COMPANY XXX

Income Statement (Consolidated)

($ in Million Except Per Share Amounts) Dec-10 Dec-11 Dec-12

Net sales 15,564 16,734 17,085
Cost of sales 6,360 7,144 7,153
Gross profit 9,204 9,590 9,932

Selling, general and administrative expenses 5,414 5,758 5,930

Other (income) expense, net 301 (9) 113
EBIT 3,489 3,841 3,889
Interest expense, net 59 52 15

EBT 3,430 3,789 3,874

Provision for income taxes 1,117 1,235 1,243
Net income including noncontrolling interests 2,313 2,554 2,631
Less: Net income attributable to noncontrolling interests 110 123 159
Net income attributable to Colgate-Palmolive Company 2,203 2,431 2,472
Earnings per common share, basic 2.23 2.49 2.60
Earnings per common share, diluted 2.16 2.47 2.57

Basic Weighted Average Shares 976.7 952.1

Diluted Weighted Average Shares 984.1 960.2

EBITDA

Vertical Analysis Dec-10 Dec-11 Dec-12

Net sales 100.0% 100.0% 100.0%
Cost of sales 40.9% 42.7% 41.9%
Gross profit 59.1% 57.3% 58.1%

Selling, general and administrative expenses 34.8% 34.4% 34.7%

Other (income) expense, net 1.9% -0.1% 0.7%
Operating profit 22.4% 23.0% 22.8%
Interest expense, net 0.4% 0.3% 0.1%

Income before income taxes 22.0% 22.6% 22.7%

Provision for income taxes 7.2% 7.4% 7.3%
Net income including noncontrolling interests 14.9% 15.3% 15.4%
Less: Net income attributable to noncontrolling interes 4.8% 4.8% 6.0%
Net income attributable to Colgate-Palmolive Compan 14.2% 14.5% 14.5%

Effective Tax Rates 32.6% 32.6% 32.1%

Horizontal Analysis Dec-10 Dec-11 Dec-12
Net sales 1.5% 7.5% 2.1%
Cost of sales 0.6% 12.3% 0.1%
Gross profit 2.2% 4.2% 3.6%

Selling, general and administrative expenses 2.5% 6.4% 3.0%

Other (income) expense, net 171.2% -103.0% -1355.6%
Operating profit -3.5% 10.1% 1.2%
Interest expense, net -23.4% -11.9% -71.2%

Income before income taxes -3.1% 10.5% 2.2%

Provision for income taxes -2.1% 10.6% 0.6%
Net income including noncontrolling interests -3.5% 10.4% 3.0%
Less: Net income attributable to noncontrolling interests 3.8% 11.8% 29.3%
Net income attributable to Colgate-Palmolive Compan -3.8% 10.3% 1.7%

Segmental Information
Dec-10 Dec-11 Dec-12

Oral, Personal and Home Care

North America $ 2,878 $ 2,971
% growth (yoy) 3.2%
Latin America 4,895 5,032
% growth (yoy) 2.8%
Europe/South Pacific 3,508 3,417
% growth (yoy) -2.6%
Asia 2,074 2,264
% growth (yoy) 9.2%
Africa/Eurasia 1,207 1,241
% growth (yoy) 2.8%
Total Oral, Personal and Home Care 14,562 14,925
2.5%

Pet Nutrition 2,172 2,160

% growth (yoy) -0.6%

Total Net sales $ 16,734 $ 17,085

Modeling Revenues and Costs

Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
17,420 $ 17,780 $18,146 $18,521 $18,903 $19,294
7,219 7,379 7,531 7,686 7,845 8,007
10,201 10,401 10,616 10,835 11,058 11,287

6,223 6,223 6,351 6,482 6,616 6,753

422 444 454 463 473 482
3,556 3,734 3,811 3,889 3,970 4,052
(9) #REF! #REF! #REF! #REF! #REF!

3,565 #REF! #REF! #REF! #REF! #REF!

1,155 #REF! #REF! #REF! #REF! #REF!
2,410 #REF! #REF! #REF! #REF! #REF!
169 #REF! #REF! #REF! #REF! #REF!
2,241 #REF! #REF! #REF! #REF! #REF!
2.41 #REF! #REF! #REF! #REF! #REF!
2.38 #REF! #REF! #REF! #REF! #REF!

930.8 #REF! #REF! #REF! #REF! #REF!

939.9 #REF! #REF! #REF! #REF! #REF!

4,179 4,290 4,404 4,520 4,639

Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18

100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
41.4% 41.5% 41.5% 41.5% 41.5% 41.5%
58.6% 58.5% 58.5% 58.5% 58.5% 58.5%

35.7% 35% 35% 35% 35% 35%

2.4% 2.5% 2.5% 2.5% 2.5% 2.5%
20.4% 21.0% 21.0% 21.0% 21.0% 21.0%
-0.1%

20.5% #REF! #REF! #REF! #REF! #REF!

6.6% #REF! #REF! #REF! #REF! #REF!
13.8% #REF! #REF! #REF! #REF! #REF!
7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
12.9% #REF! #REF! #REF! #REF! #REF!

32.4% 32.5% 32.5% 32.5% 32.5% 32.5%

 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
2.0% 2.1% 2.1% 2.1% 2.1% 2.1%
0.9% 2.2% 2.1% 2.1% 2.1% 2.1%
2.7% 2.0% 2.1% 2.1% 2.1% 2.1%

4.9% 0.0% 2.1% 2.1% 2.1% 2.1%

273.5% 5.3% 2.1% 2.1% 2.1% 2.1%
-8.6% 5.0% 2.1% 2.1% 2.1% 2.1%
-160.0% #REF! #REF! #REF! #REF! #REF!

-8.0% #REF! #REF! #REF! #REF! #REF!

-7.1% #REF! #REF! #REF! #REF! #REF!
-8.4% #REF! #REF! #REF! #REF! #REF!
6.3% #REF! #REF! #REF! #REF! #REF!
-9.3% #REF! #REF! #REF! #REF! #REF!

Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18

$ 3,072 3,195 3,323 3,456 3,594 3,738

3.4% 4.0% 4.0% 4.0% 4.0% 4.0%
5,012 5,062 5,113 5,164 5,216 5,268
-0.4% 1.0% 1.0% 1.0% 1.0% 1.0%
3,396 3,430 3,464 3,499 3,534 3,569
-0.6% 1.0% 1.0% 1.0% 1.0% 1.0%
2,472 2,719 2,991 3,290 3,619 3,981
9.2% 10.0% 10.0% 10.0% 10.0% 10.0%
1,257 1,276 1,295 1,314 1,334 1,354
1.3% 1.5% 1.5% 1.5% 1.5% 1.5%
15,209 15,513 15,824 16,140 16,463 16,792
1.9% 2.0% 2.0% 2.0% 2.0% 2.0%

2,211 2,266 2,323 2,381 2,441 2,502

2.4% 2.5% 2.5% 2.5% 2.5% 2.5%

$ 17,420 $ 17,780 $18,146 $18,521 $18,903 $19,294

COMPANY XXX

Consolidated Balance Sheets

Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Assets
Current Assets
Cash and cash equivalents 490 878 884 962 #REF!
Receivables 1,610 1,675 1,668 1,636 1,705
Inventories 1,222 1,327 1,365 1,425 1,415
Other current assets 408 522 639 799 800
Total current assets 3,730 4,402 4,556 4,822 #REF!

Property, plant and equipment, net 3,693 3,668 3,842 4,083 4,378
Total assets 11,172 12,724 13,394 13,876 #REF!

Liabilities and Shareholders' Equity

Current Liabilities
Total current liabilities 3,728 3,716 3,736 4,470 4,067

Revolver #REF!

Long-term debt 2,815 4,430 4,926 4,749 4,258

Deferred income taxes 108 252 293 444 #REF!
Other liabilities 1,704 1,785 2,049 1,677 #REF!
Total liabilities 8,355 10,183 11,004 11,340 #REF!
Commitments and contingent liabiliti - -
Shareholders' Equity
Total Colgate-Palmolive Company
shareholders' equity 2,675 2,375 2,189 2,305 #REF!
Noncontrolling interests 142 166 201 231 #REF!
Total shareholders' equity 2,817 2,541 2,390 2,536 #REF!
Total liabilities and shareholders'
equity 11,172 12,724 13,394 13,876 #REF!

Check #REF!
 Dec-15 Dec-16 Dec-17 Dec-18

#REF! #REF! #REF! #REF!

1,740 1,776 1,813 1,850
1,444 1,474 1,505 1,536
817 833 851 868
#REF! #REF! #REF! #REF!

4,654 4,909 5,143 5,357

#REF! #REF! #REF! #REF!

3,911 4,395 4,503 4,587

#REF! #REF! #REF! #REF!

4,003 3,339 2,644 1,944

#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF!

COMPANY XXX
Consolidated Cash Flows
### Dec-08 Dec-09 Dec-10 Dec-11 Dec-12
Operating Activities
Net income including noncontrolling interests $ 2,313 $ 2,554 $ 2,631
Adjustments to reconcile net income
Depreciation and amortization 376 421 425
Receivables 40 (130) 19
Inventories (10) (130) (21)
Accounts payable and other accruals (65) 199 (5)
Other non-current assets and liabilities 135 54 30
Net cash provided by operations 3,211 2,896 3,196

Investing Activities  
Capital expenditures (550) (537) (565)
Net cash used in investing activities (658) (1,213) (865)

Cash Flow for Financing Activities 2,553 1,683 2,331

Financing Activities  
Principal payments on debt (4,719) (4,429) (5,011)
Proceeds from issuance of debt 5,015 5,843 5,452
Revolver
Dividends paid (1,142) (1,203) (1,277)
Purchases of treasury shares (2,020) (1,806) (1,943)
Proceeds from exercise of stock options and excess tax benefits 242 353 478
Net cash used in financing activities (2,624) (1,242) (2,301)

Effect of exchange rate changes on Cash and cash equivalents (39) (53) (24)
Net increase (decrease) in Cash and cash equivalents (110) 388 6

Cash and cash equivalents at beginning of year 600 490 878

Cash and cash equivalents at end of year $ 490 $ 878 $ 884

Supplemental Cash Flow Information

 
Income taxes paid $ 1,123 $ 1,007 $ 1,280
Interest paid 70 58 77
 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18

$ 2,410 #REF! #REF! #REF! #REF! #REF!

439 445 479 515 550 587

(37) (69) (35) (36) (37) (37)
(97) 10 (29) (30) (30) (31)
24 (19) 75 70 71 73
13 18 (11) (11) (12) (12)
3,204 #REF! #REF! #REF! #REF! #REF!

(670) (711) (726) (741) (756) (772)

(890) (711) (726) (741) (756) (772)

2,314 #REF! #REF! #REF! #REF! #REF!

(7,554) (895) (491) (255) (664) (695)

7,976
#REF! #REF! #REF! #REF! #REF!
(1,382) #REF! #REF! #REF! #REF! #REF!
(1,521) #REF! #REF! #REF! #REF! #REF!
339 #REF! #REF! #REF! #REF! #REF!
(2,142) #REF! #REF! #REF! #REF! #REF!

(94)
78 #REF! #REF! #REF! #REF! #REF!

884 962 #REF! #REF! #REF! #REF!

$ 962 #REF! #REF! #REF! #REF! #REF!

$ 1,087
118
COMPANY XXX
Consolidated Depreciation and Capex
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12
Net Sales 13,790 15,330 15,327 15,564 16,734 17,085
Capital Expenditures 550 537 565
Capital Expenditures as % of Net Sales 3.5% 3.2% 3.3%

Beginning Net PP&E

Capital Expenditures
(Depreciation Expense)
Ending Net PP&E 3,015 3,119 3,516 3,693 3,668 3,842

Total Depreciation Expense

Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
17,420 17,780 18,146 18,521 18,903 19,294
670 711 726 741 756 772
3.8% 4.0% 4.0% 4.0% 4.0% 4.0%

4,083.0 4,378.1 4,653.5 ### ###

711.2 725.9 740.8 756.1 771.7
(416.0) (450.5) (485.6) (521.4) (558.0)
4,083 4,378.1 4,653.5 4,908.8 ### ###

416.0 450.5 485.6 521.4 558.0

COMPANY XXX
Consolidated Amortization & Intangible
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
Net Sales 13,790 15,330 15,327 15,564 16,734 17,085 17,420
Additions to Intangibles
Additions to Intangibles as % of Net Sales

Beginning Net Intangibles

Additions to Intangibles
(Amortization Expense)
(Intangible Sales and write offs)
Ending Net Intangibles 1,496.0
Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
17,780 18,146 18,521 18,903 19,294

1,496.0 ### ### ### ###

- - - - -
(29.0) (29.0) (29.0) (29.0) (29.0)

1,467.0 ### ### ### ###

COMPANY XXX
Consolidated Working Capital
Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
Net Sales 15,327 15,564 16,734 17,085 17,420
Cost of Sales 6,319 6,360 7,144 7,153 7,219

Working Capital Balances

Receivables 1,626 1,610 1,675 1,668 1,636
Inventories 1,209 1,222 1,327 1,365 1,425
Other current assets 375 408 522 639 799
Total Non Cash Current Assets 3,210 3,240 3,524 3,672 3,860

Accounts payable 1,172 1,165 1,244 1,290 1,343

Accrued income taxes 387 272 392 254 239
Other accruals 1,679 1,682 1,700 1,888 1,980
Total Non-Debt Current Liabilities 3,238 3,119 3,336 3,432 3,562

Net Working Capital/ (Deficit) (28) 121 188 240 298

(Increase)/ Decrease in Working Capital 429 (149) (67) (52) (58)

Purchases 6,331 6,373 7,249 7,191 7,279

Ratios & Assumptions

Accounts Receivable, net (Collection period in 39 38 37 36 34
Inventory (Days outstanding) 70 70 68 70 72
Other Current Assets (% of Net Sales) 2.4% 2.6% 3.1% 3.7% 4.6%

Accounts Payable (Days Payable) 68 67 63 65 67

Accrued Income Taxes (% of COGS) 6.1% 4.3% 5.5% 3.6% 3.3%
Other accruals (% of COGS) 26.6% 26.4% 23.8% 26.4% 27.4%

Cash Flow from Individual line items

Receivables (net of allowances of $49, $53, $ (34) 16 (65) 7 32
Inventories (12) (13) (105) (38) (60)
Other current assets (9) (33) (114) (117) (160)
Accounts payable 111 (7) 79 46 53
Accrued income taxes 115 (115) 120 (138) (15)
Other accruals 258 3 18 188 92
(Incease)/ Decrease in Working Capital 429 (149) (67) (52) (58)

Check
Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
17,780 18,146 18,521 18,903 19,294
7,379 7,531 7,686 7,845 8,007

1,705 1,740 1,776 1,813 1,850 Number of 365

1,415 1,444 1,474 1,505 1,536
800 817 833 851 868
3,920 4,001 4,084 4,168 4,254

1,312 1,346 1,374 1,402 1,431

258 264 269 275 280
1,992 2,033 2,075 2,118 2,162
3,563 3,643 3,718 3,795 3,874

357 358 365 373 380

(59) (0) (7) (8) (8)

7,369 7,560 7,716 7,875 8,038

35 35 35 35 35
70 70 70 70 70
4.5% 4.5% 4.5% 4.5% 4.5%

65 65 65 65 65
3.5% 3.5% 3.5% 3.5% 3.5%
27.0% 27.0% 27.0% 27.0% 27.0%

(69) (35) (36) (37) (37)

10 (29) (30) (30) (31)
(1) (17) (17) (17) (18)
(31) 34 28 28 29
19 5 5 6 6
12 41 42 43 44
(59) (0) (7) (8) (8)
COMPANY XXX
Consolidated Shares Outstanding
Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
Beginning Balance - Basic (actual) 989.7 960.0 935.7 919.9 #REF!
Shares Issued (actual realization of options) 13.0 14.4 9.8 #REF!
Shares Repurchased (42.6) (38.7) (25.6) #REF! #REF!
Ending Balance - Basic (actual) 989.7 960.0 935.7 919.9 #REF! #REF!

Basic Weighted Average Shares 976.7 952.1 930.8 #REF! #REF!

Effects of Options & Restricted Stock Units 7.4 8.1 9.1 #REF! #REF!
Diluted Weighted Average Shares 984.1 960.2 939.9 #REF! #REF!
Dec-16 Dec-17 Dec-18
#REF! #REF! #REF!

#REF! #REF! #REF!

#REF! #REF! #REF!

#REF! #REF! #REF!

#REF! #REF! #REF!
#REF! #REF! #REF!
COMPANY XXX
Debt Schedule
Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
Cash Flow Available for Financing Activities #REF! #REF!
Proceeds from/ (Repurchase of) Equity #REF! #REF!
Dividends #REF! #REF!
Option Proceeds #REF! #REF!
+ Beginning Cash Balance 962.0 #REF!
- Minimum Cash Balance (500.0) (500.0)
Cash Available for Debt Repayment #REF! #REF!
Long Term Debt Issuance - -
Long Term Debt (Repayments) (895.0) (491.0)
Cash Available for Revolving Credit Facility #REF! #REF!

Revolving Credit Facility

Beginning Balance - #REF!
Discretionary (Paydown)/ Borrowings #REF! #REF!
Ending Balance - #REF! #REF!

Long Term Debt

Beginning Balance 5,644.0 4,749.0
Issuance
(Repayment/ Amortization) (895.0) (491.0)
Ending Balance ### 4,749.0 4,258.0

Long Term Debt 4,258.0 4,003.0

Current Portion of Long Term Debt 491.0 255.0

Revolving Credit Facility Average Balance #REF! #REF!

Interest Rate 1.5% 1.5%
Interest Expense #REF! #REF!

Long Term Debt Average Balance 5,196.5 4,503.5

Interest Rate 1.7% 1.8%
Interest Expense 90.0 81.0

Total Interest Expense #REF! #REF!

Cash Balances Average Balance #REF! #REF!
Interest Rate 1.00% 1.00%
Interest Income #REF! #REF!
 Dec-16 Dec-17 Dec-18
#REF! #REF! #REF!
#REF! #REF! #REF!
#REF! #REF! #REF!
#REF! #REF! #REF!
#REF! #REF! #REF!
(500.0) (500.0) (500.0)
#REF! #REF! #REF!
- - -
(255.0) (664.0) (695.0)
#REF! #REF! #REF!

#REF! #REF! #REF!

#REF! #REF! #REF!
#REF! #REF! #REF!

4,258.0 4,003.0 3,339.0

(255.0) (664.0) (695.0) (700.0)

4,003.0 3,339.0 2,644.0

3,339.0 2,644.0 1,944.0

664.0 695.0 700.0

#REF! #REF! #REF!

1.5% 1.5% 1.5%
#REF! #REF! #REF!

4,130.5 3,671.0 2,991.5

1.6% 1.7% 1.5%
66.0 62.0 44.0

#REF! #REF! #REF!

#REF! #REF! #REF!
1.00% 1.00% 1.00%
#REF! #REF! #REF!