Starbucks - Ratios 2012

Starbucks Corp.
FISCAL YEAR ENDED (MOST RECENT YEAR FIRST)

CASH
SHORT-TERM INVESTMENTS
ACCOUNTS RECEIVABLE
INVENTORIES
PREPAID ASSETS
DEFERRED INCOME TAXES
CURRENT ASSET #1
CURRENT ASSET #2
CURRENT ASSET #3
OTHER CURRENT ASSETS
TOTAL CURRENT ASSETS
PROP, PLANT & EQUIP (GROSS)
ACCUMULATED DEP
PROP, PLANT & EQUIP (NET)
LONG-TERM INVESTMENTS
GOODWILL
DEFERRED CHARGES
INTANGIBLE ASSETS
OTHER LONG-TERM ASSETS #1
OTHER LONG-TERM ASSETS
TOTAL LONG-TERM ASSETS
TOTAL ASSETS
10/2/2011
$1,148.1
$902.6
$386.5
$965.8
$161.5
$230.4
10/3/2010
$1,164.0
$285.7
$302.7
$543.3
$156.5
$304.2
9/27/2009
$599.8
$66.3
$271.0
$664.9
$147.2
$286.6
$3,794.9
$2,756.4
$2,035.8
$2,355.0
$2,416.5
$2,536.4
$479.3
$321.6
$533.3
$262.4
$423.5
$259.1
$111.9
$297.7
$70.8
$346.5
$68.2
$253.8
$3,565.5
$7,360.4
$3,629.5
$6,385.9
$3,541.0
$5,576.8
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0

ACCOUNTS PAYABLE
ACCRUED EXPENSES
ACCRUED TAXES PAYABLE
OTHER ACCRUED LIABILITY
INSURANCE RESERVE
OTHER PAYABLES #3
DEFERRED REVENUE
OTHER CURRENT LIAB
NOTES PAYABLE
SHORT-TERM DEBT
CURRENT PORTION OF LTD
CURRENT PORTION OF CAPITAL LEASES
TOTAL CURRENT LIAB
INTEREST BEARING #1
LONG TERM DEBT
CAPITAL LEASE OBLIGATIONS
INTEREST BEARING #4
INTEREST BEARING #5
LONG-TERM DEFERRED REVENUE
DEFERRED TAXES
other LTL
NON- INTEREST BEARING #2
TOTAL INTEREST BEARING LTL
TOTAL NON-INTEREST BEARING LTL
TOTAL LONG-TERM LIABILITIES
TOTAL LIABILITIES
PUT OPTIONS
MINORITY INTEREST
PREFERRED STOCK
COMMON STOCK
PAID IN CAPITAL
RETAINED EARNINGS
TREASURY STOCK (INPUT AS A NEGATIVE #)
ACCUMULATED COMPREHENSIVE INCOME (LOSS)
OTHER SHAREHOLDERS' EQUITY #1
TOTAL SHAREHOLDER EQUITY
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
ASSETS - (LIABILITIES + STOCK EQUITY)
Starbucks Corp.
NET SALES
OTHER OPERATING REVENUE #1
TOTAL OPERATING REVENUES
COST OF GOODS
GROSS PROFIT
R & D EXPENDITURES
10/2/2011
$1,626.5
10/3/2010
$1,365.0
9/27/2009
$1,192.1
$449.3
$414.1
$388.7
$0.2
$2,075.8
$1,779.1
$1,581.0
$549.5
$549.4
$549.3
$347.8
$375.1
$400.8
$549.5
$347.8
$897.3
$2,973.1
$549.4
$375.1
$924.5
$2,703.6
$549.3
$400.8
$950.1
$2,531.1
$2.4
$7.6
$0.7
$40.5
$4,297.4
$0.7
$145.6
$3,471.2
$0.7
$186.4
$2,793.2
$46.3
$57.2
$65.4
$4,384.9
$7,360.4
$0.0
$3,674.7
$6,385.9
$0.0
$3,045.7
$5,576.8
$0.0
10/2/2011
$11,700.4
10/3/2010
$10,707.4
9/27/2009
$9,774.6
$11,700.4
$4,949.3
$6,751.1
$10,707.4
$4,458.6
$6,248.8
$9,774.6
$4,324.9
$5,449.7
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
SELLING, GENERAL & ADMINISTRATIVE EXPENSES

DEPRECIATION & AMORTIZATION EXPENSE
STOCK COMPENSATION EXPENSE
IMPAIRMENT CHARGES
RESTRUCTURING CHARGES
OTHER OPERATING EXPENSE #1
TOTAL OPERATING EXPENSES
$4,703.2
$523.3
$4,414.1
$510.4
$4,142.5
$534.7
$0.0
$53.0
$332.4
$5,226.5
$4,977.5
$5,009.6
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
INCOME BEFORE INTEREST AND TAXES

GAIN ON SALE OF PROPERTIES
INTEREST EXPENSE
INTEREST INCOME
$1,524.6
$30.2
$33.3
$115.9
$1,271.3
$0.0
$32.7
$50.3
$440.1
$0.0
$39.1
$37.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
EQUITY IN INCOME OF UNCONSOLIDATED AFFILIATES

INCOME BEFORE TAXES
PROVISION FOR INCOME TAXES
MINORITY INTEREST
$173.7
$1,811.1
$563.1
$2.3
$148.1
$1,437.0
$488.7
$2.7
$121.9
$559.9
$168.4
$0.7
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
INCOME FROM CONTINUING OPERATIONS

EXTRAORDINARY ITEMS (NET OF TAX)
$1,245.7
$945.6
$390.8
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$1,245.7
$945.6
$390.8
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
0.04546
10/2/2011
0.04116
10/3/2010
0.04559
9/27/2009
$0.0
#DIV/0!
DISCONTINUED OPERATION (NET OF TAX)

ACCOUNTING CHANGES (NET OF TAX)
NET INCOME
Starbucks Corp.
CASH FLOW PROVIDED BY OPERATIONS
$1,612.4
$1,704.9
$1,389.0
CASH PAID FOR INTEREST (INPUT AS A POSITIVE #)

CASH PAID FOR TAXES (INPUT AS A POSITIVE #)
$34.4
$350.1
$32.0
$527.0
$39.8
$162.0
CAPITAL EXPENDITURES (INPUT AS A POSITIVE #)
$531.9
$440.7
$445.6
DEPRECIATION AND AMORTIZATION FROM THE

STATEMENT OF CASH FLOWS (INPUT AS A POSITIVE #)
$550.0
$540.8
$563.3
$0.0
$389.5
$0.0
$171.0
$0.0
$0.0
$555.9
$5,371.8
31.1%
$285.6
$4,337.0
34.0%
$0.0
$4,989.8
30.1%
$0.0
#DIV/0!
$0.0
#DIV/0!
$0.0
#DIV/0!
$0.0
#DIV/0!
$0.0
#DIV/0!
$0.0
#DIV/0!
$0.0
#DIV/0!
$0.0
#DIV/0!
Starbucks Corp.
ROE
DIVIDEND PAYOUT RATIO
1- DIVIDEND PAYOUT
SUSTAINABLE GROWTH RATE
10/2/2011
30.9%
31.3%
68.7%
21.2%
10/3/2010
28.1%
18.1%
81.9%
23.1%
9/27/2009
25.7%
0.0%
100.0%
25.7%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Starbucks Corp.
10/2/2011
10/3/2010
9/27/2009
PREFERRED DIVIDENDS (INPUT AS A POSITIVE #)

COMMON DIVIDENDS (INPUT AS A POSITIVE #)
CASH PAID TO REPURCHASE COMMON STOCK (INPUT
AS A POSITIVE #)
PURCHASES
TAX RATE
ALTERNATIVE DECOMPOSITION OF ROE:
ROE (FROM ABOVE)

OPERATING ROA:
NOPAT
SALES
NOPAT MARGIN
NOPAT MARGIN (TO CHECK)
OPERATING WORKING CAPITAL
NET LONG-TERM ASSETS
NET ASSETS
OPERATING ROA (NOPAT/NET ASSETS)
OPERATING ASSET TURNOVER (OAT)
OPERATING ROA (NOPAT MARGIN * OAT)
30.9%
28.1%
25.7%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
$1,188.8
$11,700.4
10.2%
10.2%
-$402.0
$3,231.1
$2,829.1
42.0%
4.1
42.0%
$934.0
$10,707.4
8.7%
8.7%
-$341.8
$3,193.5
$2,851.8
32.8%
3.8
32.8%
$392.3
$9,774.6
4.0%
4.0%
-$105.6
$1,570.1
$1,464.6
26.8%
6.7
26.8%
#DIV/0!
$0.0
#DIV/0!
#DIV/0!
$0.0
$0.0
$0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
$0.0
#DIV/0!
#DIV/0!
$0.0
$0.0
$0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
$0.0
#DIV/0!
#DIV/0!
$0.0
$0.0
$0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
$0.0
#DIV/0!
#DIV/0!
$0.0
$0.0
$0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
$0.0
#DIV/0!
#DIV/0!
$0.0
$0.0
$0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
$0.0
#DIV/0!
#DIV/0!
$0.0
$0.0
$0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
$0.0
#DIV/0!
#DIV/0!
$0.0
$0.0
$0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
$0.0
#DIV/0!
#DIV/0!
$0.0
$0.0
$0.0
#DIV/0!
#DIV/0!
#DIV/0!
FINANCIAL LEVERAGE EFFECT:

NET DEBT
STOCKHOLDERS' EQUITY
NET FINANCIAL LEVERAGE
(INTEREST EXPENSE - INTEREST INCOME)
TAX RATE
NET INTEREST EXPENSE AFTER TAX (NIEAT)
NET INTEREST RATE AFTER TAX (NIRAT)
SPREAD (OPERATING ROA - NIRAT)
FIN'L LEVERAGE EFFECT (NFL*SPREAD)
-$1,200.8
$4,029.8
-29.8%
-$82.6
31.1%
-$56.9
4.7%
37.3%
-11.1%
-$508.5
$3,360.2
-15.1%
-$17.6
34.0%
-$11.6
2.3%
30.5%
-4.6%
-$58.3
$1,522.9
-3.8%
$2.1
30.1%
$1.5
-2.5%
29.3%
-1.1%
$0.0
$0.0
#DIV/0!
$0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
$0.0
$0.0
#DIV/0!
$0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
$0.0
$0.0
#DIV/0!
$0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
$0.0
$0.0
#DIV/0!
$0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
$0.0
$0.0
#DIV/0!
$0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
$0.0
$0.0
#DIV/0!
$0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
$0.0
$0.0
#DIV/0!
$0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
$0.0
$0.0
#DIV/0!
$0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
42.0%
-11.1%
30.9%
30.9%
0.0%
32.8%
-4.6%
28.1%
28.1%
0.0%
26.8%
-1.1%
25.7%
25.7%
0.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
ALTERNATIVE ROE CALCULATION:

OPERATING ROA
FIN'L LEVERAGE EFFECT
OPERATING ROA + FINL LEVERAGE EFFECT
ROE (FROM ABOVE)
DIFFERENCE (SHOULD BE ZERO)
Starbucks Corp.
RATIOS
RETURN ON EQUITY
ROE
ROA MARGIN (NOPAT MARGIN)
ASSET TURNOVER
ROA
COMMON EARNINGS LEVERAGE
FINANCIAL LEVERAGE
ROE = NOPAT MARGIN * A/T * CEL * LEV
ROE = ROA * CEL * LEV
10/2/2011
30.9%
10.2%
1.70
17.3%
1.05
1.71
30.9%
30.9%
10/3/2010
28.1%
8.7%
1.79
15.6%
1.01
1.78
28.1%
28.1%
9/27/2009
25.7%
4.0%
3.51
14.1%
1.00
1.83
25.7%
25.7%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

10/2/2011
KEY DRIVERS OF RETURN ON EQUITY
COST OF GOODS/SALES
42.3%
GROSS PROFIT MARGIN
57.7%
SELLING, GENERAL & ADMINISTRATIVE EXPENSES/SALES
40.2%
R & D EXPENDITURES/SALES
0.0%
DEPRECIATION & AMORTIZATION EXPENSE/SALES
4.5%
STOCK COMPENSATION EXPENSE/SALES
0.0%
IMPAIRMENT CHARGES/SALES
0.0%
RESTRUCTURING CHARGES/SALES
0.0%
GAIN ON SALE OF PROPERTIES/SALES
0.3%
INTEREST INCOME/SALES
1.0%
INTEREST EXPENSE/SALES
0.3%
OTHER OPERATING EXPENSE #1/SALES
0.0%
0.0%
0.0%
0.0%
EQUITY IN INCOME OF UNCONSOLIDATED
AFFILIATES/SALES
1.5%
MINORITY INTEREST/SALES
0.0%
TOTAL OPERATING EXPENSES/SALES
44.7%
EBT/SALES
15.5%
EBIT/SALES
13.0%
EBITDA/SALES
17.5%
INCOME TAX/ SALES
4.8%
NET INCOME/SALES
10.6%
10/3/2010
9/27/2009
41.6%
58.4%
41.2%
0.0%
4.8%
0.0%
0.0%
0.5%
0.0%
0.5%
0.3%
0.0%
0.0%
0.0%
0.0%
44.2%
55.8%
42.4%
0.0%
5.5%
0.0%
0.0%
3.4%
0.0%
0.4%
0.4%
0.0%
0.0%
0.0%
0.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
1.4%
0.0%
46.5%
13.4%
11.9%
16.6%
4.6%
8.8%
1.2%
0.0%
51.3%
5.7%
4.5%
10.0%
1.7%
4.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
10/2/2011
10/2/2011
33.95
6.56
3.59
3.31
10.60
54.88
100.24
108.80
4.90
3.62
-3.4%
-29.11
-34.75
10/3/2010
10/3/2010
37.33
7.38
3.39
3.49
9.64
48.78
106.13
103.23
4.32
3.35
-3.2%
-31.33
-47.71
9/27/2009
9/27/2009
72.14
13.01
8.37
7.26
4.99
27.67
43.00
49.61
7.71
6.23
-1.1%
-92.61
-10.34
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
LIQUIDITY RATIOS
CURRENT RATIO
QUICK RATIO
CASH RATIO
OCF TO CL RATIO
10/2/2011
1.83
1.17
0.55
0.84
10/3/2010
1.55
0.98
0.65
1.01
9/27/2009
1.29
0.59
0.38
1.76
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Solvency and COVERAGE RATIOS

LTD / (LTD +SE)
LTD / SE
TOTAL LIABILITIES / TOTAL ASSETS
10/2/2011
11.1%
12.5%
40.4%
10/3/2010
13.0%
15.0%
42.3%
9/27/2009
15.3%
18.0%
45.4%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Starbucks Corp.
ASSET MANAGEMENT RATIOS
A/R TURNOVER
INVENTORY TURNOVER
ACCOUNTS PAYABLE TURNOVER (PURCHASES)
ACCOUNTS PAYABLE TURNOVER (CGS)
DAYS' RECEIVABLES
DAYS' INVENTORY
DAYS' PAYABLE (PURCHASES)
DAYS' PAYABLE (CGS)
PP&E TURNOVER
NET LONG-TERM ASSET TURNOVER
OPERATING WORKING CAPITAL TO SALES
OPERATING WORKING CAPITAL TURNOVER
CASH CYCLE (IN DAYS)
TOTAL LIABILITIES / STOCK EQUITY

SE / TOTAL ASSETS
DEBT-TO-EQUITY RATIO
NET DEBT-TO EQUITY RATIO
DEBT-TO-CAPITAL RATIO
NET DEBT-TO-NET CAPITAL RATIO
OCF TO TL RATIO
67.8%
59.6%
12.5%
-34.2%
11.1%
-52.1%
56.8%
73.6%
57.5%
15.0%
-24.5%
13.0%
-32.5%
65.1%
83.1%
54.6%
18.0%
-3.8%
15.3%
-4.0%
109.8%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
45.78
58.05
0.34
3.03
38.88
70.75
0.17
3.87
11.26
39.97
0.00
3.12
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
10/2/2011
15.6%
12.3%
5.3%
13.1%
2.2%
3.1%
0.0%
0.0%
0.0%
0.0%
51.6%
10/3/2010
18.2%
4.5%
4.7%
8.5%
2.5%
4.8%
0.0%
0.0%
0.0%
0.0%
43.2%
9/27/2009
10.8%
1.2%
4.9%
11.9%
2.6%
5.1%
0.0%
0.0%
0.0%
0.0%
36.5%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

ACCUMULATED DEP
0.0%
0.0%
32.0%
0.0%
0.0%
37.8%
0.0%
0.0%
45.5%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
GOODWILL
DEFERRED CHARGES
INTANGIBLE ASSETS
TOTAL ASSETS
6.5%
4.4%
0.0%
0.0%
1.5%
#REF!
4.0%
0.0%
0.0%
48.4%
100.0%
8.4%
4.1%
0.0%
0.0%
1.1%
#REF!
5.4%
0.0%
0.0%
56.8%
100.0%
7.6%
4.6%
0.0%
0.0%
1.2%
#REF!
4.6%
0.0%
0.0%
63.5%
100.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
10/2/2011
22.1%
0.0%
0.0%
0.0%
0.0%
0.0%
6.1%
0.0%
0.0%
10/3/2010
21.4%
0.0%
0.0%
0.0%
0.0%
0.0%
6.5%
0.0%
0.0%
9/27/2009
21.4%
0.0%
0.0%
0.0%
0.0%
0.0%
7.0%
0.0%
0.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
INTEREST COVERAGE (EARNINGS BASIS)

INTEREST COVERAGE (CASH BASIS)
COMMON SHARES REPURCHASES TO OCF
OCF TO CAPEX RATIO
Starbucks Corp.
COMMON-SIZE BALANCE SHEET (ASSETS)
CASH
ACCOUNTS RECEIVABLE
INVENTORIES
PREPAID ASSETS
CURRENT ASSET #1
CURRENT ASSET #2
CURRENT ASSET #3

ACCOUNTS PAYABLE
ACCRUED EXPENSES
INSURANCE RESERVE
OTHER PAYABLES #3
DEFERRED REVENUE
OTHER CURRENT LIAB
NOTES PAYABLE
SHORT-TERM DEBT
TOTAL CURRENT LIAB
0.0%
0.0%
0.0%
28.2%
0.0%
0.0%
0.0%
27.9%
0.0%
0.0%
0.0%
28.3%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
INTEREST BEARING #1
LONG TERM DEBT
INTEREST BEARING #4
INTEREST BEARING #5
DEFERRED TAXES
other LTL
TOTAL LIABILITIES
PUT OPTIONS
MINORITY INTEREST
0.0%
7.5%
0.0%
0.0%
0.0%
0.0%
0.0%
4.7%
0.0%
0.0%
0.0%
7.5%
4.7%
12.2%
40.4%
0.0%
0.0%
0.0%
8.6%
0.0%
0.0%
0.0%
0.0%
0.0%
5.9%
0.0%
0.0%
0.0%
8.6%
5.9%
14.5%
42.3%
0.0%
0.1%
0.0%
9.8%
0.0%
0.0%
0.0%
0.0%
0.0%
7.2%
0.0%
0.0%
0.0%
9.8%
7.2%
17.0%
45.4%
0.0%
0.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0%
0.0%
0.6%
58.4%
0.0%
0.6%
0.0%
0.0%
0.0%
59.6%
100.0%
0.0%
0.0%
2.3%
54.4%
0.0%
0.9%
0.0%
0.0%
0.0%
57.5%
100.0%
0.0%
0.0%
3.3%
50.1%
0.0%
1.2%
0.0%
0.0%
0.0%
54.6%
100.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.195138706 0.121854394 0.153737659

17.5%
13.5%
6.8%
10/2/2011
10/3/2010
9/27/2009
9.8%
10.9%
6.1%
7.7%
2.7%
0.7%
3.3%
2.8%
2.8%
8.3%
5.1%
6.8%
1.4%
1.5%
1.5%
2.0%
2.8%
2.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
32.4%
25.7%
20.8%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
PREFERRED STOCK
COMMON STOCK
PAID IN CAPITAL
RETAINED EARNINGS
Starbucks Corp.
COMMON-SIZE BALANCE SHEET (SALES)
CASH
ACCOUNTS RECEIVABLE
INVENTORIES
PREPAID ASSETS
CURRENT ASSET #1
CURRENT ASSET #2
CURRENT ASSET #3
ACCUMULATED DEP
0.0%
0.0%
20.1%
0.0%
0.0%
22.6%
0.0%
0.0%
25.9%
GOODWILL
DEFERRED CHARGES
INTANGIBLE ASSETS
TOTAL ASSETS
4.1%
2.7%
0.0%
0.0%
1.0%
#REF!
2.5%
0.0%
0.0%
30.5%
62.9%
32.86%
10/2/2011
13.9%
0.0%
0.0%
0.0%
0.0%
0.0%
3.8%
0.0%
0.0%
0.0%
0.0%
0.0%
17.7%
5.0%
2.5%
0.0%
0.0%
0.7%
#REF!
3.2%
0.0%
0.0%
33.9%
59.6%
30.61%
10/3/2010
12.7%
0.0%
0.0%
0.0%
0.0%
0.0%
3.9%
0.0%
0.0%
0.0%
0.0%
0.0%
16.6%
4.3%
2.7%
0.0%
0.0%
0.7%
#REF!
2.6%
0.0%
0.0%
36.2%
57.1%
27.56%
9/27/2009
12.2%
0.0%
0.0%
0.0%
0.0%
0.0%
4.0%
0.0%
0.0%
0.0%
0.0%
0.0%
16.2%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
INTEREST BEARING #1
LONG TERM DEBT
INTEREST BEARING #4
INTEREST BEARING #5
DEFERRED TAXES
other LTL
TOTAL LIABILITIES
PUT OPTIONS
MINORITY INTEREST
0.0%
4.7%
0.0%
0.0%
0.0%
0.0%
0.0%
3.0%
0.0%
0.0%
0.0%
4.7%
3.0%
7.7%
25.4%
0.0%
0.0%
0.0%
5.1%
0.0%
0.0%
0.0%
0.0%
0.0%
3.5%
0.0%
0.0%
0.0%
5.1%
3.5%
8.6%
25.2%
0.0%
0.1%
0.0%
5.6%
0.0%
0.0%
0.0%
0.0%
0.0%
4.1%
0.0%
0.0%
0.0%
5.6%
4.1%
9.7%
25.9%
0.0%
0.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
PREFERRED STOCK
COMMON STOCK
PAID IN CAPITAL
RETAINED EARNINGS
0.0%
0.0%
0.3%
36.7%
0.0%
0.4%
0.0%
0.0%
0.0%
37.5%
0.0%
0.0%
1.4%
32.4%
0.0%
0.5%
0.0%
0.0%
0.0%
34.3%
0.0%
0.0%
1.9%
28.6%
0.0%
0.7%
0.0%
0.0%
0.0%
31.2%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

ACCOUNTS PAYABLE
ACCRUED EXPENSES
INSURANCE RESERVE
OTHER PAYABLES #3
DEFERRED REVENUE
OTHER CURRENT LIAB
NOTES PAYABLE
SHORT-TERM DEBT
TOTAL CURRENT LIAB

Starbucks Corp.
COMMON-SIZE INCOME STATEMENT
NET SALES
COST OF GOODS
GROSS PROFIT
R & D EXPENDITURES
IMPAIRMENT CHARGES
62.9%
10/2/2011
59.6%
10/3/2010
57.1%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
9/27/2009
100.0%
0.0%
0.0%
100.0%
42.3%
57.7%
0.0%
40.2%
4.5%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
44.7%
100.0%
0.0%
0.0%
100.0%
41.6%
58.4%
0.0%
41.2%
4.8%
0.0%
0.0%
0.5%
0.0%
0.0%
0.0%
0.0%
46.5%
100.0%
0.0%
0.0%
100.0%
44.2%
55.8%
0.0%
42.4%
5.5%
0.0%
0.0%
3.4%
0.0%
0.0%
0.0%
0.0%
51.3%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

INTEREST EXPENSE
INTEREST INCOME
13.0%
0.3%
0.3%
1.0%
11.9%
0.0%
0.3%
0.5%
4.5%
0.0%
0.4%
0.4%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

INCOME BEFORE TAXES
MINORITY INTEREST
1.5%
15.5%
4.8%
0.0%
1.4%
13.4%
4.6%
0.0%
1.2%
5.7%
1.7%
0.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

10.6%
0.0%
8.8%
0.0%
4.0%
0.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

NET INCOME
0.0%
0.0%
10.6%
0.0%
0.0%
8.8%
0.0%
0.0%
4.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Starbucks Corp.
TREND INCOME STATEMENT (YR-BY-YR)
NET SALES
COST OF GOODS
GROSS PROFIT
R & D EXPENDITURES
IMPAIRMENT CHARGES
10/2/2011
9.3%
#DIV/0!
#DIV/0!
9.3%
11.0%
8.0%
#DIV/0!
6.5%
2.5%
#DIV/0!
#DIV/0!
-100.0%
#DIV/0!
10/3/2010
9.5%
#DIV/0!
#DIV/0!
9.5%
3.1%
14.7%
#DIV/0!
6.6%
-4.5%
#DIV/0!
#DIV/0!
-84.1%
#DIV/0!
9/27/2009
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
5.0%
#DIV/0!
#DIV/0!
#DIV/0!
-0.6%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

INTEREST EXPENSE
INTEREST INCOME
19.9%
#DIV/0!
1.8%
130.4%
188.9%
#DIV/0!
-16.4%
35.9%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

INCOME BEFORE TAXES
MINORITY INTEREST
17.3%
26.0%
15.2%
-14.8%
21.5%
156.7%
190.2%
285.7%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

31.7%
#DIV/0!
142.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

NET INCOME
#DIV/0!
#DIV/0!
31.7%
#DIV/0!
#DIV/0!
142.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Starbucks Corp.
FINANCIAL DISTRESS ANALYSIS:
ALTMAN'S Z-SCORE:
Z-SCORE = 1.2(NET WORKING CAPITAL/TOTAL
ASSETS) + 1.4(RETAINED EARNINGS/TOTAL ASSETS) +
3.3(EBIT/TOTAL ASSETS) +
0.6(MARKET
VALUE OF EQUITY/BOOK VALUE OF LIABILITIES) +
1.0(SALES/TOTAL ASSETS)
10/2/2011
10/3/2010
9/27/2009
INPUT: STOCK PRICE AT FISCAL YEAR END

INPUT: SHARES OUTSTANDING FISCAL YEAR END
MARKET VALUE OF EQUITY IN DOLLARS
ADJUST PRIOR LINE FOR MARKET VALUE OF EQUITY
IN DOLLARS TO MATCH FINANCIAL STATEMENT
NUMBERS ABOVE ($000s OR $000,000s, ETC)
NET WORKING CAPITAL/TOTAL ASSETS
RETAINED EARNINGS/TOTAL ASSETS
EBIT/TOTAL ASSETS
MARKET VALUE OF EQUITY/BOOK VALUE OF
LIABILITIES
SALES/TOTAL ASSETS
Z-SCORE =============================>
Z-SCORES LESS THAN 1.81 INDICATE A HIGH

PROBABILITY OF BANKRUPTCY WHILE Z-SCORES
HIGHER THAN 3.00 INDICATE A LOW PROBABILITY OF
BANKRUPTCY. Z-SCORES BETWEEN 1.81 AND 3.00 ARE
A GRAY AREA (NO PREDICTION).
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
0.234
0.584
0.207
$0
0.153
0.544
0.199
$0
0.082
0.501
0.079
$0
#DIV/0!
#DIV/0!
#DIV/0!
$0
#DIV/0!
#DIV/0!
#DIV/0!
$0
#DIV/0!
#DIV/0!
#DIV/0!
$0
#DIV/0!
#DIV/0!
#DIV/0!
$0
#DIV/0!
#DIV/0!
#DIV/0!
$0
#DIV/0!
#DIV/0!
#DIV/0!
$0
#DIV/0!
#DIV/0!
#DIV/0!
$0
#DIV/0!
#DIV/0!
#DIV/0!
0.000
1.590
0.000
1.677
0.000
1.753
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
3.371
3.278
2.812
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Starbucks Corp.
OHLSON'S PROBABILITY OF BANKRUPTCY:
10/2/2011
10/3/2010
9/27/2009
y = - 1.32 - 0.407(SIZE) + 6.03(TLTA) - 1.43(WCTA) +

0.0757(CLCA) - 2.37(NITA) - 1.83(FUTL) + 0.285(INTWO) 1.72(OENEG) - 0.521(CHIN)
SEE THE LECTURE NOTES FOR THE VARIABLE
DEFINITIONS
DEFINE MODEL VARIABLE VALUES HERE:
NOTE: YOU MUST MANUALLY INPUT SOME OF THE

VARIABLE VALUES, WHILE OTHERS ARE CALCULATED
FOR YOU. INPUT THOSE INDICATED IN RED.
INPUT THE GNP IMPLICIT PRICE DEFLATOR INDEX AND

LAG THE INDEX BY A YEAR. FOR EXAMPLE, FOR
FISCAL YEAR END 12/31/2003 USE THE PRICE INDEX
FOR 12/31/2002. THE GNP IMPLICIT PRICE DEFLATOR
IS IN THE ATTACHED SPREADSHEET.
SIZE: INPUT TOTAL ASSETS IN DOLLARS (NOT IN

THOUSANDS OR MILLIONS, ACTUAL DOLLARS)
SIZE =TOTAL ASSETS / GNP IMPLICIT PRICE DEFLATOR
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
TL/TA = TOTAL LIABILITIES/TOTAL ASSETS
0.404
0.423
0.454
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
WCTA = (CURRENT ASSETS-CURRENT

LIABILITIES)/TOTAL ASSETS
0.234
0.153
0.082
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
CLCA = CURRENT LIABILITIES / CURRENT ASSETS
0.547
0.645
0.777
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
NITA = NET INCOME / TOTAL ASSETS
0.169
0.148
0.070
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
FUTL = WORKING CAPITAL FROM OPERATIONS /

TOTAL LIABILITIES
0.604
0.550
0.377
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
INTWO = 1 IF NET INCOME IS NEGATIVE THE LAST TWO

YEARS, 0 OTHERWISE.
OENEG = 1 OF STOCKHOLDERS' EQUITY IS NEGATIVE,

0 OTHERWISE.
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.137
0.415
1.000
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
CHIN = (NET INCOME THIS YEAR - NET INCOME LAST

YEAR) / ( |NET INCOME THIS YEAR| + |NET INCOME
LAST YEAR| )
DEFINITIONS
THE VALUE OF "y" IS:
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
OHLSON'S PROBABILITY OF BANKRUPTCY IS:
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Starbucks Corp.
EARNINGS MANIPULATION ANALYSIS:
BENEISH'S MANIPULATION INDEX
10/2/2011
10/3/2010
9/27/2009
"y" = -4.84 + 0.92(DSRI) + 0.528(GMI) + 0.404(AQI) +

0.892(SGI) + 0.115(DEPI) -0.172(SAI) - 0.327(LVGI) +
4.67(TATA)
DAYS' SALES IN RECEIVABLES INDEX
1.16848
1.01967
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
GROSS MARGIN INDEX
1.01144
0.95535
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
ASSET QUALITY INDEX
0.93334
1.02148
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
SALES GROWTH INDEX
1.09274
1.09543
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
DEPRECIATION INDEX
SALES, GENERAL AND ADMINISTRATIVE INDEX
0.96588
0.97507
0.99375
0.97274
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
LEVERAGE INDEX
TOTAL ACCRUALS TO TOTAL ASSETS
0.97819
0.95455
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-0.04982
-0.11890
-0.17899
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-2.488
-2.928
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.902%
0.274%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

DEFINITIONS
THE VALUE OF "y" IS:
EARNINGS MANIPULATION PROBABILITY IS:
CUTOFF PROBABILITIES GIVEN TYPE I AND TYPE II
ERROR TRADE-OFFS:
COST OF TYPE I ERROR RELATIVE TO TYPE II ERROR:

10:1
20:1
30:1
40:1 (OR HIGHER)
CUTOFF
PROBABILITY
6.85%
3.76%
3.76%
2.94%
Financial Statement Model for Starbucks Corporation

All figures in millions, except per share data
Assumptions
Company Name
Latest Fiscal year end (mm/dd/yy)
Current share price
Current date
Consensus EPS estimates
10/2/11
10/2/12
10/2/13
Expected EPS growth rate
Starbucks Corporation
10/2/11
$47.47
7/28/12
$1.66
$1.85
$2.18
11.00%
Income Statement
Actual
2009
2010
10/2/09
10/2/10
Total Revenues
Cost of goods sold - REPORTED
Cost of goods sold - PRO FORMA
Gross Profit
SG&A and Other - REPORTED
SG&A and Other - PRO FORMA
Operating profit - EBIT
Interest expense
Interest income / (loss) - REPORTED
Interest income / (loss) - PRO FORMA
Pretax income - EBT
Taxes - REPORTED
Taxes - PRO FORMA
Equity in income of affiliates, after tax (enter as +)
Minority interest expense, after tax (enter as - )
Net Income
Common dividends
Pro Forma EBITDA Reconciliation
EBIT
Depreciation & amortization
EBITDA
Pro Forma Basic EPS Reconcilliation
Preferred dividends
Net income for basic EPS
Basic shares outstanding
Basic EPS
$9,774.6
$4,324.9
4,324.9
5,449.7
5,009.6
5,009.6
440.1
39.1
37.0
2.1
438.0
168.4
168.4
121.9
(0.7)
390.8
-
440.1
534.7
974.8
2011
10/2/11
$10,707.4
$4,458.6
4,458.6
6,248.8
$4,977.5
4,924.5
1,324.3
32.7
50.3
(17.6)
1,341.9
488.7
541.7
148.1
(2.7)
945.6
171.0
11,700.4
$4,949.3
4,949.3
6,751.1
$5,196.3
5,196.3
1,554.8
33.3
115.9
(82.6)
1,637.4
563.1
563.1
173.7
(2.3)
1,245.7
389.5
1,324.3
510.4
1,834.7
1,554.8
523.3
2,078.1
0.0
945.6
744.4
$1.27
0.0
1,245.7
748.3
$1.66
Pro Forma Diluted EPS Reconciliation

Adjustment to net income for diluted EPS calc.
Net income for diluted EPS
Stock options, restricted stock, and converts
Diluted shares outstanding
Diluted EPS
Firstcall consensus EPS
Model variance from consensus
Income statement assumptions
Revenue growth (%)
Gross profit margin (%)
SG&A and Other margin
EBIT margin (%)
Effective tax rate (% of pre tax income)
D&A growth (%)
Income in equity affiliates growth (%)
Minority interest growth (%)
Dividend payout ratio
Select a case (1=best, 2=base, 3=weak)
Balance Sheet
0.0
945.6
36.0
764.2
$1.24
0.0
1,245.7
41.2
769.7
$1.62
$1.66
$0.04
9.5%
58.4%
46.0%
12.4%
9.3%
57.7%
44.4%
13.3%
34.4%
2.5%
17.3%
(14.8%)
31.3%
1
(4.5%)
21.5%
18.1%
Cash and equivalents (inc. investment securities)

Accounts receivable
Inventories
Deferred income taxes
Prepaid expenses
Other current assets
Equity in affiliates
PP&E
Goodwill
Intangibles
Other non-current assets
Total Assets
10/02/10
1,449.7
302.7
543.3
304.2
156.5
0.0
0.0
2,416.5
262.4
70.8
879.8
6,385.9
10/02/11
2,050.7
386.5
965.8
230.4
161.5
0.0
0.0
2,355.0
321.6
111.9
777.0
7,360.4
Accounts payable
Accrued expenses
Taxes payable
Other current liabilities (non-debt)
Current portion of long-term debt
Short term debt (Revolving credit facility)
Long term debt
Convertible debt
Other non-current liabilities
Total Liabilities
1,365.0
0.0
0.0
414.1
0.0
0.0
549.4
0.0
0.0
375.1
2,703.6
1,626.5
0.0
0.0
449.3
0.0
0.0
549.5
0.0
0.0
347.8
2,973.1
Minority interest
Convertible Preferred Stock
Common Stock and APIC
Treasury stock (contra account)
Comprehensive (accumulated) loss
Other equity account
Retained earnings
7.6
0.0
146.3
0.0
57.2
0.0
3,471.2
2.4
0.0
41.2
0.0
46.3
0.0
4,297.4
Total Shareholders' Equity

Total Liabilities + Shareholders' Equity
Balance check
3,682.3
4,387.3
6,385.9
0.0
7,360.4
0.0
Supporting Schedules
10/2/10
10/2/11
10.3
12.1
302.7
386.5
Working Capital
1. Grow with revenues (default)
2. Override i: Days of revenues (Avg. collection period)
3. Overide ii: Absolute projection
Accounts receivable
1. Grow with COGS (default)
2. Override i: Inventory Days
Inventories
44.5
71.2
543.3
965.8
1. Grow with SG&A (default)

2. Overide: Absolute projection
Prepaid expenses
156.5
161.5
1. Straight-line (default)
0.0
0.0
111.7
120.0
1,365.0
1,626.5
1. Grow with SG&A (default)

Accrued expenses
0.0
0.0
1. Grow with taxes (default)

Taxes payable
0.0
0.0
414.1
449.3
1. Grow with COGS (default)

2. Override i. Payables Payment Period
Accounts payable
1. Straight-line (default)
Other current liabilities (non-debt)
Intangible assets
Purchase of intangible assets
Amortization (enter as -)
Intangibles
PP&E
Capital expenditures
Recurring asset sales (enter as -)
Depreciation
PP&E
(8.8)
70.8
(10.9)
111.9
440.7
531.9
(501.6)
2,416.5
(512.4)
2,355.0
Diluted Shares outstanding

Treasury share $ repurchases
Value of shares issued
Expected average share price
Consensus EPS growth
Shares repurchased
Shares issued
End of period basic shares outstanding
Weighted average basic shares outstanding
(285.6)
145.6
(555.9)
40.5
$43.20
744.4
748.3
748.3
0.0
0.0
2.7
2.3
7.6
2.4
Investments in affiliates (Equity method)

Equity in income of affiliates
Dividends (enter as -)
Equity in affiliates (from balance sheet)
Minority interest (Consolidation method)
Minority interest expense
Dividends (enter as -)
Minority interest (from balance sheet)
Cash Flow Statement
Net Income
Depreciation & amortization
Changes in working capital
Accounts receivable
Inventories
Prepaid expenses
Accounts payable
Accrued expenses
Taxes payable
Other current liabilities
Deferred tax liabilities
Equity income in affiliates
Dividends received from affiliates
Minority interest expense
Cash from operations
capital expenditures
Proceeds from sale of fixed assets
Purchases of intangible assets
Purchases/Proceeds from other long-term assets
Cash from investing
Convertible preferred stock
Common stock and APIC
Treasury stock repurchases
Comprehensive accumulated loss
Other equity account
Common and preferred dividends
Dividends to minority interests
Increases / (decreases) in debt

Cash from financing
Total increase/decrease of cash
Nonrecurring items
Pre-tax
Nonrecurring expense/(income) in COGS
Nonrecurring expense/(income) in SG&A and Other
Nonrecurring expense/(income) in nonoperating (income)/loss
After-tax
Nonrecurring items in COGS
Nonrecurring items in SG&A
Nonrecurring items in nonoperating (income)/loss
Total nonrecurring charges per share
2012
10/2/12
2013
10/2/13
2014
10/2/14
2009
0.0
0.0
2010
0.0
53.0
0.0
0.0
0.0
0.0
Projected Annual Forecast

2015
2016
2017
10/2/15
10/2/16
10/2/17
2018
10/2/18
13,104.4
14,677.0
16,291.4
18,083.5
19,891.9
21,682.1
23,416.7
5,569.4
7,535.1
6,237.7
8,439.3
7,005.3
9,286.1
7,775.9
10,307.6
8,553.5
11,338.4
9,431.7
12,250.4
10,186.3
13,230.4
5,870.8
1,664.3
39.3
131.0
(91.7)
1,756.0
6,457.9
1,981.4
44.0
146.8
(102.7)
2,084.1
7,168.2
2,117.9
48.9
162.9
(114.0)
2,231.9
7,866.3
2,441.3
54.3
180.8
(126.6)
2,567.9
8,553.5
2,784.9
59.7
198.9
(139.2)
2,924.1
9,214.9
3,035.5
65.0
216.8
(151.8)
3,187.3
9,835.0
3,395.4
70.3
234.2
(163.9)
3,559.3
579.5
204.1
(2.4)
1,378.2
344.5
687.8
239.8
(2.5)
1,633.6
392.1
736.5
281.8
(2.7)
1,774.5
425.9
847.4
331.1
(2.8)
2,048.8
450.7
965.0
389.0
(2.9)
2,345.2
516.0
1,051.8
459.1
(3.1)
2,591.5
570.1
1,174.6
541.7
(3.2)
2,923.2
584.6
1,664.3
533.8
2,198.03
1,981.4
544.4
2,525.8
2,117.9
555.3
2,673.2
2,441.3
566.4
3,007.7
2,784.9
577.8
3,362.6
3,035.5
589.3
3,624.8
3,395.4
601.1
3,996.5
0.0
1,378.2
739.7
$1.86
0.0
1,633.6
725.3
$2.25
0.0
1,774.5
714.8
$2.48
0.0
2,048.8
704.1
$2.91
0.0
2,345.2
690.3
$3.40
0.0
2,591.5
682.1
$3.80
0.0
2,923.2
674.6
$4.33
0.0
1,378.2
41.2
780.9
$1.76
$1.85
$0.09
0.0
1,633.6
41.2
766.5
$2.13
$2.18
$0.05
12.0%
57.5%
44.8%
12.7%
33.0%
2.0%
17.5%
5.0%
25.0%
12.0%
57.5%
44.0%
13.5%
33.0%
2.0%
17.5%
5.0%
24.0%
10/02/12
2,227.76
458.7
1,086.0
262.1
183.5
0.0
0.0
2,620.9
321.6
131.0
864.9
8,156.4
10/02/13
2,495.1
484.3
1,216.4
293.5
293.5
0.0
0.0
2,935.4
321.6
146.8
968.7
9,155.3
1,837.9
0.0
0.0
786.3
130.5
0.0
489.4
0.0
0.0
327.6
3,571.7
2,058.4
0.0
0.0
880.6
146.5
0.0
549.3
0.0
0.0
366.9
4,001.8
4.8
0.0
81.7
(865.6)
32.8
0.0
5,331.0
7.4
0.0
122.2
(1,575.1)
36.7
0.0
6,572.6
0.0
1,774.5
41.2
756.0
$2.35
$2.18
($0.17)
0.0
2,048.8
41.2
745.3
$2.75
$2.18
($0.57)
0.0
2,345.2
41.2
731.5
$3.21
$2.18
($1.03)
0.0
2,591.5
41.2
723.3
$3.58
$2.18
($1.40)
0.0
2,923.2
41.2
715.8
$4.08
$2.18
($1.90)
11.0%
57.0%
44.0%
13.0%
33.0%
2.0%
17.5%
5.0%
24.0%
11.0%
57.0%
43.5%
13.5%
33.0%
2.0%
17.5%
5.0%
22.0%
10.0%
57.0%
43.0%
14.0%
33.0%
2.0%
17.5%
5.0%
22.0%
9.0%
56.5%
42.5%
14.0%
33.0%
2.0%
18.0%
5.0%
22.0%
8.0%
56.5%
42.0%
14.5%
33.0%
2.0%
18.0%
5.0%
20.0%
10/02/14 10/02/15
2,769.5
3,074.2
619.1
651.0
1,366.0
1,516.3
407.3
452.1
407.3
488.3
0.0
0.0
0.0
0.0
3,258.3
3,616.7
321.6
321.6
162.9
180.8
1,107.8
1,229.7
10,419.9 11,530.7
10/02/16
3,381.6
736.0
1,667.9
497.3
537.1
0.0
0.0
3,978.4
321.6
198.9
1,352.6
12,671.5
10/02/17
3,686.0
889.0
1,839.2
650.5
672.1
0.0
0.0
5,420.5
321.6
216.8
1,517.7
15,213.4
10/02/18
3,980.8
1,053.8
1,986.3
819.6
749.3
0.0
0.0
5,854.2
321.6
234.2
1,639.2
16,638.9
2,822.7
0.0
0.0
1,193.5
177.4
0.0
633.6
0.0
0.0
497.3
5,324.4
3,112.5
0.0
0.0
1,300.9
213.0
0.0
760.7
0.0
0.0
542.1
5,929.1
3,361.5
0.0
0.0
1,405.0
199.7
0.0
831.9
0.0
0.0
585.4
6,383.5
15.7
0.0
243.7
(4,319.4)
49.7
0.0
11,348.6
18.8
0.0
284.2
(4,446.9)
54.2
0.0
13,369.9
22.1
0.0
324.7
(5,830.6)
58.5
0.0
15,708.5
2,311.8
0.0
0.0
977.5
166.7
0.0
625.2
0.0
0.0
407.3
4,488.4
2,566.0
0.0
0.0
1,085.0
161.4
0.0
576.5
0.0
0.0
452.1
4,841.1
10.0
12.8
0.0
0.0
162.7
203.2
(2,188.5) (3,092.3)
40.7
45.2
0.0
0.0
7,921.3
9,519.3
4,584.7
5,163.8
5,946.2
6,688.2
7,338.4
9,280.2
10,283.2
8,156.4
(0.0)
9,165.6
10.2
10,434.6
14.8
11,529.3
(1.3)
12,662.8
(8.7)
15,209.4
(4.1)
16,666.7
27.7
10/2/12
10/2/13
10/2/14
10/2/15
10/2/16
10/2/17
10/2/18
432.9
484.8
538.2
597.4
657.1
716.2
773.5
1,086.8
1,217.2
1,367.0
1,517.4
1,669.1
1,840.5
1,987.7
182.5
200.7
222.8
244.5
265.8
286.4
305.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1,830.3
2,049.9
2,302.2
2,555.4
2,811.0
3,099.6
3,347.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
449.3
449.3
449.3
449.3
449.3
449.3
449.3
(4.0)
107.9
(4.0)
103.9
(4.0)
99.9
(4.0)
95.9
(4.0)
91.9
(4.0)
87.9
(4.0)
83.9
use case here

655.2
0.0
(529.8)
2,480.5
733.8
0.0
(540.4)
2,673.9
814.6
0.0
(551.3)
2,937.1
904.2
0.0
(562.4)
3,278.8
994.6
0.0
(573.8)
3,699.7
1,084.1
0.0
(585.3)
4,198.5
1,170.8
0.0
(597.1)
4,772.2
(865.6)
40.5
$48.14
11.4%
(18.0)
0.8
731.2
739.7
(709.5)
40.5
$56.73
17.8%
(12.5)
0.7
719.4
725.3
(613.4)
40.5
$62.97
11.0%
(9.7)
0.6
710.3
714.8
(903.8)
40.5
$69.90
11.0%
(12.9)
0.6
697.9
704.1
(1,227.1)
40.5
$77.59
11.0%
(15.8)
0.5
682.6
690.3
(127.5)
40.5
$86.12
11.0%
(1.5)
0.5
681.6
682.1
(1,383.7)
40.5
$95.60
11.0%
(14.5)
0.4
667.6
674.6
204.1
0.0
204.1
239.8
0.0
239.8
281.8
0.0
281.8
331.1
0.0
331.1
389.0
0.0
389.0
459.1
0.0
459.1
541.7
0.0
541.7
2.4
0.0
4.8
2.5
0.0
7.4
2.7
0.0
10.0
2.8
0.0
12.8
2.9
0.0
15.7
3.1
0.0
18.8
3.2
0.0
22.1
10/2/12
1,378.2
533.8
10/2/13
1,633.6
544.4
10/2/14
1,774.5
555.3
10/2/15
2,048.8
566.4
10/2/16
2,345.2
577.8
10/2/17
2,591.5
589.3
10/2/18
2,923.2
601.1
(72.2)
(120.2)
(42.1)
27.0
0.0
211.4
0.0
0.0
337.0
0.0
(204.1)
0.0
2.4
2,051.1
(25.7)
(130.3)
63.1
132.0
0.0
220.5
0.0
0.0
94.4
0.0
(239.8)
0.0
2.5
2,294.9
(134.7)
(149.7)
145.2
223.8
0.0
253.3
0.0
0.0
96.9
0.0
(281.8)
0.0
2.7
2,485.5
(31.9)
(150.3)
158.5
194.7
0.0
254.3
0.0
0.0
107.5
0.0
(331.1)
0.0
2.8
2,819.8
(85.0)
(151.6)
90.0
129.8
0.0
256.6
0.0
0.0
108.5
0.0
(389.0)
0.0
2.9
2,885.2
(153.0)
(171.3)
198.4
183.9
0.0
289.8
0.0
0.0
107.4
0.0
(459.1)
0.0
3.1
3,180.1
(164.8)
(147.1)
322.3
212.3
0.0
249.0
0.0
0.0
104.1
0.0
(541.7)
0.0
3.2
3,561.6
(655.2)
0.0
0.0
87.9
(567.3)
(733.8)
0.0
0.0
103.8
(630.1)
(814.6)
0.0
0.0
139.1
(675.4)
(904.2)
0.0
0.0
121.9
(782.3)
(994.6)
0.0
0.0
123.0
(871.6)
(1,084.1)
0.0
0.0
165.1
(919.0)
(1,170.8)
0.0
0.0
121.4
(1,049.4)
0.0
40.5
(865.6)
(13.5)
0.0
(344.5)
0.0
0.0
40.5
(709.5)
3.9
0.0
(392.1)
0.0
0.0
40.5
(613.4)
4.0
0.0
(425.9)
0.0
0.0
40.5
(903.8)
4.5
0.0
(450.7)
0.0
0.0
40.5
(1,227.1)
4.5
0.0
(516.0)
0.0
0.0
40.5
(127.5)
4.5
0.0
(570.1)
0.0
0.0
40.5
(1,383.7)
4.3
0.0
(584.6)
0.0
70.4
(1,112.8)
371.0
2,421.7
75.9
(981.2)
683.6
96.1
(53.9)
(898.6) (1,363.5)
911.4
674.0
73.0
(1,625.0)
388.6
162.7
(490.0)
1,771.1
58.0
(1,865.6)
646.6
2011
0.0
0.0
0.0
0.0
2019
10/2/19
2020
10/2/20
2021
10/2/21
25,055.9
26,559.2
27,887.2
10,899.3
14,156.6
11,686.1
14,873.2
12,270.4
15,616.8
10,272.9
3,883.7
75.2
250.6
(175.4)
4,059.1
10,889.3 11,433.7
3,983.9
4,183.1
79.7
83.7
265.6
278.9
(185.9)
(195.2)
4,169.8
4,378.3
1,339.5
639.2
(3.4)
3,355.4
671.1
1,376.0
754.3
(3.6)
3,544.4
708.9
1,444.8
890.0
(3.7)
3,819.7
763.9
3,883.7
613.1
4,496.8
3,983.9
625.4
4,609.3
4,183.1
637.9
4,821.0
0.0
3,355.4
658.9
$5.09
0.0
3,544.4
641.9
$5.52
0.0
3,819.7
624.8
$6.11
0.0
3,355.4
41.2
700.1
$4.79
$2.18
($2.61)
0.0
3,544.4
41.2
683.1
$5.19
$2.18
($3.01)
0.0
3,819.7
41.2
666.0
$5.74
$2.18
($3.56)
7.0%
56.5%
41.0%
15.5%
33.0%
2.0%
18.0%
5.0%
20.0%
6.0%
56.0%
41.0%
15.0%
33.0%
2.0%
18.0%
5.0%
20.0%
5.0%
56.0%
41.0%
15.0%
33.0%
2.0%
18.0%
5.0%
20.0%
10/02/19
4,259.5
1,252.8
2,125.4
877.0
851.9
0.0
0.0
6,264.0
321.6
250.6
1,753.9
17,956.5
3,596.8
0.0
0.0
1,503.4
215.5
0.0
897.8
0.0
0.0
626.4
6,839.8
25.5
0.0
365.2
(7,708.5)
62.6
0.0
18,392.8
10/02/20 10/02/21
4,515.1
4,740.8
1,593.6
1,952.1
2,278.8
2,392.7
929.6
976.1
956.1
1,003.9
0.0
0.0
0.0
0.0
6,639.8
6,971.8
321.6
321.6
265.6
278.9
1,859.1
1,952.1
19,359.2 20,590.0
3,856.4
0.0
0.0
1,593.6
193.6
0.0
968.0
0.0
0.0
664.0
7,275.5
4,049.2
0.0
0.0
1,673.2
205.9
0.0
1,029.5
0.0
0.0
697.2
7,655.0
29.0
32.8
0.0
0.0
405.7
446.2
(9,725.9) (12,027.3)
66.4
69.7
0.0
0.0
21,228.3 24,284.1
11,137.6
12,003.6
12,805.5
17,977.4
20.9
19,279.0 20,460.5
(80.2)
(129.5)
10/2/19
10/2/20
10/2/21
827.7
877.3
921.2
2,126.9
2,280.4
2,394.4
319.3
338.4
355.4
0.0
0.0
0.0
3,581.9
3,840.4
4,032.4
0.0
0.0
0.0
0.0
0.0
0.0
449.3
449.3
449.3
(4.0)
79.9
(4.0)
75.9
(4.0)
71.9
1,252.8
0.0
(609.1)
5,415.8
1,328.0
0.0
(621.4)
6,122.4
1,394.4
1.0
(633.9)
6,883.9
(1,877.9)
40.5
$106.11
11.0%
(17.7)
0.4
650.3
658.9
(2,017.4)
40.5
$117.79
11.0%
(17.1)
0.3
633.5
641.9
(2,301.4)
40.5
$130.74
11.0%
(17.6)
0.3
616.2
624.8
639.2
0.0
639.2
754.3
0.0
754.3
890.0
1.0
891.0
3.4
0.0
25.5
3.6
0.0
29.0
3.7
0.0
32.8
10/2/19
3,355.4
613.1
10/2/20
3,544.4
625.4
10/2/21
3,819.7
637.9
(199.0)
(139.0)
226.5
179.8
0.0
235.3
0.0
0.0
98.4
0.0
(639.2)
0.0
3.4
3,734.5
(340.8)
(153.4)
110.0
206.8
0.0
259.6
0.0
0.0
90.2
0.0
(754.3)
0.0
3.6
3,591.6
(358.5)
(113.9)
99.1
152.0
0.0
192.8
0.0
0.0
79.7
0.0
(890.0)
(1.0)
3.7
3,621.5
(1,252.8)
0.0
0.0
114.7
(1,138.1)
(1,328.0)
0.0
0.0
105.2
(1,222.7)
(1,394.4)
1.0
0.0
93.0
(1,300.4)
0.0
40.5
(1,877.9)
4.1
0.0
(671.1)
0.0
0.0
40.5
(2,017.4)
3.8
0.0
(708.9)
0.0
0.0
40.5
(2,301.4)
3.3
0.0
(763.9)
0.0
81.7
(2,422.7)
173.8
48.2
(2,633.8)
73.8
(2,947.7)
(264.9)
(626.6)
Discounted Cash Flow Model for Starbucks Corporation

All figures in millions, except per share data
Operating scenario:
Last fiscal year end date:
Valuation / deal date:
Stub year fraction:
Weighted average cost of capital:
10/2/11
03/01/12
58.6%
9.1%
0.414
Free cash flow buildup
Total Revenues
EBITDA
EBIT
Tax rate
EBIAT
Depreciation & Amortization
Accounts receivable
Inventories
Deferred income taxes (assets)
Prepaid expenses
Accounts payable
Accrued expenses
Taxes payable
Other current liabilities
Deferred tax (liabilities)
Cash from working capital
Capital expenditures
Unlevered free cash flows
Discount factor
Midyear adjustment factor
Present value of free cash flows
Sum of present values of FCFs
2012
10/2/12
13,104.4
2,198.0
1,664.3
33.0%
1,115.1
533.8
(72.2)
(120.2)
(42.1)
27.0
0.0
211.4
0.0
0.0
337.0
0.0
340.8
(655.2)
782.4
0.950
1.026
762.6
11,999.5
Terminal value
2013
10/2/13
14,677.0
2,525.8
1,981.4
33.0%
1,327.5
544.4
(25.7)
(130.3)
63.1
132.0
0.0
220.5
0.0
0.0
94.4
0.0
354.1
(733.8)
1,492.2
0.871
1.045
1,357.1
2014
10/2/14
16,291.4
2,673.2
2,117.9
33.0%
1,419.0
555.3
(134.7)
(149.7)
145.2
223.8
0.0
253.3
0.0
0.0
96.9
0.0
434.8
(814.6)
1,594.5
0.798
1.045
1,328.8
Projected Annual
2015
10/2/15
18,083.5
3,007.7
2,441.3
33.0%
1,635.7
566.4
(31.9)
(150.3)
158.5
194.7
0.0
254.3
0.0
0.0
107.5
0.0
532.9
(904.2)
1,830.8
0.731
1.045
1,398.1
Equity value calculations
Growth in perpetuity method

Long term growth rate
Free cash flow (t+1)
Terminal value
Midyear adjusted terminal value
Present value of terminal value
Enterprise value
5.5%
2,212.7
60,949.3
63,670.9
27,553.8
39,553.3
Exit multiple method

Exit EV / EBITDA multiple
LTM EBITDA at end of projection
Terminal value
Present value of terminal value
Enterprise value
13.2x
4,821.0
63,636.9
27,539.1
39,538.6
Enterprise value
Calculation of net debt:
Current portion of long-term debt
Short term debt
Long term debt
Convertible debt
Minority interest
Convertible preferred stock
Less: Excess cash
Less: Equity investments
Net debt
Equity value
Shares outstanding
Equity value / share
Select a terminal value method

Perpetual growth = 1 / Exit multiple = 2
Enterprise value
Terminal value as percent of total value
1
39,553.3
69.66%
Analysis of WACC
Cost of debt
Cost of debt
Marginal tax rate
Cost of debt after tax shield
Cost of equity
Risk-Free Rate (rf)
Market Risk Premium (rm-rf)
Raw (observed) beta
Cost of equity using relevered industry beta
Capital structure
6.7%
33.0%
4.5%
3.2%
5.0%
1.20
9.2%
Current capital structure
Debt
Equity
Total
Market value
549.5
36,643.4
37,192.9
Weighted average cost of capital

Weighted average cost of capital:
Summary DCF Output
Discount Rate
Discount Rate
$54.40
8.1%
9.1%
10.1%
11.1%
12.1%
Equity / share at perpetual growth rate sensitivities

3.5%
4.5%
5.5%
$
49.41 $
58.35 $
74.17
$
41.19 $
46.53 $
54.82
$
35.45 $
38.90 $
43.86
$
31.20 $
33.57 $
36.78
$
27.94 $
29.63 $
31.83
$54.40
8.3%
9.3%
10.3%
11.3%
12.3%
Equity value per share at various exit EBITDA multip

11.3x
12.3x
13.3x
$69.20
$69.20
$69.20
52.17
52.17
52.17
42.21
42.21
42.21
35.65
35.65
35.65
31.01
31.01
31.01
Projected Annual Forecast

2016
2017
10/2/16
10/2/17
19,891.9
21,682.1
3,362.6
3,624.8
2,784.9
3,035.5
33.0%
33.0%
1,865.9
2,033.8
577.8
589.3
(85.0)
(153.0)
(151.6)
(171.3)
90.0
198.4
129.8
183.9
0.0
0.0
256.6
289.8
0.0
0.0
0.0
0.0
108.5
107.4
0.0
0.0
348.3
455.3
(994.6)
(1,084.1)
1,797.3
1,994.3
0.670
0.614
1.045
1.045
1,257.7
1,278.7
2018
10/2/18
23,416.7
3,996.5
3,395.4
33.0%
2,274.9
601.1
(164.8)
(147.1)
322.3
212.3
0.0
249.0
0.0
0.0
104.1
0.0
575.7
(1,170.8)
2,280.9
0.562
1.045
1,340.2
2019
10/2/19
25,055.9
4,496.8
3,883.7
33.0%
2,602.1
613.1
(199.0)
(139.0)
226.5
179.8
0.0
235.3
0.0
0.0
98.4
0.0
401.8
(1,252.8)
2,364.2
0.515
1.045
1,272.9
2020
2021
10/2/20
10/2/21
26,559.2 27,887.2
4,609.3
4,821.0
3,983.9
4,183.1
33.0%
33.0%
2,669.2
2,802.7
625.4
637.9
(340.8)
(358.5)
(153.4)
(113.9)
110.0
99.1
206.8
152.0
0.0
0.0
259.6
192.8
0.0
0.0
0.0
0.0
90.2
79.7
0.0
0.0
172.4
51.1
(1,328.0) (1,394.4)
2,139.1
2,097.3
0.472
0.433
1.045
1.045
1,055.3
948.2
Shares Outstanding Worksheet

39,553.3
0.0
0.0
549.5
0.0
2.4
0.0
(2,050.7)
0.0
(1,498.8)
41,052.1
754.6
$54.40
Basic Shares Outanding :

Current Share Price:
Options / Warrants Data
# of options
$ strike
Batch 1
Batch 2
Batch 3
Batch 4
Batch 5
Batch 6
Total in-the-$ options:
Total $ proceeds:
Total shares repurchased:
Basic shares outstanding
754.6
$48.56
# In-the-$
0
0
0
0.000
754.6
New shares from options:

New shares from convert. pref. stock:
New shares from convertible debt:
Total Shares Outstanding:
Current capital structure
Target capital structure
% Weight
1.5%
98.5%
100.0%
override
age cost of capital

ge cost of capital:
rowth rate sensitivities

ty value / share
6.5%
$
109.76
$
69.51
$
51.56
$
41.39
$
34.81
9.1%
$
$
$
$
$
rious exit EBITDA multiples

ty value / share
14.3x
$69.20
52.17
42.21
35.65
31.01
7.5%
263.99
102.54
65.20
48.55
39.10
15.3x
$69.20
52.17
42.21
35.65
31.01
% Weight
1.5%
98.5%
0.0
0.000
0.000
754.6

Starbucks - Ratios 2012

Diunggah oleh

Informasi Dokumen

Deskripsi Asli:

Judul Asli

Hak Cipta

Format Tersedia

Bagikan dokumen Ini

Bagikan atau Tanam Dokumen

Opsi Berbagi

Apakah menurut Anda dokumen ini bermanfaat?

Apakah konten ini tidak pantas?

Hak Cipta:

Format Tersedia

Starbucks - Ratios 2012

Diunggah oleh

Hak Cipta:

Format Tersedia

Starbucks Corp.

FISCAL YEAR ENDED (MOST RECENT YEAR FIRST)

FISCAL YEAR ENDED (MOST RECENT YEAR FIRST)

SELLING, GENERAL & ADMINISTRATIVE EXPENSES

INCOME BEFORE INTEREST AND TAXES

EQUITY IN INCOME OF UNCONSOLIDATED AFFILIATES

INCOME FROM CONTINUING OPERATIONS

DISCONTINUED OPERATION (NET OF TAX)

CASH PAID FOR INTEREST (INPUT AS A POSITIVE #)

CAPITAL EXPENDITURES (INPUT AS A POSITIVE #)

DEPRECIATION AND AMORTIZATION FROM THE

PREFERRED DIVIDENDS (INPUT AS A POSITIVE #)

ALTERNATIVE DECOMPOSITION OF ROE:

ROE (FROM ABOVE)

FINANCIAL LEVERAGE EFFECT:

ALTERNATIVE ROE CALCULATION:

FISCAL YEAR ENDED (MOST RECENT YEAR FIRST)

Solvency and COVERAGE RATIOS

TOTAL LIABILITIES / STOCK EQUITY

PROP, PLANT & EQUIP (GROSS)

INTEREST COVERAGE (EARNINGS BASIS)

FISCAL YEAR ENDED (MOST RECENT YEAR FIRST)

0.195138706 0.121854394 0.153737659

FISCAL YEAR ENDED (MOST RECENT YEAR FIRST)

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY

INCOME BEFORE INTEREST AND TAXES

EQUITY IN INCOME OF UNCONSOLIDATED AFFILIATES

INCOME FROM CONTINUING OPERATIONS

DISCONTINUED OPERATION (NET OF TAX)

FISCAL YEAR ENDED (MOST RECENT YEAR FIRST)

OTHER OPERATING EXPENSE #2

INCOME BEFORE INTEREST AND TAXES

EQUITY IN INCOME OF UNCONSOLIDATED AFFILIATES

INCOME FROM CONTINUING OPERATIONS

DISCONTINUED OPERATION (NET OF TAX)

INPUT: STOCK PRICE AT FISCAL YEAR END

Z-SCORES LESS THAN 1.81 INDICATE A HIGH

y = - 1.32 - 0.407(SIZE) + 6.03(TLTA) - 1.43(WCTA) +

NOTE: YOU MUST MANUALLY INPUT SOME OF THE

INPUT THE GNP IMPLICIT PRICE DEFLATOR INDEX AND

SIZE: INPUT TOTAL ASSETS IN DOLLARS (NOT IN

SIZE =TOTAL ASSETS / GNP IMPLICIT PRICE DEFLATOR

TL/TA = TOTAL LIABILITIES/TOTAL ASSETS

WCTA = (CURRENT ASSETS-CURRENT

CLCA = CURRENT LIABILITIES / CURRENT ASSETS

NITA = NET INCOME / TOTAL ASSETS

FUTL = WORKING CAPITAL FROM OPERATIONS /

INTWO = 1 IF NET INCOME IS NEGATIVE THE LAST TWO

OENEG = 1 OF STOCKHOLDERS' EQUITY IS NEGATIVE,

CHIN = (NET INCOME THIS YEAR - NET INCOME LAST

THE VALUE OF "y" IS:

OHLSON'S PROBABILITY OF BANKRUPTCY IS:

"y" = -4.84 + 0.92(DSRI) + 0.528(GMI) + 0.404(AQI) +

GROSS MARGIN INDEX

ASSET QUALITY INDEX

SALES GROWTH INDEX

SEE THE LECTURE NOTES FOR THE VARIABLE

COST OF TYPE I ERROR RELATIVE TO TYPE II ERROR:

Financial Statement Model for Starbucks Corporation

Pro Forma Diluted EPS Reconciliation

Cash and equivalents (inc. investment securities)

Total Shareholders' Equity