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Washington, D.C. 20549
FORM XX Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended September 26, 2009 Commission file number 1-6991.
(Exact name of registrant as specified in its charter)
Delaware (State or other jurisdiction of incorporation or organization) 702 S.W. 8th Street Bentonville, Arkansas (Address of principal executive offices)
71-0415188 (IRS Employer Identification No.)
72716 (Zip Code)
Registrant’s telephone number, including area code: (479) 273-4000 Securities registered pursuant to Section 12(b) of the Act:
Title of each class Common Stock, par value $0.10 per share
Name of each exchange on which registered New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
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Apple Inc. 2 | P a g e .
3 | P a g e . Apple Inc.
Apple Inc. 4 | P a g e .
Notes to Financial Statements: Revenues : Company generates accrued income from the sale of products like computers. Geographic Revenue: The management feels that going forward the revenues by geography for each quarter (for the next 4 years) will be split in the following breakup As a % of Total Revenue (look for guidance of Total Revenue in the future revenue outlook): Apple Inc. 5 | P a g e . mobile phones. Business Segments: The company recognizes the following 7 different business segment: • Mac ‐ Desktops • Mac ‐ Portables • iPod • Other music related products and services • iPhone and related products and services • Peripherals and other hardware • Software. service and other sales The unit sales (number of units sold in the aforesaid period) data is published only for 4 different business segments marked in a different color here. and allied services related to the same. etc. mp3 players.
The credit for funding the working capital gap had completely dried for some time in the last few quarters. Inventories: For similar reasons as stated above the management has taken a decision to maintain the ‘Inventories as a % of COGS’ same (as compared to same quarter previous year) quarter over quarter for all quarters of the next 4 years. represents money the company has already been paid for services that will be delivered in the future. The situation looks better now. The Geographic Segment sales are just back calculated based on the product sales. Of the ‘Total change’ in deferred revenue 2/3 will be reported as additions in the ‘Deferred revenue’ item of the current liabilities of the company and the remaining 1/3 will be reflected as additions in the ‘Product Deferred Revenue’ line item of the long term liabilities. (All balance sheet line items should be forecasted as “Last Period amount + change in this period” ) Apple Inc. Deferred Revenues: Deferred revenue is the collection of money in advance of delivery of the goods and services associated with the revenue. Historically the company is doing good numbers. For now the worst is behind us. Management feels that going forward for all the quarters of the next 4 years ‘Change in Deferred Revenue as % of Revenues’ is expected to be 15% as of quarterly income. Account Payable and Receivables: The addition of liquidity done by the central bankers to revive the global economy has made a positive impact on the world economy.Revenue Outlook – Management Guidance: Future revenues will be based upon the product sales (Business Segments) that the company generates. 6 | P a g e . In case of Apple the company reports Deferred revenue in the current liabilities and Product Deferred revenue in the Long term liabilities section of the balance sheet. as reflected by the ratio ‘Change in Deferred Revenue as % of Revenues’ in the balance sheet. Due to this the management has taken a decision to maintain the ‘Accounts Receivable as % Revenue’ and ‘Accounts payable as a % sales’ same (as compared to same quarter previous year) quarter over quarter for all quarters of the next 4 years. Deferred revenues.
10 year government bonds are trading at 3%. • Diluted Shares (Annual 2009) • Cash & Cash Equivalents • Debt = Short Term Debt + Long term Debt ‐‐‐‐‐‐‐‐‐‐‐ All The Best ‐‐‐‐‐‐‐‐‐‐‐‐ Apple Inc. 7 | P a g e . S&P 500 is generally taken as the benchmark index.5. For valuation purpose one should refer to the last reported values of the following line items.75.Valuation: Apple Inc trades on NYSE at $188. The beta for Apple calculated on the basis of weekly returns for the past 52 weeks is 1. The average risk premium as per the S&P 500 is 6%.