Ms. Carol M. Browner served as Director of the White House Office of Energy and Climate Change Policy in the Obama administration from 2009 to 2011. She serves as a Distinguished Senior Fellow at the Center for American Progress and as Counselor to the Albright Stonebridge Group. Ms. Browner previously served as Administrator of the Environmental Protection Agency (EPA) during the Clinton administration from 1993 to 2001 and was the longest-serving administrator in the history of the EPA. She graduated from the University of Florida and the University of Florida College of Law. Ms. Browner headed the Florida Department of Environmental Regulation from 1991 to 1993. Earlier in her career, she worked in the Florida House of Representatives and served as legislative assistant to US Senators Lawton Chiles and Al Gore. She serves as director and advisor to several non-profits and private companies, including as director on the boards of Bunge Limited, Center for American Progress and as chair of the Board for the League of Conservation Voters, as advisor to Harvest Power and Opower, as Commissioner of the Global Oceans Commission.
Welcoming Ms. Browner, Chairman, Mr. N. R. Narayana Murthy said, "I am delighted to welcome Ms. Carol Browner to our Board. Carol's global expertise in environmental policy and law, including her distinguished service in the US government, brings a wealth of experience to our Board. Carol's addition will enrich the quality of debate and deliberation in our Board."
About Infosys Ltd
Infosys is a global leader in consulting, technology and outsourcing solutions. We enable clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence.
Visit http://www.infosys.com [http://www.infosys.com/Pages/index.aspx ] to see how Infosys , with US$8.2 B in annual revenues and 160,000+ employees, is Building Tomorrow's Enterprise(R) today.
Safe Harbor
Certain statements in this release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2013 and on Form 6-K for the quarter ended December 31, 2013. These filings are available at http://www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that the date of this press release is mentioned at the beginning of the release, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.
Infosys Limited and subsidiaries
Unaudited Condensed Consolidated Balance Sheets as of
(Dollars in millions except share data)
March 31, 2014 March 31, 2013
ASSETS
Current assets
Cash and cash equivalents $4,331 $4,021
Available-for-sale financial assets 367 320
Investment in certificates of deposit 143 -
Trade receivables 1,394 1,305
Unbilled revenue 469 449
Derivative financial instruments 36 19
Prepayments and other current assets 440 391
Total current assets 7,180 6,505
Non-current assets
Property, plant and equipment 1,316 1,191
Goodwill 360 364
Intangible assets 57 68
Available-for-sale financial assets 208 72
Deferred income tax assets 110 94
Income tax assets 254 201
Other non-current assets 37 44
Total non-current assets 2,342 2,034
Total assets $9,522 $8,539
LIABILITIES AND EQUITY
Current liabilities
Trade payables $29 $35
Current income tax liabilities 365 245
Client deposits 6 6
Unearned revenue 110 152
Employee benefit obligations 159 113
Provisions 63 39
Other current liabilities 792 568
Total current liabilities 1,524 1,158
Non-current liabilities
Deferred income tax liabilities 11 23
Other non-current liabilities 54 27
Total liabilities 1,589 1,208
Equity
Share capital- `5 ($0.16) par value 600,000,000
equity shares authorized, issued and outstanding
571,402,566 each, net of 2,833,600 treasury shares
each as of March 31, 2014 and March 31, 2013,
respectively 64 64
Share premium 704 704
Retained earnings 8,892 7,666
Other components of equity (1,727) (1,103)
Total equity attributable to equity holders of the
company 7,933 7,331
Non-controlling interests - -
Total equity 7,933 7,331
Total liabilities and equity $9,522 $8,539
Infosys Limited and subsidiaries
(CONTINUA)
