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Reformulated Balance Sheet 1.02 1.03 1.02 1.02 1.03 1.03 1.

03

2009 2010 2011 2012 2013 2014 2015 2016
ASSETS

Cash 351 358.5 369.6 376.3 383.0 394.5 406.4 418.5
Inventories 3,024 3,302.9 3,422.2 3,461.5 3,523.8 3,651.1 3,760.6 3,873.4
Other Current Assets 617 630.0 649.5 661.2 673.1 693.3 714.1 735.5
Total Current Assets 3,992 4,291.4 4,441.3 4,498.9 4,579.9 4,738.9 4,881.0 5,027.5
Gross PPE 8,058 8,518.4 8,940.6 9,285.1 9,616.9 10,201.6 10,803.9 11,424.2
Accum Depre 2,701 3,141.0 3,581.3 4,017.5 4,445.9 4,875.5 5,318.0 5,773.8
Net PPE 5,357 5,377.4 5,359.3 5,267.6 5,170.9 5,326.1 5,485.8 5,650.4
Investments 310 310.0 310.0 310.0 310.0 310.0 310.0 310.0
Other Assets 262 267.5 275.8 280.8 285.8 294.4 303.2 312.3
Total Operating Assets 9,921 10,246.3 10,386.4 10,357.3 10,346.6 10,669.3 10,980.1 11,300.2

LIABILTIES

Accounts Payable 1,226 1,222.5 1,260.4 1,283.0 1,306.1 1,345.3 1,385.7 1,427.3
Other Current Liabilities 1,597 1,630.5 1,681.1 1,711.3 1,742.1 1,794.4 1,848.2 1,903.7
Total Current Liabilities 2,823 2,853.0 2,941.4 2,994.4 3,048.3 3,139.7 3,233.9 3,330.9
Other Long-term Liabilities 502 512.5 528.4 537.9 547.6 564.1 581.0 598.4
Deferred Taxes 817 834.2 860.0 875.5 891.3 918.0 945.5 973.9
Total Operating Liabilities 4,142 4,199.7 4,329.9 4,407.8 4,487.2 4,621.8 4,760.4 4,903.3
Net Financial Liabilities 1,001 1,001.0 1,001.0 1,001.0 1,001.0 1,001.0 1,001.0 1,001.0
Common Stock 4,778 5,045.6 5,055.5 4,948.5 4,858.5 5,046.5 5,218.7 5,396.0
Total Liabilities and Equity 9,921 10,246.3 10,386.4 10,357.3 10,346.6 10,669.3 10,980.1 11,300.2

Reformulated Income Statement

8 480.5 1.5 Cost of Good Sold 10.952.022.467.5 5.2 482.457.738.4 22.9 23.0 19.495.556 17.636.4 553.6 7.841.4 SG&A 5.230.9 Depreciation and Amortization 495 493.9 7.720.9 636.026.2 996.480.0 Gross Profit 6.8 617.382.0 6.148.6 892.9 488.927.8 11.811.8 7. 2009 2010 2011 2012 2013 2014 2015 2016 Net Sales 17.8 24.597.874.113.6 1.2 6.493 5.924.7 18.975.2 20.4 7.3 11.8 Operating Income (after tax) 753 549.3 Operating Income from Sales (before tax) 922 850.3 23.2 641.3 Net Financial Expense (after tax) 318 Comprehensive Income 435 .664.4 655.910 6.9 7.0 5.277.6 594.1 11.7 680.3 Operating Income from Sales (after tax) 570 527.1 12.9 497.057.0 20.0 22.1 922.813.151.1 571.0 12.5 6.3 18.8 493.3 24.726.7 592.318.2 12.197.4 575.646 11.7 660.5 7.016.5 Other Operating Income (after tax) 183 22.6 19.3 512.0 5.6 616.1 956.

5.1 Net Investment in W.6) (503.3) (56.0 6.8 12. . - Cash Flow from Financing (327) (281.300 808.0) Net Stock Issuance 1 .7) (484.2) Cash Flow from Operations 1.7) (701.67 6.6 6.5) (646.0 541.0) (36.7 1.5 11.2 .6 526.2) (453. .7 660.9) Cash Flow from Investing (558) (519.859.6) (666.54 6.111.4 1.1) (37.8 505.6) (706.Capital 389 (261.1) (388.8) (565.5 5.056.779.219.9 1. .9) (50. .166. .6) (488. . - Non-Cash Adjustments 662 521.7 680.6 513.1) (402.3) 2.9) Net Debt Issuance Issuance (145) . .0) (685.6 594. . .0) Change in Cash 415 7.201.046.397.7 6.6) (488.1 6.0 Statement of Cash Flows 2009 2010 2011 2012 2013 2014 2015 2016 Net Income 251 549.1 Capital Expenditures (558) (519.2) (453.101.5 6.8) (565.8 11.5 1. - Dividends (183) (281.060.7) (701.2 641.6) (503. .1) (388.110.1) (402.4 575.5 11.047. . . .9 1.0) (685.7) (484.3 Gains and losses (2) .6) (706.0 (20.6) (666.6 616.8 558.4 1. .5) (646.5 5. .949.5 535.

8 PV Factor 1.6 Outstanding Shares 236.1 172.2 678.2 .3 23.9 485.1 Mid Year Correction 9075.0 Value per share 34.1 308.3 FCF 281.8 464.6 Continuing Value Calculation for FCF 2 412.4 1.5 Continuing Value Calculation for FCF 1 9564.0 188.1 Adjustment for Outstanding Stock Options 8068.9 -107.2 FCF from other operating income 22.2 453.8 543.6 503.6 488.7 701.6 PV of CV 6287.8 24.2 1.1 Value of Equity 8074.3 478.6 706.2 Continuing Value 10272.7 PV of FCF 260.6 9.6 Continuing Value Calculation for FCF 2 421.3 1.7 682.3 24.1 177.6 CHECK Continuing Value Calculation for FCF 1 9851.4 22.1 1.8 565.0 -90.6 Value of Net Operating Assets 8726.6 1.8 429.9 Continuing Value 9977.0 22.VALUATION: 2010 2011 2012 2013 2014 2015 2016 Increase In Net Operating Assets 267.7 307.9 23.5 1.0 FCF from change in NOI and OI from Sales 259.1 Add PV of 2016 6287.9 293.0 557.0 519.8 PV of CV 5994.