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Caterpillar Inc.

, Consolidated Statement of Financial Position, Assets


USD $ in millions
ASSETS
Cash and short-term investments
Operating Current Assets
Current assets
Property, plant and equipment, net
Long-term receivables
Investments in equity method companies
Investments in cost method companies

Dec 31, 2013


6,081
32,254
38,335
17,075
16,323
262
10

Dec 31, 2012


5,490
37,034
42,524
16,461
15,345
256
16

Investments in unconsolidated affiliated


companies
Noncurrent deferred and refundable income taxes
Intangible assets
Goodwill
Other assets
Noncurrent assets
Total assets

272
594
3,596
6,956
1,745
46,561
84,896

272
2,011
4,016
6,942
1,785
46,832
89,356

LIABILITIES
Operating Current Liabilities

16,266

17,364

Financial Debt

37,750

40,143

6,973
3,029
64,018

4,709
-11,854
31,854
-3,898
20,811
67
20,878

11,085
3,182
71,774

4,481
-10,074
29,558
-6,433
17,532
50
17,582

84,896

89,356

Liability for postemployment benefits


Other liabilities
Total liabilities
Redeemable noncontrolling interest
Common stock of $1.00 par, at paid-in amount
Treasury stock, at cost
Profit employed in the business
Accumulated other comprehensive loss
Equity attributable to common stockholders
Noncontrolling interests
Total stockholders' equity
Total liabilities, redeemable noncontrolling interest
and stockholders' equity

Dec 31, 2011


3,057
35,071
38,128
14,395
13,078
111
22

Dec 31, 2010


3,592
28,218
31,810
12,539
12,057
135
29

Dec 31, 2009


4,867
21,922
26,789
12,386
13,250
70
35

133
2,157
4,368
7,080
2,107
43,318
81,446

164
2,493
805
2,614
1,538
32,210
64,020

105
2,714
465
2,269
2,060
33,249
60,038

18,913

14,039

9,508

34,592

28,418

31,631

10,956
3,583
68,044
473
4,273
-10,281
25,219
-6,328
12,883
46
12,929

7,584
2,654
52,695
461
3,888
-10,397
21,384
-4,051
10,824
40
10,864

7,420
2,179
50,738
477
3,439
-10,646
19,711
-3,764
8,740
83
8,823

81,446

64,020

60,038

Caterpillar Inc., Consolidated Income Statement


USD $ in millions
12 months ended
Sales of Machinery and Power Systems
Cost of goods sold
Gross margin
Revenues of Financial Products
Selling, general and administrative expenses
Research and development expenses
Interest expense of Financial Products
Goodwill impairment charge
Other operating income (expenses)
Operating profit
Interest expense excluding Financial Products
Investment and interest income
Foreign exchange gains (losses)
License fee income
Gains (losses) on sale of securities and affiliated
companies
Impairment of available-for-sale securities
Miscellaneous income (loss)
Other income (expense)
Consolidated profit before taxes
(Provision) benefit for income taxes
Profit of consolidated companies
Equity in profit (loss) of unconsolidated affiliated
companies
Profit of consolidated and affiliated companies
(Profit) loss attributable to noncontrolling interests
Profit attributable to common stockholders
Source: Caterpillar Inc., Annual Reports
Source: www.stock-analysis-on.net
Copyright 2014 Stock Analysis on Net

Dec 31, 2013


52,694
-40,727
11,967
2,962
-5,547
-2,046
-727

-981
5,628
-465
84
-254
114

Dec 31, 2012


63,068
-47,055
16,013
2,807
-5,919
-2,466
-797
-580
-485
8,573
-467
82
-116
99

21
-1
1
-35
5,128
-1,319
3,809

4
-2
63
130
8,236
-2,528
5,708

-6

14

3,803
-14
3,789

5,722
-41
5,681

Dec 31, 2011


57,392
-43,578
13,814
2,746
-5,203
-2,297
-826

-1,081
7,153
-396
85
21
80

Dec 31, 2010


39,867
-30,367
9,500
2,721
-4,248
-1,905
-914

-1,191
3,963
-343
86
-55
54

Dec 31, 2009


29,540
-23,886
5,654
2,856
-3,645
-1,421
-1,045
-22
-1,800
577
-389
98
184
49

17
-5
-230
-32
6,725
-1,720
5,005

9
-3
39
130
3,750
-968
2,782

-2
-12
64
381
569
270
839

-24

-24

-12

4,981
-53
4,928

2,758
-58
2,700

827
68
895

Caterpillar Inc., Consolidated Statement of Cash Flows


USD $ in millions
12 months ended
Profit of consolidated and affiliated companies
Depreciation and amortization
Net gain from sale of businesses and investments
Goodwill impairment charge
Other

Dec 31, 2013


3,803
3,087
-68

550
3,569
835
2,658
134
-108
-279
-301
-49
-71

Dec 31, 2012


5,722
2,813
-630
580
439
3,202
-173
-1,149
-1,868
183
-490
241
252
-679

2,819
10,191

-3,683
5,241

-2,522
-1,924

-3,350
-1,726

844
-11,422
9,567
220

1,117
-12,010
8,995
132

Investments and acquisitions, net of cash acquired


Proceeds from sale of businesses and investments,
net of cash sold

-195

-618

365

1,199

Proceeds from sale of available-for-sale securities


Investments in available-for-sale securities
Other, net

449
-402
-26

306
-402
167

-5,046
-1,111
-13

-6,190
-1,617
-6

128
-2,000

52

96

192

Adjustments for non-cash items


Receivables, trade and other
Inventories
Accounts payable
Accrued expenses
Accrued wages, salaries and employee benefits
Customer advances
Other assets, net
Other liabilities, net
Changes in assets and liabilities, net of
acquisitions and divestitures
Net cash provided by operating activities
Capital expenditures, excluding equipment leased to
others
Expenditures for equipment leased to others
Proceeds from disposals of leased assets and
property, plant and equipment
Additions to finance receivables
Collections of finance receivables
Proceeds from sale of finance receivables

Net cash (used for) provided by investing activities


Dividends paid
Distribution to noncontrolling interests
Common stock issued, including treasury shares
reissued
Treasury shares purchased
Excess tax benefit from stock-based compensation

Acquisitions of redeemable noncontrolling interests


Acquisitions of noncontrolling interests
Machinery and Power Systems
Financial Products

195
9,133

-444
-5
2,209
13,806

Proceeds from debt issued, original maturities


greater than three months
Machinery and Power Systems
Financial Products

9,328
-1,769
-9,101

16,015
-1,107
-9,992

-10,870

-11,099

-69

461

-4,511
-43

3,549
-167

Payments on debt, original maturities greater than


three months
Short-term borrowings, net, original maturities three
months or less
Net cash provided by (used for) financing activities
Effect of exchange rate changes on cash
Increase (decrease) in cash and short-term
investments
Cash and short-term investments at beginning of
period

591

2,433

5,490

3,057

Cash and short-term investments at end of period

6,081

5,490

Source: Caterpillar Inc., Annual Reports


Source: www.stock-analysis-on.net
Copyright 2014 Stock Analysis on Net

Dec 31, 2011


4,981
2,527
-128

585
2,984
-1,345
-2,927
1,555
308
619
173
-91
753

Dec 31, 2010


2,758
2,296

469
2,765
-2,320
-2,667
2,570
117
847
604
358
-23

Dec 31, 2009


827
2,336

22
115
2,473
4,014
2,501
-2,034
-505
-534
-646
235
12

-955
7,010

-514
5,009

3,043
6,343

-2,515
-1,409

-1,575
-1,011

-1,348
-968

1,354
-10,001
8,874
207

1,469
-8,498
8,987
16

1,242
-7,107
9,288
100

-8,184

-1,126

-19

376

247
-336
-40

228
-217
132

291
-349
-128

-11,427
-1,159
-3

-1,595
-1,084

1,002
-1,029
-10

123

296

89

189

153

21


-8
4,587
10,873

-132
216
8,108

-6
458
11,833

15,460
-2,269
-8,324

8,324
-1,298
-11,163

12,291
-918
-11,769

-10,593

-12,461

-12,687

-43

291

-3,884

3,966
-84

-4,613
-76

-5,215
1

-535

-1,275

2,131

3,592

4,867

2,736

3,057

3,592

4,867

ANALYSIS OF CATERPILLAR SALES


Revenues of Total sales
Sales of
financial
and
machinery
products
revenues
2009
29,540
2,856
32,396
2010
39,867
2,721
42,588
2011
57,392
2,746
60,138
2012
63,068
2,807
65,875
2013
52,694
2,962
55,656

Year

Growth measures
CAGR
Slope

11.43%
6,981

Slope/2013 sales

12.54%

Intercept
R-squared

- 13,986,857
0.6561
CAGR is very much affected

2009-2013
2010-2013
2011-2013

-67.33%
-69.15%
-57.76%

2009-2012
2010-2012
2011-2012

-56.44%
-53.73%
-15.51%
ANALYSIS OF CA-CL RATIOS - CATERPILLAR
2009
2010
74.21%
70.78%
32.19%
35.21%

CA/Sales
CL/Sales

Operating costs from P&L


Depreciation
Operating costs net of depreciation
Sales
Net operating costs/Sales

ANALYSIS OF OPERATING COSTS - CATERPILLAR


2009
2010
31,819
38,625
2,336
2,296
29,483
36,329
32,396
42,588
91.01%
85.30%

2011
61.11%
32.95%

2011
52,985
2,527
50,458
60,138
83.90%

Regressing net operating costs on sales


Intercept
Slope
R-squared

4,557
75.94%
99.88%

ANALYSIS OF FIXED ASSETS - CATERPILLAR


2009
2010
24,221
24,906
Total Property, Plant and Equipment (PPE) at cost

2011
27,326

Less: Accumulated depreciation


Property, plant and equipment, net
Sales
Net PPE/Sales
Gross PPE/Sales
Model value: Net PPE/Sales

Depreciation per annum


Depreciation rate
Average depreciation rate

Other liabilities
Dividends
Year-on-year growth
Dividend CAGR
Dividends per share
Dividend CAGR

11,835

12,386

12,367
12,539

12,931

14,395

32,396

42,588

60,138

38.23%

29.44%

23.94%

74.77%
29.46%

58.48%

45.44%

532
2.14%

564
2.06%

CATERPILLAR DIVIDENDS
2009
2010
1,029
1,084
5.34%
1.94%

2011
1,159
6.92%

Depreciation Analysis
532
2.20%
2.13%

1.68
8.40%

1.74

1.82

Sales regressed on Year


Year-on-year
growth

70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
2009

31.46%
41.21%
9.54%
-15.51%

y = 6,981x - 13,986,857
R = 1

2010

Sales

Sales

= - 13,986,857

2011

2012

2013

* Year

6,981 * Year

2
, R = 65.61%

Net Working Capital Analysis


100.00%
50.00%
0.00%
2009

2010

2011

CA/Sales

2012

2013

CL/Sales

Net operating costs/Sales

PILLAR

95.00%

2012
58.72%
27.53%

2013
61.21%
30.87%

90.00%
85.00%
80.00%
75.00%
2009

ERPILLAR
2012
57,302
2,813
54,489
65,875
82.72%

2013
50,028
3,087 70,000
46,941
60,000
55,656
84.34% 50,000

2010

2011

2012

2013

Net Operatinmg Costs vs Sales

40,000

y = 1.3152x - 5933.1
R = 0.9988

30,000
20,000
10,000
30,000

35,000

40,000

45,000

PPE/Sales

PILLAR
2012
29,932

2013
31,316

80.00%
70.00%
60.00%

50,000

55,000

13,471

16,461
65,875
24.99%

45.44%

70.00%
60.00%
17,075 50.00%
40.00%
30.00%
55,656
20.00%
10.00%
30.68%
0.00%
2009
56.27%
14,241

2010

770
2.46%

2012

Gross & Net Assets vs Sales

40,000

540
1.80%

2011

y = 1921.6x + 21775
R = 0.9723

30,000
20,000

y = 1330x + 10581
R = 0.9421

10,000
0
32,396

2012
1,617
39.52%

2013
1,111
-31.29%

2.02

2.32

42,588

60,138

65,875

2013

55,000

60,000

2013

y = 1921.6x + 21775
R = 0.9723
y = 1330x + 10581
R = 0.9421

55,656