XYZ

Forecasted Condensed Income Statement ($ millions)

Year 2011 2012
Sales 23,192.9 24,723.6
NOPAT 1,832.2 1,854.3
Net Interest Expense after tax 124.0 135.8
Net Income 1,708.3 1,718.5

XYZ
Forecasted Condensed Beginning Balance Sheet ($ millions)
Year 2011 2012
Beg. Net working capital 144.1 247.2
+ Beg. Net Long-Term Assets 7754.4 8406.0
Net Operating Assets or Net Assets 7,898.5 8,653.3
Net Debt 4541.3 4972.7
+ Shareholder's Equity 3357.1 3676.0
Net Capital 7898.4 8648.7

CASH FLOW DATA

XYZ
Free Cash Flow for the Firm (FCFF) Statement
Year 2011 2012
NOPAT 1,832.2 1,854.3
- Change in Working Capital -103.1 -17.6
- Change in Long-Term Assets -651.6 -676.3
FCFF ($ millions) 1,077.5 1,160.5

XYZ
Free Cash Flow to Equity (FCFE) Statement
Year 2011 2012
Net Income 1,708.3 1,718.5
- Change in Working Capital -103.1 -17.6
- Change in Long-Term Assets -651.6 -676.3
+ Change in Net Debt 431.4 392.8
FCFE ($ millions) 1,384.9 1,417.5
 2013 2014 2015 Forecasting Assumptions 2011
26,479.0 28,306.1 30,202.6 Sales Growth Rate 5.7%
1,880.0 1,896.5 1,902.8 NOPAT Margin 7.9%
146.5 157.8 169.6 Beginning net working capital / sales NA
1,733.5 1,738.7 1,733.2 Beginning net long-term assets / sales NA
Beginning net debt to capital ratio NA
After-tax cost of debt 2.73%
% Change in Net Debt NA
% Change in Shareholder's Equity NA
2013 2014 2015 Source: Thomson One Analyst Reports
264.8 283.1 302.0
9082.3 9765.6 10510.5
9,347.1 10,048.7 10,812.5
5365.6 5778.7 6212.1
3966.4 4271.8 4592.2
9332.0 10050.6 10804.4

TA

2013 2014 2015

1,880.0 1,896.5 1,902.8
-18.3 -19.0 -19.0
-683.3 -744.9 -744.9
1,178.4 1,132.6 1,138.9

2013 2014 2015

1,733.5 1,738.7 1,733.2
-18.3 -19.0 -19.0
-683.3 -744.9 -744.9
413.1 433.4 433.4
1,445.1 1,408.3 1,402.7
2012 2013 2014 2015
6.6% 7.1% 6.9% 6.7%
7.5% 7.1% 6.7% 6.3%
1.0% 1.0% 1.0% 1.0%
34.0% 34.3% 34.5% 34.8%
57.5% 57.5% 57.5% 57.5%
2.73% 2.73% 2.73% 2.73%
9.5% 7.9% 7.7% 7.5%
9.5% 7.9% 7.7% 7.5%
XYZ
Standardized Statements of Income ($ millions)
Year 2010 2009
Sales 21,942.2 20,288.4
Cost of sales 15,576.8 14,538.2
Gross Profit 6,365.4 5,750.2
SG&A 3,712.6 3,319.7
Other Operating expenses 458.1 435.2
Operating Income 2,194.7 1,995.3
Other income 8.5 -1.7
Net interest expense 39.1 42.0
Interest Income 9.9 9.8
Interest expense 49.0 51.8
PBT 2,164.1 1,951.6
Tax expense 824.6 738.0
Other gains/(losses) after tax 3.6 0.0
Net Income 1,343.1 1,213.6
Pref. Dividends 0.0 0.0
Net Income to Common 1,343.1 1,213.6
Thomson One Database

XYZ
Standardized Beginning Balance sheet ($ millions)
Year 2011 2010
Assets
Cash and Marketable securities 1,821.5 1,745.2
Accounts Receivable 200.1 148.1
Inventory 2,765.5 2,532.3
Other current assets 312.4 378.2
Total Current Assets 5,099.5 4,803.8
Long-term tangible assets 2,689.9 2,478.4
Long-term intangible assets 182.2 181.8
Total Long-term assets 2,872.1 2,660.2
Total Assets 7,971.6 7,464.0
Liabilities
Accounts Payable 1,683.9 1,507.9
Short term debt 2.7 2.4
Other current liabilities 1,446.4 1,384.7
Total Current Liabilities 3,133.0 2,895.0
Long-term debt 787.5 790.2
Deferred Taxes 241.9 192.4
Other long-term liabilities 709.3 697.1
Total long-term liabilities 1,738.7 1,679.7
Total Liabilities 4,871.7 4,574.7
Shareholder's Equity 3,099.9 2,889.3
Total Liabilities and Shareholder's Equity 7,971.6 7,464.0
Thomson One Database
 XYZ
Condensed Statements of Income ($ millions)
2008 Year 2010 2009 2008
18,999.5 Sales 21,942.2 20,288.4 18,999.5
13,993.0 Net Operating Profit after Tax (NOPAT)
5,006.5 Net Income 1,343.1 1,213.6 880.6
3,170.0 + Net interest expense after tax 24.2 26.1 9.0
371.2 = Net operating profit after tax 1,367.3 1,239.7 889.6
1,465.3 - Net interest after tax 24.2 26.1 9.0
0.0 Interest Expense 49.0 51.8 36.5
14.3 - Interest income 9.9 9.8 22.2
22.2 = Net interest expense (Income) 39.1 42.0 14.3
36.5 X (1 -Tax expense/PBT) 0.62 0.62 0.63
1,451.0 = Net interest expense after tax 24.2 26.1 9.0
536.1 = Net Income 1,343.1 1,213.6 880.6
-34.3 - Pref. Dividends 0.0 0.0 0.0
880.6 = Net Income to common 1,343.1 1,213.6 880.6
0.0
880.6
Thomson One Database

XYZ
Condensed Beginning Balance sheet ($ millions) Revised
2009 Year 2011 2010 2009
Beginning Net working capital 144.1 166.0 799.7
453.5 Accounts receivable 200.1 148.1 143.5
143.5 + Inventory 2,765.5 2,532.3 2,619.3
2,619.3 + Other current assets 312.4 378.2 409.8
409.8 - Accounts Payable -1,683.9 -1,507.9 -1,276.1
3,626.1 - Other current liabilities -1,450.0 -1,384.7 -1,096.8
2,372.6 = Beginning Net Working Capital 144.1 166.0 799.7
179.6 Beginning Net Long Term Assets 7,754.4 1,770.7 1,660.2
2,552.2 Long-term tangible assets 8,663.7 2,478.4 2,372.6
6,178.3 + Long-term intangible assets 182.3 181.8 179.6
- Deferred taxes -382.3 -192.4 -127.0
1,276.1 - Other long-term liabilities -709.3 -697.1 -765.0
395.0 = Beginning Net Long-term assets 7,754.4 1,770.7 1,660.2
1,096.8 = Total Beginning Net Assets 7,898.5 1,936.7 2,459.9
2,767.9
383.8 Beginning Net Debt 4,541.3 -952.6 325.3
127.0 Short-term debt 2.7 2.4 395.0
765.0 + Long-term debt 6,360.1 790.2 383.8
1,275.8 - Cash -1,821.5 -1,745.2 -453.5
4,043.7 = Beginning Net Debt 4,541.3 -952.6 325.3
2,134.6 = Beginning Shareholder's Equity 3,357.1 2,889.3 2,134.6
6,178.3 = Total Net Capital 7,898.4 1,936.7 2,459.9
Thomson One Database