XYZ

Forecasted Condensed Income Statement ($ millions)

Year 2011 2012 2013
Sales 23,192.9 24,723.6 26,479.0
NOPAT 1,832.2 1,854.3 1,880.0
Net Interest Expense after tax 124.0 135.8 146.5
Net Income 1,708.3 1,718.5 1,733.5

XYZ
Forecasted Condensed Beginning Balance Sheet ($ millions)
Year 2011 2012 2013
Beg. Net working capital 144.1 247.2 264.8
+ Beg. Net Long-Term Assets 7754.4 8406.0 9082.3
Net Operating Assets or Net Assets 7,898.5 8,653.3 9,347.1
Net Debt 4541.3 4972.7 5365.6
+ Shareholder's Equity 3357.1 3676.0 3966.4
Net Capital 7898.4 8648.7 9332.0

CASH FLOW DATA

XYZ
Free Cash Flow for the Firm (FCFF) Statement
Year 2011 2012 2013
NOPAT 1,832.2 1,854.3 1,880.0
- Change in Working Capital 103.1 17.6 18.3
- Change in Long-Term Assets 651.6 676.3 683.3
FCFF ($ millions) 1,077.5 1,160.5 1,178.4

XYZ
Free Cash Flow to Equity (FCFE) Statement
Year 2011 2012 2013
Net Income 1,708.3 1,718.5 1,733.5
- Change in Working Capital 103.1 17.6 18.3
- Change in Long-Term Assets 651.6 676.3 683.3
+ Change in Net Debt 431.4 392.8 413.1
FCFE ($ millions) 1,384.9 1,417.5 1,445.1
 2014 2015 Forecasting Assumptions 2011 2012
28,306.1 30,202.6 Sales Growth Rate 5.7% 6.6%
1,896.5 1,902.8 NOPAT Margin 7.9% 7.5%
157.8 169.6 Beginning net working capital / sales NA 1.0%
1,738.7 1,733.2 Beginning net long-term assets / sales NA 34.0%
Beginning net debt to capital ratio NA 57.5%
After-tax cost of debt 2.73% 2.73%
% Change in Net Debt NA 9.5%
% Change in Shareholder's Equity NA 9.5%
2014 2015 Source: Thomson One Analyst Reports
283.1 302.0
9765.6 10510.5
10,048.7 10,812.5
5778.7 6212.1
4271.8 4592.2
10050.6 10804.4

2014 2015
1,896.5 1,902.8
19.0 19.0
744.9 744.9
1,132.6 1,138.9

2014 2015
1,738.7 1,733.2
19.0 19.0
744.9 744.9
433.4 433.4
1,408.3 1,402.7
2013 2014 2015
7.1% 6.9% 6.7%
7.1% 6.7% 6.3%
1.0% 1.0% 1.0%
34.3% 34.5% 34.8%
57.5% 57.5% 57.5%
2.73% 2.73% 2.73%
7.9% 7.7% 7.5%
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