1. WHY IS ACCENTURE ONE
OF THE WORLD’S MOST
VALUABLE BRANDS?

2. Table of Contents
• Executive Summary
• Industry Overview
• Company Considerations
– Share Price Performance
– Acquisition History
– Operating Performance
– Valuation
• Trade Idea
• Appendix

3. 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 ACN’s closest competitors (IBM, Cognizant, HP, Infosys) we conclude the following:
– ACN’s $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

4. INDUSTRY OVERVIEW

5. -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.

6. 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

7. 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 Accenture’s operating groups:
Whilst consulting companies such as Bain and Mckinsey are competitors, Accenture’s
closet peers utilise similar technologies in their service to assist clients/businesses.

8. COMPANY
CONSIDERATIONS

9. Key Company Considerations
• Accenture’s 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%)

10. 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 Accenture’s P&L.

11. 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
Accenture’s operating groups:

12. 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
• ACN’s revenue grows with these companies

13. 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
company’s website
ACN customer
insight solution:
help business focus
their marketing
strategy
Manage
company’s tech
platforms
Implement tech:
Microsoft,
Oracle, SAP

14. 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 (%)

15. 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 FY’19
• 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
(%)

16. 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)

17. Key Financial Metrics - Liquidity
Payables DaysReceivables 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

18. 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

19. 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

20. TRADE IDEA

21. 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.

22. • 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)

23. 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

24. 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

25. 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

26. APPENDIX

27. 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

28. 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)

29. 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

30. 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

31. 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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