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\\vboxsrv\conversion_tmp\scratch_4\[250632759.xls.ms_office.xls]F_du pont_pro_forma
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%
Company: Starbucks
Company operated retail
Specialty: Licensing
Specialty: Foodservice & other
Total Revenue
Pretax Income
Income taxes
Net Income before other
Minority interests (net of tax)
Other items (net of tax)
Net Income
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
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
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
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
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
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
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
12.59%
672.6
5,343.9
5.56%
315.5
5,672.6
7.01%
390.8
5,576.8
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
15
16
17
18
DSO
19
20
21
ASSET MANAGEMENT
22
23
24
INVENTORY TURNOVER
25
26
27
28
29
30
31
32
33
34
35
DEBT MANAGEMENT
36
37
38
39
40
41
42
TIMES-INTEREST-EARNED
43
44
45
46
47
PROFIT MARGIN
48
49
50
51
52
53
54
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
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)
2,985.0
3,175.9
190.9
2,925.1
(250.8)
2,985.0
3,175.9
190.9
(250.8)
144.2
624.5
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
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
43
44
45
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
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
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
43
44
45
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
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
386.9
3,999.1
Extra
0.0
Extra
0.0
3,215.9
294.2
467.2
489.2
Restructuring
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