2015 ANNUAL REPORT 年報 Exploring Opportunities, Creating Value, Reforming Mechanism, Enhancing Efficiency 開拓商機 創新價值 變革機制 提升效能
COMPANY PROFILE Established in 1997 and listed on the Main Board of the Hong Kong Stock Exchange in 2003, Comba Telecom Systems Holdings Limited (the Company ) is a global leading wireless solutions provider with its own R&D facilities, manufacturing base and sales and service teams. Leading through innovative technology, the Company offers a comprehensive suite of products and services including wireless access, wireless enhancement, antenna and subsystems and wireless transmission to its global customers. The Company has established its R&D headquarters based in Guangzhou Science City, three research institutions in Nanjing in China, Washington City and California in the USA respectively and has applied approximately 2,100 Chinese and international patents. Our global manufacturing base, located in Guangzhou Economic and Technological Development District, covers an area of approximately 80,000 square meters. The Company has established more than 30 offices in China and more than 10 overseas offices worldwide, providing products and services in more than 80 countries and regions. In September 2009, Comba Telecom was named Asia s 200 Best Under A Billion by Forbes. Additionally, the Company has been included into several indexes including MSCI China Small Cap Index, Hang Seng Composite Index (Information Technology Industry Index, MidCap & SmallCap Index and SmallCap Index), Hang Seng Global Composite Index, Hang Seng Internet & Information Technology Index, as well as Hang Seng Corporate Sustainability Benchmark Index. 19972003 2,100 80,000 3010 80 2009 9 200 MSCI
2-3 4-5 6-7 8-9 10-19 20-28 29-35 36-43 44-45 46 47 48-49 50-51 52-53 54-123 124 5
Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 8 611 2
Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor Royal Bank House 24 Shedden Road George Town Grand Cayman KY1-1110 Cayman Islands 183 17 1712 1716 1 80 1 10 1 83 2 2 1 1 3
7,000 800 12,000 6,000 700 600 10,000 5,000 4,000 3,000 500 400 300 200 8,000 6,000 2,000 100 0 659.1 151.1 212.9 4,000 1,000 (100) (202.4) (240.7) 2,000 6,354.2 6,332.9 5,720.6 6,733.2 6,770.9 (200) 9,581.3 10,091.7 10,318.3 10,136.7 9,574.9 0 2011 2012 2013 2014 2015 (300) 2011 2012 2013 2014 2015 0 2011 2012 2013 2014 2015 / = / = 18.2% 45.7% 12.0% 14.8% 15.2% 4.2% 9.4% 35.3% 34.1% 31.2% 83.1% 25.6% 132.7% 38.6% 23.3% 15.8% 16.8% 3.1% 4
6,770,894 6,733,214 0.6% 1,914,490 1,760,010 8.8% 28.3% 26.1% 2.2 396,540 263,199 50.7% 212,876 151,061 40.9% 3.1% 2.2% 0.9 * 10.52 7.47 40.8% 1.5 1.2 25% 1.8 1.3 38.5% 3.3 2.5 32.0% 10 1 10 1 10 1 10 1 1,089,433 141,259 671.2% 9,574,875 10,136,732 (5.5%) 3,652,531 3,709,791 (1.5%) * 1.80 1.83 (1.6%) 647,829 (17,113) 3,885.6% 2,018,661 1,633,911 23.5% 149 164 (15) 225 244 (19) 251 267 (16) 14.3% 16.3% (2.0) ** 31.4% 27.7% 3.7 5.8% 4.1% 1.7 * ** 5
二零一五年企業里程碑 典型工程 Singtel Optus 6
MDAS DAS WIFI 2015 7
40.9% 212,876,000 6,770,894,000 40.9% 212,876,000 1.8 1.5 3.310 110 8
9 Wi-Fi Wi-Fi
671.2% 1,089,433,000 6,770,894,000 6,733,214,000 3G 4G 3,459,000,0003,095,000,000 11.8%51.1%46.0% 2,114,042,000 3,209,402,00034.1% 31.2%47.7% 83.1% 1,734,219,000947,396,000 25.6%14.1% 38.6% 1,576,667,000 1,137,773,000 23.3%16.9% 10
15.8% 1,134,588,000 1,347,810,00016.8% 20.0% 211,378,00090,833,000 3.1%1.3% 18.2% 3,092,156,0002,616,403,000 45.7%38.8% LTE FDD 4G 12.0% 1,004,095,0001,141,617,000 14.8%17.0% 4G 15.2% 285,952,000337,278,000 4.2%5.0% Wi-Fi 9.4% 2,388,691,0002,637,916,000 35.3%39.2% 8.8% 1,914,490,000 1,760,010,000 28.3%26.1%2.2 11
19.7% 230,916,000192,986,000 3.4%2.9% 2,100 1,900 7.2% 472,976,000509,477,000 7.0%7.6% 5.9% 836,216,000 789,727,000 12.4%11.7% 130,000,000 12
13 10.8% 67,722,000 61,147,000 1.0% 0.9% 215.50 14.3% 16.3% 134,842,000 50.7% 396,540,000 263,199,000 109,755,000 47,532,000115,530,000 77,200,000 5,775,00029,668,000 9 212,876,000 151,061,00040.9%
1.81.3 1.5 1.2 3.32.5 31.4%27.7% 74 2936 48% 7.85 15 37.6(gigabytes) 110% 14
15 4G 4G
16 Wi-Fi Wi-FiWi-Fi Wi-Fi Wi-Fi Wi-FiWi-Fi Wi-Fi Wi-Fi Wi-Fi
17 + GPS
18 3,335,541,000 1,731,068,0003,967,602,000 96,376,000 616,596,000249,292,000 1,747,360,000 3,257,652,000 1,067,397,000 1,501,000595,478,000 65,331,00085,394,000 225 244 31 6 12 1 2 251267 149 164 3 125,000,000 200,000,000 30% 26
14.3%16.3% 271,301,000 359,115,000 8,400 8,400 1,124,656,000 1,163,971,000 177,277,000 127,648,000 19
59 34 Prime Choice Investments Limited 57 33 Wise Logic Investments Limited 20
44 Murray State University 21 50WaveLab Holdings Limited Filtronic Sigtek, Inc. Filtronic Sigtek, Inc.L3 Communications EER Systems, Inc. 29 21
43Comba Telecom Systems International Limited LGC Wireless, Inc.LGC Commscope Inc. LGC 20 58 32 22
75 A 57 30 15 TCL 23
70 67 24
53 30 52 30 41 18 50 18 15 52 12 45 IT EMBA 23 GMCC 25
52 University of New Haven 25 42 20 43 CPA 19 36 EMBA 13 34 40 17 26
53 REMEC Inc. Spectrian Inc. Watkins-Johnson Company 30 MMIC GaAs FET Brian Donohue 52 Comba Telecom Systems International Limited Donohue Donohue Donohue 31 21 Donohue CommScope 10 Collin County College MIMA (Midwest Industrial Management Association) Johan Patrik Westfalk 44 Westfalk Chalmers University of Technology Westfalk 20 16 33 54 27
49 20 46 22 48 20 51 30 35 IT IT 11 41 2014 18 37 MBA 13 28
106 4 3.10(2) 29
13/13 2/2 13/13 2/2 13/13 2/2 11/13 2/2 13/13 2/2 13/13 2/2 13/13 2/2 12/13 2/2 13/13 2/2 13/13 2/2 D.3.1 30
3.29 15 8 31
1,000,000 9 1,000,001 2,000,000 6 2,000,001 3,000,000 6 3,000,001 4,000,000 2 7,000,000 1 2/2 2/2 2/2 2/2 3.13 32
2/2 2/2 2/2 2/2 2/2 2/2 2/2 2/2 33
34 2,967,000 496,0002,720,000 4445 (2) (21)
8 611 investorrelations@comba-telecom.com (852) 2636 6861 (852) 2637 0966 35
36 1 124 5 4 46 123 1.8 1.3 1.51.2 3.3 2.5 5 5 124 168,071,141184,887,900
37 2829 4,887,000 4,364,000 2,969,000 2,675,000 416,198,000 36,608,000 692,154,000 83.1% 31.2% 30% 5% 87(1)87(2) 3.13
20 28 13.68 19 38
XV352 (a) 22,970,693 646,417,300 669,387,993 32.91 (b) 205,144,968 205,144,968 10.08 9,719,250 9,719,250 0.47 4,521,640 4,521,640 0.22 12,283,681 12,283,681 0.60 3,679,490 106,480 3,785,970 0.18 665,500 665,500 2,395,800 1,996,500 1,996,500 133,100 133,100 133,100 133,100 (a) Prime Choice Investments Limited Total Master Investments Limited 644,706,7191,710,581 Prime Choice Investments Limited Total Master Investments Limited 100% (b) Wise Logic Investments Limited Wise Logic Investments Limited100% Wise Logic Investments Limited205,144,968 Prime Choice Investments Limited Total Master Investments Limited 646,417,300 39
WaveLab Holdings LimitedWaveLab Holdings32% XV (a)xv7 8 (b) 352 (c) 7885 2.46 29 29 336 Prime Choice Investments Limited 644,706,719 31.70 (a) 670,053,493 32.94 Wise Logic Investments Limited 205,144,968 10.08 (b) 205,810,468 10.11 40
(a) 669,387,993665,500 14A (b) 205,144,968 665,500 (i) Prime Choice Investments Limited 644,706,719 (ii) Wise Logic Investments Limited 205,144,968 336 34 14A 14A Cascade Technology LimitedCascade Technology WaveLab Holdings Cascade TechnologyWaveLab Holdings 11,000,00085,580,000 4.75% Cascade Technology WaveLab Holdings 4.75% 4% WaveLab HoldingsCascade Technology WaveLab Holdings WaveLab Holdings 41
Comba Telecom Systems Investments Limited WaveLab Holdings(i) WaveLab Holdings (ii) WaveLab Holdings (iii) WaveLab Holdings 172,000,000 950,0003,700,000 85,940,000 256,000459,000172,000,000 950,0003,700,000 (i) WaveLab Holdings WaveLab Holdings (ii) (iii) 42
3000 740 14A.56 13.21 3 125,000,000 200,000,000 26 25% 38 43
46123 44
45
5 6,770,894 6,733,214 (4,856,404) (4,973,204) 1,914,490 1,760,010 5 49,908 60,903 6 (230,916) (192,986) (472,976) (509,477) (836,216) (789,727) (27,750) (65,524) 7 (67,722) (61,147) 17 (127) 6 328,691 202,052 9 (109,755) (47,532) 218,936 154,520 212,876 151,061 6,060 3,459 218,936 154,520 11 10.52 7.47 10.52 7.44 46
218,936 154,520 (227,469) (113,914) (227,469) (113,914) (227,469) (113,914) (8,533) 40,606 (11,625) 38,537 3,092 2,069 (8,533) 40,606 47
12 607,950 681,624 13 132,054 53,062 14 28,571 28,571 19 12,179 15 140,256 141,786 16 211,838 196,512 17 23,903 22 22,009 14,564 1,166,581 1,128,298 18 1,731,068 2,234,857 19 3,967,602 4,381,627 20 96,376 149,684 21 616,596 622,919 22 249,292 344,551 22 1,747,360 1,274,796 8,408,294 9,008,434 23 3,257,652 3,422,870 24 1,067,397 1,177,630 25 1,501 26 595,478 972,635 65,331 25,553 27 85,394 77,863 5,072,753 5,676,551 3,335,541 3,331,883 4,502,122 4,460,181 48
26 775,354 678,389 15 14,981 15,837 790,335 694,226 3,711,787 3,765,955 28 203,377 167,882 28 (22,530) (13,114) 30 3,471,684 3,555,023 3,652,531 3,709,791 59,256 56,164 3,711,787 3,765,955 49
28 28 28 29 152,620 (13,572) 690,782 85,763 45,827 68,582 91,420 626,787 1,925,587 3,673,796 54,095 3,727,891 151,061 151,061 3,459 154,520 (112,524) (112,524) (1,390) (113,914) (112,524) 151,061 38,537 2,069 40,606 28(a) 15,262 (59) (15,203) 6 11,123 11,123 11,123 (989) 989 6 4,649 4,649 4,649 28(b) 517 47,299 (47,816) (3,609) 12,992 (9,383) 10 (18,314) (18,314) (18,314) 167,882 (13,114) 722,878 52,730 45,827 64,973 104,412 514,263 2,049,940 # 3,709,791 56,164 3,765,955 # 2.4 50
28 28 28 29 167,882 (13,114) 722,878 52,730 45,827 64,973 104,412 514,263 2,049,940 3,709,791 56,164 3,765,955 212,876 212,876 6,060 218,936 (224,501) (224,501) (2,968) (227,469) (224,501) 212,876 (11,625) 3,092 (8,533) 28(d) 35,296 (165) (35,131) 6 9,267 9,267 9,267 28(c) 199 4,407 (674) 3,932 3,932 (64) 64 (41,932) 41,932 28(e) (9,251) (9,251) (9,251) (3,609) 29,809 (26,200) 10 (21,825) (21,825) (21,825) 10 (27,758) (27,758) (27,758) 203,377 (22,530) 692,154* 19,327* 45,827* 61,364* 134,221* 289,762* 2,229,029* 3,652,531 59,256 3,711,787 * 3,471,684,0003,555,023,000 51
328,691 202,052 5 (14,548) (15,923) 7 67,722 61,147 17 127 6 1,501 6 99,981 115,319 6 2,083 1,830 16 74,967 54,186 6 9,267 11,123 6 4,649 6 5,837 (3,402) 575,628 430,981 403,774 (49,742) 217,937 36,872 12,179 71,143 46,609 (66,096) (19,907) (16,717) (26,037) (321,867) (57,531) 129,967 11,389 3,588 1,164,041 218,129 (72,638) (58,821) (1,970) (18,049) 1,089,433 141,259 14,548 15,923 12 (58,106) (56,547) 16 (99,870) (121,163) 13 (84,801) (4,271) 1,271 7,794 (24,026) 3 298,403 71,743 (283,634) (179,241) (143,495) 52
1,742,455 1,556,034 (2,005,631) (1,463,086) 28(e) (9,251) 28(c) 3,932 (67,722) (61,147) (49,583) (18,314) (385,800) 13,487 524,392 11,251 1,274,796 1,290,858 (51,828) (27,313) 1,747,360 1,274,796 22 1,747,360 1,274,796 1,747,360 1,274,796 1,747,360 1,274,796 53
1. 8611 Comba Telecom Systems Investments Limited 100 100 Praises Holdings Limited 100 100 10,002 100 * 260,000,000 100 * 299,000,000 100 * 42,825,065 100 54
1. * 10,000,000 100 * 1,000,000 100 * 1,000,000 100 * 50,000,000 100 * 30,000,000 100 Cascade Technology Limited 1 100 WaveLab Holdings Limited 1,000 55 WaveLab, Inc. 400,000 55 55
1. WAVELAB GLOBAL, Incorporated 500,000 55 WaveLab Asia Holdings Limited 1 55 * 3,400,000 55 * 1,000,000 55 1 55 Comba Telecom Systems International Limited 1 100 Comba Telecom Limited 2 100 Comba Telecom Systems (Singapore) Pte. Ltd. 1,000,002 100 Comba Telecom Co., Ltd. 2,000,000 100 Comba Telecom Systems AB 100,000 100 56
1. Noblefield International Limited 1 100 Comba Telecom Inc. 1 100 Comba Indústria e Comércio de Equipamentos de Telecomunicacões Ltda. 13,003,344 100 Comba Telecom India Private Limited 500,000 100 100,000 100 PT. Comba Telecom 100,000 100 Comba Telecom & Sistemas de México, S.A. de C.V. 50,000 100 Comba Telecom y Servicios de México, S.A. de C.V. 50,000 100 57
1. Comba Telecom, S.L. 100,000 100 Comba Technologies Sdn. Bhd. 2 100 Comba Telecomunicaciones del Peru S.A.C. 100,000 100 * 2.1 58
2.1 (a) (b) (c) (i)(ii) (iii)(i)(ii)(iii) 59
2.2 19 (a) 19 (b) 88 1638 24 60
2.2 (c) 33 1313 939 13 13 403 40 622 61
2.3 9 2 10 4 28 10 1 1228 11 1 14 3 15 2 1 1 16 1 38 16 1 41 27 1 1 1 2 3 4 9 399 9 102810 28 62
2.3 1515 15 15 15 1515 1 (i) 1 (ii) (iii) (iv) 16381638 63
2.4 20% 5 64
2.4 65
2.4 66
2.4 (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) (viii) 67
2.4 4.5% 9% 18% 18% 30% 18% 68
2.4 3 10 3 69
2.4 70
2.4 (a)(b) 71
2.4 72
2.4 39 73
2.4 12 74
2.4 3 75
2.4 76
2.4 (a) (b) (c) (d) 77
2.4 78
2.4 622 79
2.4 3. 80
3. 5% 10% 15 28,571,00028,571,000 14 81
3. 2.4 194,321,000175,544,000 16 12 (a) (b) (c) 12 82
4. (a) 5,759,032 5,682,153 332,871 301,276 432,319 530,392 183,494 121,622 41,008 42,093 22,170 55,678 6,770,894 6,733,214 (b) 2,114,042,000 3,209,402,000 1,734,219,000 947,396,0001,576,667,0001,137,773,000 3 31.2%47.7%25.6%14.1%23.3%16.9% 83
5. 6,385,323 6,365,669 385,571 367,545 6,770,894 6,733,214 14,548 15,923 9,916 11,128 * 13,234 19,009 6,773 6,210 5,437 8,633 49,908 60,903 * 17%3% 84
6. 4,650,673 4,827,078 12 99,981 115,319 13 2,083 1,830 16 6,527 9,098 * 16 68,440 45,088 230,916 192,986 299,356 238,074 69,343 82,180 2,967 3,541 8 ^ 952,692 993,123 75,486 67,849 29(a) 9,267 11,123 4,649 # 87,211 87,227 1,124,656 1,163,971 134,842 59,183 71,500 66,739 19 16,848 57,719 27 51,618 48,029 25 1,501 5,837 (3,402) * ^ 77,375,00091,019,000 # 85
7. 67,722 61,147 8. 5 383(1)(a) (b) (c) (f) 2 920 880 11,432 11,149 7,729 7,793 1,435 1,842 545 258 307 20,854 21,636 21,774 22,516 86
8. 5 (a) 2,026 2,778 116 18 4,938 * 1,776 2,684 116 67 4,643 2,101 355 417 18 2,891 100 2,337 70 2,507 2,124 360 347 18 2,849 1,068 1,552 347 67 3,034 100 11,432 7,729 1,343 258 20,862 210 23 233 190 23 213 210 23 233 210 23 233 820 92 912 920 11,432 7,729 1,435 258 21,774 * 87
8. 5 (a) 1,673 1,510 135 17 3,335 1,608 1,509 135 64 3,316 1,940 134 490 122 17 2,703 950 1,558 77 122 58 2,765 812 1,484 77 106 30 2,509 100 1,340 24 40 1,504 1,979 215 409 106 17 2,726 847 1,383 409 65 64 2,768 100 11,149 7,793 1,732 545 307 21,626 200 28 228 180 28 208 200 27 227 200 27 227 780 110 890 880 11,149 7,793 1,842 545 307 22,516 88
8. 5 (b) 5 5358(a) 2 1,466 5,673 263 80 7,482 3,500,0014,000,000 2 89
9. 16.5%16.5% 6,147 (698) (1,535) 100,420 75,408 9,661 3,327 15 (5,775) (29,668) 109,755 47,532 25% 15% % % 328,691 202,052 82,173 25.00 50,513 25.00 (40,958) (12.46) (14,672) (7.26) (20,080) (9.94) (698) (0.21) (1,535) (0.75) (9,444) (2.87) (13,595) (6.73) 69,248 21.07 45,294 22.41 (22,187) (6.75) (16,888) (8.36) (6,251) (1.90) (18,758) (9.28) 37,872 11.52 37,253 18.44 109,755 33.40 47,532 23.53 90
9. 192,795,000186,689,000 10. 1.51.2 27,758 18,314 1.81.3 36,608 21,825 64,366 40,139 11. 2,023,453,0002,021,650,000 91
11. 212,876 151,061 2,023,453,000 2,021,650,000 7,700,000 1,188,000 2,023,453,000 2,030,538,000 92
12. 496,401 644,367 212,725 38,155 1,391,648 (49,573) (469,694) (160,069) (30,688) (710,024) 446,828 174,673 52,656 7,467 681,624 446,828 174,673 52,656 7,467 681,624 16,191 28,199 8,801 4,915 58,106 (1,170) (4,748) (897) (293) (7,108) (26,606) (52,767) (17,698) (2,910) (99,981) (14,825) (6,908) (2,544) (414) (24,691) 420,418 138,449 40,318 8,765 607,950 489,375 624,399 202,070 39,595 1,355,439 (68,957) (485,950) (161,752) (30,830) (747,489) 420,418 138,449 40,318 8,765 607,950 93
12. 497,183 640,166 215,437 40,367 1,393,153 (27,930) (431,308) (144,591) (28,483) (632,312) 469,253 208,858 70,846 11,884 760,841 469,253 208,858 70,846 11,884 760,841 13,096 34,583 7,551 1,317 56,547 (225) (2,887) (911) (369) (4,392) (25,394) (61,854) (23,003) (5,068) (115,319) (9,902) (4,027) (1,827) (297) (16,053) 446,828 174,673 52,656 7,467 681,624 496,401 644,367 212,725 38,155 1,391,648 (49,573) (469,694) (160,069) (30,688) (710,024) 446,828 174,673 52,656 7,467 681,624 94
13. 54,330 52,997 84,801 4,271 (2,083) (1,830) (2,079) (1,108) 134,969 54,330 (2,915) (1,268) 132,054 53,062 14. 28,571 28,571 28,571 28,571 5 19%19% 95
15. 58,876 40,809 16,263 115,948 13,630 8,979 6,268 28,877 (1,515) (1,076) (448) (3,039) 70,991 48,712 22,083 141,786 2,615 (159) 2,463 4,919 (3,205) (2,175) (1,069) (6,449) 70,401 46,378 23,477 140,256 12,100 4,528 16,628 (631) (160) (791) 11,469 4,368 15,837 (696) (160) (856) 10,773 4,208 14,981 2,096,384,0001,742,980,000 96
16. 19,854 1,114 175,544 196,512 3,894 95,976 99,870 (6,527) (68,440) (74,967) (818) (8,759) (9,577) 16,403 1,114 194,321 211,838 59,117 1,114 336,974 397,205 (42,714) (142,653) (185,367) 16,403 1,114 194,321 211,838 22,291 1,114 109,897 133,302 7,197 113,966 121,163 (9,098) (45,088) (54,186) (536) (3,231) (3,767) 19,854 1,114 175,544 196,512 72,575 1,114 241,000 314,689 (52,721) (65,456) (118,177) 19,854 1,114 175,544 196,512 97
17. 23,903 (127) (127) 23,903 18. 216,484 314,338 195,187 254,902 76,030 62,204 429,772 529,510 813,595 1,073,903 1,731,068 2,234,857 98
19. 4,060,917 4,494,003 (93,315) (100,197) 3,967,602 4,393,806 (3,967,602) (4,381,627) 12,179 3 110% 20% 6 121 2 3 1,517,274 1,696,034 4 6 398,619 527,528 7 12 708,671 763,851 1 1,436,353 1,506,590 4,060,917 4,494,003 (93,315) (100,197) 3,967,602 4,393,806 (3,967,602) (4,381,627) 12,179 99
19. 100,197 47,071 16,848 57,719 (1,053) (22,677) (4,593) 93,315 100,197 93,315,000 100,197,000117,582,000117,640,000 2,624,563 2,999,593 1,318,771 1,376,770 3,943,334 4,376,363 20. 6 100
21. 329,006 328,674 132,152 101,056 155,438 193,189 616,596 622,919 22. 1,747,360 1,274,796 271,301 359,115 2,018,661 1,633,911 (139,335) (87,555) 26 (187,366) (131,966) (84,194) 1,747,360 1,274,796 1,394,404,000 1,147,948,000 101
23. 3 1,774,133 1,690,095 4 6 583,917 858,623 7 12 582,978 547,099 1 316,624 327,053 3,257,652 3,422,870 3 24. 252,992 272,281 150,659 210,331 663,746 695,018 1,067,397 1,177,630 1 25. 1,501 1,501,000 102
26. 1 595,478 972,635 23 2 775,354 678,389 1,370,832 1,651,024 251,200,000 969,192,0001,125,120,000401,640,000274,704,000 200,000,0003 30% Comba Telecom Systems Investments Limited Praises Holdings Limited Comba Telecom Limited 125,000,000 969,192,000969,192,000 193,838,000775,354,000 123 2 3.8% 125,000,000 969,128,0003 969,128,000969,128,000 290,739,000678,389,000 123 2 4.6% 103
26. 155,992,000187,366,000 222.5% 4.4% 4.6%1.9% 6.6% 36 27. 77,863 76,182 51,618 48,029 (40,228) (44,441) (3,859) (1,907) 85,394 77,863 1 2 28. 5,000,000,0000.10 5,000,000,000 500,000 500,000 2,033,767,1280.10 1,678,815,837 203,377 167,882 104
28. 1,526,196,229 152,620 (13,572) 690,782 829,830 (a) 152,619,608 15,262 (59) (15,203) (b) 517 47,299 47,816 1,678,815,837 167,882 (13,114) 722,878 877,646 (c) 1,992,250 199 4,407 4,606 (d) 352,959,041 35,296 (165) (35,131) (e) (9,251) (9,251) 2,033,767,128 203,377 (22,530) 692,154 873,001 2,033,767,1281,678,815,837 13,749,702 6,453,55729(b) (a) 152,619,608 (b) 5,168,830 (c) 1,992,250 1.8021.982 1,992,2500.103,932,000 (d) 168,071,141184,887,900 (e) 9,251,0005,644,000 105
29. (a) 10 10 29(b) 30% 12 1% 12 0.1% 5,000,000 2110 10 (i)(ii) (iii) 5 106
29. (a) * * # # 1.638 53,240 1.638 (2,400) 1.638 (2,820) 1.982 44,000 1.638 48,020 1.982 44,000 * 1.9821.638 44,000,00053,240,000 # # # 5.145 34,276 5.145 38,049 5.145 (3,773) 5.145 (34,276) 5.145 34,276 # 107
29. (a) * ** # 550,000 116,000 666,000 1.638 # 550,000 116,000 666,000 550,000 (550,000) 1,980,000 416,000 2,396,000 1.638 # 5.145 1.638 # 2,530,000 416,000 (550,000) 2,396,000 550,000 (550,000) 1,650,000 347,000 1,997,000 5.145 1.638 # 2,200,000 347,000 (550,000) 1,997,000 550,000 (550,000) 1,650,000 347,000 1,997,000 5.145 1.638 # 2,200,000 347,000 (550,000) 1,997,000 110,000 (110,000) 110,000 23,000 133,000 5.145 1.638 # 220,000 23,000 (110,000) 133,000 110,000 (110,000) 110,000 23,000 133,000 5.145 1.638 # 220,000 23,000 (110,000) 133,000 110,000 23,000 133,000 110,000 23,000 133,000 32,406,000 (32,406,000) 37,180,000 7,078,000 (1,992,000) (2,500,000) 39,766,000 1.638 # 1.638 # 5.145 1.638 # 69,586,000 7,078,000 (1,992,000) (32,406,000) (2,500,000) 39,766,000 78,276,000 8,512,000 (1,992,000) (34,276,000) (2,500,000) 48,020,000 108
29. (a) * 40,971,25044,147,975 0.100.1045,068,37548,562,452 ** # ^ ^ 48,020 1.638 # # 34,276 5.145 44,000 1.982 78,276 ^ # 9,267,00011,123,000 48,019,773 10,286,160 37,733,61348,019,773 4,802,00073,854,000 47,886,673 2.35% 109
29. (a) 168,071,15810% 168,071,158 8.26% (b) 10 (i) (ii) 5% 1% 10% 30% 110
29. (b) 365 26,000,000 6,453,557 28(e) 5,644,000 1,652,145 13,749,702 5,404,190 5,631,510 462,680 (462,680) 28(b) (5,168,830) 586,687 6,453,557 111
30. 5051 31. 177,277 127,648 32. (a) 1 5 1 4,593 4,620 25 2 8,780 12,870 5 553 976 13,926 18,466 112
32. (b) 1 6 1 36,535 42,305 25 2 26,279 37,199 5 821 1,760 63,635 81,264 33. 32(b) 1,974 1,207 6,001 2,386 3,593 7,975 113
34. (a) (b) 20,081 19,822 1,435 1,842 545 258 307 21,774 22,516 14A 14A 8 35. 3,967,602 4,381,627 12,179 96,376 149,684 287,590 294,245 271,301 359,115 1,747,360 1,274,796 6,370,229 6,471,646 114
35. 3,257,652 3,257,652 682,429 682,429 1,501 1,501 1,370,832 1,370,832 1,501 5,310,913 5,312,414 3,422,870 3,422,870 719,645 719,645 1,651,024 1,651,024 5,793,539 5,793,539 36. 115
36. 2.4 116
37. * 50 (3,877) (50) 3,877 * 50 (3,392) (50) 3,392 * 117
37. 7.9% 5.6% 91.1%89.0% * % 5 11,897 (5) (11,897) 5 (22,592) (5) 22,592 5 9,932 (5) (9,932) 5 (8,122) (5) 8,122 * % 5 (46,593) (5) 46,593 5 (33,431) (5) 33,431 * 118
37. 5 36%43%84%83% 19 119
37. 1 15 643,069 808,204 1,451,273 1,501 1,501 3,257,652 3,257,652 682,429 682,429 4,584,651 808,204 5,392,855 1 15 1,032,900 712,221 1,745,121 3,422,870 3,422,870 719,645 719,645 5,175,415 712,221 5,887,636 120
37. 1,370,832 1,651,024 9,574,875 10,136,732 14.3% 16.3% 38. 2,033,767,128 203,376,712 203,377,000 223,715,00020,338,000 39. 2.2622 121
40. 675,674 669,526 1,093,200 1,063,200 2,061 1,089 1,095,261 1,064,289 376,763 316,779 75,546 75,660 452,309 392,439 642,952 671,850 1,318,626 1,341,376 9,338 12,457 1,309,288 1,328,919 203,377 167,882 (22,530) (13,114) 1,128,441 1,174,151 1,309,288 1,328,919 122
40. * ** 690,782 373,108 85,763 762 21,430 1,171,845 20,568 20,568 (15,203) (15,203) 11,123 11,123 (989) 989 4,649 4,649 47,299 (47,816) (517) (18,314) (18,314) 722,878 373,108 52,730 762 24,673 1,174,151 26,004 26,004 (35,131) (35,131) 9,267 9,267 4,407 (674) 3,733 (64) 64 (41,932) 41,932 (21,825) (21,825) (27,758) (27,758) 692,154 373,108 19,327 762 43,090 1,128,441 * ** 2.4 41. 123
5 6,770,894 6,733,214 5,720,599 6,332,867 6,354,218 (4,856,404) (4,973,204) (4,355,013) (4,716,988) (4,027,521) 1,914,490 1,760,010 1,365,586 1,615,879 2,326,697 49,908 60,903 68,408 68,854 110,269 (230,916) (192,986) (207,158) (376,766) (361,914) (472,976) (509,477) (505,566) (503,749) (437,088) (836,216) (789,727) (788,888) (904,640) (830,714) (27,750) (65,524) (37,107) (5,073) (1,331) (67,722) (61,147) (55,153) (42,635) (29,403) (127) 328,691 202,052 (159,878) (148,130) 776,516 (109,755) (47,532) (84,867) (67,515) (121,772) 218,936 154,520 (244,745) (215,645) 654,744 212,876 151,061 (240,722) (202,364) 659,084 6,060 3,459 (4,023) (13,281) (4,340) 218,936 154,520 (244,745) (215,645) 654,744 9,574,875 10,136,732 10,318,277 10,091,711 9,581,332 (5,863,088) (6,370,777) (6,590,386) (6,229,552) (5,498,508) (59,256) (56,164) (54,095) (56,537) (68,760) 3,652,531 3,709,791 3,673,796 3,805,622 4,014,064 124