Caterpillar Inc - Profitability

Profitability FY 2015 FY 2016 FY 2017 FY 2018

Returns
Return on Common Equity 15.92 -0.48 5.62 44.33
Return on Assets 3.08 -0.09 0.99 7.91
Return on Capital 5.31 -0.49 1.73 13.02
Return on Invested Capital ROIC 5.76 0.27 1.62 13.56
Margins
Gross Margin 27.39 25.68 29.82 31.07
EBITDA Margin 14.53 10.89 16.14 20.21
Operating Margin 8.05 3.02 9.81 15.15
Pretax Margin 7.32 0.36 8.98 14.29
Net Income Margin 5.34 -0.17 1.66 11.23
Deere & Co - Profitability
Profitability FY 2015 FY 2016 FY 2017 FY 2018
Returns
Return on Common Equity 24.55 22.98 26.86 22.72
Return on Assets 3.25 2.63 3.49 3.49
Return on Capital 5.39 4.77 6.06 5.94
Return on Invested Capital ROIC 5.62 4.71 6.00 5.74
Margins
Gross Margin 30.21 31.71 33.20 31.55
EBITDA Margin 16.78 17.07 19.40 19.28
Operating Margin 11.99 11.21 13.63 14.12
Pretax Margin 9.63 8.35 10.61 10.90
Net Income Margin 6.72 5.72 7.26 6.34

DEBT CATERPILLAR FY 2015 FY 2016 FY 2017 FY 2018

Short and Long Term Debt 150,561.9 119,714.0 115,522.9 141,898.7
Short-Term Debt 50,872.5 45,450.5 36,536.9 44,848.7
Long Term Debt 99,689.4 74,263.5 78,986.0 97,050.0
Total Debt/Total Assets 48.52 49.24 45.32 46.56
Net Debt/Equity 24.59 25.87 4.03 7.44
DEBT - DEERE & CO FY 2015 FY 2016 FY 2017 FY 2018
Short and Long Term Debt 142,419.2 113,362.1 130,787.9 155,223.6
Short-Term Debt 50,307.9 37,908.3 46,227.0 55,169.7
Long Term Debt 92,111.4 75,453.8 84,561.0 100,053.9
Total Debt/Total Assets 63.59 61.49 60.87 60.27
Net Debt/Equity 29.26 25.37 -24.25 26.72

WORKING CAPITAL CATERPILLAR FY 2015 FY 2016 FY 2017 FY 2018

Accounts Receivable Turnover 2.91 2.56 3.02 3.31
Days Sales Outstanding 125.41 142.98 120.84 110.14
Inventory Turnover 3.12 3.13 3.42 3.50
 Days Inventory Outstanding 117.12 117.02 106.57 104.25
Accounts Payable Turnover 5.48 5.72 6.00 5.80
Accounts Payable Turnover Days 66.58 64.00 60.82 62.98
Cash Conversion Cycle 175.95 195.99 166.59 151.41
Inventory to Cash Days 242.53 260.00 227.41 214.39
Source: Bloomberg

WORKING CAPITAL DEERE & CO FY 2015 FY 2016 FY 2017 FY 2018

Accounts Receivable Turnover 9.12 8.79 8.57 8.37
Days Sales Outstanding 40.02 41.64 42.33 43.50
Inventory Turnover 5.02 5.08 5.48 5.09
Days Inventory Outstanding 72.72 71.98 66.19 71.55
Accounts Payable Turnover 12.76 11.68 11.14 12.27
Accounts Payable Turnover Days 28.61 31.32 32.58 29.67
Cash Conversion Cycle 84.13 82.30 75.94 85.39
Inventory to Cash Days 112.74 113.62 108.52 115.05

LIQUIDITY CATERPILLAR FY 2015 FY 2016 FY 2017 FY 2018

Cash Ratio 0.25 0.27 0.31 0.28
Current Ratio 1.31 1.22 1.35 1.38
Quick Ratio 0.81 0.83 0.91 0.90

LIQUIDITY DEERE&CO FY 2015 FY 2016 FY 2017 FY 2018

Cash Ratio 0.23 0.25 0.43 0.17
Current Ratio 0.61 0.63 0.83 0.69
Quick Ratio 0.37 0.41 0.60 0.37
Caterpillar
Deere&Co
 Caterpillar Inc (CAT US) - BALANCE SHEET

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

Total Assets
Cash, Cash Equivalents & STI 19,430.2 25,586.8 23,329.0 27,362.1 30,500.9
Cash & Cash Equivalents 19,430.2 25,586.8 23,329.0 27,362.1 30,500.9
ST Investments 0.0 0.0 0.0 0.0 0.0
Accounts & Notes Receiv 44,032.2 62,057.8 46,999.7 51,869.1 67,407.0
Accounts Receivable, Net 20,139.5 26,446.3 19,264.0 22,864.1 33,827.7
Notes Receivable, Net 23,892.7 35,611.6 27,735.7 29,004.9 33,579.3
Inventories 32,304.2 38,419.8 28,035.1 33,181.6 44,755.6
Raw Materials 7,903.3 9,771.3 6,841.2 9,280.8 13,128.9
Work In Process 6,497.9 7,355.2 5,594.7 7,465.7 10,380.5
Finished Goods 17,214.8 20,287.2 14,893.0 15,769.4 20,345.6
Other Inventory 688.2 1,006.0 706.2 665.8 900.6
Other ST Assets 7,106.7 6,654.1 5,676.0 7,634.6 7,193.3
Prepaid Expenses — — — — —
Derivative & Hedging Assets 338.8 71.3 201.8 1,765.4 341.6
Deferred Tax Assets 4,602.8 — 0.0 — —
Misc ST Assets 2,165.1 6,582.8 5,474.2 5,869.2 6,851.7
Total Current Assets 102,873.2 132,718.5 104,039.8 120,047.4 149,856.8
Property, Plant & Equip, Net 43,876.0 63,729.3 49,867.0 46,884.2 52,694.3
Accumulated Depreciation 39,688.8 62,925.2 54,084.9 57,576.0 62,915.6
LT Investments & Receivables 42,370.0 58,703.0 47,468.3 48,132.9 56,083.3
LT Receivables 42,370.0 58,703.0 47,468.3 48,132.9 56,083.3
Other LT Assets 35,014.5 55,146.2 41,756.5 39,849.1 46,137.6
Total Intangible Assets 25,859.2 37,374.1 27,237.7 27,527.7 31,498.5
Goodwill 17,717.7 26,200.7 19,592.7 20,535.6 24,134.4
Other Intangible Assets 8,141.6 11,173.4 7,645.1 6,992.1 7,364.2
Deferred Tax Assets 3,716.1 9,858.4 9,080.3 5,607.6 5,586.2
Derivative & Hedging Assets 0.0 344.6 107.4 46.4 166.9
Investments in Affiliates 680.2 974.4 810.4 804.9 0.0
Misc LT Assets 4,758.9 6,594.7 4,520.6 5,862.6 8,885.9
Total Noncurrent Assets 121,260.5 177,578.5 139,091.8 134,866.2 154,915.1
Total Assets 224,133.7 310,297.0 243,131.6 254,913.5 304,771.9
Product/Brand Segments 224,133.7 310,297.0 243,131.6 254,913.5 304,771.9
Machinery, Energy & Transportation S 143,424.8 192,300.8 149,265.7 160,598.6 188,180.0
Engines — — — — —
Machinery — — — — —
Financial Products 97,690.7 141,147.1 114,545.6 115,526.2 140,016.0
Adjustments -16,981.9 -23,150.9 -20,679.7 -21,211.3 -23,424.0

Liabilities & Shareholders' Equity

 Payables & Accruals 33,685.8 41,687.4 30,053.0 41,869.5 51,871.3
Accounts Payable 17,243.9 19,895.1 15,016.7 21,486.2 27,372.0
Accrued Taxes 0.0 0.0 0.0 0.0 0.0
Interest & Dividends Payable 1,122.2 1,774.4 1,471.1 1,543.5 1,921.6
Other Payables & Accruals 15,319.7 20,017.9 13,565.2 18,839.8 22,577.7
ST Debt 30,440.8 50,872.5 45,450.5 36,536.9 44,848.7
ST Borrowings 12,461.1 27,594.9 23,768.3 16,021.1 22,216.7
ST Capital Leases — — — — —
Current Portion of LT Debt 17,979.7 23,277.6 21,682.1 20,515.8 22,632.1
Other ST Liabilities 9,658.2 11,379.4 9,545.7 10,794.5 12,822.2
Deferred Revenue 0.0 0.0 0.0 0.0 0.0
Derivatives & Hedging 524.1 221.8 426.4 301.4 547.4
Misc ST Liabilities 9,134.1 11,157.6 9,119.4 10,493.0 12,274.9
Total Current Liabilities 73,784.8 103,939.3 85,049.2 89,200.9 109,542.3
LT Debt 73,538.7 99,689.4 74,263.5 78,986.0 97,050.0
LT Borrowings 73,538.7 99,689.4 74,263.5 78,986.0 97,050.0
LT Capital Leases — — — — —
Other LT Liabilities 32,275.1 47,711.8 40,815.9 41,130.9 43,521.1
Accrued Liabilities 0.0 0.0 0.0 0.0 0.0
Pension Liabilities 23,723.3 35,025.4 30,453.3 27,706.6 28,940.3
Deferred Revenue 0.0 0.0 0.0 0.0 0.0
Derivatives & Hedging 0.0 0.0 117.2 6.6 34.9
Misc LT Liabilities 8,551.8 12,686.4 10,245.5 13,417.7 14,545.9
Total Noncurrent Liabilities 105,813.8 147,401.2 115,079.4 120,116.9 140,571.1
Total Liabilities 179,598.6 251,340.5 200,128.6 209,317.8 250,113.4
Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0 0.0
Share Capital & APIC 13,276.3 20,746.7 17,174.5 18,525.1 22,620.4
Common Stock 2,156.9 3,227.6 2,652.2 2,699.1 3,163.4
Additional Paid in Capital 11,119.5 17,519.0 14,522.4 15,826.0 19,457.0
Treasury Stock 41,623.6 69,868.5 56,883.9 56,324.0 79,701.3
Retained Earnings 89,692.1 115,837.6 89,101.2 87,114.2 118,117.6
Other Equity -17,021.57 -8,060.23 -6,636.13 -3,948.14 -6,537.29
Equity Before Minority Interest 44,323.3 58,655.5 42,755.7 45,367.2 54,499.4
Minority/Non Controlling Interest 211.7 301.0 247.3 228.5 159.2
Total Equity 44,535.1 58,956.5 43,003.0 45,595.7 54,658.6
Total Liabilities & Equity 224,133.7 310,297.0 243,131.6 254,913.5 304,771.9

Reference Items
Accounting Standard US GAAP US GAAP US GAAP US GAAP US GAAP
Shares Outstanding 606.2 582.3 586.5 597.6 575.5
Number of Treasury Shares 208.7 232.6 228.4 217.3 239.4
Pension Obligations 23,723.3 35,025.4 30,453.3 27,706.6 28,940.3
Future Minimum Operating Lease Obligati 2,313.3 3,667.7 2,590.7 2,510.6 2,996.9
Capital Leases - Total 225.0 305.0 221.3 255.0 1,770.2
Options Granted During Period 4.4 7.9 4.2 2.7 1.6
Options Outstanding at Period End 34.6 38.3 32.1 21.5 17.8
Net Debt 9,864.6 14,496.5 11,124.2 1,838.3 4,064.5
Net Debt to Equity 22.15 24.59 25.87 4.03 7.44
Tangible Common Equity Ratio 9.31 7.80 7.19 7.85 8.42
Current Ratio 1.39 1.28 1.22 1.35 1.37
Cash Conversion Cycle 162.42 175.95 195.99 166.59 151.41
Cash Held Overseas 14,822.1 20,992.2 16,923.9 24,841.5 26,785.8
Number of Employees 114,233.00 105,700.00 95,400.00 98,400.00 104,000.00
 EVA e ROIC - CATERPILLAR
TNOC 2,015 2,016 2,017 2,018
ACOP 126,064.3 98,363.8 112,412.8142,663.5
PCOP 53,066.8 39,598.7 52,664.0 64,693.5
NOWC 72,997.5 58,765.1 59,748.8 77,970.0
ALP 169,664.8 133,653.4 128,152.3145,862.3
TNOC 242,662.4 192,418.5 187,901.1140,970.9
NOPAT 16,376.82 13,102.54 19,215.7933,534.27
WACC 6.86 8.07 9.92 9.8
EVA -261.13 -2,433.81 577.64 19,747.31
ROIC 5.76 0.27 10.62 13.56
** DATA FROM BALANCE SHEET
 Caterpillar Inc (CAT US) - BALANCE SHEET Projeção baseada no cresc

Projetado
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 2019
Total Assets 2.30%
Cash, Cash Equivalents & STI 19,430.2 25,586.8 23,329.0 27,362.1 30,500.9 31,202.4
Cash & Cash Equivalents 19,430.2 25,586.8 23,329.0 27,362.1 30,500.9 31,202.4
ST Investments 0.0 0.0 0.0 0.0 0.0 0.0
Accounts & Notes Receiv 44,032.2 62,057.8 46,999.7 51,869.1 67,407.0 68,957.4
Accounts Receivable, Net 20,139.5 26,446.3 19,264.0 22,864.1 33,827.7 34,605.8
Notes Receivable, Net 23,892.7 35,611.6 27,735.7 29,004.9 33,579.3 34,351.6
Inventories 32,304.2 38,419.8 28,035.1 33,181.6 44,755.6 45,785.0
Raw Materials 7,903.3 9,771.3 6,841.2 9,280.8 13,128.9 13,430.9
Work In Process 6,497.9 7,355.2 5,594.7 7,465.7 10,380.5 10,619.2
Finished Goods 17,214.8 20,287.2 14,893.0 15,769.4 20,345.6 20,813.5
Other Inventory 688.2 1,006.0 706.2 665.8 900.6 921.3
Other ST Assets 7,106.7 6,654.1 5,676.0 7,634.6 7,193.3 7,358.8
Prepaid Expenses — — — — — 0.0
Derivative & Hedging Assets 338.8 71.3 201.8 1,765.4 341.6 349.5
Deferred Tax Assets 4,602.8 — 0.0 — — 0.0
Misc ST Assets 2,165.1 6,582.8 5,474.2 5,869.2 6,851.7 7,009.3
Total Current Assets 102,873.2 132,718.5 104,039.8 120,047.4 149,856.8 153,303.6
Property, Plant & Equip, Net 43,876.0 63,729.3 49,867.0 46,884.2 52,694.3 53,906.2
Accumulated Depreciation 39,688.8 62,925.2 54,084.9 57,576.0 62,915.6 64,362.6
LT Investments & Receivables 42,370.0 58,703.0 47,468.3 48,132.9 56,083.3 57,373.2
LT Receivables 42,370.0 58,703.0 47,468.3 48,132.9 56,083.3 57,373.2
Other LT Assets 35,014.5 55,146.2 41,756.5 39,849.1 46,137.6 47,198.7
Total Intangible Assets 25,859.2 37,374.1 27,237.7 27,527.7 31,498.5 32,223.0
Goodwill 17,717.7 26,200.7 19,592.7 20,535.6 24,134.4 24,689.5
Other Intangible Assets 8,141.6 11,173.4 7,645.1 6,992.1 7,364.2 7,533.5
Deferred Tax Assets 3,716.1 9,858.4 9,080.3 5,607.6 5,586.2 5,714.7
Derivative & Hedging Assets 0.0 344.6 107.4 46.4 166.9 170.8
Investments in Affiliates 680.2 974.4 810.4 804.9 — 0.0
Misc LT Assets 4,758.9 6,594.7 4,520.6 5,862.6 8,885.9 9,090.3
Total Noncurrent Assets 121,260.5 177,578.5 139,091.8 134,866.2 154,915.1 158,478.1
Total Assets 224,133.7 310,297.0 243,131.6 254,913.5 304,771.9 311,781.7
Product/Brand Segments 224,133.7 310,297.0 243,131.6 254,913.5 304,771.9 311,781.7
0.0
Liabilities & Shareholders' Equity 0.0
Payables & Accruals 33,685.8 41,687.4 30,053.0 41,869.5 51,871.3 53,064.3
Accounts Payable 17,243.9 19,895.1 15,016.7 21,486.2 27,372.0 28,001.5
Accrued Taxes 0.0 0.0 0.0 0.0 0.0 0.0
Interest & Dividends Payable 1,122.2 1,774.4 1,471.1 1,543.5 1,921.6 1,965.8
Other Payables & Accruals 15,319.7 20,017.9 13,565.2 18,839.8 22,577.7 23,097.0
 ST Debt 30,440.8 50,872.5 45,450.5 36,536.9 44,848.7 45,880.3
ST Borrowings 12,461.1 27,594.9 23,768.3 16,021.1 22,216.7 22,727.7
ST Capital Leases — — — — 0.0 0.0
Current Portion of LT Debt 17,979.7 23,277.6 21,682.1 20,515.8 22,632.1 23,152.6
Other ST Liabilities 9,658.2 11,379.4 9,545.7 10,794.5 12,822.2 13,117.2
Deferred Revenue 0.0 0.0 0.0 0.0 0.0 0.0
Derivatives & Hedging 524.1 221.8 426.4 301.4 547.4 560.0
Misc ST Liabilities 9,134.1 11,157.6 9,119.4 10,493.0 12,274.9 12,557.2
Total Current Liabilities 73,784.8 103,939.3 85,049.2 89,200.9 109,542.3 112,061.7
LT Debt 73,538.7 99,689.4 74,263.5 78,986.0 97,050.0 99,282.2
LT Borrowings 73,538.7 99,689.4 74,263.5 78,986.0 97,050.0 99,282.2
LT Capital Leases 0.0 — 0.0 0.0 0.0 0.0
Other LT Liabilities 32,275.1 47,711.8 40,815.9 41,130.9 43,521.1 44,522.1
Accrued Liabilities 0.0 0.0 0.0 0.0 0.0 0.0
Pension Liabilities 23,723.3 35,025.4 30,453.3 27,706.6 28,940.3 29,605.9
Deferred Revenue 0.0 0.0 0.0 0.0 0.0 0.0
Derivatives & Hedging 0.0 0.0 117.2 6.6 34.9 35.7
Misc LT Liabilities 8,551.8 12,686.4 10,245.5 13,417.7 14,545.9 14,880.4
Total Noncurrent Liabilities 105,813.8 147,401.2 115,079.4 120,116.9 140,571.1 143,804.2
Total Liabilities 179,598.6 251,340.5 200,128.6 209,317.8 250,113.4 255,866.0
Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0 0.0 0.0
Share Capital & APIC 13,276.3 20,746.7 17,174.5 18,525.1 22,620.4 23,140.7
Common Stock 2,156.9 3,227.6 2,652.2 2,699.1 3,163.4 3,236.2
Additional Paid in Capital 11,119.5 17,519.0 14,522.4 15,826.0 19,457.0 19,904.5
Treasury Stock 41,623.6 69,868.5 56,883.9 56,324.0 79,701.3 81,534.5
Retained Earnings 89,692.1 115,837.6 89,101.2 87,114.2 118,117.6 120,834.3
Other Equity -17,021.57 -8,060.23 -6,636.13 -3,948.14 -6,537.29 -6,687.6
Equity Before Minority Interest 44,323.3 58,655.5 42,755.7 45,367.2 54,499.4 55,752.9
Minority/Non Controlling Interest 211.7 301.0 247.3 228.5 159.2 162.8
Total Equity 44,535.1 58,956.5 43,003.0 45,595.7 54,658.6 55,915.7
Total Liabilities & Equity 224,133.7 310,297.0 243,131.6 254,913.5 304,771.9 311,781.7

Reference Items
Accounting Standard US GAAP US GAAP US GAAP US GAAP US GAAP
Shares Outstanding 606.2 582.3 586.5 597.6 575.5
Number of Treasury Shares 208.7 232.6 228.4 217.3 239.4
Pension Obligations 23,723.3 35,025.4 30,453.3 27,706.6 28,940.3
Future Minimum Operating Lease Obligati 2,313.3 3,667.7 2,590.7 2,510.6 2,996.9
Capital Leases - Total 225.0 305.0 221.3 255.0 1,770.2
Options Granted During Period 4.4 7.9 4.2 2.7 1.6
Options Outstanding at Period End 34.6 38.3 32.1 21.5 17.8
Net Debt 9,864.6 14,496.5 11,124.2 1,838.3 4,064.5
Net Debt to Equity 22.15 24.59 25.87 4.03 7.44
Tangible Common Equity Ratio 9.31 7.80 7.19 7.85 8.42
Current Ratio 1.39 1.28 1.22 1.35 1.37
Cash Conversion Cycle 162.42 175.95 195.99 166.59 151.41
Cash Held Overseas 14,822.1 20,992.2 16,923.9 24,841.5 26,785.8
Number of Employees 114,233.00 105,700.00 95,400.00 98,400.00 104,000.00
ojeção baseada no crescimento do PIB Americano

Projetado
2020 2021 2022
1.90% 2.00% 2.10%
31,795.2 32,431.1 33,112.2
31,795.2 32,431.1 33,112.2
0.0 0.0 0.0
70,267.6 71,673.0 73,178.1
35,263.3 35,968.6 36,723.9
35,004.3 35,704.4 36,454.2 Capital de giro operacional projetado
46,654.9 47,588.0 48,587.3 2019 2020 2021 2022
13,686.1 13,959.8 14,253.0 Accounts & Notes Receiv 68,957.4 70,267.6 71,673.0 73,178.1
10,821.0 11,037.4 11,269.2 Inventories 45,785.0 46,654.9 47,588.0 48,587.3
21,209.0 21,633.1 22,087.4 Total 114,742.4 116,922.5 119,260.9 121,765.4
938.8 957.6 977.7
7,498.6 7,648.6 7,809.2 Payables & Accruals 53,064.3 54,072.5 55,154.0 56,312.2
0.0 0.0 0.0
356.1 363.2 370.9 NOWC 61,678.0 62,849.9 64,106.9 65,453.2
0.0 0.0 0.0
7,142.5 7,285.3 7,438.3
156,216.3 159,340.6 162,686.8
54,930.5 56,029.1 57,205.7
65,585.5 66,897.2 68,302.1
58,463.3 59,632.5 60,884.8
58,463.3 59,632.5 60,884.8
48,095.5 49,057.4 50,087.6
32,835.3 33,492.0 34,195.3
25,158.6 25,661.8 26,200.7
7,676.7 7,830.2 7,994.6
5,823.3 5,939.7 6,064.5
174.0 177.5 181.2
0.0 0.0 0.0
9,263.0 9,448.2 9,646.7
161,489.2 164,719.0 168,178.1
317,705.5 324,059.7 330,864.9
317,705.5 324,059.7 330,864.9
0.0 0.0 0.0
0.0 0.0 0.0
54,072.5 55,154.0 56,312.2
28,533.6 29,104.2 29,715.4
0.0 0.0 0.0
2,003.1 2,043.2 2,086.1
23,535.8 24,006.6 24,510.7
 46,752.0 47,687.0 48,688.5
23,159.5 23,622.7 24,118.8
0.0 0.0 0.0
23,592.5 24,064.3 24,569.7
13,366.4 13,633.7 13,920.0
0.0 0.0 0.0
570.6 582.0 594.2
12,795.8 13,051.7 13,325.8
114,190.9 116,474.7 118,920.7
101,168.5 103,191.9 105,358.9
101,168.5 103,191.9 105,358.9
0.0 0.0 0.0
45,368.0 46,275.4 47,247.1
0.0 0.0 0.0
30,168.4 30,771.8 31,418.0
0.0 0.0 0.0
36.4 37.1 37.9
15,163.1 15,466.4 15,791.2
146,536.5 149,467.2 152,606.1
260,727.4 265,942.0 271,526.8
0.0 0.0 0.0
23,580.4 24,052.0 24,557.1
3,297.7 3,363.6 3,434.3
20,282.7 20,688.3 21,122.8
83,083.6 84,745.3 86,525.0
123,130.2 125,592.8 128,230.2
-6,814.7 -6,951.0 -7,097.0
56,812.2 57,948.4 59,165.3
165.9 169.2 172.8
56,978.1 58,117.7 59,338.1
317,705.5 324,059.7 330,864.9
 Caterpillar Inc (CAT US) - INCOME STATEMENT Crescimento do P

FY 2015 FY 2016 FY 2017 FY 2018 2019

2.30%
Revenue 156,896.4 134,254.9 145,186.7 200,028.6 204,629.26
Sales & Services Revenue 147,338.0 124,625.7 136,289.3 189,428.1 193,784.90
Growth (YoY) 20.0 -15.4 9.4 39.0 39.89
Financing Revenue 9,558.4 9,629.2 8,897.3 10,600.5 10,844.36
Cost of Revenue 113,916.9 99,775.8 101,894.4 137,876.5 141,047.68
Cost of Goods & Services 111,957.8 97,699.5 99,831.4 135,237.3 138,347.81
Cost of Financing Revenue 1,959.1 2,076.3 2,063.1 2,639.2 2,699.87
Gross Profit 42,979.6 34,479.1 43,292.2 62,152.1 63,581.58
Other Operating Income 0.0 0.0 0.0 0.0 0.00
Operating Expenses 26,602.7 21,376.5 24,076.4 28,617.8 29,276.02
Selling, General & Admin 16,523.7 15,269.5 15,964.7 20,024.1 20,484.61
Growth (YoY) 7.9 -7.6 4.6 25.4 26.01
Research & Development 7,072.0 6,455.5 5,882.6 6,762.4 6,917.95
Other Operating Expense 3,007.0 -348.4 2,229.1 1,831.3 1,873.46
Operating Income (Loss) - NOPAT 16,376.8 13,102.5 19,215.8 33,534.3 34,305.56
Non-Operating (Income) Loss 1,154.8 3,860.0 1,472.2 1,721.7 1,761.27
Interest Expense, Net 1,475.1 1,501.5 1,306.2 764.0 781.54
Interest Expense 1,692.1 1,759.3 1,695.8 1,476.8 1,510.73
Interest Income 216.9 257.8 389.6 712.8 729.19
Foreign Exch (Gain) Loss 577.4 198.6 680.2 734.7 751.63
Other Non-Op (Income) Loss -897.8 2,160.0 -514.2 223.0 228.11
Pretax Income (Loss), Adjusted 15,222.1 9,242.5 17,743.6 31,812.6 32,544.29
Abnormal Losses (Gains) 3,744.6 8,758.3 4,707.4 3,220.4 3,294.44
Impairment of Goodwill — 2,072.9 0.0 0.00
Restructuring 3,147.2 3,550.0 4,011.1 1,411.0 1,443.42
Sale of Investments — -296.1 -265.0 0.0 0.00
Other Abnormal Items 597.4 3,431.5 961.3 1,809.4 1,851.02
Pretax Income (Loss), GAAP 11,477.5 484.2 13,036.2 28,592.2 29,249.85
Income Tax Expense (Benefit) 3,057.1 668.9 10,663.4 6,206.8 6,349.56
Current Income Tax 4,081.7 2,170.4 6,789.6 5,402.6 5,526.88
Deferred Income Tax -1,024.6 -1,501.5 3,873.8 804.2 822.68
Tax Allowance/Credit 0.0 0.0 0.0 0.0 0.00
(Income) Loss from Affiliates 0.0 20.9 -51.1 -87.7 -89.75
Income (Loss) from Cont Ops 8,420.4 -205.5 2,423.9 22,473.2 22,990.03
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0 0.00
Discontinued Operations 0.0 0.0 0.0 0.0 0.00
XO & Accounting Changes 0.0 0.0 0.0 0.0 0.00
Income (Loss) Incl. MI 8,420.4 -205.5 2,423.9 22,473.2 22,990.03
Minority Interest 36.7 27.9 16.0 3.7 3.74
Net Income, GAAP 8,383.7 -233.4 2,408.0 22,469.5 22,986.30
 Preferred Dividends 0.0 0.0 0.0 0.0 0.00
Other Adjustments 0.0 0.0 0.0 0.0 0.00
Net Income Avail to Common, GAAP 8,383.7 -233.4 2,408.0 22,469.5 22,986.30
Crescimento do PIB Americano

2020 2021 2022

1.90% 2.00% 2.10%
208,517.21 212,687.56 217,154.00
197,466.81 201,416.15 205,645.89
40.64 41.46 42.33
11,050.40 11,271.41 11,508.11
143,727.58 146,602.13 149,680.78
140,976.41 143,795.94 146,815.66
2,751.17 2,806.19 2,865.12
64,789.63 66,085.42 67,473.22
0.00 0.00 0.00
29,832.27 30,428.91 31,067.92
20,873.82 21,291.30 21,738.42
26.51 27.04 27.60
7,049.39 7,190.38 7,341.38
1,909.05 1,947.23 1,988.12
34,957.36 35,656.51 36,405.30
1,794.74 1,830.63 1,869.08
796.39 812.32 829.38
1,539.43 1,570.22 1,603.20
743.04 757.90 773.82
765.91 781.23 797.63
232.44 237.09 242.07
33,162.63 33,825.88 34,536.22
3,357.03 3,424.18 3,496.08
0.00 0.00 0.00
1,470.85 1,500.26 1,531.77
0.00 0.00 0.00
1,886.19 1,923.91 1,964.31
29,805.59 30,401.70 31,040.14
6,470.20 6,599.60 6,738.19
5,631.89 5,744.53 5,865.17
838.31 855.07 873.03
0.00 0.00 0.00
-91.45 -93.28 -95.24
23,426.85 23,895.38 24,397.19
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
23,426.85 23,895.38 24,397.19
3.81 3.89 3.97
23,423.03 23,891.50 24,393.22
 0.00 0.00 0.00
0.00 0.00 0.00
23,423.03 23,891.50 24,393.22
 Caterpillar Inc (CAT US) - DFC

FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

Cash from Operating Activities
Net Income 8,186.0 5,775.3 8,383.7 -233.4 2,408.0 22,469.5
Depreciation & Amortization 6,669.4 7,450.0 10,165.8 10,569.8 9,187.9 10,110.7
Product/Brand Segments 6,669.4 7,450.0 10,165.8 10,569.8 9,187.9 10,110.7
Machinery, Energy & Transp Systems 4,910.7 5,306.6 7,222.2 7,469.2 6,438.3 6,926.9
Engines — — — — — —
Machinery — — — — — —
Financial Products 1,758.6 2,143.4 2,943.6 3,100.6 2,749.7 3,183.8
Financial Products — — — — — —
Non-Cash Items 812.3 3,905.2 1,191.5 6,563.5 5,394.0 1,381.7
Deferred Income Taxes — -2,247.0 -1,024.6 -1,501.5 3,873.8 804.2
Other Non-Cash Adj 812.3 6,152.2 2,216.1 8,065.0 1,520.1 577.5
Chg in Non-Cash Work Cap 6,349.6 1,846.6 2,616.6 2,745.2 1,232.7 -9,990.1
(Inc) Dec in Accts Receiv 1,804.0 383.9 2,549.8 2,888.1 -3,675.8 -5,918.0
(Inc) Dec in Inventories 5,742.5 237.9 7,589.3 3,863.5 -4,135.7 -5,771.8
Inc (Dec) in Accts Payable 289.5 522.9 -3,888.1 -696.8 4,720.1 2,591.7
Inc (Dec) in Other -1,486.4 701.9 -3,634.5 -3,309.6 4,324.1 -891.9
Net Cash From Disc Ops 0.0 0.0 0.0 0.0 0.0 0.0
Cash from Operating Activities 22,017.3 18,977.1 22,357.5 19,645.1 18,222.6 23,971.8

Cash from Investing Activities

Change in Fixed & Intang -7,782.0 -5,829.5 -8,346.9 -7,068.6 -3,742.9 -7,237.6
Disp in Fixed & Intang 1,823.4 2,129.2 2,536.5 3,131.9 3,717.3 3,421.4
Disp of Fixed Prod Assets 1,823.4 2,129.2 2,536.5 3,131.9 3,717.3 3,421.4
Disp of Intangible Assets 0.0 0.0 0.0 0.0 0.0 0.0
Acq of Fixed & Intang -9,605.4 -7,958.7 -10,883.4 -10,200.5 -7,460.2 -10,659.0
Acq of Fixed Prod Assets -9,605.4 -7,958.7 -10,883.4 -10,200.5 -7,460.2 -10,659.0
Acq of Intangible Assets 0.0 0.0 0.0 0.0 0.0 0.0
Net Change in LT Investment -3,532.4 -2,967.7 -1,822.2 547.0 613.2 -2,942.6
Dec in LT Investment 21,144.5 23,595.9 31,315.2 33,082.1 38,786.1 41,590.7
Inc in LT Investment -24,676.9 -26,563.7 -33,137.4 -32,535.1 -38,172.9 -44,533.2
Net Cash From Acq & Div 367.3 398.1 -740.9 -665.4 130.9 -1,374.4
Cash from Divestitures 788.6 468.7 594.1 0.0 319.4 58.5
Cash for Acq of Subs -421.3 -70.7 -1,335.0 -665.4 -188.4 -1,432.9
Cash for JVs 0.0 0.0 0.0 0.0 0.0 0.0
Other Investing Activities 45.4 -143.7 -827.7 985.9 -86.2 -186.4
Net Cash From Disc Ops 0.0 0.0 0.0 0.0 0.0 0.0
Cash from Investing Activities -10,901.7 -8,542.9 -11,737.8 -6,201.1 -3,085.0 -11,741.0

Cash from Financing Activities

Dividends Paid -2,400.3 -3,815.7 -5,863.9 -6,267.3 -5,847.4 -7,131.6
 Cash From (Repayment) Debt -3,480.5 5,756.5 -460.6 -4,574.2 -7,610.3 6,725.9
Cash From (Repay) ST Debt -149.1 2,456.6 10,085.7 487.7 -9,766.0 2,785.4
Cash From LT Debt 20,152.8 25,082.2 17,127.7 17,819.6 28,943.4 32,558.3
Repayments of LT Debt -23,484.3 -21,782.3 -27,674.1 -22,881.5 -26,787.8 -28,617.8
Cash (Repurchase) of Equity -3,837.0 -8,990.4 -6,648.2 -80.1 1,807.6 -12,738.9
Increase in Capital Stock 483.9 991.6 110.1 0.0 1,807.6 1,144.1
Decrease in Capital Stock -4,320.9 -9,982.0 -6,758.3 -80.1 0.0 -13,883.1
Other Financing Activities -28.1 -7.1 -23.4 -27.9 -28.7 -197.4
Net Cash From Disc Ops 0.0 0.0 0.0 0.0 0.0 0.0
Cash from Financing Activities -9,745.9 -7,056.6 -12,996.0 -10,949.6 -11,678.9 -13,342.1

Effect of Foreign Exchange Rates -92.9 -409.8 -564.0 -97.5 121.4 -460.6

Net Changes in Cash 1,276.8 2,967.7 -2,940.3 2,396.8 3,580.0 -1,571.8

Cash Paid for Taxes 3,335.8 3,756.8 3,814.7 1,818.5 4,483.8 5,223.5
Cash Paid for Interest 2,465.1 2,612.1 3,494.3 3,745.1 3,611.9 3,977.0

Reference Items
EBITDA 18,828.5 15,255.6 22,798.1 14,618.0 23,431.3 40,424.6
Trailing 12M EBITDA Margin 15.66 11.74 14.53 10.89 16.14 20.21
Net Cash Paid for Acquisitions 421.3 70.7 1,335.0 665.4 188.4 1,432.9
Tax Benefit from Stock Options 207.4 428.7 — — — —
Free Cash Flow 12,411.9 11,018.4 11,474.1 9,444.6 10,762.4 13,312.8
Free Cash Flow to Firm 13,158.1 11,908.1 12,715.5 8,773.7 11,071.0 14,469.0
Free Cash Flow to Equity 10,754.8 18,904.1 13,550.0 8,002.3 6,869.4 23,460.1
Free Cash Flow per Basic Share 19.24 17.85 19.31 16.16 18.19 22.51
Price to Free Cash Flow 10.20 12.08 11.75 19.99 27.67 20.63
Cash Flow to Net Income 2.69 3.29 2.67 — 7.57 1.07
Source: Bloomberg
 Crescimento do PIB Americano

2.30% 1.90% 2.00% 2.10%

2019 2020 2021 2022

22,986.30 23,423.03 23,891.50 24,393.22

10,343.27 10,539.79 10,750.59 10,976.35
10,343.27 10,539.79 10,750.59 10,976.35
7,086.23 7,220.86 7,365.28 7,519.95
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
3,257.05 3,318.93 3,385.31 3,456.40
0.00 0.00 0.00 0.00
1,413.51 1,440.36 1,469.17 1,500.02
822.68 838.31 855.07 873.03
590.83 602.06 614.10 626.99
-10,219.87 -10,414.05 -10,622.33 -10,845.40
-6,054.14 -6,169.17 -6,292.55 -6,424.70
-5,904.56 -6,016.75 -6,137.09 -6,265.97
2,651.26 2,701.63 2,755.66 2,813.53
-912.42 -929.76 -948.35 -968.27
0.00 0.00 0.00 0.00
24,523.20 24,989.14 25,488.93 26,024.19
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
-7,404.08 -7,544.75 -7,695.65 -7,857.26
3,500.11 3,566.61 3,637.94 3,714.34
3,500.11 3,566.61 3,637.94 3,714.34
0.00 0.00 0.00 0.00
-10,904.19 -11,111.37 -11,333.59 -11,571.60
-10,904.19 -11,111.37 -11,333.59 -11,571.60
0.00 0.00 0.00 0.00
-3,010.24 -3,067.44 -3,128.79 -3,194.49
42,547.27 43,355.67 44,222.78 45,151.46
-45,557.51 -46,423.11 -47,351.57 -48,345.95
-1,406.03 -1,432.74 -1,461.40 -1,492.09
59.83 60.97 62.19 63.49
-1,465.86 -1,493.71 -1,523.58 -1,555.58
0.00 0.00 0.00 0.00
-190.71 -194.33 -198.22 -202.38
0.00 0.00 0.00 0.00
-12,011.06 -12,239.27 -12,484.05 -12,746.22
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
-7,295.63 -7,434.25 -7,582.94 -7,742.18
 6,880.56 7,011.29 7,151.51 7,301.69
2,849.45 2,903.59 2,961.66 3,023.85
33,307.13 33,939.97 34,618.77 35,345.76
-29,276.02 -29,832.27 -30,428.91 -31,067.92
-13,031.92 -13,279.53 -13,545.12 -13,829.57
1,170.44 1,192.68 1,216.53 1,242.08
-14,202.37 -14,472.21 -14,761.66 -15,071.65
-201.93 -205.77 -209.88 -214.29
0.00 0.00 0.00 0.00
-13,648.93 -13,908.26 -14,186.43 -14,484.34
0.00 0.00 0.00 0.00
-471.17 -480.12 -489.72 -500.01
0.00 0.00 0.00 0.00
-1,607.96 -1,638.51 -1,671.28 -1,706.37
0.00 0.00 0.00 0.00
5,343.65 5,445.18 5,554.08 5,670.72
4,068.50 4,145.80 4,228.72 4,317.52
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
41,354.39 42,140.12 42,982.93 43,885.57
20.67 21.07 21.49 21.94
1,465.86 1,493.71 1,523.58 1,555.58
0.00 0.00 0.00 0.00
13,619.02 13,877.78 14,155.33 14,452.59
14,801.80 15,083.03 15,384.69 15,707.77
23,999.68 24,455.68 24,944.79 25,468.63
23.03 23.47 23.94 24.44
21.11 21.51 21.94 22.40
1.09 1.11 1.13 1.16
 Caterpillar Inc (CAT US) - altman
In Millions of BRL except Per Share FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018Y 2019 Est
Capital de giro 26,076.2 29,088.3 28,779.2 18,990.6 30,846.5 40,314.6
Lucro líq 8,186.0 5,775.3 8,383.7 -233.4 2,408.0 22,469.5 28,340.8
Ativo total 200,558.3 224,133.7 310,297.0 243,131.6 254,913.5 304,771.9
EBIT 12,159.1 7,805.6 12,632.2 4,048.2 14,243.4 30,313.9 37,116.9
Valor da empresa 146,625.9 156,741.3 171,520.9 187,965.0 312,584.4 295,314.8
Receita 120,243.0 129,977.9 156,896.4 134,254.9 145,186.7 200,028.6 232,013.2
Total Equity 49,322.2 44,535.1 58,956.5 43,003.0 45,595.7 54,658.6
Net Operating Profit after Tax (NOPAT) 9,917.4 10,988.8 10,479.0 477.1 2,544.7 24,599.7
Eff tax rate 25.72 21.95 26.64 138.13 81.80 21.71
Capital Employed 66,414.2 72,964.3 92,508.4 68,857.6 77,730.7 93,008.8
Eff tax rate 25.72 21.95 26.64 138.13 81.80 21.71
WACC NOPAT 10,844.3 12,348.5 12,436.3 3,047.0 2,912.1 26,124.9
WACC Cost of Equity 10.72 9.37 10.92 10.81 10.64 13.56
WACC Cost of Debt (After Tax) 2.15 1.74 1.75 1.01 1.15 2.64
WACC Weight of Debt 39.46 41.45 48.99 40.34 27.03 33.32
WACC Weight of Equity 60.54 58.55 51.01 59.66 72.97 66.68
Weighted Average Cost of Cap 7.34 6.21 6.43 6.86 8.07 9.92
Net Working Capital Investment -8,589.7 -2,218.0 -5,941.2 -3,313.2 -1,818.4 7,756.2
Changes in Working Capital -3,640.4 -113.1 -12,428.6 -4,985.3 11,107.3 3,918.5
R & D Expenditure to Net Sales 3.68 4.31 6.48 4.81 4.05 3.38
Source: Bloomberg
Y 2020 Est

28,142.0

37,784.2

229,254.6
 Caterpillar Inc (CAT US) - shervin

In Millions of BRL except Per FY 2015 FY 2016 FY 2017 FY 2018

Market Capitalization
Cash and Marketable Securities
Preferred & Other
Total Debt
Periodic Enterprise Value
156,747.1 177,020.0 311,922.7 283,907.0
25,586.8 23,329.0 27,362.1 30,500.9
-110,177.6 -85,013.4 -86,094.0 -107,174.3
150,561.9 119,714.0 115,522.9 141,898.7
171,544.6 188,391.6 313,989.5 288,130.6

Revenue, Adj 156,896.4 134,254.9 145,186.7 200,028.6

Growth %, YoY -14.81 -18.03 17.97 20.37
Gross Profit, Adj 42,979.6 34,479.1 43,292.2 62,152.1
Margin % 27.39 25.68 29.82 31.07
EBITDA, Adj 26,542.7 23,672.4 28,403.7 43,645.0
Margin % 16.92 17.63 19.56 21.82
Net Income, Adj 10,731.6 6,676.2 13,166.2 24,919.7
Margin % 6.84 4.97 9.07 12.46
EPS, Adj 17.86 11.43 21.98 41.59
Growth (YoY) 6.0 -36.0 92.3 89.3

Cash from Operations 22,357.5 19,645.1 18,222.6 23,971.8

Capital Expenditures -10,883.4 -10,200.5 -7,460.2 -10,659.0
Free Cash Flow 11,474.1 9,444.6 10,762.4 13,312.8
Total Assets 310,297.0 243,131.6 254,913.5 304,771.9
Net Debt To Shareholders Equit 24.59 25.87 4.03 7.44
Number of Employees 105,700.00 95,400.00 98,400.00 104,000.00
Number of CEO and Equivalent 0.00 0.00 1.00 0.00

FREE CASH FLOW FY 2015 FY 2016 FY 2017 FY 2018

CATERPILLAR 11,474.1 9,444.6 10,762.4 13,312.8
DEERE & Co 2,860.4 2,905.1 -1,257.7 -4,021.8
Capital Structure (Millions of USD)

 Market Cap 77,980.3 68.1%

 ST Debt 11,730.0 10.2%
 LT Debt 24,753.0 21.6%
 Pref. Eqty 0.0 0.0%
Total 114,463.3 100.0%

Capital Structure (Millions of USD)

 Market Cap 77,980.3 68.1%

 ST Debt 11,730.0 10.2%
 LT Debt 24,753.0 21.6%
 Pref. Eqty 0.0 0.0%
Total 114,463.3 100.0%