P AR T I homes, provide us with access to existing and potential customers and creates a platform for expanding our services. As of December  31, 2011, substantially all of our installed telephone lines were capable of delivering ADSL services and network coverage of ADSL  was approximately 99%. In order to provide higher bandwidth services for our customers, we are constructing our FTTx network.  As of December 31, 2011, network coverage of FTTx with speed of 50 Mbps and 100 Mbps was approximately 75% and 24.6 %,  respectively. In addition, our mobile communications network provides nationwide coverage. Our large cellular spectrum allocation  together with our network of 17,973 base stations position us well for the continued expansion of our mobile services in Taiwan.  Brand awareness, distribution channels and customer service.  Our principal brands “Chunghwa Telecom”, “emome” and  “HiNet” have a reputation for quality and reliability. We serve our large and well-established customer base through our extensive  customer service network in Taiwan, including 17 operations offices, 326 service centers, 223 exclusive service stores and 6 customer  service call centers. We also offer comprehensive and high-quality point of sale and after sale services in our service centers, stores  and over the internet. Our extensive sales and distribution channels help us attract additional customers and develop new business  opportunities. In 2011, we also obtained several domestic and international awards which recognized our service quality, corporate  governance and corporate social responsibility. In the Reader’s Digest Trusted Brands Award, we have stood out and won the  Platinum Award of Telecom Company in Taiwan for eight consecutive years since 2004. We were also awarded the “Best Companies  in Asia” by Euromoney, “Excellence in Corporate Social Responsibility Award” by the Common Wealth Magazine, “Excellent  Service Award 2011” by Global Views, “Best Financial Disclosure” in Asia-Pacific and Greater China, and “Bronze Award of  Investor Relations Website” in Taiwan by IR Global Rankings. Operational expertise.  Our management and employees have extensive operating experience and technical knowledge, which  we believe cannot be easily replicated by competitors. We also believe we will continue to attract and retain high quality employees.  Comprehensive customer billing infrastructure.  As Taiwan’s leading telecommunications services provider, we have extensive  resources and infrastructure relating to billing services. In particular, we issue, in the aggregate, approximately 17 million invoices,  including integrated bills, every month. We intend to continue taking advantage of this unique attribute by offering bill collection  services to internet content providers and other entities that lack the necessary resources and infrastructure for effective customer  billing.  Enhancing position in our leading markets.  We expect our mobile value-added service, fixed broadband value-added and  information and communication technologies services to continue to be the key drivers of our future growth. With our leading market  share, we enjoy substantial economies of scale in equipment procurement as well as the marketing of our products and services.  Strong capital structure.  We believe we have greater financial resources than other telecommunications operators in Taiwan.  Our relatively low debt-to-equity capital structure, together with our high levels of cash and operating cash flows, provides us with  the flexibility and resources to invest in capital intensive and growing businesses. In particular, we continue to invest in broadband  internet protocol networks, fiber-optic networks, and 3G/HSPA, HSPA+ mobile communications networks and services. We also have  begun making investments in or acquiring other companies which provide complementary telecommunications and internet-related  services to further expand our business and offer new products and services.  Advanced network technology.  Since 2003, we have developed and upgraded our existing infrastructure for both mobile and  fixed line networks. We developed a high-speed internet protocol backbone network, expanded the coverage of our ADSL network  and deployed a 3G network. In 2008, we launched a long-term next generation network construction project that will upgrade our  local fixed line networks to high-speed packet-based digital networks with FTTx technologies, including FTTC/N, FTTB and FTTH,  in order to provide high speed internet, VoIP, MOD and high definition television, or HDTV, services. We have also upgraded our 3G  network to HSPA and HSPA+. In 2011, we expanded HSPA/HSPA+ coverage to provide better mobile internet services with speeds  20 We have the capital resources and technology to enhance our leading position in the growing mobile communications and  internet services markets. 