Dell Computer Corporation

Balance Sheet

Assets
Current assets: Cash Marketable securities Accounts receivable, net Inventories Other current assets Total current assets Property, plant and equipment, net Other assets

1996
$55 591 726 429 156 1,957 179 12

Total Assets Liabilities and Stockholders Equity

Current liabilities: Accounts payable Accrued and other liabilities Total current liabilities Long-term debt Deferred revenue on warranty contracts Other liabilities

2,148

466 473 939 113 116 7

Total liabilities
Stockholders equity: Preferred stock and capital in excess of $.01 par value; shares authorized: 5,000,000; shares issued and outstanding: none and 60,000, respectively 6 Common stock and capital in excess of $.01 par value; shares authorized: 300,000,000; shares issued and outstanding: 173,047,420 and 186,893,214, respectively Retained earnings Other Total stockholders equity

1175

6 430 570 -33 973

Total liabilities and stock holder's equity

Average payabl Average stock Average recivable

2148
434.5

361
632

Income Statement
1996
Net sales Cost of sales Gross margin Operating expenses: $5,296 -4,229

$1,067

Selling, general and administrative Research, development and engineering Total operating expenses Operating income Financing and other income (expense), Income before income taxes and extraordinary loss Provision for income taxes

595 95 690 $377 6 383 111

Net income
Dividend Paid addition to retained earnings

272
12 260

orporation
1995
43 484 538 293 112 1470 117 7 1594

1994
3 334 411 220 80 1048 87 5 1140

403 349 752 113 77 942

538 100 31 669

120 242 311 -21 652 1594 256.5 474.5

471 1140

1995
3475 -2737 738

1994
2873 -2440 433

489 249 -36 213 64 149 9 140

472 -39 0 -39 3 -36

Dell Computer Corporation

Pro-forma Balance Sheet Assets
Current assets: Cash Marketable securities Accounts receivable, net Inventories Other current assets Total current assets Property, plant and equipment, net Other assets

Total Assets

Liabilities and Stockholders Equity

Current liabilities: Accounts payable Accrued and other liabilities Total current liabilities Long-term debt Deferred revenue on warranty contracts Other liabilities

Total liabilities
Stockholders equity: Preferred stock and capital in excess of $.01 par value; shares authorized: 5,000,000; shares issued and outstanding: none and 60,000, respectively 6 Common stock and capital in excess of $.01 par value; shares authorized: 300,000,000; shares issued and outstanding: 173,047,420 and 186,893,214, respectively Retained earnings Other Total stockholders equity

Total liabilities and stock holder's equity

EFN

Pro-forma Income Statement

Net sales Cost of sales Gross margin

Operating expenses: Selling, general and administrative Research, development and engineering Total operating expenses Operating income Financing and other income (expense), Income before income taxes and extraordinary loss Provision for income taxes 30.00%

Net income
Dividend paid 6.04% Addition to ratained earnings

orporation
152% (millions of dollars) 1995
$43 484 538 293 112 1,470 117 7

1996
$65 484 817.76 445.36 170.24 $1,983 177.84 10.64

1,594

$2,171

403 349 752 113 77

612.56 530.48 1143.04 113 117.04

942

1373.08

120 242 311 -21 652

120 242 $536.26 -21 $877.26

1594

2250.3359 ($79)

1995
$3,475 -2,737

1967
$5,282.00 -4160.24

$738

$1,121.76

424 65 489 $249 -36 213 64

644.48 98.8 743.28 $378.48 -36 $342.48 $102.74

149
9.01 140.09

$239.74
$14.48 $225.26

Dell Computer Corporation

Pro-forma Balance Sheet
Assets
Current assets: Cash Marketable securities Accounts receivable, net Inventories Other current assets Total current assets Property, plant and equipment, net Other assets

Total Assets

Liabilities and Stockholders Equity

Current liabilities: Accounts payable Accrued and other liabilities Total current liabilities Long-term debt Deferred revenue on warranty contracts Other liabilities

Total liabilities
Stockholders equity: Preferred stock and capital in excess of $.01 par value; shares authorized: 5,000,000; shares issued and outstanding: none and 60,000, respectively 6 Common stock and capital in excess of $.01 par value; shares authorized: 300,000,000; shares issued and outstanding: 173,047,420 and 186,893,214, respectively Retained earnings Other Total stockholders equity

Total liabilities and stock holder's equity

EFN

Pro-forma Income Statement

Net sales Cost of sales Gross margin

Operating expenses: Selling, general and administrative Research, development and engineering Total operating expenses Operating income Financing and other income (expense), Income before income taxes and extraordinary loss Provision for income taxes 30%

Net income
Dividend paid 6.04% Addition to ratained earnings

orporation
152% (millions of dollars) 1995
$43 484 538 293 112 1,470 117 7

1996
$65 484 817.76 445.36 170.24 $1,983 177.84 10.64

1,594

$2,171

403 349 752 113 77

403 349 752 113 77

942

942

120 242 311 -21 652

120 242 $536.26 -21 $877.26

1594

1819.2559 $352

1995
$3,475 -2,737

1996
$5,282.00 -4160.24

$738

$1,121.76

424 65 489 $249 -36 213 64

644.48 98.8 743.28 $378.48 -36 $342.48 $102.74

149.1
9.01 140.09

$239.74
$14.48 $225.26

Dell Computer Corporation

Pro-forma Balance Sheet Assets
Current assets: Cash Marketable securities Accounts receivable, net Inventories Other current assets Total current assets Property, plant and equipment, net Other assets

Total Assets

Liabilities and Stockholders Equity

Current liabilities: Accounts payable Accrued and other liabilities Total current liabilities Long-term debt Deferred revenue on warranty contracts Other liabilities

Total liabilities
Stockholders equity: Preferred stock and capital in excess of $.01 par value; shares authorized: 5,000,000; shares issued and outstanding: none and 60,000, respectively 6 Common stock and capital in excess of $.01 par value; shares authorized: 300,000,000; shares issued and outstanding: 173,047,420 and 186,893,214, respectively Retained earnings Other Total stockholders equity

Total liabilities and stock holder's equity

EFN

Pro-forma Income Statement

Net sales Cost of sales Gross margin

Operating expenses: Selling, general and administrative Research, development and engineering Total operating expenses Operating income Financing and other income (expense), Income before income taxes and extraordinary loss Provision for income taxes 30%

Net income
Dividend paid 6.04% Addition to ratained earnings

orporation
152% (millions of dollars) 1995
$43 484 538 293 112 1,470 117 7

1996
$43 484 538 293 112 $1,470 117 7

1,594

$1,594

403 349 752 113 77

612.56 530.48 1143.04 113 117.04

942

1373.08

120 242 311 -21 652

120 242 $536.26 -21 $877.26

1594

2250.3359 ($656)

1995
$3,475 -2,737

1996
$5,282.00 -4160.24

$738

$1,121.76

424 65 489 $249 -36 213 64

644.48 98.8 743.28 $378.48 -36 $342.48 $102.74

149.1
9.01 140.09

$239.74
$14.48 $225.26

Dell Computer Corpo

SGR & IGR
Oners' Equity
553

Total Assets
1,594

Net Income
149.1

R/E
140.09

ROE

ROA

0.269620253 0.093538

SGR IGR

0.3393 0.0964

33.93% 9.64%

Dell Computer Corporation

Retention Ratio
0.9396

(ROA*b)

(ROE*B)

0.087888557 0.253335 0.912111443 0.746665

Days

365 Ratio 1996 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 1995 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 1994 #REF! #REF! #REF! #REF! 33.90 #REF!

current ratio Quick ratio Cash to currrent liabilities Inventory turnover DSI working capital creditor turnover ratio DSO Debtor turover ratio

#REF!