CPPC Telefonica del Perú S.A.A. (1)

TELEFÓNICA DEL PERÚ S.A.A.IntegrantesCari Villasante, Marvin Paul.Cucho Díaz, Percy Gustavo.Moran Fernández, Marthin.Rosas Valderrama, Percy Jonathan.Ticla Carhuavilca, César Junior.

I Elección de Proxys (Fuente: Yahoo Finance)

I.1 ¿Qué criterio se usa para ponderar las Betas apalancadas?¿Existe algún sustento teórico para ponderar por alguna variable como: Ventas, Valor Total (D + K), Capital (K), etc.? Vamos a ponderar por Valor Total de la empresa como método practico: Deuda (D) + Capital (K)

Sector: DomesticIndustria: Telecom Services - Domestic

Tx 21.58% (promedio aritmetico 2 industrias relacionadas / Damodaran)

N.° EMPRESA TICKET RESUMEN DEL NEGOCIO

1 ALASKA COMMUNICATIONS SYS ALSK2 AT&T, INC. T3 Atlantic Tele-Network, Inc. ATNI4 Augme Technologies, Inc. AUGT5 BCE, Inc. BCE6 CenturyLink, Inc. CTL7 Chunghwa Telecom Co., Ltd. CHT8 Cincinnati Bell Inc. CBB9 Consolidated Communications H CNSL

10 EarthLink Inc. ELNK11 eOn Communications Corporatio EONC12 Equinix, Inc. EQIX13 Fairpoint Communications, Inc. FRP14 Frontier Communications Corpor FTR15 Hickory Tech Corp. HTCO16 InterMetro Communications Inc. IMTO17 magicJack VocalTec Ltd. CALL18 Poly Shield Technologies Inc. SHPR19 Shenandoah Telecommunication SHEN20 Spot Mobile International Ltd. RPID21 TW Telecom Inc. TWTC

Ver Hoja: Negocios

22 UniTek Global Services, Inc. UNTK23 Verizon Communications Inc. VZ24 Warwick Valley Telephone Comp WVT25 Windstream Corporation WIN

I.2 Solo se considera las empresas que operan o realizan la mayor parte de sus operaciones en EE.UU.¿No estarían considerando Riesgo País?

Tasa IR EE.UU. 21.58% Fuente: DamodaranB desap = B apal / ( 1+ (1-tx)* (D/C))

EMPRESA TICKET RESUMEN DEL NEGOCIO

ALASKA COMMUNICATIONS SYS ALSK

Ver: Hoja Negocios

AT&T, INC. TAtlantic Tele-Network, Inc. ATNIAugme Technologies, Inc. AUGTCenturyLink, Inc. CTLCincinnati Bell Inc. CBBConsolidated Communications H CNSLEarthLink Inc. ELNKeOn Communications Corporatio EONCEquinix, Inc. EQIXFairpoint Communications, Inc. FRPFrontier Communications Corpor FTRHickory Tech Corp. HTCOInterMetro Communications Inc. IMTOPoly Shield Technologies Inc. SHPRShenandoah Telecommunication SHENTW Telecom Inc. TWTCUniTek Global Services, Inc. UNTKVerizon Communications Inc. VZWarwick Valley Telephone Comp WVTWindstream Corporation WIN

B proxy desap I.1 0.53 Usando todas las empresasB proxy desap I.2 0.47 Usando Empresas mas cercanas B desap del sector 0.76 Fuente: Damodaran (Ver Hoja Betas Damodaran)

Se toma el Boa del sector: 0.76

II Análisis de la relación D/E

Ver Hoja: Negocios

Datos en miles de dólaresAÑO 2008

TRIMESTRE 2008 - I 2008 - IIDeuda de largo plazo 2,761,331 2,900,607Deuda de corto plazo 974,432 1,025,264

5,345 4,788Obligaciones financieras 969,087 1,020,476

Patrimonio Contable 3,005,425 3,043,545Total 6,741,188 6,969,416(*) Se considera solo la Deuda Financiera.

Datos en miles de dólares2008 2009

Deuda de corto plazo 750,035 637,687Deuda de largo plazo 2,787,533 2,849,458Patrimonio Contable 3,955,401 3,550,646

Sobregiros y prestamos Bancarios

2008 - I 2008 - II 2008 - III 2008 - IV 2009 - I 2009 - II 2009 - III 2009 - IV 2010 - I 2010 - II 2010 - III 2010 - IV 2011 - I 2011 - II 2011 - III 2011- IV 2012 - I 2012 - II 2012 - III0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

Deuda L.P - Deuda C.P. - Patrimonio neto

Deuda de largo plazo Deuda de corto plazo Patrimonio Contable

Mile

s de

USD

TELEFBC1 2008 2009Precio de acción común (S/.) 3.16 3.45 Tipo de cambio a diciembre 3.11 2.88 Precio de acción común (USD) 1.01 1.20

Número de acciones (miles)** 3,347 3,347 Comunes 3,347 3,347 "VM del capital" 3,395.69 4,011.78 ** Fuente: Anexos a los EEFF 2008, 2009, 2010, 2011, 2012 (www.conasev.gob.pe, Sept 2012)

2008 2009D/C contable 6.18 5.28Promedio D/C contableD/C mercado 0.00185 0.00158Promedio D/C mercado

Analisis estructura de activos

Datos en miles de dólaresAÑO 2008

TRIMESTRE 2008 - I 2008 - IIActivo Corriente 1,097,173 1,463,330Activo No Corriente 7,553,043 7,435,097Activo Total 8,650,216 8,898,427Pasivo Corriente 2,140,476 2,219,624

6,509,740 6,678,803Pasivo Total 8,650,216 8,898,427Total

Pasivo No Corriente + Patrimonio


1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000ESTRUCTURA DE ACTIVOS Y FINANCIAMIENTO

Activo Corriente Pasivo No Corriente + Patrimonio Activo No Corriente

III Enersur: Beta apalancado

Tx 30%D/C contable 5.59B desap 0.76

B apalancado = B desap * (1+(1+ tx)*(D/C)) Se asume Bd=0

B apalancado 3.75

IV Parámetros para el CAPM indirecto con riesgo país:

Rf 3.10% T-Bonds 30años, Fuente: Departamento del Tesoro, 03.11.11Rm- Rf 6.68% Rm=11.69%, T-Bonds=5.01%, Prom. Aritmético 1928 - 2007. Fuente: Damodaran.Riesgo país (Perú) 2.34% EMBI G, BCRP, 03.11.11 (J.P. Morgan)

Ke= Rf + Be * (Rm-Rf) + RpD/K Be Rf

Contable 3.75 3.10%Mercado 0.76 3.10%

Relación D/C contable Beta desapalancado Beta apalancadoB des. Total 0.53 2.60


1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000



B des. Muestra comparables 0.47 2.32 B desap del sector (Damodaran) 0.76 3.75

Relación D/C Mercado Beta desapalancado Beta apalancadoB des. Total 0.53 0.53 B des. Muestra comparables 0.47 0.47 B desap del sector (Damodaran) 0.76 0.76

Ke

Relación D/C contableB des. Total 22.81%

20.94%30.48%

Relación D/C MercadoB des. Total 8.98%

8.59%10.54%

Prima de riesgo implicita (RP*) RP*=(1+ke)/(1+rf)-1

V Cálculo de Kd:

Supuesto: Devaluación esperada = -1.00%

(1 + iS/.) = (1+iUS$) x (1 + Dev)

CONCEPTOS Importe (miles) Moneda

BONOS CORPORATIVOSCuarto Programa

Cuarta emisión 80,000 NSDécima emisión 81,685 NSDecimosegunda emisión 60,000 NS

B des. Muestra comparablesB desap del sector (Damodaran)B des. Muestra comparablesB desap del sector (Damodaran)

Decimosexta emisión 130,665 NSDecimonovena emisión 129,000 NSTrigésimo sexta emisión 200,000 NSTrigésimo séptima emisión 48,000 NSCuadragésimo primera emisión 16,675 NSCuadragésimo segunda emisión 59,800 NSCuadragésimo quinta emisión 22,000 USD

Quinto ProgramaTercera emisión 30,000 NSQuinta emisión 21,000 NSVigésimo segunda emisión 60,000 NSVigésimo quinta emisión 32,225 NSVigésimo novena emisión 59,330 NSTrigésimo primera emisión 23,325 NSTrigésimo tercera emisión 60,000 NS

Total 1,113,705

* Fuente: Memoria y Notas a los EE.FF. de la compañía.

VI CPPC:

CPPC = Kd * Wd * (1-Tx) + Ke * We

Kd= 7.17%Tx= 30%

D/C contableKe= 30.48%

D/C = 5.590We= 15%Wi= 85%

CPPC= 8.88%

TELEFÓNICA DEL PERÚ S.A.A.IntegrantesCari Villasante, Marvin Paul.Cucho Díaz, Percy Gustavo.Moran Fernández, Marthin.Rosas Valderrama, Percy Jonathan.Ticla Carhuavilca, César Junior.

¿Existe algún sustento teórico para ponderar por alguna variable como: Ventas, Valor Total (D + K), Capital (K), etc.? Vamos a ponderar por Valor Total de la empresa como método practico: Deuda (D) + Capital (K)

(promedio aritmetico 2 industrias relacionadas / Damodaran) Fuente: Damodaran

RESUMEN DEL NEGOCIO

0.88 83.590.43 193.551.23 664.722.83 69.610.43 34.660.55 25.430.38 24.521.26 963.250.77 686.970.80 699.090.20 2.561.19 10.47N/A 254.490.64 4.561.05 134.461.27 7.242.53 268.84

-15.77 17.881.55 352.65N/A 5.851.06 4.16

Beta (Be)

Apalancada

Market Capitalization

(USD B)*

Ver Hoja: Negocios

0.07 72.600.43 124.500.29 64.580.71 5.72

Solo se considera las empresas que operan o realizan la mayor parte de sus operaciones en EE.UU.

Fuente: Damodaran

RESUMEN DEL NEGOCIO

Ver: Hoja Negocios

0.88 83.59 0.43 193.55 1.23 664.72 2.83 69.61 0.55 25.43 1.26 963.25 0.77 686.97 0.8 699.09 0.2 2.56

1.19 10.47 N/A 254.49 0.64 4.56 1.05 134.46 1.27 7.24

-15.77 17.88 1.55 352.65 1.06 4.16 0.07 72.60 0.43 124.50 0.29 64.58 0.71 5.72

Usando todas las empresasUsando Empresas mas cercanas Fuente: Damodaran (Ver Hoja Betas Damodaran)

Ver Hoja: Negocios

Beta (Be)

Apalancada

Market Capitalization

(USD B)*

2008 20092008 - III 2008 - IV 2009 - I 2009 - II 2009 - III 2009 - IV

2,816,033 2,787,533 2,647,099 2,836,312 2,866,466 2,849,458938,676 750,035 787,192 615,787 645,902 637,687

9,178 8,523 10,059 2,358 3,949 0929,498 741,512 777,133 613,429 641,953 637,687

3,086,165 3,955,401 3,963,219 4,076,218 3,924,929 3,550,6466,840,874 7,492,969 7,397,510 7,528,317 7,437,297 7,037,791

2010 2011 2012680,946 565,728 632,165

2,489,957 2,079,127 2,003,6723,557,417 3,744,791 3,905,594


1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000



Mile

s de

USD

2010 2011 2012 3.20 3.43 2.00 2.82 2.76 2.66 (Fuente: BCRP) 1.14 1.24 0.75

3,347 3,347 3,347 3,347 3,347 3,347 3,803.01 4,152.48 2,516.59

** Fuente: Anexos a los EEFF 2008, 2009, 2010, 2011, 2012 (www.conasev.gob.pe, Sept 2012)

2010 2011 20125.30 4.99 6.20

5.590.00158 0.00149 0.00185

0.00167

2008 20092008 - III 2008 - IV 2009 - I 2009 - II 2009 - III 2009 - IV

1,357,566 1,256,979 1,342,516 1,598,266 1,340,234 1,394,1097,409,522 8,212,109 7,898,667 7,754,891 7,823,110 7,564,0128,767,088 9,469,088 9,241,183 9,353,157 9,163,344 8,958,1212,181,982 2,114,337 2,049,724 1,903,046 1,875,611 1,997,8896,585,106 7,354,751 7,191,459 7,450,111 7,287,733 6,960,2328,767,088 9,469,088 9,241,183 9,353,157 9,163,344 8,958,121


1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000



D/C mercado 0.0017

B apalancado 0.76

T-Bonds 30años, Fuente: Departamento del Tesoro, 03.11.11 (El promedio historico 2028 - 2010 es de 5.28% según Damodaran)Rm=11.69%, T-Bonds=5.01%, Prom. Aritmético 1928 - 2007. Fuente: Damodaran.EMBI G, BCRP, 03.11.11 (J.P. Morgan)

Rm - Rf RP Ke6.68% 2.34% 30.48%6.68% 2.34% 10.54%

Ke22.81%


1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000



Pasivo no corriente+

Patrimonio

20.94%30.48%

Ke8.98%8.59%

10.54%

RP*19.12%17.30%26.56%

5.70%5.33%7.21%

RP*=(1+ke)/(1+rf)-1

en el mediano y largo plazo

(1 + iS/.) = (1+iUS$) x (1 + Dev)

Tasa TasaUS$

Libor 3mo + 2.9%6.8125% 7.89% 6,313 7.1875% 8.27% 6,756 5.6780% 6.31% 3,788

Importe x Tasa

B de

s. To

tal

B de

s. M

uest

ra co

mpa

rabl

es

B de

sap

del s

ecto

r (Da

mod

aran

)

B de

s. To

tal

B de

s. M

uest

ra co

mpa

rabl

es

B de

sap

del s

ecto

r (Da

mod

aran

)

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

22.81%20.94%

30.48%

8.98% 8.59%10.54%

Column D

5.6980% 6.50% 8,493 6.8750% 7.95% 10,261 8.5200% 6.50% 13,000

5.97% 7.04% 3,381 5.24% 6.30% 1,050 5.29% 6.35% 3,798

6.26% 1,377

6.51% 7.59% 2,276 7.89% 8.98% 1,886 5.25% 6.31% 3,785 6.26% 7.33% 2,363 5.68% 6.75% 4,003 8.95% 10.05% 2,344 7.15% 8.24% 4,942

79,816Kd 7.17%

D/C de mercadoKe= 10.54%

D/C= 0.002We= 99.83%Wi= 0.17%

CPPC= 10.53%

Fuente: Damodaran

D/K FCO

573.89 657.48 6.87 0.11 73.56 77.7069.84 263.39 0.36 0.32 83.23 39.18

282.48 947.20 0.42 0.86 817.61 185.94236.16 305.77 3.39 0.64 197.00 -15.01

15.88 50.54 0.46 0.29 14.90 5.6320.71 46.14 0.81 0.30 13.99 5.4162.03 86.55 2.53 0.11 9.32 2.51

2.58 965.83 0.00 1.26 1213.70 246.401.22 688.19 0.00 0.77 528.97 108.78

651.60 1350.69 0.93 0.41 559.27 208.283.56 6.12 1.39 0.08 0.51 1.102.96 13.43 0.28 0.93 12.46 610.55

973.00 1227.49 3.82 - - 172.418.85 13.41 1.94 0.22 2.92 1.46

153.93 288.39 1.14 0.49 141.18 42.214.84 12.08 0.67 0.76 9.19 624.003.90 272.74 0.01 2.49 680.17 62.63

586.58 604.46 32.81 -0.47 -281.97 -280.18235.17 587.82 0.67 0.93 546.61 103.86

5.00 10.85 0.00 - 0.00 -3.141.27 5.43 0.31 0.81 4.41 431.59

Deuda Financiera

(USD B)Valor total

(USD B)

Beta (Boa)

No apalancada

Valor x Boa (USD B)

183.01 255.61 2.52 0.02 5.08 3.0651.99 176.49 0.42 0.30 53.54 34.4966.22 12.10 1.03 0.14 1.73 6.73

9.16 14.88 1.60 0.27 4.06 1.56 8,863.08 4,691.42

Boa 0.53

D/K

573.89 657.48 6.86553415 0.11188051 73.56 69.84 263.39 0.36083699 0.315982 83.23

282.48 947.20 0.42496089 0.86318159 817.61 236.16 305.77 3.392616 0.64426301 197.00 20.71 46.14 0.81439245 0.30313177 13.99 2.58 965.83 0.00267843 1.25663419 1,213.70 1.22 688.19 0.00177591 0.76863497 528.97

651.6 1,350.69 0.93206883 0.41406392 559.27 3.56 6.12 1.390625 0.08366013 0.51 2.96 13.43 0.28271251 0.92772152 12.46 973 1,227.49 3.82333294 - - 8.85 13.41 1.94078947 0.21762864 2.92

153.93 288.39 1.14480143 0.48955581 141.18 4.84 12.08 0.66850829 0.76115894 9.19

586.58 604.46 32.81 -0.47 -281.97 235.17 587.82 0.67 0.93 546.61

1.27 5.43 0.31 0.81 4.41 183.01 255.61 2.52 0.02 5.08 51.99 176.49 0.42 0.30 53.54 66.22 12.10 1.03 0.14 1.73 9.16 14.88 1.60 0.27 4.06

8,442.40 3,987.04 Boa 0.47

Deuda financiera

(USD B)Valor total

(USD B)

Beta (Boa)

No apalancada

Valor x Boa (USD B)

2010 20112010 - I 2010 - II 2010 - III 2010 - IV 2011 - I 2011 - II 2011 - III

2,864,062 2,755,918 2,647,570 2,489,957 2,307,680 2,264,926 2,201,686691,663 721,748 761,882 680,946 807,438 673,697 565,005

474 3,175 99 100 0 0 0691,189 718,573 761,783 680,846 807,438 673,697 565,005

3,702,227 3,882,823 3,861,560 3,557,417 3,769,015 3,967,467 3,871,2387,257,952 7,360,489 7,271,012 6,728,320 6,884,133 6,906,090 6,637,929


1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000



Mile

s de

USD

2010 20112010 - I 2010 - II 2010 - III 2010 - IV 2011 - I 2011 - II 2011 - III

1,405,614 1,708,019 1,524,794 1,449,594 1,333,476 1,715,796 1,237,7487,613,535 7,444,901 7,603,360 7,296,401 7,358,584 6,969,626 7,112,3909,019,149 9,152,920 9,128,154 8,745,995 8,692,060 8,685,422 8,350,1381,917,696 2,020,566 2,147,177 2,369,870 2,314,430 2,166,446 2,007,7357,101,453 7,132,354 6,980,977 6,376,125 6,377,630 6,518,976 6,342,4039,019,149 9,152,920 9,128,154 8,745,995 8,692,060 8,685,422 8,350,138


1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000



(El promedio historico 2028 - 2010 es de 5.28% según Damodaran)


1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000



Pasivo no corriente+

Patrimonio

B de

s. To

tal

B de

s. M

uest

ra co

mpa

rabl

es

B de

sap

del s

ecto

r (Da

mod

aran

)

B de

s. To

tal

B de

s. M

uest

ra co

mpa

rabl

es

B de

sap

del s

ecto

r (Da

mod

aran

)

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

22.81%20.94%

30.48%

8.98% 8.59%10.54%

Column D

2011 20122011- IV 2012 - I 2012 - II 2012 - III2,079,127 2,030,976 2,034,080 2,003,672

565,728 635,829 665,971 632,1650 0 0 0

565,728 635,829 665,971 632,165

3,744,791 3,764,297 3,769,942 3,905,5946,389,646 6,431,102 6,469,993 6,541,431


1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000



Mile

s de

USD

2011 20122011- IV 2012 - I 2012 - II 2012 - III1,623,027 1,479,117 1,597,132 1,759,7617,168,264 7,089,828 7,045,018 7,030,3388,791,291 8,568,945 8,642,150 8,790,0992,611,681 2,438,374 2,554,904 2,618,6236,179,610 6,130,571 6,087,246 6,171,4768,791,291 8,568,945 8,642,150 8,790,099

Alaska Communications Systems Group Inc. (ALSK)

Alaska Communications Systems Group, Inc., through its subsidiaries, provides telecommunications and network services to consumer, business, and enterprise customers in the State of Alaska and beyond using its statewide and interstate telecommunications network. It offers local and long distance voice, broadband data, Internet access, network access, data hosting, billing and collection services, IT management, and cloud-based services to carriers, business, and government customers; and voice, broadband data, Internet access, and other communications products and services to residential customers. The company also provides wireless facilities-based voice and data services, products, other value-added services, and equipment sales statewide across Alaska with roaming coverage available in the contiguous states, Hawaii, and Canada. In addition, it offers voice and broadband termination services to inter and intrastate carriers, who provide services to its retail customers. Alaska Communications Systems Group, Inc. was founded in 1998 and is headquartered in Anchorage, Alaska

AT&T, Inc. (T) -

AT&T Inc., together with its subsidiaries, provides telecommunications services to consumers, businesses, and other providers worldwide. The companys Wireless segment offers wireless voice and data communication services, such as local wireless communications services, long-distance services, and roaming services. This segment also sells various handsets, wirelessly enabled computers, and personal computer wireless data cards; and accessories, including carrying cases, hands-free devices, batteries, battery chargers, and other items. This segment sells its products through its own stores, or through agents or third-party retail stores. Its Wireline segment provides data services comprising switched and dedicated transport, Internet access and network integration, U-verse services, and data equipment; businesses voice applications over IP-based networks; and digital subscriber lines, dial-up Internet access, private lines, managed Web-hosting services, packet services, enterprise networking services, and Wi-Fi services, as well as local, interstate, and international wholesale networking capacity to other service providers. This segment also offers voice services, such as local and long-distance, calling card, 1-800, conference calling, wholesale switched access, caller ID, call waiting, and voice mail services; and application management, security services, integration services, customer premises equipment, outsourcing, government-related services, and satellite video services. The companys Advertising Solutions segment publishes yellow and white pages directories; and sells directory advertising and Internet-based advertising and local search. In addition, the company provides customer information services. The company was formerly known as SBC Communications Inc. and changed its name to AT&T Inc. in November 2005. AT&T Inc. was founded in 1983 and is headquartered in Dallas, Texas.� �

Atlantic Tele-Network, Inc. (ATNI)

Atlantic Tele-Network, Inc., through its subsidiaries, provides wireless and wire line telecommunications services in North America, Bermuda, and the Caribbean. The company offers retail wireless voice and data services under the Alltel name principally in the rural markets of the southeast and midwest United States; and wholesale wireless voice and data roaming services in rural markets to wireless carriers. It also provides handsets and accessories, including a range of smart phones; feature phones, such as military-spec rugged phones, USB data cards, wireless hot spots, and various customer specific wireless solutions for small businesses; and original equipment manufacturer and after-market accessories comprising protective covers, battery charging solutions, removable memory, and Bluetooth hands-free kits. In addition, the company offers wireless voice and data service to retail and business customers under the CellOne name in Bermuda; and under the Cellink brand in Guyana, as well as in the markets of Caribbean and the United States. Further, it provides domestic wire line local and long distance telephone services in Guyana; international voice and data communications in Guyana and internationally; facilities-based integrated voice and broadband data communications services under the Sovernet brand to enterprise and residential customers in Vermont and New Hampshire; and wholesale transport services under the ION name in New York State. Atlantic Tele-Network, Inc. sells its products and services through company owned retail stores and kiosks; sales representatives; agents; alltelwireless.com, an online Web store; and customer care call centers. As of December 31, 2011, it operated 50 company owned direct retail locations; 117 authorized agent retail locations; 102 phone-in-a-box locations; 1,620 base stations; and 152,000 fixed access lines. The company was founded in 1987 and is headquartered in Beverly, Massachusetts.

Augme Technologies, Inc. (AUGT

Augme Technologies, Inc. provides strategic services and mobile marketing technology to consumer and healthcare brands. The company offers mobile marketing, and advertising technology and services to brands, advertising agencies, media companies, and enterprise customers. It provides AD LIFE, an interactive software-as-a-service platform for marketers, brands, and agencies to plan, create, test, deploy, and track mobile marketing programs across various mobile channels, including SMS, 2D/QR codes, mobile Web sites, advertising networks, social media, and branded applications. The companys patented device-detection and proprietary mobile content adaptation software provides a solution to the mobile marketing industry problem of disparate operating systems, device types, and on-screen mobile content rendering. Augme Technologies, Inc. also provides business to consumer utilities, including national mobile couponing solutions, strategic mobile healthcare tools, custom mobile application development, and consumer data tracking and analytics. In addition, the company licenses BOOMBOX, an Internet video delivery platform that provides digital broadcasting capabilities to any venue, talent, business, campaign, or event. It markets its services primarily through a direct sales force and other service providers. The company was formerly known as Modavox, Inc. and changed its name to Augme Technologies, Inc. in February 2010. Augme Technologies, Inc. is headquartered in New York, New York, with operations in Seattle, Atlanta, Dallas, Los Angeles, Chicago, Tucson, and London�

BCE, Inc. (BCE)

BCE Inc. provides wire line, wireless, Internet, and television (TV) services to residential, business, and wholesale customers primarily in Canada. The company offers local telephone and long distance services under the Bell Home Phone brand; direct-to-home satellite TV services under the Bell TV name; personal video recorders and online access services; Internet protocol (IP) TV services under the Bell Fibe TV brand; and local exchange carrier services. It also provides data services, including high-speed Internet access services under the Bell Internet name; IP based services; information and communications technology solutions comprising professional, managed, and infrastructure services; and legacy data services. In addition, the company offers wireless voice and data communications products and services comprising call display and voicemail, e-mail, Web browsing, social networking, text, picture and video messaging, music downloads, ringtones, games and applications, video streaming, live TV, mobile Internet, global positioning system navigation services, and roaming services under the Bell, Virgin Mobile, and Solo Mobile brands. Further, it provides television programming to broadcast distributors; and mobile TV services. Additionally, the company rents, sells, and maintains business terminal equipment; sells TV set-top box; and provides network installation and maintenance services for third parties. It operates approximately 28 conventional over-the-air stations and 30 English and French-language specialty television channels; 33 FM and AM radio stations; and Sympatico.ca portal and Dome Productions Partnership Websites. As of December 31, 2011, it served approximately 2.1 million high-speed Internet access customers through digital subscriber line, and fibre-optic or wireless broadband technology; and 7.4 million wireless customers. BCE Inc. was founded in 1880 and is headquartered in Verdun, Canada

CenturyLink, Inc. (CTL)

CenturyLink, Inc. operates as an integrated telecommunications company in the United States. The company provides local and long-distance, network access, private line, public access, broadband, data, managed hosting, colocation, wireless, and video services to consumers and businesses. It offers video entertainment services under the CenturyLink Prism TV and DIRECTV brands. CenturyLink also provides data, voice, and managed services to enterprise, government, and wholesale customers in local, national, and select international markets through its fiber optic network and data centers. In addition, it provides network services, cloud infrastructure, and hosted information technology solutions for enterprises. CenturyLink sells its products through direct sales representatives, inbound call centers, local retail stores, telemarketing, and third parties. It has strategic partnership with DIRECTV and Verizon Wireless. The company was founded in 1968 and is headquartered in Monroe, Louisiana

Chunghwa Telecom Co., Ltd. (CHT)

Chunghwa Telecom Co., Ltd. provides integrated telecommunication services primarily in Taiwan. It offers domestic fixed communications services, including local and domestic long distance telephone, broadband access, local and domestic long distance leased line, multimedia-on-demand (MOD), Wi-Fi, and domestic data services; mobile communications services comprising mobile, paging, information and communication technology, corporate solution, and bill handling services; Internet, data communication, Internet data center, and other Internet services; international fixed communications services that comprise international long distance telephone, international leased line, international data, satellite, and other services, including the provision of interconnection of its fixed line network and mobile network with other operators; and ICT services, such as cloud computing. The company also sells mobile handsets and data cards; and leases real estate properties. It primarily serves small and medium-sized enterprises, and large corporations. As of December 31, 2011, its transmission networks consisted of approximately 1.32 million fiber kilometers of fiber optic cable for trunking and approximately 4.19 million fiber kilometers of fiber optic cable for local loop; domestic public switched telephone network consisted of 19 message areas; and Internet access network had 33 points of presence, approximately 1,808 dial-up ports, approximately 5,518,000 broadband remote access server ports, and a bandwidth of approximately 1,740 Gbps. It also had 3,168 frame relay ports, 150 X.25 ports, 2,686 asynchronous transfer mode ports, and approximately 66,655 multi protocol label switching Internet protocol virtual private network virtual ports. It provided ADSL and FTTx services to 4.5 million customers; local telephone services to approximately 12.08 million customers; and MOD services to 1.05 million customers. The company was founded in 1996 and is headquartered in Taipei, Taiwan

Cincinnati Bell Inc. (CBB)

Cincinnati Bell Inc., together with its subsidiaries, provides telecommunications and technology services. The companys Wireline segment offers local voice services, including local telephone service, switched access, and value-added services, such as caller identification, voicemail, call waiting, and call return; and data services comprising high-speed Internet using digital subscriber line technology and over fiber using its gigabit passive optical network, as well as local area network services, network access, metro Ethernet, and asynchronous transfer mode data transport services. This segments services also comprise long distance and voice over Internet protocol (VoIP) services, such as long distance voice, audio conferencing, VoIP, and other broadband services; entertainment services that consist of television over fiber optic cable in limited areas, and DirecTV commissioning over the companys operating area; and other services, such as wire installation for business enterprises, rental revenue, public payphones, and clearinghouse services. Its Wireless segment provides advanced digital wireless voice and data communications services through the wireless network in a licensed service territory, which includes Greater Cincinnati and Dayton, Ohio, and areas of northern Kentucky and southeastern Indiana. This segment offers postpaid and prepaid wireless subscription services; and wireless handset devices to customers to use its wireless services. The companys Data Center Colocation segment offers data center colocation services to businesses. As of December 31, 2011, it owned and operated 20 data centers in Texas, Ohio, Kentucky, Indiana, Michigan, Illinois, England, and Singapore. The companys IT Services and Hardware segment provides a range of managed IT solutions, including managed infrastructure services, IT and telephony equipment sales, and professional IT staffing services. Cincinnati Bell Inc. was founded in 1873 and is based in Cincinnati, Ohio� � � � �

Consolidated Communications Holdings Inc. (CNSL)

Consolidated Communications Holdings, Inc., together with its subsidiaries, provides telecommunications services to residential and business customers in Illinois, Texas, and Pennsylvania. Its telecommunications services include local and long-distance services, high-speed broadband Internet access, standard and high-definition digital television, digital telephone services, custom calling features, private line services, carrier access services, network capacity services over its regional fiber optic network, and competitive local exchange carrier (CLEC) services. The company also offers telephone directory publishing services, wholesale transport services on its fiber-optic network in Texas, billing and collection services, inside wiring services, and maintenance services. In addition, it provides automated calling services for correctional facilities; and sells and supports telecommunications equipment, such as key, private branch exchange, and IP-based telephone systems to business customers in Texas and Illinois. The company serves residential customers, and universities and hospitals, as well as retail, commercial, light manufacturing, and service industry accounts in Illinois; manufacturing and retail industries, hospitals, local governments, and school districts in Texas; and small to mid-sized businesses, educational institutions, and healthcare facilities in Pennsylvania. As of December 31, 2011, it had 227,992 local access lines, 110,913 digital subscriber lines, 34,356 Internet protocol digital television subscribers, 9,199 voice over Internet protocol, and 89,774 CLEC access line equivalents. The company was founded in 1894 and is headquartered in Mattoon, Illinois

EarthLink Inc. (ELNK)

EarthLink, Inc., together with its subsidiaries, provides network, communications, and IT services to business and residential customers in the United States. The company operates in two reportable segments, Business Services and Consumer Services. The Business Services segment offers high-speed and dedicated Internet access, and multiprotocol label switching services; switched access, long distance services, hosted IP private branch exchange solutions, and access trunks; and mobile data and voice services through the networks of wireless services providers. It also provides cloud services, such as cloud hosting and dedicated server services; network and cloud security, endpoint and device security, compliance and enhanced monitoring, and business continuity and disaster recovery services; virtualized security services; and IT support services, as well as offers voice and data services to other communications carriers. In addition, this segment provides broadband transport services that comprise private line, Ethernet private line, and wavelength services; local communications services to Internet services providers; local dial tone communications services to service providers; and live and automated operator, and directory assistance services. Further, it sells, installs, and performs on-site maintenance of customer premise equipment; leases server space; and offers Web hosting services to build and maintain an online presence. This segment markets its services through direct sales and independent sales channels. The Consumer Services segment provides broadband access; narrowband access services; and value-added services, including security products, premium email only, home networking, email storage, and Internet call waiting. This segment provides its products and services through its call centers, search engine marketing, affinity marketing partners, resellers, and marketing alliances. The company was founded in 1994 and is headquartered in Atlanta, Georgia

eOn Communications Corporation (EONC)

eOn Communications Corporation provides telecommunications solutions in North America, Puerto Rico, and the Virgin Islands. It offers eConn IP-PBX, an enterprise Internet protocol (IP) telephony that provides enterprises PBX capability and a range of applications, including unified communications, voice messaging, auto-attendant, automatic call distribution (ACD) and wireless connectivity; and millennium converged communications platform, a robust IP-PBX system, which supports various IP and digital desktop devices and applications. The company also provides eQueue multimedia contact center solution, a solution that offers integrated ACD, skills based routing, interactive voice response, voice recording, e-mail, and Web-based interaction management capabilities, as well as advanced reporting and analytics; and eConn IP Messenger, a robust unified communications platform that integrates presence, mobility, and messaging with other communications platforms. In addition, it offers various support services, including technical support to authorized partners; training; and documentation library, as well as services comprising the development and integration of custom applications, assistance with deployment of new technologies, system consulting, and project management services. Further, the company, Cortelco Systems Puerto Rico, Inc., engages in the sale and service of integrated communications systems, data equipment, security products, and telephony billing services. It sells its products through its direct sales force, as well as through value added resellers, dealers, VoIP equipment suppliers, and distributors to mid-size businesses, the United States federal government, education/school systems, and providers of outsourced contact center solutions. eOn Communications Corporation was founded in 1991 and is headquartered in Corinth, Mississippi.

Equinix, Inc. (EQIX)

Equinix, Inc. provides data center services to protect and connect the information assets for the enterprises, financial services companies, and content and network providers primarily in the Americas, Europe, the Middle-East, Africa, and the Asia-Pacific. It connects businesses with partners and customers through a platform of data centers, containing dynamic ecosystems and the broadest choice of networks. The company offers data center services, including premium data center collocation services; interconnection services comprising physical cross-connect/direct interconnections, Internet exchange, metro connect, Internet connectivity services, and Ethernet exchange services; and outsourced IT infrastructure services. It connects approximately 4,000 enterprises, cloud, digital content, and financial companies, including 690 network service providers to help them grow their businesses, improve application performance, and protect their vital digital assets. The company provides its services through direct sales force and channel marketing program. Equinix, Inc. was founded in 1998 and is headquartered in Redwood City, California

Fairpoint Communications, Inc. (FRP)

FairPoint Communications, Inc. provides communications services in rural and small urban communities primarily in northern New England. The company offers an array of services, including high speed data, Internet access, voice, television, and broadband product offerings to residential, business, and wholesale customers. It provides local calling services, such as basic local lines, local private lines, and switched data services; data services comprising private line special access, fast packet, optical, Ethernet, and IP services; and Internet services, including IP addresses obtaining services, basic Web site design and hosting, domain name, content feeds, and Web-based email services, as well as carrier Ethernet services. In addition, the company offers network transport services, such as access services, which primarily include DS-1 and DS-3 services; and high speed digital services that primarily comprise Ethernet-based services provisioned over fiber and copper facilities. Further, it provides billing and collection services for interexchange carriers; directories, which offer white page, yellow page, and community information listings; public (coin) telephone, and the sale and maintenance of customer premise equipment; and video services to its customers by reselling DirectTV content, and cable and IP TV video-over- digital subscriber lines. As of December 31, 2011, the company operated approximately 1.3 million access line equivalents in 18 states. It provides cellular backhaul connectivity to approximately 1,600 towers. FairPoint Communications, Inc. is headquartered in Charlotte, North Carolina

Frontier Communications Corporation (FTR)

Frontier Communications Corporation provides communications services for residential and business customers in the United States. The company offers local and long distance voice services, including basic telephone wireline services to residential and business customers; and packages of communications services. It also provides data and Internet services comprising residential services, such as high-speed Internet, dial up Internet, portal and e-mail products, and hard drive back-up services; commercial services, such as Ethernet, dedicated Internet, multiprotocol label switching, and TDM data transport services; and wireless data services. In addition, the company offers switched access services that allow other carriers to use the facilities to originate and terminate their local and long distance voice and data traffic; and direct broadcast satellite services and fiber optic video services. Further, it sells a range of third-party telecommunications equipment for business customers. The company was formerly known as Citizens Communications Company and changed its name to Frontier Communications Corporation in July 2008. Frontier Communications Corporation was founded in 1927 and is based in Stamford, Connecticut.

Hickory Tech Corp. (HTCO)

Hickory Tech Corporation provides integrated communications services to business and residential customers in the Midwest. The company operates in two segments, Business Sector and Telecom Sector. The Business Sector segment offers integrated data services, such as fiber, data and Internet, voice and voice over Internet protocol, managed and hosted, data center, equipment, and total care support services. This segment also distributes telecommunications and data processing equipment, as well as provides network and equipment monitoring, maintenance, and equipment consulting services; and offers fiber-based transport for regional and national telecommunications carriers, wireless carriers, and other providers. It serves businesses primarily in the upper Midwest. The Telecom Sector segment offers network access services; and broadband services, such as residential and business DSL access, high-speed Internet, digital TV, and business Ethernet services. It also provides local telephone, long distance, and calling features services; and directory assistance, operator service, and long distance private lines. In addition, this segment offers directory publishing, customer premise equipment sales, bill processing, and add/move/change services. It owns and operates approximately 900 mile fiber optic network and facilities in Minnesota. Hickory Tech Corporation was founded in 1898 and is headquartered in Mankato, Minnesota

InterMetro Communications Inc. (IMTO)

InterMetro Communications, Inc. provides voice over Internet Protocol (VoIP) communication services in the United States. The company operates VoIP network infrastructure to offer voice calling services to traditional long distance carriers, broadband phone companies, VoIP service providers, wireless providers, other communications companies, and end users. It offers carrier services comprising origination and termination services; and retail services in the form of calling cards or through the distribution of personal identification numbers. The companys retail services integrate the installation of voice services with billing and customer care functionality, and voice and data applications, such as on-demand conferencing and find-me/follow-me service. It also develops IP devices, such as Broadband MetroFone, VideoLine MetroFone, and DialLine MetroFone. InterMetro Communications, Inc. provides its services through its direct sales force and agents, as well as retail distribution partners, including general merchandise and discount retail chains. The company is headquartered in Simi Valley, California�

magicJack VocalTec Ltd. (CALL)

magicJack VocalTec Ltd. provides voice over Internet protocol (VoIP ) services in the United States. It offers magicJack and magicJack PLUS, which are VoIP devices that provide phone services for home and enterprise customers, as well as in traveling. The company also offers magicJack PC, a softphone that allows users to make and receive telephone calls through the computer using a headphone or the computers speakers and microphone; and magicJack APP, an application, which allows users to make and receive telephone calls through their smart phones using magicJack account. In addition, it sells telecommunications hardware, proprietary software, and service agreements to telecommunication carriers. The company sells its products and services to retailers and wholesalers, as well as directly to customers. magicJack VocalTec Ltd. is headquartered in Netanya, Israel.�

Poly Shield Technologies Inc. (SHPR)

Poly Shield Technologies Inc. engages in the manufacture and sale of fluoropolymer coating products. The company provides SuperShield, a range of fluoropolymer coatings; SuperiorShield products, a line of protective and energy saving roof coatings; and MicroShield products, a range of anti-microbial coatings. It offers coating products to protect surfaces from corrosion, oxidation, and ultraviolet degradation in various industries, including industrial, commercial, marine, aerospace, and oilfield, as well as residential applications. The company was formerly known as GlobeTrac Inc. and changed its name to Poly Shield Technologies Inc. in July 2012. The company is headquartered in Boca Raton, Florida

Shenandoah Telecommunications Co. (SHEN)

Shenandoah Telecommunications Company, a diversified telecommunications company, provides regulated and unregulated telecommunications services to end-user customers and other communications providers in the southeastern United States. It offers a suite of voice, video, and data communications services; and sells telecommunications equipment. The companys Wireless segment provides digital wireless service to a portion of a four-state area covering the region from Harrisburg, York, and Altoona, Pennsylvania to Harrisonburg, Virginia. It owns 149 towers and leases tower space to other wireless communications providers in Virginia, West Virginia, Maryland, and Pennsylvania. This segment also offers personal communications services through a digital wireless telephone and data network. Its Wireline segment provides regulated and unregulated telephone services and leases fiber optic facilities primarily in the northern Shenandoah Valley. This segment also offers information services and Internet access to customers in the northern Shenandoah Valley and surrounding areas. In addition, it is involved in the resale of long distance service for calls placed to locations outside the regulated telephone service area by telephone customers. As of December 31, 2011, this segment had approximately 1,410 dial-up customers and 12,351 digital subscriber line customers, as well as served approximately 10,483 long distance customers. The companys Cable Television segment provides coaxial cable-based television service in the portions of Shenandoah County, Virginia, as well as in communities in West Virginia, southern and southwestern Virginia, and western Maryland. It had approximately 137,238 cable revenue generating units. The company was founded in 1902 and is headquartered in Edinburg, Virginia� �

Spot Mobile International Ltd. (RPID)

Spot Mobile International Ltd., through its subsidiaries, provides prepaid telecommunication and transaction based point of sale activation (POSA) solutions through independent retailers in the eastern United States. The company operates as a reseller and distributor of prepaid wireless airtime through POSA terminals for prepaid wireless airtime retailers. It also operates as a prepaid wireless mobile virtual network operator that distributes and sells prepaid wireless handsets and SIM cards; and offers talk and text, and direct dial international access services, as well as voicemail, caller ID, call waiting, call forwarding, and 3-way calling services. The company provides its services through master agents, sub-agents, jobbers, and dealers, as well as through Internet. Spot Mobile International Ltd. is based in North York, Canada

TW Telecom Inc. (TWTC)

tw telecom inc. engages in the provision of managed network services in the United States. The company offers data networking, converged, Internet protocol based virtual private network (IP VPN), and Internet access services. The companys data services include switched native local area network (NLAN), point-to-point elite NLAN, E-Line, extended NLAN, regional ethernet, and IP VPN and managed IP VPN services; and converged and integrated services. It also provides high capacity Internet service with bandwidth speeds ranging from 1.5 Mbps to 10 Gbps to access the Internet and other external networks; and managed services comprising enhanced management services, managed security services, collocation services, and distributed denial of service mitigation. In addition, the company offers network access services for voice, data, image, and video transmission, such as private line, special access, transport arrangements, and metropolitan and regional connectivity; and voice services that provide customers with local and long distance calling capabilities consisting of access trunk, long distance, local toll, local telephone, business access line, and IP trunk services. Further, it offers intercarrier services, such as switched access and local traffic termination services. As of December 31, 2011, the companys fiber network spanned approximately 27,000 route miles connecting to 15,438 buildings. Its customers include enterprise organizations in the distribution, health care, finance, service, and manufacturing industries; state, local, and federal government entities; system integrators; and communication service providers, such as incumbent local exchange carriers, competitive local exchange carriers, wireless communications, and cable companies. The company was formerly known as Time Warner Telecom Inc. and changed its name to tw telecom inc. in March 2008. tw telecom inc. was founded in 1993 and is headquartered in Littleton, Colorado� �

UniTek Global Services, Inc. (UNTK)

UniTek Global Services, Inc. provides outsourced infrastructure and technical services to the wireless and wireline telecommunications, satellite television, and broadband cable industries in the United States and Canada. Its services include network engineering and design services for underground plant construction, aerial infrastructure, and multi-dwelling content delivery; and construction and project management services for the cable and wireline telecommunication industries, which comprise systems engineering, aerial and underground construction, regular maintenance of the distribution facilities and networks, emergency services for accidents or storm damage, routine replacements, and upgrades of network overhauls. The companys services also include comprehensive installation and fulfillment services that comprise residential and commercial installation, warehousing/logistics, call centers, inventory management, customer service compliance, fleet management, and risk and safety related services. In addition, it offers wireless telecommunication infrastructure services, which include communications infrastructure equipment construction and installation; radio frequency and network design, and engineering; radio transmission base station installation and modification; in-building network design, engineering, and construction; and site acquisition services. Further, the company provides systems integration services for communications projects for transportation, public safety, entertainment, hospitality, and enterprise-grade commercial real estate projects. UniTek Global Services, Inc. was founded in 2004 and is headquartered in Blue Bell, Pennsylvania�

Verizon Communications Inc. (VZ)

Verizon Communications Inc. provides communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. Its Verizon Wireless segment offers data services and applications comprising Internet access through smart phones and basic phones; mobile broadband services; messaging services, which enable its customers to send and receive text, picture, and video messages; customer-focused and business-focused offerings; location-based services; and global data services, as well as access to data applications and services of third parties. This segment also provides voice services; other connection-related services, such as data access and value added services to support telemetry-type applications; and M2M services that support devices used in healthcare, manufacturing, utilities, distribution, and consumer products markets, as well as sells smart phones and basic phones, tablets, and other Internet access devices. The companys Wireline segment offers video services over its fiber-optic network; data Services comprising high-speed Internet and FiOS broadband data products, as well as local exchange capacity, managed, mobility, and security services; voice services, such as local exchange, regional, long distance, wire maintenance, and voice messaging services, as well as VoIP, and landline and wireless services; and local dial tone and broadband services to local exchange carriers. This segment also provides networking products and solutions, such as private Internet protocol services, and Ethernet access and ring services; and infrastructure and cloud services. As of August 10, 2012, it served 94.2 million retail customers, including 88.8 million retail postpaid customers. The company was formerly known as Bell Atlantic Corporation and changed its name to Verizon Communications Inc. in June 2000. Verizon Communications Inc. was founded in 1983 and is based in New York, New York�

Warwick Valley Telephone Company (WVT)

Warwick Valley Telephone Company, a cloud-based communications company, provides unified communications (UC) solutions and enterprise hosted voice over Internet protocol (VoIP) services to residential and business customers. It also operates as a regional incumbent local exchange carrier (ILEC) in southern Orange County, New York, and northern New Jersey; and operates as a competitive local exchange carrier (CLEC) in the areas adjacent to its ILEC territories. The company operates in two segments, Telephone and Online. The Telephone segment offers various telecommunication services, including local network, network access, long distance, directory, and other services. Its local network services include traditional dial tone service to make or receive voice, fax, or analog modem calls, as well as custom calling services, such as caller ID, call waiting, voice mail, and other value-added services; network access services connect a customers telephone or other equipment to the transmission facilities of other carriers that provide long distance and other communications services; long distance services result from the transport of intra LATA telecommunications traffic to a destination that is outside of a local calling area; and directory services comprise publishing and sale of yellow and white page advertising in print and online. This segment also provides wholesale carrier services that provide origination and termination services to carriers, and mid-sized and large business customers, as well as wholesale UC services; voice conferencing services; and billing and collection services to other carriers. The Online segment offers a range of UC services consisting of enterprise hosted VoIP, broadband and dial-up Internet access, and digital television services. This segment also provides domain name registration and Web-hosting services. Warwick Valley Telephone Company was founded in 1902 and is based in Warwick, New York�

Windstream Corporation (WIN)

Windstream Corporation provides communications and technology solutions in the United States. The company offers business services, as well as provides broadband, voice, and video services to consumers primarily in rural markets. It offers business data services, including multi-site networking, high-speed Internet access; data center services; carrier services, such as Ethernet transport, and special access services, which provide access and network transport services to end users; and telephone services, as well as sells customized communications equipment systems to business customers. The company also provides consumer broadband services, including high-speed Internet, online backup services, and Internet security services; telephone services, which include call waiting, caller identification, and call forwarding; and video services, as well as sells broadband modems, home networking gateways, personal computers, and home phones. In addition, it offers wholesale services, which include switched access services to long-distance companies and other local exchange carriers for access to the companys network in connection with the completion of long-distance calls; and receives compensation from wireless and other local exchange carriers for the use of its facilities. Further, the company sells network equipment to contractors on a wholesale. As of December 31, 2011, its network consisted of approximately 115,000 of fiber optic plant in fiber backbone and local service areas. The company is based in Little Rock, Arkansas�



















































































































































































































































































































































Industry Name Number of Firms Average Beta Market D/E Ratio Tax RateAdvertising 32 1.68 40.84% 16.02%Aerospace/Defense 66 0.98 26.64% 20.08%Air Transport 36 1.03 59.08% 21.35%Apparel 54 1.36 13.77% 18.57%Auto Parts 54 1.76 24.37% 18.77%Automotive 12 1.73 103.42% 16.24%Bank 416 0.77 128.23% 16.39%Bank (Midwest) 68 0.89 49.85% 20.99%Beverage 35 0.95 22.29% 18.82%Biotechnology 214 1.23 15.92% 2.98%Building Materials 43 1.57 65.24% 9.48%Cable TV 20 1.40 66.11% 21.23%Chemical (Basic) 18 1.37 24.73% 21.89%Chemical (Diversified) 33 1.55 16.69% 19.75%Chemical (Specialty) 70 1.18 20.53% 15.35%Coal 20 1.47 68.38% 11.27%Computer Software 191 0.98 6.55% 12.43%Computers/Peripherals 81 1.37 9.70% 10.01%Diversified Co. 113 1.22 78.69% 17.18%Drug 223 1.08 14.79% 5.14%E-Commerce 64 1.05 6.74% 10.52%Educational Services 33 0.91 24.73% 21.72%Electric Util. (Central) 20 0.57 85.00% 30.12%Electric Utility (East) 17 0.43 67.90% 33.49%Electric Utility (West) 15 0.58 81.37% 29.09%Electrical Equipment 64 1.43 12.28% 16.15%Electronics 123 1.22 22.46% 11.31%Engineering & Const 30 1.28 13.23% 25.00%Entertainment 76 1.60 33.87% 12.56%Entertainment Tech 42 1.11 11.54% 11.01%Environmental 84 0.66 43.07% 7.60%Financial Svcs. (Div.) 256 1.34 204.42% 16.23%Food Processing 119 0.87 23.50% 21.63%Foreign Electronics 10 1.10 45.71% 23.12%Funeral Services 6 1.12 49.48% 28.66%Furn/Home Furnishings 32 1.63 22.06% 16.69%Healthcare Information 20 0.97 11.62% 20.31%Heavy Truck & Equip 23 1.80 47.30% 22.74%Homebuilding 22 1.55 49.57% 7.12%Hotel/Gaming 57 1.65 44.75% 17.52%Household Products 27 0.98 18.11% 24.66%Human Resources 25 1.38 10.80% 26.61%

Industrial Services 136 0.97 36.56% 20.19%Information Services 28 1.25 28.46% 18.33%Insurance (Life) 32 1.44 55.85% 21.09%Insurance (Prop/Cas.) 62 0.85 21.48% 10.73%Internet 194 1.17 2.29% 8.43%Investment Companies 31 1.27 7.55% 2.26%IT Services 63 1.05 5.72% 16.27%Machinery 94 1.26 17.39% 22.73%Maritime 51 1.51 181.21% 7.92%Med Supp Invasive 87 0.87 16.48% 12.60%Med Supp Non-Invasive 143 1.07 12.89% 10.61%Medical Services 118 0.84 50.23% 17.72%Metal Fabricating 25 1.62 23.59% 23.30%Metals & Mining (Div.) 77 1.62 15.42% 11.24%Natural Gas (Div.) 31 1.28 41.08% 22.02%Natural Gas Utility 27 0.46 66.15% 28.80%Newspaper 14 1.86 39.29% 18.35%Office Equip/Supplies 22 1.43 72.14% 22.66%Oil/Gas Distribution 12 1.02 53.39% 18.11%Oilfield Svcs/Equip. 81 1.66 27.72% 18.20%Packaging & Container 27 1.20 56.17% 23.09%Paper/Forest Products 32 1.37 43.01% 11.43%Petroleum (Integrated) 26 1.17 20.47% 30.34%Petroleum (Producing) 176 1.45 28.12% 11.71%Pharmacy Services 18 1.17 18.88% 23.18%Pipeline MLPs 53 0.74 44.37% 4.30%Power 101 1.35 163.45% 6.19%Precious Metals 83 1.03 13.65% 11.13%Precision Instrument 82 1.27 21.21% 14.13%Property Management 31 1.30 112.58% 16.50%Public/Private Equity 12 2.02 28.73% 19.17%Publishing 29 1.17 36.14% 22.69%R.E.I.T. 127 1.43 37.01% 0.04%Railroad 12 1.32 23.46% 28.60%Recreation 51 1.45 37.75% 20.31%Reinsurance 11 0.82 18.90% 3.58%Restaurant 65 1.16 13.15% 19.23%Retail (Hardlines) 79 1.79 26.01% 22.55%Retail (Softlines) 42 1.43 5.59% 25.57%Retail Automotive 19 1.39 44.33% 32.69%Retail Building Supply 10 1.11 11.72% 25.56%Retail Store 38 1.29 25.58% 24.83%Retail/Wholesale Food 30 0.68 34.84% 31.18%

Securities Brokerage 27 1.07 264.59% 30.41%Semiconductor 142 1.49 10.06% 11.71%Semiconductor Equip 10 1.79 16.98% 15.21%Shoe 17 1.26 1.94% 19.89%Steel 33 1.65 56.21% 24.24%Telecom. Equipment 105 1.07 13.31% 14.01%Telecom. Services 76 1.15 31.82% 16.22%Telecom. Utility 23 0.92 108.25% 26.94%Thrift 170 0.68 19.50% 15.84%Tobacco 11 0.86 18.87% 32.82%Toiletries/Cosmetics 14 1.17 20.63% 27.33%Trucking 34 1.09 42.33% 25.94%Water Utility 11 0.49 73.18% 31.45%Wireless Networking 58 1.35 25.67% 10.06%Total Market 6177 1.17 42.92% 14.93%

Fuente: Damodaranhttp://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/Betas.html

http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/Betas.html

Unlevered Beta Cash/Firm Value Unlevered Beta corrected for cash1.25 13.12% 1.440.81 11.74% 0.920.70 14.13% 0.821.23 5.13% 1.291.47 11.65% 1.660.93 16.84% 1.110.37 16.43% 0.450.64 15.03% 0.760.80 4.33% 0.841.07 18.10% 1.300.99 6.18% 1.050.92 3.61% 0.961.15 7.52% 1.241.37 6.96% 1.471.00 4.58% 1.050.91 7.67% 0.990.92 16.59% 1.111.26 9.78% 1.390.74 14.07% 0.860.94 8.25% 1.030.99 9.21% 1.090.76 30.24% 1.090.36 1.03% 0.360.29 1.81% 0.300.37 1.88% 0.381.29 10.95% 1.451.01 13.01% 1.171.17 16.52% 1.401.24 5.81% 1.311.01 24.21% 1.330.48 2.45% 0.490.49 12.46% 0.560.74 3.74% 0.770.81 27.40% 1.120.83 2.94% 0.851.37 6.52% 1.470.88 10.06% 0.981.32 9.15% 1.451.06 15.14% 1.251.21 6.43% 1.290.86 2.52% 0.881.28 12.49% 1.46

0.75 9.21% 0.831.01 3.48% 1.051.00 28.90% 1.410.71 20.86% 0.901.15 12.04% 1.311.18 2.64% 1.211.00 10.31% 1.111.11 6.04% 1.180.57 6.05% 0.600.76 7.36% 0.820.96 13.33% 1.100.59 10.82% 0.661.38 11.91% 1.561.42 7.45% 1.540.97 4.36% 1.010.31 2.41% 0.321.41 5.91% 1.500.91 13.12% 1.050.71 1.26% 0.721.35 6.40% 1.450.84 5.10% 0.880.99 7.35% 1.071.02 7.03% 1.101.16 3.81% 1.211.02 5.11% 1.070.52 0.74% 0.520.53 7.85% 0.580.92 7.93% 1.001.07 11.37% 1.210.67 8.37% 0.731.64 15.39% 1.940.92 4.97% 0.961.04 6.78% 1.121.13 1.69% 1.151.11 5.79% 1.180.69 24.61% 0.911.05 3.42% 1.081.49 9.96% 1.651.37 8.96% 1.511.07 2.50% 1.101.02 1.97% 1.041.08 4.67% 1.140.55 5.46% 0.58

0.38 43.53% 0.661.37 14.48% 1.601.57 21.91% 2.011.24 8.93% 1.371.16 8.82% 1.270.96 30.13% 1.370.91 8.92% 1.00 Promedio0.51 3.31% 0.53 0.760.58 25.18% 0.780.76 3.21% 0.791.01 6.80% 1.090.83 5.15% 0.870.33 0.54% 0.331.10 6.00% 1.170.86 10.66% 0.96

TELEFONICA DEL PERU S.A.A.

CUENTA

Activos

Activos Corrientes

Efectivo y Equivalentes al Efectivo

Otros Activos Financieros

Cuentas por Cobrar Comerciales (neto)

Otras Cuentas por Cobrar (neto)

Cuentas por Cobrar a Entidades Relacionadas

Inventarios

Activos Biológicos

Activos por Impuestos a las Ganancias

Gastos Pagados por Anticipado

Otros Activos

Activos no Corrientes o Grupos de Activos para su Disposición Clasificados como Mantenidos para la Venta

Activos no Corrientes o Grupos de Activos para su Disposición Clasificados como Mantenidos para Distribuir a los Propietarios

Total Activos Corrientes

Activos No Corrientes


Inversiones Contabilizadas Aplicando el Método de la Participación

Cuentas por Cobrar Comerciales

Otras Cuentas por Cobrar


Activos Biológicos

Propiedades de Inversión

Propiedades, Planta y Equipo (neto)

Activos Intangibles (neto)

Activos por Impuestos a las Ganancias Diferidos

Plusvalía

Otros Activos

Total Activos No Corrientes

TOTAL DE ACTIVOS

Pasivos y Patrimonio

Pasivos Corrientes

Otros Pasivos Financieros

Cuentas por Pagar Comerciales

Otras Cuentas por Pagar

Cuentas por Pagar a Entidades Relacionadas

ESTADOS FINANCIEROS | INDIVIDUAL | TRIMESTRE III AL 30 DE SEPTIEMBRE DEL 2012 ( EN MILES DE NUEVOS SOLES )

Total Activos Corrientes Distintos de los Activos o Grupos de Activos para su Disposición Clasificados como Mantenidos para la Venta o para Distribuir a los Propietarios

Activos no Corrientes o Grupos de Activos para su Disposición Clasificados como Mantenidos para la Venta o como Mantenidos para Distribuir a los Propietarios

Provisiones

Pasivos por Impuestos a las Ganancias

Provisión por Beneficios a los Empleados

Otros Pasivos

Pasivos incluidos en Grupos de Activos para su Disposición Clasificados como Mantenidos para la Venta

Total Pasivos Corrientes

Pasivos No Corrientes





Pasivos por Impuestos a las Ganancias Diferidos

Provisiones


Otros Pasivos

Ingresos Diferidos (netos)

Total Pasivos No Corrientes

Total Pasivos

Patrimonio

Capital Emitido

Primas de Emisión

Acciones de Inversión

Acciones Propias en Cartera

Otras Reservas de Capital

Resultados Acumulados

Otras Reservas de Patrimonio

Total Patrimonio

TOTAL PASIVO Y PATRIMONIO

Total de Pasivos Corrientes distintos de Pasivos incluidos en Grupos de Activos para su Disposición Clasificados como Mantenidos para la Venta


0 0 0

0 0 0

134,370 125,470 362,581

0 0 0

1,077,541 1,180,697 1,141,912

89,205 119,090 131,776

2,083 2,055 2,087

45,392 52,693 47,475

0 0 0

80,297 45,426 1,269

50,229 71,701 72,661

0 0 0

1,479,117 1,597,132 1,759,761

0 0 0

0 0 0

0 0 0

1,479,117 1,597,132 1,759,761

0 0 0

1,393 1,393 1,393

1,295,925 1,297,895 1,293,924

0 0 0

29,811 29,850 29,137

0 0 0

0 0 0

0 0 0

3,070,150 3,045,477 3,070,830

1,368,563 1,350,257 1,318,750

0 0 0

1,224,379 1,224,379 1,224,379

99,607 95,767 91,925

7,089,828 7,045,018 7,030,338

8,568,945 8,642,150 8,790,099

0 0 0

0 0 0

635,829 665,971 632,165

1,113,609 1,128,638 1,152,193

139,253 149,471 168,753

2,123 39,231 37,101


31 del Marzo del 2012

30 de Junio del 2012

30 de Setiembre del

2012

547,560 571,593 628,411

0 0 0

0 0 0

0 0 0

2,438,374 2,554,904 2,618,623

0 0 0

2,438,374 2,554,904 2,618,623

0 0 0

2,030,976 2,034,080 2,003,672

0 0 0

42,001 42,258 45,034

140,000 105,000 105,000

81,751 68,421 49,581

0 0 0

0 0 0

0 0 0

71,546 67,545 62,595

2,366,274 2,317,304 2,265,882

4,804,648 4,872,208 4,884,505

0 0 0

2,878,643 2,878,643 2,878,643

83,403 83,403 83,403

0 0 0

0 0 0

373,268 368,728 368,728

441,252 452,458 592,407

-12,269 -13,290 -17,587

3,764,297 3,769,942 3,905,594

8,568,945 8,642,150 8,790,099


CUENTA

Activos

Activos Corrientes

Efectivo y Equivalentes al Efectivo





Inventarios

Activos Biológicos

Activos por Impuestos a las Ganancias

Gastos Pagados por Anticipado

Otros Activos

Activos no Corrientes o Grupos de Activos para su Disposición Clasificados como Mantenidos para la Venta

Activos no Corrientes o Grupos de Activos para su Disposición Clasificados como Mantenidos para Distribuir a los Propietarios

Total Activos Corrientes

Activos No Corrientes


Inversiones Contabilizadas Aplicando el Método de la Participación




Activos Biológicos

Propiedades de Inversión

Propiedades, Planta y Equipo (neto)


Activos por Impuestos a las Ganancias Diferidos

Plusvalía

Otros Activos

Total Activos No Corrientes

TOTAL DE ACTIVOS

Pasivos y Patrimonio

Pasivos Corrientes





ESTADOS FINANCIEROS | INDIVIDUAL | TRIMESTRE IV AL 31 DE DICIEMBRE DEL 2011 ( EN MILES DE NUEVOS SOLES )

Total Activos Corrientes Distintos de los Activos o Grupos de Activos para su Disposición Clasificados como Mantenidos para la Venta o para Distribuir a los Propietarios

Activos no Corrientes o Grupos de Activos para su Disposición Clasificados como Mantenidos para la Venta o como Mantenidos para Distribuir a los Propietarios

Provisiones

Pasivos por Impuestos a las Ganancias


Otros Pasivos

Total de Pasivos Corrientes distintos de Pasivos incluidos en Grupos de Activos para su Disposición Clasificados como Mantenidos para la Venta

Pasivos incluidos en Grupos de Activos para su Disposición Clasificados como Mantenidos para la Venta

Total Pasivos Corrientes

Pasivos No Corrientes





Pasivos por Impuestos a las Ganancias Diferidos

Provisiones


Otros Pasivos


Total Pasivos No Corrientes

Total Pasivos

Patrimonio

Capital Emitido

Primas de Emisión


Acciones Propias en Cartera

Otras Reservas de Capital


Otras Reservas de Patrimonio

Total Patrimonio

TOTAL PASIVO Y PATRIMONIO

0 0 0 0

0 0 0 0

285,217 379,861 138,506 285,059

0 0 0 0

771,303 761,748 839,621 1,092,013

126,978 135,135 100,794 65,375

4,198 284,012 3,095 3,180

88,848 85,389 84,468 57,147

0 0 0 0

0 10,303 0 57,029

56,932 59,348 71,264 63,224

0 0 0 0

1,333,476 1,715,796 1,237,748 1,623,027

0 0 0 0

0 0 0 0

0 0 0 0

1,333,476 1,715,796 1,237,748 1,623,027

0 0 0 0

1,393 1,393 1,393 1,393

1,406,138 1,072,342 1,247,855 1,295,925

0 0 0 0

37,984 37,324 37,617 30,094

0 0 0 0

0 0 0 0

0 0 0 0

3,139,046 3,101,016 3,085,197 3,130,938

1,468,327 1,438,236 1,414,945 1,381,740

0 0 0 0

1,224,379 1,224,379 1,224,379 1,224,379

81,317 94,936 101,004 103,795

7,358,584 6,969,626 7,112,390 7,168,264

8,692,060 8,685,422 8,350,138 8,791,291

0 0 0 0

0 0 0 0

807,438 673,697 565,005 565,728

681,048 688,615 683,495 1,202,766

156,651 170,022 167,486 161,591

0 0 0 45



30 de Setiembre del

2011

31 de Diciembre del

2011

658,506 634,112 591,749 681,551

10,787 0 0 0

0 0 0 0

0 0 0 0

2,314,430 2,166,446 2,007,735 2,611,681

0 0 0 0

2,314,430 2,166,446 2,007,735 2,611,681

0 0 0 0

2,307,680 2,264,926 2,201,686 2,079,127

0 0 0 0

41,507 44,034 43,641 41,907

0 0 0 140,000

158,206 148,453 140,989 97,640

0 0 0 0

0 0 0 0

0 0 0 0

101,222 94,096 84,849 76,145

2,608,615 2,551,509 2,471,165 2,434,819

4,923,045 4,717,955 4,478,900 5,046,500

0 0 0 0

2,878,643 2,878,643 2,878,643 2,878,643

83,403 83,403 83,403 83,403

0 0 0 0

0 0 0 0

316,478 316,478 316,478 331,091

488,694 684,407 600,819 462,052

1,797 4,536 -8,105 -10,398

3,769,015 3,967,467 3,871,238 3,744,791

8,692,060 8,685,422 8,350,138 8,791,291


CUENTA

Activo

Activo Corriente

Efectivo y Equivalentes de efectivo

Inversiones Financieras

- Activos Financieros al Valor Razonable con cambios en Ganancias y Pérdidas

- Activos Financieros Disponibles para la Venta

- Activos Financieros mantenidos hasta el Vencimiento

- Activos por Instrumentos Financieros Derivados


Otras Cuentas por Cobrar a Partes Relacionadas (neto)


Existencias (neto)

Activos Biológicos

Activos no Corrientes mantenidos para la Venta

Gastos Contratados por Anticipado

Otros Activos

Total Activo Corriente

Activo No Corriente





- Inversiones al Método de Participación

- Otras Inversiones Financieras




Existencias (neto)

Activos Biológicos

Inversiones Inmobiliarias

Inmuebles, Maquinaria y Equipo (neto)


Activo por Impuesto a la Renta y Participaciones Diferidos

Crédito Mercantil

Otros Activos

Total Activo No Corriente

TOTAL ACTIVO

Pasivo y Patrimonio

ESTADOS FINANCIEROS | INDIVIDUAL | TRIMESTRE I AL 31 DE MARZO DEL 2010 ( EN MILES DE NUEVOS SOLES )

Pasivo Corriente

Sobregiros Bancarios

Obligaciones Financieras


Otras Cuentas por Pagar a Partes Relacionadas (neto)

Impuesto a la Renta y Participaciones Corrientes


Provisiones

Pasivos mantenidos para la Venta

Total Pasivo Corriente

Pasivo No Corriente



Cuentas por Pagar a Partes Relacionadas

Pasivo por Impuesto a la Renta y Participaciones Diferidos


Provisiones


Total Pasivo No Corriente

Total Pasivo

Patrimonio Neto

Capital


Capital Adicional

Resultados no Realizados

Reservas Legales

Otras Reservas


Diferencias de Conversión

Total Patrimonio Neto

TOTAL PASIVO Y PATRIMONIO NETO


0 0 0 0

0 0 0 0

218,966 274,588 233,732 327,354

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

894,556 895,310 886,135 888,162

23,000 247,172 27,405 4,381

126,235 132,048 212,051 85,086

91,352 98,600 108,438 93,409

0 0 0 0

0 0 0 0

51,505 60,301 57,033 51,202

0 0 0 0

1,405,614 1,708,019 1,524,794 1,449,594

0 0 0 0

1,429,939 1,357,438 1,563,670 1,244,103

0 0 0 0

0 0 0 0

0 0 0 0

1,428,546 1,356,045 1,562,277 1,242,710

1,393 1,393 1,393 1,393

0 0 0 0

0 0 0 0

52,341 52,084 51,435 44,935

0 0 0 0

0 0 0 0

0 0 0 0

3,265,754 3,181,003 3,172,671 3,211,823

1,578,908 1,546,150 1,510,667 1,493,933

0 0 0 0

1,224,379 1,224,379 1,224,379 1,224,379

62,214 83,847 80,538 77,228

7,613,535 7,444,901 7,603,360 7,296,401

9,019,149 9,152,920 9,128,154 8,745,995

0 0 0 0



30 de Setiembre del

2010

31 de Diciembre del

2010

0 0 0 0

474 3,175 99 100

691,189 718,573 761,783 680,846

575,262 645,412 666,772 784,454

0 0 0 0

14,842 32,191 54,334 104,409

160,559 146,246 179,933 157,126

475,370 474,969 484,256 642,935

0 0 0 0

1,917,696 2,020,566 2,147,177 2,369,870

0 0 0 0

2,864,062 2,755,918 2,647,570 2,489,957

0 0 0 0

0 0 0 0

350,169 316,402 301,549 181,277

59,584 60,196 60,610 41,619

0 0 0 0

125,411 117,015 109,688 105,855

3,399,226 3,249,531 3,119,417 2,818,708

5,316,922 5,270,097 5,266,594 5,188,578

0 0 0 0

2,878,643 2,878,643 2,878,643 2,878,643

0 0 0 0

83,403 83,403 83,403 83,403

0 0 0 0

230,791 230,791 230,791 230,791

-15,762 -4,565 -9,350 -8,746

525,152 694,551 678,073 373,326

0 0 0 0

3,702,227 3,882,823 3,861,560 3,557,417

9,019,149 9,152,920 9,128,154 8,745,995


CUENTA

Activo

Activo Corriente










Existencias (neto)

Activos Biológicos



Otros Activos


Activo No Corriente










Existencias (neto)

Activos Biológicos





Crédito Mercantil

Otros Activos


TOTAL ACTIVO

Pasivo y Patrimonio


Pasivo Corriente







Provisiones



Pasivo No Corriente






Provisiones



Total Pasivo

Patrimonio Neto

Capital


Capital Adicional


Reservas Legales

Otras Reservas






0 0 0 0

0 0 0 0

136,748 166,470 102,618 176,551

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

788,116 908,782 937,007 961,295

31,964 181,646 25,257 24,572

59,792 66,127 84,769 98,697

81,446 92,062 87,685 67,842

0 0 0 0

0 0 0 0

244,450 183,179 102,898 65,152

0 0 0 0

1,342,516 1,598,266 1,340,234 1,394,109

0 0 0 0

1,447,170 1,419,227 1,589,295 1,276,269

0 0 0 0

0 0 0 0

0 0 0 0

1,445,777 1,417,834 1,587,902 1,274,876

1,393 1,393 1,393 1,393

0 0 0 0

0 0 0 0

3,785 3,785 3,785 53,162

0 0 0 0

0 0 0 0

0 0 0 0

3,449,680 3,382,678 3,319,651 3,389,388

1,684,751 1,638,067 1,608,138 1,555,291

0 0 0 0

1,228,526 1,228,590 1,221,907 1,224,379

84,755 82,544 80,334 65,523

7,898,667 7,754,891 7,823,110 7,564,012

9,241,183 9,353,157 9,163,344 8,958,121

0 0 0 0




30 de Setiembre del

2009

31 de Diciembre del

2009

0 0 0 0

10,059 2,358 3,949 0

777,133 613,429 641,953 637,687

535,335 543,347 537,871 666,669

0 0 0 0

23,727 46,524 69,972 69,472

181,835 164,500 144,447 159,246

521,635 532,888 477,419 464,815

0 0 0 0

2,049,724 1,903,046 1,875,611 1,997,889

0 0 0 0

2,647,099 2,836,312 2,866,466 2,849,458

0 0 0 0

0 0 0 0

498,913 454,874 414,865 368,270

55,334 56,388 55,864 57,580

0 0 0 0

26,894 26,319 25,609 134,278

3,228,240 3,373,893 3,362,804 3,409,586

5,277,964 5,276,939 5,238,415 5,407,475

0 0 0 0

2,877,748 2,877,748 2,878,643 2,878,643

0 0 0 0

84,414 84,300 83,405 83,403

0 0 0 0

149,626 149,626 149,626 149,626

277,007 225,698 208,745 -12,643

574,424 738,846 604,510 451,617

0 0 0 0

3,963,219 4,076,218 3,924,929 3,550,646

9,241,183 9,353,157 9,163,344 8,958,121


CUENTA

Activo

Activo Corriente










Existencias (neto)

Activos Biológicos



Otros Activos


Activo No Corriente










Existencias (neto)

Activos Biológicos





Crédito Mercantil

Otros Activos


TOTAL ACTIVO

Pasivo y Patrimonio


Pasivo Corriente







Provisiones



Pasivo No Corriente






Provisiones



Total Pasivo

Patrimonio Neto

Capital


Capital Adicional


Reservas Legales

Otras Reservas






0 0 0 0

0 0 0 0

155,914 498,665 337,486 84,745

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

684,887 689,980 734,833 742,037

3,525 3,525 11,003 74,447

17,242 21,834 22,829 17,647

54,759 51,715 53,274 79,699

0 0 0 0

0 0 0 0

180,846 197,611 198,141 258,404

0 0 0 0

1,097,173 1,463,330 1,357,566 1,256,979

0 0 0 0

1,791,714 1,817,269 1,863,804 1,568,492

0 0 0 0

0 0 0 0

0 0 0 0

1,790,257 1,815,812 1,862,347 1,567,035

1,457 1,457 1,457 1,457

0 0 0 0

0 0 0 0

2,723 2,656 2,677 3,769

0 0 0 0

0 0 0 0

0 0 0 0

3,735,043 3,640,378 3,590,353 3,588,967

1,836,320 1,788,866 1,740,054 1,735,390

0 0 0 0

126,448 126,448 154,796 1,228,526

60,795 59,480 57,838 86,965

7,553,043 7,435,097 7,409,522 8,212,109

8,650,216 8,898,427 8,767,088 9,469,088

0 0 0 0



30 de Setiembre del

2008

31 de Diciembre del

2008

0 0 0 0

5,345 4,788 9,178 8,523

969,087 1,020,476 929,498 741,512

444,999 456,160 459,340 669,509

0 0 0 0

19,786 11,960 28,012 50,684

221,880 200,144 187,904 144,131

479,379 526,096 568,050 499,978

0 0 0 0

2,140,476 2,219,624 2,181,982 2,114,337

0 0 0 0

2,761,331 2,900,607 2,816,033 2,787,533

0 0 0 0

0 0 0 0

657,517 650,272 598,839 529,203

53,764 53,770 54,845 54,823

0 0 0 0

31,703 30,609 29,224 27,791

3,504,315 3,635,258 3,498,941 3,399,350

5,644,791 5,854,882 5,680,923 5,513,687

0 0 0 0

2,590,787 2,590,787 2,590,787 2,880,019

0 0 0 0

4,964 4,964 4,964 253,516

0 0 0 0

76,206 80,773 80,773 101,912

258,031 257,758 258,965 292,159

75,437 109,263 150,676 427,795

0 0 0 0

3,005,425 3,043,545 3,086,165 3,955,401

8,650,216 8,898,427 8,767,088 9,469,088


CUENTA

Ingresos de Actividades Ordinarias

Ventas Netas de Bienes

Prestación de Servicios

Total de Ingresos de Actividades Ordinarias

Costo de Ventas

Ganancia (Pérdida) Bruta

Gastos de Ventas y Distribución

Gastos de Administración

Ganancia (Pérdida) de la baja en Activos Financieros medidos al Costo Amortizado

Otros Ingresos Operativos

Otros Gastos Operativos

Ganancia (Pérdida) Operativa

Ingresos Financieros

Gastos Financieros

Diferencias de Cambio neto

Resultado antes de Impuesto a las Ganancias

Gasto por Impuesto a las Ganancias

Ganancia (Pérdida) Neta de Operaciones Continuadas

Ganancia (Pérdida) Neta del Impuesto a las Ganancias Procedente de Operaciones Discontinuadas

Ganancia (Pérdida) Neta del Ejercicio

Ganancias (Pérdida) por Acción:

Básica por Acción Común en Operaciones Continuadas

Básica por Acción de Inversión en Operaciones Continuadas

Básica por Acción Común en Operaciones Discontinuadas

Básica por Acción de Inversión en Operaciones Discontinuadas

Ganancias (Pérdida) Básica por Acción Común

Ganancias (Pérdida) Básica por Acción Inversión

Diluida por Acción Común en Operaciones Continuadas

Diluida por Acción de Inversión en Operaciones Continuadas

Diluida por Acción Común en Operaciones Discontinuadas

Diluida por Acción de Inversión en Operaciones Discontinuadas

Ganancias (Pérdida) Diluida por Acción Común

Ganancias (Pérdida) Diluida por Acción Inversión


Participación en los Resultados Netos de Asociadas y Negocios Conjuntos Contabilizados por el Método de la Participación

Ganancias (Pérdidas) que surgen de la Diferencia entre el Valor Libro Anterior y el Valor Justo de Activos Financieros Reclasificados Medidos a Valor Razonable


0 0 0

0 0 0

995,481 969,698 940,077

995,481 969,698 940,077

0 0 0

995,481 969,698 940,077

-12,186 -10,881 -19,596

-881,399 -852,598 -823,235

0 0 0

19,544 4,124 14,997

-6,940 -6,720 -5,703

114,500 103,623 106,540

170,656 3,361 3,551

-76,285 -64,298 -52,402

1,879 5,899 -1,258

0 0 0

0 0 0

210,750 48,585 56,431

-70,801 -37,379 -32,995

139,949 11,206 23,436

0 0 0

139,949 11,206 23,436

0 0 0

0.042 0.003 0.007

0 0 0

0 0 0

0 0 0

0.042 0.003 0.007

0 0 0

0.042 0.003 0.007

0 0 0

0 0 0

0 0 0

0.042 0.003 0.007

0 0 0


Específico del 01 de Julio al

30 de Septiembre

del 2012

Específico del 01 de Abril al


Específico del 01 de Enero al

31 de Marzo del 2012


CUENTA





Costo de Ventas









Gastos Financieros
























0 0 0 0

0 0 0 0

935,499 957,425 958,646 957,834

935,499 957,425 958,646 957,834

0 0 0 0

935,499 957,425 958,646 957,834

-16,360 -23,831 -9,985 -14,892

-784,321 -803,862 -840,581 -988,293

2,174 1,022 9,281 0

5,003 6,559 16,000 11,764

-5,217 447 797 11,591

136,778 137,760 134,158 -21,996

8,532 5,442 6,047 35,958

-55,445 -57,191 -54,431 -123,844

-2,468 -1,007 -1,710 378

160,744 145,060 156,810 0

0 0 0 0

248,141 230,064 240,874 -109,504

-47,086 -34,351 -37,462 -65,683

201,055 195,713 203,412 -175,187

0 0 0 0

201,055 195,713 203,412 -175,187

0 0 0 0

0.06 0.058 0.061 0.091

0 0 0 0

0 0 0 0

0 0 0 0

0.06 0.058 0.061 0.091

0 0 0 0

0.06 0.058 0.061 0.091

0 0 0 0

0 0 0 0

0 0 0 0

0.06 0.058 0.061 0.091

0 0 0 0







30 de Septiembre

del 2011

Específico del 01 de Octubre

al 31 de Diciembre del

2011


CUENTA





Costo de Ventas









Gastos Financieros





















ESTADOS FINANCIEROS | INDIVIDUAL | TRIMESTRE II AL 30 DE JUNIO DEL 2011 ( EN MILES DE NUEVOS SOLES )



0 0 0 0

0 0 0 0

938,373 967,094 953,947 950,084

938,373 967,094 953,947 950,084

0 0 0 0

938,373 967,094 953,947 950,084

-13,984 -4,346 -9,930 -14,912

-814,112 -863,663 -844,408 -872,212

919 5 109,302 0

8,396 7,454 6,195 143,318

-4,957 -5,726 -6,544 -86,811

114,635 100,818 208,562 119,467

3,982 1,192 5,313 490,213

-64,238 -58,610 -57,715 -107,459

-3,326 -2,351 -4,748 -3,977

160,800 154,897 210,820 0

0 0 0 0

211,853 195,946 362,232 498,244

-57,153 -26,547 -58,710 -44,869

154,700 169,399 303,522 453,375

0 0 0 0

154,700 169,399 303,522 453,375

0 0 0 0

0.046 0.051 0.091 0.135

0 0 0 0

0 0 0 0

0 0 0 0

0.046 0.051 0.091 0.135

0 0 0 0

0.046 0.051 0.091 0.135

0 0 0 0

0 0 0 0

0 0 0 0

0.046 0.051 0.091 0.135

0 0 0 0






30 de Septiembre

del 2010



2010


CUENTA

Ingresos Operacionales

Ventas Netas (ingresos operacionales)

Otros Ingresos Operacionales

Total de Ingresos Brutos

Costo de Ventas (Operacionales)

Otros Costos Operacionales

Total Costos Operacionales

Utilidad Bruta

Gastos de Ventas


Ganancia (Pérdida) por Venta de Activos

Otros Ingresos

Otros Gastos

Utilidad Operativa


Gastos Financieros

Participación en los Resultados de Partes Relacionadas por el Método de Participación

Ganancia (Pérdida) por Instrumentos Financieros Derivados

Resultado antes de Participaciones y del Impuesto a la Renta

Participación de los trabajadores

Impuesto a la Renta

Utilidad (Pérdida) Neta de Actividades Contínuas

Ingreso (Gasto) Neto de Operaciones en Discontinuación

Utilidad (Perdida) Neta del Ejercicio

Utilidad (Pérdida) por Acción

Utilidad (pérdida) básica por acción común

Utilidad (pérdida) básica por acción de inversión

Utilidad (pérdida) diluida por acción común

Utilidad (pérdida) diluida por acción de inversión

Utilidad (Pérdida) Neta de Actividades Contínuas

Utilidad (Pérdida) Básica por Acción Común

Utilidad (Pérdida) Básica por Acción de Inversión

Utilidad (Pérdida) Diluida por Acción Común

Utilidad (Pérdida) Diluida por Acción de Inversión



0 0 0 0

975,386 962,926 982,627 1,000,813

0 0 0 0

975,386 962,926 982,627 1,000,813

0 0 0 0

0 0 0 0

0 0 0 0

975,386 962,926 982,627 1,000,813

-9,666 -10,046 -11,641 -9,984

-844,374 -815,008 -794,415 -898,184

0 1,293 219 6,854

3,146 -1,902 10,996 33,711

-1,848 -6,943 6,088 -6,920

122,644 130,320 193,874 126,290

4,703 24,812 22,454 6,423

-65,926 -56,013 -58,386 -64,373

159,265 149,234 166,492 181,134

2,407 -27,813 -14,470 -3,461

223,093 220,540 309,964 246,013

-7,900 -15,167 -16,726 -10,506

-21,329 -40,951 -47,014 -28,367

193,864 164,422 246,224 207,140

0 0 0 0

193,864 164,422 246,224 207,140

0 0 0 0

0.058 0.049 0.074 0.062

0 0 0 0

0.058 0.049 0.074 0.062

0 0 0 0

0 0 0 0

0.058 0.049 0.074 0.062

0 0 0 0

0.058 0.049 0.074 0.062

0 0 0 0







30 de Septiembre

del 2009



2009


CUENTA

Ingresos Operacionales 0

Ventas Netas (ingresos operacionales) 921,683

Otros Ingresos Operacionales 0

Total de Ingresos Brutos 921,683

Costo de Ventas (Operacionales) 0

Otros Costos Operacionales 0

Total Costos Operacionales 0

Utilidad Bruta 921,683

Gastos de Ventas -12,388

Gastos de Administración -773,946

Ganancia (Pérdida) por Venta de Activos 0

Otros Ingresos 65

Otros Gastos -19,319

Utilidad Operativa 116,095

Ingresos Financieros 46,666

Gastos Financieros -72,860

Participación en los Resultados de Partes Relacionadas por el Método de Participación 55,894

Ganancia (Pérdida) por Instrumentos Financieros Derivados -54,554

Resultado antes de Participaciones y del Impuesto a la Renta 91,241

Participación de los trabajadores -6,084

Impuesto a la Renta -16,427

Utilidad (Pérdida) Neta de Actividades Contínuas 68,730

Ingreso (Gasto) Neto de Operaciones en Discontinuación 0

Utilidad (Perdida) Neta del Ejercicio 68,730

Utilidad (Pérdida) por Acción 0

Utilidad (pérdida) básica por acción común 0.021

Utilidad (pérdida) básica por acción de inversión 0

Utilidad (pérdida) diluida por acción común 0.021

Utilidad (pérdida) diluida por acción de inversión 0

Utilidad (Pérdida) Neta de Actividades Contínuas 0

Utilidad (Pérdida) Básica por Acción Común 0.021

Utilidad (Pérdida) Básica por Acción de Inversión 0

Utilidad (Pérdida) Diluida por Acción Común 0.021

Utilidad (Pérdida) Diluida por Acción de Inversión 0





0 0 0

906,140 944,624 983,768

0 0 0

906,140 944,624 983,768

0 0 0

0 0 0

0 0 0

906,140 944,624 983,768

-12,322 -20,269 -1,710

-802,017 -811,785 -949,288

-1,775 -726 82,317

14,313 7,171 2,453

-9,806 -10,907 -20,092

94,533 108,108 97,448

-36,604 10,210 3,761

-75,893 -77,850 -134,062

100,959 148,826 169,882

48,928 -2,156 33,042

131,923 187,138 170,071

-8,425 -10,170 -3,222

-22,747 -27,460 -8,698

100,751 149,508 158,151

0 0 0

100,751 149,508 158,151

0 0 0

0.03 0.045 0.047

0 0 0

0.03 0.045 0.047

0 0 0

0 0 0

0.03 0.045 0.047

0 0 0

0.03 0.045 0.047

0 0 0





30 de Septiembre

del 2008



2008

Documents

CPPC Telefonica del Perú S.A.A. (1)