FINANCIAL STATEMENT MODEL FOR THE CLOROX COMPANY

Company Name The Clorox Company

Latest Fiscal Year 2021

x INCOME STATEMENT
Fiscal year 2016A 2017A 2018A 2019A 2020A 2021A
Revenues
Net Sales 5,761 5,973 6,124 6,214 6,721 7,341

Expenses
Cost of Products Sold -3,163 -3,302 -3,449 -3,486 -3,658 -4,142
Advertising Costs -587 -599 -570 -612 -675 -790
Selling and Administrative Expenses -806 -810 -837 -856 -969 -1,004
Research & Development Costs -141 -135 -132 -136 -145 -149
Goodwill, Trademark and Other Asset Impairments 0 0 0 0 0 -329
Interest Expense -88 -88 -85 -97 -99 -99
Other Income/expense-net 7 -8 3 -3 10 63
Earnings before Taxes 983 1,031 1,054 1,024 1,185 891

Taxes and Other Expenses

Provision for Income Tax -335 -330 -231 -204 -246 -181
Net Income (Loss) 648 701 823 820 939 710

x BALANCE SHEET
Fiscal year 2016A 2017A 2018A 2019A 2020A 2021A
Current Assets
Cash and Cash Equivalents 401 418 131 111 871 319
Receivables, Net 569 565 600 631 648 604
Inventories 443 459 506 512 454 752
Prepaid Expenses and Other 72 72 74 51 47 154
Total Current Assets 1,485 1,514 1,311 1,305 2,020 1,829

Non Current Assets

Operating Lease Right-of-use Assets 0 0 0 0 291 332
Property, Plant and Equipment, Net 906 931 996 1,034 1,103 1,302
Goodwill 1,197 1,196 1,602 1,591 1,577 1,575
Other Intangible Asset, Net 78 68 134 121 109 225
Trade Marks, net 657 654 795 791 785 693
Other Assets 187 210 222 274 328 378
Total Assets 4,510 4,573 5,060 5,116 6,213 6,334

Current Liabilities
Accounts Payable and Accrued Liabilities 1,035 1,005 1,001 1,035 1,329 1,675
Current Operating Lease Liabilities 0 0 0 0 64 81
Income Taxes Payable 0 0 0 9 25 0
Total Current Liabilities 1,035 1,005 1,001 1,044 1,418 1,756

Non Current Liabilities

Long-term Debt 2,312 2,195 2,483 2,683 2,780 2,784
Long Term Operating Lease Liabilities 0 0 0 0 278 301
Deferred Income Taxes 82 61 72 50 62 67
Other Liabilities 784 770 778 780 767 1,015

Shareholders' Equity
Total Shareholders Equity 297 542 726 559 908 411
Total Liabilities & Shareholders Equity 4,510 4,573 5,060 5,116 6,213 6,334

CHECK: A - (L + E) 0 0 0 0 0 0
x SALES GROWTH
Fiscal year 2016A 2017A 2018A 2019A 2020A 2021A
Sales Growth 3.68% 2.53% 1.47% 8.16% 9.22%

x COMMON SIZE INCOME STATEMENT

Fiscal year 2016A 2017A 2018A 2019A 2020A 2021A
Revenues
Net Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Expenses
Cost of Products Sold -54.90% -55.28% -56.32% -56.10% -54.43% -56.42%
Advertising Costs -10.19% -10.03% -9.31% -9.85% -10.04% -10.76%
Selling and Administrative Expenses -13.99% -13.56% -13.67% -13.78% -14.42% -13.68%
Research & Development Costs -2.45% -2.26% -2.16% -2.19% -2.16% -2.03%
Goodwill, Trademark and Other Asset I 0.00% 0.00% 0.00% 0.00% 0.00% -4.48%
Interest Expense -1.53% -1.47% -1.39% -1.56% -1.47% -1.35%
Other Income/expense-net 0.12% -0.13% 0.05% -0.05% 0.15% 0.86%
Earnings before Taxes 17.06% 17.26% 17.21% 16.48% 17.63% 12.14%

Taxes and Other Expenses

Provision for Income Tax -5.81% -5.52% -3.77% -3.28% -3.66% -2.47%
Net Income (Loss) 11.25% 11.74% 13.44% 13.20% 13.97% 9.67%

x COMMON SIZE BALANCE SHEET

Fiscal year 2016A 2017A 2018A 2019A 2020A 2021A
Current Assets
Cash and Cash Equivalents 6.96% 7.00% 2.14% 1.79% 12.96% 4.35%
Receivables, Net 9.88% 9.46% 9.80% 10.15% 9.64% 8.23%
Inventories 7.69% 7.68% 8.26% 8.24% 6.75% 10.24%
Prepaid Expenses and Other 1.25% 1.21% 1.21% 0.82% 0.70% 2.10%
Total Current Assets 25.78% 25.35% 21.41% 21.00% 30.06% 24.91%

Non Current Assets

Operating Lease Right-of-use Assets 0.00% 0.00% 0.00% 0.00% 4.33% 4.52%
Property, Plant and Equipment, Net 15.73% 15.59% 16.26% 16.64% 16.41% 17.74%
Goodwill 20.78% 20.02% 26.16% 25.60% 23.46% 21.45%
Other Intangible Asset, Net 1.35% 1.14% 2.19% 1.95% 1.62% 3.06%
Trade Marks, net 11.40% 10.95% 12.98% 12.73% 11.68% 9.44%
Other Assets 3.25% 3.52% 3.63% 4.41% 4.88% 5.15%
Total Assets 78.29% 76.56% 82.63% 82.33% 92.44% 86.28%

Current Liabilities
Accounts Payable and Accrued Liabilitie 17.97% 16.83% 16.35% 16.66% 19.77% 22.82%
Current Operating Lease Liabilities 0.00% 0.00% 0.00% 0.00% 0.95% 1.10%
Income Taxes Payable 0.00% 0.00% 0.00% 0.14% 0.37% 0.00%
Total Current Liabilities 17.97% 16.83% 16.35% 16.80% 21.10% 23.92%

Non Current Liabilities

Long-term Debt 40.13% 36.75% 40.55% 43.18% 41.36% 37.92%
Long Term Operating Lease Liabilities 0.00% 0.00% 0.00% 0.00% 4.14% 4.10%
Deferred Income Taxes 1.42% 1.02% 1.18% 0.80% 0.92% 0.91%
Other Liabilities 13.61% 12.89% 12.70% 12.55% 11.41% 13.83%

Shareholders' Equity
Total Shareholders Equity 5.16% 9.07% 11.85% 9.00% 13.51% 5.60%
Total Liabilities & Shareholders Equity 78.29% 76.56% 82.63% 82.33% 92.44% 86.28%

x TAX EXPENSE
Fiscal year 2016A 2017A 2018A 2019A 2020A 2021A
Tax Expense 335 330 231 204 246 181
 Pre-Tax Income 983 1,031 1,054 1,024 1,185 891
Tax Rate 34.08% 32.01% 21.92% 19.92% 20.76% 20.31%

x
2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P

7,708 8,079 8,453 8,829 9,204 9,579 9,951 10,320

-4,317 -4,513 -4,710 -4,906 -5,102 -5,296 -5,488 -5,676

-848 -866 -882 -895 -907 -917 -924 -929
-1,041 -1,091 -1,141 -1,192 -1,243 -1,293 -1,343 -1,393
-154 -162 -169 -177 -184 -192 -199 -206
0 0 0 0 0 0 0 0
-164 -146 -115 -80 -43 -12 0 0
39 40 42 44 46 48 50 52
1,223 1,343 1,479 1,623 1,772 1,918 2,047 2,167

-251 -280 -314 -350 -389 -427 -464 -498

973 1,063 1,166 1,273 1,383 1,490 1,584 1,669

2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P

385 404 423 441 460 479 498 516

694 739 785 832 881 931 981 1,032
771 785 797 807 815 821 825 826
154 156 157 158 158 157 156 155
2,004 2,083 2,162 2,239 2,314 2,388 2,459 2,528

347 354 361 367 372 376 380 382

1,387 1,420 1,449 1,476 1,499 1,519 1,535 1,548
1,619 1,662 1,703 1,741 1,775 1,806 1,834 1,858
231 231 229 227 224 219 213 206
694 716 737 757 776 794 810 826
385 381 374 366 355 342 327 310
6,667 6,846 7,015 7,171 7,315 7,444 7,559 7,657

1,542 1,593 1,642 1,690 1,736 1,779 1,820 1,858

77 81 85 88 92 96 100 103
0 0 0 0 0 0 0 0
1,619 1,674 1,727 1,778 1,828 1,875 1,919 1,961

2,684 2,184 1,634 1,034 395 0 0 0

308 323 338 353 368 383 398 413
77 81 85 88 92 96 100 103
1,079 1,108 1,135 1,160 1,183 1,204 1,223 1,238

900 1,477 2,096 2,757 3,449 3,886 3,919 3,942

6,667 6,846 7,015 7,171 7,315 7,444 7,559 7,657

0 0 0 0 0 0 0 0
 2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P
5.00% 4.81% 4.63% 4.44% 4.26% 4.07% 3.89% 3.70%

2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

-56.00% -55.86% -55.71% -55.57% -55.43% -55.29% -55.14% -55.00%

-11.00% -10.71% -10.43% -10.14% -9.86% -9.57% -9.29% -9.00%
-13.50% -13.50% -13.50% -13.50% -13.50% -13.50% -13.50% -13.50%
-2.00% -2.00% -2.00% -2.00% -2.00% -2.00% -2.00% -2.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

18.00% 18.43% 18.86% 19.29% 19.71% 20.14% 20.57% 21.00%

-3.25% -3.47% -3.71% -3.96% -4.22% -4.46% -4.66% -4.83%

14.75% 14.96% 15.14% 15.32% 15.49% 15.68% 15.91% 16.17%

2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P

5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

9.00% 9.14% 9.29% 9.43% 9.57% 9.71% 9.86% 10.00%
10.00% 9.71% 9.43% 9.14% 8.86% 8.57% 8.29% 8.00%
2.00% 1.93% 1.86% 1.79% 1.71% 1.64% 1.57% 1.50%
26.00% 25.79% 25.57% 25.36% 25.14% 24.93% 24.71% 24.50%

4.50% 4.39% 4.27% 4.16% 4.04% 3.93% 3.81% 3.70%

18.00% 17.57% 17.14% 16.71% 16.29% 15.86% 15.43% 15.00%
21.00% 20.57% 20.14% 19.71% 19.29% 18.86% 18.43% 18.00%
3.00% 2.86% 2.71% 2.57% 2.43% 2.29% 2.14% 2.00%
9.00% 8.86% 8.71% 8.57% 8.43% 8.29% 8.14% 8.00%
5.00% 4.71% 4.43% 4.14% 3.86% 3.57% 3.29% 3.00%
86.50% 84.74% 82.99% 81.23% 79.47% 77.71% 75.96% 74.20%

20.00% 19.71% 19.43% 19.14% 18.86% 18.57% 18.29% 18.00%

1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
21.00% 20.71% 20.43% 20.14% 19.86% 19.57% 19.29% 19.00%

4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%

1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
14.00% 13.71% 13.43% 13.14% 12.86% 12.57% 12.29% 12.00%

11.68% 18.28% 24.80% 31.23% 37.47% 40.57% 39.39% 38.20%

51.68% 57.71% 63.66% 69.52% 75.18% 77.71% 75.96% 74.20%

2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P

251 280 314 350 389 427 464 498
 1,223 1,343 1,479 1,623 1,772 1,918 2,047 2,167
20.50% 20.86% 21.21% 21.57% 21.93% 22.29% 22.64% 23.00%
Name

Netid

FINANCIAL STATEMENT MODEL FOR THE CLOROX COMPANY

Company Name The Clorox Company

Latest Fiscal Year 2021

x STATEMENT OF CASH FLOWS

Fiscal year 2016A 2017A 2018A 2019A 2020A
Operating activities
Net Income 701 823 820 939
change in Accounts Receivables 4 -35 -31 -17
change in Inventories -16 -47 -6 58
change in Prepaid Expenses 0 -2 23 4
change in Accounts Payable -30 -4 34 294
change in Operating Lease Liabilities 0 0 0 64
change in Curr. Income Taxes Payable 0 0 9 16
change in Deferred Taxes Payable -21 11 -22 12
Cash from Operations 638 746 827 1,370

Investing Activities
Capital Expenditure -25 -65 -38 -360
change in Goodwill 1 -406 11 14
change in Other Intangible Assets 13 -207 17 18
change in Other Long-Term Assets -23 -12 -52 -54
Cash from Investing -34 -690 -62 -382

Financing Activities
change in Long-Term Debt -117 288 200 97
change in Long-Term Leases 0 0 0 278
change in Other Non-Current Liabilities -14 8 2 -13
Dividends Paid 50% -351 -412 -410 -470
Share Issuance / -Repurchase -106 -228 -577 -121
Cash from financing -587 -343 -785 -228

Change in cash 17 -287 -20 760

Cash, BOP 401 418 131 111
Cash, EOP per SCF 418 131 111 871
Cash, EOP per BS 418 131 111 871
Unrconciled Difference 0 0 0 0

x DEBT SCHEDULE
Fiscal year 2016A 2017A 2018A 2019A 2020A
Pre-transaction Debt
BOP Debt Balance
Issuance
Repayment
EOP Debt Balance

x EQUITY SCHEDULE
Fiscal year 2016A 2017A 2018A 2019A 2020A
Equity, BOP
Net Income
Dividends Paid
Share Issuance / -Repurchase
Equity, EOP
x CASH AVAILABLE/NEEDED SCHEDULE
Fiscal year 2016A 2017A 2018A 2019A 2020A
Sales
Minimum Cash Percent
Minimum Cash, EOP

Cash, BOP
Cash flow from operations
Cash flow from Investing
Cash flow from Financing
Less: Minimum Cash, EOP
Cash Available (Needed)
2021A 2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P

710 973 1,063 1,166 1,273 1,383 1,490 1,584 1,669

44 -90 -45 -46 -47 -49 -50 -50 -51
-298 -19 -14 -12 -10 -8 -6 -3 -1
-107 0 -2 -1 -1 0 0 1 2
346 -133 51 50 48 46 43 41 38
17 -4 4 4 4 4 4 4 4
-25 0 0 0 0 0 0 0 0
5 10 4 4 4 4 4 4 4
692 737 1,061 1,163 1,270 1,380 1,486 1,579 1,663

-240 -100 -40 -36 -32 -28 -24 -20 -15

2 -44 -43 -41 -38 -35 -31 -28 -24
-24 -7 -21 -20 -18 -16 -13 -11 -8
-50 -7 5 7 9 11 13 15 17
-312 -158 -100 -90 -79 -68 -56 -43 -29

4 -100 -500 -550 -600 -639 -395 0 0

23 7 15 15 15 15 15 15 15
248 64 29 27 25 23 21 18 16
-355 -486 -531 -583 -636 -692 -745 -792 -834
-852 3 45 36 25 0 -307 -759 -812
-932 -512 -942 -1,054 -1,171 -1,293 -1,412 -1,517 -1,616

-552 66 19 19 19 19 19 19 18
871 319 385 404 423 441 460 479 498
319 385 404 423 441 460 479 498 516
319 385 404 423 441 460 479 498 516
0 0 0 0 0 0 0 0 0

2021A 2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P

2,784 2,684 2,184 1,634 1,034 395 0 0

0 0 0 0 0 0 0 0
-100 -500 -550 -600 -639 -395 0 0
2,784 2,684 2,184 1,634 1,034 395 0 0 0

2021A 2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P

411 900 1,477 2,096 2,757 3,449 3,886 3,919
973 1,063 1,166 1,273 1,383 1,490 1,584 1,669
-486 -531 -583 -636 -692 -745 -792 -834
3 45 36 25 0 -307 -759 -812
411 900 1,477 2,096 2,757 3,449 3,886 3,919 3,942
2021A 2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P
7,708 8,079 8,453 8,829 9,204 9,579 9,951 10,320
4% 4% 4% 4% 4% 4% 4% 4%
308 323 338 353 368 383 398 413

319 385 404 423 441 460 479 498

737 1,061 1,163 1,270 1,380 1,486 1,579 1,663
-158 -100 -90 -79 -68 -56 -43 -29
-512 -942 -1,054 -1,171 -1,293 -1,412 -1,517 -1,616
-308 -323 -338 -353 -368 -383 -398 -413
77 81 85 88 92 96 100 103