CATERPILLAR CORP.

, BALANCE SHEET
31 December 2011
Current liabilities Current assets
Accounts payable 16,946,000 Cash and cash equivalents 3,057,000
Short-term debt 9,648,000 Short-term investments
Other current liabilities 1,967,000 Net receivables 19,533,000
Inventory 14,544,000
Other current assets 994,000
Long-term debt 24,944,000
Other liabilities 14,539,000
Long-term investments 13,211,000
Minority interest 46,000 Property, plant and equipment (net) 14,395,000
Goodwill 7,080,000
Intangible assets 4,368,000
Stocks, options, warrants 473,000 Other assets 2,107,000
Common stock 4,273,000 Deferred long-term asset charges 2,157,000
Retained earnings 25,219,000
Treasury stock -10,281,000
Other stockholder equity -6,328,000

Total equity and liabilities 81,446,000 Total assets 81,446,000

 CATERPILLAR CORP., BALANCE SHEET
31 December 2011
Current liabilities Current assets
Accounts payable 16,946,000 Cash and cash equivalents 3,057,000
Short-term debt 9,648,000 Short-term investments
Other current liabilities 1,967,000 Net receivables 19,533,000
Inventory 14,544,000
Other current assets 994,000
Long-term debt 24,944,000
Other liabilities 14,539,000
Long-term investments 13,211,000
Minority interest 46,000 Property, plant and equipment (net) 14,395,000
Goodwill 7,080,000
Intangible assets 4,368,000
Stocks, options, warrants 473,000 Other assets 2,107,000
Common stock 4,273,000 Deferred long-term asset charges 2,157,000
Retained earnings 25,219,000
Treasury stock -10,281,000
Other stockholder equity -6,328,000

Total equity and liabilities 81,446,000 Total assets 81,446,000

Total no. of shares 624722.72
Market value 90.62
Market cap 56599878

Net Financial debt 31,535,000

Other liab 14,539,000
Minority interest 46,000
Equity 56599878

Enterprise Value 102,719,878

 ABC CORPORATION
Consolidated 2008
Statement of Cash Flows,
2009 2010
2008-2012
Operating Activities:
Net earnings 479,355 495,597 534,268
Adjustments to reconcile net earnings to net cash
provided by operating activities
Add back depreciation and amortization 41,583 47,647 46,438
Changes in operating assets and liabilities:
Subtract increase in accounts receivable 9,387 25,951 -12,724
Subtract increase in inventories -37,630 -22,780 -16,247
Subtract increase in prepaid expenses and -52,191 13,573 16,255
other assets
Add increase in accounts payable, accrued 29,612 51,172 6,757
expenses, pensions, and other liabilities
Net cash provided by operating activities 470,116 611,160 574,747

Investing Activities:
Short-term investments, net -5,000 -55,000 50,000
Purchases of property, plant and equipment -48,944 -70,326 -89,947
Proceeds from dispositions (sell off) of property, plant 197 6,956 22,942
and equipment
Net cash used in investing activities -53,747 -118,370 -17,005

Financing Activities:
Repayment of debt 0 0 -300,000
Proceeds from revolving credit facility borrowings 1,242,431 0 0
Proceeds from the issuance of stock 48,286 114,276 69,375
Dividends paid -332,986 -344,128 -361,208
Stock repurchased -150,095 -200,031 -200,038
Net cash used in financing activities 807,636 -429,883 -791,871

Changes in cash balances 1,224,005 62,907 -234,129

Supplemental disclosure of cash flow information

Cash paid during the period for
Income taxes 255,043 175,972 314,735
Interest 83,553 83,551 70,351

Income tax rate 34.73% 26.20% 37.07%

Free Cash Flow 475905.570518 609448.03506 552013.089817

N
ows, 2008-2012
2011 2012

505,856 520,273

45,839 46,622

1,685 -2,153
-15,780 -5,517

14,703 -2,975

40,541 60,255

592,844 616,505

-10,000 20,000
-37,044 -88,426

6,179 28,693

-40,865 -39,733

0 -7,095
0 250,000
68,214 37,855
-367,499 -378,325
-200,003 -597,738
-499,288 -695,303

52,691 -118,531

283,618 305,094
57,151 57,910

35.92% 36.96%

598598.542 593275.773
Free cash flow (FCF)
year ending 31 Dec. 2012 593275.772782
Growth rate of FCF, years 1-5 8.00%
Long-term FCF growth rate 5.00%
Weighted average cost of capital, WACC 10.70%

Add back initial cash and marketable securities 73,697

Subtract out 2012 financial liabilities 1,379,106
Per share (1 million shares outstanding) 1,000,000

2013 2014 2015 2016

FCFF 640737.834605 691996.9 747356.6 807145.1
Terminal Value
FCFF Total 640737.834605 691996.9 747356.6 807145.1
Enterprise Value in 2012 ₹12,415,692.62
Add Cash 5,000,000
Less Financial Liabilities 10,000,000
Calculated Value of Equity ₹7,415,692.62
Share price ₹7.42
 2017
871716.75
16057940.1 (Present value of growing perpetuity)
16929656.9