Participations PARIS Implementation Residuals Outsourcing to Entertainment Partners

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Participations PARIS Implementation & Residuals Outsourcing to Entertainment Partners Greenlight deck May 21, 2013

Participations PARIS Implementation & Residuals Outsourcing to Entertainment Partners Greenlight deck May 21, 2013

Agenda ►Executive Summary ►Business Problem Statement ►Assessment Phase Status Update ►PARIS for Participations -

Agenda ►Executive Summary ►Business Problem Statement ►Assessment Phase Status Update ►PARIS for Participations - Assessment ►PARIS for Participations - Project Plan ►PARIS for Participations - Financials ►EP for Residuals Outsourcing - Assessment ►EP for Residuals Outsourcing - Project Plan ►EP for Residuals Outsourcing - Financials ►Appendix ►Participations & Residuals work volume metrics ►PARIS Impact Assessment Approach ►State of other studios Participations PARIS Implementation & Residuals BPO – Greenlight deck 2

Executive Summary • The Participations and Residuals systems are outdated, lack integrations with key

Executive Summary • The Participations and Residuals systems are outdated, lack integrations with key enterprise systems and promote many manual, in-efficient and error prone processes increasing the risk of inaccurately paying the Participants and the Talents (Guilds) • The total project cost to convert Participations to NBCU PARIS and outsource Residuals to Entertainment Partners is estimated at approximately $17, 710, 366 (Net new funds requested is $16, 761, 041) o The PARIS project cost is $10, 742, 748 (includes the cost of the Inception phase) Net new funds requested is $10, 358, 106 o The Residuals BPO project cost is $6, 967, 618 (includes the cost of the Inception phase) Net new funds requested is $6, 402, 935 Participations PARIS Implementation & Residuals BPO – Greenlight deck 3

Problem Statement – Participations ● Very manual, time-consuming and inefficient processes are employed for

Problem Statement – Participations ● Very manual, time-consuming and inefficient processes are employed for Data Sourcing, Payout Calculations, Paper copying and filing. ● The OPUS system is not enabled to model participant contracts, calculate payouts and to directly generate participant statements. A mix of manual procedures and excel manipulations are employed to prepare Talent Statements. ● The volume and type of products and the complexity of talent deals are ever increasing which results in keeping up with the statement generation schedule very difficult. Additional headcounts are required to keep up with the ever growing volume of work. To deal with the work load, for the deals which are forecasted to not pay do not have statements created (i. e. statements are “bugged”) ● Upstream data sources lacking governance and consistency in usage providing data in a form that lacks the appropriate level of granularity and attributes. Lack of complete understanding of the information flowing into and filtered out of the data feeds into the department. ● Unable to focus on value-add activities (e. g. breakout projections, proactive buyout assessments, ‘What-if’ analysis, impact assessment & feedback to Business Affairs across title, market & media types). Participations PARIS Implementation & Residuals BPO – Greenlight deck 4

Problem Statement – Residuals ● Very manual, inefficient, and error-prone processes employed for data

Problem Statement – Residuals ● Very manual, inefficient, and error-prone processes employed for data sourcing, payout calculations, guild reporting, paper copying/filing. ● Majority of the data sourcing and systems feeding is done manually by the clerks which is error-prone. Data reconciliation processes are not rigorous and error prone due to human involvement. ● The volume and type of Products, the complexity of guild rules along with expansion of the reuse markets and the manual departmental procedures results in keeping up with the workload very difficult. This in turn results in un-recoupable overpayments, late fees and penalties on the department. ● The increasing workload and the lack of a system results in the work being handled by the staff through overtime and by outsourcing to third party providers. This has also resulted in temporary staff being used permanently. ● Unable to focus on value-add activities (e. g. projections, analysis for negotiations and ultimates). ● Recurring errors in payouts and the accompanying claims might strain relations with the Talents. Participations PARIS Implementation & Residuals BPO – Greenlight deck 5

Current Challenges and Issues by Area IT Audit Participations Residuals • • • Difficult

Current Challenges and Issues by Area IT Audit Participations Residuals • • • Difficult to manage the volume with time-consuming manual calculations Changes to the guild agreements cannot be accommodated; system is not equipped to support current guild agreements Unable to capture pension or pension ceilings so often overpaying or underpaying Cannot adjust tax rates as the change will be applied retroactively and recalculate all previous statements/payments Payments are manually tracked on a spreadsheet Retrieve data from 12 different feeds/sources; input data manually from hard copy reports Electronic reporting to the guilds and talents requires improvement Data reconciliation of financial and trigger information is not being done due to lack of system capabilities • Difficult to manage the volume with time-consuming manual calculations Statement generation is manual and very cumbersome; OPUS does not produce “headsheets” or statements, only the data to support them 18 -month limit on detailed monthly data in OPUS; difficult to calculate historical point-in-time data Spends a significant amount of time responding to queries from other groups; lack any type of estimation/modeling tools for calculating “what-if” scenarios No system support for payout calculations for the digital markets, and complex talent deals • • • Spends a significant amount of time researching data discrepancies, statement adjustments, etc. System “tricks”, dummy numbers, and manual adjustments (“one-sided entries”) pose risks during audits Lack of formal checks and balances • Residuals system is inflexible and has several system limitations (e. g. field sizes are limited to $99, 999) as it was implemented in the 1960’s IT support for the Residuals mainframe system is very limited due to aging technology. The team has recently lost one -half of the IT support team –resources who had been supporting the department for several years. Additional turnover events (like retirement) will pose serious risks to IT operations and the obsolete technology makes it harder to find suitable replacements. • • • Participations PARIS Implementation & Residuals BPO – Greenlight deck 6

Since we last convened … An Assessment phase was funded with the primary objective

Since we last convened … An Assessment phase was funded with the primary objective of assessing the functional fitgap of NBCU PARIS against SPE requirements and assessing the feasibility of Residuals BPO. Workstream PARIS Impact Assessment Residual Outsourcing Assessment Residuals Outsourcing Due Diligence with Entertainment Partners Description Fit gap analysis of NBCU-PARIS with respect to the process consolidation and systems implementation needs of the Participations and the Residuals departments. Deliverables - High-level Functional Requirements - Functional Demonstration Scripts for PARIS Evaluation - Technical Questionnaire for PARIS Evaluation - Executive Report with Impact Assessment of the various options available to - Request for Information (RFI) outsource the Residuals business processes to a third - Requirements for Assessment party organization. - Request For Quote (RFQ) - Scoring Model - Executive Report with Preliminary Business Case and next steps Detailed assessment of Entertainment Partners' - Future State Process Flows organization, future state of SPE's organization, the - EP-Outsourcing Due Diligence Report proposal approach, timeline, effort and the pricing. Business Cases Comparative Analysis Business case comparison of the Systems - Comparative analysis of Business Cases implementation option (i. e. PARIS for Participations and Residuals) versus Outsourcing (i. e. Entertainment Partner's for BPO). Interfaces and MDM Detailed analysis of the data sourcing interfaces, - Interface Strategy Assessment Report assessment including tracing back to the upstream master and - Functional Requirements for MDM / GPMS reference data systems to document the functional enhancements needs for PARIS integration - Data Overlap Analysis Assessment between P&R Data Structure & Quality Detailed analysis of the current state of the data - Data Flow analysis document Assessment sourcing interfaces, issues with the integrity and the - Data Quality Assessment report quality of data, and recommendations on - Data GAP Analysis report Participations PARIS Implementation & Residuals BPO – Greenlight deck 7

Assessment Phase Summary • Timeline: August 2011 to August 2012 Phase Cost: $949, 325

Assessment Phase Summary • Timeline: August 2011 to August 2012 Phase Cost: $949, 325 2011 Jul – Sep 2012 Oct – Dec Jan – Mar Apr - Jun Jul - Sep Data & Interface Assessment NBCU PARIS Impact Assessment Report Residuals Outsourcing Assessment BPO Due Diligence BPO Business Case Comparative Review • Executive Debrief Activities summary: ü Delivered selection of Software Platform and Operations Model using PARIS for Participations ü Delivered Business Case Assessment and subsequent Due Diligence for BPO with Entertainment Partners ü Gathered High Level Requirements through Focus interviews and Workshops with key stakeholders ü Finalized Overall Project Scope ü Developed High-level Project Budget, Schedule and Timeline, Resource Plan (including backfill requirements) ü Developed Data Conversion & Migration Strategy and Plan ü Developed Data Sourcing & Interface Strategy and Plan ü Developed Greenlighting Material for full project funding The project has already seen paybacks in terms of recoupments for Participations and Residuals in the Inception phase. Participations PARIS Implementation & Residuals BPO – Greenlight deck 8

PARIS for Participations - Impact Assessment Participations module of NBCU-PARIS has a good level

PARIS for Participations - Impact Assessment Participations module of NBCU-PARIS has a good level of functional fit relative to SPE’s requirements. ● The Business Process automations delivered by PARIS far exceeds the current automation levels at SPE. ● PARIS capabilities and feature-set for Participations & Audit scored at over 86% and 81% respectively by SPE stakeholders. ● PARIS provides a strong coverage for most of the requirements. ● The Participations, Data Staging and Audit modules are quite robust, flexible and more mature than the Residuals module. ● PARIS architected on the latest Microsoft technologies including the. NET framework. NBCU facilitated 4 sessions with SPE: • PARIS overview and orientation • Admin features (Data staging and Administration) demo • Residuals demo • Participations demo The NBCU demonstrations of PARIS were based on scripted demo scenarios : • These scenarios were based on SPE’s high-level functional requirements. • The scenarios represented a selection of high- and medium priority processing requirements. • Demos were attended by SPE stakeholders across Participations, Residuals, Input Consolidation, Audit, Finance and IT groups. Participations PARIS Implementation & Residuals BPO – Greenlight deck 9

PARIS for Participations - Project Phases 2 Months 12 Months Planning Ongoing Implementation •

PARIS for Participations - Project Phases 2 Months 12 Months Planning Ongoing Implementation • Impact Assessment • Hands-on Evaluation • Conversion planning • • Installation and Configuration Development and Integration System & Parallel Testing Training and Change management • Impact assessment ü Requirements ü Functional fit ü Estimates • Hands-on evaluation ► Early design ► Support model decision ► Refined estimates • Conversion planning ► Approach and priorities ► Resources and backfill ► Controls and Acceptance ► Planning for Parallel Ops. • Installation and Configuration ► Data loads (migration) ► Lookups/mappings ► Templates and hierarchies • Development and Integration ► Interfaces ► Reports • Testing ► Functional tests ► Parallel tests • Training and Change management ► Org and process design Conversion • Participations Conversion • Parallel Operations • IT Support • Participations conversion • Parallel operations ► Data refreshes ► Porting converted titles • IT support ► Hypercare ► Systems maintenance ► User support Participations PARIS Implementation & Residuals BPO – Greenlight deck 10

PARIS for Participations - Project Timeline Years Quarters 1 1 2 2 3 4

PARIS for Participations - Project Timeline Years Quarters 1 1 2 2 3 4 1 2 3 3 4 1 2 4 3 4 1 2 5 3 4 1 2 3 4 Program management/planning Hands-on evaluation Implementation model decision Go Live Implementation Hypercare Participations Conversion Planning Conversion Parallel operations IT Support Decommission legacy systems Conversion Complete Key Estimation Drivers and Project Considerations ● The PARIS Configuration within the Implementation phase is the key design activity to prepare the system for Participations usage. ● The detail- and research-oriented nature of Conversion makes it the most intensive phase in time and effort. Issues unearthed demand strong decision making skills and Standard Exception Handling procedures need to be instituted. ● Resource planning and Department alignment is critical to the success of the project. Determining backfill, ratio of SPE-tocontractor resources and regular training will help mitigate the risk of PARIS knowledge being confined to contractors. ● There exists a steep learning curve to PARIS, and the departmental functions will become more analytical and less data entry / processing type. Participations PARIS Implementation & Residuals BPO – Greenlight deck 11

PARIS for Participations - Project Costs & Benefits Summary Project Costs (includes Inception phase)

PARIS for Participations - Project Costs & Benefits Summary Project Costs (includes Inception phase) Software Hardware/Peripherals Internal Labor External Labor Miscellaneous (i. e. Travel) Total Ongoing Costs (Twelve-year Summary) $3, 500, 000 $411, 000 $199, 981 $6, 627, 322 $4, 445 $10, 742, 748 $851, 877 $739, 800 $1, 591, 677 Project Benefits (Twelve-year Summary) Cost Avoidance Risk Mitigation Total Note: 1. 2. Total Costs (One-time + Incremental Ongoing) $12, 334, 425 Total Benefits $52, 759, 929 Internal Rate of Return 42. 02% Net Present Value $15, 034, 230 Payback Periods (in months) 30. 47 Future Funding Needed Incremental support labor Incremental maintenance Total Twelve-year Summary FY 14 FY 15 FY 16 FY 17 $6, 117, 030 $1, 770, 339 $1, 100, 740 $1, 095, 998 FY 18 $273, 999 $10, 358, 106 $12, 759, 929 $40, 000 $52, 759, 929 Twelve year summary includes the costs of Inception phase CBA has been calculated over a timeline starting FY 12 Participations PARIS Implementation & Residuals BPO – Greenlight deck 12

PARIS for Participations - Project Benefits Category $ $230, 535 Cost Reduction / $1,

PARIS for Participations - Project Benefits Category $ $230, 535 Cost Reduction / $1, 393, 273 Avoidance (average) Risk Mitigation $5, 000 Description Avoiding SCA mainframes hosting and support cost Avoiding the need to increase the Participations staff to support the departmental functions Mitigating the risk of overpayments Participations PARIS Implementation & Residuals BPO – Greenlight deck 13

EP for Residuals Outsourcing - Assessment Entertainment Partners selected as the leading vendor from

EP for Residuals Outsourcing - Assessment Entertainment Partners selected as the leading vendor from a Business Process Outsourcing RFQ concluded in 2012. A detailed due diligence assessment of the EP proposal was conducted. The assessment included review of - Organization & Transition approach, Conversion approach, IT Systems, Timeline and Level of Effort. The goal of the due diligence was to craft the future state organization for SPE and EP, create the BPO Business Case and confirm the Pricing. ● EP proposes to completely take over certain functions, including product and cast setup, residuals calculations and payment processing. ● SPE would retain ownership over interpreting agreements, determining triggers, supporting audits, forecasting and reporting, ● Improved Data Staging is the key to realizing the benefits. The option being considered is the use of EP’s proposed new feeder system (go-live expected in July 2013). ● There is a potential to offshore 2 FTEs in the retained organization. Draft for discussion 14

EP for Residuals Outsourcing - Project Phases Project (24 Months) Implementation Conversion Operations •

EP for Residuals Outsourcing - Project Phases Project (24 Months) Implementation Conversion Operations • Implement Organization, Processes & Infrastructure • Import historic data and recreate balances between SPE & EP • Business-as-usual interaction between SPE and EP Finalize Contracts, SLAs, and KPIs Define Processes & Controls Perform Data Reconciliation Build Data Enrichment Platform Build Interfaces for triggers & payments • Design Organization and Change Management • Conduct recruitment for Backfill and retained Organization • Build the SPE system sunset roadmap • Title/cast setups for 1, 442 features and 52, 714(1) episodes • Revenue and air date history import • Reconciliation of historic SPE payments with EP system results • Document collection for new setups • Review/approval of setups, triggers and payments • Audit & forecast support • New acquisitions processing • Residual payment processing • Infrastructure maintenance • • • Note: 1. Size of the library as of August 2012 Draft for discussion 15

EP for Residuals Outsourcing - Project Timeline Months 1 2 3 4 6 7

EP for Residuals Outsourcing - Project Timeline Months 1 2 3 4 6 7 8 9 • Confirm final • Finalize KPI/SLA • Review and finalize MSA • Finalize new Air Signed Contract with EP 10 process design • Future process documentation & desktop procedures 11 12 13 • Vendor introductions • Account setups • Finalize EP client profile plan 18 20 21 22 23 24 Network / Soaps approve cutover approach (business and IT) • Decommission transition backfill Fox Syndications Data Staging / Enrichment • • • 19 Pay Cable / Video • Develop and team • Obtain resources 17 Game Shows Cutover Plan • Confirm transition 16 Basic Cable (hosted environment, VPO) • Finalize transition 15 Emplo yee Master s • User access rights Planning and Administration 14 Data Conversion EP Client On. Boarding Process Transition Contract Negotiations Date vendor 5 Other Non Networks Confirm Data Enrichment requirements Configure Data Enrichment requirements Develop Data Enrichment rules Test enrichment rules Deploy enrichment rules to production Foreign Organizational Transition Features • Roles & responsibilities • Identify skillsets for retained organization • Identify key process owners Coordination with HR Initial Cutover (compensation, termination, recruitment) • Interview potential hires • Identify resource transition plan and timeline Data Enrichment / Staging Complete • IT Design & Development • Build interface for revenue /run data • GL interface from EP • Reports development • Reconciliation reports IT Design & Development Complete Data Conversion Complete Training • • Hosted environment VPO Conduct future state process training EP work shadow and knowledge transfer Project Closure Integration Testing • Revenue triggers • Run triggers • GL feed to SAP • Project completion Integration Testing Complete planning • Implement retained organization • Archive historic data • Decommission Data Reconciliation Communication Transition Complete • Review and finalize communication requirements • Draft communication to internal organization • Draft communication to external organizations (talent, guilds, etc. ) conversion backfill • Decommission RP 00

EP for Residuals Outsourcing - Project Costs & Benefits Summary Project Costs (includes Inception

EP for Residuals Outsourcing - Project Costs & Benefits Summary Project Costs (includes Inception phase) Hardware/Peripherals Internal Labor External Labor Miscellaneous (i. e. Travel) Duplicate Payroll Tax Severance and Retention Payouts Total Ongoing Costs (Twelve-year Summary) $68, 000 $308, 813 $6, 048, 995 $4, 445 $306, 436 $230, 929 $6, 967, 618 $6, 281, 811 $222, 433 $122, 400 $6, 626, 644 Project Benefits (Twelve-year Summary) Costs Reduced Costs Avoided FTE Savings Total Note: 1. 2. Total Costs (One-time + Incremental Ongoing) Total Benefits Internal Rate of Return Net Present Value Payback Periods (in months) Future Funding Needed Outside Services (i. e. EP Fees) Incremental support labor Incremental maintenance Total Twelve-year Summary FY 14 FY 15 FY 16 FY 17 $13, 594, 262 $35, 567, 339 44. 98% $8, 581, 677 30. 83 $2, 263, 021 $3, 239, 638 $861, 276 $39, 000 $6, 402, 935 $27, 581, 168 $403, 438 $7, 582, 733 $35, 567, 339 Twelve year summary includes the costs of Inception phase CBA has been calculated over a timeline starting FY 12 Participations PARIS Implementation & Residuals BPO – Greenlight deck 17

EP for Residuals Outsourcing – Project Benefits Category Cost Reduction / Avoidance Annual FTE

EP for Residuals Outsourcing – Project Benefits Category Cost Reduction / Avoidance Annual FTE Savings $ $573, 427 $909, 000 $1, 138, 838 $415, 240 $42, 296 $23, 695 $57, 634 $92, 000 $571, 880 $280, 686 Description Reduction in late fees / handling fees Reduction in over reported foreign remittance taxes Reduction in overpayments Recoupable overpayments Savings in print material and labor Avoiding DGA employee contributions Avoiding SCA mainframes hosting and support cost Eliminating check processing and reporting Costs Incremental reduction in the Residuals department overhead due to reduction in the need for labor Incremental reduction in the IT department overhead due to reduction in the need for labor Participations PARIS Implementation & Residuals BPO – Greenlight deck 18

Headcount request • One Director role to Television IT team to replace Mark Quinto

Headcount request • One Director role to Television IT team to replace Mark Quinto • One Director/Manager role to Corporate IT team to backfill Rajeev Nair Draft for discussion 19

Questions ? Participations PARIS Implementation & Residuals BPO – Greenlight deck 20

Questions ? Participations PARIS Implementation & Residuals BPO – Greenlight deck 20

State of other Studios Studio Warner Brothers Participations Environment • Currently, a mainframes based

State of other Studios Studio Warner Brothers Participations Environment • Currently, a mainframes based system is used for Revenue and Cash register with a front end to edit the revenue section and to generate video statements. The actual statements are currently generated manually using Excel Residuals Environment • Custom in-house solution known as AIRS is being used and they plan to stay on this platform • They purchased the Participations module of the PARIS solution • The PARIS implementation is currently underway The projected go live date for the implementation phase is mid-June 2013, which will be followed by the Data conversion phase NBC Universal Paramount • Comprehensive in-house solution called PARIS (Participations And Residuals Information System) to generate participant statement and to calculate Residuals payout • Participations and Residuals payments were being processed by mainframes based system. • The Residuals module within PARIS is leveraged to calculate payouts • They are currently in the planning phase for the implementation of the Residuals module • They evaluated alternatives and decided to purchase the PARIS system from NBCU. They are about two months away from completing the conversion to PARIS Disney Fox • Disney internally developed BRUCE, a custom client-server application for generating Participations statements The application relies heavily on SAP as single source of data • Fox has a homegrown solution coupled with manual processes • Disney tried to rally “Residuals as a service” effort couple of years ago, but it did not take root. • They are currently in discussion with Entertainment Partners and conducting a feasibility study • Fox has homegrown solution coupled with manual processes Participations PARIS Implementation & Residuals BPO – Greenlight deck 21

PARIS Impact Assessment Approach • The PARIS Impact Assessment was identified as an initial

PARIS Impact Assessment Approach • The PARIS Impact Assessment was identified as an initial planning tool as part of the SPE Participations and Residuals Program Alignment Session in July 2011 • As part of the assessment, high-level requirements were gathered for Participations and Residuals processing and these requirements were prioritized to create: ► Scripted scenarios for a PARIS demo ► A technical questionnaire covering system configuration and maintenance inputs • Three PARIS demo sessions spanning 8 hours were held to: ► Assess key capabilities and functional fit ► Gather high-level implementation inputs • Additional inputs on implementation and conversion were collected from other studios’ experiences with PARIS and other solutions • These inputs were distilled to: – Create a work plan and estimates with the implementation approach and timeline – Document risks and considerations around deploying and transitioning operations to PARIS Draft for discussion 22

PARIS manages the range and complexity of scenarios and calculations employed by Participations &

PARIS manages the range and complexity of scenarios and calculations employed by Participations & Residuals Area Observations ►Head-sheet, statement and backup schedule generation ►Powerful expression builder for Participations calculations Fit ►Extensive Residuals rules library ►Can handle receipts/expenses from multiple sources ►Configurable GL account definitions for both departments Flexibility ►Adjustments applicable to Participations ►By-season and multi-title reporting for Participations ►Wizard based non-financials setup to ease data entry and edits ►Upload capability on financial setup to eliminate entry (including adjustments) Usability ►Upload capability on cast setups to minimize data entry ►Wide range of features entails steep learning curve ►Interface reconciliation, threshold and variance management tools ►Strong audit trails against record changes Controls ►No statement versioning ►Payout calculations not linked to payment records Administration Participations 86% Total Requirements 412 Score % 81% # of Requirements covered 311 Average 83% Participations PARIS Implementation & Residuals BPO – Greenlight deck 23

Residuals departmental work metrics 10 Years Ago Annual Residual Payments $150. 4 Average increase

Residuals departmental work metrics 10 Years Ago Annual Residual Payments $150. 4 Average increase over 5 years Number of Features Requiring Quarterly Reporting 945 Average increase over 5 years Number of New Episodes of TV Series Requiring Set 1, 165 up Average increase over 5 years Number of Titles with Quarterly New Media Payments 0 5 Years Ago $197. 9 31. 58% 1, 206 27. 62% 1, 602 Last Year $237. 7 20. 11% 1, 538 27. 53% 2, 140 37. 51% 0 33. 58% 4, 867 Net New TV Episodes requiring setup Features with Quarterly Reporting 2, 500 6, 000 1, 500 2, 000 5 Years Ago Last Year 8. 37% 2, 000 500 10 Years Ago 6. 28% 3, 000 1, 000 0 4, 000 1, 500 5. 80% Titles with New Media Payments (Quarterly Payments) 2, 000 1, 000 YOY increase 1, 000 0 0 10 Years Ago 5 Years Ago Last Year Participations PARIS Implementation & Residuals BPO – Greenlight deck 24

Participations departmental work metrics Line of Business Television Theatrical Video Merchandising Revolution Soundtrack SPC

Participations departmental work metrics Line of Business Television Theatrical Video Merchandising Revolution Soundtrack SPC Total statements => YOY increase Number of statements issued for 12 months ending Oct, 2009 Oct, 2010 Oct, 2011 Oct, 2012 9, 016 9, 388 10, 458 10, 001 2, 929 4, 712 3, 385 2, 985 12, 458 13, 305 25, 064 33, 278 5 12 10 26 586 557 551 552 92 85 92 81 513 508 504 536 25, 599 28, 567 40, 064 47, 459 11. 59% 40. 25% 18. 46% Participations PARIS Implementation & Residuals BPO – Greenlight deck 25