 4.71B 4.47B 4.47B 102.18B 0 6.02B 1.03B 4.99B 33.56B 157M 18.75B 5.9B 12.85B 58.48B 43.84B 40.69B 40.69B 0 3.15B 0 1.7B 6.34B 4.64B 4.99B 4.99B 113.65B 0 6.35B 4.05B 2.3B 36.61B 1.21B 18.14B 5.09B 13.05B 62.3B 47.08B 44.07B 44.07B 0 3.01B 0 3.88B 4.62B 738M 3.25B 3.25B 117.24B 0 12.72B 6.81B 5.91B 38.08B 2.33B 18.69B 5.06B 13.63B 71.82B 41.42B 38.39B 38.39B 0 3.02B 684M 3.62B 4.37B 757M 2.56B 2.56B 120.85B 0
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2009
401.09B 304.06B 297.32B 6.74B 97.03B 77.52B 0 77.52B 0 0 0 3.29B 284M 2.18B 2.27B 88M 20.9B 7.15B 5.34B 1.23B 655M (74M) 0 0 0 13.75B
2010
408.21B 304.66B 297.5B 7.16B 7.16B 0 103.56B 78.92B 0 78.92B 0 689M (689M) 0 181M 2.07B 2.15B 85M 22.07B 7.14B 6.4B 1.25B (371M) (133M) 0 0 0 14.93B
2011
421.85B 315.29B 307.65B 7.64B 7.64B 0 106.56B 81.02B 0 81.02B 0 0 201M 2.21B 2.27B 63M 23.54B 7.58B 5.24B 1.47B 857M 19M 0 0 0 15.96B
2012
446.95B 335.13B 327B 8.13B 8.13B 0 111.82B 85.27B 0 85.27B 0 0 0 0 162M 2.32B 2.38B 60M 24.4B 7.94B 5.34B 1.4B 1.5B (299M) 0 0 0 16.45B
2013
469.16B 352.49B 343.99B 8.5B 8.4B 101M 116.67B 88.87B 0 88.87B 0 0 0 0 187M 2.25B 2.33B 74M 25.74B 7.98B 6.23B 1.77B 30M (48M) 0 0 0 17.76B
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