Best Buy

Sales Forecast
As of February 28

ACTUAL PROJECTIONS
2010 2011 2012 2013 2014 2015 2016

Current Assets
US $ 37,315 $ 37,186 $ 47,691 $ 57,229 $ 77,259 $ 92,711 $ 111,253
Europe 5,591 5,511 7,068 8,481 11,450 13,740 16,488
Canada 5,065 5,468 7,013 8,415 11,361 13,633 16,359
China 1,677 1,952 2,503 3,004 4,056 4,867 5,840
Other 46 155 199 239 321 385 464
Online - - 3,393 4,072 5,497 6,597 7,916
Total current assets $ 49,694 $ 50,272 $ 67,867 $ 81,440 $ 109,944 $ 131,933 $ 158,320
 Best Buy
Comparative Statements of Comprehensive Income
For the Years Ended February 28

ACTUAL PROJECTIONS
2010 2011 2012 2013 2014 2015 2016

Sales $ 49,694 $ 50,272 $ 67,867 $ 81,440 $ 109,944 $ 131,933 $ 158,320

Cost of sales (37,534) (37,635) (52,800) (62,709) (84,657) (100,988) (120,323)
Gross profit 12,160 12,637 15,067 18,731 25,287 30,945 37,997

Other operating income (expense) $ (40) $ (36) $ (32) $ (28) $ (24) $ (20) $ (16)
Other income (40) (36) (32) (28) (24) (20) (16)

Operating expenses
Selling, general & administrative $ 9,873 $ 10,325 $ 12,675 $ 14,725 $ 16,475 $ 17,825 $ 19,175
Other operating expenses 52 198 198 198 198 198 198
Total Operating Expenses 9,925 10,523 12,873 14,923 16,673 18,023 19,373

Net Income before taxes 2,195 2,078 2,162 3,780 8,590 12,902 18,608

Income tax expense 802 714 757 1,323 3,007 4,516 6,513

Net Income for the Year $ 1,393 $ 1,364 $ 1,405 $ 2,457 $ 5,583 $ 8,386 $ 12,095

Amount in US$'000,000
 Best Buy
Comparative Statements of Financial Position
As of February 28

ACTUAL PROJECTIONS
2010 2011 2012 2013 2014 2015 2016

ASSETS

Current Assets
Cash and cash equivalents $ 1,826 $ 1,103 $ 788 $ 1,760 $ 7,753 $ 16,461 $ 28,047
Short term investments 90 22 22 22 22 22 22
Inventory 5,486 5,897 7,666 9,199 8,279 7,865 8,416
Receivables 2,020 2,348 2,231 2,365 2,412 2,291 2,176
Other current assets 1,144 1,103 1,103 1,103 1,103 1,103 1,103
Total current assets 10,566 10,473 11,810 14,449 19,569 27,742 39,764

Non-current Assets
Property, plant and equipment, net 4,070 3,823 3,632 3,450 3,278 3,114 2,958
Intangible assets 2,890 2,790 2,790 2,790 2,790 2,790 2,790
Equity and other investments 324 328 344 351 362 369 376
Other non-current assets 452 435 435 435 435 435 435
Total non-current assets 7,736 7,376 7,201 7,026 6,865 6,708 6,559

Total Assets $ 18,302 $ 17,849 $ 19,011 $ 21,475 $ 26,434 $ 34,450 $ 46,323

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
Trade, notes and other payables $ 5,276 $ 4,894 $ 4,796 $ 4,940 $ 4,446 $ 4,224 $ 4,140
Short-term debt 663 557 529 503 478 430 387
Current portion of long-term debt 35 441 419 398 378 359 341
Others current liabilities 3,004 2,771 2,771 2,771 2,771 2,771 2,771
Total current liabilities 8,978 8,663 8,515 8,612 8,073 7,784 7,639

Non-current Liabilities
Long-term liabilities 1,256 1,183 1,124 1,068 1,015 964 916
Long-term debts 1,104 711 675 641 609 579 550
Total liabilities 2,360 1,894 1,799 1,709 1,624 1,543 1,466

Total liabilities 11,338 10,557 10,314 10,321 9,697 9,327 9,105

Shareholders' Equity
Share capital 483 57 57 57 57 57 57
Retained Earnings 5,837 6,545 7,950 10,407 15,990 24,376 36,471
Other Shareholders' Equity 644 690 690 690 690 690 690
Total shareholders' equity 6,964 7,292 8,697 11,154 16,737 25,123 37,218

Total Liabilities and Shareholders' Equity $ 18,302 $ 17,849 $ 19,011 $ 21,475 $ 26,434 $ 34,450 $ 46,323

Amount in US$'000,000
 Best Buy
Comparative Statements of Cash Flows
For the Years Ended February 28

ACTUAL PROJECTIONS
2011 2012 2013 2014 2015 2016

Cash Flows from Operating Activities

Net Income $ 1,364 $ 1,405 $ 2,457 $ 5,583 $ 8,386 $ 12,095
Adjustments for non-cash items:
Depreciation of PPE 699 191 182 172 164 156
Other non-cash items (656) - - - - -
Operating cash flows before working capital changes 1,407 1,596 2,639 5,755 8,550 12,251
Decrease (Increase) in current assets
Short term investments 68 - - - - -
Inventory (411) (1,769) (1,533) 920 414 (551)
Receivables (328) 117 (134) (47) 121 115
Other current assets 41 - - - - -
Increase (Decrease) in current liabilities
Trade, notes and other payables (382) (98) 144 (494) (222) (84)
Short-term debt (106) (28) (26) (25) (48) (43)
Current portion of long-term debt 406 (22) (21) (20) (19) (18)
Others current liabilities (233) - - - - -
Net cash provided by (used in) operating activities 462 (204) 1,069 6,089 8,796 11,670

Cash Flows from Investing Activities

Property, Plant and Equipment (452) - - - - -
Intangible assets 100 - - - - -
Equity and other investments (4) (16) (7) (11) (7) (7)
Other non-current assets 17 - - - - -
Cash used in investing activities (339) (16) (7) (11) (7) (7)

Cash Flows from Financing Activities

Non-current Liabilities (466) (95) (90) (85) (81) (77)
Other Share holders equity (380) - - - - -
Cash used in financing activities (846) (95) (90) (85) (81) (77)

Net increase (decrease) in cash (723) (315) 972 5,993 8,708 11,586
Cash at beginning of the year 1,826 1,103 788 1,760 7,753 16,461

Cash at End of the Year $ 1,103 $ 788 $ 1,760 $ 7,753 $ 16,461 $ 28,047

Amount in US$'000,000
 Best Buy
Comparative Statements of Changes in Shareholders' Equity
For the Years Ended February 28

Retained
Share Capital Other SHE Total
Earnings

Balance at February 28, 2010 483 5,837 644 6,964

Movement in Share Capital (426) - - (426)
Movement in other SHE - (656) 46 (610)
Net Income for the year - 1,364 - 1,364

Balance at February 28, 2011 $ 57 $ 6,545 $ 690 $ 7,292

Balance at March 1, 2011 57 6,545 690 7,292

Net Income for the year - 1,405 - 1,405

Balance at February 29, 2012 $ 57 $ 7,950 $ 690 $ 8,697

Balance at March 1, 2012 57 7,950 690 8,697

Net Income for the year - 2,457 - 2,457

Balance at February 28, 2013 $ 57 $ 10,407 $ 690 $ 11,154

Balance at March 1, 2013 57 10,407 690 11,154

Net Income for the year - 5,583 - 5,583

Balance at February 28, 2014 $ 57 $ 15,990 $ 690 $ 16,737

Balance at March 1, 2014 57 15,990 690 16,737

Net Income for the year - 8,386 - 8,386

Balance at February 28, 2015 $ 57 $ 24,376 $ 690 $ 25,123

Balance at March 1, 2015 57 24,376 690 25,123

Net Income for the year - 12,095 - 12,095

Balance at February 29, 2016 $ 57 $ 36,471 $ 690 $ 37,218

Amount in US$'000,000