Professional Documents
Culture Documents
To be measured in terms of
size of the Industry
or the contribution to the
export,
Employment Generation
Yes Yes 5
Not Very Important 0
II.Risk Factor
Sensitivity of the Industry to Govt. Policies
Yes Yes 2
Least Competition
Moderate
Competition(Oligopolistic
Market)
Yes
II.Risk Factor:Barriers 3
to entry for New Players
Sensitivity of the Industry to Govt. Policies
>17% 6
14% and <17% 5
11% and <14% 4
8% and <11% 3
5% and <8% 8.2 2
2% and <5% 1
<2% 0
ristics
Weight Weighted Score
es
6 12
yers 6 18
es
es
s)
6 12
s)
to t be taken into consideration
6 24
Industry Financial
5 10 TW SWS
23 70
Category
Weight Weighted
Score
6 26.00
6 30.00
5 15.22
17 71.22
4.19
TW WS
18 4.33
TW WS
18 5.00
WAS
3.04
RATING MODEL OF JK Tyre Ltd.(JKTL)FY 2010 -11
Risk Category( Business Risk)
II. Risk factor: Percentage increase in Net Profit Margin over the Previous years margin
>2% 6
1.5% and <2% 1.7% 5
1% and <1.5% 4
0.5% and <1% 3
0.25% and <0.5% 2
0% and <0.25% 1
<0% 0
Yes Yes 6
Moderate 3
No 0
II.Risk Factor: Whether Raw Material and or Labour/Other relevant inputs as required for t
easily available at reasonable cost.
Sensitivity of the Industry to Govt. Policies
Yes 6
Moderate Moderate 3
No 0
III. Risk Factor: Whether Marketing, Distribution Selling Storage arrangements as requi
business are adequate
Yes Yes 6
Moderate 3
No 0
IV. Risk Factor: Advantage available in terms of range and quality of the products/goods/ou
of the borrower's business.
Yes Yes 6
Moderate 3
No 0
th
come/Receipts.
us years margin
6
30
Business Growth
TW SWS WAS
12 42 3.5
iency
/or any other utilities
ble at reasonable cost.
6 36.00
es
6
18
rangements as required for the
6 36.00
e products/goods/output/services
6 36 Operating Eficiency
TW SWS WAS
24 126 5.25
Category
Weight Weighted
Score
6 21.00
6 31.50
12 52.50
4.38
Weighted Score Rating
No of Slabs
6.00- 5.40 AAA
1
5.39 5.10 AA
2
5.09 - 4.50 A
3
4.50 3.30 BBB
4
2.39-1.00 B
6
0.9 > 0.00 C
7
8 0 D
Description
1
#REF! 6 #REF!
2
4.19 4 16.76
3
4.38 4 17.50
4
#REF! 4 #REF!
18 #REF!
6
#REF!
7
8
Weighted Average Score Credit Rating Description of risk
Income Statement, Balance Sheet Dec-02 Mar-03 Mar-03 Jun-03 Sep-03 Dec-03 Mar-04
Q3 03 Q4 03 FY 2003 Q1 04 Q2 04 Q3 04 Q4 04
Income Statement
Revenue
Onsite (IT Services and Consulting) $ 110.3 $ 118.8 $ 410.4 $ 124.9 $ 129.7 $ 140.9 $ 159.9
Offshore (IT Services and Consulting) $ 79.8 $ 84.9 $ 305.1 $ 97.2 $ 110.2 $ 123.0 $ 130.3
Banking Business Unit $ 8.7 $ 10.3 $ 34.7 $ 8.5 $ 7.1 $ 7.3 $ 6.7
Progeon $ 1.7 $ 2.2 $ 4.3 $ 2.7 $ 3.7 $ 4.8 $ 5.9
Intra-company eliminations $ (0.4) $ (0.1) $ (0.7) $ (0.0) $ (0.0) $ (0.0) $ (0.1)
Total Revenue $ 200.0 $ 216.0 $ 753.8 $ 233.3 $ 250.8 $ 275.9 $ 302.7
Operating Expenses
Selling and Marketing $ 15.0 $ 14.9 $ 55.6 $ 17.4 $ 18.0 $ 20.8 $ 20.6
General and administrative $ 15.4 $ 17.4 $ 57.8 $ 17.7 $ 20.4 $ 20.6 $ 23.5
Selling, general and administrative expenses $ 30.3 $ 32.3 $ 113.4 $ 35.1 $ 38.5 $ 41.4 $ 44.0
Amortization of deferred stock compensation $ 1.2 $ 0.4 $ 4.2 $ 0.4 $ 0.4 $ 0.3 $ -
Amortization of intangible assets $ 0.9 $ 0.6 $ 2.4 $ 0.7 $ 3.3 $ 2.6 $ 0.3
Compensation arising from stock split $ - $ - $ - $ - $ - $ - $ -
Total operating expenses $ 32.5 $ 33.4 $ 120.0 $ 36.3 $ 42.2 $ 44.3 $ 44.3
Operating income $ 57.3 $ 59.5 $ 218.7 $ 64.0 $ 67.8 $ 75.7 $ 85.6
Income before income taxes $ 64.2 $ 65.0 $ 236.7 $ 69.3 $ 78.1 $ 84.5 $ 89.1
Provision for income taxes $ 11.9 $ 11.9 $ 41.8 $ 11.1 $ 13.3 $ 14.0 $ 12.4
Preferred stock dividends $ - $ - $ - $ - $ - $ - $ -
Net income before minority interest $ 52.3 $ 53.1 $ 194.9 $ 58.3 $ 64.7 $ 70.5 $ 76.8
Income Statement,Balance Sheet
Q3 03 Q4 03 FY 2003 Q1 04 Q2 04 Q3 04 Q4 04
Minority interest
Net income
Q3 03 Q4 03 FY 2003 Q1 04 Q2 04 Q3 04 Q4 04
Balance Sheet Data
Cash and Equivalents $ 308.6 $ 354.4 $ 354.4 $ 381.1 $ 376.0 $ 421.3 $ 444.6
Investments in Liquid Mutual Fund Units $ - $ - $ - $ 21.5 $ 98.3 $ 133.0 $ 217.6
Investments in certificate of deposits
Trade A/Cs Receivable, net of allowances $ 102.4 $ 109.1 $ 109.1 $ 121.9 $ 129.4 $ 153.0 $ 150.1
Deferred Tax Assets $ 0.9 $ 0.3 $ 0.3 $ 0.5 $ 0.1 $ 0.5 $ -
Prepaid Exp and other Current Assets $ 30.8 $ 24.4 $ 24.4 $ 25.2 $ 29.3 $ 35.6 $ 35.9
Unbilled Revenues $ - $ 19.7 $ 19.7 $ 21.3 $ 18.7 $ 20.4 $ 23.7
Current Assets $ 442.7 $ 507.9 $ 507.9 $ 571.6 $ 651.8 $ 763.9 $ 871.9
Property, Plant and Equipment, Net $ 150.7 $ 157.2 $ 157.2 $ 165.2 $ 172.7 $ 182.1 $ 228.4
Intangible Assets and goodwill $ 7.4 $ 6.5 $ 6.5 $ 5.9 $ 2.6 $ - $ 9.7
Deferred Tax Assets $ 6.4 $ 7.3 $ 7.3 $ 7.6 $ 6.8 $ 6.5 $ 7.4
Investments $ 4.6 $ 4.6 $ 4.6 $ 3.3 $ 3.3 $ 1.9 $ 0.5
Advance Income Taxes $ 3.3 $ 4.5 $ 4.5 $ 0.1 $ 0.1 $ 0.2 $ 0.1
Other Assets $ 20.3 $ 16.5 $ 16.5 $ 17.5 $ 16.9 $ 14.7 $ 14.3
Non Current Liabilities $ 5.0 $ 5.2 $ 5.2 $ 5.3 $ 4.4 $ 4.4 $ 5.0
Minority interest
Preferred Stock of Subsidiary $ 10.0 $ 10.0 $ 10.0 $ 10.0 $ 10.7 $ 10.8 $ 21.6
Q3 03 Q4 03 FY 2003 Q1 04 Q2 04 Q3 04 Q4 04
Accumulated other comp. Income $ (37.2) $ (31.4) $ (31.4) $ (15.4) $ (6.6) $ (2.6) $ 40.1
Deferred Stock Compensation $ (3.9) $ (2.8) $ (2.8) $ (1.7) $ (0.7) $ - $ -
Retained Earnings $ 471.5 $ 524.6 $ 524.6 $ 559.5 $ 624.3 $ 670.9 $ 747.6
Loan to Trust $ - $ - $ - $ - $ - $ - $ -
Total Stockholders' Equity $ 565.1 $ 626.0 $ 626.0 $ 678.4 $ 754.4 $ 821.0 $ 953.6
Total Liabilities and Stockholders' Eqty $ 635.4 $ 704.3 $ 704.3 $ 771.1 $ 854.3 $ 969.2 $ 1,132.2
Income Statement,Balance Sheet
Income Statement, Balance Sheet Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Mar-05 Jun-05
Q1 FY99FY 2004 Q1 05 Q2 05 Q3 05 Q4 05 FY 2005 Q1 06
Income Statement
Revenue
Onsite (IT Services and Consulting) $ 555.3 $ 172.7 $ 188.0 $ 206.7 $ 219.1 $ 786.4 $ 226.6
Offshore (IT Services and Consulting) $ 460.7 $ 146.7 $ 170.3 $ 192.2 $ 206.7 $ 715.9 $ 209.1
Banking Business Unit $ 29.5 $ 8.1 $ 11.2 $ 12.6 $ 15.7 $ 47.5 $ 22.2
Progeon $ 17.2 $ 7.2 $ 9.1 $ 12.0 $ 14.4 $ 42.6 $ 18.0
Intra-company eliminations $ (0.2) $ (0.0) $ (0.0) $ (0.1) $ - $ (0.2) $ -
Total Revenue $ 1,062.6 $ 334.6 $ 378.6 $ 423.4 $ 455.8 $ 1,592.3 $ 475.8
Total operating expenses $ 167.2 $ 49.4 $ 56.0 $ 60.0 $ 65.1 $ 230.5 $ 67.9
Operating income $ 293.1 $ 95.6 $ 108.6 $ 122.9 $ 129.0 $ 456.0 $ 133.8
28.1%
Equity in loss of deconsolidated subsidiary $ - $ - $ - $ - $ - $ - $ -
Other income, net $ 28.0 $ (0.2) $ 6.0 $ 10.6 $ 18.7 $ 35.0 $ 6.6
Income before income taxes $ 321.1 $ 95.3 $ 114.6 $ 133.4 $ 147.7 $ 491.0 $ 140.4
Provision for income taxes $ 50.8 $ 12.8 $ 18.0 $ 21.0 $ 20.3 $ 72.0 $ 18.4
Preferred stock dividends $ - $ - $ - $ - $ - $ - $ -
Net income before minority interest $ 270.3 $ 82.6 $ 96.6 $ 112.4 $ 127.4 $ 419.0 $ 122.0
Income Statement,Balance Sheet
Property, Plant and Equipment, Net $ 228.4 $ 238.0 $ 263.0 $ 321.0 $ 352.0 $ 352.0 $ 392.0
Intangible Assets and goodwill $ 9.7 $ 9.0 $ 8.0 $ 9.0 $ 8.0 $ 8.0 $ 8.0
Deferred Tax Assets $ 7.4 $ 7.0 $ 7.0 $ 8.0 $ 8.0 $ 8.0 $ 9.0
Investments $ 0.5 $ - $ - $ - $ - $ - $ -
Advance Income Taxes $ 0.1 $ - $ - $ - $ - $ - $ -
Other Assets $ 14.3 $ 14.0 $ 22.0 $ 24.0 $ 26.0 $ 26.0 $ 35.0
Non Current Liabilities $ 5.0 $ 5.0 $ 5.0 $ 5.0 $ 5.0 $ 5.0 $ 5.0
Total Liabilities and Stockholders' Eqty $ 1,132.2 $ 980.0 $ 1,108.0 $ 1,305.0 $ 1,454.0 $ 1,454.0 $ 1,557.0
Income Statement,Balance Sheet
Income Statement, Balance Sheet Sep-05 Dec-05 Mar-06 Mar-06 Jun-06 Sep-06 Dec-06
Q1 FY99 Q2 06 Q3 06 Q4 06 FY 2006 Q1 07 Q2 07 Q3 07
Income Statement
Revenue
Onsite (IT Services and Consulting) $ 254.1 $ 270.3$ 291.0 $ 1,042.0 $ 330.7 $ 372.4 $ 402.8
Offshore (IT Services and Consulting) $ 230.5 $ 245.2$ 259.8 $ 944.6 $ 277.4 $ 312.1 $ 342.7
Banking Business Unit $ 18.8 $ 21.0$ 18.7 $ 80.7 $ 24.1 $ 27.8 $ 35.4
Progeon $ 20.4 $ 22.4$ 24.4 $ 85.2 $ 28.4 $ 33.9 $ 40.5
Intra-company eliminations $ (0.6) $ (0.6) $ (0.4) $ (0.7) $ (0.6)
Total Revenue $ 523.8 $ 558.9 $ 593.3 $ 2,151.8 $ 660.2 $ 745.5 $ 820.8
Total operating expenses $ 80.9 $ 75.9 $ 83.2 $ 308.9 $ 101.1 $ 111.6 $ 118.9
Operating income $ 145.9 $ 164.2 $ 155.9 $ 599.1 $ 170.1 $ 210.9 $ 234.1
27.9% 29.4% 26.3% 27.8% 25.8% 28.3% 28.5%
Equity in loss of deconsolidated subsidiary $ - $ - $ - $ - $ - $ - $ -
Other income, net $ 9.1 $ (1.0) $ 16.0 $ 30.7 $ 28.9 $ 14.1 $ 13.2
Income before income taxes $ 155.0 $ 163.2 $ 171.9 $ 630.5 $ 199.0 $ 225.0 $ 247.3
Provision for income taxes $ 15.8 $ 18.3 $ 18.2 $ 70.7 $ 23.1 $ 26.4 $ 29.1
Preferred stock dividends $ - $ -
Net income before minority interest $ 139.2 $ 144.9 $ 153.7 $ 559.8 $ 175.9 $ 198.6 $ 218.2
Income Statement,Balance Sheet
Q1 FY99 Q2 06 Q3 06 Q4 06 FY 2006 Q1 07 Q2 07 Q3 07
Minority interest $ 1.4 $ 1.6 $ 1.6 $ 4.6 $ 1.7 $ 0.1 $ 0.3
Q1 FY99 Q2 06 Q3 06 Q4 06 FY 2006 Q1 07 Q2 07 Q3 07
Balance Sheet Data
Cash and Equivalents $ 334.0 $ 477.0 $ 889.0 $ 889.0 $ 392.0 $ 328.0 $ 589.0
Investments in Liquid Mutual Fund Units $ 531.0 $ 492.0 $ 170.0 $ 170.0 $ 358.0 $ 615.0 $ 498.0
Investments in certificate of deposits
Trade A/Cs Receivable, net of allowances $ 304.0 $ 310.0 $ 361.0 $ 361.0 $ 408.0 $ 454.0 $ 502.0
Deferred Tax Assets $ 2.0 $ 2.0 $ 1.0 $ 1.0 $ 2.0 $ 2.0 $ 2.0
Prepaid Exp and other Current Assets $ 38.0 $ 39.0 $ 40.0 $ 40.0 $ 51.0 $ 49.0 $ 64.0
Unbilled Revenues $ 41.0 $ 35.0 $ 48.0 $ 48.0 $ 57.0 $ 74.0 $ 72.0
Current Assets $ 1,250.0 $ 1,355.0 $ 1,509.0 $ 1,509.0 $ 1,268.0 $ 1,522.0 $ 1,727.0
Property, Plant and Equipment, Net $ 435.0 $ 457.0 $ 491.0 $ 491.0 $ 496.0 $ 540.0 $ 609.0
Intangible Assets and goodwill $ 8.0 $ 8.0 $ 8.0 $ 8.0 $ 110.0 $ 109.0 $ 126.0
Deferred Tax Assets $ 9.0 $ 11.0 $ 13.0 $ 13.0 $ 12.0 $ 13.0 $ 15.0
Investments $ - $ - $ - $ - $ - $ - $ -
Advance Income Taxes $ - $ - $ 18.0 $ 18.0 $ 19.0 $ 5.0 $ 9.0
Other Assets $ 32.0 $ 31.0 $ 27.0 $ 27.0 $ 33.0 $ 31.0 $ 31.0
Non Current Liabilities $ 5.0 $ 5.0 $ 5.0 $ 5.0 $ 5.0 $ 5.0 $ 1.0
Q1 FY99 Q2 06 Q3 06 Q4 06 FY 2006 Q1 07 Q2 07 Q3 07
Accumulated other comp. Income $ 25.0 $ (6.0) $ 9.0 $ 9.0 $ (46.0) $ (49.0) $ 35.0
Deferred Stock Compensation $ - $ - $ - $ - $ - $ - $ -
Retained Earnings $ 1,137.0 $ 1,235.0 $ 1,387.0 $ 1,387.0 $ 1,296.0 $ 1,465.0 $ 1,612.0
Loan to Trust $ -
Total Stockholders' Equity $ 1,528.0 $ 1,639.0 $ 1,837.0 $ 1,837.0 $ 1,725.0 $ 1,955.0 $ 2,221.0
Total Liabilities and Stockholders' Eqty $ 1,734.0 $ 1,862.0 $ 2,066.0 $ 2,066.0 $ 1,938.0 $ 2,220.0 $ 2,517.0
Income Statement,Balance Sheet
Q1 FY99Q4 07 FY 2007
Minority interest $ - $ 2.1
Q1 FY99Q4 07 FY 2007
Balance Sheet Data
Cash and Equivalents $ 1,403.0 $ 1,403.0
Investments in Liquid Mutual Fund Units $ 6.0 $ 6.0
Investments in certificate of deposits
Trade A/Cs Receivable, net of allowances $ 565.0 $ 565.0
Deferred Tax Assets $ 2.0 $ 2.0
Prepaid Exp and other Current Assets $ 50.0 $ 50.0
Unbilled Revenues $ 74.0 $ 74.0
Current Assets $ 2,100.0 $ 2,100.0
Minority interest $ - $ -
Preferred Stock of Subsidiary $ - $ -
Q1 FY99Q4 07 FY 2007
Accumulated other comp. Income $ 88.0 $ 88.0
Deferred Stock Compensation $ - $ -
Retained Earnings $ 1,871.0 $ 1,871.0
Loan to Trust
Total Stockholders' Equity $ 2,715.0 $ 2,715.0
Changes in assets and liabilities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Trade accounts receivable -$15.9 -$9.3 -$6.6 -$5.8 -$37.7 -$10.0 -$5.9 -$22.7 $11.9 -$26.8 -$41.0 -$19.0 -$25.0
Prepaid expenses and other current assets -$8.5 -$3.7 -$2.4 $9.3 -$5.2 -$1.7 -$3.8 $5.4 -$8.0 -$8.1 $5.0 $0.0 -$6.0
Income taxes $3.5 -$7.4 $0.7 -$0.8 -$3.9 $9.0 $1.4 $9.8 $5.5 $25.9 $12.0 -$3.0 $2.0
Accounts payable $0.1 $0.3 -$0.2 $0.3 $0.4 -$0.3 $0.1 $0.1 -$0.4 -$0.5 -$1.0 $2.0 -$1.0
Client deposits -$0.6 $1.9 $2.5 -$2.9 $0.9 -$0.4 $0.1 $17.9 -$6.7 $10.9 -$4.0 -$2.0 -$1.0
Unbilled Revenue $0.0 $0.0 -$15.4 -$15.4 -$1.1 $2.9 -$1.6 -$0.8 -$0.7 -$7.0 $0.0 $2.0
Unearned revenue $5.8 $1.5 $0.7 $1.5 $9.5 $2.4 -$0.5 $2.9 -$4.7 $0.0 $7.0 $1.0 $3.0
Other accrued liabilities $7.1 $7.3 -$0.1 $8.5 $22.8 $6.2 $5.7 $17.5 $15.0 $44.4 -$17.0 $24.0 $6.0
Net cash provided by operating activities $42.4 $49.0 $56.7 $58.4 $206.4 $73.0 $79.6 $ 114 $ 104 $ 371 $ 47 $ 114 $ 107
Operating cash as a % of revenue $0.3 $0.3 28.33% 27.01% 27.38% 31.31% 31.76% 41.44% 34.24% 34.88% 13.92% 30.00% 25.37%
INVESTING ACTIVITIES
Expenditure on property, plant and equipment -$7.7 -$9.5 -$9.6 -$16.4 -$43.2 -$13.0 -$15.8 -$19.8 -$44.6 -$93.2 -$34.0 -$38.0 -$58.0
Payment for purchase of Philips Financial services, net of cash acquired
Acquisition of minority interest in subsidiary
Expenditure on intangible asset -$2.9 $0.0 -$1.2 $0.5 -$3.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Proceeds from sale of property, plant and equipm $0.0 $0.0 $0.0 $0.0 $0.1 $0.1 $0.0 $0.0 $0.3 $0.3 $0.0 $0.0 $0.0
Loans to employees -$2.6 -$1.2 -$1.2 -$2.3 -$7.2 $0.8 $1.0 $1.9 $0.2 $4.0 -$1.0 $2.0 $0.0
Proceeds from sale of investment in deconsolidat $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Purchase of investments -$0.1 $0.1 $0.0 -$0.1 -$0.1 -$0.1 $0.0 $0.1 $0.0 $0.0 $0.0 $0.0 $0.0
Investments in Liquid Mutual Fund Units $0.0 $0.0 $0.0 $0.0 $0.0 -$21.6 -$76.4 -$32.9 -$74.5 -$205.3 $20.0 -$44.0 -$32.0
Redemption of Liquid Mutual Fund Units $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $20.0 $12.0
Non-current deposits with corporations $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 -$8.0 -$3.0
Investments in certificate of deposit
Withdrawl of non-current deposits with corporations
Purchase of subsidiary, net of cash acquired $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 -$11.1 $0.7 -$10.4 $0.0 $0.0 $0.0
Payment towards IPRs
Proceeds from the issue of equity shares by sub
Net cash used in investing activities -$13.2 -$10.7 $ (12) $ (18) $ (54) $ (34) $ (91) $ (62) $ (118) $ (305) $ (15) $ (68) $ (81)
FINANCING ACTIVITIES
Proceeds from issuance of equity shares $0.1 $0.6 $1.5 $0.6 $2.8 $0.2 $0.9 $13.5 $12.5 $27.1 $18.0 $9.0 $40.0
Proceeds from issue of com. stk. by subsidiary $10.0 $0.0 $0.0 $0.0 $10.0 $0.0 $0.0 $0.0 $10.3 $10.3 $0.0 $0.0 $0.0
ADR issue expenses $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Payment of cash dividends -$15.5 -$1.1 -$17.4 $0.1 -$33.9 -$23.1 $1.6 -$20.5 -$5.1 -$47.2 -$188.0 -$1.0 -$33.0
Loan to trust $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Income tax benefit arising from exercise of options
Net cash (used in) provided by financing act -$5.4 -$0.6 $ (16) $ 1 $ (21) $ (23) $ 2 $ (7) $ 18 $ (10) $ (170) $ 8 $ 7
Effect of exchange rate changes on cash $0.0 $3.8 $0.1 $3.8 $7.7 $9.3 $2.9 -$0.8 $19.8 $31.2 -$24.0 -$2.0 $21.0
Effect of deconsolidation on cash $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Net increase in cash and cash equivalents during $25.0 $42.8 $30.2 $45.8 $143.9 $26.8 -$5.2 $45.3 $23.3 $90.2 -$162.4 $51.6 $54.4
Cash and cash equivalents at the beginning of the $210.5 $235.5 $278.3 $308.6 $210.5 $354.4 $381.1 $376.0 $421.3 $354.4 $444.6 $283.0 $335.0
Cash and cash equivalents at the end of the perio $235.5 $278.3 $308.6 $354.4 $354.4 $381.1 $376.0 $421.3 $444.6 $444.6 $283.0 $335.0 $389.0
Supplementary information:
Cash paid towards taxes $5.4 $16.5 $11.1 $12.4 $45.4 $2.1 $11.0 $4.2 $6.5 $23.7 $3.0 $21.0 $19.0
Non-cash transaction $5.0 $0.0 $0.0 $0.0 $5.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0