1999 First Half Results in Line with Forecast; Positive Outlook for the Second Half.PARIS--(BUSINESS WIRE)--Sept. 9, 1999-- Alcatel Alcatel Société Alsacienne de Constructions Atomiques, de Télécomunications et d'Electronique (NYSE NYSE See: New York Stock Exchange :ALA) reported today that first half 99 consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net income amounted to EURO euro: see European Monetary System. euro Single currency of 15 countries of the European Union (EU), including Germany, France, and Italy. It is also the official currency in several areas outside the EU. 0.22 billion, representing an EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of EURO 1.20; excluding Goodwill EPS was EURO 2.20. Consolidated net income in first half 98 amounted to EURO 2.32 billion including a one time gain of EURO 2.13 billion. Sales amounted to EURO 10.09 billion, up 7.5% over 98. As forecasted for the 1999 pattern of profit build up, Income from operations was down 11.4% from 98, at EURO 0.31 billion, due to the costs of acquisitions and other new technology developments. -0-
Key Figures first half 99 first half 98
in Bn EURO except for EPS as published
Sales(a) 10.09 9.39
Income from operations 0.31 0.35
Net Income 0.22 2.32(b)
EPS(c) 1.20 13.45
EPS (excluding Goodwill)(c) 2.20 14.32
E/ADS(c) in $ (excluding Goodwill) 0.45 2.95
(a) Current copper prices (at constant copper prices +8.5%)
(b) Including a one time gain of EURO 2.13 billion
(c) 1999 EPS and E/ADS based on 185.8 million shares; exchange rate
of 1 EURO = $1.031 (Noon Buying Rate at June 30, 1999)
"The first half of 1999 has been characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by the successful integration of our recent acquisitions and an increased R&D investment targeted at further expanding Alcatel's growing position in the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the world," said Serge Tchuruk Serge Tchurukdichian (born November 13, 1937), known as Serge Tchuruk, is a French businessman of Armenian descent. He was the Chief Executive Officer and chairman of Alcatel (a global telecommunications company) till the end of November 2006 and is now the chairman of , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We are very pleased by the promising leads in next generation markets which confirm the validity of our growth strategy." "Results for the first six months were in line with our forecasts. As stated earlier this year, their contribution to our full year objective is relatively marginal (jargon) marginal - 1. Extremely small. "A marginal increase in core can decrease GC time drastically." In everyday terms, this means that it is a lot easier to clean off your desk if you have a spare place to put some of the junk while you sort through it. 2. for the telecom activities, as it has been in the past. While the second half holds some uncertainties related to Year 2000, we are monitoring the situation closely with our customers. Taking into account our current order book, the turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. underway of under-performing businesses and the positive impact of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). , we are on track for our full year 1999 targets, based on the information we have today. We foresee fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. substantial advances in operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for telecom activities and stable results for cables and components." Business Highlights by Segment The former Telecom sector included the first three segments in the analysis and shown on the table below, namely Networking, Internet & Optics optics, scientific study of light. Physical optics is concerned with the genesis, nature, and properties of light; physiological optics with the part light plays in vision; and geometrical optics with the reflection and refraction of light as encountered in the study , and Enterprise and Consumer. While its first half 99 sales grew by 14.8%, the operating income was impacted by a EURO 200 million increase in R&D investment which brought total R&D spend to 13.9% of sales (versus 12.6% in first half 98). The operating income of the former Telecom sector in the first half is seasonally marginal. In this context, the analysis of the year-on-year percentage change of the segments' operating income bears limited significance as regards underlying trends. The situation is different for the Telecom Components and Energy Cables segments, where sales and operating income are much less seasonal. Income from operations includes an adjustment for a change in presentation for pension accounting, of which the financial component was transferred to financial income/expense. This adjustment positively impacts first half 99 and first half 98 by EURO 26 million and EURO 23 million respectively. First half 98 has been restated accordingly. -0-
Sales and Operating Income first half first half % change
by Segment in million EURO 99 98
restated(a)
Sales
Networking 3 087 2 872 7.5%
Internet & Optics 2 354 1 845 27.6%
Enterprise & Consumer 1 548 1 373 12.7%
Telecom Components 1 540 1 545 -0.3%
Energy Cables 1 759 1 891 -7.0%
Others & Eliminations -197 -9
Total 10 091 9 517 6.0%
------ ----- -----
Income from operations
Networking 55 71 -22.5%
Internet & Optics 88 136 -35.3%
Enterprise & Consumer -36 -54 nm
Telecom Components 151 125 20.8%
Energy Cables 37 82 -54.9%
Others & Eliminations 16 33
Total 311 393 -20.9%
------ ----- -----
(a) First half 98 has also been restated to reflect the new
organization put into place January 1, 1999. Following the new
organization, wireline and wireless access systems were
transferred to the Networking segment from the Transport and
Access segment, which was renamed Internet and Optics. The former
HSS activity was transferred from the Enterprise and Consumer
segment to Networking. The Battery activities were transferred
from Telecom Components to Energy Cables.
Networking segment sales increased by 7.5% over 1998 while income from operations amounted to EURO 55 million. The strong performance of the U.S. switching and access business did not fully compensate the continued slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. and emerging countries narrow-band switching and access markets. Significant R&D investment to develop core networking solutions leveraging Alcatel's strong installed switching base had an impact on the division's profitability. The trend toward establishing profitability in the mobile infrastructure has been clearly registered, due to contract wins in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , and despite the
softness in China.
Internet and Optics segment sales increased by 27.6% while income from operations amounted to EURO 88 million. Substantial R&D investments in next generation optical transport products (DWDM (Dense WDM) The term given to wavelength division multiplexing (WDM) when significantly more channels were being added. Since WDM is increasingly more "dense" all the time, both terms are used synonymously. See WDM. DWDM - wavelength division multiplexing 10 gigabits and optical cross connects) and R&D costs associated with recent acquisitions contributed to lower profits. Faster than expected market growth is occurring in the ADSL See DSL. ADSL - Asymmetric Digital Subscriber Line business. Performance in submarine submarine, naval craft capable of operating for an extended period of time underwater. Submarines are almost always warships, although a few are used for scientific or business purposes (see also submersible). transmission systems continued to be strong, while the satellite activity registered stable results over last year. Enterprise and Consumer segment sales increased by 12.7% while income from operations was negative at EURO 36 million. Marketing programs have been launched in corporate data networks to substitute OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and products by Alcatel's. In voice systems, the call center business grew significantly, in addition to a good performance in the services activity. GSM (Global System for Mobile Communications) A digital cellular phone technology based on TDMA that is the predominant system in Europe, but also used worldwide. Developed in the 1980s, GSM was first deployed in seven European countries in 1992. handset The part of the telephone that contains the speaker and the microphone. On a desktop phone, the part you hold in your hand is the handset. On a cellphone, the entire phone is the handset. See multihandset cordless and headset. activity was satisfactory; dual-band handsets A cellphone that operates in more than one frequency band. See dual-mode handset and quad-band handset.  Dual Band Phone were launched at the end of the first half and were positively received by the market during the summer months. Recent acquisitions have been successfully integrated and new products are being sold through Alcatel's distribution channels. Improvement is continuing in under-performing businesses and the segment's return to profitability in 1999 is on track. Telecom components segment sales were stable while income from operations amounted to EURO 151 million. This increase was due to significant growth in the submarine cables See Telegraph. See See also: Cable Submarine business in addition to a strong activity in fiber optic cables Noun 1. fiber optic cable - a cable made of optical fibers that can transmit large amounts of information at the speed of light fibre optic cable transmission line, cable, line - a conductor for transmitting electrical or optical signals or electric power for public networks. Data cables for private networks registered progress over last year with continuing good business in Europe and growth in the U.S. The improved results of this segment represents the orientation orientation, in architecture, the disposition of the parts of a building with reference to the points of the compass. From remote antiquity the traditional belief in the efficacy of religious ceremonials performed at dawn toward the rising sun has influenced the towards more higher value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. products in LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. cabling as well as mobile network equipment. Energy cable segment sales decreased by 7.0% (2.2% decrease at constant copper prices) while income from operations amounted to EURO 37 million. This drop is due to the weak European cable equipment market, which is characterized by strong pricing pressures, and the continuing lack of high voltage The term high voltage characterizes electrical circuits, in which the voltage used is the cause of particular safety concerns and insulation requirements. High voltage is used in electrical power distribution, in cathode ray tubes, to generate X-rays and particle beams, to contracts. Business in the U.S. remained satisfactory, with good results registered in the enameled wire Enameled wire is a thin wire coated with an insulating layer, used in electric motor coils. It is placed in the motor slots in order to create magnetic flux when electricity flows through it. It is also used in the construction of electromagnets, transformers and inductors. business. First Half 99 results First half 99 net income amounted to EURO 223 million, down over first half 98, which included a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. exceptional gain of EURO 2,130 million. Consolidated net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight reached EURO 10,091 million and Income from operations amounted to EURO 311 million. Income from Operations at EURO 311 million decreased by 11.4% and included an adjustment for a change in presentation for pension accounting, which was transferred to financial income/expense (first half 99 +EURO 26 million; first half 98 restated, +EURO 23 million). See note 1b of the notes to consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge . As a percentage of revenue, the gross margin for the first half improved to 28.4% from 27.4% over the same period, reflecting productivity gains. Research and development (R&D) spending increased 25% due, in part, to the integration of telecom acquisitions during the first half of the year and to investments in high growth areas such as optical transport, next generation Digital Loop Carriers In telephone communications, a technology that increases the number of channels in the local loop by converting analog signals to digital and multiplexing them back to the end office. , and signaling and call servers. Income before amortization of goodwill and taxes amounted to EURO 490 million and included the following: -- Financial costs of EURO 52 million compared with a financial gain of EURO 45 million in first half 98, which included exceptional dividends received from Havas Havas is the second largest advertising group in France and is a "Global advertising and communications services group" and the sixth-largest global advertising and communications group worldwide, operating on the communications consulting market through three main operational . In addition, first half 99 financial results included the change in presentation for pension accounting amounting to a charge of EURO 26 million. -- Restructuring costs amounting to EURO 141 million related to programs which are targeting under-performing business in Europe as well as an acceleration acceleration, change in the velocity of a body with respect to time. Since velocity is a vector quantity, involving both magnitude and direction, acceleration is also a vector. In order to produce an acceleration, a force must be applied to the body. of the current plan. -- Other revenue which amounted to EURO 373 million. Income tax amounted to EURO 138 million. Share in net income of equity affiliates decreased slightly to EURO 82 million, while minority interests amounted to EURO (19) million. Amortization of goodwill amounted to EURO 193 million, compared with EURO 151 million in first half 98. This increase is due mainly to the inclusion of recent acquisitions. Net debt increased to EURO 3,184 million from EURO 292 million at the end of 1998, representing a gearing of 30% compared with 3% at the end of 1998. This increase is due to acquisitions made during the first half of the year, a plan which was announced at the end of 1998. The Board of Directors has approved the adoption of the new French accounting standards and particularly for the treatment of acquisitions, which will be applied for the full year 1999. This new method includes four points: (1) adoption of "pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. " for acquisitions acquired through shares; (2) goodwill will no longer be charged to shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. ; (3) new method for accounting for similar asset exchanges, and (4) one time P&L impact of "purchased R&D" related to the 1999 U.S. acquisitions in cash. The accounts will be restated integrating former acquisitions. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's expectations for an improvement in sales and profitability for 1999. Such expectations assume that (i) current market trends in sales will continue (ii) the Company will benefit from growth in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. market, (iii) the Company's sales volume will increase in several product markets, (iv) improvement will occur in under-performing businesses, and (v) customer spending patterns will not be adversely impacted by the Y2000 issues during the latter part of 1999. Actual results could differ materially from the above as a result of these or other factors. -0-
Upcoming Announcements/Events
-----------------------------
November 10, 1999 Third Quarter Earnings
February 3, 2000 1999 Earnings
Annex - Financial Statements
Alcatel - Consolidated Income Statements
(in millions of euros) first half first half 1998
99 98
as as
published published
---------- ---------- ----------
Net sales 10 091 9 391 21 259
Cost of sales (7 221) (6 817) (15 426)
---------- ---------- ----------
Gross profit 2 870 2 575 5 833
---------- ---------- ----------
Administrative and
selling expenses (1 518) (1 391) (3 027)
R&D costs (1 041) ( 833) (1 809)
---------- ---------- ----------
Income from operations 311 351 997
---------- ---------- ----------
Financial income (loss) ( 52) 45 ( 4)
Restructuring costs ( 141) ( 8) ( 406)
Other revenue (expense) 373 2 160 2 207
Income before
amortization of
goodwill and taxes 490 2 547 2 795
---------- ---------- ----------
Income tax ( 138) ( 174) ( 199)
Share in net income of
equity affiliates 82 100 177
---------- ---------- ----------
Consolidated net income
before amortization of
goodwill 435 2 473 2 774
---------- ---------- ----------
Amortization of goodwill ( 193) ( 151) ( 424)
Minority interests ( 19) ( 4) ( 9)
Net income 223 2 318 2 340
Basic earnings per share
(in euros) 1,21 14,59 13,83
Diluted earnings per
share (in euros) 1,20 13,45 13,16
Alcatel - Information by Business Segment
in millions of euros
Networking Internet Enterprise
&
June 30, 1999 optics & consumer
---------- --------- ----------
Net sales
- segments 3 087 2 354 1 548
- between segments (7) (1) (13)
Net sales 3 080 2 353 1 535
Income from operations 55 88 (36)
Depreciation of property, plant
and equipment, net 121 86 40
Appropriation reserves 22 (24) (11)
(current assets and accrued
contract costs)
Capital expenditures 104 105 58
Property, plant and equipment 1 044 675 319
Inventories and work
in progress 1 289 1 264 524
Other current assets from
operations (a) 3 082 2 598 787
Total assets from operations 5 415 4 537 1 630
Staff 42 852 20 554 15 717
---------- --------- ----------
(a) Total current assets from
operations for reportable
segments 8 282
Eliminations of inter-
segment operations (199)
----------
Total consolidated trade
receivables and advances 8 083
June 30, 1998 restated (b)
--------------------------------
Net sales
- segments 2 872 1 845 1 373
- between segments (3) (7) (12)
Net sales 2 869 1 838 1 361
Income from operations 71 136 (54)
Staff 41 024 19 642 16 231
---------- --------- ----------
(b) Consider from January 1, 1998, the disposal of Defense activity
and the contribution of the new Space activities from Thomson-CSF.
December 31, 1998 restated
-------------------------------
Net sales
- segments 6 790 4 651 3 126
- between segments (8) (6) (20)
Net sales 6 782 4 646 3 106
Income from operations 238 462 (69)
Staff 42 625 19 906 14 699
---------- --------- ----------
in millions of euros
-------------------------------
Telecom Energy Other Total
June 30, 1999 components cables Group
----------- -------- -------- --------
Net sales
- segments 1 540 1 759 83
- between segments (218) (29) (12)
Net sales 1 322 1 730 71 10 091
Income from operations 151 37 16 311
Depreciation of property, plant
and equipment, net 56 63 33 400
Appropriation reserves (11) (8) 27 (4)
(current assets and accrued
contract costs)
Capital expenditures 60 47 15 389
Property, plant and equipment 771 590 288 3 687
Inventories and work
in progress 383 575 48 4 083
Other current assets from
operations (a) 356 1 025 434 8 282
Total assets from operations 1 509 2 189 770 16 052
Staff 17 785 17 698 3 847 118 453
----------- -------- -------- --------
(a) Total current assets from
operations for reportable
segments 8 282
Eliminations of inter-
segment operations (199)
----------
Total consolidated trade
receivables and advances 8 083
June 30, 1998 restated (b)
-------------------------------
Net sales
- segments 1 545 1 891 305
- between segments (241) (23) (28)
Net sales 1 304 1 868 277 9 517
Income from operations 125 82 33 393
Staff 19 146 17 502 5 441 118 986
----------- -------- -------- --------
(b) Consider from January 1, 1998, the disposal of Defense activity
and the contribution of the new Space activities from Thomson-CSF.
December 31, 1998 restated
-------------------------------
Net sales
- segments 3 101 3 684 601
- between segments (441) (43) (177)
Net sales 2 660 3 641 424 21 259
Income from operations 298 141 (26) 1 044
Staff 18 028 17 425 5 589 118 272
----------- -------- -------- --------
Alcatel - Consolidated Balance Sheet
ASSETS June 30 June 30 Dec. 31
(in millions of euros) 1999 1998 1998
------- ------- -------
Goodwill, net value 5 981 4 202 4 036
Other intangible assets 562 134 411
Intangible assets, net value 6 543 4 336 4 447
------- ------- -------
Property, plant and equipment 10 198 9 538 9 817
Depreciation (6 510) (6 207) (6 188)
Property, plant and equipment, net value 3 687 3 331 3 629
------- ------- -------
Share in net assets of equity affiliates 1 277 1 001 1 182
Other investments and miscellaneous, net 2 396 2 076 2 218
Investments and other non-current assets 3 673 3 077 3 400
------- ------- -------
TOTAL NON CURRENT ASSETS 13 903 10 745 11 477
------- ------- -------
Inventories and work in progress 4 083 3 887 3 468
------- ------- -------
Trade receivables and related accounts 7 906 7 719 7 726
Other accounts receivable 3 696 2 148 3 157
Accounts receivable 11 601 9 867 10 882
------- ------- -------
Marketable securities, net value 1 916 1 519 1 894
Cash 1 284 2 766 1 919
Cash and cash equivalents 3 200 4 285 3 813
------- ------- -------
TOTAL CURRENT ASSETS 18 884 18 039 18 163
------- ------- -------
TOTAL ASSETS 32 787 28 784 29 640
LIABILITIES AND SHAREHOLDERS'S EQUITY
(in millions of euros)
June 30 June 30 Dec. 31
1999 -- 1998 -- 1998 --
Before Before After
Appro- Appro- Appro-
priation priation priation
-------- --------- --------
Capital stock (Euro 10 nominal value;
198,781,381shares issued at June 30, 1999;
FF 40 nominal value 169,270,712 at
June 30, 1998 and 198,710,296 at December
31, 1998) 1 988 1 032 1 212
Additional paid-in capital 6 510 6 071 7 272
Retained earnings 3 696 1 737 3 675
Cumulative translation adjustments (713) (811) (989)
Net income 223 2 318 --
Less treasury stock at cost (1 270) (394) (1 257)
SHAREHOLDER'S EQUITY 10 434 9 954 9 913
------ ----- ------
MINORITY INTERESTS 455 453 438
Accrued pension and retirement obligations 1 119 1 172 1 232
Accrued contract costs and other reserves 4 058 3 704 4 045
TOTAL RESERVES FOR LIABILITIES AND CHARGES 5 177 4 876 5 277
Bonds and notes issued 3 215 2 730 2 134
Other borrowings 3 169 1 882 1 971
TOTAL FINANCIAL DEBT 6 384 4 612 4 105
Customers' deposits and advances 1 097 1 849 1 046
Trade payables and related accounts 3 509 3 438 3 416
Other payables 5 733 3 601 5 446
TOTAL OTHER LIABILITIES 10 338 8 889 9 908
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 32 787 28 784 29 640
Alcatel - Consolidated Statements of Cash Flow
(in millions of euros) first half first half 1998
1999 1998
--------- ----------- -----
Cash flow from operating activities
Net income 223 2 318 2 340
Minority interests 19 4 9
Adjustments to reconcile income before
minority interests to net cash provided
by operating activities :
- Depreciation, amortization, net 664 540 1 239
- Changes in reserves for pension
obligations, net (114) 42 73
- Changes in other reserves, net (14) (190) (351)
- Net (gain) loss on disposal of
non-current assets (284) (2 166) (2 250)
- Share in net income of equity affiliates
(net of dividends received) (51) (38) (102)
-- -- --
Working capital provided by operations 443 510 958
------ ------ ------
Net change in current assets and liabilities:
- Decrease (increase) in accounts
receivable (269) 162 (577)
- Decrease (increase) in inventories (447) (483) (7)
- Increase (decrease) in accounts payable
and accrued expenses 8 (162) 156
- Changes in reserves on current assets
(including accrued contract costs), net 1 (99) 157
Net cash provided (used) by operating
activities (264) (71) 687
------ ------ ------
Cash flow from investing activities
Proceeds from disposal of fixed assets 65 27 125
Capital expenditures (462) (372) (1 012)
Decrease (increase) in loans 24 28 (47)
Cash expenditures for acquisition of
consolidated companies, net of cash
acquired, and for acquisition of
unconsolidated companies (1 906) (19) (920)
Cash proceeds from sale of previously
consolidated companies, net of cash sold,
and from sale of unconsolidated companies 271 2 815 2 960
Net cash provided (used) by investing
activities (2 008) 2 479 1 106
------ ------ ------
Net cash flow after investment (2 272) 2 409 1 793
------ ------ ------
Cash flow from financing activities
Increase (decrease) in short-term debt 928 (2 786) (2 758)
Proceeds from issuance of long-term debt 1 067 666 602
Proceeds from issuance of shares 5 47 277
Dividends paid (379) (287) (295)
Net cash provided (used) by financing
activities 1 621 (2 360) (2 175)
------ ------ ------
Net effect of exchange rate change 38 (5) (46)
Net increase (decrease) in marketable
securities and cash (613) 44 (428)
------ ------ ------
Cash and cash equivalents at beginning of
year 3 813 4 241 4 241
------ ------ ------
Cash and cash equivalents at end of year 3 200 4 285 3 813
------ ------ ------
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