Operating Cash Flow / Current maturities of long-term debt and current notes payable

Formula: Operating Cash Flow / (Current Maturities of Long-Term Debt + Current Notes Payable)
Result shows indication of a firm's abilities to meet its current maturities of debt (higher ratio indicates better
Yr
Net Income
(+/-) NCF Operating Activities
(+/-) NCF Investing
(+/-) NCF Financing
Operating Cash Flow

2010
2,550,000,000.00
33,360,000,000.00
15,050,000,000.00
(13,650,000,000.00)
37,310,000,000.00

2009
4,890,000,000.00
31,390,000,000.00
23,160,000,000.00
(16,010,000,000.00)
43,430,000,000.00

Current Maturities of Long-term Debt45,250,000,000.00

55,050,000,000.00

Notes Payable

(1,250,000,000.00)

1,080,000,000.00

Operating Cash Flow/ Current

Maturities of Long-term Debt and
Current Notes Payable

0.81

0.81

OCF/Current Maturities of Long2.00

1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
2010

2009

2008

2007

2006

rrent notes payable

urrent Notes Payable)
debt (higher ratio indicates better liquidity)
2008
6,430,000,000.00
26,620,000,000.00
31,580,000,000.00
13,590,000,000.00
78,220,000,000.00

2007
5,520,000,000.00
25,740,000,000.00
16,110,000,000.00
(11,700,000,000.00)
35,670,000,000.00

2006
6,200,000,000.00
24,110,000,000.00
15,620,000,000.00
(6,030,000,000.00)
39,900,000,000.00

46,960,000,000.00

28,200,000,000.00

28,650,000,000.00

(1,700,000,000.00)

1.73

(567,000,000.00)

1.29

(383,000,000.00)

1.41

aturities of Long-Term Debt and Current Notes Payable

OCF/Current Maturities
of Long-Term Debt and
Current Notes Payable

2007

2006

Operating Cash Flow to Total Debt

Formula: Operating Cash Flow / Total Debt
Indicates a firm's ability to cover total debt with the yearly operating cash flow
Conservative approach is to include all possible balance sheet debt
Yr
Net Income
(+/-) NCF Operating Activities
(+/-) NCF Investing
(+/-) NCF Financing
Operating Cash Flow

Short Term Debt &

Current Portion of
Long
Long Term
Term Debt
Debt

2010
2,550,000,000.00
33,360,000,000.00
15,050,000,000.00
(13,650,000,000.00)
37,310,000,000.00

2009
4,890,000,000.00
31,390,000,000.00
23,160,000,000.00
(16,010,000,000.00)
43,430,000,000.00

7,540,000,000.00

7,200,000,000.00

45,250,000,000.00
52,790,000,000.00

55,050,000,000.00
62,250,000,000.00

Operating Cash Flow to

Total Debt

0.71

0.7

Operating Cash Flow to Total Debt

2
1
1
1
1
1

2010

2009

2008

2007

possible balance sheet debt

2008
6,430,000,000.00
26,620,000,000.00
31,580,000,000.00
13,590,000,000.00
78,220,000,000.00

2007
5,520,000,000.00
25,740,000,000.00
16,110,000,000.00
(11,700,000,000.00)
35,670,000,000.00

2006
6,200,000,000.00
24,110,000,000.00
15,620,000,000.00
(6,030,000,000.00)
39,900,000,000.00

4,990,000,000.00

2,950,000,000.00

7,720,000,000.00

46,960,000,000.00
51,950,000,000.00

28,200,000,000.00
31,150,000,000.00

28,650,000,000.00
36,370,000,000.00

1.51

1.15

to Total Debt

Operating Cash Flow to

Total Debt

2007

2006

1.1

Operating Cash Flow per Share

Formula: (Operating Cash Flow - Preferred Dividends) / Diluted weighted Average Common Shares Ou
A better indication of a firm's ability to make capital expenditure decisions and pay dividends than is e
NOTE: It does not reflect a firm's profitabliity
Yr
Net Income
(+/-) NCF Operating Activities
(+/-) NCF Investing
(+/-) NCF Financing
Operating Cash Flow

2010
2,550,000,000.00
33,360,000,000.00
15,050,000,000.00
(13,650,000,000.00)
37,310,000,000.00

2009
4,890,000,000.00
31,390,000,000.00
23,160,000,000.00
(16,010,000,000.00)
43,430,000,000.00

Preferred Dividends
Common Shares Outstanding
Operating Cash Flow per Share

2,830,000,000.00

2,970,000,000.00

13.18

14.62

Operating Cash Flow per Share

30.00

25.00

20.00

15.00

10.00

5.00

2010

2009

2008

2007

Average Common Shares Outstanding)

ns and pay dividends than is earning per share

2008
6,430,000,000.00
26,620,000,000.00
31,580,000,000.00
13,590,000,000.00
78,220,000,000.00

2007
5,520,000,000.00
25,740,000,000.00
16,110,000,000.00
(11,700,000,000.00)
35,670,000,000.00

2006
6,200,000,000.00
24,110,000,000.00
15,620,000,000.00
(6,030,000,000.00)
39,900,000,000.00

2,840,000,000.00

2,890,000,000.00

2,930,000,000.00

27.54

12.34

13.62

Share

Operating Cash Flow per

Share

2007

2006

Operating Cash Flow to Cash Dividends

Formula: Operating Cash Flow / Cash Dividends
Indicates a firm's ability to cover cash dividends with the yearly operating cash flow
Yr
2010
Net Income
2,550,000,000.00
(+/-) NCF Operating Activities
33,360,000,000.00
(+/-) NCF Investing
15,050,000,000.00
(+/-) NCF Financing
(13,650,000,000.00)
Operating Cash Flow
37,310,000,000.00
Dividends Payable

1,400,000,000.00

Operating Cash Flow to

Cash Dividends

2009
4,890,000,000.00
31,390,000,000.00
23,160,000,000.00
(16,010,000,000.00)
43,430,000,000.00
1,370,000,000.00

26.65

31.7

Operating Cash Flow to Cash Dividends

60

50

40

30

20

10

2010

2009

2008

2007

ating cash flow

2008
6,430,000,000.00
26,620,000,000.00
31,580,000,000.00
13,590,000,000.00
78,220,000,000.00

2007
5,520,000,000.00
25,740,000,000.00
16,110,000,000.00
(11,700,000,000.00)
35,670,000,000.00

2006
6,200,000,000.00
24,110,000,000.00
15,620,000,000.00
(6,030,000,000.00)
39,900,000,000.00

1,580,000,000.00

1,270,000,000.00

1,200,000,000.00

49.51

28.09

Cash Dividends

Operating Cash Flow to Cash

Dividends

2007

2006

33.25

Altman Z-Score
T1 = Working Capital / Total Assets
T2 = Retained Earnings / Total Assets
T3 = Earnings Before Interest and Taxes / Total Assets
T4 = Market Value of Equity / Total Liabilities
T5 = Sales/ Total Assets

Yr

2010

Current Assets
22,350,000,000.00
Total Assets
220,000,000,000.00
Net Sales
106,560,000,000.00
Interest
3,490,000,000.00
Total Liabilities
133,090,000,000.00
Current Liabilities
30,600,000,000.00
Earnings Before Taxes 14,700,000,000.00
Retained Earnings
4,370,000,000.00

2009
21,740,000,000.00
226,910,000,000.00
107,810,000,000.00
4,030,000,000.00
142,760,000,000.00
29,140,000,000.00
16,070,000,000.00
7,260,000,000.00

X1
X2
X3
X4
X5

-0.04
0.02
0.08
0.65
0.48

-0.03
0.03
0.09
0.59
0.48

Z=

1.13

1.13

Z-Score
2
1
1
1
1
1

2010

2009

2008

2007

2010

2009

2008

2007

Zones of Discrimination:
Z > 2.99 -Safe Zones
1.81 < Z < 2.99 -Grey Zones
Z < 1.81 -Distress Zones

2008
26,080,000,000.00
202,350,000,000.00
97,350,000,000.00
2,570,000,000.00
123,450,000,000.00
25,910,000,000.00
17,170,000,000.00
19,250,000,000.00

Z Score Bankruptcy Model:

Z = 1.2T1 + 1.4T2 + 3.3T3 + 0.6T4 + .999T5

2007
18,700,000,000.00
186,960,000,000.00
93,470,000,000.00
2,260,000,000.00
104,090,000,000.00
24,740,000,000.00
15,790,000,000.00
17,880,000,000.00

2006
22,540,000,000.00
188,800,000,000.00
88,140,000,000.00
2,810,000,000.00
111,930,000,000.00
32,280,000,000.00
13,770,000,000.00
17,320,000,000.00

0
0.1
0.10
0.64
0.48

-0.03
0.1
0.10
0.80
0.5

-0.05
0.09
0.09
0.69
0.47

1.32

1.39

1.24

Z-Score

008

2007

2006

008

2007

2006

.6T4 + .999T5