Actual Calucuations

Return on debt
Return on equity
Tax Rate
Debt %
Equity%

Income Statement (in millions)

Revenue
Less: Cost of Sales
Gross Profit

Operating Income
Nooperating Income
Net Income Before Tax(NIBT)
Tax Expense
Net Income After Tax

2002
5.86%
7.75%
41.19%
56.93%
43.07%

2003
11.57%
13.08%
-2.87%
53.06%
46.94%

2004
12.99%
14.60%
8.87%
52.92%
47.08%

2005
12.68%
20.57%
6.69%
61.88%
38.12%

2006
10.18%
23.22%
39.02%
69.52%
30.48%

2002
$8,441
$7,868
$573

2003
$9,014
$8,114
$900

2004
$10,099
$9,015
$1,084

2005
$11,550
$10,242
$1,308

2006
$12,160
$10,472
$1,688

2007
$12,990
$11,034
$1,956

$435

$377

$471
$194
$277

$488
-$14
$502

$477
$177
$654
$58
$596

$555
$162
$717
$48
$669

$1,011
-$14
$997
$389
$608

$1,188
-$51
$1,137
$441
$696

Marriott International uses the Weighted Average Cost of Capital to determine the opportunity cost of investmen
marginally consistent WACC form 2004 to 2011. In years where equity financing was higher it was also reflected
percentage. Future WACC will see change and should be monitoed closely to make appropriate asseements. High
and profitable , although Marrioitt should use much caution as the antithesis may serve to be a better selection lo

2007
9.26%
48.71%
38.79%
84.02%
15.98%

2008
4.81%
26.23%
47.84%
84.50%
15.50%

2009
-5.09%
-30.30%
17.22%
85.60%
14.40%

2010
6.19%
28.90%
16.88%
82.36%
17.64%

2008
$12,879
$11,256
$1,623

2009
$10,908
$9,673
$1,235

2010
$11,691
$10,216
$1,475

2011
$12,317
$11,039
$1,278

$785
-$91
$694
$332
$362

-$152
-$266
-$418
-$72
-$346

$695
-$144
$551
$93
$458

$526
-$170
$356
$158
$198

2011
2.96%
-25.35%
44.38%
113.21%
-13.21%

the opportunity cost of investments. Marriott has demonstrated

ng was higher it was also reflected by and increase in the WACC
make appropriate asseements. High risk projects may seema appeal
ay serve to be a better selection long term.

Balance Sheet
Total Assets

2002
8,296

2003
8,177

Current Liabilities
Non Current Liabilities
Total Liabilities
Common Stock
Retained Earnings
Total Equity
Total Debt + Equity

2002

2003

4,723

4,339

3,573
$8,296

3,838
$8,177

2003
12.45%

2004
13.14%

WACC%

2002
5.30%

2004
$8,668

2005
$8,530

2006
$8,588

2007
$8,942

2008
$8,903

2009
$7,933

2010
$8,983

2011
$5,910

2004

2005

2006

2007

2008

2009

2010

2011

$4,587

$5,278

$5,970

$7,513

$7,523

$6,791

$7,398

$6,691

$4,081
$8,668

$3,252
$8,530

$2,618
$8,588

$1,429
$8,942

$1,380
$8,903

$1,142
$7,933

$1,585
$8,983

-$781
$5,910

2005
15.16%

2006
11.40%

2007
12.55%

2008
6.19%

2009
-7.97%

2010
9.34%

2011
5.21%

Cash Flow - Operations ( in millions)

Net Income
Depreciation, Depletion, Amortization
Other Non-Cash Items
Total Non-Cash Items
Deferred Income Taxes
Total Changes in Assets/Liailities
Other Operating Activities
Net Cash from Operating Activities

2011
$198
$168
$619
$787
$113
$104

2010
$458
$178
$422
$600
-$27
$93

2009
-$353
$185
$1,097
$1,282
-$167
-$61

2008
$347
$190
-$169
$21
$101
$273

2007
$695
$197
-$20
$177
-$152
-$94

$1,089

$1,151

$868

$641

$778

Cash Flow - Investing

Capital Expenditures

2011
-$163

2010
-$193

2009
-$145

2008
-$319

2007
$74

Investments
Other Investing Activities
Net Cash from Investing Activities

-$157
$73
-$247

-$85
$14
-$264

-$51
$127
-$69

-$136
-$28
-$483

-$56
$107
$125

Cash Flow - Financing

Det Issued
Equity Issued
Dividends Paid
Other Financing Activities
Net Cash from Financing Activities

2011
$179
-$1,301
-$134
$11
-$1,245

2010
-$595
$141
-$43

2009
-$782
$27
-$63

-$497

-$818

2008
$126
-$383
-$115
$16
-$356

2007
$925
-$1,554
-$105
-$28
-$762

-$403
$505
$102

$390
$115
$505

-$19
$134
$115

-$198
$332
$134

$141
$191
$332

2011
$1,089

2010
$1,151

2009
$868

2008
$641

2007
$778

Net Change in Cash & Cash Equivalents

Cash at beginning of period
Cash at end of period

Free Cash Flow Firm

Cash from operation
Interest expense
Tax Rate

2006
$608
$188
$135
$323
-$76
$39

2005
$669
$184
$46
$230
-$86
-$59

$970

$840

2004
$596
$166
$185
$351
-$63
$27
-$83
$891

2006
$269

2005
-$482

2004
$221

-$215
$65
$119

-$231
$583
-$130

-$75
$141
$287

2006
$147
-$1,168
-$93
$15
-$1,099

2005
$303
-$1,519
-$84
$26
-$1,274

2004
-$141
-$458
-$73
$35
-$637

-$10
$201
$191

-$564
$765
$201

$541
$229
$770

2006
$970

2005
$840

2004
$891