6.1 2011 2012 2013 Ex 0.2 0.

138889
EPS 3 3.6 4.1 Cum 0.208333 0.145833
DPS 0.25 0.25 0.3

b AEG 0.325 0.165

c Normal forward P/E 10
d Yes

6.2 257
26
25

6.3 2013 2014 2015 2016 2017

Earnings 388 570 599 629 660.45
Dividends 115 160 349 367 385.4
Reinvested dividends 11.5 16 34.9 36.7
Cum-div earnings 581.5 615 663.9 697.15
Normal earnings 426.8 627 658.9 691.9
AEG 154.7 -12 5 5.25
Earnings growth 46.91% 5.09% 5.01% 5.00%
Cum-div earnings growth 49.87% 7.89% 10.83% 10.83%
Present value of AEG 140.6364 -9.917355
Total PV 130.719
CV 100 82.64463
Total earnings to be cap 601.3636
Value of equity 6013.636
Value per share 4.357708

d Forward 15.49906
Normal 10

6.10 normal 11.11111

pe trading 12.10407

6.11 2006 2007

EPS 84.733 93.37577 1234.534
DPS 22.87791 25.21146
Reinvested 2.287791
cum-div 95.66356
Normal 93.2063
AEG 2.457257 42.59245
pv 38.72041
b if cum-div earnings would grow at 10% pe would be normal
But earnings are expected to grow faster than 10%

c
 6.13 53
2003 2004 2005 2006 2007 2008
b eps 5.3 5.936 6.64832 7.446118 8.339653 9.340411
dps 0.53 0.5936 0.664832 0.744612 0.833965 0.934041
reinvested 0.053 0.05936 0.066483 0.074461 0.083397
cum-div 5.989 6.70768 7.512602 8.414114 9.423807
normal 5.83 6.5296 7.313152 8.19073 9.173618
AEG 0.159 0.17808 0.19945 0.223384 0.25019
0.144545 0.147174 0.149849 0.152574 0.155348
0.74949
5.499537
 6.4 2000 2001 2002 2003 2004
EPS 3.9 3.7 3.31 3.59 3.9
DPS 1 1 1 1 1
Reinvested dividends 0.12 0.12 0.12 0.12
Cum-div earnings 3.82 3.43 3.71 4.02
Normal earnings 4.368 4.144 3.7072 4.0208
AEG -0.548 -0.714 0.0028 -0.0008

Value per share 23.67932

c 9.33333333333333
d 36.4

6.6 0.08 0.09 0.1 0.11 0.12 0.13

Trailing 13.5 12.11111 11 10.09091 9.333333 8.692308
Forward 12.5 11.11111 10 9.090909 8.333333 7.692308

6.7 2009 2010 0.164615

eps 3.9 4.45 0.141026
dps 0.92
cum-dividend 4.542

6.8 2006 2007 2008 2009 2010

eps 1.53 1.65 1.93 1.96 2.32
dps 0.67 0.72 0.78 0.86 0.96
reinvested dividends 0.0536 0.0576 0.0624 0.0688
cum-div 1.7036 1.9876 2.0224 2.3888
normal 1.6524 1.782 2.0844 2.1168
AEG 0.0512 0.2056 -0.062 0.272

6.9 2010 2011 2012 2013 2014 2015

EPS 13.22 14.61 16.2171 18.00098 19.98109
DPS 3 3.3 3.663 4.06593 4.513182
BPS 18.77 28.99 40.3 52.8541 66.78915 82.25706
RE 11.343 11.711 12.1871 12.71557 13.30217

2011 2012 2013 2014 2015

EPS 13.22 14.61 16.2171 18.00098 19.98109
DPS 3 3.3 3.663 4.06593 4.513182
Reinvested 0.3 0.33 0.3663 0.406593
cum-div 14.91 16.5471 18.36728 20.38768
Normal earnings 14.542 16.071 17.83881 19.80108
AEG 0.368 0.4761 0.528471 0.586603
 2010 2011 2012 2013 2014
6.14 Earnings 502 570 599 629 660.45
Dividends 115 160 349 367 385.4
Reinvested 11.5 16 34.9 36.7
cum-div earnings 581.5 615 663.9 697.15
Normal earnings 552.2 627 658.9 691.9
AEG 29.3 -12 5 5.25
PV AEG 16.71901
CV 100
PV CV 82.64463
Earnings to be cap 601.3636
value of equity 6013.636
value per share 4.357708
 0.14 0.15 0.16
8.142857 7.666667 7.25
7.142857 6.666667 6.25
9.8

Balance, october 1, 2006 2228.5

Transactions with shareholders
issue shares 46.8
Stock repurchase -1012.8
stock exercise 225.2 -740.8

Comprehensive income
Net income 672.6
Unrealized loss on financial assets -20.4
Currency translation loss 37.7 689.9
Balance, september 30, 2007 2177.6

b 152.901083333333
c 507544479.99
194897080.31616
312647399.67384

9.11 742.857142857143
482.857142857143

Balance feb 1, 2002 4694

Transactions with shareholders
Share issue at market value 900.8571
Repurchase -1400 -499.1429

Comprehensive income
CI reported 2051
Loss on share repurchase -890 678
loss on stock options -483
Balance january 31 2003 4872.857

M9.1 Balance beginning period 27458

Transactions with shareholders
Shares issued 2843
Shares repurchased -4872 -2029

Comprehensive income
net income 7012
unrealized investment gains 2724
Translation gains 166
Preferred dividends -13 9889
Balance end of period 39320

Loss on stock options 10672

minus tax benefit 6670
Balance beginning period 27458
Transactions with shareholders
Shares issued + market value options 13515
Shares repurchased -4872 8643

Comprehensive income
net income 7012
unrealized investment gains 2724
Translation gains 166
Preferred dividends -13
Loss on stock options -6670 3219
Balance ended 39320
10.1 Operating assets 547 10.2 909
Operating liabilities 132 10.3 0.27777777777778 0.285
NFA 415 10.4 revenue 6450
cogs -3870
Financing assets 145 operating expenses -1843
Financing liabilities 190 tax -230.95
NFO 45 operating income at 506.05
CSE 370
Net income 421
revenue 4356 Interest expense 135
cogs 3487 Tax benefit 49.95 85.05
gross margin 869 Operating income at 506.05
Operating expenses 428
Operating income 441 10.5 Operating assets
Operating cash 23
interest income 56 Accounts receivable 1827
interest expense 132 Inventory 2876
-76 PPE 3567
Earnings 365
Operating liabilities
accounts payable 1245
Accrued expenses 1549
deferred tax liability 712
NFA 4787

Financial obligations
Cash -435
long term debt 3678
preferred stock 432
nfo 3675

common equity 1112

10.6 Operating assets

operating cash 60
accounts receivable 940
inventory 910
property and plant 2840 4750

Operating liabilities
Accounts payable 1200
Accrued liabilities 390 1590
NOA 3160

Financial obligations
Short term investme -550
long term debt 1840 1290
NFO 1290

CSE 1870
 10.7

Revenue 7493 10.8

operating expenses 6321
Operating income from sales before tax 1172
b
tax 295 c
tax shield 79.56
374.56
Operating income from sales after tax 797.44
net financial expense
interest expense 141.44
preferred dividends 26
630

Balance 2011 1430 Revenue

Transactions with shareholders Operating expenses
share issues 822 Operating income
repurchase -720
dividend -180 -78

Comprehensive income
Net income 468 Financing income (expense)
u.g.o.d.i. 50 518 interest income
Interest expense
Balance 2012 1870 net interest expense
tax effect
net interest expense at
ugodi
Net financing expense
ci
Operating revenues 5523 10.9
Cost of sales 3121 Operating revenues
other operating expenses 1429 Operating expenses
operating income bt 973 Operating income from sales bt
Tax as reported 298.38461538
Tax benefit of interest 22.615384615 taxes as reported
Operating income at 652 tax benefit of interest
Interest expense bt 64.615384615 other operating tax
tax benefit 22.615384615 Operating income from sales at
interest expense after tax 42
ci 610 gain on asset sales
restructuring charge
Effective tax rate 0.3299075026
interest expense
Market value € 564,545.52 interest income
p/b 0.64 net interest expense
tax benefit
NOA 422 net financing expense at
Price of operations € 110.50
net income

0.460266042317031

10.10 Balance, October 1, 2006

Net payout to shareholders
Stock repurchase
Sale of common stock
Issue of shares for stock options

Comprehensive income
Net income
Unrealized loss on financial assets
Translation adjustment

3726 Balance, september 30, 2007

3204.05
521.95 Operating revenues
Net revenues
COGS
Gross margin

Operating expenses
15 Store operating expenses
-98 Other operating expenses
-83 Depreciation and amortization
-29.05 General and administrative expenses
-53.95
 50 Operating income from sales BT
-3.95 Tax as reported
518 Tax benefit
Tax on other operating income

Operating income from sales AT

Other operating income BT

Gain on asset sales
Other operating charges

Tax (38.4%)

Other operating income AT

Income equity investees
Currency translation gains

Operating income AT

Net financing expenses

Interest expense
Interest income
Net interest expense
Realized gain on financial assets

Tax (38.4%)

Unrealized loss on financial assets

Comprehensive income
 20367
-17484
2883

1606
-88.445
367.498
1556.053

1083 1018
-65 650.502

-363
118
-245
-88.445
-156.555

2050

$ 2,285.50 2007
Operating assets
-1012.8 Cash and cash equiv. 40
46.8 Short term investments - trading securities 73.6
225.2 -740.8 Accounts receivable, net 287.9
Inventories 691.7
Prepaid expenses and other current assets 148.8
672.6 Deferred income taxes, net 129.5
ancial assets -20.4 Equity and other investments 258.8
37.7 689.9 PPE, net 2890.4
Other assets 219.4
$ 2,234.60 Other intangible assets 42
Goodwill 215.6
Total operating assets 4997.7
9411.5
3999.1 Operating liabilties
5412.4 Accounts payable 390.8
Accrued compensation and related costs 332.3
Accrued occupancy costs 74.6
3215.9 Accrued taxes 92.5
294.1 Other accrued expenses 257.4
467.2 Deferred revenue 296.9
rative expenses 489.2 Other long-term liabilities 460.5
Total operating liabilities 1905
 946
383.7 Net operating assets 3092.7
5.6
erating income -6.6 382.7 Net financial obligations
Short term borrowing 710.2
563.3 Current portion of long term debt 0.8
Long term debt 550.1
Cash and cash equiv. -241.3
26 Short term investments - available for sale -83.8
-8.9 Long term investments - available for sale -21
17.1 Net financial obligations 915
6.5664
10.5336 CSE 2177.7

ROCE 0.309674
108 RNOA 0.280487
37.7 156.2336 NBC 0.08743
FLEV 0.151185
719.5336

-38.2
19.7
-18.5
3.8
-14.7
-5.6448
-9.0552
ancial assets -20.4 -29.4552

690.0784
 2006

40
53.5
224.3
636.2
126.9
88.8
219.1
2287.9
186.9
38
161.5
4063.1

340.9
289
54.9
94
224.2
231.9
262.9
1497.8
2565.3

700
0.8
2
-272.6
-87.5
-5.8
336.9

2228.4
10.11 Reformulated balance sheet March 26, 2011

Operating assets
Cash (0.25% sales) 61.6675
Accounts receivable 5798
Inventories 930
Deferred tax assets 1683
Vendor non-trade receivables 5297
Other current assets 4055
PPE, net 6241
Goodwill 741
Acquired intangibles 507
Other assets 3885
Total operating assets 29,198.67

Operating liabilities
Accounts payable 13714
Accrued expenses 7022
Deferred revenue 3591
Deferred revenue - noncurrent 1230
Other noncurrent liabilities 7870
Total operating liabilities 33,427.00

NOA -4,228.33

Financial assets
Cash equivalants 15916.33
Short-term marketable securities 13256
Long-term marketable securities 36533
Total financial assets 65705.33

CSE 61,477.00
Reformulated income statement

Operating revenues 24667

Cost of sales 14449
Gross margin 10218
R&D 581
SG&A 1763
Operating income from sales BT 7874

Tas as reported 1913

Tax on financial income 9.62 1903.38

Operating income from sales AT 5970.62

Financing
Other income and expense 26
Tax 9.62
16.38

Net income 5987

b To to protect against bad times and maybe new investments.

c There is no need to borrow.
d 6351.17 Suppliers and customers help financing the business through credit. T
e business through credit. This reducses the need for shareholders to finance the business.
Reformulated statement of equity
Balance, June 30, 2009 as reported 63382
Preferred stock -1324
Noncontrolling interest -283
ESOP reserve 1340
Balance, June 30, 2009 63115

Transactions with shareholders

Dividends -5239
Share repurchase -6004
Share issue 1191
Conversions 351
capital charge -2 -9703

Comprehensive income
Net income 12736
Other comprehensive income -4464
Preferred dividends -219
Loss on conversion -304
ESOP benefits 27 7776

Balance, June 30, 2008 61188

Reformulated income statements

2010 2009 2008

Net sales 78938 76694 79257
Cost of products sold 37919 38690 39261
Gross margin 41019 38004 39996
Operating expenses
Advertising 8567 7519 8520
R&D 1950 1864 1946
G&A 14481 13247 13551
Operating income from sales BT 16021 15374 15979
Tax as reported 4101 3733 3594
Tax benefit interest 354.92 510.72 551
Tax on other operating income -26.6 -178.22 -164.92
Operating income from sales AT 11591.68 11308.5 11998.92
Other operating income BT items
Gain on asset sales 70 469 434
tax at 38% 26.6 178.22 164.92
Net 43.4 290.78 269.08
Other operating income AT items
Other comprehensive income -4464 -7104 3129
Loss on preferred stock -304 -257 -283
Other 27 -84 -232
Operating income 6894.08 4154.28 14882

Net financing expense

Interest expense -946 -1358 -1467
Interest income 12 14 17
Net -934 -1344 -1450
Tax -354.92 -510.72 -551
-579.08 -833.28 -899
Preferred dividends -219 -192 -176
-798.08 -1025.28 -1075
Noncontrolling interest in earnings -110 -86 -78
Comprehensive income cont. ops. 5986 3043 13729
Discountinued operations 1790 2756 784
Comprehensive income 7776 5799 14513
Reformulated balance sheet
2010 2009 2008 2007
Operating assets
Operating cash 197 197 197 197
Accounts receivable 5335 5836 6761 6629
Inventories 6384 6880 8416 6819
Deferred income taxes 990 1209 2012 1727
Prepaid expenses 3194 3199 3785 3300
PPE 37012 36561 38086 34721
accumalated depreciation -17768 -17189 -17446 -15181
Goodwill 54012 56512 59767 56552
Trademarks 31636 32606 34233 33626
Other assets 4498 4348 4837 4265 2008
125490 130159 140648 132655 136651.5

Operating liabilities
Accounts payable 7251 5980 6775 5710
Accrued liabilities 8559 8601 10154 9586
Taxes payable 0 0 945 3382
Deferred taxes 10902 10752 11805 12015
Other liabilities 10189 9146 8154 5147 2008
36901 34479 37833 35840 36836.5

NOA 88589 95680 102815 96815 99815

Financial obligations
Debt due within one year 8472 16320 13084 12039
Long term debt 21360 20652 23581 23375
less esop reserve -1350 -1340 -1325 -1308
Preferred stock 1277 1324 1366 1406
29759 36956 36706 35512

Financial assets
Cash 2682 4584 3116 5157
Investment securities 0 0 228 202
2682 4584 3344 5359

NFO 27077 32372 33362 30153

Total equity 61512 63308 69453 66662

Noncontrolling interest 324 283 0 0
CSE 61188 63025 69453 66662
 2009 2010
135403.5 127824.5

2009 2010
36156 35690

99247.5 92134.5