Internship Report

Schlumberger Seaco Inc

Tax Department
M. Ikram Ellahi
Schlumberger Ltd. (SLB
I. The Firm and Its Market
Company History
The compan! "as originall! #ormed in $%&'
in (aris) *rance as Societe de (rospection
Electri+ue as the pre,cursor to Schlumberger
Limited. Schlumberger Limited is named a#ter its
#ounder -onrad Schlumberger. Schlumberger
de.eloped electrical measurements to map
subsur#ace rock bodies. /is technolog! "as
e.entuall! used to conduct geoph!sical sur.e!s in
Romania) Serbia) -anada) 0nion o# South 1#rica)
Belgian -ongo and the 0nited States.
1s the compan! continued to gro") it
e.entuall! relocated its head+uarters #rom *rance to
/ouston) T2 in $%34. The compan! continued to
enhance its business model b! expanding into a
.ariet! o# di##erent specialties. In $%5')
Schlumberger Limited "as #ormed as the holding
compan! #or all o# the Schlumberger business lines.
During the last 54 !ears the compan! has continue
to e.ol.e into one o# the leaders "ithin its industr!.
Current Business Lines
Schlumberger Limited is primaril! an
oil#ield ser.ices compan! that is head+uartered in
the 0nited States) but also operates internationall!.
Schlumberger currentl! has 64)444 emplo!ees "ith
$34 di##erent nationalities "orking in o.er 74
countries "orld"ide. 8ne o# the main bene#its to
Ticker9 SLB
Sector9 Basic Materials
Industr!9 8il : ;as E+uipment
: Ser.ices
In.estment Rating
Buy
(ricing9
(rice <77.==
5&,>eek /igh <7%.&4
5&,>eek Lo" <53.&=
(ro#itabilit! and E##ecti.eness
(?E Ratio &'.$&
(E; Ratio $.4%
E(S =.=7
R81 $'.=$@
R8E 3&.66@
(ro#it Margin &4.=7@
8( Margin &'.=6@
Market Data
Market -ap $43.$4B
1.g. Aol. (= mo $4)$%7)544
D?E Ratio 4.3%$
-urrent Ratio $.'4=
Di.idend Bield 4.74@
the compan! is that it is a global compan! "hose
per#ormance is not directl! tied to the domestic
econom!.
Schlumberger Limited is separated into t"o main business segments9 8il#ield
Ser.ices and >estern;eco. These t"o segments are in.ol.ed in the operations$5
di##erent business lines. The business lines include9 arti#icial li#t) cementing) coiled
tubing) completion) consulting) data ser.ices) drilling) integrated product management)
per#orating) production) reser.oir e.aluation) seismic) so#t"are) stimulation) and "ell
testing.
The 8il#ield Ser.ices segment pro.ides technolog!) proCect management) and
in#ormation solutions to the petroleum industr!. (rimaril! 8il#ield Ser.ices is
responsible #or assisting a .ariet! o# di##erent oil companies throughout the "orld "ith
the management o# oil and gas reser.es. The segment helps "ith drilling) open,hole and
cased,hole ser.ices) "ell testing) and completion ser.ices.
The compan! also assists its clients "ith in#ormation management and securit!.
SchlumbergerDs product (roSource is recogniEed as the industr! leader #or in#ormation
management in the energ! and petroleum industr!. (roSource is tailored to the speci#ic
needs o# the industr! and helps to greatl! impro.e the +ualit! and a.ailabilit! o#
in#ormation. In addition to these general ser.ices) Schlumberger also o##ers consulting
ser.ices that pro.ide guidance to oil companies F#rom the drill bit to the boardroom.G
Due to the compan!Ds breadth o# kno"ledge "ithin the energ! and petroleum industr!)
Schlumberger pro.ides excellent third part! ad.ice to oil and gas companies.
The >estern;eco segment is still .aluable to the compan!) but itDs not as
important as 8il#ield Ser.ices. >estern;eco pro.ides a .ariet! o# reser.oir imaging)
monitoring) and de.elopment ser.ices. This segment also includes 3,D imaging ser.ices
and multi,client seismic librar!.
Management and Board
Schlumberger Limited has an experienced management and Board o# Directors.
1ndre" ;ould) the compan!Ds -E8) has been in his current position since *ebruar!
&44=. Since ;ould has taken o.er the compan!) it has enCo!ed tremendous gro"th.
Be#ore taking o.er his current position ;ould ser.ed as (resident and -hie# 8perating
o##icer #rom March &44& through *ebruar! &44=. (rior to that Mr. ;ould ser.ed as
Executi.e Aice (resident o# 8il#ield Ser.ices Hanuar! $%%% to March &44&.
8ther members o# management ha.e a .ariet! o# experiences throughout the
energ! and petroleum industr!. 1ll o# the top management members ha.e been "ith the
compan! o.er se.en !ears. This appears to ha.e helped the compan! due to their le.el o#
experience and expertise. 1s long as the compan! continues to per#orm "ell) it does not
appear that an! o# the management needs to be changed.
Internship Report
I "as appointed as a paid interne in Schlumbeger Seaco Inc a#ter inter.ie". I ga.e Coining
in their tax department at $7
th
o# Io.ember &4$=. S!ed Mu+eel /usnain /aider "as ;eo
Market Tax ManagerJ Su#ian /abib Idreesi "as 1ssistant marketing Tax Manager and
1a+ib 1hsan HanCua "as tax coordinator. I continued m! internship under the super.ision
o# them. Basicall! the #irst thing "hich I had learned #rom this experience "as) "e canDt
reduce the risk) but though "e can mitigate the risk element in our business) so I "as
taught basic rules and regulations in order to reduce this #actor. So I started "ith
maintaining the #iles) then printing) scanning and #inall! later on to t"o o# their big
proCects) "hich "ere related on Schlumberger Seaco and Schlumberger Do"ell.
So basicall! "hat I had to done "as) there "ere FTax Import -hallan *ormsG o# both the
companies. I ha.e to #irst maintain them according to the dates and months) in ascending
order. Then ha.e to put them in Excel sheet "ith respect to9,
Serial Number
Entity
Tax import challan amount
Date
Then a#ter this I had to compare m! excel sheet record "ith the ;L) "hich "as pro.ided
to me b! the compan!.I had to use di##erent #ormulas like .lookup etc in order to compare
both o# them. So i# some record "as missing) I had to look it #rom the ;l) that "hich one
"as not present) so I note do"n that #ile no in aspect o# e.er!thing) then goto archi.e
room) to #ind that #ile) in "hich import challan #orm "as present. So this "as the process
#or both o# companies. 1nd at the end I success#ull! completed the "hole record #or both
o# the companies) and reco.ered more amount o# record then the amount "hich "as in
;l.
So this is "hat I basicall! learned #rom internship) and it "as reall! a big exposure #or
me) "hich enhanced m! capabilities and pro.ided me the abilit! to think #urther) #or
e.er! kind o# scenario. I "ish to Coin that compan! again) because again it "as great
corporate exposure #or me.
II. Competitive and Economic Environment
Competition
SchlumbergerDs main competitors in the oil and gas e+uipment industr! include three
main #irms. 1 detailed description o# these #irms is listed belo".
Halliurton
/alliburton -ompan! pro.ides .arious products and ser.ices to energ!) industrial) and
go.ernmental customers "orld"ide. The compan! pro.ides assistance "ith oil and gas
"ell technolog! and construction. /alliburton also specialiEes in in#ormation s!stems)
consulting) and go.ernment contracting. 8ut o# all o# its competitors) /alliburton is
probabl! the most similar to Schlumberger.
B! "ervices Company
BH Ser.ices -ompan! pro.ides pressure pumping and a .ariet! o# other ser.ices to the oil
industr!. The compan!Ds "ork consists o# cementing and stimulation o# ne" and old oil
"ells. The! also pro.ide completion tools and completion #luids to their customers.
Baker Hughes Incorporated
Baker /ughes Inc. pro.ides supplies products and technolog! ser.ices to oil and gas
industries "orld"ide. The compan! specialiEes in t"o main segments "hich are Drilling
: E.aluation and -ompletion : (roduction. Baker /ughes does not pro.ide
in#ormation technolog! or consulting ser.ices to its customers.
DIRECT COMPETITOR COMPARISON
SLB BHI BJS HAL Industry
Market Cap: 104.11B 28.29B 8.40B 32.07B 1.02B
Employees: 70,000 34,600 16,000 104,000 2.00K
Qtrly Re !ro"t# $yoy%: 28.90& 19.90& 10.00& 16.'0& 36.40&
Ree()e $ttm%: 20.46B 9.44B 4.70B 22.99B 620.18M
!ross Mar*+( $ttm%: 32.39& 40.07& 33.2'& 16.90& 39.7'&
EB,-./ $ttm%: 7.13B 2.61B 1.46B 4.07B 124.'1M
0per Mar*+(s $ttm%: 26.73& 22.28& 26.64& 1'.02& 18.61&
1et ,(2ome $ttm%: 4.17B 2.4'B 837.47M 2.3'B 43.37M
E34 $ttm%: 3.382 7.'02 2.761 2.312 1.74
35E $ttm%: 26.12 11.77 10.37 1'.18 1'.23
3E! $' yr e6pe2te7%: 1.09 1 0.'6 0.8' 0.77
354 $ttm%: '.09 2.97 1.80 1.39 2.'4
BHI = Baker Hughes Inc.
BJS = BJ Services Company
HAL = Halliburton Co.
Industry = Oil & Gas !uipment & Services
Schlumberger is in a .er! competiti.e industr! o# pro.iding e+uipment and
ser.ices to oil and natural gas companies. Schlumberger has a maCor ad.antage in that it
is much larger and more e##icient than most o# its competitors. This is e.ident "hen
.ie"ing the compan!Ds operating margin. The a.erage operating margin #or the industr!
is $7.'$@) "hile Schlumberger boasts a &'.6=@ operating margin. 8# its main
competitors) all are belo" a &=@ operating margin besides BH Ser.ices -ompan! (BHS
"hich has a &'.'3@ operating margin. /o"e.er due to its siEe) BH Ser.ices does not
pro.ide a "ide range o# ser.ices like Schlumberger.
*or example) "hile most o# its competitors o##er assistance to oil companies "ith
drilling) cementing) and "ell testing) #e" pro.ide in#ormation technolog! ser.ices and
consulting. Schlumberger is able to add a lot o# .alue #or its customers due to the amount
o# ser.ices that it pro.ides allo"ing it to cross,sell man! o# its ser.ices. Schlumberger
"orks "ith a .ariet! o# small oil production companies) but its t"o main customers are
Exxon Mobil and British (etroleum. The t"o larger oil producers like "orking "ith
Schlumberger because the! are big enough to ser.e large oil companies.
The compan!Ds o.erall siEe has allo"ed it to take ad.antage o# man!
opportunities that are not a.ailable to smaller competitors. This siEe ad.antage has
helped the compan! outper#orm the S:( 544 and man! o# its direct competitors. During
the last +uarter) Schlumberger posted a &7.%4@ increase in re.enue. This increase is $4@
more than an! o# its direct competitors. This large increase in re.enue has aided the
compan!Ds per#ormance o.er the last six months. 1 graph o# the SchlumbergerDs
per#ormance is a.ailable at the top o# the next page.
Economy
The ke! to the #uture success o# Schlumberger is the price o# energ!. >hen
energ! prices sta! high) the entire oil and gas e+uipment and ser.ices industr! tends to
per#orm .er! "ell. >hen energ! prices started to slide last #all and into last "inter the
"hole industr! su##ered. /o"e.er) "hen energ! prices started mo.ing up"ard) the prices
o# the stocks "ithin the industr! did as "ell.
During a recent con#erence call) Schlumberger -E8 1ndre" ;ould stated that
barring a maCor slo"do"n in the global demand #or h!drocarbons that Schlumberger
F"ill continue to see high gro"th through the end o# this decade and "ell into the next.G
1lthough the compan! ma! not continue on its current gro"th pace o.er the last six
months) the conditions in the oil and gas industr! still pro.ide Schlumberger plent! o#
room #or gro"th.
#aluation
>hen conducting the .aluation #or Schlumberger Limited) I decided to use the
>arren Bu##ett >a! 8"nersD Discount Model. In order to select the proper discount rate)
I considered the risk,#ree rate (=4 !ear T,bill) beta) and return on market (5.5@. >hen
using all o# these #actors I "as able to #ind the cost o# e+uit!.
Re K R# L M (Rm
R# K 3.%=@ M K $.4$ Rm K 5.5@ Re $ %&.'()*
Iext I "orked to calculate a gro"th rate #or Schlumberger using the (E; Ratio.
>ith a (?E ratio o# &'.$& and a (E; ratio o# $.4%) the gro"th rate #or the compan! is
e+ual to &=.%'. Since this number appears to be a little high I "ill also calculate more
.aluations using more conser.ati.e numbers.
0sing a gro"th rate o# &=.%7@ and a cost o# e+uit! o# $4.735@) the intrinsic .alue
o# Schlumberger is <56.77. This is #ar belo" the current stock price) but the net income
in the .aluation does not include the recent re.enue gro"th that the compan! has
generated since the #irst part o# the !ear. I# this re.enue gro"th "ere present) the intrinsic
.alue "ould be much higher. 0sing a more conser.ati.e gro"th rate o# $&@) the
intrinsic .alue is <=6.55. Both o# the calculations are sho"n in 1ppendix 1.
Target +rice "ummary
Mea( 89.36
Me7+a( 90.00
8+*# 107.00
9o" 76.00
4ta(7ar7 .e+at+o( 7.41
1)m:er o; -ar*ets 14
>hen taking a closer look at the Target (rice Summar! that most anal!sts are
predicting #or the stock) it is trading Cust belo" its mean estimate o# <7%.='. The
compan! has a proCected high o# <$46 and a lo" o# <6') so it is roughl! in the middle o#
its range. I# current market conditions remain the same or impro.e there is still plent! o#
room le#t #or gro"th in the stock.
III. Financial "tatements
Income "tatement
During the last t"o !ears) Schlumberger has increased its re.enues and net
income signi#icantl!. 8.er this time period the compan!Ds re.enues ha.e increased
nearl! 74 percent. SchlumbergerDs net income has increased in &445 and &44' b! 74
percent and '7 percent) respecti.el!. This also does not include the increase o# &7.%4
percent that the compan! experienced during the #irst +uarter o# &446. 1s long as oil
prices sta! moderatel! high) the compan! should continue to experience signi#icant
gro"th. The income statement is attached in 1ppendix B.
Balance "heet
>hen examining SchlumbergerDs balance sheet) the compan! has increased its
current assets and total assets each !ear) "hile onl! taking on small amounts o# additional
debt. 1lso it is important to note that due to the compan!Ds success o.er the last t"o
!ears) the! ha.e repurchased se.eral shares o# stock. This has also helped to boost the
compan!Ds share price. The balance sheet is attached in 1ppendix -.
Cash Flo, "tatement
Iothing particularl! stands out as being .er! positi.e or negati.e on the cash #lo"
statement. Schlumberger has increased the di.idends #rom <33$ million in &443 to <'&6
million in &44'. The compan! also increased its Sale (urchase o# Stock to <'&' million
in &44'. Due to the need to gro" its business) Schlumberger has nearl! doubled its
capital expenditures to <&.3 billion in the last t"o !ears. The cash #lo" statement is
attached in 1ppedix D.
-nalyst Ratings
>hen re.ie"ing the anal!sts ratings #or the stock most anal!sts are still rating it a
bu! "ith a mean recommendation o# &.4. During the last three months the number o#
anal!sts rating it a strong bu! has decreased) but so ha.e the number o# anal!sts. 8.erall
the gro"th prospects #or the compan! appear to be high.
RECOMMENDATION TRENDS
C)rre(t Mo(t# 9ast Mo(t# -"o Mo(t#s /*o -#ree Mo(t#s /*o
4tro(* B)y 6 7 8 9
B)y 9 8 8 9
8ol7 6 6 ' 6
4ell 0 0 0 0
4tro(* 4ell 0 0 0 0
"ata provi#e# by $homson%&irst Call
Recommendation
Schlumberger Limited is a maCor pla!er in the oil and gas e+uipment and ser.ices
industr!. The compan! has the largest market cap in the industr! as "ell as a global
presence so that its stock price is not directl! tied to an! one countr!. The main dri.er o#
this stock "ill be the price o# oil in the #uture. Most anal!sts predict the price o# oil to
remain high) so the prospects #or the stock are good. 1lso the compan! pro.ides some
di.ersi#ication "ithin the energ! sector because it is in e+uipment and ser.ices and not
solel! production. Due to the #uture gro"th prospects o# Schlumberger Limited) I
recommend that "e bu! $54 shares o# the compan!.
1ppendix 19 >arren Bu##ett Aaluation Model
Warren Buffett Way Owners' Earnings Discount Model
ass)m+(* 7+s2o)(t rate $k% o; 10.49&
Owner Earnings in 2!"
1et ,(2ome < 3,709,8'1,000.00
.epre2+at+o( < 1,'61,410,000.00
/mort+=at+o(
Cap+tal E6pe(7+t)res < $2,4'7,093,000.00%
0"(er Ear(+(*s < 2,814,168,000.00
2!
3r+or >ear 0"(er Ear(+(*s
<
2,814,168,000.0
?+rst 4ta*e !ro"t# Rate $a77% 24.0&
0"(er Ear(+(*s
<
3,488,442,6'2.8
.+s2o)(te7 @al)e per a(()m <3,488,442,6'2.8
Su# of $resent %alue of owner earnings &2!'())'2*+'2(,-+
Res+7)al @al)e
0"(er Ear(+(*s +( year '
<
8,236,787,431.3
4e2o(7 4ta*e !ro"t# Rate $*% $a77% 3.00&
0"(er Ear(+(*s +( year 6
<
8,483,891,0'4.3
Cap+tal+=at+o( rate $kA*% 7.49&
@al)e at e(7 o; year '
<
113,34',237,86'.78
.resent /alue of 0esidual &*1')1)'!,!'!+!-,1
Intrinsic /alue of 2o#$any &!)'2!'3('312-2*
4#ares o)tsta(7+(* ass)m+(* 7+l)t+o( 1178'14829
Intrinsic /alue $er s4are &,+-))
Warren Buffett Way Owners' Earnings Discount Model
ass)m+(* 7+s2o)(t rate $k% o; 10.49&
Owner Earnings in 2!"
1et ,(2ome < 3,709,8'1,000.00
.epre2+at+o( < 1,'61,410,000.00
/mort+=at+o(
Cap+tal E6pe(7+t)res < $2,4'7,093,000.00%
0"(er Ear(+(*s < 2,814,168,000.00
2!
3r+or >ear 0"(er Ear(+(*s
<
2,814,168,000.0
?+rst 4ta*e !ro"t# Rate $a77% 12.0&
0"(er Ear(+(*s
<
3,1'1,868,160.0
.+s2o)(te7 @al)e per a(()m <3,1'1,868,160.0
Su# of $resent %alue of owner earnings &13'+!',)+'+1-1
Res+7)al @al)e
0"(er Ear(+(*s +( year '
<
4,9'9,'2','69.9
4e2o(7 4ta*e !ro"t# Rate $*% $a77% 3.00&
0"(er Ear(+(*s +( year 6
<
',108,311,337.0
Cap+tal+=at+o( rate $kA*% 7.49&
@al)e at e(7 o; year '
<
68,247,312,4'1.91
.resent /alue of 0esidual &2,'1+3')*'*)2-)*
Intrinsic /alue of 2o#$any &**'2,!'(31',,(-3!
4#ares o)tsta(7+(* ass)m+(* 7+l)t+o( 1178'14829
Intrinsic /alue $er s4are &(+-,,
1ppendix B9 Income Statement
PERIOD ENDING (15Dec5! (15Dec5, (15Dec5*
6otal 0e%enue 13'2('*+) 1*'+1!'3,1 11'!)')!(
Cost o; Ree()e 13,214,043 10,623,096 9,041,972
7ross .rofit !'1!'*(, *'3('),, 2',!!')31
0perat+(* E6pe(ses
Resear2# .eelopme(t 619,316 '0','13 467,3'4
4ell+(* !e(eral a(7 /7m+(+strat+e '00,761 419,'22 384,7'8
1o( Re2)rr+(* A A A
0t#ers A A A
-otal 0perat+(* E6pe(ses A A A
O$erating Inco#e or Loss *')3!'(,) ('1!)')2 1'+1*'++3
,(2ome ;rom Co(t+()+(* 0perat+o(s
-otal 0t#er ,(2ome5E6pe(ses 1et 286,716 A $114,894%
Ear(+(*s Be;ore ,(terest /(7 -a6es ',183,074 3,168,820 1,'99,88'
,(terest E6pe(se 234,916 197,090 272,448
,(2ome Be;ore -a6 4,948,1'8 2,971,730 1,327,437
,(2ome -a6 E6pe(se 1,189,'68 681,927 276,949
M+(or+ty ,(terest $48,739% $90,808% $36,436%
1et ,(2ome ?rom Co(t+()+(* 0ps 3,709,8'1 2,198,99' 1,014,0'2
1o(Are2)rr+(* Ee(ts
.+s2o(t+()e7 0perat+o(s A 7,972 209,818
E6traor7+(ary ,tems A A A
E;;e2t 0; /22o)(t+(* C#a(*es A A A
0t#er ,tems A A A
8et Inco#e ('+3'),1 2'2!'3!+ 1'22(')+
1ppendix -9 Balance Sheet
PERIOD ENDING (15Dec5! (15Dec5, (15Dec5*
Assets
C)rre(t /ssets
Cas# /(7 Cas# EB)+ale(ts 16',817 190,9'4 223,'03
4#ort -erm ,(estme(ts 2,833,0'6 3,304,727 2,773,922
1et Re2e+a:les 4,404,884 3,616,970 2,902,7'3
,(e(tory 1,246,887 1,010,448 884,924
0t#er C)rre(t /ssets '3',018 430,814 274,647
6otal 2urrent Assets 3'1),'!!2 )',,('31( +',3'+*3
9o(* -erm ,(estme(ts 1,361,323 1,348,'31 1,087,348
3roperty 3la(t a(7 EB)+pme(t ','76,041 4,200,638 3,761,729
!oo7"+ll 4,988,''8 2,922,46' 2,789,048
,(ta(*+:le /ssets 1,134,''' '42,03' 693,3''
/22)m)late7 /mort+=at+o( A A A
0t#er /ssets 173,197 178,873 26',964
.e;erre7 9o(* -erm /sset C#ar*es 412,802 331,037 343,'84
6otal Assets 22')(2'1() 1)'++'*32 1!''+++
Lia9ilities
C)rre(t 9+a:+l+t+es
/22o)(ts 3aya:le 3,996,737 4,718,1'8 3,9'0,711
4#ort5C)rre(t 9o(* -erm .e:t 1,321,'29 796,'78 71',872
0t#er C)rre(t 9+a:+l+t+es 1,136,'29 A 34,617
6otal 2urrent Lia9ilities !'*,*'+3, ,',1*'+(! *'+1'2
9o(* -erm .e:t 4,663,942 3,'91,338 3,944,180
0t#er 9+a:+l+t+es 1,293,'18 874,6'1 822,222
.e;erre7 9o(* -erm 9+a:+l+ty C#ar*es A A A
M+(or+ty ,(terest A '0',182 416,438
1e*at+e !oo7"+ll A A A
6otal Lia9ilities 12'*12'2,, 1'*),'3+ 3'))*'*
Stoc:4olders' E;uity
M+s2 4to2ks 0pt+o(s Carra(ts A A A
Re7eema:le 3re;erre7 4to2k A A A
3re;erre7 4to2k A A A
Commo( 4to2k 3,381,946 2,7'0,'70 2,4'4,219
Reta+(e7 Ear(+(*s 11,118,479 7,999,770 6,287,90'
-reas)ry 4to2k $2,911,793% $2,113,276% $1,684,394%
Cap+tal 4)rpl)s A A A
0t#er 4to2k#ol7er EB)+ty $1,168,749% $1,04',479% $940,993%
6otal Stoc:4older E;uity 1'*13'))( +',31',), !'11!'+(+
8et 6angi9le Assets &*'23!'++ &*'12+'), &2'!(*'((*
1ppendix D9 -ash *lo" Statement
PERIOD ENDING (15Dec5! (15Dec5, (15Dec5*
8et Inco#e ('+3'),1 2'2!'3!+ 1'22(')+
O$erating Acti%ities' 2as4 <lows .ro%ided By or =sed In
.epre2+at+o( 1,'61,410 1,3'0,969 1,307,931
/7D)stme(ts -o 1et ,(2ome 6,'71 $171,998% 192,037
C#a(*es ,( /22o)(ts Re2e+a:les $860,'64% $716,218% $414,8'6%
C#a(*es ,( 9+a:+l+t+es '76,619 ''1,'38 $1'3,16'%
C#a(*es ,( ,(e(tor+es $222,142% $180,099% $166,698%
C#a(*es ,( 0t#er 0perat+(* /2t++t+es 9,664 $34,302% 117,364
6otal 2as4 <low <ro# O$erating Acti%ities *'+)1'*3 ('!'),+ 1')3!'!!,
In%esting Acti%ities' 2as4 <lows .ro%ided By or =sed In
Cap+tal E6pe(7+t)res $2,4'7,093% $1,'92,'11% $1,21',847%
,(estme(ts 700,986 $706,762% 1,368,333
0t#er Cas#;lo"s ;rom ,(est+(* /2t++t+es $3,340,624% 2'4,788 1,'29,403
6otal 2as4 <lows <ro# In%esting Acti%ities >,'3!'+(1? >2'**'*),? 1'!)1'))3
<inancing Acti%ities' 2as4 <lows .ro%ided By or =sed In
.++7e(7s 3a+7 $627,320% $'11,'83% $441,219%
4ale 3)r2#ase o; 4to2k $626,297% $266,412% $42,116%
1et Borro"+(*s 1,'16,240 $21',697% $3,107,081%
0t#er Cas# ?lo"s ;rom ?+(a(2+(* /2t++t+es 27,883 A A
6otal 2as4 <lows <ro# <inancing Acti%ities 23',! >33('!32? >(',3'*1!?
E;;e2t 0; E62#a(*e Rate C#a(*es $321% $1,229% 1,173
24ange In 2as4 and 2as4 E;ui%alents >&2,'1(+? >&(2',*3? >&1'!)3?