OSV Financial Statement Analysis-V2.0.0

8/9/2019 OSV Financial Statement Analysis-V2.0.0

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Author

Jae Jun | Old School ValueAll spreadsheet related questions and support is now handled only through the forum.

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CreditsSMF add in created by Randy Harmelink ([email protected])

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Company Name

CSCO

Cisco Systems Inc

Quarterly Statements Line Item Check: Financial statement line items are Correct

Financial Statement figures in $Mil

quarter end date 2010/01 2009/10 2009/07 2009/04 2009/01 2008/10 2008/07 2008/04 2008/01 2007/10 2007/07 2007/04 2007/01 2006/10 2006/07 2006/04 2006/03 2006/01 2005/10date preliminary data loaded 2010-02-05 2009-11-09 2009-08-10 2009-05-22 2009-02-05 2008-11-06 2008-08-06 2008-05-07 2008-02-07 2007-11-08 2007-08-08 2007-05-09 2007-02-06 2006-11-21 2006-08-09 2006-05-25 2006-05-15 2006-02-21 2005-11-23

Income Statement

Revenuesoperating revenue 9,815.00$ 9,021.00$ 8,535.00$ 8,162.00$ 9,089.00$ 10,331.00$ 10,364.00$ 9,791.00$ 9,831.00$ 9,554.00$ 9,433.00$ 8,866.00$ 8,439.00$ 8,184.00$ 7,984.00$ 7,322.00$ 7,322.00$ 6,628.00$ 6,550.00$

total revenue 9,815.00$ 9,021.00$ 8,535.00$ 8,162.00$ 9,089.00$ 10,331.00$ 10,364.00$ 9,791.00$ 9,831.00$ 9,554.00$ 9,433.00$ 8,866.00$ 8,439.00$ 8,184.00$ 7,984.00$ 7,322.00$ 7,322.00$ 6,628.00$ 6,550.00$

user correctedvalue

% change from last period 8.8% 5.7% 4.6% -10.2% -12.0% -0.3% 5.9% -0.4% 2.9% 1.3% 6.4% 5.1% 3.1% 2.5% 9.0% 0.0% 10.5% 1.2% -0.5%

adjustments to revenue -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

cost of sales 3,108.00$ 2,809.00$ 2,714.00$ 2,628.00$ 3,077.00$ 3,369.00$ 3,417.00$ 3,167.00$ 3,150.00$ 3,077.00$ 3,100.00$ 2,967.00$ 2,805.00$ 2,708.00$ 2,581.00$ 2,409.70$ 2,695.00$ 1,964.00$ 1,941.00$

cost of sales with depreciation 3,483.00$ 3,133.00$ 3,074.00$ 2,933.00$ 3,366.00$ 3,650.00$ 3,698.00$ 3,486.00$ 3,491.00$ 3,381.00$ 3,365.00$ 3,219.00$ 3,051.00$ 2,951.00$ 2,839.00$ 2,596.00$ 2,596.00$ 2,162.00$ 2,140.00$

COGS (%) 35.5% 34.7% 36.0% 35.9% 37.0% 35.3% 35.7% 35.6% 35.5% 35.4% 35.7% 36.3% 36.2% 36.1% 35.6% 35.5% 35.5% 32.6% 32.7%

gross margin 6,707.00$ 6,212.00$ 5,821.00$ 5,534.00$ 6,012.00$ 6,681.00$ 6,666.00$ 6,305.00$ 6,340.00$ 6,173.00$ 6,068.00$ 5,647.00$ 5,388.00$ 5,233.00$ 5,145.00$ 4,726.00$ 4,726.00$ 4,466.00$ 4,410.00$

gross operating profit 6,707.00$ 6,212.00$ 5,821.00$ 5,534.00$ 6,012.00$ 6,962.00$ 6,947.00$ 6,624.00$ 6,681.00$ 6,477.00$ 6,333.00$ 5,899.00$ 5,634.00$ 5,476.00$ 5,403.00$ 4,912.30$ 4,627.00$ 4,664.00$ 4,609.00$

Gross Profit (%) 68.3% 68.9% 68.2% 67.8% 66.1% 67.4% 67.0% 67.7% 68.0% 67.8% 67.1% 66.5% 66.8% 66.9% 67.7% 67.1% 63.2% 70.4% 70.4%

Operating Expense

R es ea rc h & De ve lo pm en t ( R& D) Ex pe ns e 1 ,2 47 .0 0$ 1,224.00$ 1,280.00$ 1,243.00$ 1,279.00$ 1,406.00$ 1,306.00$ 1,439.00$ 1,216.00$ 1,192.00$ 1,178.00$ 1,144.00$ 1,094.00$ 1,083.00$ 1,064.00$ 1,041.00$ 1,129.00$ 966.00$ 996.00$

R&D (%) 12.7% 13.6% 15.0% 15.2% 14.1% 13.6% 12.6% 14.7% 12.4% 12.5% 12.5% 12.9% 13.0% 13.2% 13.3% 14.2% 15.4% 14.6% 15.2%

Selling, General & Administrative (SG&A)

Expense 2,577.00$ 2,435.00$ 2,497.00$ 2,258.00$ 2,535.00$ 2,678.00$ 2,682.00$ 2,608.00$ 2,604.00$ 2,493.00$ 2,404.00$ 2,208.00$ 2,066.00$ 2,050.00$ 1,911.00$ 1,845.00$ 1,845.00$ 1,713.00$ 1,731.00$

SG&A (%) 26.3% 27.0% 29.3% 27.7% 27.9% 25.9% 25.9% 26.6% 26.5% 26.1% 25.5% 24.9% 24.5% 25.0% 23.9% 25.2% 25.2% 25.8% 26.4%

advertising -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

operating income 2,370.00$ 2,124.00$ 1,460.00$ 1,607.00$ 1,773.00$ 2,482.00$ 2,529.00$ 2,141.00$ 2,404.00$ 2,368.00$ 2,303.00$ 2,197.00$ 2,130.00$ 1,991.00$ 1,990.00$ 1,653.00$ 1,653.00$ 1,731.00$ 1,622.00$

Operating Income (%) 76.3% 75.6% 53.8% 61.1% 57.6% 73.7% 74.0% 67.6% 76.3% 77.0% 74.3% 74.0% 75.9% 73.5% 77.1% 68.6% 61.3% 88.1% 83.6%

EBITDA 2,883.00$ 2,553.00$ 2,044.00$ 2,033.00$ 2,198.00$ 2,878.00$ 2,959.00$ 2,577.00$ 2,861.00$ 2,792.00$ 2,751.00$ 2,547.00$ 2,474.00$ 2,343.00$ 2,428.00$ 2,026.30$ 1,653.00$ 1,985.00$ 1,882.00$

depreciation 513.00$ 429.00$ 524.00$ 426.00$ 425.00$ 393.00$ 430.00$ 436.00$ 457.00$ 421.00$ 374.00$ 349.00$ 342.00$ 348.00$ 437.00$ 285.30$ -$ 254.00$ 258.00$

depreciation (unrecognized) -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

amortization -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

amortization of intangibles 138.00$ 105.00$ 164.00$ 121.00$ 136.00$ 112.00$ 149.00$ 117.00$ 116.00$ 117.00$ 109.00$ 97.00$ 96.00$ 105.00$ 179.00$ 99.00$ 99.00$ 56.00$ 59.00$

operating profit after depreciation 2,370.00$ 2,124.00$ 1,520.00$ 1,607.00$ 1,773.00$ 2,485.00$ 2,529.00$ 2,141.00$ 2,404.00$ 2,371.00$ 2,377.00$ 2,198.00$ 2,132.00$ 1,995.00$ 1,991.00$ 1,741.00$ 1,653.00$ 1,731.00$ 1,624.00$

Other Income and Expenseinterest income 155.00$ 168.00$ 170.00$ 194.00$ 222.00$ 195.00$ 252.00$ 269.00$ 303.00$ 319.00$ 291.00$ 283.00$ 267.00$ 251.00$ 143.00$ 142.00$ 142.00$ 168.00$ 154.00$

other income net (12.00)$ 61.00$ 17.00$ (9.00)$ (64.00)$ (72.00)$ (31.00)$ (33.00)$ 27.00$ 34.00$ 17.00$ 33.00$ 43.00$ 28.00$ 13.00$ 17.00$ 17.00$ 17.00$ (17.00)$

other special charges -$ -$ -$ -$ -$ -$ -$ -$ (5.00)$ (3.00)$ 14.00$ -$ (10.00)$ -$ -$ -$ -$ -$ -$

special income charges -$ -$ (60.00)$ -$ -$ (3.00)$ -$ -$ (5.00)$ (6.00)$ (60.00)$ (1.00)$ (12.00)$ (4.00)$ (1.00)$ (88.00)$ -$ -$ (2.00)$

EBIT 2,513.00$ 2,353.00$ 1,647.00$ 1,792.00$ 1,931.00$ 2,605.00$ 2,750.00$ 2,377.00$ 2,729.00$ 2,718.00$ 2,625.00$ 2,513.00$ 2,430.00$ 2,270.00$ 2,146.00$ 1,812.00$ 1,812.00$ 1,916.00$ 1,759.00$

interest expense 158.00$ 114.00$ 114.00$ 105.00$ 63.00$ -$ 64.00$ 68.00$ 91.00$ 96.00$ 94.00$ 94.00$ 95.00$ 94.00$ -$ -$ -$ -$ -$

income taxes 502.00$ 452.00$ 452.00$ 339.00$ 364.00$ 404.00$ 672.00$ 536.00$ 578.00$ 417.00$ 601.00$ 545.00$ 414.00$ 568.00$ 602.00$ 412.00$ 412.00$ 541.00$ 498.00$

minority interest -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

income before income taxes 2,355.00$ 2,239.00$ 1,533.00$ 1,687.00$ 1,868.00$ 2,605.00$ 2,686.00$ 2,309.00$ 2,638.00$ 2,622.00$ 2,531.00$ 2,419.00$ 2,335.00$ 2,176.00$ 2,146.00$ 1,812.00$ 1,812.00$ 1,916.00$ 1,759.00$

net income (continuing operations) 1,853.00$ 1,787.00$ 1,081.00$ 1,348.00$ 1,504.00$ 2,201.00$ 2,014.00$ 1,773.00$ 2,060.00$ 2,205.00$ 1,930.00$ 1,874.00$ 1,921.00$ 1,608.00$ 1,544.00$ 1,400.00$ 1,400.00$ 1,375.00$ 1,261.00$

net income (discontinued operations) -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

other gains/losses -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

total net income 1,853.00$ 1,787.00$ 1,081.00$ 1,348.00$ 1,504.00$ 2,201.00$ 2,014.00$ 1,773.00$ 2,060.00$ 2,205.00$ 1,930.00$ 1,874.00$ 1,921.00$ 1,608.00$ 1,544.00$ 1,400.00$ 1,400.00$ 1,375.00$ 1,261.00$

Total Net Income (%) 18.9% 19.8% 12.7% 16.5% 16.5% 21.3% 19.4% 18.1% 21.0% 23.1% 20.5% 21.1% 22.8% 19.6% 19.3% 19.1% 19.1% 20.7% 19.3%

Dividends & EPS

preferred dividends -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Basic EPS - Total 0.32$ 0.31$ 0.19$ 0.23$ 0.26$ 0.37$ 0.35$ 0.30$ 0.34$ 0.36$ 0.32$ 0.31$ 0.32$ 0.27$ 0.26$ 0.23$ 0.23$ 0.22$ 0.20$

Diluted EPS - Total 0.32$ 0.30$ 0.19$ 0.23$ 0.26$ 0.37$ 0.34$ 0.29$ 0.33$ 0.35$ 0.31$ 0.30$ 0.31$ 0.26$ 0.25$ 0.22$ 0.22$ 0.22$ 0.20$

Dividends Paid Per Share (DPS) -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Shares Outstanding

shares out (common class only) 5,734.0 5,751.0 5,785.0 5,767.9 5,837.0 5,864.0 5,893.0 5,912.0 5,975.0 6,082.0 6,100.0 6,054.0 6,048.0 6,062.0 6,059.0 6,164.0 6,150.6 6,152.0 6,154.0

preferred shares 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

basic weighted shares 5,741.0 5,767.0 5,828.0 5,805.0 5,848.0 5,881.0 5,986.0 5,942.0 6,010.0 6,087.0 6,055.0 6,034.0 6,057.0 6,061.0 6,158.0 6,160.0 6,160.0 6,146.0 6,245.0

diluted weighted shares 5,862.0 5,871.0 5,857.0 5,818.0 5,864.0 5,972.0 6,163.0 6,069.0 6,202.0 6,330.0 6,265.0 6,244.0 6,291.0 6,199.0 6,272.0 6,289.0 6,289.0 6,248.0 6,340.0

Balance Sheet

Assets

cash & equivalents 4,710.00$ 4,774.00$ 5,718.00$ 7,359.00$ 4,175.00$ 4,197.00$ 5,191.00$ 6,154.00$ 5,202.00$ 4,413.00$ 3,728.00$ 5,457.00$ 2,434.00$ 4,313.00$ 3,297.00$ 4,237.00$ 4,237.00$ 5,151.00$ 1,704.00$

restricted cash -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

marketable securities 34,928.00$ 30,591.00$ 29,283.00$ 26,192.00$ 25,356.00$ 22,566.00$ 21,044.00$ 18,279.00$ 17,491.00$ 20,266.00$ 18,538.00$ 16,879.00$ 18,247.00$ 15,207.00$ 14,517.00$ 13,946.00$ 13,946.00$ 9,838.00$ 11,786.00$

accounts receivable 4,237.00$ 3,159.00$ 3,177.00$ 2,392.00$ 2,893.00$ 3,278.00$ 3,821.00$ 4,183.00$ 4,165.00$ 3,418.00$ 3,989.00$ 3,238.00$ 2,908.00$ 3,091.00$ 3,303.00$ 2,980.00$ 2,980.00$ 2,537.00$ 2,342.00$

% change from last period 34.1% -0.6% 32.8% -17.3% -11.7% -14.2% -8.7% 0.4% 21.9% -14.3% 23.2% 11.3% -5.9% -6.4% 10.8% 0.0% 17.5% 8.3% 5.7%

other receivable -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

receivables 4,237.00$ 3,159.00$ 3,177.00$ 2,392.00$ 2,893.00$ 3,278.00$ 3,821.00$ 4,183.00$ 4,165.00$ 3,418.00$ 3,989.00$ 3,238.00$ 2,908.00$ 3,091.00$ 3,303.00$ 2,980.00$ 2,980.00$ 2,537.00$ 2,342.00$

inventories, raw materials 248.00$ 167.00$ 165.00$ 159.00$ 142.00$ 144.00$ 111.00$ 122.00$ 146.00$ 130.00$ 173.00$ 175.00$ 178.00$ 155.00$ 131.00$ 164.00$ -$ 96.00$ 98.00$

% change from last period 48.5% 1.2% 3.8% 12.0% -1.4% 29.7% -9.0% -16.4% 12.3% -24.9% -1.1% -1.7% 14.8% 18.3% -20.1% 0.0% -100.0% -2.0% 19.5%

inventories, work in progress 36.00$ 33.00$ 33.00$ 39.00$ 50.00$ 65.00$ 53.00$ 48.00$ 58.00$ 45.00$ 45.00$ 117.00$ 440.00$ 402.00$ 377.00$ 336.00$ -$ 477.00$ 426.00$

% change from last period 9.1% 0.0% -15.4% -22.0% -23.1% 22.6% 10.4% -17.2% 28.9% 0.0% -61.5% -73.4% 9.5% 6.6% 12.2% 0.0% -100.0% 12.0% -1.2%

inventories, purchased components 146.00$ 147.00$ -$ -$ 207.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 564.00$ -$

% change from last period -0.7% 0.0% 0.0% -100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -100.0% 0.0% 0.0%

inventories, finished goods 745.00$ 710.00$ 692.00$ 634.00$ 708.00$ 776.00$ 833.00$ 870.00$ 820.00$ 894.00$ 858.00$ 752.00$ 795.00$ 696.00$ 659.00$ 619.00$ -$ 208.00$ 582.00$

% change from last period 4.9% 2.6% 9.1% -10.5% -8.8% -6.8% -4.3% 6.1% -8.3% 4.2% 14.1% -5.4% 14.2% 5.6% 6.5% 0.0% -100.0% -64.3% 2.3%

inventories, other 40.00$ 32.00$ 184.00$ 191.00$ -$ 224.00$ 238.00$ 239.00$ 243.00$ 246.00$ 246.00$ 245.00$ 229.00$ 224.00$ 204.00$ 194.00$ -$ -$ 212.00$

inventories 1,215.00$ 1,089.00$ 1,074.00$ 1,023.00$ 1,107.00$ 1,209.00$ 1,235.00$ 1,279.00$ 1,267.00$ 1,315.00$ 1,322.00$ 1,289.00$ 1,642.00$ 1,477.00$ 1,371.00$ 1,313.00$ 1,313.00$ 1,345.00$ 1,318.00$

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% change from last period 11.6% 1.4% 5.0% -7.6% -8.4% -2.1% -3.4% 0.9% -3.7% -0.5% 2.6% -21.5% 11.2% 7.7% 4.4% 0.0% -2.4% 2.0% 1.6%

prepaid expenses -$ -$ 2,605.00$ 2,320.00$ 2,330.00$ 2,341.00$ 2,333.00$ 2,172.00$ 2,269.00$ 1,916.00$ 2,044.00$ 1,922.00$ 1,612.00$ 1,581.00$ 1,584.00$ 1,527.00$ 1,527.00$ 1,264.00$ 1,193.00$

current defered income taxes 2,233.00$ 2,205.00$ 2,320.00$ 2,050.00$ 2,134.00$ 2,071.00$ 2,075.00$ 2,078.00$ 2,048.00$ 2,127.00$ 1,953.00$ 1,755.00$ 1,673.00$ 1,582.00$ 1,604.00$ 1,484.00$ 1,484.00$ 1,476.00$ 1,410.00$

other current assets 2,816.00$ 2,879.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

total current assets 50,139.00$ 44,697.00$ 44,177.00$ 41,336.00$ 37,995.00$ 35,662.00$ 35,699.00$ 34,145.00$ 32,442.00$ 33,455.00$ 31,574.00$ 30,540.00$ 28,516.00$ 27,251.00$ 25,676.00$ 25,487.00$ 25,487.00$ 21,611.00$ 19,753.00$

land and improvements 4,505.00$ 4,501.00$ 4,618.00$ 4,534.00$ 4,499.00$ 4,438.00$ 4,445.00$ 4,282.00$ 4,159.00$ 4,095.00$ 4,022.00$ 3,852.00$ 3,736.00$ 3,674.00$ 3,647.00$ 3,625.00$ -$ 3,538.00$ 3,524.00$

building and improvements 251.00$ 242.00$ -$ -$ 217.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

machinery, furniture & equipment 7,051.00$ 7,313.00$ 7,363.00$ 7,367.00$ 7,211.00$ 7,105.00$ 7,048.00$ 6,881.00$ 6,695.00$ 2,091.00$ 6,263.00$ 6,105.00$ 5,811.00$ 5,563.00$ 5,393.00$ 5,285.00$ -$ 5,043.00$ 4,887.00$

construction in progress -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

other fixed assets -$ -$ 227.00$ 224.00$ -$ 205.00$ 209.00$ 200.00$ 190.00$ 4,604.00$ 181.00$ 160.00$ 158.00$ 155.00$ 153.00$ 143.00$ -$ 139.00$ 127.00$

total fixed assets 11,807.00$ 12,056.00$ 12,208.00$ 12,125.00$ 11,927.00$ 11,748.00$ 11,702.00$ 11,363.00$ 11,044.00$ 10,790.00$ 10,466.00$ 10,117.00$ 9,705.00$ 9,392.00$ 9,193.00$ 9,053.00$ -$ 8,720.00$ 8,538.00$

gross fixed assets 11,807.00$ 12,056.00$ 12,208.00$ 12,125.00$ 11,927.00$ 11,748.00$ 11,702.00$ 11,363.00$ 11,044.00$ 10,790.00$ 10,466.00$ 10,117.00$ 9,705.00$ 9,392.00$ 9,193.00$ 9,053.00$ 3,479.00$ 8,720.00$ 8,538.00$

net fixed assets 3,958.00$ 3,976.00$ 4,043.00$ 4,089.00$ 4,141.00$ 4,181.00$ 4,151.00$ 4,045.00$ 3,973.00$ 3,956.00$ 3,893.00$ 3,695.00$ 3,539.00$ 3,444.00$ 3,440.00$ 3,479.00$ 3,479.00$ 3,316.00$ 3,335.00$

intangibles 2,661.00$ 1,552.00$ 1,702.00$ 1,656.00$ 1,792.00$ 1,976.00$ 2,089.00$ 2,181.00$ 2,338.00$ 2,379.00$ 2,540.00$ 1,909.00$ 1,960.00$ 2,065.00$ 2,161.00$ 2,356.00$ 2,356.00$ 5,932.00$ 5,960.00$

other non-current assets 5,222.00$ 5,513.00$ 5,281.00$ 5,016.00$ 4,857.00$ 4,514.00$ 2,633.00$ 2,482.00$ 2,544.00$ 2,142.00$ 2,569.00$ 2,051.00$ 1,949.00$ 1,907.00$ 1,828.00$ 1,718.00$ 2,574.00$ 1,464.00$ 1,413.00$

total non-current assets 26,264.00$ 23,983.00$ 23,951.00$ 23,330.00$ 23,362.00$ 23,225.00$ 23,035.00$ 22,978.00$ 22,858.00$ 22,247.00$ 21,766.00$ 18,295.00$ 17,738.00$ 17,657.00$ 17,639.00$ 17,595.00$ 17,595.00$ 12,041.00$ 12,002.00$

total assets 76,403.00$ 68,680.00$ 68,128.00$ 64,666.00$ 61,357.00$ 58,887.00$ 58,734.00$ 57,123.00$ 55,300.00$ 55,702.00$ 53,340.00$ 48,835.00$ 46,254.00$ 44,908.00$ 43,315.00$ 43,082.00$ 43,082.00$ 33,652.00$ 31,755.00$

Liabilities & Equityaccounts payable 750.00$ 729.00$ 675.00$ 653.00$ 625.00$ 804.00$ 869.00$ 808.00$ 763.00$ 820.00$ 786.00$ 864.00$ 931.00$ 869.00$ 880.00$ 837.00$ 837.00$ 684.00$ 721.00$

notes payable -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

short-term debt -$ -$ -$ -$ 500.00$ 500.00$ 500.00$ 500.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

accrued expenses -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

accrued liabilities 2,207.00$ 2,263.00$ 2,535.00$ 2,413.00$ 2,078.00$ 2,100.00$ 2,428.00$ 2,320.00$ 1,981.00$ 1,920.00$ 5,441.00$ 4,729.00$ 4,512.00$ 4,261.00$ 4,281.00$ 3,947.00$ 3,947.00$ 3,463.00$ 3,337.00$

deferred revenues 6,751.00$ 6,397.00$ 6,438.00$ 6,110.00$ 6,592.00$ 6,276.00$ 6,197.00$ 6,103.00$ 5,786.00$ 5,381.00$ 5,391.00$ 4,854.00$ 4,718.00$ 4,546.00$ 4,408.00$ 4,300.00$ 4,300.00$ 3,937.00$ 3,716.00$

current deferred income taxes -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

other current liabilities 4,697.00$ 3,773.00$ 4,007.00$ 3,685.00$ 3,809.00$ 3,868.00$ 3,864.00$ 3,628.00$ 3,663.00$ 4,099.00$ 1,740.00$ 1,525.00$ 1,330.00$ 1,605.00$ 1,744.00$ 1,346.00$ 1,346.00$ 1,437.00$ 1,462.00$

total current liabilities 14,405.00$ 13,162.00$ 13,655.00$ 12,861.00$ 13,604.00$ 13,548.00$ 13,858.00$ 13,359.00$ 12,193.00$ 12,220.00$ 13,358.00$ 11,972.00$ 11,491.00$ 11,281.00$ 11,313.00$ 10,430.00$ 10,430.00$ 9,521.00$ 9,236.00$

long-term debt 15,194.00$ 10,273.00$ 10,295.00$ 10,317.00$ 6,348.00$ 6,371.00$ 6,393.00$ 6,415.00$ 6,851.00$ 6,582.00$ 6,408.00$ 6,478.00$ 6,416.00$ 6,455.00$ 6,332.00$ 6,346.00$ 6,346.00$ -$ -$

capital lease obligations -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

deferred income taxes 1,941.00$ 1,755.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

other non-current liabilities 3,331.00$ 3,464.00$ 5,501.00$ 4,205.00$ 4,604.00$ 3,909.00$ 4,081.00$ 4,148.00$ 3,363.00$ 2,897.00$ 2,084.00$ 1,858.00$ 1,757.00$ 1,629.00$ 1,752.00$ 1,683.00$ 1,683.00$ 1,163.00$ 1,078.00$

preferred equity outside stock equity -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

total non-current liabilities 20,486.00$ 15,516.00$ 15,826.00$ 14,549.00$ 10,970.00$ 10,304.00$ 10,523.00$ 10,626.00$ 10,295.00$ 9,610.00$ 8,502.00$ 8,345.00$ 8,181.00$ 8,098.00$ 8,090.00$ 8,037.00$ 8,037.00$ 1,167.00$ 1,082.00$

preferred stock equity -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

common stock equity 41,512.00$ 40,002.00$ 38,647.00$ 37,256.00$ 36,783.00$ 35,035.00$ 34,353.00$ 33,138.00$ 32,812.00$ 33,872.00$ 31,480.00$ 28,518.00$ 26,582.00$ 25,529.00$ 23,912.00$ 24,615.00$ 24,615.00$ 22,964.00$ 21,437.00$

retained earnings 5,086.00$ 4,354.00$ 3,868.00$ 3,292.00$ 2,695.00$ 1,580.00$ 120.00$ (843.00)$ (1,073.00)$ 121.00$ 231.00$ (457.00)$ (1,083.00)$ (233.00)$ (617.00)$ 121.00$ -$ (268.00)$ (1,046.00)$

total capitalization 56,706.00$ 50,275.00$ 48,942.00$ 47,573.00$ 43,131.00$ 41,406.00$ 40,746.00$ 39,553.00$ 39,663.00$ 40,454.00$ 37,888.00$ 34,996.00$ 32,998.00$ 31,984.00$ 30,244.00$ 30,961.00$ 30,961.00$ 22,964.00$ 21,437.00$

total equity 41,512.00$ 40,002.00$ 38,647.00$ 37,256.00$ 36,783.00$ 35,035.00$ 34,353.00$ 33,138.00$ 32,812.00$ 33,872.00$ 31,480.00$ 28,518.00$ 26,582.00$ 25,529.00$ 23,912.00$ 24,615.00$ 24,615.00$ 22,964.00$ 21,437.00$

total liabilities & stock equity 76,403.00$ 68,680.00$ 68,128.00$ 64,666.00$ 61,357.00$ 58,887.00$ 58,734.00$ 57,123.00$ 55,300.00$ 55,702.00$ 53,340.00$ 48,835.00$ 46,254.00$ 44,908.00$ 43,315.00$ 43,082.00$ 43,082.00$ 33,652.00$ 31,755.00$

working capital 35,734.00$ 31,535.00$ 30,522.00$ 28,475.00$ 24,391.00$ 22,114.00$ 21,841.00$ 20,786.00$ 20,249.00$ 21,235.00$ 18,216.00$ 18,568.00$ 17,025.00$ 15,970.00$ 14,363.00$ 15,057.00$ 15,057.00$ 12,090.00$ 10,517.00$

invested capital 56,706.00$ 50,275.00$ 48,942.00$ 47,573.00$ 43,131.00$ 41,406.00$ 40,746.00$ 39,553.00$ 39,663.00$ 40,454.00$ 37,888.00$ 34,996.00$ 32,998.00$ 31,984.00$ 30,244.00$ 30,961.00$ 30,961.00$ 22,964.00$ 21,437.00$

cash flow 7,961.00$ 7,524.00$ 7,902.00$ 8,741.00$ 9,176.00$ 9,764.00$ 9,796.00$ 9,656.00$ 9,670.00$ 9,416.00$ 8,746.00$ 8,423.00$ 7,885.30$ 7,251.30$ 6,873.00$ 6,631.30$ -$ 6,515.00$ 6,582.00$

Cash Flow Statement

Operating Activitiesnet income/loss 3,640.00$ 1,787.00$ 6,134.00$ 5,053.00$ 3,705.00$ 2,201.00$ 8,052.00$ 6,038.00$ 4,265.00$ 2,205.00$ 7,333.00$ 5,403.00$ 3,529.00$ 1,608.00$ 5,580.00$ 4,036.00$ -$ 2,636.00$ 1,261.00$

depreciation 513.00$ 429.00$ 524.00$ 426.00$ 425.00$ 393.00$ 430.00$ 436.00$ 457.00$ 421.00$ 374.00$ 349.00$ 342.00$ 348.00$ 437.00$ 285.30$ -$ 254.00$ 258.00$

amortization -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

amortization of intangibles 138.00$ 105.00$ 164.00$ 121.00$ 136.00$ 112.00$ 149.00$ 117.00$ 116.00$ 117.00$ 109.00$ 97.00$ 96.00$ 105.00$ 179.00$ 99.00$ 99.00$ 56.00$ 59.00$

deferred income taxes 1,941.00$ 1,755.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

operating gains (84.00)$ (47.00)$ 143.00$ 113.00$ 123.00$ 70.00$ (103.00)$ (109.00)$ (101.00)$ (54.00)$ (210.00)$ (147.00)$ 6.00$ (48.00)$ (2.00)$ 723.00$ -$ 566.00$ 376.00$

extraordinary gains -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

(increa se) decrease in receivables (1,131.00)$ (62.00)$ 388.00$ 1,210.00$ 709.00$ 388.00$ (317.00)$ (539.00)$ (456.00)$ 427.00$ (597.00)$ 60.00$ 329.00$ 184.00$ (1,084.00)$ (686.00)$ -$ (389.00)$ (161.00)$

(increase) decrease in inventories (80.00)$ (8.00)$ 187.00$ 199.00$ 113.00$ 8.00$ 104.00$ 54.00$ 66.00$ 7.00$ 61.00$ 82.00$ (387.00)$ (162.00)$ (41.00)$ 54.00$ -$ (115.00)$ (65.00)$

(increase) decrease in prepaid expenses -$ -$ -$ -$ -$ -$ -$ -$ 38.00$ 81.00$ (452.00)$ (355.00)$ (39.00)$ (16.00)$ (300.00)$ (228.00)$ -$ (47.00)$ (41.00)$

( in cre as e) d ec re as e i n o the r c ur re nt a ss et s -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

decrease (increase) in payables 58.00$ 52.00$ (208.00)$ (198.00)$ (228.00)$ (35.00)$ 62.00$ 12.00$ (33.00)$ 32.00$ (107.00)$ (17.00)$ 51.00$ (11.00)$ (43.00)$ (86.00)$ -$ (51.00)$ (14.00)$

decrease (increase) in other currentliabilities (224.00)$ (764.00)$ 1,515.00$ 403.00$ 798.00$ (197.00)$ 351.00$ 301.00$ (38.00)$ (99.00)$ 2,876.00$ 810.00$ 177.00$ 135.00$ 893.00$ 578.00$ -$ 154.00$ (337.00)$

d ec re ase ( in crease) i n o th er w orki ng c ap it al 291.00$ (296.00)$ (719.00)$ (861.00)$ (472.00)$ (443.00)$ 2,232.00$ 1,869.00$ 1,310.00$ 541.00$ 275.00$ 699.00$ 559.00$ 23.00$ 1,055.00$ 414.00$ -$ -$ -$

other non-cash items 679.00$ 304.00$ 1,263.00$ 915.00$ 643.00$ 307.00$ 736.00$ 496.00$ 235.00$ 19.00$ 134.00$ 94.00$ 80.00$ 150.00$ 891.00$ -$ -$ -$ -$

ne t c as h f rom c ont in ui ng op er at io ns 3 ,9 74 .0 0$ 1,488.00$ 9,897.00$ 7,912.00$ 5,916.00$ 2,718.00$ 12,089.00$ 8,560.00$ 5,532.00$ 3,089.00$ 10,104.00$ 7,366.00$ 4,929.00$ 2,271.00$ 7,899.00$ 5,582.00$ -$ 3,267.00$ 1,402.00$

net cash from discontinued operations -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

net cash from total operating activities 3,974.00$ 1,488.00$ 9,897.00$ 7,912.00$ 5,916.00$ 2,718.00$ 12,089.00$ 8,560.00$ 5,532.00$ 3,089.00$ 10,104.00$ 7,366.00$ 4,929.00$ 2,271.00$ 7,899.00$ 5,582.00$ -$ 3,267.00$ 1,402.00$

Investing Activitiessale of property, plant & equipment -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

sale of long-term investments 17,560.00$ 8,433.00$ 32,825.00$ 26,379.00$ 19,465.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

sale of short-term investments -$ -$ -$ -$ -$ 10,342.00$ 19,990.00$ 14,761.00$ 9,453.00$ 3,526.00$ 17,368.00$ 13,438.00$ 7,762.00$ 4,268.00$ 18,480.00$ 14,539.00$ -$ 11,886.00$ 7,335.00$

p ur ch as e o f p ro pe rt y, pl an t & eq ui pm en t ( 40 8. 00 )$ (160.00)$ (1,005.00)$ (794.00)$ (585.00)$ (361.00)$ (1,268.00)$ (908.00)$ (591.00)$ (296.00)$ (1,251.00)$ (912.00)$ (548.00)$ (214.00)$ (772.00)$ (595.00)$ -$ (394.00)$ (215.00)$

acquisitions (2,308.00)$ -$ (426.00)$ (338.00)$ (327.00)$ (288.00)$ (398.00)$ (385.00)$ (385.00)$ (45.00)$ (3,684.00)$ (387.00)$ (166.00)$ (121.00)$ (5,399.00)$ (5,347.00)$ -$ (150.00)$ (122.00)$

pu rc ha se of lo ng -t er m i nv es tme nt s ( 23 ,0 20 .0 0)$ (9,537.00)$ (41,225.00)$ (31,943.00)$ (24,110.00)$ -$ -$ -$ (55.00)$ (20.00)$ (92.00)$ (81.00)$ (76.00)$ (48.00)$ (186.00)$ (158.00)$ -$ -$ -$

purchase of short-term investments -$ -$ -$ -$ -$ (12,461.00)$ (22,399.00)$ (14,093.00)$ (7,846.00)$ (4,360.00)$ (20,532.00)$ (15,342.00)$ (11,184.00)$ (4,771.00)$ (21,732.00)$ (17,154.00)$ -$ (10,467.00)$ (7,973.00)$

other investing changes, net (9.00)$ 11.00$ (128.00)$ (54.00)$ (107.00)$ (71.00)$ (118.00)$ (57.00)$ (111.00)$ (65.00)$ (151.00)$ (87.00)$ (27.00)$ (41.00)$ (35.00)$ (56.00)$ -$ (199.00)$ (148.00)$

c as h f ro m d is co nti nu ed i nv es ti ng a cti vi ti es -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

net cash from investing activities (8,185.00)$ (1,253.00)$ (9,959.00)$ (6,750.00)$ (5,664.00)$ (2,839.00)$ (4,193.00)$ (682.00)$ 465.00$ (1,260.00)$ (8,342.00)$ (3,371.00)$ (4,239.00)$ (927.00)$ (9,644.00)$ (8,771.00)$ -$ 676.00$ (1,123.00)$

Financing Activitiesissuance of debt 4,944.00$ -$ 3,991.00$ 3,991.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 6,481.00$ 6,481.00$ -$ -$ -$

issuance of capital stock 1,436.00$ 634.00$ 863.00$ 486.00$ 441.00$ 224.00$ 3,117.00$ 2,501.00$ 2,165.00$ 1,539.00$ 5,306.00$ 3,719.00$ 2,779.00$ 1,019.00$ 1,682.00$ 1,282.00$ -$ 563.00$ 136.00$

repayment of long-term debt -$ -$ (542.00)$ (542.00)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

repurchase of capital stock (3,244.00)$ (1,869.00)$ (3,611.00)$ (2,807.00)$ (1,603.00)$ (1,002.00)$ (10,441.00)$ (8,982.00)$ (7,120.00)$ (2,993.00)$ (7,681.00)$ (6,281.00)$ (4,781.00)$ (1,500.00)$ (8,295.00)$ (5,478.00)$ -$ (4,248.00)$ (3,500.00)$

payment of cash dividends -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$


4/12

other financing charges, net 67.00$ 56.00$ (112.00)$ (122.00)$ (106.00)$ (95.00)$ 891.00$ 1,029.00$ 432.00$ 310.00$ 1,044.00$ 727.00$ 449.00$ 153.00$ 432.00$ 399.00$ -$ 151.00$ 47.00$

c as h f ro m d is co nti nu ed f in an ci ng ac ti vi ti es -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

net cash from financing activities 3,203.00$ (1,179.00)$ 589.00$ 1,006.00$ (1,268.00)$ (873.00)$ (6,433.00)$ (5,452.00)$ (4,523.00)$ (1,144.00)$ (1,331.00)$ (1,835.00)$ (1,553.00)$ (328.00)$ 300.00$ 2,684.00$ -$ (3,534.00)$ (3,317.00)$

Net Cash Floweffect exchange rate changes -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

net change in cash & equivalents (1,008.00)$ (944.00)$ 527.00$ 2,168.00$ (1,016.00)$ (994.00)$ 1,463.00$ 2,426.00$ 1,474.00$ 685.00$ 431.00$ 2,160.00$ (863.00)$ 1,016.00$ (1,445.00)$ (505.00)$ -$ 409.00$ (3,038.00)$

cash at beginning of period 5,718.00$ 5,718.00$ 5,191.00$ 5,191.00$ 5,191.00$ 5,191.00$ 3,728.00$ 3,728.00$ 3,728.00$ 3,728.00$ 3,297.00$ 3,297.00$ 3,297.00$ 3,297.00$ 4,742.00$ 4,742.00$ -$ 4,742.00$ 4,742.00$

cash end of period 4,710.00$ 4,774.00$ 5,718.00$ 7,359.00$ 4,175.00$ 4,197.00$ 5,191.00$ 6,154.00$ 5,202.00$ 4,413.00$ 3,728.00$ 5,457.00$ 2,434.00$ 4,313.00$ 3,297.00$ 4,237.00$ -$ 5,151.00$ 1,704.00$

foreign sales -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

domestic sales -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Free Cash FlowCash Flow

Cash From Operations 3,974.00$ 1,488.00$ 9,897.00$ 7,912.00$ 5,916.00$ 2,718.00$ 12,089.00$ 8,560.00$ 5,532.00$ 3,089.00$ 10,104.00$ 7,366.00$ 4,929.00$ 2,271.00$ 7,899.00$ 5,582.00$ -$ 3,267.00$ 1,402.00$

Capex: Purchase of PPE (408.00)$ (160.00)$ (1,005.00)$ (794.00)$ (585.00)$ (361.00)$ (1,268.00)$ (908.00)$ (591.00)$ (296.00)$ (1,251.00)$ (912.00)$ (548.00)$ (214.00)$ (772.00)$ (595.00)$ -$ (394.00)$ (215.00)$

Capex: Acquisitions (2,308.00)$ -$ (426.00)$ (338.00)$ (327.00)$ (288.00)$ (398.00)$ (385.00)$ (385.00)$ (45.00)$ (3,684.00)$ (387.00)$ (166.00)$ (121.00)$ (5,399.00)$ (5,347.00)$ -$ (150.00)$ (122.00)$

Non Cash Items 1,330.00$ 838.00$ 1,951.00$ 1,462.00$ 1,204.00$ 812.00$ 1,315.00$ 1,049.00$ 808.00$ 557.00$ 617.00$ 540.00$ 518.00$ 603.00$ 1,507.00$ 384.30$ 99.00$ 310.00$ 317.00$

Extraordinary gains/loss -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$Owner Earnings FCF 3,745.00$ 2,056.00$ 5,653.00$ 4,685.00$ 3,545.00$ 2,233.00$ 7,214.00$ 5,566.00$ 4,131.00$ 2,330.00$ 6,456.00$ 4,840.00$ 3,323.00$ 1,742.00$ 5,245.00$ 3,726.30$ -$ 2,496.00$ 1,304.00$

Free Cash Flow 3,566.00$ 1,328.00$ 8,892.00$ 7,118.00$ 5,331.00$ 2,357.00$ 10,821.00$ 7,652.00$ 4,941.00$ 2,793.00$ 8,853.00$ 6,454.00$ 4,381.00$ 2,057.00$ 7,127.00$ 4,987.00$ -$ 2,873.00$ 1,187.00$

Financial RatiosProfit Margins (%)

pre-tax profit margin 22 21.1 21.3 23.3 23.9 25.4 25.9 26.2 27.1 27.3 27.1 27.1 26.5 26.7 26.8 28.2 0 30 30.9

net profit margin 17.1 16.4 17 18.6 18.9 20 20.4 20.6 21.4 21.9 21 20.8 20.3 19.7 19.6 20.6 20.6 21.5 22.1

interest coverage (cont. operations) 16.9 19.5 23.2 39.1 49.6 46.9 33.1 29.9 28.2 27.1 26.1 33.1 45.8 86.6 0 0 0 0 0

interest as % of invested capital 0.9 0.8 0.7 0.5 0.5 0.5 0.8 0.9 0.9 0.9 1 0.8 0.6 0.3 0 0 0 0 0

effective tax rate 22.3 21.9 20.3 20.1 20.9 21.4 21.5 21.1 21 20 22.5 23.5 23.6 26.4 26.9 27 0 28.4 28.5

Solvency Ratios

quick ratio 3 2.9 2.8 2.8 2.4 2.2 2.2 2.1 2.2 2.3 2 2.1 2.1 2 1.9 2 0 1.8 1.7

current ratio 3.5 3.4 3.2 3.2 2.8 2.6 2.6 2.6 2.7 2.7 2.4 2.6 2.5 2.4 2.3 2.4 0 2.3 2.1

payout ratio 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

total debt/equity ratio 0.37 0.26 0.27 0.28 0.19 0.2 0.2 0.21 0.21 0.19 0.2 0.23 0.24 0.25 0.26 0.26 0 0 0

long-term debt/total capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Efficiency Ratios

leverage ratio 1.8 1.7 1.8 1.7 1.7 1.7 1.7 1.7 1.7 1.6 1.7 1.7 1.7 1.8 1.8 1.8 0 1.5 1.5

asset turnover 0.5 0.5 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.7 0.7 0 0.8 0.8

cash as % of revenue 13.3 13.7 15.8 19.4 10.5 10.4 13.1 15.9 13.8 12.2 10.7 16.3 7.6 14.3 11.6 15.6 0 19.9 6.7receivables as % of revenue 11.9 9.1 8.8 6.3 7.3 8.1 9.7 10.8 11.1 9.4 11.4 9.7 9.1 10.3 11.6 11 0 9.8 9.2

SG&A as % of Revenue 27.5 27.9 27.6 26.8 26.5 26.2 26.3 26.2 25.8 25.3 25 24.6 24.7 25 25.3 25.2 0 24.7 23.9

R&D as % of Revenue 14.1 14.4 14.4 13.8 13.7 13.3 13 13 12.6 12.7 12.9 13.1 13.4 13.8 14.3 14.3 0 14.1 13.8

Liquidity Ratios

receivables turnover 10 10.8 10.3 11.5 11.2 12 10.1 10.4 10.7 11.2 9.6 10.8 11.7 11.1 10.3 10.4 0 10.8 12.3

inventory turnover 9.7 9.8 10.2 10.9 11 10.4 10 9.7 8.5 8.6 8.6 8.5 7 6.9 6.6 6.3 0 6 6

receivables per day sales 42.93 32.67 31.67 22.69 26.32 29.27 34.79 39 39.79 33.9 41.12 34.82 32.79 36.95 41.75 39.61 0 35.2 33.22

number of days cost of goods in inventory 37 37 35 33 33 35 36 37 43 42 42 42 51 52 54 57 0 60 60

intangibles as % of book-value 41.2 36.2 37.8 38.2 39.1 41.5 42.2 44.1 44.9 42.9 46.6 40 42.4 44.5 47.6 46.9 0 25.8 27.8

inventory as % of revenue 3.4 3.1 3 2.7 2.8 3 3.1 3.3 3.4 3.6 3.8 3.9 5.1 4.9 4.8 4.8 0 5.2 5.2

Capital Structure Ratios

LT-Debt as % of Invested Capital 26.8 20.4 21 21.7 14.7 15.4 15.7 16.2 17.3 16.3 16.9 18.5 19.4 20.2 20.9 20.5 0 0 0

LT-Debt as % of Total Debt 43.5 35.8 34.9 37.6 25.8 26.7 26.2 26.7 30.5 30.2 29.3 31.9 32.6 33.3 32.6 34.4 0 0 0

total debt as % total assets 45.7 41.8 43.3 42.4 40.1 40.5 41.5 42 40.7 39.2 41 41.6 42.5 43.2 44.8 42.9 0 31.8 32.5

revenue per share 6.2 6.05 6.24 6.58 6.78 6.88 6.71 6.53 6.31 5.97 5.72 5.53 5.28 4.97 4.7 4.39 4.4 4.22 4.12

tangible book value per share 4.26 4.44 4.15 3.99 3.84 3.5 3.37 3.14 3.03 3.18 2.76 2.83 2.53 2.34 2.07 2.12 0 2.77 2.51

price/revenue ratio 3.62 3.77 3.53 2.94 2.21 2.58 3.28 3.93 3.88 5.54 5.05 4.84 5.04 4.86 3.8 4.77 4.93 4.4 4.24

working capital as % of price 27.7 24.0 24.0 25.6 27.9 21.2 16.9 13.7 13.8 10.6 10.3 11.5 10.6 10.9 13.3 11.6 0.0 10.6 9.8

Profitability Ratios

free cash flow per share 0.22 0.23 1.46 1.18 0.86 0.35 1.77 1.23 0.76 0.45 0.85 1 0.7 0.32 0.29 -0.06 0 0.44 0.17

Return on Stock Equity (ROE) 14.6 14.3 15.9 19 20.4 23 23.4 24 24.6 23.4 23.3 24.4 24.4 23.2 23.3 22.7 0 24.3 26.2

Return on Capital Invested (ROCI) 10.7 11.4 12.5 14.9 17.4 19.4 19.8 20.1 20.3 19.6 19.4 19.9 19.6 18.5 18.4 18 0 24.3 26.2

price/free cash flow ratio 102.1 99.2 15.1 16.4 17.4 50.8 12.4 20.8 32.2 73.5 34 26.8 38 75.4 61.7 -349.2 0 42.2 102.6

sales per employee 0 0 546160 0 0 0 597922 0 0 0 567514 0 0 0 570524 0 0 0 0

Return on Capital Invested (ROCI) 10.7 11.4 12.5 14.9 17.4 19.4 19.8 20.1 20.3 19.6 19.4 19.9 19.6 18.5 18.4 18 0 24.3 26.2

Return on Assets (ROA) 7.9 8.3 9 10.9 12.2 13.7 13.7 13.9 14.6 14.2 13.7 14.2 14 13.2 12.9 12.9 0 16.6 17.7

price/cash flow ratio 16.2 17.4 16.1 12.7 9.5 10.6 13.2 15.7 15.1 21.3 20.2 19.2 20.5 20.1 15.8 19.4 0 17.5 16.3

CROIC w/ Owner Earnings 6.3% 3.8% 10.7% 9.3% 7.7% 5.1% 16.9% 13.4% 10.1% 5.7% 17.2% 13.8% 10.1% 5.5% 17.6% 12.3% 0.0% 13.7% 7.9%


5/12


6/12

% difference -49.23% 44.44% -88.81% -15.72% 14.94% 37.42% 19.84% -25.66%

Inventories, purchased components $147.00 - $0.00 - $0.00 - $0.00 $564.00 - $0.00 - $0.00 - $0.00 - $0.00

% difference - - - -100.00% - - - -

Inventories, finished goods $710.00 $776.00 $894.00 $696.00 $208.00 $554.00 $543.00 $434.00 $537.00

% difference -8.51% -13.20% 28.45% 234.62% -62.45% 2.03% 25.12% -19.18%

Inventories, other $32.00 $224.00 $246.00 $224.00 - $0.00 $218.00 $38.00 $39.00 $83.00

% difference -85.71% -8.94% 9.82% - -100.00% 473.68% -2.56% -53.01%

Inventories Total $1,089.00 $1,209.00 $1,315.00 $1,477.00 $1,345.00 $1,255.00 $933.00 $775.00 $1,023.00

% difference -9.93% -8.06% -10.97% 9.81% 7.17% 34.51% 20.39% -24.24%

Quarter C

Revenue $8,535.00 $10,364.00 $9,433.00 $7,984.00 $6,550.00 $5,971.00 $5,101.00 $4,845.00 $4,448.00

% difference -17.65% 9.87% 18.15% 21.89% 9.70% 17.06% 5.28% 8.93%

Accounts receivable $3,177.00 $3,821.00 $3,989.00 $3,303.00 $2,342.00 $1,792.00 $1,528.00 $1,303.00 $1,576.00

% difference -16.85% -4.21% 20.77% 41.03% 30.69% 17.28% 17.27% -17.32%

Inventories, raw materials $165.00 $111.00 $173.00 $131.00 $98.00 $60.00 $37.00 $55.00 $521.00

% difference 48.65% -35.84% 32.06% 33.67% 63.33% 62.16% -32.73% -89.44%

Inventories, work in progress $33.00 $53.00 $45.00 $377.00 $426.00 $408.00 $271.00 $283.00 $100.00

% difference -37.74% 17.78% -88.06% -11.50% 4.41% 50.55% -4.24% 183.00%

Inventories, purchased components $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00

% difference - - - - - - - -


% difference -16.93% -2.91% 30.20% 13.23% -18.49% 32.47% 21.40% -25.25%

Inventories, other $184.00 $238.00 $246.00 $204.00 $212.00 $28.00 $28.00 $46.00 $86.00

% difference -22.69% -3.25% 20.59% -3.77% 657.14% 0.00% -39.13% -46.51%


% difference -13.04% -6.58% -3.57% 4.02% 8.93% 38.29% 5.68% -36.36%

Quarter D

Revenue $8,162.00 $9,791.00 $8,866.00 $7,322.00 $6,581.00 $5,926.00 $4,702.00 $4,829.00 $4,298.00

% difference -16.64% 10.43% 21.09% 11.26% 11.05% 26.03% -2.63% 12.35%

Accounts receivable $2,392.00 $4,183.00 $3,238.00 $2,980.00 $2,216.00 $1,825.00 $1,514.00 $1,105.00 $1,871.00% difference -42.82% 29.18% 8.66% 34.48% 21.42% 20.54% 37.01% -40.94%

Inventories, raw materials $159.00 $122.00 $175.00 $164.00 $82.00 $58.00 $38.00 $38.00 $662.00

% difference 30.33% -30.29% 6.71% 100.00% 41.38% 52.63% 0.00% -94.26%

Inventories, work in progress $39.00 $48.00 $117.00 $336.00 $431.00 $459.00 $291.00 $297.00 $260.00

% difference -18.75% -58.97% -65.18% -22.04% -6.10% 57.73% -2.02% 14.23%

Inventories, purchased components $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00

% difference - - - - - - - -


% difference -27.13% 15.69% 21.49% 8.79% -13.26% 27.38% 5.10% -26.76%

Inventories, other $191.00 $239.00 $245.00 $194.00 $215.00 $34.00 $29.00 $55.00 $93.00

% difference -20.08% -2.45% 26.29% -9.77% 532.35% 17.24% -47.27% -40.86%


% difference -20.02% -0.78% -1.83% 1.23% 7.46% 38.26% -0.80% -47.74%

2003/07 2002/07 20012009/04 2008/04 2007/04 2006/04 2005/07 2004/07

2003/10 2002/10 20012009/07 2008/07 2007/07 2006/07 2005/10 2004/10


7/12

Debt Interest Expense and Cash Flow Analysis

Debt & Cash Flow AnalysisFinancial Statement figures in $Mil

2010/01 2009/10 2009/07 2009/04 2009/01 2008/10 2008/07 2008/04 2008/01 2007/10 2007/07

EBIT 2,355.00$ 2,239.00$ 1,533.00$ 1,687.00$ 1,868.00$ 2,605.00$ 2,686.00$ 2,309.00$ 2,638.00$ 2,622.00$ 2,531.00$

User Corrected Value

interest expense 158.00$ 114.00$ 114.00$ 105.00$ 63.00$ -$ 64.00$ 68.00$ 91.00$ 96.00$ 94.00$


- - -38.6% 0.0% 8.6% 66.7% - -100.0% -5.9% -25.3% -5.2% 2.1% 0.0%

Pre-Tax Income adjusted for interest

expense (or loss) 2,513.00$ 2,353.00$ 1,647.00$ 1,792.00$ 1,931.00$ 2,605.00$ 2,750.00$ 2,377.00$ 2,729.00$ 2,718.00$ 2,625.00$

Interest expense % of adjusted

pre-tax income6.3% 4.8% 6.9% 5.9% 3.3% 0.0% 2.3% 2.9% 3.3% 3.5% 3.6%

net cash from total operating activities 3,974.00$ 1,488.00$ 9,897.00$ 7,912.00$ 5,916.00$ 2,718.00$ 12,089.00$ 8,560.00$ 5,532.00$ 3,089.00$ 10,104.00$

Interest expense % of cash from

operations 4.0% 7.7% 1.2% 1.3% 1.1% 0.0% 0.5% 0.8% 1.6% 3.1% 0.9%

Free Cash Flow 3,566.00$ 1,328.00$ 8,892.00$ 7,118.00$ 5,331.00$ 2,357.00$ 10,821.00$ 7,652.00$ 4,941.00$ 2,793.00$ 8,853.00$

Interest expense % of free cash flow 4.4% 8.6% 1.3% 1.5% 1.2% 0.0% 0.6% 0.9% 1.8% 3.4% 1.1%

% difference

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8/12

Earnings Made by Tax Rate Changes

Annual: EPS Due to Tax Rate ChangesFinancial Statement figures in $Mil

2010/01 2009/10 2009/07 2009/04 2009/01 2008/10 2008/07 2008/04 2008/01 2007/10 2007/07 2007/04

Income Tax (benefit) 502.00$ 452.00$ 452.00$ 339.00$ 364.00$ 404.00$ 672.00$ 536.00$ 578.00$ 417.00$ 601.00$ 545.00$


Income before income taxes 2,355.00$ 2,239.00$ 1,533.00$ 1,687.00$ 1,868.00$ 2,605.00$ 2,686.00$ 2,309.00$ 2,638.00$ 2,622.00$ 2,531.00$ 2,419.00$


Tax Rate 21.3% 20.2% 29.5% 20.1% 19.5% 15.5% 25.0% 23.2% 21.9% 15.9% 23.7% 22.5%

% difference to last period -1.1% 9.3% -9.4% -0.6% -4.0% 9.5% -1.8% -1.3% -6.0% 7.8% -1.2% N/A

Gain (loss) Due to Difference in Tax (26.58)$ 208.16$ (143.95)$ (10.27)$ (74.30)$ 247.73$ (48.49)$ (30.09)$ (158.46)$ 205.61$ (30.77)$ N/A

Shares Outstanding 5862 5871 5857 5818 5864 5972 6163 6069 6202 6330 6265 6244

EPS affected by Tax Rate (0.00)$ 0.04$ (0.02)$ (0.00)$ (0.01)$ 0.04$ (0.01)$ (0.00)$ (0.03)$ 0.03$ (0.00)$ N/A

Diluted EPS Total 0.32$ 0.30$ 0.19$ 0.23$ 0.26$ 0.37$ 0.34$ 0.29$ 0.33$ 0.35$ 0.31$ 0.30$

Adjusted EPS 0.32$ 0.26$ 0.21$ 0.23$ 0.27$ 0.33$ 0.35$ 0.29$ 0.36$ 0.32$ 0.31$ N/A

Quarter A: EPS Due to Tax Rate ChangesFinancial Statement figures in $Mil

2010/01 2009/01 2008/01 2007/01 2006/03 2005/04 2004/04 2003/04 2002/04 2001/04 2000/04 1999/04

Income Tax (benefit) 502.00$ 364.00$ 578.00$ 414.00$ 412.00$ 563.00$ 510.00$ 394.00$ 295.00$ (872.00)$ 395.00$ 319.00$User Corrected Value

Income before income taxes 2,355.00$ 1,868.00$ 2,638.00$ 2,335.00$ 1,812.00$ 1,968.00$ 1,721.00$ 1,381.00$ 1,024.00$ (3,565.00)$ 1,057.00$ 965.00$


Tax Rate 21.3% 19.5% 21.9% 17.7% 22.7% 28.6% 29.6% 28.5% 28.8% 0.0% 37.4% 33.1%

% difference to last period -1.8% 2.4% -4.2% 5.0% 5.9% 1.0% -1.1% 0.3% -28.8% 37.4% -4.3% N/A

Gain (loss) Due to Difference in Tax (43.10)$ 45.29$ (110.28)$ 116.92$ 106.37$ 20.20$ (19.00)$ 3.85$ (295.00)$ (1,332.24)$ (45.59)$ N/A


EPS affected by Tax Rate (0.01)$ 0.01$ (0.02)$ 0.02$ 0.02$ 0.00$ (0.00)$ 0.00$ (0.04)$ (0.18)$ (0.01)$ N/A

Diluted EPS Total 0.32$ 0.26$ 0.33$ 0.31$ 0.22$ 0.21$ 0.17$ 0.14$ 0.10$ (0.37)$ 0.09$ 0.10$

Adjusted EPS 0.33$ 0.25$ 0.35$ 0.29$ 0.20$ 0.21$ 0.17$ 0.14$ 0.14$ (0.19)$ 0.10$ N/A

Quarter B: EPS Due to Tax Rate ChangesFinancial Statement figures in $Mil

2009/10 2008/10 2007/10 2006/10 2006/01 2005/01 2004/01 2003/01 2002/01 2001/01 2000/01 1999/01

Income Tax (benefit) 452.00$ 404.00$ 417.00$ 568.00$ 541.00$ 557.00$ 516.00$ 396.00$ 272.00$ 433.00$ 385.00$ 268.00$


Income before income taxes 2,239.00$ 2,605.00$ 2,622.00$ 2,176.00$ 1,916.00$ 1,957.00$ 1,807.00$ 1,387.00$ 932.00$ 1,307.00$ 1,210.00$ 556.00$


Tax Rate 20.2% 15.5% 15.9% 26.1% 28.2% 28.5% 28.6% 28.6% 29.2% 33.1% 31.8% 48.2%

% difference to last period -4.7% 0.4% 10.2% 2.1% 0.2% 0.1% 0.0% 0.6% 3.9% -1.3% 16.4% N/A

Gain (loss) Due to Difference in Tax (104.76)$ 10.30$ 267.42$ 46.41$ 4.33$ 1.83$ (0.09)$ 8.79$ 36.77$ (17.14)$ 198.24$ N/A


EPS affected by Tax Rate (0.02)$ 0.00$ 0.04$ 0.01$ 0.00$ 0.00$ (0.00)$ 0.00$ 0.00$ (0.00)$ 0.03$ N/A

Diluted EPS Total 0.30$ 0.37$ 0.35$ 0.26$ 0.22$ 0.21$ 0.10$ 0.14$ 0.09$ 0.12$ 0.12$ 0.04$

Adjusted EPS 0.32$ 0.37$ 0.31$ 0.25$ 0.22$ 0.21$ 0.10$ 0.14$ 0.09$ 0.12$ 0.09$ N/A

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9/12


10/12

Earnings Made by Nonoperating & Nonrecurring Income

Annual: EPS from Nonoperating/Nonrecurring IncomeFinancial Statement figures in $Mil

2010/01 2009/10 2009/07 2009/04 2009/01 2008/10 2008/07 2008/04 2008/01 2007/10 2007/07 2007/04 2007/01 2006/10 2006/07 2006/04

Interest Income 155.00$ 168.00$ 170.00$ 194.00$ 222.00$ 195.00$ 252.00$ 269.00$ 303.00$ 319.00$ 291.00$ 283.00$ 267.00$ 251.00$ 143.00$ 142.00$


% difference to last period (0.08)$ (0.01)$ (0.12)$ (0.13)$ 0.14$ (0.23)$ (0.06)$ (0.11)$ (0.05)$ 0.10$ 0.03$ 0.06$ 0.06$ 0.76$ 0.01$ N/A

Gain (loss) due to difference in:

Interest Income (a)(11.99)$ (1.98)$ (21.03)$ (24.47)$ 30.74$ (44.11)$ (15.93)$ (30.18)$ (15.20)$ 30.69$ 8.23$ 16.96$ 17.02$ 189.57$ 1.01$ N/A

Tax Rate 21.3% 20.2% 29.5% 20.1% 19.5% 15.5% 25.0% 23.2% 21.9% 15.9% 23.7% 22.5% 0.0% 0.0% 0.0% N/A

Taxes on Gain (b) (2.56)$ (0.40)$ (6.20)$ (4.92)$ 5.99$ (6.84)$ (3.98)$ (7.01)$ (3.33)$ 4.88$ 1.95$ 3.82$ -$ -$ -$ N/A

Gain Net of Taxes (a-b) (9.44)$ (1.58)$ (14.83)$ (19.55)$ 24.75$ (37.27)$ (11.94)$ (23.18)$ (11.87)$ 25.81$ 6.27$ 13.14$ 17.02$ 189.57$ 1.01$ N/A

Shares Outstanding 5,862.0 5,871.0 5,857.0 5,818.0 5,864.0 5,972.0 6,163.0 6,069.0 6,202.0 6,330.0 6,265.0 6,244.0 6,291.0 6,199.0 6,272.0

EPS affected by: Interest Income (0.00)$ (0.00)$ (0.00)$ (0.00)$ 0.00$ (0.01)$ (0.00)$ (0.00)$ (0.00)$ 0.00$ 0.00$ 0.00$ 0.00$ 0.03$ 0.00$ N/A

Diluted EPS Total 0.32$ 0.30$ 0.19$ 0.23$ 0.26$ 0.37$ 0.34$ 0.29$ 0.33$ 0.35$ 0.31$ 0.30$ 0.31$ 0.26$ 0.25$

Adjusted EPS 0.32$ 0.30$ 0.19$ 0.23$ 0.26$ 0.38$ 0.34$ 0.29$ 0.33$ 0.35$ 0.31$ 0.30$ 0.31$ 0.23$ 0.25$ N/A

Quarter A: EPS from Nonoperating/Nonrecurring IncomeFinancial Statement figures in $Mil

2010/01 2009/01 2008/01 2007/01 2006/03 2005/04 2004/04 2003/04 2002/04 2001/04 2000/04 1999/04 1998/04 1997/04 1996/04 1995/04

Interest Income 155.00$ 222.00$ 303.00$ 267.00$ 142.00$ 142.00$ 127.00$ 161.00$ 150.00$ 236.00$ 313.00$ 90.00$ 52.00$ 29.10$ 15.10$ 10.80$


difference to last period -30.2% -26.7% 13.5% 88.0% 0.0% 11.8% -21.1% 7.3% -36.4% -24.6% 247.8% 73.1% 78.7% 92.7% 39.8% N/A


Interest Income (a)(46.78)$ (59.35)$ 40.85$ 235.04$ -$ 16.77$ (26.82)$ 11.81$ (54.66)$ (58.06)$ 775.54$ 65.77$ 40.92$ 26.98$ 6.01$ N/A

Tax Rate 21.3% 19.5% 21.9% 17.7% 22.7% 28.6% 29.6% 28.5% 28.8% 0.0% 37.4% 33.1% 0.0% 0.0% 0.0% N/A

Taxes on Gain (b) (9.97)$ (11.56)$ 8.95$ 41.67$ -$ 4.80$ (7.95)$ 3.37$ (15.75)$ -$ 289.82$ 21.74$ -$ -$ -$ N/A

Gain Net of Taxes (a-b) (36.81)$ (47.78)$ 31.90$ 193.36$ -$ 11.97$ (18.87)$ 8.44$ (38.91)$ (58.06)$ 485.72$ 44.03$ 40.92$ 26.98$ 6.01$ N/A

Shares Outstanding 5,862.0 5,864.0 6,202.0 6,291.0 6,289.0 6,541.0 7,074.0 7,158.0 7,454.0 7,251.0 7,450.0 6,784.0 6,454.7 6,189.9 5,292.3 5,014.7

EPS affected by: Interest Income (0.01)$ (0.01)$ 0.01$ 0.03$ -$ 0.00$ (0.00)$ 0.00$ (0.01)$ (0.01)$ 0.07$ 0.01$ 0.01$ 0.00$ 0.00$ N/A

Diluted EPS Total 0.32$ 0.26$ 0.33$ 0.31$ 0.22$ 0.21$ 0.17$ 0.14$ 0.10$ (0.37)$ 0.09$ 0.10$ 0.01$ 0.06$ 0.04$ 0.10$

Adjusted EPS 0.33$ 0.27$ 0.32$ 0.28$ 0.22$ 0.21$ 0.17$ 0.14$ 0.11$ (0.36)$ 0.02$ 0.09$ 0.00$ 0.06$ 0.04$ N/A

Quarter B: EPS from Nonoperating/Nonrecurring IncomeFinancial Statement figures in $Mil

2009/10 2008/10 2007/10 2006/10 2006/01 2005/01 2004/01 2003/01 2002/01 2001/01 2000/01 1999/01 1998/01 1997/01 1996/01 1995/01

Interest Income 168.00$ 195.00$ 319.00$ 251.00$ 168.00$ 127.00$ 124.00$ 174.00$ 179.00$ 275.00$ 151.00$ 80.00$ 43.80$ 27.10$ 14.30$ 8.00$


difference to last period -13.8% -38.9% 27.1% 49.4% 32.3% 2.4% -28.7% -2.8% -34.9% 82.1% 88.8% 82.6% 61.6% 89.5% 78.8% N/A


Interest Income (a)(23.26)$ (75.80)$ 86.42$ 124.01$ 54.24$ 3.07$ (35.63)$ (4.86)$ (62.49)$ 225.83$ 134.01$ 66.12$ 26.99$ 24.26$ 11.26$ N/A

Tax Rate 20.2% 15.5% 15.9% 26.1% 28.2% 28.5% 28.6% 28.6% 29.2% 33.1% 31.8% 48.2% 0.0% 0.0% 0.0% N/A

Taxes on Gain (b) (4.70)$ (11.76)$ 13.74$ 32.37$ 15.31$ 0.87$ (10.17)$ (1.39)$ (18.24)$ 74.82$ 42.64$ 31.87$ -$ -$ -$ N/A

Gain Net of Taxes (a-b) (18.57)$ (64.04)$ 72.68$ 91.64$ 38.92$ 2.20$ (25.46)$ (3.47)$ (44.25)$ 151.01$ 91.37$ 34.25$ 26.99$ 24.26$ 11.26$ N/A


EPS affected by: Interest Income (0.00)$ (0.01)$ 0.01$ 0.01$ 0.01$ 0.00$ (0.00)$ (0.00)$ (0.01)$ 0.02$ 0.01$ 0.01$ 0.00$ 0.00$ 0.00$ N/A

Diluted EPS Total 0.30$ 0.37$ 0.35$ 0.26$ 0.22$ 0.21$ 0.10$ 0.14$ 0.09$ 0.12$ 0.12$ 0.04$ 0.07$ 0.05$ 0.04$ 0.01$

Adjusted EPS 0.30$ 0.38$ 0.34$ 0.25$ 0.21$ 0.21$ 0.10$ 0.14$ 0.10$ 0.10$ 0.11$ 0.03$ 0.07$ 0.05$ 0.04$ N/A

Quarter C: EPS from Nonoperating/Nonrecurring IncomeFinancial Statement figures in $Mil

2009/07 2008/07 2007/07 2006/07 2005/10 2004/10 2003/10 2002/10 2001/10 2000/10 1999/10 1998/10 1997/10 1996/10 1995/10 1994/10

Interest Income 170.00$ 252.00$ 291.00$ 143.00$ 154.00$ 130.00$ 137.00$ 179.00$ -$ 230.00$ 106.00$ 65.00$ 37.10$ 21.50$ 11.80$ -$


difference to last period -32.5% -13.4% 103.5% -7.1% 18.5% -5.1% -23.5% 0.0% -100.0% 117.0% 63.1% 75.2% 72.6% 82.2% 0.0% N/A


Interest Income (a)(55.32)$ (33.77)$ 301.17$ (10.21)$ 28.43$ (6.64)$ (32.15)$ -$ -$ 269.06$ 66.86$ 48.88$ 26.92$ 17.67$ -$ N/A

Tax Rate 29.5% 25.0% 23.7% 28.1% 28.3% 28.7% 28.9% 29.1% 0.0% 39.6% 44.6% 34.7% 0.0% 0.0% 0.0% N/A

Taxes on Gain (b) (16.31)$ (8.45)$ 71.52$ (2.87)$ 8.05$ (1.91)$ (9.30)$ -$ -$ 106.65$ 29.84$ 16.95$ -$ -$ -$ N/A

Gain Net of Taxes (a-b) (39.01)$ (25.32)$ 229.66$ (7.35)$ 20.38$ (4.74)$ (22.85)$ -$ -$ 162.41$ 37.02$ 31.93$ 26.92$ 17.67$ -$ N/A



11/12


EPS affected by: Interest Income (0.01)$ (0.00)$ 0.04$ (0.00)$ 0.00$ (0.00)$ (0.00)$ -$ -$ 0.02$ 0.01$ 0.00$ 0.00$ 0.00$ -$ N/A

Diluted EPS Total 0.19$ 0.34$ 0.31$ 0.25$ 0.20$ 0.21$ 0.15$ 0.08$ (0.04)$ 0.11$ 0.07$ 0.08$ 0.05$ 0.03$ 0.03$ 0.03$

Adjusted EPS 0.20$ 0.34$ 0.27$ 0.25$ 0.20$ 0.21$ 0.15$ 0.08$ (0.04)$ 0.09$ 0.06$ 0.08$ 0.05$ 0.03$ 0.03$ N/A

Quarter D: EPS from Nonoperating/Nonrecurring IncomeFinancial Statement figures in $Mil

2009/04 2008/04 2007/04 2006/04 2005/07 2004/07 2003/07 2002/07 2001/07 2000/07 1999/07 1998/07 1997/07 1996/07 1995/07 1994/07

Interest Income 194.00$ 269.00$ 283.00$ 142.00$ 153.00$ 124.00$ 146.00$ -$ 199.00$ 11.00$ 97.00$ 59.80$ 31.30$ 22.80$ 9.70$ -$


difference to last period -27.9% -4.9% 99.3% -7.2% 23.4% -15.1% 0.0% -100.0% 1709.1% -88.7% 62.2% 91.1% 37.3% 135.1% 0.0% N/A


Interest Income (a)(54.09)$ (13.31)$ 281.01$ (10.21)$ 35.78$ (18.68)$ -$ -$ 3,401.09$ (9.75)$ 60.34$ 54.45$ 11.67$ 30.79$ -$ N/A

Tax Rate 20.1% 23.2% 22.5% 22.7% 28.5% 28.7% 28.5% 29.6% 88.7% 42.0% 35.7% 35.0% 0.0% 0.0% 0.0% N/ATaxes on Gain (b) (10.87)$ (3.09)$ 63.31$ (2.32)$ 10.19$ (5.37)$ -$ -$ 3,017.10$ (4.10)$ 21.56$ 19.05$ -$ -$ -$ N/A

Gain Net of Taxes (a-b) (43.22)$ (10.22)$ 217.70$ (7.89)$ 25.59$ (13.32)$ -$ -$ 383.99$ (5.66)$ 38.78$ 35.40$ 11.67$ 30.79$ -$ N/A


EPS affected by: Interest Income (0.01)$ (0.00)$ 0.04$ (0.00)$ 0.00$ (0.00)$ -$ -$ 0.05$ (0.00)$ 0.01$ 0.01$ 0.00$ 0.01$ -$ N/A

Diluted EPS Total 0.23$ 0.29$ 0.30$ 0.22$ 0.24$ 0.19$ 0.14$ 0.10$ -$ 0.10$ 0.10$ 0.07$ 0.02$ 0.04$ 0.03$ -$

Adjusted EPS 0.24$ 0.29$ 0.26$ 0.22$ 0.24$ 0.19$ 0.14$ 0.10$ (0.05)$ 0.10$ 0.09$ 0.06$ 0.02$ 0.03$ 0.03$ N/A


12/12

Earnings Made by Reduced Depreciation Expense

Financial Statement figures in $Mil

2010/01 2009/10 2009/07 2009/04 2009/01 2008/10 2008/07 2008/04 2008/01 2007/10 2007/07 2007/04 2007/01

land and improvements 4,505.00$ 4,501.00$ 4,618.00$ 4,534.00$ 4,499.00$ 4,438.00$ 4,445.00$ 4,282.00$ 4,159.00$ 4,095.00$ 4,022.00$ 3,852.00$ 3,736.00$

building and improvements 251.00$ 242.00$ -$ -$ 217.00$ -$ -$ -$ -$ -$ -$ -$ -$

machinery, furniture & equipment 7,051.00$ 7,313.00$ 7,363.00$ 7,367.00$ 7,211.00$ 7,105.00$ 7,048.00$ 6,881.00$ 6,695.00$ 2,091.00$ 6,263.00$ 6,105.00$ 5,811.00$

construction in progress -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

other fixed assets -$ -$ 227.00$ 224.00$ -$ 205.00$ 209.00$ 200.00$ 190.00$ 4,604.00$ 181.00$ 160.00$ 158.00$

total fixed assets 11,807.00$ 12,056.00$ 12,208.00$ 12,125.00$ 11,927.00$ 11,748.00$ 11,702.00$ 11,363.00$ 11,044.00$ 10,790.00$ 10,466.00$ 10,117.00$ 9,705.00$

User corrected Value

Dep. & Amort. charged 651.00$ 534.00$ 688.00$ 547.00$ 561.00$ 505.00$ 579.00$ 553.00$ 573.00$ 538.00$ 483.00$ 446.00$ 438.00$

Depreciation % of fixed assets 5.5% 4.4% 5.6% 4.5% 4.7% 4.3% 4.9% 4.9% 5.2% 5.0% 4.6% 4.4% 4.5%% difference to last period -1.1% 1.2% -1.1% 0.2% -0.4% 0.6% -0.1% 0.3% -0.9% -5.0% -1.1% -0.7% -0.7%

Gain (loss) due to difference in

depreciation expense on these items

(a)

(128.03)$ 145.43$ (137.26)$ 23.31$ (48.31)$ 76.28$ (9.50)$ 36.55$ (104.18)$ (538.00)$ (110.93)$ (70.37)$ (71.82)$

Income Tax (benefit) 502.00$ 452.00$ 452.00$ 339.00$ 364.00$ 404.00$ 672.00$ 536.00$ 578.00$ 417.00$ 601.00$ 545.00$ 414.00$

Income before income taxes 2,355.00$ 2,239.00$ 1,533.00$ 2,638.00$ 2,335.00$ 1,812.00$ 1,968.00$ 1,721.00$ 1,381.00$ 1,024.00$ (3,565.00)$ 1,057.00$ 965.00$

Tax Rate 21.3% 20.2% 29.5% 12.9% 15.6% 22.3% 34.1% 31.1% 41.9% 40.7% -16.9% 51.6% 42.9%

Taxes on Gain (b) (27.29)$ 29.36$ (40.47)$ 3.00$ (7.53)$ 17.01$ (3.24)$ 11.38$ (43.60)$ (219.09)$ 18.70$ (36.29)$ (30.81)$

Gain Net of Taxes (a-b) (155.32)$ 116.07$ (177.72)$ 20.32$ (55.84)$ 59.27$ (12.75)$ 25.17$ (147.79)$ (757.09)$ (129.63)$ (106.66)$ (102.63)$

Shares Outstanding 5,862.0 5,871.0 5,857.0 5,818.0 5,864.0 5,972.0 6,163.0 6,069.0 6,202.0 6,330.0 6,265.0 6,244.0 6,291.0

EPS affected by Depreciation Change (0.03)$ 0.02$ (0.03)$ 0.00$ (0.01)$ 0.01$ (0.00)$ 0.00$ (0.02)$ (0.12)$ (0.02)$ (0.02)$ (0.02)$

Diluted EPS Total 0.32$ 0.30$ 0.19$ 0.23$ 0.26$ 0.37$ 0.34$ 0.29$ 0.33$ 0.35$ 0.31$ 0.30$ 0.31$Adjusted EPS 0.35$ 0.28$ 0.22$ 0.23$ 0.27$ 0.36$ 0.34$ 0.29$ 0.35$ 0.47$ 0.33$ 0.32$ 0.33$

Earnings Made by Reduced

Depreciation Expense


OSV Financial Statement Analysis-V2.0.0

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