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Prospective Analysis 1
Prospective Analysis 1
XYZ
Standardized Beginning Balance sheet ($ millions)
Year 2011 2010 2009
Assets
Cash and Marketable securities 1,821.5 1,745.2 453.5
Accounts Receivable 200.1 148.1 143.5
Inventory 2,765.5 2,532.3 2,619.3
Other current assets 312.4 378.2 409.8
Total Current Assets 5,099.5 4,803.8 3,626.1
Long-term tangible assets 2,689.9 2,478.4 2,372.6
Long-term intangible assets 182.2 181.8 179.6
Total Long-term assets 2,872.1 2,660.2 2,552.2
Total Assets 7,971.6 7,464.0 6,178.3
Liabilities
Accounts Payable 1,683.9 1,507.9 1,276.1
Short term debt 2.7 2.4 395.0
Other current liabilities 1,446.4 1,384.7 1,096.8
Total Current Liabilities 3,133.0 2,895.0 2,767.9
Long-term debt 787.5 790.2 383.8
Deferred Taxes 241.9 192.4 127.0
Other long-term liabilities 709.3 697.1 765.0
Total long-term liabilities 1,738.7 1,679.7 1,275.8
Total Liabilities 4,871.7 4,574.7 4,043.7
Shareholder's Equity 3,099.9 2,889.3 2,134.6
Total Liabilities and Shareholder's Equity 7,971.6 7,464.0 6,178.3
Thomson One Database
XYZ
Standardized Statements of Cash Flows ($ millions)
Year 2010 2009 2008
Net Income 1,343.1 1,213.6 880.6
After-tax net interest expense 24.2 26.1 9.0
Non-operating losses (gains) 158.4 (21.5) 55.2
Depreciation and amortization 458.1 435.2 401.7
Other 129.7 21.4 87.6
Operating cash flow before working capital investments 2,113.5 1,674.8 1,434.1
Net (investments in) or liquidation of operating working capital (5.0) 548.6 (347.8)
Operating cash flow before investment in long-term assets 2,108.5 2,223.4 1,086.3
Net (investments in) or liquidation of operating long-term assets (708.2) (434.9) (568.6)
Free cash flow available to debt and equity 1,400.3 1,788.5 517.7
After-tax net interest expense (24.2) (26.1) (9.0)
Net debt (repayment) or issuance (2.4) 371.4 (2.0)
Free cash flow available to equity 1,373.7 2,133.8 506.7
Dividend (Payments) (229.3) (197.7) (176.7)
Net stock issuance (repurchase) and other equity changes (1,017.2) (774.9) (608.9)
Net increase (decrease) in cash balance 127.2 1,161.2 (278.9)
Thomson One Database
XYZ
Condensed Statements of Income ($ millions)
Year 2010 2009 2008
Sales
Net Operating Profit after Tax (NOPAT)
Net Income
+ Net interest expense after tax
= Net operating profit after tax
- Net interest after tax
Interest Expense
- Interest income
= Net interest expense (Income)
X (1 -Tax expense/PBT)
= Net interest expense after tax
= Net Income
- Pref. Dividends
= Net Income to common
XYZ
Condensed Beginning Balance sheet ($ millions)
Year 2011 2010 2009
Beginning Net working capital
Accounts receivable
+ Inventory
+ Other current assets
- Accounts Payable
- Other current liabilities
= Beginning Net Working Capital
Beginning Net Long Term Assets
Long-term tangible assets
+ Long-term intangible assets
- Deferred taxes
- Other long-term liabilities
= Beginning Net Long-term assets
= Total Beginning Net Assets