Global Communications GAAP Summit 2013 Sheraton Golf, Rome 17-18 June
PwC
Communication has a rich history…
Slide 3 Global Communications GAAP Summit June 2013
Source: PwC research
Tin Cans
Telegraph
1838
1876
Telephone
Invented by Alexander Graham Bell
1892
Long Distance
First call from Boston to NYC
1896
Radio
1927
Television
1964
Fiber optic
1971
1979
Mobile
1983
Internet
www
1993
Messaging
1998
VOIP
1999
Pager
2007
iPhone
Wireline Era Wireless Era
Android
Start of smartphone mass market
? Future
1810
2G/ GSM (Finland - 1991)
3G (Japan - 2001)
4G/WiMaX (2008)
4G/LTE (2010)
Wireless network technologies
Beyond
PwC
Future points towards a more connected world…
Slide 4
Global Communications GAAP Summit June 2013
Source: PwC research
ommunication Multiple Forms. Numerous devices. Same Experience
Unified communication
Integrated real-time communication
Social Networking & blogging
Will help OTT providers to increase their market. Mobile data and Wi-Fi will make a strong case for OTTs
Internet of Things Connected everything
Video Conferencing & Telepresence
Getting even closer to the virtual world
Device-to-Device Improved user experience and resource utilisation in cellular networks (both licenced and unlicenced) using technologies like Bluetooth, Ethernet, or Wi-Fi
Augmented Reality
Viewing the world through technology overlay
PwC
Top Global Communication Trends
Slide 5
Global Communications GAAP Summit June 2013
Communication Industry Top Trends
1) Smart connected devices to drive mobility trends
2) Mobility demand leading to data explosion
3) Despite new spectrum allocations, spectrum shortage may deepen
4) 4G/ LTE to catch up in emerging markets too
5) Increasing Profitability and Monetisation challenges for operators
6) Content becomes the king
7) M2M communication will grow led by China
8) M-commerce adoption will speed up further
PwC
Smart connected devices to drive mobility trends 1 Despite being in use for more than a decade, smartphones continue to experience robust growth. Tablets are now the next growth wave for devices.
Emerging markets will drive the demand for connected devices
2 Mobility demand leading to data explosion
Asia-pacific and North America will account for two third of global mobile data traffic by 2017. APAC and MEA regions will witness the highest growth.
3 Despite new spectrum allocations, spectrum shortage may deepen
HSPA/HSPA+ and LTE are highly spectral efficient (LTE efficiency = 3-5 times HSDPA), but the wireless data demand has outpaced this efficiency.
Given the finite availability of spectrum, operators are using additional technologies to optimise their mobile resources
Slide 6
Global Communications GAAP Summit June 2013
PwC Slide 7 PwC
Global Communications GAAP Summit June 2013
4G/ LTE to catch up in emerging markets too 4 LTE enabled handsets, demand for better speed, and data traffic growth will trigger LTE deployments across geographies, particularly in emerging markets.
5 Increasing Profitability and Monetisation challenges for operators
Operators today are struggling to enhance their revenue and profitability. While the data usage is skyrocketing, it is failing to generate equivalent dollars.
As the growth slows down, operators, particularly in mature markets are looking to end unlimited data plans and cut handset subsidies
6 Content becomes the king
Growing demand for apps, location-based services, social networks, and videos have made producers of content – app developers, OS vendors, and OTT providers the king of communication value chain. Operators too are shifting their focus from coverage to the content.
PwC Slide 8 PwC
Global Communications GAAP Summit June 2013
M2M communication will grow led by China 7 Growing demand for mhealth solutions, connected automotives, smarter homes/ cities, and mEducation are primarily driving the M2M market.
Deployment of M2M applications can have transformative effect on economies, particularly underdeveloped and developing economies.
8 eCommerce adoption will speed up further
With the world shrinking fast to adjust to the size of smartphones, customers are increasingly using mobile apps for show rooming, shopping, and payments.
PwC
Agenda
Tuesday 18 June
Time Session
08.00 – 08.15 Introduction
08.15 – 09.00 What’s new in accounting?
09.00 – 09.30 Telecom Italia: Market update
09.30 – 10.00 Coffee break
10.00 – 11.15 Workshop 1: The new revenue standard
11.15 – 12.00 Deutsche Telekom: Implementation project, revenue recognition
12.00 – 12.30 Spending wisely - does the market understand the Telco growth story?
12.30 – 13.45 Lunch
13.45 - 15.15 Workshop 2: To buy or to lease?
15.15 – 15.45 Coffee break
15.45 - 16.00 Closing remarks
Today
Global Communications GAAP Summit
Slide 9
June 2013
PwC
Question time In which region are you based?
1) Africa
2) Americas
3) Europe
4) Middle East
5) Asia Pacific
Global Communications GAAP Summit
Slide 10
June 2013
PwC
Question time
The abbreviation SPQR can be found on many Roman statues, buildings, and military standards. What does it stand for?
1) The glory of Rome
2) The senate and people of Rome
3) Made in Italy
4) The property of the city of Rome
Global Communications GAAP Summit
Slide 11
June 2013
June 2013
PwC
Question time
Who were the 2013 champions of Series A football league?
1) Juventus
2) Napoli
3) AC Milan
4) Fiorentina
Global Communications GAAP Summit
Slide 12
June 2013
PwC
What’s new in 2013?
This year ...
Quite a lot!
Global Communications GAAP Summit
Slide 15
June 2013
PwC
What’s new in 2013
Global Communications GAAP Summit
Slide 16
IFRS 10, ‘Consolidated
financial statements
IAS 27, ‘Separate financial
statements
IAS 19, ‘Employee benefits’
IFRS 12, ‘Disclosure of
interests in other entities’
IFRS 13, ‘Fair value
measurement’
IFRS 11, ‘Joint arrangements’
IAS 28, ‘Associates
and JVs’
for EU companies
June 2013
PwC
IFRS 11 Joint Arrangements
• Greater emphasis on contractual rights and obligations:
- Right to share in net assets joint venture
- Right to share in individual assets and liabilities of the joint arrangement joint operation
Global Communications GAAP Summit
Jointly controlled assets
Jointly controlled operations
Jointly controlled entities
Joint operations
Joint ventures
IAS 31 IFRS 11
IFRS 11, ‘Joint arrangements’
Slide 17
June 2013
PwC
Accounting for joint arrangements
Global Communications GAAP Summit
Joint operation Recognise:
• Share of assets and liabilities
• Share of revenue and expenses
• Accounting entries booked in operator’s own financial statements
Joint venture • Equity method of accounting under IAS 28
• Proportionate consolidation prohibited
• Accounting entries differ in a venturer’s separate financial statements
IFRS 11, ‘Joint arrangements’
Slide 18
June 2013
PwC
IFRS 11 implementation challenges
Internal
Review of joint arrangement agreements required
Understanding complexity of the contract is key
External
Will users of the financial statements understand the changes?
Financial ratios and metrics – covenant breaches?
Potential tax impacts
For investments in joint ventures, loss of ability to report gross revenues
Global Communications GAAP Summit
IFRS 11, ‘Joint arrangements’
Slide 19
June 2013
PwC
Impact of adopting IFRS 11 – Vodafone Group plc
Global Communications GAAP Summit
Slide 20
Previously
reported
£m
Change
£m
Restated
for IFRS 11
£m
Revenue 46,417 (7,596) 38,821
EBITDA 14,475 (2,856) 11,619
Adjusted operating profit 11,532 (689) 10,843
Profit for the financial year 7,003 - 7,003
Adjusted EPS 14.91p - 14.91p
Free cash flow 6,105 (391) 5,714
Net debt (24,425) 1,424 (23,001)
• Impact on revenue, EBITDA and free cash flow
• Free cash flow impacted such that the Group’s share of the joint venture’s free cash flow previously reported is different to the Group’s share of dividends paid
• It does not impact the Group’s existing rights and obligations in relation to the cash flows of, and dividends from, those joint ventures
• The reduction in net debt primarily results from the deconsolidation of debt raised locally by the joint ventures.
June 2013
PwC
IAS 19: Defined benefit pensions
• Net finance costs likely to increase (see next slide)
• All actuarial gains and losses to be recognised immediately in OCI
• Other options to be abolished:
• Corridor method
• Recognition of actuarial gains and losses in the income statement
Global Communications GAAP Summit
IAS 19, ‘Employee benefits’
Slide 21
June 2013
PwC
IAS 19: Measurement changes
Global Communications GAAP Summit
Expected return /
discount rate
Old Method
£ £ £
Pension assets 800 8% 64
Pension liabilities
(1,000) 6% (60)
Deficit (200) -
Net income / (expense)
4
New Method
£
-
-
(12)
(12)
6%
Slide 22
IAS 19, ‘Employee benefits’
June 2013
PwC
Other amendments to standards
Global Communications GAAP Summit
Standard Nature of amendment
IAS 1, ‘Presentation of financial statements’
Presentation of Other Comprehensive Income (1 Jul 2012)
IFRS 7, ‘Financial instruments: Disclosures
Offsetting
IAS 12, ‘Income taxes’ Deferred tax accounting for investment property (2012, but 2013 in EU)
IFRS 1, ‘First-time adoption’ Various
Annual improvements Various
Slide 23
June 2013
PwC
Question time
Do you think the various changes to reporting in 2013 will have an impact on your company’s results and/or financial position?
1) Yes, these changes will have a significant impact
2) Yes, but not significant
3) No
4) Don’t know
Global Communications GAAP Summit
Slide 25
June 2013
PwC
What is the Interpretations Committee up to?
• IFRIC 20, ‘Stripping costs’
• IFRIC 21, ‘Levies’
• Project on contingent payments for assets (eg licences) on hold
Global Communications GAAP Summit
Slide 26
“Magyar Telekom Q1 net plummets on new government measures in Hungary”
(source: Reuters, 8 May 2013)
June 2013
PwC
A useful publication!
Global Communications GAAP Summit
Copies available on
your memory
stick
Slide 27
June 2013
PwC
IASB’s current work plan
Global Communications GAAP Summit
• Revenue – IFRS
• IFRS 9, ‘Financial instruments’:
Classification & measurement – ongoing
Impairment - ongoing
Hedging (general) – IFRS
Hedging (macro) – DP
• Various amendments – IFRS
Q3 & Q4/2013
• Leases – ED
• Insurance – ED
• Levies – IFRIC
• Framework - DP
Q2 / 2013
• Leases?
• Financial instruments?
• Insurance?
• And ? ? ?
2014+
Slide 29
June 2013
PwC
Question time
Have you started to think about how you will communicate the impact of these new standards?
1) Yes, we have a clear communication strategy
2) Not yet, but there is plenty of time
3) Not yet, and I really need to think about it
4) There is no impact so I don’t need to worry about it
5) Don’t know
Global Communications GAAP Summit
Slide 30
June 2013
PwC
The future agenda
• IASB consulted on its agenda in late 2011
• Key points were:
- Complete conceptual framework
- Develop a presentation and disclosure framework
- Focus on post-implementation reviews and responding to implementation issues
- Limit the number of new standards
• IFRS/US GAAP convergence – is it still an objective?
Global Communications GAAP Summit
Slide 31
June 2013
PwC
What’s going on with leases?
Global Communications GAAP Summit
Exposure
Draft issued
Effective
date?
Comment
period ended
Re-deliberations
begin
Re-exposure
Aug 2010
Dec 2010
May 2013
2017?
Jan 2011
Q3 2014?
Final
Standard?
• Exposure draft issued 16 May 2013
• Comments by 13 September 2013
Slide 33
June 2013
PwC
The one constant: All leases ‘on-balance sheet’
All leases on lessee balance sheets, except:
• Short-term leases (<12 months)
• Materiality threshold
• Not leases!
Global Communications GAAP Summit
Slide 34
June 2013
PwC
Five key re-deliberation issues
Global Communications GAAP Summit
Definition of a lease (distinguishing a lease from a service)
Lease term
Variable lease payments
Lessor accounting
Lessee: Expense recognition
Slide 35
June 2013
PwC
Five key re-deliberation issues
Global Communications GAAP Summit
Definition of a lease (distinguishing a lease from a service)
Where are we today? Where might we be?
A lease conveys the right to use a specific asset for a period of time.
Right to use
• right to operate asset; or
• right to control access to asset; or
• take most of output and price neither fixed nor market.
A lease conveys the right to control the use of a specific asset for a period of time.
Right to control use
• direct use of asset; and
• obtain benefits from that use.
So far so good?
Slide 36
June 2013
PwC
Five key re-deliberation issues
Global Communications GAAP Summit
Lease term
Where are we today? Where might we be?
Contractual minimum plus extension periods where ‘reasonably certain’
Contractual minimum plus extension periods where there is a ‘significant economic incentive’.
Is it so different?
Slide 37
June 2013
PwC
Five key re-deliberation issues
Global Communications GAAP Summit
Variable lease payments
Where are we today? Where might we be?
Excluded from minimum lease payments for measurement purposes
Excluded from minimum lease payments for measurement purposes unless vary with rate/index or ‘in-substance fixed’
Is it so different?
Slide 38
June 2013
PwC
Five key re-deliberation issues
Global Communications GAAP Summit
Lessor accounting
Where are we today? Where might we be?
Finance leases
Up-front income plus interest on net investment
Operating leases
Income over term of lease
Some leases
Up-front income plus interest on receivable and residual
Some other leases
Income over term of lease
Is it so different?
Slide 39
June 2013
PwC
Five key re-deliberation issues
Global Communications GAAP Summit
Lessee: Expense recognition
Where are we today? Where might we be?
Finance leases
Interest and depreciation
Operating leases
Straight line
Distinction
Risk and rewards
Some leases
Interest and depreciation
Some other leases
Straight line
Distinction
Consumption and nature of asset
Slide 40
June 2013
PwC
The new ‘bright line’
Global Communications GAAP Summit
Principle: Accounting depends on how much of the leased asset is consumed by the lessee
Rebut the presumption of insignificant consumption if:
Lease term major part of economic life of underlying asset; or
Present Value of fixed lease payments substantially all Fair Value of underlying asset
Straight-line Front-loaded
‘Bright-line’
Property
Equipment
Rebut the presumption of more than insignificant consumption if:
Term insignificant portion of economic life of underlying asset; or
Present Value of fixed lease payment insignificant part of Fair Value of underlying asset
Slide 41
June 2013
PwC
Presentation - lessees
Global Communications GAAP Summit
Slide 43
Type A Type B
Income statement Separate amortisation and interest expense
Single ‘rent’ expense
Cash flow ‘Principal’ payments classified as financing ‘Interest’ payments consistent with other interest (operating or financing)
Operating
June 2013
PwC
Presentation - lessors
Global Communications GAAP Summit
Slide 44
Type A Type B
Income statement Income at lease commencement consistent with business model: • Revenue and cost of sales
(‘gross’) if leases an alternative to sale
• Single line item (‘net’) if leases a means of providing finance
Interest income over lease term could be revenue, other income or finance income
Single ‘rent’ income
Cash flow Operating Operating
June 2013
PwC
Question time
At a high level, what do you think of the latest leasing proposals?
1) An improvement on current standards
2) Include some improvements, but not enough to justify the cost of implementation
3) Are not as good as current standards
4) Don’t know
Global Communications GAAP Summit
Slide 45
June 2013
PwC
Question time
Do you think that having all leases ‘on-balance sheet’ will change the way in which investors view your company?
1) It will have a significant impact
2) It will have some impact
3) It will have no impact, as investors already have all the information they need in the disclosure notes
4) No impact at all as my company has no leases
5) Don’t know
Global Communications GAAP Summit
Slide 46
June 2013
PwC
Reactions
Global Communications GAAP Summit
“[This] will not bring about a sufficient improvement in financial reporting to warrant the cost and complexity of changing the existing approach"
(Leaseurope) “The accounting has changed in a way that’s incomprehensible”
(Bill Bosco, president of Leasing 101 and member of the FASB/IASB Lease Project working group)
“[FASB’s Investors Technical Advisory Committee] uniformly agrees that the Board’s decisions in this project would not be an improvement to current accounting”
(ITAC meeting 24 July 2012)
Slide 47
“Obviously, this standard is not a very popular one”
(Hans Hoogervorst, IASB chairman)
June 2013
PwC
Final thoughts
Significant accounting change for those with joint arrangements in 2013
Potentially more change on the horizon
Competition for capital is fierce
Are you getting your message across?
Global Communications GAAP Summit
Slide 49
June 2013
PwC
Workshops
• Two different workshops – all delegates will attend both workshops
› Group 1 – Sala Cosimo
› Group 2 – Sala Giuilano
› Group 3 – Sala Visconti (plenary room)
› Group 4 – Sala Lorenzo
• A listing of the room allocations for this mornings workshop has been placed upon the tables
• After your morning workshop please return to the plenary room (Sala Visconti)
Global Communications GAAP Summit
Slide 52
June 2013
PwC
Deutsche Telekom: Implementation Project Revenue Recognition Michael Brücks Heiko Erckhe
Global Communications GAAP Summit
Slide 53
June 2013
PwC
Spending wisely - does the market understand the Telco growth story? Simon Harris Nirmal Shah
Global Communications GAAP Summit
Slide 81
June 2013
PwC
How are you prioritising your investments?
Do stakeholders understand your
investment rationale?
Global Communications GAAP Summit
Slide 82
$$$
Cross border M&A
Digital and
value added
services
Network capex and
spectrum
Content deals
June 2013
PwC
Question time
Over the next 3 years, where will your company’s (or your client’s) investment efforts be focused?
1) Mergers & acquisitions
2) Content deals
3) Digital and value added services
4) Bandwidth and spectrum
5) Unlikely to be doing any deals
Global Communications GAAP Summit
Slide 83
June 2013
PwC
Appraising M&A targets
Global Communications GAAP Summit
Slide 86
6.Is the pricing of risk management too high?
1. What are the real cash flows likely to be?
2. Where are the key risks?
3. What effect do the risks have on the cash flows?
7. How can I increase the liquidity in the financing markets to reduce my equity exposure?
8.How much equity do I need to put in?
5. How strong are the counterparties that help manage risk?
4.How can these risks be measured, managed, mitigated and allocated?
9.What are my return and equity exposure requirements?
June 2013
PwC
Telcos are diversifying into other areas
Global Communications GAAP Summit
Slide 88
Content & content delivery Digital and value added services
June 2013
PwC
Valuation challenges for early stage companies
• Industry specific value drivers and risks • Future required returns • Analysis and quantification of synergies • Insight on industry valuation trends
Fundamental analysis
• Market sizing and growth opportunity • Relative pricing observed in market
transactions • Vision and insight on competitors and other
potential targets
Market Conditions
• Investment structure for maximum value creation
• Existing capital structure issues • Communication of your investment story to
owners and management
Stakeholder analysis
0%
30%
60%
90%
Start-up Early stage
Expansion IPO Maturity Re
ve
nu
es
& E
arn
ing
s
Investment lifecycle required returns
Mark
et E
nvironm
ent
Fundamentals
Interaction of market environment and fundamentals
A B
? ?
Global Communications GAAP Summit
Slide 89
Req
uir
ed
Retu
rn
June 2013
PwC
Investment in spectrum
Global Communications GAAP Summit
Slide 91
Canadian regulator announces 700
MHz auction to mixed reaction
Over $150bn raised globally in 3G
auctions
Czechs pull plug on
4G spectrum auction
after carriers bid too
much
Did SK Telecom pay
too much in the South
Korean spectrum
auction?
June 2013
PwC
Spectrum – value drivers
Global Communications GAAP Summit
Slide 93
Efficiency of the auction Uniqueness of the opportunity
Auction design
Number of licences or lots
Marketing
Experience and preparation
Toe hold
Threat of new entrants
Technology neutrality
Market sentiment
Competition between firms
Market forces
Determined by regulatory authority
Determined by external factors
Auction prices
June 2013
PwC
Results seen in the recent 4G spectrum auctions
Global Communications GAAP Summit
Slide 94
0.78
0.36
0.73
0.52
1.29
0.81
0.34
0.67
0.18
0.30
0.07
0.19
0.90
0.48 0.51
-
0.2
0.4
0.6
0.8
1.0
1.2
1.4
Pri
ce
/MH
z/P
op
ula
tio
n (€
)
800-900MHz auction prices (Price/MHz/Population €)
June 2013
PwC
Valuing spectrum can be tricky... as seen in Switzerland
-
20
40
60
80
100
120
140
Orange Sunrise Swisscom
MH
z
Switzerland 4G Spectrum Auction Outcome
800 - 900 MHz 1800 - 2100 MHz 2600 MHz
CHF 155m
CHF 482m CHF 360m
Global Communications GAAP Summit
Slide 95
June 2013
PwC
-
10
20
30
40
50
60
Wind Vodafone Telecom Italia H3G
MH
z
Italy 4G Spectrum Auction Outcome
800 - 900 MHz 1800 - 2100 MHz 2600 MHz
In Italy
€1,120m
€1,260m
€305m
€1,260m
Global Communications GAAP Summit
Slide 96
June 2013
PwC
-
10
20
30
40
50
60
70
80
Vodafone Telefonica BT H3G EE
MH
z
UK 4G Spectrum Auction Outcome
800 - 900 MHz 2600 MHz
and in the UK
£791m
£550m
£225m £202m
£589m
Global Communications GAAP Summit
Slide 97
June 2013
PwC
4G: Are operators able to yield a price premium over 3G?
June 2013 Global Communications GAAP Summit
Slide 98
No premium
Available with a premium or a fee for lower spenders
Available only on more expensive price plans
PwC
Return on invested capital
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Europe & N.America Operators Emerging Markets Operators
Technology and Media Companies
Global Communications GAAP Summit
Slide 99
June 2013
PwC
How have valuation multiples changed?
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
40.0x
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
EV/ EBITDA Multiples
Europe & N.America Operators Emerging Markets Operators Technology and Media Companies
Global Communications GAAP Summit
Slide 100
June 2013
PwC
Question
In your view, what is the main reason for Telcos being valued on lower valuation multiples (compared to media and technology companies)?
1) There are limited growth opportunities for Telcos
2) The market does not understand the Telco growth story
3) Media and technology companies are more attractive to the investor community
4) There is concern that returns on investment are not high enough to enhance shareholder value
Global Communications GAAP Summit
Slide 101
June 2013
PwC
Workshops
Global Communications GAAP Summit
Slide 103
Workshop groups are different for this afternoon
› Group 1 – Sala Cosimo
› Group 2 – Sala Giuilano
› Group 3 – Sala Lorenzo
› Group 4 – Sala Visconti (plenary room)
• After your afternoon workshop please return to the plenary room (Sala Visconti)
June 2013
PwC
Lunch
Lunch will be in the Restaurant Savoia
Global Communications GAAP Summit
Slide 104
June 2013
PwC
Coffee break
Global Communications GAAP Summit
Slide 105
June 2013
• 15:15 – 15:45 – outside by the swimming pool
• Back in Sala Visconti (plenary) at 15:45
PwC
From yesterday Integrated Reporting – telling your story
How relevant was this session?
1) Not at all relevant
2) Somewhat relevant
3) Relevant
4) Very relevant
Global Communications GAAP Summit
Slide 107
June 2013
PwC
What’s new in accounting ? How relevant was this session?
1) Not at all relevant
2) Somewhat relevant
3) Relevant
4) Very relevant
Global Communications GAAP Summit
Slide 108
June 2013
PwC
Telecom Italia: Market update
How relevant was this session?
1) Not at all relevant
2) Somewhat relevant
3) Relevant
4) Very relevant
Global Communications GAAP Summit
Slide 109
June 2013
PwC
Workshop 1: The new revenue standard
How relevant was this session?
1) Not at all relevant
2) Somewhat relevant
3) Relevant
4) Very relevant
Global Communications GAAP Summit
Slide 110
June 2013
PwC
Deutsche Telekom: Implementation project Revenue recognition
How relevant was this session?
1) Not at all relevant
2) Somewhat relevant
3) Relevant
4) Very relevant
Global Communications GAAP Summit
Slide 111
June 2013
PwC
Spending wisely - does the market understand the Telco growth story?
How relevant was this session?
1) Not at all relevant
2) Somewhat relevant
3) Relevant
4) Very relevant
Global Communications GAAP Summit
Slide 112
June 2013
PwC
Workshop 2: To buy or to lease?
How relevant was this session?
1) Not at all relevant
2) Somewhat relevant
3) Relevant
4) Very relevant
Global Communications GAAP Summit
Slide 113
June 2013
PwC
Overall, how do you rate the 2013 Global Communications GAAP Summit?
1) Poor
2) Okay
3) Useful
4) Very useful
Global Communications GAAP Summit
Slide 114
June 2013
PwC
If we hold a similar event next year are you or someone from your company likely to attend?
1) Yes
2) No
Global Communications GAAP Summit
Slide 115
June 2013
PwC
Where would you like the next Global Communications GAAP Summit to be held?
Text your suggestions NOW!
Global Communications GAAP Summit
Slide 116
June 2013
Thank you and have a safe journey
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