LG CNS Co., Ltd. 23 June 2014

Corporate Analysis Rating Date: LG CNS Co., Ltd. 23 June 2014

 Analysts  Rating Overview  Rating History

Lee Yong Hoon

+822 368 5431 5th and 6th unsecured [email protected] bond AA-/Stable

Jeong Sang Hun, Team Head정 Rating Type Periodic Rating +822 368 5676 [email protected] Sub. Bond NR

CP A1

 Financial Highlights (Unit:KRW100mn, x, %)

2010(12) 2011(12) 2012(12) 2013(12) 2014(03) Revenue 28,067 31,912 31,372 31,967 5,378 EBIT 1,437 1,201 1,355 1,479 -52 EBITDA 1,920 1,780 1,959 2,195 154 Total assets 14,373 16,852 19,546 20,639 18,152 Net borrowings -58 395 2,962 3,571 4,162 EBIT/Revenue 5.1 3.8 4.3 4.6 -1.0 EBITDA margin 6.8 5.6 6.3 6.9 2.9 EBITDA/Financia l expense 25.0 15.3 13.2 11.4 3.0 Net borrowings/OCF 0.0 0.3 1.7 1.6 6.5 Debt ratio 134.6 168.7 183.0 170.0 144.9 Total borrowings/Total 8.1 10.2 20.9 25.6 29.5 assets F/S Consolidated Consolidated Consolidated Consolidated Consolidated Accounting IFRS IFRS IFRS IFRS IFRS Notestandard 1: Figures have been adjusted and reclassified in accordance with K-IFRS. Note 2: 2012 F/S is the comparative financial statement presented with 2013 consolidated audit report.

 Rating Rationale

Korea Ratings Corporation(KR) has assigned a rating of ‘AA-‘ to the 5th and 6th unsecured bond issued by LG CNS Co., Ltd.(the Company). The rating reflects as follows:

 Very strong business performance supported by the business stability based on captive revenue and top level of order-winning capacity  Slightly low profitability, yet excellent financials as seen in superb coverage  Expectation of strong financial structure backed by stable cash flow in spite of growing investment  Solid liquidity buffer thanks to improvement on borrowings maturity profile and cashable assets on hand

Rating Outlook and Monitoring Factors

www.korearatings.com LG CNS Co., Ltd.

The Rating Outlook is Stable. The Outlook reflects expectation that the Company will be able to retain stable cash-generating capacity and financial position in the future based on strong business stability and market presence.

In preparation for slowing growth caused by contraction in business platform for the public projects, the Company is making aggressive investments in cloud data center in Busan, DDMC in Sangam, construction of a new plant in Pyeongtaek, and equity. In this regard, KR plans to monitor the increase in financial burden arising from investments, and coverage of borrowings after new investments produced results.

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 Key Rating Considerations

The Company is a comprehensive SI company founded in 1987 and one of LG group’s affiliated companies, of which LG Corp. holds stable managerial control with 85% ownership. While the company provides key affiliated companies within the group such as LG Electronics and LG Uplus with IT service, it is also serving a key role in forming consortium for various projects across public sector, industries, and financial markets based on excellent business competency and reference as a leader in the market.

Business and Financial Analysis

▶ Very strong business performance given the captive market of LG group, top level of order-winning capacity and market presence

The Company has built very stable business platform based on the captive market (captive revenue takes up 52.4% of total revenue) deriving from LG group, the 6th largest corporate group measured by assets(KRW 102 trillion as of end-April 2014), as well as some affiliated companies of GS group and LS group that spun-off from LG group. In particular, the Company’s revenue stream is balanced across all industries, including public sector, financial markets, communications industry, and manufacturing industry. It has strong order-winning capacity based on the business competency supported by past captive projects and reference. Along with Samsung SDS and SK C&C, the Company’s revenue is one of the highest in the industry. Likewise, the Company’s overall business performance is remarkably strong given the strong captive demand for IT service, balanced business portfolio, and market position in the industry.

▶ Slightly low profitability, yet excellent financials as seen in superb coverage

Since non-captive segment which has low margin, such as the public sector projects, takes up a high proportion in the revenue, the Company’s profitability is slightly lower relative to its competitors. Financial indicators have deteriorated since 2010 as borrowings rose due to changes in working capital, construction of data centers and a headquarter building, and increased investment from equity investment. However, stable profit structure supported by affiliated companies and fine operating profitability delivered by selective taking of orders create smooth OCF. In addition, borrowings coverage and most of the indicators of financial flexibility are still at an excellent level. In this regard, KR views that the Company’s borrowings are not imposing heavy burden on the Company, and that overall financials are superb.

Recent Performance Trend and Future Forecast

▶ Slowed growth due to contraction in public sector projects, yet profit increases thanks to gradual improvement on profitability

As a result of restriction set in 2013 on entering of large SI companies into public sector projects, the Company took less public SI orders. Meanwhile, the Company’s revenue growth stagnated as major buyers such as LG Display reduced new investments. The Company’s fixed cost has been on the rise due to large work force

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expansion and increased R&D investment for securing of a new growth driver and business expansion. In this context, profitability has been lower in absolute terms compared to the past. Yet, acquisition of LG N-Sys’ ATM business and stable orders from the affiliated companies have helped the Company post revenue of KRW2.3trn on a separate basis(approx. KRW3.2trn on a consolidated basis) in a stable manner over the past few years. Based on selective order-taking and cost- saving effort on the labor cost, the Company’s profitability has gradually improved since 2011 and OCF has increased.

Meanwhile, every year, the Company posts very low profitability during the first three quarters and creates most of the operating profit in the fourth quarter due to the seasonality of the business which leads the Company’s revenue creation to be concentrated on in the fourth quarter. Accordingly, profitability in the 1Q2014 is low, yet improved from the same period previous year. KR deems that the Company is demonstrating strong business results.

▶ Excellent financial stability expected given stable cash flow, in spite of increasing investment

KR expects that the Company’s business platform for the public sector projects is likely to diminish inevitably in the short-term following the tightened regulations. However, in KR’s view, the Company will be able to maintain current level of revenue given the stable captive revenue and gradual business expansion delivered by overseas orders including cloud and transportation system projects. In addition, while it is easy to secure the margin in the captive market, the Company is likely to post current level of stable profitability by selective order-taking and saving related costs.

In the meantime, net OCF is slightly restricted due to changes in the working capital. Considering the increased investment in data center, R&D center and construction of Pyeongtaek plant, borrowings may increase in the next 1~2 years. Yet, with annual OCF exceeding KRW200bn to cope with regular investments, as well as flexible timetable and the amount of investment, KR projects that the Company will retain sufficient funding capability. At the same time, taking into account the tangible assets that may be collateralized and financial flexibility supported by external creditworthiness of LG group, KR expects that the Company will maintain superb financial stability in the mid-to long-term.

Other Rating Considerations

▶ Likelihood of support from the group factored in considering excellent creditworthiness of LG group and business relationship with affiliated companies

LG group largely consists of electronics segment, chemical and service business segment, and communications business segment. With most of the affiliated companies enjoying strong market presence in each market, core companies of each segment demonstrate robust business stability based on vertical integration and synergy between the affiliated companies. As a subsidiary of LG Corp., the holding company of the group, the Company retains close business relationship with most of the affiliated companies including LG Electronics, one of the key LG affiliates, by

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providing the companies with system construction and maintenance service. Given the high level of external creditworthiness, shareholder composition, and business relationship and significance, KR sees that the Company is subject to certain level of support from the group.

Liquidity Analysis

▶ Solid liquidity buffer thanks to improvement on borrowings maturity profile and cashable assets on hand

The Company’s debt maturity profile has greatly improved since 2011 by financing on a long-term basis with constant corporate bond issuance. As for the borrowings, except for KRW4.5bn borrowed from the financial institutions, total amount of the Company’s corporate bond stands at KRW400bn on a separate basis, entirely consists of long-term borrowings at end-March 2014. Given cashable assets of KRW79.1bn, unused credit line, and stable OCF as well, the Company’s liquidity buffer is deemed solid.

Large CAPEX may occur in the short-term due to investment in facilities and equity. Yet, KR forecasts that the Company will be able to maintain ample liquidity considering its robust financial flexibility as seen in the various alternative funding options using the external creditworthiness as one of LG group’s affiliated companies. 【Key Liquidity Indicators】 (Unit: %) 2010(12) 2011(12) 2012(12) 2013(12) 2014(03) Current ratio 131.4 118.4 139.7 163.1 181.3 DSCR 492.1 183.2 146.4 221.3 40.0 Borrowings maturing in less than 1 26.3 90.7 94.6 44.8 69.4 year/Cashable assets Borrowings maturing in -249.9 -366.0 -39.3 -122.7 -29.5 less than 1 year/FCF Note: Borrowings maturing in less than 1 year= Short-term borrowings+curruent portion of long-term debt Source: consolidated audit report, etc.

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 Result of application of SI industry rating methodology

AAA AA A BBB BB B Size of captive market ν Busi Business portfolio ν ness Market presence ν facto Revenue ν r Business competency ν EBIT/Revenue ν Total borrowings/OCF ν Fina EBITDA/Financial ncial ν expense facto Debt ratio ν r Total borrowings/Total ν assets Model rating ν

Applicable rating methodologies: KR’s published SI Industry Rating Methodology and General Rating Methodology, made available under Research/Rating Methodologies at KR’s website (www.rating.co.kr.)

Disclaimer

1) KR’s ratings are current opinions reflecting the relative credit risk of a specific financial instrument, credit facility or issuer. Unless specifically mentioned, the ratings do not address risks(market risk due to changes in interest rates and foreign exchange rates, liquidity risk of rated securities issue, operational risk arising from internal procedures or system) other than credit risk. Credit rating opinions are proprietary opinions that reflect the ability of an entity or issue to meet financial commitments and are prepared in accordance with KR’s rating criteria. They are not a description of historical or current events, and may be different from actual future results. Credit ratings may be changed or withdrawn, depending on changes in the external environment or according to KR’s rating criteria.

2) Ratings are based on information obtained from materials submitted by rated entities and data collected from other sources, such as publicly disclosed data. KR collects from the rated entities a confirmation letter stating that the information submitted does not contain misrepresentations or is not misleading. KR provides rating service under the assumption that the rated entities or their agents timely provides accurate and complete information, and KR does not audit or perform investigative diligence of this information during the rating process. If any such information should turn out to contain misrepresentations or to be otherwise misleading, KR assumes no responsibility for this risk.

3) Since KR does not verify the information used during the rating process, and due to possible errors made by an analyst(s) or arising from an analytical tool(s) or other factors, KR does not guarantee or assure the accuracy or completeness of any such information. All the information contained in this report constitutes the rationale for ratings assignment, and this report does not enumerate all the information about the rated entity. KR will not be liable for any loss or consequences resulting from the use of the ratings or information contained in this report, unless such loss or consequences are due to reasons attributable to intentional or material faults.

4) KR does not advise to buy, sell, or recommend investment in, any financial instrument. Ratings do not constitute recommendations to buy, sell, or hold a specific security nor do they comment on the adequacy of market price. Ratings and this report herein shall only be construed as opinions established in accordance with KR’s proprietary rating criteria, and shall not substitute for an investment decision to be made by the users of ratings. This report shall not be used as documented evidence to determine which party shall be held legally responsible for the results of investments in any financial instrument. Therefore, users of ratings themselves shall analyze and assess the risk of investment and make own investment decisions accordingly.

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Following information is provided in accordance with Article 38 of ‘Model Internal Control Standard’, Article 8-19-9 Paragraph 2 of ‘Regulations on Financial Investment Service’, and is part of the credit rating opinion.

【Bond rating definition and default rates】 10-year Average of Annual Rating Rating Definition default rates Type 1 Type 2 AAA Capacity for timely payment is extremely strong. 0.00 0.00 Capacity for timely payment is very strong, but somewhat 0.00 0.00 AA less than ‘AAA’. Capacity for timely payment is strong, but somewhat 0.11 0.11 A susceptible to external changes in the future. Capacity for timely payment is adequate, but more likely 0.43 2.41 BBB to be weakened by future market changes. Capacity for timely payment faces no immediate 7.32 10.73 BB problems, but speculative in its future stability. B Capacity for timely payment is poor and speculative. 7.24 7.69 CCC Contain the possibility of default. 12.28 21.88 CC Contain more possibility of default. NA NA C Highly likely default. 50.00 47.06 D In default as of present time. Note 1: The ratings from ‘AA’ to ‘B’ may be modified by the addition of a plus(+) or minus (-) sign to show relative standing within the major rating categories. Note 2: The letter ‘P’ is attached in front of the letter designation in case of a preliminary rating. Note 3: The letter ‘sf’ is attached next to the letter designation in case of a credit facility rating associated with structured note, asset-backed loan, structured finance transaction. Note 4: Type 1 default rates: default rates calculated in accordance with the definition of default in Supervisory Regulation on Financial Investment Services Article 8-19-9 Paragraph 3 Subparagraph 2. Note 5: Type 2 default rates: broad-definition default rates taken into account a) type 1 default rates defined by the Supervisory Regulation on Financial Investment Services and b) distressed debt exchange measures aimed at prevention of default and debt relief through implementation of debt workout programs and application of Corporate Restructuring Promotion Act. Note 6: 10-year average of annual default rates are the average of annual default rates over the past ten years(2004~2013).

. KR referred to audit report, business report, quarterly report, publicly disclosed information on business operation, borrowings statement, revenue and current shareholders, etc. for rating.

. This credit rating was initiated on 10 June 2014 and completed on 23 June 2014.

. KR has signed two agreements with the issuer on credit rating service for a total of KRW42.6mn (periodic rating included) over the past 2 years. KR is undertaking other credit rating service(s) for the issuer as of the rating date. . The issuer belongs to the enterprise group prescribed in Monopoly Regulation and Fair Trade Act, and the credit rating fee of this enterprise group in the previous year account for 1.6% of total credit rating fees.

. KR has not signed any agreement with the issuer on non-credit rating service within two years of the rating date. The issuer belongs to the enterprise group prescribed in Monopoly Regulation and Fair Trade Act, and the non-credit rating fee of this enterprise group in the previous year accounts for 0.2% of total non-credit rating fees. KR is not providing any non-rating service as of the rating date.

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(Unit:KRW100mn) (Consolidated)Financial 2010(12) 2011(12) 2012(12) 2013(12) 2014(03) Statement Revenue 28,067 31,912 31,372 31,967 5,378 EBIT 1,437 1,201 1,355 1,479 -52 Op.EBIT 1,484 1,218 1,342 1,455 -50 EBITDA 1,920 1,780 1,959 2,195 154 Financial expense 77 117 148 193 51 Net income 1,142 494 877 924 -82 Total assets 14,373 16,852 19,546 20,639 18,152 Total debt 8,248 10,579 12,640 12,995 10,739 Total shareholders’ equity 6,126 6,272 6,906 7,644 7,413 (Paid-in capital) 472 472 472 472 472 Total borrowings 1,166 1,720 4,084 5,277 5,363 S/T borrowings 273 359 1,028 235 804 Current portion of long-term 49 842 34 530 29 debt Debentures 798 498 2,990 4,486 4,487 L/T borrowings etc. 46 21 33 26 43 Cash and Cash equivalents 1,224 1,325 1,122 1,706 1,201 Net borrowings -58 395 2,962 3,571 4,162 Implicit debt 109 29 24 254 254 Total adjusted borrowings 1,274 1,749 4,108 5,531 5,617 Working capital 3,317 4,076 6,135 6,289 6,415 Trade receivables 7,068 8,730 9,846 10,274 7,433 Inventories 923 1,043 1,590 994 1,618 Trade receivables 4,674 5,696 5,301 4,979 2,636 Operating Cash Flow(OCF) 1,899 1,492 1,726 2,255 159 EBITDA 1,920 1,780 1,959 2,195 154 Interest/income tax 284 431 512 412 108 Adjustment for non-cash item 262 143 279 471 113 Working capital investment 770 665 2,431 1,055 547 Increase or decrease in 1,317 797 1,724 965 -3,210 trade receivables Increase or decrease in 147 92 548 -558 622 inventories Increase or decrease in trade 1,377 995 -197 -85 -2,340 receivables Others 683 771 -38 563 795 Net Cash Flow (NCF) 1,129 827 -705 1,199 -388 CAPEX 953 872 1,755 1,626 319 Dividend 305 283 240 196 Free Cash Flow(FCF) -129 -328 -2,699 -623 -707 Disposition of operational asset 38 6 9 15 3 Disposition of investment asset 15 -160 -66 153 -45 (net) Others (net) -5 -29 63 -115 97 Internal Cash Flow (ICF) -82 -511 -2,693 -570 -652 Financing (including treasury 52 stock,net) Other financing besides 32 39 76 57 20 borrowing (net) Available Cash Flow(ACF) -50 -472 -2,617 -461 -632 (Consolidated) 2010(12) 2011(12) 2012(12) 2013(12) 2014(03) Financial Ratios EBIT/Revenue 5.1% 3.8% 4.3% 4.6% -1.0% Op.EBIT/Revenue 5.3% 3.8% 4.3% 4.6% -0.9% EBITDA Margin 6.8% 5.6% 6.3% 6.9% 2.9% Pretax Income from Continuing 5.5% 3.7% 3.9% 3.7% -1.5% Operations/ Revenue EBIT/Financial Expense 18.7x 10.3x 9.2x 7.7x -1.0x EBITDA/Financial Expense 25.0x 15.3x 13.2x 11.4x 3.0x

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Debt ratio 134.6% 168.7% 183.0% 170.0% 144.9% Cash and cash equivalents/ S/T 379.9% 110.3% 105.8% 223.1% 144.2% borrowings Total borrowings/Total Assets 8.1% 10.2% 20.9% 25.6% 29.5% OCF/Revenue 6.8% 4.7% 5.5% 7.1% 3.0% Total borrowings/EBITDA 0.6x 1.0x 2.1x 2.4x 8.7x Total borrowings/OCF 0.6x 1.2x 2.4x 2.3x 8.4x Net borrowings /OCF 0.0x 0.3x 1.7x 1.6x 6.5x Net borrowings/EBITDA 0.0x 0.2x 1.5x 1.6x 6.8x Accounting standard IFRS IFRS IFRS IFRS IFRS No. of surviving companies

(Unit:KRW100mn) (Individual/Separate)Financial 2010(12) 2011(12) 2012(12) 2013(12) 2014(03) Statement Revenue 20,572 23,003 23,226 23,740 3,974 EBIT 1,391 580 1,121 1,203 -38 Op.EBIT 1,424 587 1,095 1,200 -32 EBITDA 1,712 986 1,592 1,846 148 Financial expense 58 84 97 133 39 Net income 1,055 257 710 765 -4 Total assets 11,869 13,453 15,178 17,117 14,935 Total debt 5,843 7,488 8,742 9,977 7,946 Total shareholders’ equity 6,027 5,966 6,436 7,140 6,989 (Paid-in Capital) 472 472 472 472 472 Total borrowings 865 1,332 2,791 4,487 4,033 S/T borrowings 300 45 Current Portion of Long-term 33 834 500 Debt Debentures 798 498 2,491 3,987 3,988 L/T borrowings etc. 34 Cash and Cash Equivalents 632 787 533 1,138 791 Net Borrowings 234 545 2,258 3,349 3,243 Implicit Debt 334 440 413 560 622 Adjusted total borrowings 1,199 1,772 3,204 5,046 4,656 Working capital 2,299 2,621 3,621 4,615 4,188 Trade receivables 5,222 6,230 6,877 7,434 5,113 Inventories 249 207 372 516 854 Trade receivables 3,172 3,816 3,629 3,335 1,780 Operating Cash Flow (OCF) 1,702 1,261 1,458 1,978 233 EBITDA 1,712 986 1,592 1,846 148 Interest/ Corporate tax 212 307 388 227 27 Adjustment for non-cash item 202 582 254 360 113 Working capital investment 677 366 1,293 1,051 -84 Increase or decrease in trade 1,208 295 1,104 345 -2,646 receivables Increase or decrease in 77 -59 160 -235 338 inventories Increase or decrease in trade 1,162 644 -186 -405 -1,556 payable Others 554 774 -157 536 668 Net Cash Flow (NCF) 1,025 895 165 927 317 CAPEX 794 680 1,555 1,507 299 Dividend 305 283 240 196 Free Cash Flow (FCF) -74 -68 -1,630 -776 18 Disposition of operational asset 31 3 1 11 3 Disposition of investment asset -110 -170 -137 171 -53 (net) Others(net) -49 -133 -15 -31 86 Internal Cash Flow(ICF) -202 -368 -1,781 -626 55 Financing (including treasury stock,net) Other financing besides 29 34 76 39 7

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borrowing (net) Available Cash Flow(ACF) -173 -334 -1,705 -587 61 (Individual/Separate) 2010(12) 2011(12) 2012(12) 2013(12) 2014(03) Financial Ratios EBIT/Revenue 6.8% 2.5% 4.8% 5.1% -0.9% Op.EBIT/Revenue 6.9% 2.6% 4.7% 5.1% -0.8% EBITDA Margin 8.3% 4.3% 6.9% 7.8% 3.7% Pretax Income from Continuing 6.8% 1.8% 4.1% 4.1% -0.5% Operations/Revenue EBIT/ Financial Expense 24.0x 6.9x 11.5x 9.0x -1.0x EBITDA/ Financial Expense 29.5x 11.7x 16.4x 13.8x 3.8x Debt ratio 96.9% 125.5% 135.9% 139.7% 113.7% Cash and cash 1,902.2% 94.4% 177.7% 227.7% 1,739.9% equivalents/Short-term borrowings Total debt/Total assets 7.3% 9.9% 18.4% 26.2% 27.0% OCF/Revenue 8.3% 5.5% 6.3% 8.3% 5.9% Total borrowings /EBITDA 0.5x 1.4x 1.8x 2.4x 6.8x Total borrowings /OCF 0.5x 1.1x 1.9x 2.3x 4.3x Net borrowings /OCF 0.1x 0.4x 1.6x 1.7x 3.5x Net borrowings /EBITDA 0.1x 0.6x 1.4x 1.8x 5.5x Adjusted net borrowings /OCF 0.7x 1.4x 2.2x 2.6x 5.0x Accounting Standard IFRS IFRS IFRS IFRS IFRS

Definition of Financial Highlights

EBIT Revenue-cost of goods sold-SG&A EBIT+income on foreign exchange+income on derivatives+other non financial Op.EBIT expense EBITDA EBIT+depreciation+amortization of intangible assets Financial expense Interest expense+loss on sales of trade receivables +capitalized interest expense Interest expense + loss on sales of trade receivables + capitalized interest expense – Net financial expense interest income-gains on sales of trade receivables Total assets GAAP-based total assets + balance of trade receivables discounted Cash & cash equivalents Cash & cash equivalents+S/T financial products, etc. S/T borrowings S/T debentures+S/T borrowings+balance of trade receivables discounted etc. Current portion of long-term Current portion of debentures+current portion of L/T borrowings+current portion debt of financial lease payables+S/T current portion of liability etc. L/T borrowings etc. L/T borrowings+financial lease debt+current portion of L/T debt etc. Liabilities for acceptances and guarantees+(off-balance)asset-backed Implicit debt liabilities+preferred stock Adjusted total borrowings Total borrowings+implicit debt Net borrowings Total borrowings-cash and cash equivalents (limited to IFRS) net interest payment + net corporate tax payment-gross receipt of Interest/corporate tax etc. dividend OCF EBITDA-interest /corporate tax etc.+non-cash expense items Increase or decrease in trade receivables+ increase or decrease in inventories- Working capital investment increase or decrease in trade payables+others Net Cash Flow (NCF) OCF-working capital investment Free Cash Flow (FCF) NCF-CAPEX-dividend Increase in tangible assets+Increase in intangible assets+Increase in biological CAPEX assets+Increase in lease assets FCF+disposition of operational assets+disposition of investment assets Internal Cash Flow (ICF) (net)+others(net) Disposition of tangible assets+disposition of intangible assets+disposition of Disposition of operational assets biological assets Available Cash Flow (ACF) ICF+financing(net)+financing other than borroiwng(net)

EBIT/Revenue (EBIT/ Revenue)*100

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Op.EBIT/Revenue (Op.EBIT/ Revenue)*100 EBITDA Margin (EBITDA/ Revenue)*100 Pretax income from continuing (Pretax income from continuing operations / Revenues)*100 operations/Revenues EBIT/Financial Expense(x) EBIT/ Financial Expense EBITDA/ Financial Expense (x) EBITDA/ Financial Expense Debt ratio (Total debt/total assets)*100 Cash & cash equivalents/S/T (Cash equivalents/S/T borrowings)*100 borrowings Total borrowings/ Total assets (Borrowings/Total assets)*100 OCF/Revenues OCF/ Revenues Total borrowings/EBITDA(x) Total borrowings /EBITDA Total borrowings /OCF(x) Total borrowings /OCF Total borrowings /NCF(x) Total borrowings /NCF Net borrowings/OCF(x) Net borrowings /OCF Adjusted total Adjusted total borrowings/OCF borrowings/OCF(x)

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