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\\vboxsrv\conversion_tmp\scratch_4\[250632759.xls.ms_office.xls]F_du pont_pro_forma

Note: Year 0 is the most current year for which


information is available. Year -1 represents the
prior year and Year -2 represents two years prior to
current year.

YEAR

YEAR

-2

-1

ACTUAL
2007

ACTUAL
2008

7,998.3
85.0%
1,026.3
10.9%
386.9
4.1%
9,412
100.0%

8,771.9
84.5%
1,171.6
11.3%
439.5
4.2%
10,383
100.0%

773.6

9.7%

145.3

14.2%

52.6

13.6%

972

10.3%

3,999.1
42.5%
0.0
0.0%
0.0
0.0%
3,999.1
42.5%

4,645.3
44.7%

646.2

16.2%

Gross Profit

5,412.4
57.5%

Store operating expenses

Company: Starbucks
Company operated retail
Specialty: Licensing
Specialty: Foodservice & other
Total Revenue

Cost of sales, including occupancy cost


Extra line
Extra line
Total Cost of Goods Sold

Other operating expenses


Depreciation and amortization
General & administrative
Income from equity investees
Restructuring
Total Other Expenses
Operating Income
(Earnings before interest and taxes EBIT)
Interest Expense
Interest (Income)
Other
Total Other Exp / (Inc)

Pretax Income
Income taxes
Net Income before other
Minority interests (net of tax)
Other items (net of tax)
Net Income

Preferred Dividends (if any)


Net Income Avavailable to Common Stockholders

A_vert_hor_PL

0.0%
0.0%
4,645.3
44.7%

YEAR
0
YEAR -1 VS YEAR -2
$
%

(0.0)

-100.0%

(0.0)

-100.0%

ACTUAL
2009

YEAR 0 VS YEAR -1
$
%

8,180.1
83.7%
1,222.3
12.5%
372.2
3.8%
9,774.6
100.0%

(591.8)
50.7

-6.7%
4.3%

(67.3)

-15.3%

(608)

-5.9%

4,324.9
44.2%
0.0
0.0%
0.0
0.0%
4,324.9
44.2%

(320.4)

-6.9%

(320.4)

-6.9%

-5.0%

0.0
0.0

646.2

16.2%

5,737.7
55.3%

325.3

6.0%

5,449.7
55.8%

(288.0)

3,215.9
34.2%
294.2
3.1%
467.2
5.0%
489.2
5.2%
(108.0)
-1.1%
0.0%
4,358.5
46.3%
1,053.9
11.2%

3,745.1
36.1%
330.1
3.2%
549.3
5.3%
456.0
4.4%
(113.6)
-1.1%
266.9
2.6%
5,233.8
50.4%
503.9
4.9%

529.2

16.5%

-8.5%

12.2%

(65.7)

-19.9%

82.1

17.6%

(14.6)

-2.7%

(33.2)

-6.8%

(3.0)

-0.7%

(5.6)

5.2%

3,425.1
35.0%
264.4
2.7%
534.7
5.5%
453.0
4.6%
(121.9)
-1.2%
332.4
3.4%
4,887.7
50.0%
562.0
5.7%

(320.0)

35.9

38.0
(40.4)
(2.4)
0.0%
1,056.3
11.2%
383.7
4.1%
672.6
7.1%
0.0%
0.0%
672.6
7.1%

266.9
875.3

20.1%

(550.0)

-52.2%

53.4
(9.0)
44.4
0.4%

15.4
31.4
46.8

40.5%
-77.7%

459.5
4.4%
144.0
1.4%
315.5
3.0%
0.0%
0.0%
315.5
3.0%

(596.8)

-56.5%

(239.7)

-62.5%

(357.1)

-53.1%

-1950.0%

(357.1)

672.6

315.5

-357.08

-53.1%

7.3%

65.5

24.5%

(346.1)

-6.6%

58.1

11.5%

39.1
(36.3)
2.8
0.0%

(14.3)
(27.3)
(41.6)

-26.8%
303.3%

559.2
5.7%
168.4
1.7%
390.8
4.0%
0.0%
0.0%
390.8
4.0%

99.7

21.7%

24.4

16.9%

75.3

23.9%

-53.1%

(8.3)

390.8

-93.7%

75.3

23.9%

75.28

23.9%

2
3
4
5
6
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8
9
10
11
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14
15
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17
18
19
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68
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70
71
72
73
74
75
76
77
78
79
80
81
82
83

Note: Year 0 is the most current year for


which information is available. Year -1
represents the prior year and Year -2
represents two years prior to current year.

YEAR

YEAR

-2

-1

ACTUAL
2007

ACTUAL
2008

281.3
5.3%
157.4
2.9%
287.9
5.4%
691.7
12.9%
148.8
2.8%
129.4
2.4%
1,696.5
31.7%
2,890.4

269.8
4.8%
52.5
0.9%
329.5
5.8%
692.8
12.2%
169.2
3.0%
234.2
4.1%
1,748.0
30.8%
2,956.4

2,890.4
54.1%
21.0
0.4%
258.9
4.8%
257.7
4.8%
219.4
4.1%
5,343.9
100.0%

2,956.4
52.1%
71.4
1.3%
302.6
5.3%
333.1
5.9%
261.1
4.6%
5,672.6
100.0%

390.8
7.3%
296.9
5.6%
756.8

324.9
5.7%
368.4
6.5%
782.7

14.2%
711.1
13.3%
2,155.6
40.3%
354.1
6.6%
550.1
10.3%
3,059.8
57.3%

13.8%
713.7
12.6%
2,189.7
38.6%
442.4
7.8%
549.6
9.7%
3,181.7
56.1%

0.0%
0.0%

0.0%
0.0%

40.1
0.8%
2,189.4
41.0%
54.6
1.0%
0.0%
2,284.1
42.7%

40.1
0.7%
2,402.4
42.4%
48.4
0.9%
0.0%
2,490.9
43.9%

Total equity
(common +pref+min int)

2,284.1
42.7%

Liabilities + Equity

Company: Starbucks
Cash
S/T investments ; Marketable securities
A/R
Inventory
Prepaid expenses and other current
Deferred income taxes, net
Total current assets
Plant & equipment
Less: Accumulated Depreciation (= 0 if
not shown on the balance sheet)
Net plant and equipment
Long term investments
Equity and cost investmenrts
Intangibles and goodwill
Other
Total assets

Accounts payable
Deferred revenue
Other curent non-int bearing liabilities
Current - interest bearing liabilities
Total current liabilities
Long term non-interest bearing liabilities
Long term interest bearing liabilities
Total Liabilities

Minority Interests
Preferred Stock

Common Stock +
Paid-in capital
Retained Earnings
Other comprehensive income
Other common equity
Total common equity

CHECK
Total assets
Total liab + equity
Variance

B_vert_hor_balance_sheet

YEAR
0
YEAR -1 VS YEAR -2
$
%
(11.5)

-4.1%

(105)

-66.6%

41.6

14.4%

1.1

0.2%

20.4

13.7%

104.8

81.0%

51

3.0%

66.0

2.3%

66.0

2.3%

50.4

240.0%

43.7

16.9%

75.4

29.3%

41.7

19.0%

329

6.2%

(65.9)

-16.9%

71.5

24.1%

25.9

3.4%

0.4%

34

1.6%

88.3

24.9%

(0.5)

-0.1%

121.9

4.0%

599.8
10.8%
66.3
1.2%
271.0
4.9%
664.9
11.9%
147.2
2.6%
286.6
5.1%
2,035.8
36.5%
2,536.4

0.0%

213.0

9.7%
-11.4%

YEAR 0 VS YEAR -1
$
%
330.0

122.3%

13.8

26.3%

(58.5)

-17.8%

(27.9)

-4.0%

(22.0)

-13.0%

52.4

22.4%

288

16.5%

(420.0)

-14.2%

2,536.4
45.5%
71.2
1.3%
352.3
6.3%
327.3
5.9%
253.8
4.6%
5,576.8
100.0%

(420.0)

-14.2%

267.1
4.8%
388.7
7.0%
925.0
16.6%
0.2
0.0%
1,581.0
28.3%
400.8
7.2%
549.3
9.8%
2,531.1
45.4%
0.0%
0.0%

(6.2)

ACTUAL
2009

(0.2)

-0.3%

49.7

16.4%

(5.8)

-1.7%

(7.3)

-2.8%

(95.8)

-1.7%

(57.8)

-17.8%

20.3

5.5%

142.3

18.2%

(713.5)

-100.0%

(608.7)

-27.8%

(41.6)

-9.4%

(0.3)

-0.1%

(650.6)

-20.4%

187.1
3.4%
2,793.2
50.1%
65.4
1.2%
0.0%
3,045.7
54.6%

147.0

366.6%

390.8

16.3%

17.0

35.1%

554.8

22.3%

206.8

9.1%

2,490.9
43.9%

206.8

9.1%

3,045.7
54.6%

554.8

22.3%

5,343.9
100.0%

5,672.6
100.0%

328.7

6.2%

5,576.8
100.0%

(95.8)

-1.7%

5,343.9
5,343.9
-

5,672.6
5,672.6
-

5,576.8
5,576.8
-

QR S

Note: Year 0 is the most current year for which


information is available. Year -1 represents the
prior year and Year -2 represents two years prior
to current year.

YEAR
-2
2007

YEAR
-1
2008

YEAR
0
2009

CURRENT ASSETS
CURRENT LIABILITIES

0.79
1,696.5
2,155.6

1.35
2,956.4
2,189.7

1.60
2,536.4
1,581.0

CURRENT ASSETS - INVENTORY


CURRENT LIABILITIES

0.47
1,004.8
2,155.6

1.03
2,263.6
2,189.7

1.18
1,871.5
1,581.0

ACCOUNTS RECEIVABLE
ANNUAL SALES / 360

11.01
287.9
26.1

11.42
329.5
28.8

9.98
271.0
27.2

SALES
INVENTORIES

13.61
9,411.5
691.7

14.99
10,383.0
692.8

14.70
9,774.6
664.9

SALES
NET FIXED ASSETS

3.26
9,411.5
2,890.4

3.51
10,383.0
2,956.4

3.85
9,774.6
2,536.4

SALES
TOTAL ASSETS

1.76
9,411.5
5,343.9

1.83
10,383.0
5,672.6

1.75
9,774.6
5,576.8

TOTAL LIABILITIES
TOTAL ASSETS

0.57
3,059.8
5,343.9

0.39
2,189.7
5,672.6

0.28
1,581.0
5,576.8

EBIT
INTEREST CHARGES

-439.12
1,053.9
(2.4)

11.35
503.9
44.4

200.71
562.0
2.8

NET INCOME AVAILABLE TO COMMON STOCKHOLDERS


SALES

7.15%
672.6
9,411.5

3.04%
315.5
10,383.0

4.00%
390.8
9,774.6

EBIT
TOTAL ASSETS

19.72%
1,053.9
5,343.9

8.88%
503.9
5,672.6

10.08%
562.0
5,576.8

RETURN ON TOTAL ASSETS

NET INCOME AVAILABLE TO COMMON STOCKHOLDERS


TOTAL ASSETS

12.59%
672.6
5,343.9

5.56%
315.5
5,672.6

7.01%
390.8
5,576.8

RETURN ON COMMON EQUITY

NET INCOME AVAILABLE TO COMMON STOCKHOLDERS


COMMON EQUITY

29.45%
672.6
2,284.1

12.67%
315.5
2,490.9

12.83%
390.8
3,045.7

3
4
5
6

Company: Starbucks

7
8

LIQUIDITY

9
10

CURRENT

11
12
13
14

QUICK / ACID TEST

15
16
17
18

DSO

19
20
21

ASSET MANAGEMENT

22
23
24

INVENTORY TURNOVER

25
26
27
28

FIXED ASSET TURNOVER

29
30
31
32

TOTAL ASSET TURNOVER

33
34
35

DEBT MANAGEMENT

36
37
38

TOTAL DEBTS TO TOTAL ASSETS

39
40
41
42

TIMES-INTEREST-EARNED

43
44
45
46
47

PROFIT MARGIN

48
49
50

PROFIT MARGIN ON SALES

51
52
53
54

BASIC EARNINGS POWER

55
56
57
58
59
60
61
62
63
64

C_performance_param

EG

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

Note: Year 0 is the most current year for


which information is available. Year -1
represents the prior year and Year -2
represents two years prior to current year.

Company: Starbucks
FREE CASHFLOW

ACTUAL
2007

Pretax Income
Interest Expense / (Income)
EBIT
Tax Rate
Income Taxes
NOPAT

ACTUAL
2008

YEAR -1 VS YEAR -2
$

459.5
44.4
503.9
33.5%
168.8
335.1

ACTUAL
2009

YEAR 0 VS YEAR -1
$

559.2
2.8
562.0
33.5%
188.3
373.7

99.7
(41.6)
58.1
19.5
38.6

Current Assets
Less: S/T Invest; Mkt Securities
Current Assets - Working

1,696.5
157.4
1,539.1

1,748.0
52.5
1,695.5

51.5
(104.9)
156.4

2,035.8
66.3
1,969.5

287.8
13.8
274.0

Current Liabilities
Less: Current - interest bearing liabilities
Current Liabilities - Working

2,155.6
711.1
1,444.5

2,189.7
713.7
1,476.0

34.1
2.6
31.5

1,581.0
0.2
1,580.8

(608.7)
(713.5)
104.8

94.6

219.5

124.9

388.7

Net PP&E

2,890.4

2,956.4

66.0

2,536.4

(420.0)

Net Operating Capital (NOC)

2,985.0

3,175.9

190.9

2,925.1

(250.8)

Net Working Capital

Previous Year-end NOC

2,985.0

3,175.9

Change in NOC (Year Over Year)

190.9

(250.8)

Free Cashflow = NOPAT - Change in NOC

144.2

624.5

Free Cashflow Growth Rate

D_free_cash_flow

169.2

333.1%

480.3

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

E_du pont_extended

Company: Starbucks
R.O.E

2009
ACTUAL

PROFIT
MARGIN
(A)
NET INCOME
REVENUE

390.8
9,774.6
12.83%

2008
ACTUAL

4.00%

315.5
10,383.0
12.67%

2007
ACTUAL

3.04%

672.6
9,411.5
29.45%

7.15%

ASSET
TURNOVER
X

REVENUE
ASSETS

EQUITY
MULTIPLIER
X

ASSETS
COMMON EQUITY

9,774.6
5,576.8

5,576.8
3,045.7

1.75

1.83

10,383.0
3,181.7

3,181.7
2,490.9

3.26

1.28

9,411.5
5,343.9

5,343.9
2,284.1

1.76

2.34

2
3

Company: Starbucks
2009

LINKED TO
P&L AND B/S

2009

6
7
8
9

I/S
Sales

CHANGES

9,774.6

ADDITIONAL DIVIDENDS
CHANGES OR STOCK REPURCHASE

AFTER
CHANGES

9,774.6

10
11
12
13
14
15

Total CGS + Total Op Expenses


Total Non Op (incl interest)
Post acquisition cost elimination of pre-acquisition costs
Post acquisition additional cost required
Total Costs

9,212.6
2.8

9,212.6
2.8
9,215.4

9,215.4

559.2
168.4
390.8
390.8
390.8

559.2
168.4
390.8
390.8
390.8

666.1
271.0
664.9
433.8
2,536.4
1,004.6
5,576.8

16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33

Pretax Income
Income Taxes (Remember to adjust taxes for changes)
Net Income Before Other
Other Net of Tax If Any (incl minority interest)
Net Income
Preferred Dividends If Any
Net Income After Preferred Dividends
B/S
Cash + S/T Invt, Mkt Secuirites
A/R
Inventory
Other current assets
Net Plant/Eq
All other assets

666.1
271.0
664.9
433.8
2,536.4
1,004.6
5,576.8

Total Assets

34
35
36
37
38
39
40
41

AP
All other current - non int bearing
Current - interest bearing
Non current - non int bearing
Non current - interest bearing
Minority interests & preferred stock

42

Total Common Equity

43

Total Liabilities and Owners Equity

44
45

CHECK THAT BALANCE SHEET BALANCES!!!! ---->>>>>>

267.1
1,313.7
0.2
400.8
549.3
-

3,045.7

3,045.7

5,576.8

5,576.8

OK

OK

OK

OK

267.1
1,313.7
0.2
400.8
549.3
-

OK

46
47

ROE =

48
49
50

AFTER CHANGES

12.83%

51

PM

ASSET T/O EQUITY MULT

ROA

390.8

9,774.6

5,576.8

390.8

9,774.6

5,576.8

3,045.7

5,576.8

1.75

1.83

390.8

9,774.6

5,576.8

390.8

9,774.6

5,576.8

3,045.7

5,576.8

1.75

1.83

52

12.83%

53

4.00%

7.01%

54
55
56

ORIGINAL

12.83%

57
58
59

12.83%

4.00%

0.00%

0.00%

7.01%

60
61
62
63

IMPACT

0.00%
F_du pont_pro_forma

2
3

Company: Starbucks
2009

LINKED TO
P&L AND B/S

2009

6
7
8
9

I/S
Sales

CHANGES

9,774.6

ADDITIONAL DIVIDENDS
CHANGES OR STOCK REPURCHASE

AFTER
CHANGES

9,774.6
9,193.7
2.8
9,196.5

10
11
12
13
14
15

Total CGS + Total Op Expenses


Total Non Op (incl interest)
Post acquisition cost elimination of pre-acquisition costs
Post acquisition additional cost required
Total Costs

9,212.6
2.8

(22.9)
-

4.0
-

9,215.4

(22.9)

4.0

559.2
168.4
390.8
390.8
390.8

22.9
8.1
14.8

(4.0)
(1.4)
(2.6)

14.8

(2.6)

14.8

(2.6)

666.1
271.0
664.9
433.8
2,536.4
1,004.6
5,576.8

14.8
-

10.2
(12.8)

14.8

(2.6)

16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33

Pretax Income
Income Taxes (Remember to adjust taxes for changes)
Net Income Before Other
Other Net of Tax If Any (incl minority interest)
Net Income
Preferred Dividends If Any
Net Income After Preferred Dividends
B/S
Cash + S/T Invt, Mkt Secuirites
A/R
Inventory
Other current assets
Net Plant/Eq
All other assets
Total Assets

578.1
175.1
403.0
403.0
403.0

(25.0)

(25.0)

666.1
271.0
652.1
433.8
2,536.4
1,004.6
5,564.0

34
35
36
37
38
39
40
41

AP
All other current - non int bearing
Current - interest bearing
Non current - non int bearing
Non current - interest bearing
Minority interests & preferred stock

267.1
1,313.7
0.2
400.8
549.3
-

42

Total Common Equity

43

Total Liabilities and Owners Equity

44
45

CHECK THAT BALANCE SHEET BALANCES!!!! ---->>>>>>

267.1
1,313.7
0.2
400.8
549.3
-

3,045.7

14.8

(2.6)

(25.0)

3,032.9

5,576.8

14.8

(2.6)

(25.0)

5,564.0

OK

OK

OK

OK

OK

46
47

ROE =

48
49
50

AFTER CHANGES

13.29%

51

PM

ASSET T/O EQUITY MULT

ROA

403.0

9,774.6

5,564.0

403.0

9,774.6

5,564.0

3,032.9

5,564.0

1.76

1.83

390.8

9,774.6

5,576.8

390.8

9,774.6

5,576.8

3,045.7

5,576.8

52

13.29%

53

4.12%

7.24%

54
55
56

ORIGINAL

12.83%

57
58
59

12.83%

4.00%

1.75

1.83

7.01%

0.46%

0.12%

0.00

0.00

0.24%

60
61
62
63

IMPACT

F_Completed_du pont_pro_forma

2007
Company operated retail

7,998.3

Specialty: Licensing

1,026.3

Specialty: Foodservice & other

Cost of sales, including occupancy cost

386.9

3,999.1

Extra

0.0

Extra

0.0

Store operating expenses

3,215.9

Other operating expenses

294.2

Depreciation and amortization

467.2

General & administrative

489.2

Restructuring

Other (income from equity investments)


Total Other Exp / (Inc)

38.0
(40.4)
(108.0)

383.7

2008

2009

8,771.9

8,180.1

1,171.6

1,222.3

439.5

372.2

4,645.3

4,324.9
0.0

0.0

0.0

3,745.1

3,425.1

330.1

264.4

549.3

534.7

456.0

453.0

266.9

332.4

53.4
(9.0)
(113.6)

39.1
(36.3)
(121.9)

144.0

168.4