Yield Curve: A yield curve is a simple representation of the relationship between the interest rate that a bond pays and when that bond matures. This yield curve is used as a benchmark for other debt in the market, such as mortgage rates or bank lending rates. The curve is also used to predict changes in economic output and growth. Shape of the yield curve is closely watched as it is considered to be an indicator of future interest rate change and economic activity. There are three types of yield curves namely normal, inverted and flat.
Debt Structure of the Company:
| Description | Maturity Date | Amt Outstanding (USD) | Issued Amt(USD) |
| NGUSA / NG 25-Nov-14 | 25-Nov-2014 | 0 | 0 |
| NGUSA / NG 21-Nov-14 | 21-Nov-2014 | 0 | 0 |
| NGUSA / NG 20-Nov-14 | 20-Nov-2014 | 0 | 0 |
| NGUSA / NG 05-Nov-14 | 05-Nov-2014 | 0 | 0 |
| NGUSA / NG 07-Nov-14 | 07-Nov-2014 | 0 | 0 |
| NGUSA / NG 04-Dec-14 | 04-Dec-2014 | 0 | 0 |
| NGUSA / NG 03-Nov-14 | 03-Nov-2014 | 0 | 0 |
| NGUSA / NG 12-Nov-14 | 12-Nov-2014 | 0 | 0 |
| NG 20-Nov-14 | 20-Nov-2014 | 41,265,250 | 41,265,250 |
| NG 18-Dec-14 | 18-Dec-2014 | 190,455,000 | 190,455,000 |
| NGNRN / NG 12-Nov-14 | 12-Nov-2014 | 0 | 0 |
| NGUSA / NG 06-Nov-14 | 06-Nov-2014 | 0 | 0 |
| NGUSA / NG 24-Nov-14 | 24-Nov-2014 | 0 | 0 |
| NGNAT / NG 0.9590 04-Nov-14 FRN MTN | 04-Nov-2014 | 126,970,000 | 126,970,000 |
| Description | Maturity Date | Amt Outstanding (USD) | Issued Amt(USD) |
| NGUSA / NG 22-Jan-15 | 22-Jan-2015 | 0 | 0 |
| NGUSA / NG 05-Jan-15 | 05-Jan-2015 | 0 | 0 |
| NGUSA / NG 28-Jan-15 | 28-Jan-2015 | 0 | 0 |
| NG 23-Apr-15 | 23-Apr-2015 | 19,045,500 | 19,045,500 |
| NG 27-Apr-15 | 27-Apr-2015 | 63,485,000 | 63,485,000 |
| NG 27-Jan-15 | 27-Jan-2015 | 25,394,000 | 25,394,000 |
| NG 4.5650 30-Jun-15 MTN | 30-Jun-2015 | 75,000,000 | 75,000,000 |
| NGUSA / NG 3.2500 03-Jun-15 MTN | 03-Jun-2015 | 634,850,000 | 634,850,000 |
| NG 4.5650 30-Jun-15 MTN | 30-Jun-2015 | 75,000,000 | 75,000,000 |
| Description | Maturity Date | Amt Outstanding (USD) | Issued Amt(USD) |
| NGUSA / NG 1.2200 13-Jan-16 FRN MTN | 13-Jan-2016 | 50,000,000 | 50,000,000 |
| NG 6.3000 01-Aug-16 | 01-Aug-2016 | 940,230,000 | 1,000,000,000 |
| NGNRN / NG 0.5030 21-Jan-16 FRN MTN | 21-Jan-2016 | 190,455,000 | 190,455,000 |
| NGNRN / NG 0.5010 21-Jan-16 FRN MTN | 21-Jan-2016 | 31,742,500 | 31,742,500 |
| NGNRN / NG 0.6190 29-Jan-16 FRN MTN | 29-Jan-2016 | 38,091,000 | 38,091,000 |
| NGNRN / NG 0.4610 17-Jun-16 FRN MTN | 17-Jun-2016 | 380,910,000 | 380,910,000 |
Share Price Estimation of the Company
| Historical | Forecast (Mean) | ||||||||
| FY Mar-10 | FY Mar-11 | FY Mar-12 | FY Mar-13 | FY Mar-14 | FY Mar-15 | FY Mar-16 | FY Mar-17 | FY Mar-18 | |
| INCOME STATEMENT | |||||||||
| Revenue |
13,988 |
14,343 |
13,832 |
14,359 |
14,809 |
15,007 |
15,629 |
16,453 |
17,336 |
| Growth % vs. Prior Yr. |
-10.50% |
2.50% |
-3.60% |
3.80% |
3.10% |
1.30% |
4.10% |
5.30% |
5.40% |
| Actual/Predicted Surprise |
-6.90% |
-5.10% |
-4.30% |
0.00% |
1.70% |
-0.10% |
-0.20% |
-1.00% |
2.20% |
| Guidance |
T |
T |
T |
T |
– |
– |
– |
– |
– |
| Gross Margin | – | – | – |
26.10% |
– |
68.50% |
62.50% |
36.50% |
– |
| Yr/Yr Change | – | – | – | – | – |
-0.43 |
-5.92 |
-26.03 |
– |
| Actual/Predicted Surprise | – | – | – |
25.30% |
– |
-34.00% |
-27.10% |
0.00% |
– |
| EBITDA |
4,309 |
4,845 |
4,777 |
4,133 |
5,081 |
5,378 |
5,685 |
5,922 |
5,963 |
| Margin% |
30.80% |
33.80% |
34.50% |
28.80% |
34.30% |
35.80% |
36.40% |
36.00% |
34.40% |
| Actual/Predicted Surprise |
-3.00% |
0.20% |
-2.40% |
-18.00% |
-2.20% |
0.60% |
1.00% |
1.90% |
1.80% |
| EBIT |
3,121 |
3,600 |
3,495 |
3,644 |
3,664 |
3,899 |
4,134 |
4,286 |
4,331 |
| Margin% |
22.30% |
25.10% |
25.30% |
25.40% |
24.70% |
26.00% |
26.50% |
26.00% |
25.00% |
| Actual/Predicted Surprise |
-3.80% |
0.60% |
-1.90% |
-1.90% |
-3.10% |
0.20% |
0.80% |
1.20% |
0.50% |
| Operating Profit |
3,121 |
3,600 |
3,495 |
3,644 |
3,664 |
3,827 |
4,040 |
4,107 |
4,216 |
| Margin% |
22.30% |
25.10% |
25.30% |
25.40% |
24.70% |
25.50% |
25.90% |
25.00% |
24.30% |
| Actual/Predicted Surprise |
-4.50% |
-1.10% |
-6.10% |
-0.90% |
-3.90% |
-1.10% |
1.90% |
– | – |
| Guidance |
T |
T |
T |
T |
– |
– |
– |
– |
– |
| Pre-tax Profit |
1,974 |
2,473 |
2,585 |
2,742 |
2,584 |
2,788 |
2,974 |
3,083 |
3,088 |
| Margin% |
14.10% |
17.20% |
18.70% |
19.10% |
17.40% |
18.60% |
19.00% |
18.70% |
17.80% |
| Actual/Predicted Surprise |
-3.90% |
-0.90% |
1.40% |
-0.50% |
-1.40% |
0.40% |
1.30% |
2.90% |
3.10% |
| Net Income |
1,418 |
1,747 |
1,828 |
2,055 |
2,015 |
2,077 |
2,214 |
2,290 |
2,289 |
| Margin% |
10.10% |
12.20% |
13.20% |
14.30% |
13.60% |
13.80% |
14.20% |
13.90% |
13.20% |
| Actual/Predicted Surprise |
-3.30% |
1.40% |
2.20% |
2.90% |
4.70% |
0.70% |
1.00% |
1.40% |
3.50% |
| Guidance |
– |
– |
– |
T |
– |
– |
– |
– |
– |
| EPS |
50.62 |
51.4 |
51 |
55.8 |
53.8 |
55.03 |
58.1 |
59.35 |
60.1 |
| Growth % vs. Prior Yr. |
12.20% |
1.50% |
-0.80% |
9.40% |
-3.60% |
2.30% |
5.60% |
2.20% |
1.30% |
| Actual/Predicted Surprise |
-0.80% |
4.40% |
3.30% |
2.30% |
3.80% |
0.40% |
-0.30% |
0.40% |
4.80% |
| Guidance |
– |
0.5 |
– |
T |
– |
– |
– |
– |
– |
| EPS – Fully Reported |
49.46 |
63.6 |
56.8 |
62.3 |
66.1 |
54.47 |
57.36 |
58.6 |
– |
| Growth % vs. Prior Yr. |
44.90% |
28.60% |
-10.70% |
9.70% |
6.10% |
-17.60% |
5.30% |
2.20% |
– |
| Actual/Predicted Surprise |
-11.60% |
22.20% |
9.30% |
13.90% |
24.70% |
0.20% |
0.00% |
1.90% |
– |
| Dividend per Share |
34.12 |
36.37 |
37.4 |
40.85 |
42.03 |
43.3 |
44.68 |
45.94 |
47.57 |
| Growth % vs. Prior Yr. |
8.00% |
6.60% |
2.80% |
9.20% |
2.90% |
3.00% |
3.20% |
2.80% |
3.50% |
| Actual/Predicted Surprise |
-0.20% |
0.30% |
-4.10% |
0.00% |
-0.20% |
0.00% |
-0.10% |
0.50% |
0.40% |
| Guidance |
8 |
T |
8 |
4 |
– |
– |
– |
– |
– |
| CASH FLOW STATEMENT | |||||||||
| Capital Expenditure |
3,007 |
2,958 |
3,147 |
3,214 |
2,944 |
3,569 |
3,831 |
4,127 |
4,946 |
| Actual/Predicted Surprise |
-6.40% |
-19.00% |
-4.80% |
-7.60% |
-16.00% |
-1.10% |
1.60% |
1.00% |
-11.40% |
| Guidance |
3,400 |
3,600 |
3,200 : 3,300 |
3,600 |
– |
– |
– |
– |
– |
| Cash Flow per Share |
161.17 |
143.01 |
117.97 |
101.85 |
107.78 |
100.61 |
104.84 |
107.79 |
– |
| Growth % vs. Prior Yr. |
30.80% |
-11.30% |
-17.50% |
-13.70% |
5.80% |
-6.60% |
4.20% |
2.80% |
– |
| Actual/Predicted Surprise |
24.10% |
29.20% |
18.80% |
6.60% |
10.30% |
1.60% |
4.90% |
5.80% |
– |
| BALANCE SHEET | |||||||||
| Net Debt |
22,139 |
22,814 |
19,600 |
21,429 |
21,190 |
22,878 |
24,109 |
25,399 |
26,085 |
| Actual/Predicted Surprise |
-5.30% |
13.90% |
-3.90% |
1.10% |
-5.70% |
1.50% |
1.10% |
1.00% |
-0.90% |
| Net Asset Value |
4,199 |
9,060 |
9,239 |
10,228 |
11,919 |
12,543 |
13,451 |
14,261 |
14,722 |
| Actual/Predicted Surprise |
-25.10% |
3.10% |
-6.50% |
29.30% |
5.00% |
0.80% |
2.60% |
-0.70% |
– |
| Book Value per Share |
149.85 |
248.36 |
249.64 |
269.51 |
309.06 |
331.12 |
344.57 |
356.4 |
– |
| Actual/Predicted Surprise |
-21.00% |
-4.50% |
-10.90% |
-2.70% |
2.80% |
0.30% |
-0.80% |
-1.20% |
– |
| PROFITABILITY RATIOS | |||||||||
| ROE |
33.80% |
26.40% |
20.00% |
21.10% |
18.20% |
17.20% |
17.20% |
16.90% |
16.00% |
| Actual/Predicted Surprise |
5.00% |
1.90% |
1.70% |
1.40% |
0.00% |
0.20% |
0.40% |
0.60% |
– |
| Guidance |
– |
T |
– |
– |
T |
– |
– |
– |
– |
| ROA |
3.30% |
3.90% |
3.90% |
4.00% |
3.80% |
5.40% |
5.50% |
5.20% |
– |
| Actual/Predicted Surprise |
-2.60% |
-1.80% |
-11.70% |
-10.50% |
-1.40% |
-1.40% |
-1.40% |
– | – |
Ratio Analysis of the Company
|
|
Industry Median |
2002 |
2001 |
2000 |
1999 |
1998 |
| Profitability |
|
|
|
|
|
|
| Gross Margin |
– |
34.3% |
22.0% |
35.9% |
38.3% |
29.6% |
| EBITDA Margin |
– |
44.3% |
32.0% |
45.7% |
47.1% |
43.5% |
| Operating Margin |
– |
(2.9%) |
16.0% |
33.8% |
34.7% |
33.6% |
| Pretax Margin |
– |
(10.5%) |
16.3% |
93.4% |
85.7% |
37.7% |
| Effective Tax Rate |
– |
– |
(8.6%) |
25.4% |
21.8% |
23.3% |
| Net Margin |
– |
(11.1%) |
17.7% |
69.7% |
67.0% |
27.3% |
| DuPont/Earning Power |
|
|
|
|
|
|
| Asset Turnover |
– |
0.32 |
0.40 |
0.23 |
0.36 |
– |
| x Pretax Margin |
– |
(10.5%) |
16.3% |
93.4% |
85.7% |
37.7% |
| Pretax ROA |
– |
(3.3%) |
6.5% |
21.8% |
30.5% |
– |
| x Leverage (Assets/Equity) |
– |
5.45 |
3.82 |
3.01 |
2.61 |
3.68 |
| Pretax ROE |
– |
(15.7%) |
22.1% |
62.0% |
90.1% |
– |
| x Tax Complement |
– |
– |
1.08 |
0.74 |
0.78 |
0.77 |
| ROE |
– |
(16.8%) |
23.8% |
46.2% |
70.4% |
– |
| x Earnings Retention |
– |
– |
0.66 |
0.82 |
0.81 |
(1.18) |
| Reinvestment Rate |
– |
(25.8%) |
15.8% |
37.7% |
57.1% |
– |
| Liquidity |
|
|
|
|
|
|
| Quick Ratio |
– |
1.96 |
1.00 |
1.31 |
1.23 |
0.34 |
| Current Ratio |
– |
1.98 |
1.02 |
1.32 |
1.23 |
0.35 |
| Times Interest Earned |
– |
– |
– |
– |
– |
– |
| Cash Cycle (Days) |
– |
(16.9) |
(23.8) |
69.0 |
67.1 |
– |
| Leverage |
|
|
|
|
|
|
| Assets/Equity |
– |
5.45 |
3.82 |
3.01 |
2.61 |
3.68 |
| Debt/Equity |
– |
3.03 |
1.82 |
1.45 |
1.16 |
1.42 |
| % LT Debt to Total Capital |
– |
62.6% |
49.5% |
48.9% |
39.8% |
58.7% |
| (Total Debt – Cash) / EBITDA |
– |
3.61 |
3.21 |
2.67 |
1.41 |
– |
| Operating |
|
|
|
|
|
|
| A/R Turnover |
– |
5.4 |
8.1 |
5.9 |
5.9 |
– |
| Avg. A/R Days |
– |
67.2 |
45.0 |
61.5 |
62.1 |
– |
| Inv Turnover |
– |
64.1 |
93.5 |
49.3 |
74.2 |
– |
| Avg. Inventory Days |
– |
5.7 |
3.9 |
7.4 |
4.9 |
– |
| Avg. A/P Days |
– |
89.9 |
72.7 |
– |
– |
– |
| Fixed Asset Turnover |
– |
0.60 |
0.72 |
– |
– |
– |
| WC / Sales Growth |
– |
25.1% |
(20.5%) |
41.6% |
– |
– |
| Bad Debt Allowance (% of A/R) |
– |
– |
– |
– |
– |
– |
| ROIC |
– |
(4.4%) |
9.1% |
21.3% |
33.8% |
– |
| Revenue per Employee ($) |
– |
$424,008.90 |
$670,555.00 |
$430,644.10 |
$410,463.50 |
– |
Balance Sheet
|
2002 |
2001 |
2000 |
1999 |
1998 |
|
|
Period End Date |
31-Mar-2002 |
31-Mar-2001 |
31-Mar-2000 |
31-Mar-1999 |
31-Mar-1998 |
| Assets (£ Millions) | |||||
| Cash and Short Term Investments |
213 |
271 |
1,012 |
1,525 |
50 |
| Cash & Equivalents |
213 |
271 |
1,012 |
1,525 |
50 |
| Accounts Receivable – Trade, Net |
707 |
380 |
247 |
193 |
322 |
| Total Receivables, Net |
1,032 |
585 |
351 |
193 |
322 |
| Receivables – Other |
324 |
205 |
104 |
— |
— |
| Total Inventory |
56 |
34 |
29 |
13 |
13 |
| Prepaid Expenses |
137 |
116 |
102 |
— |
— |
| Other Current Assets, Total |
4,446 |
1,251 |
972 |
17 |
0 |
| Other Current Assets |
4,446 |
1,251 |
972 |
17 |
0 |
| Total Current Assets |
5,883 |
2,256 |
2,465 |
1,746 |
384 |
| Property/Plant/Equipment, Total – Gross |
14,188 |
8,892 |
8,073 |
— |
— |
| Land/Improvements – Gross |
787 |
447 |
492 |
— |
— |
| Machinery/Equipment – Gross |
12,767 |
8,036 |
7,271 |
— |
— |
| Construction in Progress – Gross |
634 |
410 |
311 |
— |
— |
| Property/Plant/Equipment, Total – Net |
9,122 |
5,617 |
4,938 |
— |
2,711 |
| Accumulated Depreciation, Total |
(5,066) |
(3,275) |
(3,135) |
— |
— |
| Goodwill, Net |
2,113 |
1,386 |
845 |
15 |
0 |
| Intangibles, Net |
— |
— |
— |
— |
— |
| Long Term Investments |
298 |
946 |
519 |
3,333 |
327 |
| LT Investment – Affiliate Companies |
57 |
801 |
412 |
222 |
— |
| LT Investments – Other |
241 |
145 |
107 |
3,110 |
327 |
| Note Receivable – Long Term |
— |
— |
— |
— |
— |
| Other Long Term Assets, Total |
— |
— |
— |
— |
— |
| Total Assets |
17,416 |
10,206 |
8,767 |
5,094 |
3,422 |
| Liabilities (£ Millions) | |||||
| Accounts Payable |
770 |
649 |
530 |
— |
1,097 |
| Payable/Accrued |
— |
— |
— |
— |
— |
| Accrued Expenses |
— |
— |
— |
— |
— |
| Notes Payable/Short Term Debt |
0 |
0 |
0 |
0 |
0 |
| Current Port. of LT Debt/Capital Leases |
1,554 |
1,114 |
716 |
591 |
— |
| Other Current liabilities, Total |
645 |
451 |
616 |
824 |
— |
| Dividends Payable |
169 |
134 |
123 |
— |
— |
| Income Taxes Payable |
30 |
16 |
378 |
— |
— |
| Other Payables |
421 |
287 |
89 |
824 |
— |
| Other Current Liabilities |
26 |
14 |
25 |
— |
— |
| Total Current Liabilities |
2,969 |
2,214 |
1,861 |
1,415 |
1,097 |
| Total Long Term Debt |
8,118 |
3,756 |
3,500 |
1,681 |
1,321 |
| Long Term Debt |
8,118 |
3,756 |
3,118 |
1,681 |
1,321 |
| Capital Lease Obligations |
— |
— |
382 |
— |
— |
| Total Debt |
9,672 |
4,869 |
4,216 |
2,272 |
1,321 |
| Deferred Income Tax |
— |
— |
— |
— |
— |
| Minority Interest |
98 |
42 |
35 |
0 |
— |
| Other Liabilities, Total |
3,034 |
1,521 |
461 |
46 |
75 |
| Reserves |
3,034 |
1,521 |
461 |
46 |
75 |
| Total Liabilities |
14,219 |
7,532 |
5,858 |
3,141 |
2,493 |
| Shareholders Equity (£ Millions) | |||||
| Redeemable Preferred Stock, Total |
— |
— |
— |
— |
— |
| Preferred Stock – Non Redeemable, Net |
— |
— |
— |
— |
— |
| Common Stock, Total |
178 |
149 |
175 |
174 |
174 |
| Common Stock |
178 |
149 |
175 |
174 |
174 |
| Additional Paid-In Capital |
1,243 |
0 |
275 |
247 |
233 |
| Retained Earnings (Accumulated Deficit) |
1,776 |
2,525 |
2,460 |
1,532 |
523 |
| Treasury Stock – Common |
— |
— |
— |
— |
— |
| ESOP Debt Guarantee |
— |
— |
— |
— |
— |
| Unrealized Gain (Loss) |
— |
— |
— |
— |
— |
| Other Equity, Total |
— |
— |
— |
— |
— |
| Total Equity |
3,197 |
2,674 |
2,909 |
1,953 |
929 |
| Total Liabilities & Shareholders’ Equity |
17,416 |
10,206 |
8,767 |
5,094 |
3,422 |
| Supplemental (£ Millions) | |||||
| Shares Outstanding – Common Issue 2 |
— |
— |
— |
— |
— |
| Shares Outstanding – Common Issue 3 |
— |
— |
— |
— |
— |
| Shares Outstanding – Common Issue 4 |
— |
— |
— |
— |
— |
| Total Common Shares Outstanding |
1,777 |
1,485 |
1,485 |
1,467 |
1,683 |
| Shares Outs – Common Stock Primary Issue |
1,777 |
1,485 |
1,485 |
1,467 |
1,683 |
Cash Flow Metrics
|
2002 |
2001 |
2000 |
1999 |
1998 |
|
|
Period End Date |
31-Mar-2002 |
31-Mar-2001 |
31-Mar-2000 |
31-Mar-1999 |
31-Mar-1998 |
| Cash Flow-Operating Activities (£ Millions) | |||||
| Net Income/Starting Line |
507.4 |
705.5 |
571.8 |
576.7 |
540.0 |
| Depreciation/Depletion |
436.9 |
380.0 |
158.6 |
134.0 |
159.6 |
| Depreciation |
436.9 |
380.0 |
158.6 |
134.0 |
159.6 |
| Amortization |
— |
— |
— |
— |
— |
| Deferred Taxes |
— |
— |
— |
— |
— |
| Non-Cash Items |
215.5 |
(1.6) |
(9.3) |
(28.3) |
(85.8) |
| Unusual Items |
0.0 |
(6.6) |
(4.3) |
(2.5) |
(4.1) |
| Equity in Net Earnings (Loss) |
198.8 |
20.3 |
4.5 |
3.1 |
0.0 |
| Other Non-Cash Items |
16.7 |
(15.3) |
(9.5) |
(28.9) |
(81.7) |
| Changes in Working Capital |
101.1 |
(390.2) |
(308.9) |
(228.3) |
(156.1) |
| Accounts Receivable |
203.0 |
(189.8) |
(22.7) |
(13.0) |
(35.2) |
| Inventories |
14.0 |
(7.9) |
(0.4) |
0.2 |
(3.4) |
| Accounts Payable |
(108.6) |
(55.3) |
(11.5) |
(60.6) |
20.7 |
| Other Operating Cash Flow |
(7.3) |
(137.2) |
(274.3) |
(154.9) |
(138.2) |
| Cash from Operating Activities |
1,260.9 |
693.7 |
412.2 |
454.1 |
457.7 |
| Cash Flow-Investing Activities (£ Millions) | |||||
| Capital Expenditures |
(500.0) |
(471.6) |
(292.2) |
(329.7) |
(286.4) |
| Purchase of Fixed Assets |
(500.0) |
(471.6) |
(292.2) |
(329.7) |
(286.4) |
| Other Investing Cash Flow Items, Total |
(911.1) |
(568.2) |
(1,223.7) |
951.3 |
157.8 |
| Acquisition of Business |
(933.5) |
(440.9) |
(2,045.1) |
(12.1) |
— |
| Sale of Business |
36.5 |
195.9 |
0.0 |
0.0 |
157.8 |
| Sale of Fixed Assets |
27.8 |
11.8 |
5.4 |
5.3 |
— |
| Sale/Maturity of Investment |
0.0 |
— |
952.9 |
959.3 |
— |
| Purchase of Investments |
(49.7) |
(337.2) |
(144.5) |
(13.1) |
— |
| Other Investing Cash Flow |
7.8 |
2.2 |
7.6 |
11.9 |
— |
| Cash from Investing Activities |
(1,411.1) |
(1,039.8) |
(1,515.9) |
621.6 |
(128.6) |
| Cash Flow-Financing Activities (£ Millions) | |||||
| Financing Cash Flow Items |
(21.3) |
468.3 |
554.1 |
(1,602.0) |
— |
| Other Financing Cash Flow |
(21.3) |
468.3 |
554.1 |
(1,602.0) |
— |
| Total Cash Dividends Paid |
(229.5) |
(212.5) |
(197.6) |
(183.1) |
(966.3) |
| Cash Dividends Paid – Common |
(229.5) |
(212.5) |
(197.6) |
(183.1) |
(966.3) |
| Issuance (Retirement) of Stock, Net |
12.2 |
7.0 |
4.4 |
5.4 |
— |
| Sale/Issuance of Common |
12.2 |
7.0 |
5.5 |
5.4 |
— |
| Common Stock, Net |
12.2 |
7.0 |
5.5 |
5.4 |
— |
| Repurch./Retirement of Common/Preferred |
0.0 |
0.0 |
(1.1) |
0.0 |
— |
| Issuance (Retirement) of Debt, Net |
442.4 |
81.4 |
769.2 |
682.2 |
— |
| Long Term Debt Reduction |
(2,972.0) |
(934.0) |
(260.1) |
(35.5) |
— |
| Long Term Debt, Net |
442.4 |
81.4 |
769.2 |
682.2 |
— |
| Cash from Financing Activities |
203.8 |
344.2 |
1,130.1 |
(1,097.5) |
(966.3) |
| Foreign Exchange Effects |
— |
— |
— |
— |
— |
| Net Change in Cash |
53.6 |
(1.9) |
26.4 |
(21.8) |
(637.2) |
| Net Cash – Beginning Balance |
— |
— |
— |
— |
— |
| Net Cash – Ending Balance |
— |
— |
— |
— |
— |
| Cash Interest Paid |
405.3 |
398.2 |
156.7 |
137.9 |
— |
| Cash Taxes Paid |
7.3 |
137.2 |
274.3 |
154.9 |
138.2 |
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