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Colgate Palmolive Co.

Consolidated Balance Sheets


As of December 31,
Dollars in Millions Except Per Share Amounts

Assets
Current Assets
Cash and cash equivalents
Receivables (net of allowances of $49 and $53,
respectively)
Inventories
Other current assets
Total current assets
Property, plant and equipment, net
Goodwill, net
Other intangible assets, net
Deferred income taxes
Other assets
Total Assets
Liabilities and Shareholders Equity
Current Liabilities
Notes and loans payable
Current portion of long-term debt
Accounts payable
Accrued income taxes
Other accruals
Total current liabilities
Long-term debt
Deferred income taxes
Other liabilities
Total liabilities
Shareholders Equity
Common stock, $1 par value
(2,000,000,000 shares authorized, 732,853,180
shares issued)
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Unearned compensation
Treasury stock, at cost
Total Colgate-Palmolive Company
shareholders equity
Noncontrolling interests
Total shareholders equity
Total liabilities and shareholder's equity

2011
$878

2010
$490

2009
$600

1,675
1,327
522
4,402
3,668
2,657
1,341
115
541
$12,724

1,610
1,222
408
3,730
3,693
2,362
831
84
472
$11,172

1,626
1,209
375
3,810
3,516
2,302
821
0
685
$11,134

2011
$34
346
1,244
392
1,700
3,716
4,430
252
1,785
10,183

2010
$48
561
1,165
272
1,682
3,728
2,815
108
1,704
8,355

Horizontal
2011
2010
79.2% 81.7%
4.0%
8.6%
27.9%
18.0%
-0.7%
12.5%
61.4%
36.9%
14.6%
13.9%

2011
6.9%

Vertical
2010
2009
4.4%
5.4%

99.0%
101.1%
108.8%
97.9%
105.0%
102.6%
101.2%

13.2% 14.4% 14.6%


10.4% 10.9% 10.9%
4.1%
3.7%
3.4%
34.6% 33.4% 34.2%
28.8% 33.1% 31.6%
20.9% 21.1% 20.7%
10.5%
7.4%
7.4%
0.9%
0.8%
0.0%
68.9%
4.3%
4.2%
6.2%
100.3% 100.0% 100.0% 100.0%

Horizontal
2009
2011
2010
$35 -29.2% 137.1%
326 -38.3% 172.1%
1,172
6.8% 99.4%
387 44.1% 70.3%
1,679
1.1% 100.2%
3,599
-0.3% 103.6%
2,821 57.4% 99.8%
82 133.3% 131.7%
1,375
4.8% 123.9%
7,877 21.9% 106.1%

2011
0.3%
2.7%
9.8%
3.1%
13.4%
29.2%
34.8%
2.0%
14.0%
80.0%

Vertical
2010
2009
0.4%
0.3%
5.0%
2.9%
10.4% 10.5%
2.4%
3.5%
15.1% 15.1%
33.4% 32.3%
25.2% 25.3%
1.0%
0.7%
15.3% 12.3%
74.8% 70.7%

733
1,336
15,649
(2,475)
15,243
(60)
(12,808)

733
1,132
14,329
(2,115)
14,079
(99)
(11,305)

733
0.0% 100.0%
5.8%
6.6%
6.6%
1,764 18.0% 64.2% 10.5% 10.1% 15.8%
13,157
9.2% 108.9% 123.0% 128.3% 118.2%
(2,229) 17.0% 94.9% -19.5% -18.9% -20.0%
13,425
8.3% 104.9% 119.8% 126.0% 120.6%
168 -39.4% -58.9%
-0.5%
-0.9%
1.5%
(10,478) 13.3% 107.9% -100.7% -101.2% -94.1%

2,375
166
2,541
$12,724

2,675
142
2,817
$11,172

3,115 -11.2% 85.9% 18.7% 23.9% 28.0%


142 16.9% 100.0%
1.3%
1.3%
1.3%
3,257
-9.8% 86.5% 20.0% 25.2% 29.3%
$11,134 13.9% 100.3% 100.0% 100.0% 100.0%

Consolidated Statements of Income


For the years ended December 31,
US $ M

Net sales
Cost of sales
Gross Profit
Operating Expenses
Other (income) expense, net
Operating Profit
Interest expense, net
Income Before Taxes
Provision for income taxes
Net Profit After Taxes
Discontinued operations
Net Earnings

COLGATE PALMOLIVE
US $ M
2010
2009
15,564
15,327
6,360
6,319
9,204
9,008
5,414
5,282
301
111
3,489
3,615
59
77
3,430
3,538
1,117
1,141
2,313
2,397
2,313
2,397

PROCTER AND GAMBLE


US $ M
2011
2010
81,104
77,567
39,859
37,042
41,245
40,525
25,750
24,793
15,495
15,732
498
864
14,997
14,868
3,299
4,017
11,698
10,851
11,698
10,851

CLOROX
US $ M
2011
2010
2009
5,231
5,234
5,158
2,958
2,915
2,954
2,273
2,319
2,204
1,614
1,350
1,309
(27)
25
25
686
944
870
123
139
161
563
805
709
276
279
237
287
526
472
(270)
(77)
(65)
557
603
537

PROCTER AND GAMBLE


2012
2011
2010
4,436
2,768
2,879
6,068
6,275
5,335
6,721
7,379
6,384
4,685
5,548
4,184
21,910
21,970
18,782
20,377
21,293
19,244
84,761
90,182
85,648
5,196
4,909
4,498
132,244 138,354 128,172

CLOROX
2011
2010
2009
259
87
206
525
540
486
382
332
366
113
530
122
1,279
1,489
1,180
1,039
966
955
1,703
1,949
2,292
142
144
149
4,163
4,548
4,576

2011
79.2%
4.0%
8.6%
27.9%
18.0%
-0.7%
12.5%
44.0%
13.9%

459
423
483
1,365
2,125
140
619
4,249

998
381
558
1,937
2,151
23
640
4,751

-37.6%
6.8%
7.1%
-0.3%
57.4%
133.3%
4.8%
21.9%

68.7%
-0.6%
-5.4%
3.6%
-0.2%
31.7%
23.9%
6.1%

-12.9%
-1.3%
-10.8%
-8.7%
-4.3%
-8.5%
21.4%
-3.0%

733
733
733
5,203
5,242
5,285
159
159
159
1,336
1,132
1,764
63,181
62,405
61,697
632
617
579
15,649
14,329
13,157
75,349
70,682
64,614
1,143
920
640
(2,535) (2,214) (2,061) (10,690)
(3,411)
(9,172)
(250)
(371)
(347)
(12,808) (11,305) (10,478) (69,604) (67,278) (61,309) (1,770) (1,242) (1,206)
166
142
142
596
361
324
2,541
2,817
3,257
64,035
68,001
61,439
(86)
83
(175)
12,724
11,172
11,134 132,244 138,354 128,172
4,163
4,548
4,576

0.0%
18.0%
9.2%
14.5%
13.3%
16.9%
-9.8%
13.9%

0.0%
-35.8%
8.9%
7.4%
7.9%
0.0%
-13.5%
0.3%

-0.7%
1.2%
6.6%
213.4%
3.5%
65.1%
-5.8%
-4.4%

2011
16,734
7,144
9,590
5,758
(9)
3,841
52
3,789
1,235
2,554
2,554

2012
83,680
42,391
41,289
26,421
1,576
13,292
507
12,785
3,468
9,317
9,317

Consolidated Balance Sheets


As of December 31,

Assets
Cash and cash equivalents
Accounts receivables, net
Inventories, net
Other current assets
Total Current Assets
PP&E, net
Goodwill, net
Other assets
Total Assets
Liabilities and Equity
Current portion of LTD
Accounts payable
Accrued and other liabilities
Total Current Liabilities
Long-term debt
Deferred income taxes
Other liabilities
Total Liabilities
Shareholders Equity
Common stock, $1 par value
Additional paid-in capital
Retained earnings
Other income (loss)
Treasury stock, at cost
Noncontrolling interests
Total Equity
Total Liliabilities and Equity

% COLGATE
2011
7.5%
12.3%
4.2%
6.4%
-103.0%
10.1%
-11.9%
10.5%
10.6%
10.4%
10.4%

% P&G
% CLOROX
ANLISIS HORIZONTAL
2010
2012
2011
2011
2010
1.5%
3.2%
4.6%
-0.1%
1.5%
0.6%
6.4%
7.6%
1.5%
-1.3%
2.2%
0.1%
1.8%
-2.0%
5.2%
2.5%
2.6%
3.9%
19.6%
3.1%
171.2%
-208.0%
0.0%
-3.5%
-14.2%
-1.5%
-27.3%
8.5%
-23.4%
1.8% -42.4%
-11.5%
-13.7%
-3.1%
-14.7%
0.9%
-30.1%
13.5%
-2.1%
5.1% -17.9%
-1.1%
17.7%
-3.5%
-20.4%
7.8%
-45.4%
11.4%
250.6%
18.5%
-3.5%
-20.4%
7.8%
-7.6%
12.3%

% COLGATE
COLGATE PALMOLIVE
2011
2010
2009
878
490
600
1,675
1,610
1,626
1,327
1,222
1,209
522
408
375
4,402
3,730
3,810
3,668
3,693
3,516
2,657
2,362
2,302
1,997
1,387
1,506
12,724
11,172
11,134
380
1,244
2,092
3,716
4,430
252
1,785
10,183

609
1,165
1,954
3,728
2,815
108
1,704
8,355

361
1,172
2,066
3,599
2,821
82
1,375
7,877

8,698
7,920
8,289
24,907
21,080
10,132
12,090
68,209

9,981
8,022
9,290
27,293
22,033
11,070
9,957
70,353

8,472
7,251
8,559
24,282
21,360
10,902
10,189
66,733

671
409
565
1,645
2,124
19
677
4,465

% P&G
ANLISIS HORIZONTAL
2010
2012
2011
-18.3%
60.3%
-3.9%
-1.0%
-3.3%
17.6%
1.1%
-8.9%
15.6%
8.8%
-15.6%
32.6%
-2.1%
-0.3%
17.0%
5.0%
-4.3%
10.6%
2.6%
-6.0%
5.3%
-7.9%
5.8%
9.1%
0.3%
-4.4%
7.9%

% CLOROX

COLGATE PALMOLIVE
2011
100%
42.7%
57.3%
34.4%
-0.1%
23.0%
0.3%
22.6%
7.4%
15.3%
0.0%
15.3%

2010
100%
40.9%
59.1%
34.8%
1.9%
22.4%
0.4%
22.0%
7.2%
14.9%
0.0%
14.9%

PROCTER & GAMBLE


ANALISIS
VERTICAL
2009
2012
2011
2010
100%
100%
100%
100%
41.2%
50.7%
49.1%
47.8%
58.8%
49.3%
50.9%
52.2%
34.5%
31.6%
31.7%
32.0%
0.7%
1.9%
0.0%
0.0%
23.6%
15.9%
19.1%
20.3%
0.5%
0.6%
0.6%
1.1%
23.1%
15.3%
18.5%
19.2%
7.4%
4.1%
4.1%
5.2%
15.6%
11.1%
14.4%
14.0%
0.0%
0.0%
0.0%
0.0%
15.6%
11.1%
14.4%
14.0%
PROCTER & GAMBLE
ANALISIS
VERTICAL
2009
2012
2011
2010
5.4%
3.4%
2.0%
2.2%
14.6%
4.6%
4.5%
4.2%
10.9%
5.1%
5.3%
5.0%
3.4%
3.5%
4.0%
3.3%
34.2%
16.6%
15.9%
14.7%
31.6%
15.4%
15.4%
15.0%
20.7%
64.1%
65.2%
66.8%
13.5%
3.9%
3.5%
3.5%
100%
100%
100%
100%

COLGATE PALMOLIVE

2011
197.7%
-2.8%
15.1%
-78.7%
-14.1%
7.6%
-12.6%
-1.4%
-8.5%

2010
-57.8%
11.1%
-9.3%
334.4%
26.2%
1.2%
-15.0%
-3.4%
-0.6%

2011
6.9%
13.2%
10.4%
4.1%
34.6%
28.8%
20.9%
15.7%
100%

2010
4.4%
14.4%
10.9%
3.7%
33.4%
33.1%
21.1%
12.4%
100%

17.8%
10.6%
8.5%
12.4%
3.2%
1.5%
-2.3%
5.4%

-31.6%
3.4%
-14.5%
-17.0%
0.0%
636.8%
-8.6%
-4.8%

-32.8%
7.3%
1.3%
-15.1%
-1.3%
-17.4%
5.8%
-6.0%

3.0%
9.8%
16.4%
29.2%
34.8%
2.0%
14.0%
80.0%

5.5%
10.4%
17.5%
33.4%
25.2%
1.0%
15.3%
74.8%

3.2%
10.5%
18.6%
32.3%
25.3%
0.7%
12.3%
70.7%

6.6%
6.0%
6.3%
18.8%
15.9%
7.7%
9.1%
51.6%

7.2%
5.8%
6.7%
19.7%
15.9%
8.0%
7.2%
50.8%

-0.8%
1.1%
9.4%
-62.8%
9.7%
11.4%
10.7%
7.9%

0.0%
2.4%
24.2%
-32.6%
42.5%

0.0%
5.8%
6.6%
10.5%
43.8% 123.0%
6.9% -19.9%
3.0% -100.7%
1.3%
-147.4%
20.0%
-0.6%
100%

6.6%
10.1%
128.3%
-19.8%
-101.2%
1.3%
25.2%
100%

6.6%
15.8%
118.2%
-18.5%
-94.1%
1.3%
29.3%
100%

3.9%
47.8%
57.0%
-8.1%
-52.6%
0.5%
48.4%
100%

3.8%
45.1%
51.1%
-2.5%
-48.6%
0.3%
49.2%
100%

-203.6%
-8.5%

CLOROX
2011
100%
56.5%
43.5%
30.9%
-0.5%
13.1%
2.4%
10.8%
5.3%
5.5%
-5.2%
10.6%

2010
100%
55.7%
44.3%
25.8%
0.5%
18.0%
2.7%
15.4%
5.3%
10.0%
-1.5%
11.5%

2009
100%
57.3%
42.7%
25.4%
0.5%
16.9%
3.1%
13.7%
4.6%
9.2%
-1.3%
10.4%

CLOROX
2011
6.2%
12.6%
9.2%
2.7%
30.7%
25.0%
40.9%
3.4%
100%

2010
1.9%
11.9%
7.3%
11.7%
32.7%
21.2%
42.9%
3.2%
100%

2009
4.5%
10.6%
8.0%
2.7%
25.8%
20.9%
50.1%
3.3%
100%

6.6%
5.7%
6.7%
18.9%
16.7%
8.5%
7.9%
52.1%

11.0%
10.2%
11.6%
32.8%
51.0%
3.4%
14.9%
102.1%

14.8%
9.0%
12.4%
36.2%
46.7%
0.4%
14.9%
98.2%

21.8%
8.3%
12.2%
42.3%
47.0%
0.5%
14.0%
103.8%

4.1%
48.1%
50.4%
-7.2%
-47.8%
0.3%
47.9%
100%

3.8%
15.2%
27.5%
-6.0%
-42.5%
0.0%
-2.1%
100%

3.5%
13.6%
20.2%
-8.2%
-27.3%
0.0%
1.8%
100%

3.5%
12.7%
14.0%
-7.6%
-26.4%
0.0%
-3.8%
100%

PROCTER & GAMBLE


ANALISIS
VERTICAL
2009
2012
2011
2010
73.1%
82.1%
89.5%
79.6%
10.7%
24.1%
21.3%
19.3%
-0.5%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-0.2%
-4.0%
-1.5% -16.6%
-2.2%
0.0%
0.0%
0.0%
3.6%
2.8%
3.1%
2.8%
-0.7%
-0.5%
1.0%
0.2%
0.0%
0.0%
0.0%
0.0%
1.7%
-3.2%
-3.2%
-0.1%
1.3%
0.6%
-3.8%
0.5%
9.0%
-0.2%
2.7%
15.2%
4.2%
-1.8%
-9.0%
-1.0%
100.0% 100.0% 100.0% 100.0%

2011
41.1%
24.8%
38.7%
0.0%
1.1%
0.0%
4.6%
10.5%
0.0%
-4.7%
-5.3%
-13.8%
3.0%
100.0%

2010
64.2%
22.3%
-1.8%
0.0%
6.7%
0.0%
7.3%
2.9%
0.0%
-2.6%
0.7%
1.2%
-1.1%
100.0%

2009
64.0%
25.5%
1.1%
0.0%
10.0%
0.0%
7.9%
-0.1%
0.0%
-1.4%
-0.7%
-5.1%
-1.1%
100.0%

Consolidated Statements of Cash Flow


For the years ended December 31,
US$M

OPERATING ACTIVITIES:
NET INCOME
Depreciation and amortization
Restructuring and termination benefits, net of cash
Venezuela hyperinflationary transition charge
Gain before tax on sales of non-core product lines
Voluntary benefit plan contributions
Stock-based compensation expense
Deferred income taxes
Cash effects of changes in:
Receivables
Inventories
Accounts payable and other accruals
Other non-current assets and liabilities
NET CASH PROVIDED BY OPERATIONS
Investing Activities:
Capital expenditures
Sale of property and non-core product lines
Purchases of marketable securities and investments
Proceeds from sale of marketable securities and investments
Payment for acquisitions, net of cash acquired
Other
NET CASH USED IN INVESTING ACTIVITIES
Financing Activities:
Principal payments on debt
Proceeds from issuance of debt
Dividends paid
Purchases of treasury shares
Proceeds from exercise of stock options and excess tax benefits
NET CASH USED IN FINANCING ACTIVITIES
Effect of exchange rate changes on Cash and cash equivalents
Net increase (decrease) in Cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

COLGATE PALMOLIVE
US $ M
2010
2009
2,313
2,397
376
351
86
(18)
271
(50)
(5)
(35)
(73)
121
117
29
(23)

2011
2,554
421
103
-
(207)
(178)
122
88

PROCTER AND GAMBLE


CLOROX
US $ M
US $ M
2011
2010
2011
2010
2009
11,927
12,846
287
526
472
2,838
3,108
173
183
188
270
(15)
8
(203)
(2,670)
8
55
74
414
453
32
60
58
128
36
73
24
(1)

2011
10.4%
12.0%
19.8%
-100.0%
314.0%
408.6%
0.8%
203.4%

2012
10,904
3,204
(530)
377
(65)

% COLGATE

(130)
(130)
199
54
2,896

40
(10)
(65)
135
3,211

57
44
294
136
3,277

(427)
77
(22)
(234)
13,284

(426)
(501)
358
(1,205)
13,330

(14)
86
2,446
(160)
16,131

(33)
(37)
(96)
21
698

(21)
6
10
(9)
819

(10)
(5)
(38)
(8)
738

-425.0%
1200.0%
-406.2%
-60.0%
-9.8%

(537)
263
(356)
423
(966)
(40)
(1,213)

(550)
42
(308)
167
(9)
(658)

(575)
17
(289)
6
(841)

(3,964)
2,893
(134)
112
(1,093)

(3,306)
225
(474)
73
(3,482)

(3,067)
3,068
(425)
(173)
(597)

(228)
747
25
544

(201)
(19)
(11)
(231)

(196)
(1)
(197)

-2.4%
526.2%
15.6%
153.3%

(4,429)
5,843
(1,203)
(1,806)
353
(1,242)
(53)
388
490
878

(4,719)
5,015
(1,142)
(2,020)
242
(2,624)
(39)
(110)
600
490

(3,950)
3,424
(981)
(1,063)
300
(2,270)
(121)
45
555
600

(2,549)
573
(6,139)
(4,024)
1,729
(10,410)
(113)
1,668
2,768
4,436

(206)
1,687
(5,767)
(7,039)
1,203
(10,122)
163
(111)
2,879
2,768

(8,546)
(300)
2,032
87
(5,458)
(303)
(6,004)
(655)
662
93
(17,314) (1,078)
(122)
8
(1,902)
172
4,781
87
2,879
259

(598)
244
(282)
(150)
80
(706)
(1)
(119)
206
87

(323)
(258)
41
(540)
(9)
(8)
214
206

-6.1%
16.5%
5.3%
-10.6%
45.9%
-52.7%
35.9%
-452.7%
-18.3%
79.2%

344.4%
84.3%

% P&G
% CLOROX
ANLISIS HORIZONTAL
2010
2012
2011
2011
2010
-3.5%
-8.6%
-7.2%
-45.4%
11.4%
7.1%
12.9%
-8.7%
-5.5%
-2.7%
-577.8%
-1900.0% -287.5%

-18.5%
9.1%
-12.3%
14.6%
-33.4%
-1.4%
-41.9%

-17.1%
1.3%
-9.6%
5.2%
0.0%
-0.3%
-20.5%

-17.5%
0.5%
-8.8%
0.0%
0.0%
0.2%
-25.7%

-29.8%
21.8%
0.0%
0.0%
-1.0%
0.8%
-8.2%

-24.8%
1.7%
0.0%
0.0%
-3.6%
0.5%
-26.1%

-32.7%
107.0%
0.0%
0.0%
0.0%
3.6%
77.9%

-24.5%
0.0%
0.0%
0.0%
-2.3%
-1.3%
-28.2%

-26.6%
0.0%
0.0%
0.0%
0.0%
-0.1%
-26.7%

-49.8%
-152.9%
-64.3% -175.5% 201.8%
7.4%
9.3% -41.5%
336.7%
-62.4%
16.3%
95.1%
12.2%
52.7%
30.7% -42.9%
-900.0%
-88.9%
-1.8%
-244.5% 1387.5%
13.4%
-57.8%
-3.7%
16.9%
197.7%
-57.8%
30.3%

-147.0%
156.2%
-35.6%
-62.9%
7.5%
-81.7%
-1.2%
-3.4%
18.7%
15.3%

-120.5%
104.5%
-29.9%
-32.4%
9.2%
-69.3%
-3.7%
1.4%
16.9%
18.3%

-19.2%
4.3%
-46.2%
-30.3%
13.0%
-78.4%
-0.9%
12.6%
20.8%
33.4%

-1.5% -53.0% -43.0%


12.7%
12.6%
12.5%
-43.3% -33.8% -43.4%
-52.8% -37.2% -93.8%
9.0%
4.1%
13.3%
-75.9% -107.3% -154.4%
1.2%
-0.8%
1.1%
-0.8% -11.8%
24.6%
21.6%
29.6%
12.5%
20.8%
17.8%
37.1%

-73.0%
29.8%
-34.4%
-18.3%
9.8%
-86.2%
-0.1%
-14.5%
25.2%
10.6%

0.0%
-43.8%
-35.0%
0.0%
5.6%
-73.2%
-1.2%
-1.1%
29.0%
27.9%

161.1%

-92.4%

-85.5%

-8.9%
-150.8%

-8.6%
255.6%

-46.7%
3.4%
204.2% -2500.0%

-29.8%
-122.7%
-122.1%
-0.7%
-2.0%

0.2% 2942.9%
57.1%
-115.4% -682.6% -716.7%
-106.1% -85.4% -1060.0%
-80.6% 653.1% -333.3%
-0.3% -17.4%
-14.8%

-250.0%
-21.8%

7.8%
-92.7%

-71.7%
11.5%
53.4% -142.2%
-68.6% 483.2%

19.5% 1137.4% -97.6%


46.5%
-66.0% -17.0%
16.4%
6.5%
5.7%
90.0%
-42.8%
17.2%
-19.3%
43.7%
81.7%
15.6%
2.8% -41.5%
-67.8% -169.3% -233.6%
-344.4% -1602.7% -94.2%
8.1%
-3.9% -39.8%
-18.3%
60.3%
-3.9%

CLOROX

2010
72.0%
11.7%
2.7%
8.4%
-1.6%
-1.1%
3.8%
0.9%
0.0%
1.2%
-0.3%
-2.0%
4.2%
100.0%

900.0%
-52.1%
3.4%
-226.1%

-4.3%
19.9%
147.1% 1185.8%
6.6%

COLGATE PALMOLIVE
2011
88.2%
14.5%
3.6%
0.0%
-7.1%
-6.1%
4.2%
3.0%
0.0%
-4.5%
-4.5%
6.9%
1.9%
100.0%

13.4%

-25.7%

110.0%
-220.0%
-126.3%
12.5%
11.0%
2.6%

-100.0%
-327.3% 1000.0%
-335.5%
17.3%

-19.0%
19.0%
0.0%
0.0%
-2.6%
-1.1%
-3.7%

Dollars in Millions

Consolidated Statements of Changes in Shareholders' Equity

Balance,January1,2009
Netincome
Othercomprehensiveincome,netoftax
Dividendsdeclared:
SeriesBConvertiblePreferencestock,netof
taxes
Commonstock
NoncontrollinginterestsinCompany's
subsidiaries
Stock-basedcompensationexpense
Sharesissuedforstockoptions
Sharesissuedforrestrictedstockawards
Treasurystockacquired
Preferencestockconversion
Other
Balance,December31,2009
Netincome
Othercomprehensiveincome,netoftax
Dividendsdeclared:
SeriesBConvertiblePreferencestock,netof
taxes
Commonstock
NoncontrollinginterestsinCompany's
subsidiaries
Stock-basedcompensationexpense
Sharesissuedforstockoptions
Sharesissuedforrestrictedstockawards
Treasurystockacquired
Preferencestockconversion
Other
Balance,December31,2010
Netincome
Othercomprehensiveincome,netoftax
Dividends
Stock-basedcompensationexpense
Sharesissuedforstockoptions
Sharesissuedforrestrictedstockawards
Treasurystockacquired
Other
Balance, December 31, 2011

Preference
Stock

Common
Stock

$181

$733

Colgate-PalmoliveCompanyShareholders'Equity
Additional
Treasury
Retained
Paid-In
Unearned
Stock
Earnings
Capital
Compensation

$1,610

$(187)

$(9,697)

$11,760
2,291

AccumulatedOther
Comprehensive
Income(Loss)

$(2,477)
381

Noncontrolling
Interests

$121
106
1

(30)
(864)
(87)
117
92
###
(47)
(12)
$169

$733

(48)
40
$1,764

175
47
(1,063)
60
54
$(133)

$(10,478)

$13,157
2,203

$(2,096)
(19)

$141
110
2

(34)
(997)
(111)
121
56
(60)
(169)
$-

$733

(813)
64
$1,132

34
$(99)

153
60
(2,020)
982
(2)
$(11,305)

$14,329
2,431

$(2,115)
(360)

(1,111)
122
88
(53)

$-

SeeNotestoConsolidatedFinancialStatements.

$733

47
$1,336

39
$(60)

251
53
(1,806)
(1)
$(12,808)

$15,649

$(2,475)

$142
123
(7)
(92)

$166

Dollars in Millions

Consolidated Statements of Comprehensive Income

FortheyearendedDecember31,2009:
Netincome
Othercomprehensiveincome,netoftax:
Cumulativetranslationadjustment
RetirementPlanandotherretireebenefitadjustments
Other
TotalOthercomprehensiveincome,netoftax
Totalcomprehensiveincome

FortheyearendedDecember31,2010:
Netincome
Othercomprehensiveincome,netoftax:
Cumulativetranslationadjustment
RetirementPlanandotherretireebenefitadjustments
Other
TotalOthercomprehensiveincome,netoftax
Totalcomprehensiveincome

Noncontrolling
Interests

$2,291

Total

$106

$2,397

346
8
27
381

1
-
-
1

$2,672

$107

347
8
27
382

$2,203

162
(143)
(38)
(19)

$110

2
-
-
2

$2,779

$2,313

164
(143)
(38)
(17)

$2,184

$112

$2,296

FortheyearendedDecember31,2011:
Netincome
Othercomprehensiveincome,netoftax:
Cumulativetranslationadjustment
RetirementPlanandotherretireebenefitadjustments
Other
TotalOthercomprehensiveincome,netoftax
Total comprehensive income

Colgate-Palmolive
Company

$2,431

(298)
(108)
46
(360)

$123

(7)
-
-
(7)

$2,071

$116

SeeNotestoConsolidatedFinancialStatements.

$2,554

(305)
(108)
46
(367)

$2,187

Colgate Palmolive Co.


Consolidated Statements of Cash Flow
For the years ended December 31,
Dollars in Millions

Operating Activities
Net Income
Depreciation and amortization
Restructuring and termination benefits, net of cash
Venezuela hyperinflationary transition charge
Gain before tax on sales of non-core product lines
Voluntary benefit plan contributions
Stock-based compensation expense
Deferred income taxes
Cash effects of changes in:
Receivables
Inventories
Accounts payable and other accruals
Other non-current assets and liabilities
Net cash provided by operations
Investing Activities
Capital expenditures
Sale of property and non-core product lines
Purchases of marketable securities and investments
Proceeds from sale of marketable securities and investments
Payment for acquisitions, net of cash acquired
Other
Net cash used in investing activities
Financing Activities
Principal payments on debt
Proceeds from issuance of debt
Dividends paid
Purchases of treasury shares
Proceeds from exercise of stock options and excess tax benefits
Net cash used in financing activities
Effect of exchange rate changes on Cash and cash equivalents
Net increase (decrease) in Cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

2,011
2,010
2,009
2,554
2,313
2,397
421
376
351
103
86
(18)
-
271
(207)
(50)
(5)
(178)
(35)
(73)
122
121
117
88
29
(23)
(130)
(130)
199
54
2,896

40
(10)
(65)
135
3,211

57
44
294
136
3,277

(537)
263
(356)
423
(966)
(40)
(1,213)

(550)
42
(308)
167
(9)
(658)

(575)
17
(289)
6
(841)

(4,429)
5,843
(1,203)
(1,806)
353
(1,242)
(53)
388
490
878

(4,719) (3,950)
5,015
3,424
(1,142)
(981)
(2,020) (1,063)
242
300
(2,624) (2,270)
(39)
(121)
(110)
600
490

45
555
600

COLGATE PALMOLIVE Co.

Historical Financial Summary


For the years ended December 31,
Dollars in Millions Except Per Share Amounts

Net sales

2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
$16,734 $15,564 $15,327 $15,330 $13,790 $12,238 $11,397 $10,584 $9,903 $9,294
7.5%
1.5%
0.0% 11.2% 12.7%
7.4%
7.7%
6.9% 6.6% 61.4%

Financial Position:
Current ratio
Property, plant and equipment, net
Capital expenditures
Total assets
Long-term Debt
Colgate-Palmolive Company shareholders' equity

1.2
3,668
537
12,724
4,430
2,375

1.0
3,693
550
11,172
2,815
2,675

1.1
3,516
575
11,134
2,821
3,116

1.3
3,119
684
9,979
3,585
1,923

1.1
3,015
583
10,112
3,222
2,286

1.0
2,696
476
9,138
2,720
1,411

1.0
2,544
389
8,507
2,918
1,350

1.0
2,648
348
8,673
3,089
1,245

1.0
2,542
302
7,479
2,685
887

1.0
2,491
344
7,087
3,211
350

Share and Other


Book value per common share
Cash dividends declared and paid per common share
Closing price
Number of common shares outstanding (in millions)
Number of employees

5.42
2.27
92.39
480
38,600

5.89
2.03
80.37
495
39,200

6.52
1.72
82.15
494
38,100

4.09
1.56
68.54
501
36,600

4.75
1.40
77.96
509
36,000

3.03
1.25
65.24
513
34,700

2.87
1.11
54.85
516
35,800

2.84
0.96
51.16
527
36,000

2.11
0.90
50.05
534
36,600

1.08
0.72
52.43
536
37,700

NetincomeattributabletoColgate-PalmoliveCompanyandearningspersharein2011includeanaftertaxgainof$135onthesaleoftheCompany'slaundry
detergentbusinessinColombia,offsetby$147aftertaxchargesfortheimplementationofvariousbusinessrealignmentandothercost-savinginitiatives,$9of
aftertaxchargesrelatedtothesaleoflandinMexicoanda$21chargeforacompetitionlawmatterinFrancerelatedtoadivesteddetergentbusiness.
NetincomeattributabletoColgate-PalmoliveCompanyandearningspersharein2010includesa$271one-timechargerelatedtothetransitionto
2 hyperinflationaryaccountinginVenezuela,$61ofaftertaxchargesforterminationbenefitsrelatedtooverheadreductioninitiatives,a$30aftertaxgainonsalesof
non-coreproductlinesanda$31benefitrelatedtothereorganizationofanoverseassubsidiary.
NetincomeattributabletoColgate-PalmoliveCompanyandearningspersharein2008include$113ofaftertaxchargesassociatedwiththe2004Restructuring
3 Program.
NetincomeattributabletoColgate-PalmoliveCompanyandearningspersharein2007includeagainforthesaleoftheCompanyshouseholdbleachbusinessin
4
LatinAmericaof$29aftertaxandanincometaxbenefitof$74relatedtothereductionofataxlosscarryforwardvaluationallowanceinBrazil,partiallyoffsetby
taxprovisionsfortherecapitalizationofcertainoverseassubsidiaries.Thesegainsweremorethanoffsetby$184ofaftertaxchargesassociatedwiththe2004
RestructuringProgram,$10ofpensionsettlementchargesand$8ofchargesrelatedtothelimitedvoluntaryrecallofcertainHillsPetNutritionfelineproducts.
NetincomeattributabletoColgate-PalmoliveCompanyandearningspersharein2006includeagainforthesaleoftheCompanyshouseholdbleachbusinessin
5 Canadaof$38aftertax.Thisgainwasmorethanoffsetby$287ofaftertaxchargesassociatedwiththe2004RestructuringProgramand$48ofaftertaxcharges
relatedtotheadoptionoftheupdatetotheStockCompensationTopicoftheFASBCodification.
NetincomeattributabletoColgate-PalmoliveCompanyandearningspersharein2005includeagainforthesaleofheavy-dutylaundrydetergentbrandsinNorth
6 AmericaandSoutheastAsiaof$93aftertax.Thisgainwasmorethanoffsetby$145ofaftertaxchargesassociatedwiththe2004RestructuringProgram,$41of
incometaxesforincrementalrepatriationofforeignearningsrelatedtotheAmericanJobsCreationActand$23aftertaxofnon-cashpensionandotherretiree
benefitcharges.
NetincomeattributabletoColgate-PalmoliveCompanyandearningspersharein2004include$48ofaftertaxchargesassociatedwiththe2004Restructuring
7 Program.

NETSALES
P&G
%Inc.
Colgate
%Inc.
GROSSPROFIT
P&G
%toSales
Colgate
%toSales
OPERATINGINCOME
P&G
%toSales
Colgate
%toSales
NETEARNINGS
P&G
%toSales
Colgate
%toSales
NETEARNINGSPERCOMMONSHARE
P&G
Colgate
DIVIDENDSPERCOMMONSHARE
P&G
Colgate
1.Billionsofdollar2.Indollars
P&G
Colgate

CAPITALEXPENDITURES
LONG-TERMDEBT
SHAREHOLDERSEQUITY

2011
$81,104
4.6%
$16,734
7.5%

2010
2009
2008
$77,567 $75,295 $77,714
3.0%
-3.1%
9.3%
$15,564 $15,327 $15,330
1.5%
0.0%
11.2%

$41,245
50.9%
$9,590
57.3%

$40,525 $37,644
52.2%
50.0%
$9,204
$9,008
59.1%
58.8%

$15,495
19.1%
$3,841
23.0%

$15,732 $15,188
20.3%
20.2%
$3,489
$3,615
22.4%
23.6%

$11,797
14.5%
$2,431
14.5%

$12,736
16.4%
$2,203
14.2%

$3.93
$4.94

$4.11
$4.31

$13,436 $12,075
17.8%
15.5%
$2,291
$1,957
14.9%
12.8%
$4.26
$4.37

$3.64
$3.66

2007
$71,095
$13,790

$10,340
14.5%
$1,737
12.6%
$3.04
$3.20

$1.97
$1.80
$1.64
$1.45
$1.28
$2.27
$2.03
$1.72
$1.56
$1.40
Market
PerShare(2)
Returnon
Debt/
1)
Cap.(
MarketV. BookV. Beta
Assets
Equity Equity
$206.9
$76.69 $23.99
0.30
7.5% 17.5%
0.50
$51.2
$106.67
$4.64
0.32
19.1% 106.7%
2.02

Key Financial Indicators:


Headcount
Manufacturing Plants
Countries
Net Sales US$M
Net Income US$M
Net Cash Operations
Free Cash Flow
Price /Sales
Price/Book
Market Capitalization US$B
Share Market Value US$
Earnings per Share US$
Debt/Equity
Current Assets/C. Liabilities
Acid Ratio
Cash/C. Assets Ratio
Cash/Current Liabilities Ratio
Inventories Rotation
Inventories Days
Receivables Rotation
Receivables Days
Total Liabilities/S. Equity
Total Liabilities/Total Assets
Current Liabilities/T. Liabilities
Long-term Debt/Total Debt
Long-term Liabilities/Equity
Long-term debt/Total PP&E
Net Income/Total Assets
Net Income/Equity
Beta

Colgate
Palmolive
39,000
88
200
$16,734
$2,431
$2,896
$388
3.04
23.76
51.2
106.67
$4.94
2.02
1.18
0.83
0.20
0.24
5.4
67.8
10.0
36.5
4.01
0.80
0.36
0.92
2.55
1.21
0.00
0.00
0.32

Procter &
Gamble
126,000
136
200
$81,104
$11,797
$13,284
$1,668
2.50
3.17
206.9
76.69
$3.93
0.50
0.98
0.70
0.26
0.25
5.8
62.8
9.9
36.8
1.10
0.52
0.36
0.71
0.70
1.11
0.09
0.19
0.30

Clorox
8,400
39
100
$5,231
$557
$698
$172
1.89
188.88
10.6
80.73
$4.02
100
0.94
0.66
0.20
0.19
7.7
47.1
10.0
36.6
100
1.02
0.32
0.82
100
2.05
0.13
1.00
0.39

Johnson &
Johnson
117,900
250
200
$65,030
$9,632
$14,298
$5,187
3.09
N/A
209.2
75.48
3.49
0.34
2.38
2.11
0.45
1.08
3.2
112.7
6.1
59.4
1.0
0.50
0.40
0.66
0.59
0.88
0.09
0.17
0.45

Balance Sheet
Consumer Products Companies
As of December 31, 2011
Assets
Current Assets
Cash and cash equivalents
Receivables, net
Inventories, net
Deferred income taxes
Other current assets
Total current assets
Property, plant and equipment, net
Goodwill, net
Trademarks
Deferred income taxes
Other assets
Total non Current Assets
Total Assets

Liabilities and Shareholders Equity


Current Liabilities
Notes and loans payable
Current portion of long-term debt
Accounts payable
Accrued income taxes
Other accruals
Total current liabilities
Long-term debt
Deferred income taxes
Other liabilities
Total liabilities

Colgate

US$ Millions of Dollars


P&G
J&J

878
1,675
1,327
522

259
525
382
113
1,279
1,039
1,070
550
225
2,884
4,163

6.9%
13.2%
10.4%
0.0%
4.1%
34.6%
28.8%
20.9%
10.5%
0.9%
4.3%
65.4%
100.0%

US$ Millions of Dollars


Colgate
P&G
J&J
34
6,658
346
8,698
1,244
7,920
5,725
392
854
1,700
8,289
9,574
3,716
24,907
22,811
4,430
21,080
12,969
252
10,132
1,800
1,785
12,090
18,984
10,183
68,209
56,564

CLX
459
423
41
442
1,365
2,125
140
619
4,249

733
4,008
1,195
1,336
63,181
15,649
75,349
(12,808)
(69,604)
(2,369)
(10,094)
2,541
64,035
12,724
132,244

159
632
1,143
(1,770)
(250)
(86)
4,163

CP
0.3%
2.7%
9.8%
3.1%
13.4%
29.2%
34.8%
2.0%
14.0%
80.0%
0.0%
5.8%
0.0%
10.5%
123.0%
-100.7%
-18.6%
20.0%
100.0%

3,668
2,657
1,341
115
541
8,322
12,724

VERTICAL ANA

Shareholders Equity
Common stock
Preferred stock
Additional paid-in capital
Retained earnings
Treasury stock, at cost
Accumulated other losses
Total shareholders equity
Total liabilities and shareholder's equity

CP

32,261
10,581
6,285
2,556
2,633
54,316
14,739
16,138
18,138
6,540
3,773
59,328
113,644

4,402

4,436
6,068
6,721
1,001
3,684
21,910
20,377
53,773
30,988
5,196
110,334
132,244

VERTICAL ANA
CLX

3,120
81,251
(21,659)
(5,632)
57,080
113,644

COLGATE PALMOLIVE CO.


Consolidated Statements of Income
For the year ended December 31, 2011
Dollars in Millions Except Per Share Amounts

Net sales
Cost of sales

Dollars in Millions
Colgate
P&G
J&J
$16,734
83,680 65,030
7,144
42,391 20,360

Vertical Ana
CLX
5,231
2,958

CP
100.0%
42.7%

Gross profit

9,590

41,289

44,670

2,273

57.3%

Selling, general and administrative expenses


5,758
Other (income) expense, net
(9)
Operating profit
3,841

26,421
1,576
13,292

20,969
7,548
16,153

1,237
350
686

34.4%
-0.1%
23.0%

Interest expense, net


Income before income taxes

52
3,789

507
12,785

3,792
12,361

123
563

0.3%
22.6%

Provision for income taxes


1,235
Net income including noncontrolling interests
2,554

3,468
9,317

2,689
9,672

276
287

7.4%
15.3%

Less: Net income attributable to noncontrolling


123interests
(1,439)
Net Income
$2,431 $10,756

$9,672

(270)
$557

0.7%
14.5%

VERTICAL ANALYSIS
P&G
J&J
3.4%
4.6%
5.1%
0.8%
2.8%
16.6%
15.4%
40.7%
23.4%
0.0%
3.9%
83.4%
100.0%

CLX

28.4%
9.3%
5.5%
2.2%
2.3%
47.8%
13.0%
14.2%
16.0%
5.8%
3.3%
52.2%
100.0%

6.2%
12.6%
9.2%
0.0%
2.7%
30.7%
25.0%
25.7%
13.2%
0.0%
5.4%
69.3%
100.0%

VERTICAL ANALYSIS
P&G
J&J
0.0%
5.9%
6.6%
0.0%
6.0%
5.0%
0.0%
0.8%
6.3%
8.4%
18.8%
20.1%
15.9%
11.4%
7.7%
1.6%
9.1%
16.7%
51.6%
49.8%
0.0%
0.0%
3.0%
2.7%
0.9%
0.0%
47.8%
0.0%
57.0%
71.5%
-52.6%
-19.1%
-7.6%
-5.0%
48.4%
50.2%
100.0%
100.0%

CLX
11.0%
0.0%
10.2%
1.0%
10.6%
32.8%
51.0%
3.4%
14.9%
102.1%
0.0%
3.8%
0.0%
15.2%
27.5%
-42.5%
-6.0%
-2.1%
100.0%

Vertical Analysis
P&G
J&J
CLX
100.0% 100.0% 100.0%
50.7% 31.3% 56.5%

49.3%

68.7%

43.5%

31.6%
1.9%
15.9%

32.2%
11.6%
24.8%

23.6%
6.7%
13.1%

0.6%
15.3%

5.8%
19.0%

2.4%
10.8%

4.1%
11.1%

4.1%
14.9%

5.3%
5.5%

-1.7%
12.9%

0.0%
14.9%

-5.2%
10.6%