Spreadsheet - Exercise

Do the following exercise for company 1
1. Calculate the important financial ratios

2. Project the financial statements for the next 5 years
3. What is your best estimate for the intrinsic value of company 1 stock, assuming a 12% cost of equity ?
4. What is your assessment of the overall financial situation of this company ?
Additional information / instructions 1. Company 2 and 3 are in the same industry and competitors
2. All figures are in millions
3. Make any assumptions you want to and state them clearly
4. Use only the information given in this spreadsheet
Do the following exercise for company 1

1. Calculate the important financial ratios
2. Project the financial statements for the next 5 years
3. What is your best estimate for the intrinsic value of company 1 stock, assuming a 12% cost of equity ?
4. What is your assessment of the overall financial situation of this company ?
Additional information / instructions 1. Company 2 and 3 are in the same industry and competitors
2. All figures are in millions
3. Make any assumptions you want to and state them clearly
4. Use only the information given in this spreadsheet
STATEMENT OF FINANCIAL POSITION

Fiscal Year:
1992
1993
1994
1995
1996
1997
ASSETS
Cash & Equivalents
4.147
6.168
20.259
41.679
995.239
67.650
160.004
277.630
470.175
546.262
1,012.263
1,204.591
Inventories - Total
.000
.000
.000
.000
.000
.000
Prepaid Expenses
.000
.000
.000
.000
.000
.000
14.025
38.186
98.992
66.891
288.590
410.391
178.176
321.984
589.426
654.832
2,296.092
1,682.632
Plant, Property & Equip (Gross)
357.072
525.787
944.265
2,056.412
4,282.575
6,786.675
Accumulated Depreciation
143.932
181.491
317.598
487.080
385.451
793.689
Plant, Property & Equip (Net)
213.140
344.296
626.667
1,569.332
3,897.124
5,992.986
416.683
1,741.581
2,070.709
4,292.752
28.768
35.379
61.623
106.668
114.622
82.276
13,668.761
14,713.935
869.622
2,514.529
3,430.192
6,634.571
19,861.977
22,389.553
51.389
108.420
138.101
137.342
588.738
463.340
.000
.000
.000
1,112.853
22.424
10.605
85.055
133.924
283.890
396.879
649.324
978.808
.000
.000
11.940
.000
1.481
.000
5.953
8.543
5.996
21.673
58.092
270.728
331.738
648.070
595.103
164.070
308.979
710.655
1,978.812
1,910.037
2,047.856
333.742
525.980
788.005
2,278.428
4,803.581
6,527.207
27.472
.000
.000
26.172
.000
.000
.000
.000
.000
.000
.000
.000
1.370
57.905
104.362
163.873
188.383
304.625
.000
.000
.000
.000
.000
.000
526.654
892.864
1,603.022
4,447.285
6,902.001
8,879.688
Receivables - Total (Net)
Current Assets - Other
Current Assets - Total
Investments at Equity
.000
Investments and Advances - Other

Intangibles
Deferred Charges
Assets - Other
TOTAL ASSETS
LIABILITIES
Accounts Payable
Notes Payable
Accrued Expenses
Taxes Payable
Debt (Long-Term) Due In One Year
Other Current Liabilities
Total Current Liabilities
Long Term Debt

Deferred Taxes (Balance Sheet)
Investment Tax Credit
Liabilities - Other
Noncontrolling Interest - Redeemable
TOTAL LIABILITIES
SHAREHOLDERS' EQUITY
Preferred Stock
46.570
.129
.129
.012
.128
.125
Common Stock
.332
.596
1.596
1.932
8.851
9.092
Capital Surplus
197.049
1,428.192
1,772.882
1,898.310
14,855.881
15,043.262
99.017
192.748
52.563
287.032
-1,904.884
-1,542.614
Retained Earnings (Net Other)

Less: Treasury Stock
.000
.000
.000
.000
.000
.000
342.968
1,621.665
1,827.170
2,187.286
12,959.976
13,509.865
TOTAL SHAREHOLDERS EQUITY
342.968
1,621.665
1,827.170
2,187.286
12,959.976
13,509.865
TOTAL LIABILITIES AND EQUITY
869.622
2,514.529
3,430.192
6,634.571
19,861.977
22,389.553
Shareholders Equity - Parent

Noncontrolling Interest - Nonredeemable
INCOME STATEMENT
Fiscal Year:
Sales (Net)
1992
1993
1994
1995
1996
1997
800.753
1,144.714
2,220.765
3,639.875
4,485.130
7,351.354
458.184
657.837
1,447.633
1,992.413
2,457.102
3,791.599
342.569
486.877
773.132
1,647.462
2,028.028
3,559.755
Selling, General, & Admin Expenses
170.466
208.724
432.360
660.149
828.673
1,540.428
Operating Income Before Depreciation
172.103
278.153
340.772
987.313
1,199.355
2,019.327
Depreciation, Depletion, & Amortiz
53.896
79.921
163.828
311.265
303.301
920.721
118.207
198.232
176.944
676.048
896.054
1,098.606
23.782
27.032
47.303
249.062
221.801
319.748
.860
4.295
5.223
11.801
6.479
20.415
-87.100
.000
-183.206
.000
-2,740.148
.000
8.185
175.495
-48.342
438.787
-2,059.416
799.273
8.369
71.313
73.816
171.127
129.528
415.621
Cost of Goods Sold
Gross Profit
Operating Income After Depreciation

Interest Expense
Non-Operating Income/Expense
Special Items
Pretax Income
Income Taxes - Total
Minority Interest
.000
.000
.000
.000
.000
.000
Income Before EI&DO
-.184
104.182
-122.158
267.660
-2,188.944
383.652
Extraordinary Items
-5.800
.000
.000
.000
-24.434
.000
.000
.000
.000
.000
.000
.000
Discontinued Operations
Net Income (Loss)
-5.984
104.182
-122.158
267.660
-2,213.378
383.652
Income Before EI&DO
-.184
104.182
-122.158
267.660
-2,188.944
383.652
Preferred Dividends
2.112
10.451
27.766
17.021
.860
26.433
-2.296
93.731
-149.924
250.639
-2,189.804
357.219
.000
.000
.000
.000
.000
.000
-2.296
93.731
-149.924
250.639
-2,189.804
357.219
Available for Common Before EI&DO

Common Stock Equivalents - Savings
Adjusted Available for Common
EARNINGS PER SHARE

EPS - Primary, Excluding EI&DO
-.080
1.700
-.950
1.300
-5.500
.400
EPS - Primary, Including EI&DO
-.260
1.700
-.950
1.300
-5.560
.400
EPS - Fully Diluted, Excluding EI&DO
-.080
1.700
-.950
1.280
-5.500
.400
EPS - Fully Diluted, Including EI&DO
-.260
1.700
-.950
1.280
-5.560
.400
Common Shares for Primary EPS Calculation
32.473
55.162
157.805
193.449
397.890
898.889
Common Shares for Fully Diluted EPS Calc.
32.473
55.221
157.805
201.495
397.890
959.816
Common Shares Outstanding at Fiscal Yr End
33.173
59.628
159.643
193.243
885.080
909.201
COMMON SHARES
STATEMENT OF RETAINED EARNINGS

Fiscal Year:
1992
1993
1994
1995
1996
1997
Retained Rearnings - Beginning Balance
29.976
99.017
192.748
52.563
287.032
-1,904.884
Net Income
-5.984
104.182
-122.158
267.660
-2,213.378
383.652
2.112
10.451
27.766
33.191
.860
26.433
21.880
192.748
42.824
287.032
-1,927.206
-1,547.665
Adj. to Long-Term Marketable Securities
.000
.000
.000
.000
28.832
33.883
Other CMP Adj,(Stock Splits/Retirement)
.000
.000
.000
.000
.000
.000
Non-Compustat Adjustments (Plug Calculation)
77.137
.000
9.739
.000
22.322
5.051
Retained Earnings - Ending Balance
99.017
192.748
52.563
287.032
-1,904.884
-1,542.614
.000
.000
.000
.000
52.563
287.032
-1,904.884
-1,542.614
Cash Dividends
Retained Earnings After Dividends

Change - Foreign Currency Translation
Retroactive Adjustments (Acct'g Chgs)
.000
Retained Earnings - After Adjustments
99.017
192.748
STATEMENT OF CASH FLOWS

Fiscal Year:
1992
1993
1994
1995
1996
1997
INDIRECT OPERATING ACTIVITIES

Income Before Extraordinary Items
Depreciation and Amortizations
Extraordinary Items and Disc. Operations
Deferred Taxes
Equity in Net Loss (Earnings)
Sale of PPEq and Investments - Loss (Gain)
Funds from Operations - Other
Receivables - Decrease (Increase)
Inventory - Decrease (Increase)
-.184
104.182
-122.158
267.660
-2,188.944
383.652
53.896
79.921
163.828
311.265
303.301
920.721
.000
.000
.000
.000
.000
.000
-.603
46.390
24.961
171.463
58.449
368.043
.000
.000
.000
.000
.000
.000
-.870
33.460
23.506
201.357
28.636
2,788.959
160.751
-38.044
-44.452
-148.053
-77.512
-206.507
-422.867
.000
.000
.000
.000
.000
.000
.000
.000
Accounts/P and Accrued Liabs - Inc(Dec)

Income Taxes - Accrued - Increase(Decrease)
Other Assets and Liabilities - Net Change
36.701
-58.277
141.454
-85.832
42.860
-92.064
Operating Actiities - Net Cash Flow
84.356
151.270
261.389
615.680
798.118
1,318.236
.000
.000
.000
.000
.000
.000
13.160
.000
.000
.000
.000
.000
.000
.000
11.672
1.000
.000
760.304
57.738
35.629
192.162
355.841
657.061
2,644.915
5.534
.000
13.676
61.837
291.539
91.750
2,766.355
-116.053
1,090.665
-23.296
-16.799
-78.228
-116.492
-211.828
-302.172
-129.711
-338.433
-350.468
-3,224.012
-752.836
-3,277.448
52.341
17.244
38.431
90.532
39.759
123.133
INVESTING ACTIVITIES
Investments - Increase
Sale of Investments
Short term Investments - Change
Capital Expenditures
Sale of Property Plant and Equipment
Acquisitions
Investing Activities - Other
Investing Activites - Net Cash Flow
FINANCING ACTIVITIES
Sale of Common and Preferred Stock
Purchase of Common and Preferred Stock
.000
.000
.000
.000
.000
.000
2.112
10.451
27.766
33.191
.860
26.433
Long Term Debt - Issuance
359.254
191.000
77.600
2,702.650
113.000
1,848.750
Long Term Debt - Reduction
367.419
8.532
40.707
129.224
16.696
145.471
1.580
-.077
.000
-.015
.000
3.408
43.644
189.184
47.558
2,630.752
135.203
1,803.387
.000
.000
.000
.000
.000
.000
-1.711
2.021
-41.521
22.420
180.485
-155.825
Cash Dividends
Current Debt - Changes

Financing Activities - Other
Financing Activities - Net Cash Flow
Exchange Rate Effect
Cash and Cash Equivalents - Change
1998
1999
2000
2001
1,710.000
882.000
761.000
1,416.000
5,226.000
5,746.000
6,815.000
5,308.000
.000
.000
.000
.000
.000
.000
.000
.000
3,703.000
3,696.000
2,179.000
2,481.000
10,639.000
10,324.000
9,755.000
9,205.000
26,374.000
33,728.000
44,627.000
48,661.000
2,067.000
5,110.000
7,204.000
9,852.000
24,307.000
28,618.000
37,423.000
38,809.000
2,170.000
1,022.000
46,594.000
50,537.000
992.000
.000
.000
51,455.000
52,130.000
2,961.000
3,349.000
86,401.000
91,072.000
98,903.000
103,914.000
1,737.000
2,557.000
6,022.000
4,844.000
4,756.000
5,015.000
7,200.000
.000
4,408.000
3,721.000
.000
.000
.000
.000
172.000
5,128.000
5,916.000
4,451.000
4,194.000
16,029.000
17,209.000
17,673.000
9,210.000
16,833.000
13,878.000
18,494.000
30,038.000
2,960.000
4,877.000
3,611.000
4,066.000
.000
.000
.000
.000
1,852.000
1,223.000
1,124.000
576.000
3,724.000
2,647.000
2,592.000
2,094.000
41,398.000
39,834.000
43,494.000
45,984.000
.000
.000
.000
.000
18.000
28.000
29.000
31.000
49,521.000
52,108.000
52,877.000
54,297.000
-4,351.000
-713.000
2,688.000
3,787.000
185.000
185.000
185.000
185.000
45,003.000
51,238.000
55,409.000
57,930.000
45,003.000
51,238.000
55,409.000
57,930.000
86,401.000
91,072.000
98,903.000
103,914.000
1998
1999
2000
2001
17,678.000
37,120.000
39,090.000
35,179.000
8,416.000
15,951.000
15,462.000
14,739.000
9,262.000
21,169.000
23,628.000
20,440.000
4,312.000
8,935.000
9,819.000
9,951.000
4,950.000
12,234.000
13,809.000
10,489.000
2,200.000
4,354.000
4,878.000
5,880.000
2,750.000
7,880.000
8,931.000
4,609.000
655.000
1,029.000
1,529.000
2,031.000
41.000
304.000
880.000
910.000
-3,725.000
-54.000
-778.000
-1,095.000
-1,589.000
7,101.000
7,504.000
2,393.000
876.000
2,965.000
3,025.000
927.000
93.000
186.000
305.000
82.000
-2,558.000
3,950.000
4,174.000
1,384.000
-129.000
.000
-85.000
.000
.000
.000
.000
.000
-2,687.000
3,950.000
4,089.000
1,384.000
-2,558.000
3,950.000
4,174.000
1,384.000
13.000
9.000
1.000
.000
-2,571.000
3,941.000
4,173.000
1,384.000
.000
.000
.000
.000
-2,571.000
3,941.000
4,173.000
1,384.000
-2.020
1.400
1.460
.460
-2.120
1.400
1.430
.460
-2.020
1.350
1.430
.450
-2.120
1.350
1.400
.450
1,274.000
2,821.000
2,868.000
3,040.000
1,274.000
2,925.000
2,912.000
3,050.000
1,835.770
2,842.979
2,881.195
3,078.996
1998
1999
2000
2001
-1,542.614
-4,351.000
-713.000
2,688.000
-2,687.000
3,950.000
4,089.000
1,384.000
13.000
9.000
1.000
-4,242.614
-410.000
3,375.000
4,072.000
-38.000
-29.000
122.000
575.000
345.000
-51.000
.000
.000
.000
.000
-108.386
-303.000
-564.000
-256.000
-4,351.000
-713.000
2,773.000
3,787.000
.000
.000
-85.000
.000
-4,351.000
-713.000
2,688.000
3,787.000
1999
2000
2001
-2,558.000
3,950.000
4,174.000
1,384.000
2,200.000
4,354.000
4,878.000
5,880.000
.000
.000
85.000
.000
787.000
2,903.000
1,649.000
1,104.000
.000
.000
.000
.000
1998
4,191.000
789.000
1,718.000
119.000
-698.000
-1,826.000
-2,991.000
281.000
.000
.000
.000
.000
.000
.000
-1,050.000
.000
.000
163.000
835.000
-797.000
-990.000
4,085.000
11,005.000
7,666.000
7,778.000
.000
.000
.000
.000
.000
.000
.000
.000
54.000
.000
5,418.000
8,716.000
11,484.000
7,886.000
3,400.000
1,078.000
14.000
206.000
-669.000
239.000
-2,887.000
-1,598.000
-9,433.000
-9,555.000
-14,385.000
-9,690.000
463.000
886.000
585.000
124.000
.000
.000
190.000
.000
13.000
9.000
1.000
.000
6,424.000
6,377.000
3,031.000
18.000
2,957.000
47.000
.000
-148.000
-626.000
6,903.000
-2,080.000
6,623.000
2,529.000
.000
-221.000
-19.000
38.000
1,555.000
-851.000
-115.000
655.000

Fiscal Year:
1992
1993
1994
1995
1996
ASSETS
Cash & Equivalents
108.600
207.000
123.300
124.200
1,150.600
932.600
1,230.600
1,469.800
2,923.700
2,463.500
Inventories - Total
152.500
182.300
215.800
171.000
.000
Prepaid Expenses
98.900
120.700
144.500
166.600
.000
151.500
237.300
235.100
233.900
738.700
1,444.100
1,977.900
2,188.500
3,619.400
4,352.800
13,841.400
17,722.400
19,200.800
19,915.900
21,410.800
5,593.700
7,407.600
8,322.200
10,200.100
10,946.700
8,247.700
10,314.800
10,878.600
9,715.800
10,464.100
.000
287.500
301.700
119.100
173.100
177.600
1,393.000
254.500
736.800
706.700
.000
.000
Intangibles
Deferred Charges
1,527.100
.000
.000
.000
.000
.000
377.500
658.800
683.200
467.700
354.500
10,188.400
14,148.900
14,936.300
15,195.900
16,953.000
Accounts Payable
643.200
925.400
1,072.200
938.900
1,026.700
Notes Payable
206.300
.000
.000
2,144.000
200.000
Accrued Expenses
464.300
487.500
527.600
617.700
828.900
Taxes Payable
312.000
307.200
268.500
235.500
189.200
351.700
523.400
332.400
280.400
99.100
529.200
825.100
853.900
925.600
970.300
2,506.700
3,068.600
3,054.600
5,142.100
3,314.200
3,535.200
4,571.000
4,604.800
3,253.000
2,981.500
882.400
1,182.900
1,259.000
843.400
846.900
342.200
1,369.500
1,456.000
1,282.300
1,278.700
2.200
8.300
8.000
4.600
7,349.600
10,200.300
10,382.400
10,525.400
Assets - Other
TOTAL ASSETS
LIABILITIES
Long Term Debt

Liabilities - Other
TOTAL LIABILITIES
80.900
8,421.300
Preferred Stock
24.800
30.300
29.100
27.900
11.800
Common Stock
551.600
858.500
871.400
872.900
1,091.300
Capital Surplus
899.300
827.400
942.900
960.000
4,425.900
1,363.100
2,232.400
2,710.500
2,809.700
3,264.900
.000
.000
.000
.000
262.200
2,838.800
3,948.600
4,553.900
4,670.500
8,531.700
2,838.800
3,948.600
4,553.900
4,670.500
8,531.700
10,188.400
14,148.900
14,936.300
15,195.900
16,953.000

INCOME STATEMENT
Fiscal Year:
Sales (Net)
Cost of Goods Sold
Gross Profit
1992
1993
1994
1995
1996
9,230.400
11,367.800
12,661.800
12,765.100
14,044.700
6,982.600
5,736.100
6,361.000
6,504.900
7,028.700
2,247.800
5,631.700
6,300.800
6,260.200
7,016.000
2,729.900
3,034.600
2,871.900
3,097.800
2,247.800
2,901.800
3,266.200
3,388.300
3,918.200
1,192.000
1,358.700
1,478.400
1,466.400
1,591.000
1,055.800
1,543.100
1,787.800
1,921.900
2,327.200
394.700
460.400
407.000
317.700
300.700
-5.400
11.100
23.400
-36.200
-54.600
.000
-308.500
.000
-87.600
-60.000
655.700
785.300
1,404.200
1,480.400
1,911.900
228.500
295.300
498.400
534.300
721.000
9.400
22.100
Income Before EI&DO
427.200
480.600
883.700
946.100
1,190.900
Extraordinary Items
29.900
-413.400
.000
-565.300
-4.500
.000
-12.300
7.000
14.500
-2.600

Interest Expense
Special Items
Pretax Income
Minority Interest
Net Income (Loss)
457.100
54.900
890.700
395.300
1,183.800
Income Before EI&DO
427.200
480.600
883.700
946.100
1,190.900
Preferred Dividends
2.400
2.800
2.700
2.600
1.300
424.800
477.800
881.000
943.500
1,189.600
.000
.000
.000
.000
.000
424.800
477.800
881.000
943.500
1,189.600
1.930
1.390
2.530
2.690
2.790
2.070
.150
2.550
1.120
2.780
1.930
1.380
2.520
2.680
2.780
2.060
.150
2.540
1.110
2.770

EARNINGS PER SHARE
COMMON SHARES
220.100
343.700
348.700
350.100
426.000
221.500
345.700
350.000
352.800
427.300
220.659
343.400
348.300
349.200
430.100

Fiscal Year:
1992
1993
1994
1995
1996
1,129.000
1,363.100
2,232.400
2,710.500
2,809.700
Net Income
457.100
54.900
890.700
395.300
1,183.800
Cash Dividends
222.000
347.100
349.400
351.500
419.600
1,364.100
1,070.900
2,773.700
2,754.300
3,573.900

.000
.000
.000
.000
.000
.000
48.200
-20.400
43.200
53.100
-37.400
1,497.500
-42.800
12.200
-362.100
1,326.700
2,616.600
2,710.500
2,809.700
3,264.900
36.400
-384.200
.000
.000
.000
1,363.100
2,232.400
2,710.500
2,809.700
3,264.900
1992
1993
1994
1995
1996

Fiscal Year:
Deferred Taxes
427.200
480.600
883.700
946.100
1,190.900
1,192.000
1,358.700
1,478.400
1,466.400
1,591.000
3.900
2.100
7.000
162.500
.300
-2.700
-34.500
74.600
5.800
.000
.000
-10.300
273.700
.000
-34.700
.000
.000
41.300
66.000
.000
20.000
-14.000
236.600
-185.800
-239.200
-135.800
-988.800
119.400
449.300
302.200
263.900
360.700
2,017.700
2,136.400
2,472.000
2,728.900
2,403.500
.000
.000
49.200
948.700
446.100
Sale of Investments
.000
.000
117.700
.000
.000
.000
.000
.000
.000
1,151.400
1,594.700
2,015.900
1,857.300
2,433.600
.000
.000
.000
.000
.000

Acquisitions
.000
.000
.000
22.300
26.300
-34.500
-335.000
1,023.500
-1,379.100
-1,568.400
-1,981.900
-3,141.000
-1,856.200
18.900
70.800
42.700
16.900
3,681.800
.000
.000
.000
.000
407.200
Cash Dividends
222.000
347.100
349.400
351.500
419.600
771.600
840.400
429.400
1,370.200
9.400
597.000
630.000
250.000
1,157.400
1,589.000
-9.000
393.500
-5.900
11.400
30.700
17.000
34.600
-603.800
-620.000
-443.600
422.600
479.100
.000
.000
.000
.000
.000
34.800
-52.000
46.500
10.500
1,026.400
433.100
-1,986.800
1997
1998
1999
2000
2001
101.700
432.500
420.000
122.000
134.000
2,960.200
2,502.500
2,972.000
3,487.000
2,649.000
352.000
349.700
441.000
434.000
248.000
.000
199.400
251.000
276.000
253.000
358.700
558.000
198.000
193.000
201.000
3,772.600
4,042.100
4,282.000
4,512.000
3,485.000
23,210.900
25,156.000
27,687.000
30,998.000
34,113.000
11,716.800
12,692.000
13,685.000
15,165.000
16,605.000
11,494.100
12,464.000
14,002.000
15,833.000
17,508.000
1,427.500
1,301.100
883.000
842.000
417.000
303.000
489.200
139.000
66.000
1,379.000
1,204.000
.000
1,567.000
.000
.000
.000
.000
.000
1,187.600
978.400
1,118.000
1,192.000
1,187.000
18,184.800
19,274.800
21,803.000
23,649.000
24,164.000
1,100.100
1,283.700
1,012.000
1,598.000
1,432.000
.000
.000
.000
.000
798.000
672.700
592.400
1,240.000
924.000
1,455.000
270.700
346.500
162.000
264.000
239.000
131.000
33.300
902.000
1,026.000
1,258.000
902.300
1,037.500
985.000
1,192.000
1,116.000
3,076.800
3,293.400
4,301.000
5,004.000
6,298.000
3,748.600
4,682.800
4,531.000
3,482.000
3,258.000
1,016.500
828.300
935.000
1,276.000
1,552.000
1,306.200
1,445.800
1,522.000
1,544.000
1,342.000
.000
.000
.000
.000
10,250.300
11,289.000
11,306.000
12,450.000
9,148.100
11.500
.000
.000
.000
10.000
1,091.300
873.000
1,749.000
1,771.000
1,790.000
4,457.700
3,769.100
.000
10.000
.000
9,036.700
292.900
9,024.500
10,514.000
12,343.000
11,714.000
9,036.700
9,024.500
10,514.000
12,343.000
11,714.000
18,184.800
19,274.800
21,803.000
23,649.000
24,164.000
1997
1998
1999
2000
2001
1993
14,873.900
16,016.900
17,016.000
17,688.000
16,924.000
7,451.000
7,601.000
7,724.000
8,162.000
8,278.000
7,422.900
8,415.900
9,292.000
9,526.000
8,646.000
3,225.200
3,741.000
4,233.000
4,493.000
4,384.000
4,197.700
4,674.900
5,059.000
5,033.000
4,262.000
1,726.300
1,915.100
2,129.000
2,199.000
2,449.000
2,471.400
2,759.800
2,930.000
2,834.000
1,813.000
280.200
359.800
225.000
98.000
87.000
-659.200
-29.900
92.000
-114.000
22.000
51.000
104.000
.000
-452.000
-1,876.000
1,583.000
2,474.100
2,797.000
2,170.000
-128.000
630.500
934.000
1,061.000
878.000
18.000
.000
.000
.000
.000
952.500
1,540.100
1,736.000
1,292.000
-146.000
.000
-4.800
-39.000
-3.000
-1.000
.000
.000
-130.000
675.000
.000
952.500
1,535.300
1,567.000
1,964.000
-147.000
952.500
1,540.100
1,736.000
1,292.000
-146.000
1.000
.000
-7.000
-7.000
-7.000
951.500
1,540.100
1,743.000
1,299.000
-139.000
.000
.000
.000
.000
.000
951.500
1,540.100
1,743.000
1,299.000
-139.000
2.210
3.600
2.010
1.470
-.160
2.210
3.590
1.810
2.240
-.160
2.180
3.540
1.970
1.450
-.160
2.180
3.530
1.780
2.210
-.160
23%
1994
11%
1995
1996
1%
0.525439 0.546074 0.538557
0.297308 0.284543 0.251832
10%
1997
6%
430.200
427.600
868.000
880.900
886.800
436.500
434.500
887.200
892.400
886.800
430.000
430.700
874.200
884.600
931.900
1997
1998
1999
2000
2001
3,264.900
3,769.100
952.500
430.000
1,535.300
1,567.000
1,964.000
-147.000
430.300
426.000
433.000
437.000
3,787.400
4,874.100
1,141.000
1,531.000
-584.000
-94.300
-4,874.100
-1,141.000
-1,529.000
584.000
3,769.100
.000
.000
2.000
.000
.000
.000
.000
-2.000
.000
.000
76.000
3,769.100
1997
1998
1999
2000
2001
952.500
1,540.100
1,736.000
1,292.000
-146.000
1,726.300
1,915.100
2,129.000
2,267.000
2,449.000
.000
-4.100
.000
-2.000
.000
165.700
64.900
220.000
386.000
-238.000
843.700
237.500
70.000
201.000
64.000
-93.200
-103.800
-158.000
-83.000
18.000
5.800
-.800
141.000
353.000
1,382.000
-127.000
711.000
-94.800
322.400
-425.000
-91.000
345.000
3,379.000
3,971.300
3,713.000
4,323.000
4,585.000
1,091.800
995.300
135.000
686.000
37.000
.000
.000
.000
.000
2,862.600
3,159.200
4,105.000
5,295.000
314.000
3,534.000
375.000
.000
618.000
.000
.000
-170.100
514.800
-376.000
1,455.000
296.000
-4,499.500
-3,639.700
-4,349.000
-3,336.000
-5,036.000
.000
186.000
160.000
24.000
144.500
48.000
61.000
.000
430.000
430.300
426.000
433.000
437.000
866.500
1,059.300
1,020.000
344.000
2,625.000
135.000
387.900
529.000
949.000
1,604.000
114.600
-241.900
105.000
-30.000
-145.000
71.600
-.800
308.000
-969.000
463.000
.000
.000
.000
.000
.000
-1,048.900
330.800
-328.000
18.000
12.000
-200.000
1998
1999
8%
2000
6%
2001
4%
-4%

Fiscal Year:
1992
1993
1994
1995
ASSETS
Cash & Equivalents
329.700
154.600
142.900
356.800
2,628.800
2,762.300
2,363.900
Inventories - Total
266.000
250.900
274.600
132.800
Prepaid Expenses
102.700
452.400
545.500
611.700
664.100
250.600
456.400
2,771.400
3,991.300
3,870.800
3,783.300
3,872.700
32,067.100
33,181.600
33,745.800
33,553.800
11,474.400
12,616.400
16,807.700
17,632.500
20,592.700
20,565.200
16,938.100
15,921.300
1,394.700
1,576.800
2,950.500
2,860.200
1,888.400
889.300
655.300
1,825.100
1,084.300
1,412.300
28,099.500
29,544.200
24,271.800
24,156.800
Accounts Payable
1,939.500
2,134.900
2,220.200
1,668.900
Notes Payable
1,694.400
1,916.600
1,585.200
1,616.300
228.400
244.000
251.500
858.700
Intangibles
Deferred Charges
Assets - Other
TOTAL ASSETS
LIABILITIES
Accrued Expenses
Taxes Payable
126.100
190.900
137.200
195.900
1,009.100
760.700
502.400
313.900
874.700
876.800
880.200
719.300
5,872.200
6,123.900
5,576.700
5,373.000
Long Term Debt
7,348.200
7,206.200
6,805.700
6,407.200
3,094.300
2,913.500
1,305.700
1,213.900
513.400
447.200
176.700
147.300
3,455.100
4,629.000
4,240.700
4,186.800
85.000
145.000


Liabilities - Other
TOTAL LIABILITIES
20,283.200
21,319.800
18,190.500
17,473.200
Preferred Stock
.000
.000
.000
.000
Common Stock
434.200
436.100
436.400
437.800
Capital Surplus
4,677.700
4,780.900
4,842.200
4,988.300
2,713.500
3,009.800
813.700
1,260.600
9.100
2.400
11.000
3.100
7,816.300
8,224.400
6,081.300
6,683.600
7,816.300
8,224.400
6,081.300
6,683.600
28,099.500
29,544.200
24,271.800
24,156.800
1992
1993
1994
1995
12,647.000
12,990.200
13,791.400
13,429.500
7,469.300
7,540.000
8,130.300
7,706.100
5,177.700
5,450.200
5,661.100
5,723.400
5,177.700
5,450.200
5,661.100
5,723.400
2,417.400
2,545.100
2,652.100
2,627.100

INCOME STATEMENT
Fiscal Year:
Sales (Net)
Cost of Goods Sold
Gross Profit
2,760.300
2,905.100
3,009.000
3,096.300
Interest Expense
828.700
719.600
643.700
635.500
182.400
93.200
80.300
234.600
Special Items
-88.300
-5.100
-158.800
314.000
2,025.700
2,273.600
2,286.800
3,009.400
643.500
792.000
884.900
1,147.600
Income Before EI&DO
1,382.200
1,481.600
1,401.900
1,861.800
Extraordinary Items
-41.600
-78.200
-2,156.700
-3.500
.000
.000
.000
.000
Net Income (Loss)
1,340.600
1,403.400
-754.800
1,858.300
Income Before EI&DO
1,382.200
1,481.600
1,401.900
1,861.800
Preferred Dividends
.000
.000
.000
.000
1,382.200
1,481.600
1,401.900
1,861.800
14.800
.000
.000
.000
1,397.000
1,481.600
1,401.900
1,861.800
3.230
3.390
3.210
4.250
3.130
3.220
-1.730
4.240
3.230
3.390
3.210
4.250
3.130
3.220
-1.730
4.240
Pretax Income
Minority Interest

EARNINGS PER SHARE
COMMON SHARES
433.044
436.307
437.236
438.345
433.194
436.435
437.290
438.576
433.969
436.080
436.186
437.702

Fiscal Year:
1992
1993
1994
1995
2,988.200
2,713.500
3,009.800
813.700
Net Income
1,340.600
1,403.400
-754.800
1,858.300
Cash Dividends
1,069.700
1,156.500
1,195.100
1,218.000
3,259.100
2,960.400
1,059.900
1,454.000
.000
.000
.000
.000
.200
.100
.100
.000
-545.800
69.100
-246.300
-193.400
2,713.500
3,029.600
813.700
1,260.600
.000
-19.800
.000
.000
2,713.500
3,009.800
813.700
1,260.600

Fiscal Year:
1992
1993
1994
1995

1,382.200
1,481.600
1,401.900
1,861.800
2,417.400
2,545.100
2,652.100
2,627.100

Deferred Taxes
.000
.000
.000
.000
-106.100
-172.000
-319.900
-124.800

-6.500
.000
.000
.000
-200.100
-42.100
-12.500
1.200
62.300
-13.800
-87.800
-208.300
-310.200
-43.700
-48.900
-80.800
-47.600
335.800
528.500
306.400
119.000
3,929.700
4,234.000
3,752.600
3,981.000
1,467.800
2,390.000
1,311.600
Sale of Investments
1,560.100
2,054.900
789.200
431.800
82.000
25.500
8.500
.000
2,560.400
2,517.400
2,648.300
2,627.200



Acquisitions
426.900
47.300
102.100
3.500
.300
146.900
37.500
41.400
-36.300
-9.700
1,427.800
142.500
-1,995.800
-2,936.300
-1,669.800
-2,090.800
122.100
33.700
6.900
76.900
.100
.000
8.700
11.200
Cash Dividends
1,069.700
1,156.500
1,195.100
1,218.000
1,340.700
2,148.100
249.600
106.600
971.100
639.300

700.400
186.700
-287.600
-48.100
-2,863.000
-2,659.600
120.000
56.800
-1,769.600
-1,447.600
-2,086.000
-1,676.300
.000
.000
.000
.000
164.300
-149.900
-3.200
213.900
1996
1997
424.200
1998
1999
2000
2001
1,043.400
1,022.900
1,936.000
2,370.000
2,970.000
6,380.000
6,597.100
7,057.000
14,010.000
14,254.000
148.700
550.300
566.000
664.000
1,910.000
1,968.000
402.000
634.000
522.000
673.000
2,973.100
393.100
374.300
266.000
3,831.000
3,995.000
3,948.000
9,000.800
9,082.300
10,596.000
22,121.000
23,187.000
34,758.400
77,437.200
83,064.100
89,238.000
158,957.000
169,586.000
18,842.700
42,397.800
46,248.600
49,939.000
89,453.000
95,167.000
15,915.700
35,039.400
36,815.500
39,299.000
69,504.000
74,419.000
3,766.800
3,267.900
3,497.600
3,867.000
6,508.000
6,812.000
4,770.800
3,913.000
5,751.000
10,569.000
7,371.000
41,990.000
44,262.000
.000
.000
.000
.000
.000
.000
1,225.700
1,885.200
1,835.500
3,101.000
14,043.000
14,744.000
24,856.200
53,964.100
55,143.900
62,614.000
164,735.000
170,795.000
1,667.500
3,575.400
3,401.100
3,753.000
6,247.000
5,171.000
1,672.800
5,577.400
1,683.200
4,475.000
13,019.000
12,832.000
1,137.600
2,233.500
2,466.700
2,363.000
6,026.000
6,921.000
97.600
157.500
237.200
349.000
1,692.000
1,855.000
464.500
765.400
1,304.400
980.000
1,819.000
5,837.000
662.800
1,355.000
1,438.600
1,547.000
5,433.000
5,404.000
5,702.800
13,664.200
10,531.200
13,467.000
34,236.000
38,020.000
5,960.200
13,265.200
17,646.400
18,463.000
42,491.000
45,657.000
1,229.900
2,106.200
2,253.800
3,892.000
15,260.000
16,543.000
123.000
250.700
221.800
197.000
4,272.500
10,777.000
10,935.100
10,056.000
16,340.000
15,887.000
145.000
1,111.700
530.200
659.000
21,830.000
22,149.000
17,433.400
41,175.000
42,118.500
46,734.000
130,157.000
138,256.000
.000
.000
.000
.000
.000
.000
437.800
78.800
157.600
158.000
275.000
275.000
5,065.200
12,592.500
12,803.400
13,106.000
23,673.000
23,929.000
1,923.400
708.300
656.600
3,256.000
12,491.000
9,517.000
3.600
590.500
592.200
640.000
1,861.000
1,182.000
7,422.800
12,789.100
13,025.400
15,880.000
34,578.000
32,539.000
7,422.800
12,789.100
13,025.400
15,880.000
34,578.000
32,539.000
24,856.200
53,964.100
55,143.900
62,614.000
164,735.000
170,795.000
1996
1997
1998
1999
2000
2001
13,081.400
30,367.900
31,565.900
33,174.000
64,826.000
67,190.000
7,542.000
17,433.800
17,687.000
18,231.000
38,003.000
38,125.000
5,539.400
12,934.100
13,878.900
14,943.000
26,823.000
29,065.000
0.43968 0.450443
5,539.400
12,934.100
13,878.900
14,943.000
26,823.000
29,065.000
0.450443 0.413769
2,594.600
5,567.400
5,830.200
6,221.000
12,258.000
13,657.000
2,944.800
7,366.700
8,048.700
8,722.000
14,565.000
15,408.000
535.700
1,356.200
1,419.300
1,383.000
3,685.000
3,737.000
341.500
-25.800
320.500
376.000
1,263.000
1,651.000
-2,000.600
-1,876.000
-869.000
5,892.000
-9,826.000
2,750.600
3,984.100
5,073.900
6,846.000
18,035.000
3,496.000
1,011.200
1,529.200
2,008.100
2,557.000
7,009.000
2,176.000
75.000
81.000
216.000
730.000
1993
1,739.400
2,454.900
2,990.800
4,208.000
10,810.000
590.000
142.100
.000
-25.500
-6.000
987.000
-201.000
.000
.000
.000
.000
.000
.000
1,881.500
2,454.900
2,965.300
4,202.000
11,797.000
389.000
1,739.400
2,454.900
2,990.800
4,208.000
10,810.000
590.000
.000
.000
.000
.000
.000
.000
1,739.400
2,454.900
2,990.800
4,208.000
10,810.000
590.000
.000
.000
-32.300
.000
-10.000
.000
1,739.400
2,454.900
2,958.500
4,208.000
10,800.000
590.000
3.960
3.160
1.900
2.720
3.980
.220
4.280
3.160
1.890
2.710
4.340
.140
3.960
3.130
1.870
2.660
3.950
.220
4.280
3.130
1.860
2.650
4.310
.140
1994
3%
6%
439.559
775.900
1,553.000
1,553.000
2,713.000
2,710.000
439.709
785.500
1,578.300
1,583.000
2,737.000
2,730.000
437.762
776.550
1,553.359
1,552.677
2,702.435
2,716.477
1996
1997
1998
1999
2000
2001
1,260.600
1,923.400
708.300
656.600
3,256.000
12,491.000
1,881.500
2,454.900
2,965.300
4,202.000
11,797.000
389.000
2,399.000
4,421.000
4,168.000
3,673.600
2,459.600
10,632.000
8,712.000
40.000
55.000
4.000
3,142.100
4,378.300
.000
.000
.000
.000
-714.200
450.000
-2,176.000
-66.000
-1,360.800
-3,670.000
-2,342.800
291.400
4,071.000
1,032.000
1,781.300
708.300
656.600
3,256.000
12,531.000
9,699.000
142.100
.000
.000
.000
-40.000
-182.000
1,923.400
708.300
656.600
3,256.000
12,491.000
9,517.000
1996
1997
21.000
327.000
1998
1999
2000
2001
1,739.400
2,454.900
2,990.800
4,208.000
10,810.000
590.000
2,594.600
5,864.400
5,870.200
6,221.000
12,261.000
13,657.000
.000
.000
.000
.000
.000
.000
.000
198.800
235.300
903.000
3,434.000
1,065.000
-202.400
316.200
584.000
-27.000
-3,792.000
5,042.000
.000
.000
.000
.000
-3,793.000
350.000
62.100
-22.100
106.300
682.000
-1,832.000
1,471.000
-69.900
-139.500
-220.300
-423.000
-2,440.000
-2,379.000
-15.900
-73.800
-110.500
-92.000
-530.000
-47.000
1,973.000
420.000
307.600
259.800
615.100
-816.000
-264.000
-396.000
4,415.500
8,858.700
10,070.900
10,656.000
15,827.000
19,773.000
496.500
833.000
609.900
901.000
1,024.000
50.000
188.300
63.100
21.100
.000
.000
-271.700
-416.700
-59.600
-60.000
-221.000
-407.000
2,553.400
6,637.700
7,446.500
8,675.000
17,633.000
17,371.000
13.200
5.500
11.900
211.000
10.000
61.800
61.900
505.000
-13.900
542.000
460.000
301.000
2,823.000
-3,798.000
-3,144.000
-7,338.600
-7,684.900
-9,629.000
-16,055.000
-21,626.000
74.700
710.700
559.000
314.000
576.000
501.000
100.600
919.800
1,001.800
723.000
2,294.000
18.000
2,399.000
4,421.000
4,168.000
.000
633.000
6,328.900
662.000
8,781.000
14,199.000
228.200
901.400
651.400
942.000
7,238.000
7,589.000
5.800
1,580.300
-4,038.400
2,645.000
3,515.000
-546.000
-1,227.500
-2,549.500
-3,668.000
276.000
33.000
-304.000
-1,475.800
-1,446.700
-2,471.700
-167.000
-1,048.000
2,075.000
.000
.000
.000
.000
.000
.000
-204.300
73.400
-85.700
860.000
-1,276.000
222.000
1995
-3%
0.413769
0.432579
1996
-3%
1997
132%
1998
1999
4%
2000
5%
95%
2001
4%
-100%
Sr. No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Financial Ratios
Gross Profit Margin
Operating Profit margin
Net Profit Margin (After EI & DO)
Return on Assets (ROA)
Return on equity (ROE)
Return on capital employed
Sustainable growth rate
Leverage factor
Debt to assets
Debt-to-equity
Financial Leverage
Interest coverage
Current Ratio
Cash Ratio
Receivables Turnover
AR days
Payables turnover
AP days
Working capital turnover
Asset turnover ratio
1992
42.78%
21.49%
-0.75%
-0.69%
-1.74%
-0.93%
28.87%
2.54
0.39
0.99
2.54
4.97
1.09
0.11
5.00
72.93
15.58
23.42
56.77
0.92
1993
42.53%
24.30%
9.10%
4.14%
6.42%
3.73%
11.89%
1.55
0.21
0.33
1.55
7.33
1.04
0.14
4.12
88.52
10.56
34.57
88.02
0.46
1994
34.81%
15.34%
-5.50%
-3.56%
-6.69%
-4.37%
2.88%
1.88
0.23
0.43
1.88
3.74
0.83
0.17
4.72
77.28
16.08
22.70
-18.32
0.65
1995
45.26%
27.12%
7.35%
4.03%
12.24%
3.78%
13.12%
3.03
0.34
1.04
3.03
2.71
0.33
0.05
6.66
54.78
2.91
125.37
-2.75
0.55
1996
45.22%
26.74%
-49.35%
-11.14%
-17.08%
-11.15%
-14.70%
1.53
0.24
0.37
1.53
4.04
1.20
0.67
4.43
82.38
7.34
49.74
11.62
0.23
1997
48.42%
27.47%
5.22%
1.71%
2.84%
1.60%
-11.42%
1.66
0.29
0.48
1.66
3.44
0.82
0.23
6.10
59.81
15.51
23.53
-20.13
0.33
1998
52.39%
28.00%
-15.20%
-3.11%
-5.97%
-3.12%
-9.67%
1.92
0.19
0.37
1.92
4.20
0.66
0.34
3.38
107.90
2.72
134.06
-3.28
0.20
1999
57.03%
32.96%
10.64%
4.34%
7.71%
4.33%
-1.39%
1.78
0.15
0.27
1.78
7.66
0.60
0.27
6.46
56.50
4.90
74.46
-5.39
0.41
2000
60.45%
35.33%
10.46%
4.13%
7.38%
4.13%
4.85%
1.78
0.19
0.33
1.78
5.84
0.55
0.17
5.74
63.63
2.96
123.46
-4.94
0.40
2001
58.10%
29.82%
3.93%
1.33%
2.39%
1.33%
6.54%
1.79
0.29
0.52
1.79
2.27
1.00
0.42
6.63
55.07
7.26
50.26
-7035.80
0.34

Fiscal Year:
ASSETS
Cash & Equivalents
Inventories - Total
Prepaid Expenses

Intangibles
Deferred Charges
Assets - Other
TOTAL ASSETS
LIABILITIES
Accounts Payable
Notes Payable
Accrued Expenses
Taxes Payable
Long Term Debt

Liabilities - Other
TOTAL LIABILITIES
Preferred Stock
Common Stock
Capital Surplus
Assumptions
2002
2003

INCOME STATEMENT
Fiscal Year:
Sales (Net)
Growth @30% per year
Cost of Goods Sold
Gross Profit


Interest Expense
Special Items
Pretax Income
Minority Interest
Income Before EI&DO
Extraordinary Items
Net Income (Loss)

Income Before EI&DO
Preferred Dividends

EARNINGS PER SHARE

Gross profit margin@ 50%
COMMON SHARES

Fiscal Year:
Net Income
Cash Dividends



Fiscal Year:
Deferred Taxes
Sale of Investments

Acquisitions
Cash Dividends
2004
2005
2006

Spreadsheet - Exercise

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Spreadsheet - Exercise

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Do the following exercise for company 1

1. Calculate the important financial ratios

Do the following exercise for company 1

STATEMENT OF FINANCIAL POSITION

Plant, Property & Equip (Gross)

Plant, Property & Equip (Net)

Receivables - Total (Net)

Current Assets - Other

Current Assets - Total

Investments and Advances - Other

Total Current Liabilities

Long Term Debt

Retained Earnings (Net Other)

TOTAL SHAREHOLDERS EQUITY

TOTAL LIABILITIES AND EQUITY

Shareholders Equity - Parent

Selling, General, & Admin Expenses

Operating Income Before Depreciation

Depreciation, Depletion, & Amortiz

Cost of Goods Sold

Operating Income After Depreciation

Income Before EI&DO

Net Income (Loss)

Income Before EI&DO

Available for Common Before EI&DO

Adjusted Available for Common

EARNINGS PER SHARE

EPS - Primary, Including EI&DO

EPS - Fully Diluted, Excluding EI&DO

EPS - Fully Diluted, Including EI&DO

Common Shares for Primary EPS Calculation

Common Shares for Fully Diluted EPS Calc.

Common Shares Outstanding at Fiscal Yr End

STATEMENT OF RETAINED EARNINGS

Retained Rearnings - Beginning Balance

Adj. to Long-Term Marketable Securities

Other CMP Adj,(Stock Splits/Retirement)

Non-Compustat Adjustments (Plug Calculation)

Retained Earnings - Ending Balance

Retained Earnings After Dividends

Retroactive Adjustments (Acct'g Chgs)

Retained Earnings - After Adjustments

STATEMENT OF CASH FLOWS

INDIRECT OPERATING ACTIVITIES

Accounts/P and Accrued Liabs - Inc(Dec)

Other Assets and Liabilities - Net Change

Operating Actiities - Net Cash Flow

Investing Activites - Net Cash Flow

Long Term Debt - Issuance

Long Term Debt - Reduction

Current Debt - Changes

Financing Activities - Net Cash Flow

Exchange Rate Effect

Cash and Cash Equivalents - Change

STATEMENT OF FINANCIAL POSITION

Receivables - Total (Net)

Plant, Property & Equip (Net)

Current Assets - Other

Current Assets - Total

Plant, Property & Equip (Gross)

Debt (Long-Term) Due In One Year

Other Current Liabilities