WHY IS ACCENTURE ONE OF THE WORLDS MOST

VALUABLE BRANDS?

Table of Contents Executive Summary Industry Overview

Company Considerations Share Price Performance Acquisition History Operating Performance Valuation

Trade Idea

Appendix

Executive Summary This project considers why Accenture (NYSE:ACN) is a valuable global brand from an investors point of view

ACN is a global provider of consulting, technology and outsourcing services with operations in the Americas (47%), EMEA (40%) and APAC (13%)

ACN has experienced positive revenue growth in past years and is forecasted to continue this trend annually, due to the following business initiatives: Outsourcing business witnessing higher growth in contrast to declines in its consulting arm SMAC stack (social media, big data analytics, cloud)

Pressure for financial institutions to automate services Acquisitions (increasing domain knowledge) Revenue increases alongside alliances (SAP, Oracle, Microsoft) Trend in cost saving initiatives have increased demand for ACN outsourcing services

Healthcare shifting into IT outsourcing ACN has shown it is still very profitable even under adverse economic conditions/within a very competitive

environment: Strong US dollar, reducing ACN revenue (high translation risk for their international business). Trouble in Europe, reducing demand for their consulting businesses

Based on our forecasts for (FY2015-19), applying discounted cash flow and comparable trading multiples analyses of ACNs closest competitors (IBM, Cognizant, HP, Infosys) we conclude the following: ACNs $60 billion market valuation price tag is supported by its breadth of experience across industry

segments and diversified geographic footprint Based on assumed 9.7% WACC and 3% terminal growth, our intrinsic value for ACN shares is $76.1 as

compared to the $89.9 stock market price as at 12 January 2015

INDUSTRY OVERVIEW

-6

-4

-2

0

2

4

1Q07 4Q07 3Q08 2Q09 1Q10 4Q10 3Q11 2Q12 1Q13

EU GDP growth (%)

EU GDP growth (%)

-8

-6

-4

-2

0

2

4

6

8

10

12

2008 2009 2010 2011 2012 2013

Asia Pacific GDP growth (%)

India GDP growth (%) China GDP growth (%) Australia GDP growth (%) JapanGDP growth (%) -8

-6

-4

-2

0

2

4

6 US GDP growth (%)

US GDP growth (%)

Macroeconomic story US economy showing signs of improvement- key

growth areas in financial and health care

EU shows a slowly declining GDP growth rate

APAC expected to grow at CAGR 2.3% through to 2015- growing demand in IT services.

Mixed global picture at corporate level The US -showing rising corporate profits,

declining unemployment rates and stabilizing manufacturing indices.

Expecting a continuation of growth in the US.

Europe still carries an uncertain climate, with flat to rising unemployment and declining manufacturing/consumer confidence.

APAC sees growth in the demand for IT services and further need of effective business operations. There is further investment in Cloud, mobility, social media and analytics.

0

500

1000

1500

2000

2500

1Q07 4Q07 3Q08 2Q09 1Q10 4Q10 3Q11 2Q12 1Q13

US corporation profits $bn

US corporation profits $bn

-40

-30

-20

-10

0

Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

Change in EU consumer confidence

Change in EU consumer confidence

Competitive Landscape

Communications, media & technology

IBM CSC HP (in

communications)

Financial services

IBM Cognizant TCS Infosys

Products

IBM Infosys HCL Tech

Resources

Capgemini Atos IBM TCS Wipro Infosys

Health & public services

Cognizant IBM

Competitors to Accentures operating groups:

Whilst consulting companies such as Bain and Mckinsey are competitors, Accentures closet peers utilise similar technologies in their service to assist clients/businesses.

COMPANY CONSIDERATIONS

Key Company Considerations Accentures revenues are driven by

macroeconomic conditions business confidence economic and geopolitical uncertainty lower levels of spending

Growth experienced year over year in: Communications, Media & technology (2.7%) Products (4.4%) Health and public services (10.5%) Financial services (5.8%)

Flat growth experienced year-on-year in: Resources (3.1%)

Key Company Considerations

Revenue growth was strong in Outsourcing and modest in consulting. Clients want more outsourcing services with an emphasis on cost savings

initiatives

A weak USD is favourable for Accenture and a strong US dollar is considered unfavourable exposure to high translation risk for international business

During fourth quarter fiscal year 2014 - US dollar weakened against other currency which was favourable for Accentures P&L.

Accenture Business Model Strategy Digital

Technology Operations

Accenture Growth Platforms

Communications, media & technology

Communication (54%) Electronic & high tech (35%)

Media/entertainment (11%)

Financial services

Banking (51%) Capital markets (17%) Insurance (32%)

Products

Airfreight/travel services

Automotive Consumer goods/services

Industrial equipment Infrastructure and transportation services

Life sciences Retail

Resources

Chemicals energy (33%)

Natural resources utilities (32%)

Health & public services

Public services (69%) Health (31%) US federal govt (28%)

Accenture is a world leading provider of management consulting, technology and outsourcing services firm. Comprises 4 revenue segments:

I. Strategy II. Operations III. Digital IV. Technology

Accentures operating groups:

Strategy Strategic business outcomes

Digital Engage customers

Marketing

Analytics

Mobility

Technology R&D tech labs

Manage tech platforms

SAP

Oracle

Microsoft

Operations Business process outsourcing

Infrastructure outsourcing

Consulting

Cloud

Accenture Growth Platforms

Key alliances include: Microsoft, SAP and Oracle Compliments ACN business model, gain domain knowledge from alliances to

better customer service ACNs revenue grows with these companies

How Accenture

uses tech to help clients?

SMAC stack-:Social

media, Mobility, Big data analysts,

Cloud

ACN offer tech expertise: to help

businesses run efficiently/more

effectively/reduce costs

Help companies achieve

strategic objectives

ACN interactive: closer interaction with

customers, marketing software (ACN digital diagnostics), improves

companys website

ACN customer insight solution:

help business focus their marketing

strategy

Manage companys tech

platforms

Implement tech: Microsoft,

Oracle, SAP

Headline Operational Metrics Sales by Division & Growth (3Yrs)

EBIT Growth & Margins (3Yrs) Sales Growth (3Yrs)

2.1

4.9 4.6

0

1

2

3

4

5

6

27000

28000

29000

30000

31000

32000

2013 2014 2015

Revenue (m$) Sales Growth (%)

28,563

30,002

31,396

27,000

28,000

29,000

30,000

31,000

32,000

0

2,000

4,000

6,000

8,000

10,000

2013 2014 2015

Comms, media and tech

Financial services

Health and public services

Products

Resources

Total net revenue

14

13 13

12.5

13

13.5

14

14.5

4.25

4.3

4.35

4.4

4.45

2013 2014 2015

EBIT (bn$) Margin (%)

Financial Forecasts EBIT & Margin (14-19)

Net Income & Profit Margin (14-19) Sales & Growth (14-19)

The company is forecasted to grow its sales up to 4.9% y-o-y between 2014-2019

Cost efficiencies will see EBIT margin expansion to 13% in FY19

This will translate into higher profit margins as capital structure will remain constant

2.1

4.9 4.6 4.7 4.7 4.7 4.8

0

1

2

3

4

5

6

0 5000

10000 15000 20000 25000 30000 35000 40000

2013 2014 2015 2016 2017 2018 2019 Revenue (m$) Sales Growth (%)

14

13 13 13 13 13 13

12.4 12.6 12.8 13 13.2 13.4 13.6 13.8 14 14.2

0

1

2

3

4

5

6

2013 2014 2015 2016 2017 2018 2019

EBIT (bn$) Margin (%)

12.4 12.6 12.8 13 13.2 13.4 13.6 13.8 14 14.2

0 0.5 1

1.5 2

2.5 3

3.5 4

4.5

2013 2014 2015 2016 2017 2018 2019

Net Income (bn$) Profit Margin (%)

28,563 30,002

31,396 32,863

34,407 36,035

37,749

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2013 2014 2015 2016 2017 2018 2019

Comms, media and tech (m$) Financial services (m$) Health and Public Services (m$) Products (m$) Resources (m$) Total net revenue (m$)

Forecast Sales by Division: (2013-2019)

Key Financial Metrics - Liquidity

Payables Days Receivables Days

The company overall has good liquidity metrics over the forecast period

Payables decreases and stabilizes over time Receivables days remain stable from 2014

0

5

10

15

20

25

30

35

40

45

50

2013 2014 2015 2016 2017 2018 2019 0

2

4

6

8

10

12

14

16

18

20

2013 2014 2015 2016 2017 2018 2019

Share Price Performance vs. Competitors (Last 12 Months)

85

95

105

115

125

135

145

20-Dec-13 20-Jan-14 20-Feb-14 20-Mar-14 20-Apr-14 20-May-14 20-Jun-14 20-Jul-14 20-Aug-14 20-Sep-14 20-Oct-14 20-Nov-14

Accenture IBM HP Cognizant Infosys

Acquisition History Accenture have acquired five IT consulting services companies over the past 12 months

M&A Transaction History

Announced Date Target Description

February 03, 2014

ClientHouse GmbH IT Consulting & Services Merger/Acquisition

March 03, 2014

Evopro

IT Consulting & Services Merger/Acquisition

May 15, 2014

i4C Analytics Srl

IT Consulting & Services Merger/Acquisition

June 09, 2014

PureApps Ltd

IT Consulting & Services Merger/Acquisition

June 10, 2014

Enkitec LP

IT Consulting & Services Merger/Acquisition

TRADE IDEA

Valuation Commentary (1) Key financial assumptions used in discounted cash flow analysis:

WACC=9.7% Terminal growth rate= 3.0% Tax rate= 26%

Valuation drivers by division: Communications, media & technology:

expect an increase in CAGR growth through to 2019. ACN have using the SMAC stack ($200bn market). RBC expects it to grow with a CAGR of 15% through to 2017.

Resources: decrease in CAGR. IT spending in this industry, only expected to increase from $332bn to $369bn (2013 to 2017).

Financial services: expecting an increase in CAGR, IT outsourcing is increasing, pressure for financial institutions to automate services

Health & public services: major CAGR increase promoted by RBC for 2015 by 10.5%. Healthcare institutions are moving into IT outsourcing, CAGR will

lower eventually after initial peak.

Products: uncertainty in the global economy caused revenue pressures/rising costs (triggered more outsourcing) resulting in a slight

increase in CAGR.

Decrease in CAGR growth from the Americas: trend in the stronger US dollar adversely affect revenues for ACN Troubles in Europe have caused the consulting business to suffer

CAGR growth for consulting reduced: consulting has troughed, however may pick up with the economy Outsourcing has increased, due to the trend in companies wanting

cost savings initiatives from ACN

Valuation Commentary (2)

Discounted Cash Flow Analysis Financial Year (Dec. Year end) 31-Aug-14 31-Aug-15 31-Aug-16 31-Aug-17 31-Aug-18 31-Aug-19 Terminal Period Total Turnover 32 33 35 37 38 40 growth (%) 4.6% 4.7% 4.7% 4.7% 4.8% EBIT 4 4 5 5 5 5 margin (%) 13.5% 13.2% 13.2% 13.2% 13.2% 13.2% Depreciation & Amortisation 0.6 0.6 0.4 0.4 0.4 0.4 Tax @ 26.1% (1.1) (1.1) (1.2) (1.3) (1.3) (1.4) Capital Expenditure 0.3 0.3 0.3 0.4 0.4 0.4 Capex/Sales (%) -1.0% -1.0% -1.0% -1.0% -1.0% -1.0% Change in Working Capital 0.0 (2.9) (0.1) (0.1) (0.1) (0.1) Working Capital / Sales (%) 0.0% 8.7% 0.2% 0.2% 0.2% 0.2% Free Cash Flow 3 1 3 3 4 4 4 Discount Factor 0.91 0.83 0.76 0.69 0.63 0.63 Terminal Value 59 Present Value 0.6 2.8 2.6 2.5 2.4 37 Enterprise Value 48 Net Debt as at (August 2014) -4.897174 Market Capitalisation ($bn) 53 No. Shares (m) 0.692 Share Price ($) 76.1

Relative Valuation- Trading Competitors Accenture IBM Cognizant Infosys HP

Market Cap ($m) 57,379 151,280 31,189 35,056 72,569

Total Debt ($m) 26.7 39,718.0 0.0 0.0 19,525.0

Cash & Cash Equivalents ($m) 4,921.3 10,716.0 2,213.0 0.0 15,133.0

Net debt ($m) -4,894.6 29,002.0 -2,213.0 0.0 4,392.0

Enterprise Value ($m) 52,485 180,282 28,976 35,056 76,961

Sales ($m) 31,875 99,751 8,843 8,249 111,454

EBIT ($m) 4,301 19,524 1,678 1,979 7,185

Depreciation & Amortisation 620.7 3,327.0 179.9 226.0 4,334.0

EBITDA 4,921.3 22,851.0 1,857.8 2,205.0 11,519.0

EPS 4.3 15.9 2.3 1.7 2.6

Share Price ($) 89.7 157.6 53.5 32.6 39.8 Average Median

EV/Sales 1.65x 1.81x 3.28x 4.25x 0.69x 2.33x 1.81x

EV/EBITDA 10.66x 7.89x 15.60x 15.90x 6.68x 11.35x 10.66x

P/E 21.12x 9.89x 23.34x 19.15x 15.20x 17.74x 19.15x

Valuation Summary

20

20

95

60

115

115

33

105

65

124

124

0 50 100 150 200 250 300

EV/Sales - Trading

EV/EBITDA - Trading

EV/EBIT - Trading

DCF

EV/Sales - Transaction

EV/EBITDA - Transaction

APPENDIX

Income Statement Accenture Hist. Hist. Hist Proj. Proj. Proj. Proj. Proj.

Income Statement 31-Aug-12 31-Aug-13 31-Aug-14 31-Aug-15 31-Aug-16 31-Aug-17 31-Aug-18 31-Aug-19

Net Sales 29.8 30.4 31.9 33.3 34.9 36.5 38.3 40.1

COGS 20.8 21.0 22.2 23.3 24.4 25.5 26.7 28.0

SG&A 5.116 5.045 5.384 5.7 5.9 6.2 6.5 6.8

EBIT 3.872 4.339 4.301 4.4 4.6 4.8 5.1 5.3

Depreciation & Amortization 0.6 0.593 0.621 0.6 0.4 0.4 0.4 0.4

0.0 0.0 0.0 0.0 0.0

EBITDA 4.5 4.9 4.9 5.0 5.0 5.2 5.4 5.7

Non-recurring items 0.0 0.0 0.0 0.0 0.0

Interest Income 0.043 0.033 0.030 0.1 0.1 0.1 0.1 0.2

Interest Expense 0.015 0.014 0.018 0.0 0.0 0.0 0.0 0.0

Profit before taxes 3.9 4.4 4.3 4.5 4.7 4.9 5.2 5.5

Taxes 1.079 0.785 1.122 1.2 1.2 1.3 1.4 1.4

Profit after tax 2.820 3.573 3.192 3.3 3.5 3.7 3.8 4.1

Net income 2.820 3.573 3.192 3.3 3.5 3.7 3.8 4.1

Balance Sheet Accenture Hist. Hist. Hist. Proj. Proj. Proj. Proj. Proj. Balance Sheet 31-Aug-12 31-Aug-13 31-Aug-14 31-Aug-15 31-Aug-16 31-Aug-17 31-Aug-18 31-Aug-19 Assets Current assets

Cash and cash equivalents 5.634 4.924 5.8 9.2 12.8 16.5 20.4 Accounts receivable 3.333 3.860 3.3 3.5 3.7 3.8 4.0 Prepaid expenses / Unbilled 1.513 1.804 1.9 1.9 2.0 2.1 2.2 Other current assets 0.568 0.585 0.7 0.7 0.7 0.8 0.8 Deferred income taxes 0.795 0.732 0.7 0.7 0.7 0.8 0.8

Total current assets 0.000 11.844 11.904 12.363 16.084 19.949 24.007 28.286

Non-current assets Net PP&E 0.780 0.793 0.5 0.4 0.5 0.5 0.5 Goodwill 1.819 2.396 2.4 2.4 2.4 2.4 2.4

Deferred Income taxes and contracts 1.573 1.782 1.8 1.8 1.8 1.8 1.8 Other assets 0.851 1.055 1.0 1.0 1.1 1.1 1.2

Total assets 0.000 16.867 17.930 18.035 21.758 25.679 29.808 34.164

Liabilities Current liabilities

Short term debt 0.000 0.000 0.0 0.0 0.0 0.0 0.0 Accounts payable and accruals 0.962 1.064 0.7 0.7 0.8 0.8 0.8 Accrued expenses 3.460 3.381 0.1 0.1 0.1 0.1 0.1 Deferred Revenues 2.231 2.348 2.7 2.8 2.9 3.1 3.2 Other liabilities 1.508 1.365 1.3 1.4 1.5 1.5 1.6

Total current liabilities 0.000 8.161 8.158 4.8 5.0 5.3 5.5 5.8

Non-current liabilities Total long-term debt 0.026 0.026 0.0 0.0 0.0 0.0 0.0 Deferred Revenues 0.517 0.545 0.5 0.5 0.5 0.5 0.5 Retirement Obligation 0.873 1.108 1.1 1.1 1.1 1.1 1.1 Income taxes payables 1.224 1.303 1.3 1.3 1.3 1.3 1.3 Other long-term liabilities 0.638 0.505 0.7 0.7 0.7 0.8 0.8

Total liabilities 0.000 11.439 11.645 8.4 8.7 9.0 9.2 9.5

Equity Common stock 3.3 4.3 4.3 4.3 4.3 4.3 4.3 Retained earnings 9.5 11.4 14.7 18.2 21.9 25.7 29.8 Treasury stock 0.0 (7.3) (9.4) (9.4) (9.4) (9.4) (9.4) (9.4)

Total equity 0.0 5.4 6.3 9.6 13.0 16.7 20.5 24.6 Total Liab.& Equity 0.0 16.9 17.9 18.0 21.7 25.7 29.8 34.1

Balance? OK (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0)

Cashflow Statement Accenture Hist. Hist. Hist. Proj. Proj. Proj. Proj. Proj. Cash Flow Statement 31-Aug-12 31-Aug-13 31-Aug-14 31-Aug-15 31-Aug-16 31-Aug-17 31-Aug-18 31-Aug-19

Net Income 3.3 3.5 3.7 3.8 4.1 Depreciation 0.6 0.4 0.4 0.4 0.4 Amortisation 0.0 0.0 0.0 0.0 0.0 Change in OWC (2.9) (0.1) (0.1) (0.1) (0.1) Change in other assets 0.1 (0.0) (0.0) (0.1) (0.1) Change in other liabilities 0.2 0.0 0.0 0.0 0.0 Cash from Operating Activities 1.2 3.8 3.9 4.1 4.3

Capex 0.3 0.3 0.4 0.4 0.4 Cash from Investing Activities -0.3 -0.3 -0.4 -0.4 -0.4

Change in Common Stock 0.0 0.0 0.0 0.0 0.0 Change in Treasury Stock 0.0 0.0 0.0 0.0 0.0 Dividends 0.0 0.0 0.0 0.0 0.0 Long Term Debt Repayment 0.0 0.0 0.0 0.0 0.0 Cash from Financing Activities 0.0 0.0 0.0 0.0 0.0

Net Cash Flow 0.9 3.4 3.5 3.7 3.9

Beginning Cash 4.9 5.8 9.2 12.8 16.5 Ending Cash 4.9 5.8 9.2 12.8 16.5 20.4

Revenue forecasts Operating groups

CAGR growth years 13 to 15 Expected (RBC)

(%) CAGR growth 13 to 14

Actual (%) Forecast CAGR growth

15 to 19 (%) 2013 A (m

$) 2014 A (m$)

2015 E (m$)

2016 E (m$)

2017 E (m$)

2018 E (m$)

2019 E (m$)

communications media and technology 2.70% 4.2% 3.5% 5,686 5,924 6,131 6,346 6,568 6,798 7,036

financial services 5.80% 5.6% 5.0% 6,166 6,511 6,837 7,178 7,537 7,914 8,310

Health and public services 10.50% 6.0% 8.0% 4,739 5,022 5,424 5,858 6,326 6,832 7,379

Products 4.40% 8.6% 4.4% 6,807 7,395 7,720 8,060 8,415 8,785 9,172

Resources 3.10% -0.2% 2.6% 5,143 5,135 5,269 5,405 5,546 5,690 5,838

Other - -31.8% 0.0% 22 15 15 15 15 15 15

Total net revenue 5.0% n/a 28,563 30,002 31,396 32,863 34,407 36,035 37,749

Total sales growth (%) 5.0% 4.6% 4.7% 4.7% 4.7% 4.8%

Geographic regions 2013 A (m$) 2014 A (m$) % SPLIT % SPLIT

Americas 13519 14201 47.3% 47.3%

EMEA 11047 11915 38.7% 39.7%

Asia Pacific 3997 3886 14.0% 13.0%

Total net revenue 28563 30002

Work Type 2013 A (m$) 2014 A (m$) % SPLIT % SPLIT

Consulting 15383 15738 53.9% 52.5%

Outsourcing 13179 14265 46.1% 47.5%

Total net revenue 28563 30002

Financial Assumptions Accenture Hist. Hist. Hist. Proj. Proj. Proj. Proj. Proj. Financial Assumptions 31-Aug-12 31-Aug-13 31-Aug-14 31-Aug-15 31-Aug-16 31-Aug-17 31-Aug-18 31-Aug-19 Income statement

Sales growth % 2.1% 4.9% 4.6% 4.7% 4.7% 4.7% 4.8% COGS as % of sales 69.8% 69.1% 69.6% 69.8% 69.8% 69.8% 69.8% 69.8% Annual depr. as % of previous PPE 79.6% 79.8% 79.8% 79.8% 79.8% 79.8% SG&A as % of sales 17.2% 16.6% 16.9% 17.0% 17.0% 17.0% 17.0% 17.0% Amortization of other intangibles amount 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Non-recurring items amount 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Effective tax rate 18.1% 26.1% 26.0% 26.0% 26.0% 26.0% 26.0%

Shareholder info Diluted weighted average shares outstanding (m) 0.727 0.713 0.692 0.692 0.692 0.692 0.692 0.692 Dividend per share growth rate 0.0% 0.0% 0.0% 0.0% 0.0%

Balance sheet: current assets Accounts receivable as % of sales 0.0% 11.0% 12.1% 10.0% 10.0% 10.0% 10.0% 10.0% Inventories % of COGS 0.0% 7.2% 8.1% 8.0% 8.0% 8.0% 8.0% 8.0% Other current assets % of sales 0.0% 1.9% 1.8% 2.0% 2.0% 2.0% 2.0% 2.0% Deferred income taxes % of sales 2.6% 2.3% 2.0% 2.0% 2.0% 2.0% 2.0% Other Liabilities % of sales 5.0% 4.3% 4.0% 4.0% 4.0% 4.0% 4.0%

Balance sheet: non-current assets Capital expenditures % of sales 1.2% 1.2% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% Other assets % of sales 0.0% 2.8% 3.3% 3.0% 3.0% 3.0% 3.0% 3.0%

Balance sheet: liabilities Accounts payable and accruals % of COGS 3.2% 3.3% 3.0% 3.0% 3.0% 3.0% 3.0% Accrued expenses as % sales 10.4% 9.7% 9.0% 9.0% 9.0% 9.0% 9.0% Deferred Revenues as % of sales 7.3% 7.4% 8.0% 8.0% 8.0% 8.0% 8.0% Deferred Revenues 0.545 0.545 0.545 0.545 0.545 Retirement Obligation 1.108 1.108 1.108 1.108 1.108 Income taxes payables 1.303 1.303 1.303 1.303 1.303 Other long-term liabilities % of sales 0.0% 2.1% 1.6% 2.0% 2.0% 2.0% 2.0% 2.0%

Balance sheet: equity Common stock amount 0.0 3.3 4.3 4.3 4.3 4.3 4.3 4.3 Share repurchases $ amount (show as positive) 7.3 2.1 0.0 0.0 0.0 0.0 0.0

Debt (/$ amount) Loans due for repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other long-term debt repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Interest Rate (%) Short term debt 0.00% 0.00% 0.00% 0.00% 0.00% Loans due for repayment 0.00% 0.00% 0.00% 0.00% 0.00% Other long-term debt repayment 0.00% 0.00% 0.00% 0.00% 0.00% Cash 1.00% 1.00% 1.00% 1.00% 1.00%

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