August 27, 2011 August 28, 2010

Net sales 8,072,973 7,362,618

Cost of sales 3,953,510 3,650,874
Gross profit 4,119,463 3,711,744
SQ&A 2,624,660 2,392,330
Operating profit 1,494,803 1,319,414
Interest expense, net 170,557 158,909
Income before income tax 1,324,246 1,160,505
Income tax expense 475,272 422,194
Net Income 848,974 738,311
Wt.avg.shares for basic EPS 42,632 48,488
Effect of dilutive stock equivalents 971 816
Adj. wt. avg. shares for diluted EPS 43,603 49,304
Basic earning per share 19.91 15.23
Dilutes earnings per share 19.47 14.97
Other Information
EBIT 1,494,803 1,319,414
Depr. And Amort 196,209 192,084
EBITDA 1,691,012 1,511,498
EBITDA/Interest 9.9x 9.5x
August 29, 2009 August 30, 2008 August 25, 2007

6,816,824 6,522,706 6,169,804

3,400,375 3,254,645 3,105,554
3,416,449 3,268,061 3,064,250
2,240,387 2,143,927 2,008,984
1,176,062 1,124,134 1,055,266
142,316 116,745 119,116
1,033,746 1,007,389 936,150
376,697 365,783 340,478
657,049 641,606 595,672
55,282 63,295 69,101
710 580 743
55,992 63,875 69,844
11.89 10.14 8.62
11.73 10.04 8.53

1,176,062 1,124,134 1,055,266

180,433 169,509 159,411
1,356,495 1,293,643 1,214,677
9.5x 11.1x 10.2x
 August 27, 2011 August 28, 2010
Assets
Current assets
Cash and cash equivalents 97,606 98,280
Accounts receivable 140,690 125,802
Merchandise inventories 2,466,107 2,304,579
Other current assets 88,022 83,160
Deferred income taxes - -
Total current assets 2,792,425 2,611,821
Property and equipment
Land 740,276 690,098
Buildings and improvements 2,177,476 2,013,301
Equipment 994,369 923,595
Leasehold improvements 275,299 247,748
Construction in progress 184,452 192,519
Gross property and equipment 4,371,872 4,067,261
Loss; Accumulatea depreciation and amortization 1,702,997 1,547,315
Net property and equipment 2,668,875 2,519,946
Goodwill 302,645 302,645
Deferred income taxes 10,661 46,223
Other long-term assets 94,996 90,959
Total assets 5,869,602 5,571,594
Liabilities and Stockholders' Deficit
Current liabilities
Accounts payable 2,755,853 2,433,050
Accrued expenses and other 449,327 432,268
Income taxes payable 25,185 25,385
Deferred income taxes Short-term borrowings 166,449 146,971
Short-term borrowings 34,082 26,186
Total current liabilities 3,430,896 3,063,960
Long-term debt 3,317,600 2,882,300
Other long-term liabilities 375,338 364,099
Stockholders' deficit
Common stock, par 0.01/share 441 501
Additional paid-incapital 591,384 557,955
Retained earnings - 643,998 - 245,344
Accumulates other comprehensive loss - 119,691 - 106,468
Tresury stock, at cost - 1,082,368 - 945,409
Total stockholders' equity - 1,254,232 - 738,765
Total liabilities and stockholders' equity 5,869,602 5,571,594
Shares issued 44,084 50,061
Shares outstanding 40,109 45,107
Other information
Capital lease oblogation 86,656 88,280
August 29, 2009 August 30, 2008 August 25, 2007

92,706 242,461 86,654

126,514 71,241 59,876
2,207,497 2,150,109 2,007,430
135,013 122,490 116,495
- - -
2,561,730 2,586,301 2,270,455

656,516 643,699 625,992

1,900,610 1,814,668 1,720,172
887,521 850,679 780,199
219,606 202,098 183,601
145,161 128,133 85,581
3,809,414 3,639,277 3,395,545
1,455,057 1,349,621 1,217,703
2,354,357 2,289,656 2,177,842
302,645 302,645 302,645
59,067 38,283 21,331
40,606 40,227 32,436
5,318,405 5,257,112 4,804,709

Asset 5,869,602
2,118,746 2,043,271 1,870,668 Liabillities 7,123,834
381,271 327,664 307,633 Equity - 1,254,232
35,145 11,582 25,442 L+E 5,869,602
171,590 136,803 82,152
- - -
2,706,752 2,519,320 2,285,895
2,726,900 2,250,000 1,935,618
317,827 258,105 179,996
 579 636 713
549,326 537,005 545,404
136,935 206,099 546,049
- 92,035 - 4,135 - 9,550
- 1,027,879 - 509,918 - 679,416
- 433,074 229,678 403,200
5,318,405 5,257,112 4,804,709
57,881 63,600 71,250
50,801 59,608 65,960

54,764 64,061 55,088

Cash flows from operating activities
Net income
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment
Amortization of debt organization fees
Income tax benefit from exercise of stock options
Deferred income taxes
Share-based compensation expense
Other
Changes in operating assets and liabilities
Accounts receivable
Merchandise inventories
Accounts payable and accrued expenses
Income taxes payable
Other, net
Net cash provideed by operating activities
Cash flows from investing activities
Capital expenditures
Purchase of marketable securities
Proceeds from sale of marketable secuirities
Acquisitions
Disposal of capital assests
Net cash used in investing activities
Cash flows from financing activities
Net proceeds from commercial paper
Net proceeds from short-term borrowings
Proceeds from issuance of debt
Repayment of debt
Net proceeds from sale of comon stock
Purchase of treasury stock
Income tax benefit from exercise of stock options
Payments of capital lease obligations
Other
Net cash used in financing activities
Effect of exchange rate changes on cash
Net(decrease)increase in cash and cash equipments
Cash and cash equipments at beginning of year
Cash and cash equipments at end of year
Supplemental cash flow information
Interest paid, net of interest cost capitalized
Income taxes paid
Assets acquired though capital lease
 August 27, 2011 August 28, 2010 August 29, 2009 August 30, 2008

848974 738311 657049 641606

196,209 192,084 180,433 169,509

8,962 6,495 3,644 1,837
- 34,945 - 22,251 - 8,407 - 10,142
44,667 - 9,023 46,318 67,474
26,625 19,120 19,135 18,388
- - - -

- 14,605 782 - 56,823 - 11,145

- 155,421 - 96,077 - 76,337 - 137,841
342,826 349,122 134,158 175,733
34,319 12,474 32,264 - 3,851
- 6,073 5,215 - 10,626 9,542
1,291,538 1,196,252 923,808 921,100

- 321,604 - 315,400 - 272,247 - 243,594

- 43,772 - 56,156 - 48,444 - 54,282
43,081 52,620 46,306 50,712
- - - -
3,301 11,489 10,663 4,014
- 318,994 - 307,447 - 263,722 - 243,150

134,600 155,400 277,600 - 206,700

6,901 26,186 - -
500,000 - 500,000 750,000
- 199,300 - - 300,700 - 229,827
55,846 52,922 39,855 27,065
- 1,466,802 - 1,123,655 - 1,300,002 - 849,196
34,945 22,251 8,407 10,142
- 22,781 - 16,597 - 17,040 - 15,880
- 17,180 - - 15,016 - 8,286
- 973,771 - 883,493 - 806,896 - 522,682
553 262 - 2,945 539
- 674 5,574 - 149,755 155,807
98,280 92,706 242,461 86,654
97,606 98,280 92,706 242,461

155,531 150,745 132,905 107,477

405,654 420,575 299,021 313,875
32,301 75,881 16,880 61,572
 August 25, 2007

595672

159,411
1,719
- 16,523
24,844
18,462
-

20,487
- 160,780
186,228
17,587
- 1,913
845,194

- 224,474
- 94,615
86,921
-
3,453
- 228,715

84,300
-
-
- 5,839
58,952
- 761,887
16,523
- 11,360
- 2,072
- 621,383
-
- 4,904
91,558
86,654

116,580
399,566
69,325
 AutoZone 2011 Statement of Stockholders'Equity

Balance at August 28, 2010

Net income
Pension liability adjustments, net of taxez of (3,998)
Foreign currency translation adjustment
Unrealized loss adjustment on marketable securities, net of taxes of (91)
Net losses on terminated derivatives
Reclassification of net losses on derivatives into earnings
Comprehensive income
Purchase of 5,598 shares of treasury stock
Retirement of treasury shares
Sale of common stock under stock options and stock purchase plan
Share-based compensation expense
Income tax benefit from exercise of stock options
Other
Balance at August 27, 2011
 Common Shares Issuesd Common Stock Additional Paid-in Captial

50,061 501 557,995

- 6,577 - 66 - 82,150
600 6 55,840
24,794
34,945

44,084 441 591,384

 Retianed (Deficit) Earning AccumulatedOther Comprehensive Loss

- 245,344 106,468
848,974
- 17,346
8,347
- 171
5,453
1,400

- 1,247,627

- 1
- 643,998 - 119,691
 Treasury Stock Total

945,409 738,765
848,974
- 17,346
8,347
- 171
- 5,453
1,400
835,751
- 1,466,802 - 1,466,802
1,329,843 -
55,846
24,794
34,945
- 1
- 1,082,368 - 1,254,232
 Financial Ratio August 27, 2011

Return
Return On Assets(ROA) 26.13%
Total Asset Turnover(TATO) 1.41
Accounts Receivable Turnover(ARTO) 60.59
Accounts Payable Turnover(APTO) 1.59
Inventory Turnover(ITO) 1.66
Liquidity Risk
Current Ratio(CR) 0.81
Quick Ratio(QR) 0.07
Receivables Collection Period(RCP) 6.02
Inventory Conversion Period(ICP) 220.22
Payables Deferral Period(PDP) 230.13
Cash Conversion Cycle(CCC) -3.88
Solvency Risk
Debt to Equity Ratio(DE) -2.65
Interrest Coverage Ratio(ICR) 8.76
Valuation
Price to Earning(PE) 15.87
Price to Book Value(PBV) -9.94
August 28, 2010 August 29, 2009 August 30, 2008

24.23% 22.24% 22.34%

1.35 1.29 1.30
58.36 68.94 99.49
1.65 1.66 1.74
1.62 1.56 1.57

0.85 0.95 1.03

0.07 0.08 0.12
6.25 5.29 3.67
225.55 233.88 233.13
221.64 219.67 210.25
10.16 19.50 26.55

-3.90 -6.30 9.80

8.30 8.26 9.63

15.52 13.17 13.64

-22.14 -176.79 35.61
August 25, 2007

-
-
-
-
-

0.99
0.06
-
-
-
-

4.80
8.86

14.90
18.06
 2007Y 2008Y 2009Y 2010Y
Net sales $6,169,804 $6,522,706 $6,816,824 $7,362,618
Cost of sales 3,105,554 3,254,645 3,400,375 3,650,874
Gross profit 3,064,250 3,268,061 3,416,449 3,711,744
SG&A 2,008,984 2,143,927 2,240,387 2,392,330
Operating profit 1,055,266 1,124,134 1,176,062 1,319,414
Interest expense, net 119,116 116,745 142,316 158,909
Income before income taxe 936,150 1,007,389 1,033,746 1,160,505
Income tax expense 340,478 365,783 376,697 422,194
Net income $595,672 $641,606 $657,049 $738,311

Valuation 2011Y 2012F 2013F 2014F

EBIT 1,494,803.00 1,468,473.79 1,571,266.95 1,681,255.64
Tax on EBIT 523,181.05 513,965.83 549,943.43 588,439.47
NOPAT 971,621.95 954,507.96 1,021,323.52 1,092,816.17
Add Depre&Amortization 196,209.00 196,209.00 196,209.00 196,209.00
FCFF 1,167,830.95 1,150,716.96 1,217,532.52 1,289,025.17
Sum of PV 20,922,947.19
Less Debt OS as 2011 3,351,682.00
Equity Value 17,571,265.19
Share Outstanding 40,109.00
Equity Value per Share 438.09
Current Price 301.3 price @27/28/2011
Price as %of Value 68.78%
P/E Multiple 14.23
Kd 5.42% ประมาณการจากค่าเฉลีย
่ ต ้นทุนทางการเง
Kd(1-T) 3.52% ประมาณการโดยใช ้ T = 35% จากค่าเฉล
Ke 5.35% ข ้อมูลจาก Refinitive
Wd 0.85 3,351,682.00
We 0.15 591,384.00
WACC 3.80%
 2011Y 2012F 2013F 2014F 2015F 2016F
$8,072,973 $8,638,081.11 $9,242,746.79 $9,889,739.06 $10,582,020.80 $11,322,762.25
3,953,510 $4,319,040.56 $4,621,373.39 $4,944,869.53 $5,291,010.40 $5,661,381.13
4,119,463 $4,319,040.56 $4,621,373.39 $4,944,869.53 $5,291,010.40 $5,661,381.13
2,624,660 $2,850,566.77 $3,050,106.44 $3,263,613.89 $3,492,066.86 $3,736,511.54
1,494,803 $1,468,473.79 $1,571,266.95 $1,681,255.64 $1,798,943.54 $1,924,869.58
170,557 170,557
1,324,246 $1,297,916.79 $1,571,266.95 $1,681,255.64 $1,798,943.54 $1,924,869.58
475,272 454,270.88 549,943.43 588,439.47 629,630.24 673,704.35
$848,974 $843,645.91 $1,021,323.52 $1,092,816.17 $1,169,313.30 $1,251,165.23

2015F 2016F
1,798,943.54 1,924,869.58
629,630.24 673,704.35
1,169,313.30 1,251,165.23
196,209.00 196,209.00 D&A Stable
1,365,522.30 19,257,264.44

@27/28/2011

ณการจากค่าเฉลีย
่ ต ้นทุนทางการเงินต่อ IBD (ตามข ้อมูล Case)
ณการโดยใช ้ T = 35% จากค่าเฉลีย
่ น Tax Expense/EBT
าก Refinitive
Assum
Growth Rate 7% (Average 5 years ago)
%COGS 50%
SG&A 33%
Tax Rate 35%
Exhibit 28.2

Year ended 
August 27,2011 August 28,2010 August 29,2009
 
Net sales $8,072,973 $7,362,618 $6,816,824
Cost of sales 3,953,510 3,650,874 3,400,375
Gross profit 4,119,463 3,711,744 3,416,449
SG&A 2,624,660 2,392,330 2,240,387
Operating profit 1,494,803 1,319,414 1,176,062
Interest expense, net 170,557 158,909 142,316
Income before income taxes 1,324,246 1,160,505 1,033,746
Income tax expense 475,272 422,194 376,697
Net income $848,974 $738,311 $657,049

Wt. avg. shares for basic EPS 42,632 48,488 55,282

Effect of dilutive stock equivalents 971 816 710
Adj. wt. avg. shares for diluted EPS 43,603 49,304 55,992
Basic earnings per share $19.91 $15.23 $11.89
Diluted earnings per share $19.47 $14.97 $11.73

Other information :
EBIT $1,494,803 $1,319,414 $1,176,062
Depr. and Amort. 196,209 192,084 180,433
EBITDA $1,691,012 $1,511,498 $1,356,495
     
EBITDA/lnterest 9.9x 9.5x 9.5x

Common size
Net sales 100.00% 100.00% 100.00%
Growth 9.65% 8.01% 4.51%
Cost of sales 48.97% 49.59% 49.88%
Gross profit 51.03% 50.41% 50.12%
SG&A 32.51% 32.49% 32.87%
Operating profit 18.52% 17.92% 17.25%
Interest expense, net 2.11% 2.16% 2.09%
Income before income taxes 16.40% 15.76% 15.16%
Income tax expense 5.89% 5.73% 5.53%
Net income 10.52% 10.03% 9.64%
ended 
August 30,2008 August 25,2007

$6,522,706 $6,169,804
3,254,645 3,105,554
3,268,061 3,064,250
2,143,927 2,008,984
1,124,134 1,055,266
116,745 119,116 5.09% 5.46% 5.22% 5.19%
1,007,389 936,150
365,783 340,478 35.89% 36.38% 36.44% 36.31%
$641,606 $595,672

63,295 69,101
580 743
63,875 69,844
$10.14 $8.62
$10.04 $8.53

$1,124,134 $1,055,266
169,509 159,41 1
$1,293,643 $1,214,677
   
11.1x 10.2x

Avg. Use
100.00% 100.00%
5.72% 6.97% 7%
49.90% 50.33% 49.73% 50%
50.10% 49.67% 50.27%
32.87% 32.56% 32.66% 33%
17.23% 17.10% 17.61%
1.79% 1.93% 2.02%
15.44% 15.17% 15.59%
5.61% 5.52% 5.65%
9.84% 9.65% 9.93%
6.15% 5.42%

36.37%
Exhibit 28.3

  August 27,2011 August 28,2010

Assets
Current assets:
Cash and cash equivalents $97,606 $98,280
Accounts receivable 140,690 125,802
Merchandise inventories 2,466,107 2,304,579
Other current assets 88,022 83,160
Deferred income taxes - -
Total current assets 2,792,425 2,611,821
Property and equipment:
Land 740,276 690,098
Buildings and improvements 2,177,476 2,013,301
Equipment 994,369 923,595
Leasehold improvements 275,299 247,748
Construction in progress 184,452 192,519
Gross property and equipment 4,371,872 4,067,261
Less: Accumulated depreciation and amortization 1,702,997 1,547,315
Net property and equipment 2,668,875 2,519,946
Goodwill 302,645 302,645
Deferred income taxes 10,661 46,223
Other long-term assets 94,996 90,959
Total assets $5,869,602 $5,571,594

Liabilities and Stockholders' Deficit

Current liabilities:
Accounts payable $2,755,853 $2,433,050
Accrued expenses and other 449,327 432.368
Income taxes payable 25,185 25,385
Deferred income taxes 166,449 146,971
Short-term borrowings 34,082 26,186
Total current liabilities 3,430,896 3,063,960
Long-term debt 3,317,600 2,882,300
Other long-term liabilities 375,338 364,099

Stockholders' deficit:
Common stock, par: $0.01 /share 441 501
Additional paid-in capital 591,384 557,955
Retained earnings -643,998 -245,344
Accumulated other comprehensive loss -119,691 -106,468
Treasury stock, at cost -1,082,368 -945,409
Total stockholders' equity -1,254,232 -738,765
Total liabilities and stockholders' equity $5,869,602 $5,571,594
Shares issued 44,084 50,061
Shares outstanding 40,109 45,107

Other information:
Capital lease obligations 86,656 88,280

3,351,682 2,908,486
August 29,2009 August 30,2008 August 25,2007

$92,706 $242,461 $87

126.514 71,241 59,876
2,207,497 2,150,109 2,007,430
135,013 122,490 116,495
- - -
2,561,730 2,586,301 2,270,455

656,516 643,699 625,992

1,900,610 1,814,668 1,720
887,521 850,679 780,199
219,606 202,098 183,601
145,161 128,133 85,581
3,809,414 3,639,277 3,395,545
1 455,057 1,349,621 1,217,703
2,354,357 2,289,656 2,177,842
302,645 302,645 302,645
59,067 38,283 21,331
40,606 40,227 32,436
$5,318,405 $5,257,112 $4,804,709

$2,118,746 $2,043,271 $1,870,668

381,271 327,664 307,633
35,145 11,582 25,442
171,590 136,803 82,152

2,706,752 2,519,320 2,285,895

2,726,900 2,250,000 1,935,618.00
317,827 258.105 179,996

579 636 713

549,326 537,005 545,404
136,935 206,099 546,049
-92,035 -4,135 -9,550
-1,027,879 -509,918 -679,416
-433,074 229,687 403,200
$5,318,405 $5,257,112 $4,804,709
57,881 63,600 71,250
50,801 59,608 65,960
 54,764 64.061 55.088

2,726,900 2,250,000 1,935,618