Disney balance sheetDisneyINCOME STATEMENT Consolidated Balance Sheet as onDecember 31, 2004December 31, 2005December 31, 2006December 31, 2007December 31, 2008December 31, 2009December 31, 2004December 31, 2005December 31, 2006December 31, 2007December 31, 2008December 31, 2009ParticularsAmount in $ MillionAmount in $ MillionAmount in $ MillionAmount in $ MillionAmount in $ MillionAmount in $ MillionParticularsAmount in $ MillionAmount in $ MillionAmount in $ MillionAmount in $ MillionAmount in $ MillionAmount in $ Million

EQUITYRevenues307523194434285355103784336149Paid Up Capital124471328822377242072654627038COGS-26704-27837-28807-28729-30439-30452COGS/Revenue0.86836628510.87143125470.84022167130.80903970710.80434954950.8424022795Treasury Stock-1862-4281-11179-18102-22555-22693EBIDTA404841075478678174045697Retained Earnings157321777520630248052841331033Restructing & Impairment Costs-64-321800-492Accumulated Other Comprehensive Profit/Loss-236-572-8-157-81-1644EBIT398440755496678174045205DEFERED TAX LAIBILITY295024302651257323501819Gains on sale of equity investment & business0267010520Other Income (Expense)0000-59342MINORITY INTEREST79812481343129513441691Equity in the income of investees372483473485581577Net Interest Expense-617-597-592-593-524-466Int/Revenue0.02006373570.01868895570.01726702640.01669952130.01384668230.0128910897DEBTPBT373939875447772574025658Long Term Debt130141410213974149161488916939Income Taxes-1197-1241-1890-2874-2673-2049Short Term Debt1105991681021011391115918934PAT254227463557485147293609Pat/Sales0.08266129030.08596293510.10374799470.13660940580.12496366570.0998367866Minority Interest-197-177-183-177-302-302TOTAL539025315859998609286249763117Net Income234525693374467444273307Discontinued Operations, net of tax13INTANGIBLE ASSETSCumulative effect of accounting changes-36Goodwill169661697422505220852215121683Net Income25333387Other Intangible Assets385537184214397841914269Pat/Total Assets0.04715966010.05165732350.05928530950.07961856620.0756676320.0571795237

NET FIXED ASSETSTangible assets146301609416254162861636316247Capital Work In Progress1852874913114711691350

INVESTMENTSOperatingNon Operating12921226131599515632554

Current Assets936988459562113141166611889

Film & Television Costs593854275235512353945125

TOTAL539025315859998609286249763117Debt/Equity Ratio0.92300908710.88782907290.76002514140.85542873870.81923088820.7669710085

Pixar balance sheetPIXAR BALANCE SHEETLIABILITIES(in thousand $)Particulars2002200320042005Share Capital442477546999687387758053Reserves & Surplus270585393511532708683909Accounts Payables2341180353923223other Liabilities16663597434955043555Total732066100205612750371488740

ASSETSFixed Assets117423115026125602125394Investments2946524736038261231035177Deffered Income Tax32719514967042477145Capitalized Film Production Cost92104107667140038182071Trade Receivables1178215255815083other receivables1357332027457638154902Prepaid Expenses & other assets13826104722273601Cash & Cash Equivalents4443148320286615367Total732066100205612750371488740 Profit & Loss StatementParticulars2002200320042005RevenueFilm 193591250383260831274765Software8133121151264114351Total Revenue201724262498273472289116

COGS41534380582988139380Gross Profit160190224440243591249736Selling & Admin Expenses19508305163487034328EBIT140682193924208721215408Interest Income10342105171241926198PBT151024204441221140241606Tax61074796737941888668PAT89950124768141722152938

DISNEY RATIOSGrowth Profitability and Financial Ratios for Walt Disney Co

Pre merger2004-092005-09Post merger2006-092007-092008-092009-092010-092011-092012-092013-09Revenue USD Mil30,75231,94434,28535,51037,84336,14938,06340,89342,27845,041Gross Margin %13.212.91619.119.615.817.7192121Operating Income USD Mil3,9844,1015,4966,7817,4045,2056,4567,7268,7639,236Operating Margin %1312.81619.119.614.41718.920.720.5Net Income USD Mil2,3452,5333,3744,6874,4273,3073,9634,8075,6826,136Earnings Per Share USD1.121.221.642.252.281.762.032.523.133.38Dividends USD0.210.240.270.310.350.350.350.40.60.75Payout Ratio %18.819.416.613.815.419.817.215.919.222.2Shares Mil2,1062,0892,0762,0921,9481,8751,9481,9091,8181,813Book Value Per Share USD12.6913.0415.2215.8417.2318.1519.6220.1422.0925.24Operating Cash Flow USD Mil4,6444,2696,0585,4215,4465,0646,5786,9947,9669,452Cap Spending USD Mil-1,427-1,823-1,299-1,566-1,586-1,753-2,110-3,559-3,784-2,796Free Cash Flow USD Mil3,2172,4464,7593,8553,8603,3114,4683,4354,1826,656Free Cash Flow Per Share USD1.531.172.291.841.981.772.291.82.33.67Working Capital USD Mil-1,690-323-648-77752,9551,2251,6698962,405Key Ratios -> ProfitabilityMargins % of Sales2004-092005-09Post merger2006-092007-092008-092009-092010-092011-092012-092013-09Revenue100100100100100100100100100100COGS86.8487.1484.0280.980.4384.2482.3380.9779.0479.02Gross Margin13.1612.8615.9819.119.5715.7617.6719.0320.9620.98SG&AR&DOther0.210.02-0.051.360.710.130.240.48Operating Margin12.9612.8416.0319.119.5714.416.9618.8920.7320.51Net Int Inc & Other-0.8-0.36-0.142.66-0.011.250.450.781.180.85EBT Margin12.1612.4815.8921.7519.5615.6517.4119.6721.921.36Profitability2004-092005-09Post merger2006-092007-092008-092009-092010-092011-092012-092013-09Tax Rate %32.0131.1334.737.236.1136.2134.9234.6333.3431.02Net Margin %7.637.939.8413.211.79.1510.4111.7613.4413.62Asset Turnover (Average)0.590.60.610.590.610.580.580.580.580.58Return on Assets %4.514.735.967.757.175.275.996.87.737.86Financial Leverage (Average)2.072.031.891.981.931.871.841.931.881.79Return on Equity %9.49.6911.6314.9814.0410.0111.1212.8414.7314.41Return on Invested Capital %7.27.498.9511.2610.227.78.791011.3111.15Interest Coverage13.1415.5319.4920.6228.56Key Ratios -> Growth2004-092005-09Post merger2006-092007-092008-092009-092010-092011-092012-092013-09Revenue %Year over Year13.643.887.333.576.57-4.485.297.443.396.543-Year Average6.768.048.214.915.811.782.342.625.365.775-Year Average5.614.696.296.996.943.293.573.593.553.5410-Year Average11.8310.186.234.685.124.444.134.935.265.23Operating Income %Year over Year47.722.9434.0223.389.19-29.724.0319.6713.425.43-Year Average42.4619.8226.7819.421.77-1.8-1.621.4318.9612.685-Year Average5.598.3831.8723.2522.385.499.57.055.264.5210-Year Average8.256.136.165.576.965.548.9418.8113.913.1Net Income %Year over Year85.088.0233.238.92-5.55-25.319.8421.318.27.993-Year Average27.0238.6125.9720.46-0.67-5.442.7819.7715.695-Year Average12.5222.4530.5528.437.129.367.343.936.7510-Year Average7.766.2610.769.089.129.7915.7216.4817.09EPS %Year over Year80.658.9334.4337.21.33-22.8115.3424.1424.217.993-Year Average26.6938.326.1823.182.38-3.373.3921.1618.525-Year Average12.5616.4430.2629.759.4610.728.976.828.1910-Year Average5.123.449.648.979.861113.5417.9618.48Key Ratios -> Cash FlowCash Flow Ratios2004-092005-09Post merger2006-092007-092008-092009-092010-092011-092012-092013-09Operating Cash Flow Growth % YOY60.08-8.0741.91-10.520.46-7.0129.96.3213.918.65Free Cash Flow Growth % YOY73.7-23.9794.56-190.13-14.2234.94-23.1221.7559.16Cap Ex as a % of Sales4.645.713.794.414.194.855.548.78.956.21Free Cash Flow/Sales %10.467.6613.8810.8610.29.1611.748.49.8914.78Free Cash Flow/Net Income1.370.971.410.820.8711.130.710.741.08Key Ratios -> Financial HealthBalance Sheet Items (in %)2004-092005-09Post merger2006-092007-092008-092009-092010-092011-092012-092013-09Cash & Short-Term Investments3.793.244.026.024.85.413.934.424.524.84Accounts Receivable8.468.637.858.268.67.698.368.578.738.58Inventory1.441.181.161.051.82.012.082.212.051.83Other Current Assets3.73.592.923.233.473.723.293.8832.12Total Current Assets17.3816.6415.9418.5718.6718.8417.6619.0718.317.37Net PP&E30.5831.9228.6128.6128.0527.8825.7327.3128.7227.55Intangibles36.737.0751.0848.7547.9637.9142.1740.5840.2242.71Other Long-Term Assets15.3414.374.374.075.3215.3714.4413.0412.7512.38Total Assets100100100100100100100100100100Accounts Payable8.4110.049.866.566.976.346.386.36.17Short-Term Debt7.594.354.475.385.651.913.44.244.831.86Taxes PayableAccrued Liabilities3.212.62.562.142.042.37Other Short-Term Liabilities4.522.862.693.553.333.353.984.193.7512.55Total Current Liabilities20.5217.2517.0218.718.5514.1515.8916.7617.1114.41Long-Term Debt17.4319.1118.0719.5217.7818.2114.6415.1414.2815.73Other Long-Term Liabilities13.6714.3411.8811.3111.9614.1915.2516.2615.5313.95Total Liabilities51.6150.6946.9649.5348.2846.5545.7948.1746.9244.08Total Stockholders' Equity48.3949.3153.0450.4751.7253.4554.2151.8353.0855.92Total Liabilities & Equity100100100100100100100100100100Liquidity/Financial Health2004-092005-09Post merger2006-092007-092008-092009-092010-092011-092012-092013-09Current Ratio0.850.960.940.991.011.331.111.141.071.21Quick Ratio0.60.690.70.760.720.930.770.770.770.93Financial Leverage2.072.031.891.981.931.871.841.931.881.79Debt/Equity0.370.390.340.40.340.350.280.30.280.29Key Ratios -> Efficiency RatiosEfficiency2004-092005-09Post merger2006-092007-092008-092009-092010-092011-092012-092013-09Days Sales Outstanding49.150.549.4650.0550.1851.6351.0151.1951.152.05Days Inventory10.19.198.368.4810.5814.3515.816.7417.1115.51Payables Period58.9564.7171.3162.9750.0750.0849.0149.3850.06Cash Conversion Cycle0.25-5.02-13.49-4.4410.6915.917.818.5518.15Receivables Turnover7.437.237.387.297.277.077.167.137.147.01Inventory Turnover36.1439.7443.6543.0434.4925.4323.121.8121.3423.54Fixed Assets Turnover2.111.912.012.052.162.062.152.182.052.05Asset Turnover0.590.60.610.590.610.580.580.580.580.58

COMPARISION OF FINANCIAL RATIOSPIXARDISNEYPre MergerPost MergerDifferenceComment14%11%14%Efficiency Parameters12%13%12%

1Cogs/Sales13%83.93%2Selling & Admin Exp/Sales12%3Interest/Sales0%1.66%4Power Cost/Sales6Manufacturing & Misc/sales

Growth Parameters

1Growth in Net Sales12.75%3.29%2Growth in Total Assets3Growth in Networth4Growth in Capital Employed

Profitability Ratios

1PAT/Net Sales10.56%2PAT/Net Worth3PAT/Capital Employed4PAT/Total Assets6.18%

Debt/Equity0.84Current Ratio