results for the year ended december 31, 2012 - sk telecom · 3 summary of income statement...
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Results for the YearEnded December 31, 2012
K-IFRS , Non-audited
February 5th, 2013
This material contains forward-looking statements with respect to the financial condition, results of operations and business of
SK Telecom and its subsidiaries (the “Company”) and plans and objectives of the management of the Company. Statements
that are not historical facts, including statements about the Company‟s beliefs and expectations, are forward-looking
statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause the actual results or performance of the Company to be materially different from any future results or performance
expressed or implied by such forward-looking statements.
The Company does not make any representation or warranty, expressed or implied, as to the accuracy or completeness of the
information contained in this management presentation, and nothing contained herein is, or shall be relied upon as, a promise
or representation, whether as to the past or the future. Such forward-looking statements were based on current plans,
estimates and projections of the Company and the political and economic environment in which the Company will operate in
the future, and therefore you should not place undue reliance on them.
Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update
publicly any of them in light of new information or future events. Additional information concerning these and other risk
factors are contained in the Company‟s latest annual report on Form 20-F and in the Company‟s other filings with the U.S.
Securities and Exchange Commission (SEC).
1
Disclaimer
Table of Contents
2
3
7
10
Financial Results
Operating Results (Non-consolidated)
Appendix
3
Summary of Income Statement (Consolidated)
Financial Results
SK Telecom (“SKT” or the “Company”) recorded a 2.3%
YoY increase FY12 Operating revenues as the continued
growth in LTE subscribers and improved results of
subsidiary companies including SK Planet, SK Broadband,
and PS&Marketing spurred sales
Operating income, however, decreased by 23.3% YoY, as
the September 2011 tariff cut and the increased LTE
subscriber acquisition-related marketing costs reduced
earnings.
SKT‟s 4Q12 Operating revenues rose 1.7% QoQ, led by
the continued strong growth of LTE subscribers and the
rise in solution/new business-related sales.
Operating income jumped 81.1% QoQ for the same
period, as reduced market competition sharply decreased
marketing expenses.
(KRW bn) 2012 2011 YoY Q4 '12 Q3 '12 QoQ
Operating revenue 16,300 15,926 374 4,197 4,126 72
Operating expenses 14,540 13,631 909 3,653 3,825 (172)
Operating income 1,760 2,296 (535) 545 301 244
Operating margin 10.8% 14.4% -3.6%p 13.0% 7.3% 5.7%p
Net profit or loss
from non-operating items(209) (55) (154) 106 (105) 211
Income from continuing operations
before income tax 1,551 2,241 (690) 650 195 455
Consolidated net income 1,116 1,582 (466) 519 176 343
Net margin 6.8% 9.9% -3.1%p 12.4% 4.3% 8.1%p
Majority interests 1,152 1,613 (461) 523 179 344
Minoriry interests (36) (31) (5) (4) (3) (1)
EBITDA 1) 4,339 4,707 (368) 1,248 960 288
EBITDA margin 26.6% 29.6% -2.9%p 29.7% 23.3% 6.5%p
1) EBITDA = operating income + depreciation (including R&D related depreciation)
4
Operating Expenses (Consolidated)
Financial Highlights
Labor costs: The 9.4% YoY increase was due to increased
labor costs at subsidiary companies.
Commissions paid: Increases in LTE-related marketing
expenses and PS&Marketing‟s commission expenses for
LTE smartphone sales led to a 7.4% YoY increase in
Commissions paid. The 7.7% QoQ decrease was due to
decreased LTE marketing expenditures in 4Q.
Advertising: Increased advertising by subsidiary
companies resulted in a 6.9% YoY increase. Whereas the
48.4% QoQ increase in 4Q12 was due to SKT‟s seasonal
year-end advertising campaign.
Depreciation: The 6.9% YoY rise was mainly due to the
increased LTE Multi-carrier Capex at SKT, the amortization
of the 1.8GHz frequency spectrum, and the rise in
depreciation costs at SK Planet.
Cost of goods sold: Increased sales of LTE smartphones at
PS&Marketing contributed to the 35.2% YoY rise in Cost
of goods sold.
(KRW bn) 2012 2011 YoY Q4 '12 Q3 '12 QoQ
Labor cost 1,283 1,173 110 325 309 16
Commissions paid 6,025 5,611 414 1,470 1,593 (123)
Advertising 400 374 26 138 93 45
Depreciation 1) 2,579 2,411 167 704 659 45
Network interconnection 1,057 1,264 (207) 201 286 (85)
Leased line 265 270 (5) 63 69 (5)
Frequency usage fees 204 219 (15) 52 53 (1)
Cost of goods sold 1,297 959 338 308 419 (111)
Others 1,430 1,349 82 392 344 48
Operating expenses 14,540 13,631 909 3,653 3,825 (172)
1) Includes R&D related depreciation
5
Balance Sheet (Consolidated)
Financial Results
Assets
Current assets: Reduction in handset installment
receivables and decreased Cash & marketable securities
resulting from debt repayments resulted in a 13.5% YoY
decrease in Current assets. The disposal of POSCO
shares, accounted as Current assets in 3Q12, and the
subsequent use of proceeds to reduce debt led to the
2.7% QoQ reduction in 4Q12
Non-current assets: SKT‟s acquisition of SK Hynix resulted
in the 11.2% YoY increase in Non-current assets. While
the 1.5% QoQ decrease was due to reclassification assets
to Current assets.
Liabilities
Current liabilities: The 7.5% YoY decrease was due to
debt reductions at SKT and SK Broadband.
Non-current liabilities: The 32.4% YoY increase was due
to the issuance of long-term debt by SKT. The 19.8%
QoQ decrease was due to SKT‟s repayment of long-term
debt.
(KRW bn) 2012 2011 YoY Q4 '12 Q3 '12 QoQ
Total assets 25,596 24,366 1,230 25,596 26,058 (462)
Current assets 5,294 6,117 (823) 5,294 5,443 (148)
Cash & marketable securities 1,445 2,705 (1,261) 1,445 1,688 (243)
Non-current assets 20,301 18,249 2,053 20,301 20,615 (314)
Property & equipment 9,740 9,302 438 9,740 9,295 445
Intangible assets 4,434 4,746 (312) 4,434 4,479 (45)
Investment assets 5,586 2,930 2,656 5,586 5,721 (135)
Total liabilities 12,741 11,633 1,107 12,741 13,499 (758)
Current liabilities 6,175 6,674 (499) 6,175 5,312 863
Short-term borrowings 600 701 (100) 600 553 47
Current portion of
long-term debt 1) 893 1,663 (770) 893 367 526
Non-current liabilities 6,566 4,960 1,606 6,566 8,187 (1,621)
Bonds payable &
long-term borrowings5,348 3,553 1,796 5,348 6,857 (1,508)
Total shareholders' equity 12,855 12,733 122 12,855 12,559 296
Interest-bearing financial debt 2) 6,684 5,827 856 6,684 7,623 (939)
Debt/Equity ratio 3) 52.0% 45.8% 6.2%p 52.0% 60.7% -8.7%p
1) Includes current portion of long-term payables related to payment of frequency license fee
2) Interest-bearing financial debt = short-term borrowings + current portion of long-term debt + bonds payable & long-term borrowings
3) Debt/Equity ratio = interest-bearing financial debt / shareholders' equity
2,676 2,723 2,713 2,641 2,621 2,666 2,689 2,782
298 299 299
253 254 264 252
166
156 167 190
135 132 138 157
211
8.0% 8.6%9.4%
10.7% 10.9%11.5% 11.7%
13.0%
7.5%
17.5%
2,000
2,500
3,000
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Operating Revenues Interconnection New Business & Others B2B % of Oper. Revenues
3,130 3,190
(KRW bn)
6
SK Telecom Operating Revenues
3,202
3,029 3,0073,069
3,0973,159
SK Telecom’s Operating Revenues (Non-consolidated)
Financial Results
FY12 Total operating revenues decreased by 1.7% YoY
due to;
- the 18.5% YoY decreases in Interconnection revenues
resulting from the retroactive application of the new
interconnection rates established in 2012, and
- the spin-off of SK Planet in October 2011, which
reduced revenues of New business & others by 1.6%
YoY.
The 2% QoQ increase in 4Q12 Total operating revenues
was led by;
- the rise in mobile ARPU and the increased LTE
subscriber base, which increased Mobile service
revenues by 3.5% QoQ, and
- the 34.3% YoY increase in sales of B2B businesses,
including the solutions business which recorded KRW
101 bn in sales, fully offset
- the 33.9% YoY decrease in Interconnection revenues
(KRW bn) 2012 2011 YoY Q4 '12 Q3 '12 QoQ
Mobile service revenue 10,759 10,754 4 2,782 2,689 93
Interconnection revenue 936 1,149 (213) 166 252 (85)
New business & others1) 638 648 (10) 211 157 54
Total operating revenue 12,333 12,551 (219) 3,159 3,097 62
1) Revenue from leased line business, fixed-line resale, solution/hardware sales, etc.
50.1 41.4
33.8
-
20.0
40.0
60.0
LTE Smartphone Billing ARPU (Blended)
21% 48%
33.3 33.6 33.232.6 32.2
32.9 33.1 33.8
25
27
29
31
33
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Tariff Cut
(KRW „000)
7
ARPU
Operating Results (Non-consolidated)
SKT was able to restore its ARPU to pre-2011 tariff cut
levels, largely due to the growth of the higher ARPU
LTE subscriber base.
The Company‟s high LTE ARPU has led to 3 consecutive
quarters of ARPU growth, with 4Q12 Total and Billing
ARPUs showing QoQ increases of 2.3% and 1.9%,
respectively.
The LTE ARPU is showing stability at a relatively high
level. The 4Q12 LTE ARPU was 21% higher than the
smartphone ARPU and 48% higher than the Billing
ARPU.
Billing ARPU
ARPU
Comparison
for 4Q12
(KRW „000)
ARPU1)
(KRW) 2012 2011 YoY Q4 '12 Q3 '12 QoQ
Total ARPU2) 40,128 40,338 (210) 41,171 40,265 906
Billing ARPU3) 33,016 33,178 (161) 33,761 33,135 626
1) Includes SK Planet's earnings / based on SKT subscribers only
2) Former total ARPU numbers were recalculated to reflect current accounting standards
3) The billing ARPU excludes sign-up fee from mobile service revenues
14.8 11.6 9.8
6.9 5.0
8.2 12.7 15.919.0
14.5
0.6 7.5
-
10.0
20.0
'08 '09 '10 '11 '12
CDMA WCDMA LTE
23.0 24.3 25.726.6 27.0
(m)
0.5 3.9
11.1
16.0
1.9%15.2%
41.7%59.3%
0.0%
50.0%
100.0%
150.0%
200.0%
0.0
3.0
6.0
9.0
12.0
15.0
18.0
'09 '10 '11 '12
Subscribers % of Total Subscriber Base
8
Smartphone
Subscribers
Subscriber
by Network
Subscriber Numbers
Operating Results (Non-consolidated)
SKT finished 2012 with 7.53m LTE subscribers,
surpassing its original target and solidifying its
foundation for long-term growth.
The Company expects the proportion of LTE subscribers
will continue to rise from 28% of total subscribers at
the end of 2012 to c. 50% by year-end 2013.
The number of smartphone subscribers, which stood at
16m at the end of 2012, accounting for 59.3% of the
entire subscriber base.
(m)
2012 2011 YoY Q4 '12 Q3 '12 QoQ
Subscribers ('000) 26,961 26,553 408 26,961 26,778 183
Net adds 409 848 (439) 183 119 64
Activations 8,644 9,468 (824) 2,138 2,500 (362)
Deactivations 8,235 8,619 (384) 1,955 2,381 (426)
Monthly churn rate (%) 2.6% 2.7% -0.1%p 2.4% 3.0% -0.6%p
Average subscribers ('000) 26,680 26,199 481 26,856 26,704 152
Smartphone Subscribers ('000) 15,979 11,085 4,894 15,979 15,071 908
LTE Subscribers ('000) 7,530 634 6,896 7,530 5,666 1,864
243
472 419
708
424 555
708 867
57
87 134
158
58
61
80
105
-
100
200
300
400
500
600
700
800
900
1,000
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Network Non-Network
758 819 781
851 725
960 1,035
754
25.1% 25.7% 24.4%28.1%
24.1%31.3% 33.4% 23.9%
0.0%
50.0%
100.0%
150.0%
200.0%
-100 200 300 400 500 600 700 800 900
1,000 1,100
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Marketing Expenses % of Revenue
9
Marketing Expenses & Capex
Marketing expenses rose 7.4% YoY as LTE market
competition intensified during FY12. But recorded a
sharp 27.1% QoQ drop as the market cooled in 4Q12.
Capex increased 25.5% YoY in FY12 and 23.4% QoQ in
4Q12 as SKT continued to enhance its LTE network with
the Multi carrier solution and strengthen overall LTE
network quality.
Operating Results (Non-consolidated)
Marketing
Expenses
Capex
(KRW bn)
(KRW bn)
(KRW bn) 2012 2011 YoY Q4 '12 Q3 '12 QoQ
Marketing expenses1) 3,474 3,236 239 754 1,035 (281)
% of revenue 28.2% 25.8% 2.4%p 23.9% 33.4% -9.5%p
Capital expenditure 2,858 2,277 581 972 788 184
% of revenue 23.2% 18.1% 5.0%p 30.8% 25.4% 5.3%p
1) Marketing expenses = marketing related commission + advertising expense
10
Consolidated Income Statement
Appendix
(KRW bn) Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12
Operating revenue 3,897.0 4,025.8 4,045.4 3,958.3 3,969.7 4,007.9 4,125.5 4,197.4
Operating expenses 3,248.1 3,335.7 3,484.6 3,562.4 3,470.4 3,592.3 3,824.8 3,652.8
Labor cost 313.6 253.4 292.6 313.7 355.5 292.9 309.4 325.5
Commissions paid 1,350.7 1,417.4 1,404.8 1,438.5 1,414.5 1,548.2 1,592.9 1,469.5
Advertising 55.3 85.3 117.1 116.6 69.9 99.7 92.8 137.7
Depreciation1) 592.2 611.8 636.7 570.8 608.3 607.5 659.1 703.7
Network interconnection 318.7 323.5 322.3 299.5 296.2 273.5 286.2 201.4
Leased line 65.9 66.2 65.6 72.1 67.5 65.4 68.5 63.2
Frequency usage fees 55.7 50.9 62.2 49.9 51.4 47.4 53.2 52.1
Cost of goods sold 186.5 217.1 244.7 311.0 271.4 299.3 418.5 307.9
Others 309.5 310.1 338.7 390.3 335.7 358.5 344.1 391.8
Operating income 648.9 690.1 560.7 395.9 499.3 415.6 300.7 544.6
EBITDA 1,241.1 1,301.9 1,197.4 966.7 1,107.6 1,023.1 959.8 1,248.3
EBITDA margin 31.8% 32.3% 29.6% 24.4% 27.9% 25.5% 23.3% 29.7%
Net profit or loss from non-operating items 134.1 (28.8) (44.3) (115.8) (104.4) (105.1) (105.4) 105.6
Interest income 48.6 41.9 42.4 35.2 32.4 24.9 22.2 20.5
Interest expenses 80.9 71.0 73.0 72.2 97.0 102.4 102.9 110.0
Profit or loss in other non-operating items 166.4 0.3 (13.8) (78.8) (39.8) (27.5) (24.7) 195.1
Income from
continuing operations before tax 783.0 661.2 516.4 280.1 394.9 310.5 195.3 650.2
Income(Loss) from discontinued
operations2) (11.6) (11.3) (9.7) (17.1) (9.9) (123.8) 0.1 (5.7)
Consolidated net income 537.3 465.4 383.9 195.5 300.4 120.6 175.6 519.1
Majority interests 542.5 467.8 386.2 216.4 306.4 143.4 178.9 523.0
Minority interests (5.3) (2.4) (2.3) (20.9) (6.0) (22.8) (3.2) (3.9)
1) Includes R&D related depreciation
2) Loss from discontinued operations: loss on discontinuation of satellite DMB business
11
Appendix
Consolidated Balance Sheet
(KRW bn) Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12
Total assets 22,937.2 22,612.3 23,145.8 24,366.0 26,550.4 25,773.4 26,057.9 25,595.6
Current assets 6,978.3 6,098.2 6,791.5 6,117.5 5,559.2 4,754.4 5,442.5 5,294.4
Cash and marketable securities 1) 2,076.6 1,785.1 2,758.7 2,705.4 2,456.9 1,698.6 1,687.6 1,444.5
Accounts receivable 4,033.0 3,794.1 3,284.1 2,732.0 2,485.8 2,455.7 2,494.4 2,537.0
Short-term loans 110.4 101.9 99.6 100.4 96.8 86.4 91.6 84.9
Inventories 154.9 170.3 176.4 219.6 184.1 226.4 238.6 242.1
Other current assets 603.5 246.8 472.6 360.1 335.7 287.3 930.4 985.8
Non-current assets 15,958.9 16,514.2 16,354.3 18,248.6 20,991.2 21,018.9 20,615.3 20,301.1
Property & equipment 8,227.4 8,794.6 8,481.0 9,302.1 8,961.5 9,035.8 9,295.3 9,740.2
Intangible assets 3,532.1 3,450.2 3,753.1 4,745.7 4,681.1 4,574.3 4,479.4 4,434.1
Investment assets 3,152.8 3,049.9 2,814.4 2,930.2 6,160.2 6,150.2 5,721.3 5,586.3
Other non-current assets 1,046.6 1,219.4 1,305.8 1,270.6 1,188.3 1,258.6 1,119.3 540.5
Total liabilities 10,650.2 10,007.2 10,572.0 11,633.3 14,158.4 13,272.7 13,498.9 12,740.8
Current liabilities 6,819.6 6,201.4 6,668.2 6,673.6 6,586.1 5,322.3 5,311.7 6,174.9
Short-term borrowings 681.0 506.5 1,175.8 700.7 1,139.6 784.5 552.8 600.2
Accounts payable 2,231.7 1,602.0 1,515.5 1,996.7 1,724.1 1,671.3 1,726.1 2,124.9
Current portion of long-term debt 1,589.4 1,744.9 1,641.5 1,662.8 606.9 366.8 366.9 892.9
Other current liabilities 2,317.5 2,348.0 2,335.4 2,313.3 3,115.5 2,499.7 2,665.9 2,556.9
Non-current liabilities 3,830.6 3,805.9 3,903.8 4,959.7 7,572.3 7,950.5 8,187.2 6,565.9
Bonds payable &
long-term borrowings 3,230.1 2,978.2 3,075.9 3,552.9 6,315.4 6,682.5 6,856.8 5,348.5
Long-term payables - other 37.4 234.8 235.7 847.5 710.3 710.7 713.6 715.5
Post-employment benefit obligation 83.0 96.5 103.7 85.9 93.1 102.3 117.2 86.5
Other non-current liabilities 480.0 496.4 488.4 473.4 453.4 454.9 499.6 415.4
Total shareholders' equity 12,287.0 12,605.1 12,573.9 12,732.7 12,392.0 12,500.6 12,558.9 12,854.8
Capital stock 44.6 44.6 44.6 44.6 44.6 44.6 44.6 44.6
Capital surplus 2,925.4 2,925.0 2,925.0 2,922.0 2,924.7 2,924.7 2,924.7 2,924.7
Retained earnings 10,662.4 11,126.3 11,442.3 11,642.5 11,359.3 11,501.0 11,610.8 12,124.7
Capital adjustments (2,997.9) (2,997.9) (3,206.1) (3,207.4) (3,215.4) (3,215.4) (3,215.4) (3,213.6)
Other comprehensive income/loss 2) 582.6 442.9 284.6 260.1 229.4 216.9 175.8 (25.6)
Minoriry interests 1,069.9 1,064.2 1,083.5 1,070.8 1,049.3 1,028.8 1,018.4 1,000.0
1) Cash & marketable securities includes cash & cash equivalent, marketable securities & short-term financial instruments
2) Other comprehensive income/loss include gains or losses on valuation of investment securities and derivatives
12
Appendix
SK Telecom Non-consolidated Income Statement
(KRW bn) Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12
Operating revenue 3,130.0 3,189.6 3,202.3 3,029.4 3,007.4 3,068.6 3,097.5 3,159.2
Operating expenses 2,511.2 2,540.3 2,678.0 2,637.2 2,524.8 2,675.3 2,847.9 2,609.3
Labor cost 182.5 114.4 141.3 113.9 174.8 123.6 118.6 115.0
Commissions paid 1,234.9 1,278.4 1,294.3 1,394.9 1,266.3 1,444.7 1,559.2 1,282.8
Marketing commissions 750.0 759.3 701.9 783.3 689.0 898.7 986.5 690.3
Other commissions 484.9 519.1 592.4 611.7 577.3 546.0 572.7 592.5
Advertising 35.4 59.3 79.0 67.6 36.2 61.7 48.3 63.6
Depreciation 1) 448.2 467.6 491.3 386.8 427.1 427.4 467.4 513.2
Network interconnection 242.5 249.3 247.3 228.0 225.8 206.7 216.2 147.9
Leased line 50.4 52.6 54.2 56.2 56.5 55.5 57.2 58.2
Frequency usage fees 55.2 50.5 61.7 49.4 51.0 47.9 53.2 52.1
Others 262.1 268.3 308.9 340.5 287.2 307.8 327.8 376.6
Operating income 618.8 649.3 524.3 392.2 482.7 393.3 249.5 549.9
EBITDA 1,066.9 1,116.9 1,015.6 779.0 909.8 820.7 716.9 1,063.1
EBITDA margin 34.1% 35.0% 31.7% 25.7% 30.3% 26.7% 23.1% 33.7%
Net profit or loss from non-operating items 170.3 0.0 (25.9) (54.5) (48.8) (97.6) (87.6) 105.4
Interest income 43.0 35.3 35.2 24.3 21.0 12.8 9.8 8.9
Interest expenses 55.1 44.8 48.5 47.0 71.0 79.6 80.7 86.9
Net profit or loss from other non-operating items 182.4 9.5 (12.6) (31.8) 1.2 (30.8) (16.7) 183.4
Income from continuing operations before tax 789.0 649.3 498.4 337.7 433.8 295.7 161.9 655.3
Net income 560.7 474.4 388.7 270.6 345.0 231.4 148.0 518.4
1) Includes R&D related depreciation
13
SK Telecom Non-consolidated Balance Sheet
Appendix
IR Contacts : Unjong Lee (82-2-6100-1624, [email protected])
Won Tuh Chung (82-2-6100-1550, [email protected])
(KRW bn) Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12
Total assets 19,567.3 19,030.3 19,400.1 20,520.5 23,106.7 22,271.9 22,526.5 22,249.5
Current assets 5,419.5 4,509.5 5,050.4 3,948.1 3,615.3 2,590.2 3,187.6 2,589.7
Cash and marketable securities 1) 1,478.8 1,242.9 2,171.8 1,598.1 1,488.7 546.4 544.0 445.9
Accounts receivable 3,440.0 3,036.0 2,628.0 2,056.5 1,814.8 1,755.8 1,769.9 1,790.3
Short-term loans 97.7 92.5 88.8 88.2 85.8 75.4 81.5 75.4
Inventories 13.9 14.3 15.9 8.4 3.2 14.4 13.8 16.0
Other current assets 389.1 123.8 146.0 196.9 222.8 198.2 778.5 262.1
Non-current assets 14,147.8 14,520.7 14,349.7 16,572.4 19,491.4 19,681.7 19,338.9 19,659.8
Property & equipment 5,468.0 6,024.8 5,713.4 6,290.9 6,057.2 6,280.6 6,550.3 7,119.1
Intangible assets 2,668.1 2,596.9 2,919.5 3,671.0 3,641.2 3,591.3 3,532.1 3,494.1
Investment assets 5,353.5 5,261.4 5,030.9 5,967.5 9,230.4 9,200.1 8,781.0 8,649.5
Other non-current assets 658.1 637.6 685.8 643.0 562.5 609.6 475.5 397.1
Total liabilities 8,073.6 7,191.6 7,673.8 8,554.2 11,411.6 10,366.2 10,542.4 9,872.5
Current liabilities 4,630.0 3,830.1 4,656.9 4,467.0 5,087.3 3,667.2 3,600.9 4,343.1
Short-term borrowings - - 500.0 - 500.0 200.0 - 330.0
Accounts payable 1,887.2 1,195.2 1,230.8 1,634.6 1,455.9 1,230.4 1,169.8 1,557.3
Current portion of long-term debt 822.2 709.0 1,007.6 1,044.5 568.1 331.2 333.9 713.1
Other current liabilities 1,920.7 1,926.0 1,918.6 1,787.9 2,563.3 1,905.6 2,097.2 1,742.7
Non-current liabilities 3,443.5 3,361.5 3,016.9 4,087.2 6,324.3 6,699.0 6,941.5 5,529.4
Bonds payable &
long-term borrowings 2,896.3 2,620.1 2,268.5 2,706.0 5,086.7 5,447.8 5,632.2 4,340.4
Long-term payables 33.3 230.6 231.7 841.0 705.5 702.8 705.6 705.6
Post-employment benefit obligation 31.4 36.9 45.9 26.7 32.7 40.2 46.9 35.0
Other non-current liabilities 482.6 473.9 470.7 513.5 499.5 508.2 556.8 448.4
Total shareholders' equity 11,493.7 11,838.7 11,726.3 11,966.3 11,695.1 11,905.7 11,984.1 12,377.0
Capital stock 44.6 44.6 44.6 44.6 44.6 44.6 44.6 44.6
Capital surplus 2,920.9 2,920.9 2,920.9 2,920.9 2,920.9 2,920.9 2,920.9 2,920.9
Retained earnings 10,783.8 11,256.6 11,574.0 11,837.2 11,592.0 11,822.2 11,901.5 12,414.0
Capital adjustments (2,945.5) (2,945.5) (3,153.9) (3,156.9) (3,156.9) (3,157.1) (3,157.1) (3,157.1)
Other comprehensive income/loss 2) 690.0 562.1 340.7 320.5 294.5 275.0 274.1 154.6
1) Cash & marketable securities includes cash & cash equivalent, marketable securities and short-term financial instruments
2) Other comprehensive income/loss includes gains or losses on valuation of investment securities and derivatives