Financial Swiss Army Knife

8/10/2019 Financial Swiss Army Knife

1/11

1

2

3

4

56

7

8

9

10

11

12

13

14

15

16

17

18

19

2021

22

23

24

25

26

27

28

29

30

31

32

33

34

3536

37

38

39

40

41

42

43

44

45

46

47

48

49

5051

52

53

54

55

56

57

58

59

60

61

62

63

64

6566

67

A B C D E F G H I J K L M

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

o e: ear s e mos curren year or w c

information is available. Year -1 represents the

prior year and Year -2 represents two years prior to

current year. YEAR YEAR

-2 -1

ACTUAL ACTUAL YEAR -1 VS YEAR -2 ACCompany: Starbucks 2007 2008 $ %

Company operated retail 7,998.3 8,771.9 773.6 9.7% 8,

85.0% 84.5%

Specialty: Licensing 1,026.3 1,171.6 145.3 14.2% 1,

10.9% 11.3%

Specialty: Foodservice & other 386.9 439.5 52.6 13.6%

4.1% 4.2%

Total Revenue 9,412 10,383 972 10.3% 9,

100.0% 100.0% 1

Cost of sales, including occupancy cost 3,999.1 4,645.3 646.2 16.2% 4,

42.5% 44.7%

Extra line 0.0 (0.0) -100.0%

0.0% 0.0%Extra line 0.0 - (0.0) -100.0%

0.0% 0.0%

Total Cost of Goods Sold 3,999.1 4,645.3 646.2 16.2% 4,

42.5% 44.7%

Gross Profit 5,412.4 5,737.7 325.3 6.0% 5,

57.5% 55.3%

Store operating expenses 3,215.9 3,745.1 529.2 16.5% 3,

34.2% 36.1%

Other operating expenses 294.2 330.1 35.9 12.2%

3.1% 3.2%

Depreciation and amortization 467.2 549.3 82.1 17.6%

5.0% 5.3%General & administrative 489.2 456.0 (33.2) -6.8%

5.2% 4.4%

Income from equity investees (108.0) (113.6) (5.6) 5.2% (

-1.1% -1.1%

Restructuring - 266.9 266.9

0.0% 2.6%

Total Other Expenses 4,358.5 5,233.8 875.3 20.1% 4,

46.3% 50.4%

Operating Income 1,053.9 503.9 (550.0) -52.2%

(Earnings before interest and taxes EBIT) 11.2% 4.9%

Interest Expense 38.0 53.4 15.4 40.5%

Interest (Income) (40.4) (9.0) 31.4 -77.7%

Other - - -

Total Other Exp / (Inc) (2.4) 44.4 46.8 -1950.0% 0.0% 0.4%

Pretax Income 1,056.3 459.5 (596.8) -56.5%

11.2% 4.4%

Income taxes 383.7 144.0 (239.7) -62.5%

4.1% 1.4%

Net Income before other 672.6 315.5 (357.1) -53.1%

7.1% 3.0%

Minority interests (net of tax) - - -

0.0% 0.0%

Other items (net of tax) - - -

0.0% 0.0%

Net Income 672.6 315.5 (357.1) -53.1%

7.1% 3.0%

Preferred Dividends (if any) - - -


2/11

1

2

3

4

5

6

7

89

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

3435

36

37

38

39

40

41

42

43

44

4546

47

48

49

50

51

5253

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

A B C D E F G H I J K L M N

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 YEAR

-2 -1 0

ACTUAL ACTUAL YEAR -1 VS YEAR -2 ACTUALCompany: Starbucks 2007 2008 $ % 2009

Cash 281.3 269.8 (11.5) -4.1% 599.8 5.3% 4.8% 10.8%

S/T investments ; Marketable securities 157.4 52.5 (105) -66.6% 66.3 2.9% 0.9% 1.2%

A/R 287.9 329.5 41.6 14.4% 271.0 5.4% 5.8% 4.9%

Inventory 691.7 692.8 1.1 0.2% 664.9 12.9% 12.2% 11.9%

Prepaid expenses and other current 148.8 169.2 20.4 13.7% 147.2 2.8% 3.0% 2.6%

Deferred income taxes, net 129.4 234.2 104.8 81.0% 286.6 2.4% 4.1% 5.1%

Total current assets 1,696.5 1,748.0 51 3.0% 2,035.8 31.7% 30.8% 36.5%

Plant & equipment 2,890.4 2,956.4 66.0 2.3% 2,536.4

Less: Accumulated Depreciation (= 0 ifnot shown on the balance sheet) - - - Net plant and equipment 2,890.4 2,956.4 66.0 2.3% 2,536.4

54.1% 52.1% 45.5%

Long term investments 21.0 71.4 50.4 240.0% 71.2 0.4% 1.3% 1.3%

Equity and cost investmenrts 258.9 302.6 43.7 16.9% 352.3 4.8% 5.3% 6.3%

Intangibles and goodwill 257.7 333.1 75.4 29.3% 327.3 4.8% 5.9% 5.9%

Other 219.4 261.1 41.7 19.0% 253.8 4.1% 4.6% 4.6%

Total assets 5,343.9 5,672.6 329 6.2% 5,576.8 100.0% 100.0% 100.0%

Accounts payable 390.8 324.9 (65.9) -16.9% 267.1 7.3% 5.7% 4.8%

Deferred revenue 296.9 368.4 71.5 24.1% 388.7 5.6% 6.5% 7.0%

Other curent non-int bearing liabilities 756.8 782.7 25.9 3.4% 925.0

14.2% 13.8% 16.6%

Current - interest bearing liabilities 711.1 713.7 3 0.4% 0.2 13.3% 12.6% 0.0%

Total current liabilities 2,155.6 2,189.7 34 1.6% 1,581.0 40.3% 38.6% 28.3%

Long term non-interest bearing liabilities 354.1 442.4 88.3 24.9% 400.8 6.6% 7.8% 7.2%

Long term interest bearing liabilities 550.1 549.6 (0.5) -0.1% 549.3 10.3% 9.7% 9.8%

Total Liabilities 3,059.8 3,181.7 121.9 4.0% 2,531.1

57.3% 56.1% 45.4%

Minority Interests - - - - 0.0% 0.0% 0.0%

Preferred Stock - - - - 0.0% 0.0% 0.0%

Common Stock + 40.1 40.1 - 0.0% 187.1 Paid-in capital 0.8% 0.7% 3.4%Retained Earnings 2,189.4 2,402.4 213.0 9.7% 2,793.2

41.0% 42.4% 50.1%

Other comprehensive income 54.6 48.4 (6.2) -11.4% 65.4 1.0% 0.9% 1.2%

Other common equity - - - - 0.0% 0.0% 0.0%

Total common equity 2,284.1 2,490.9 206.8 9.1% 3,045.7 42.7% 43.9% 54.6%

Total equity 2,284.1 2,490.9 206.8 9.1% 3,045.7


3/11

1

2

3

4

5

6

7

8

910

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

A B C D E F H

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.

YE

2

Company: Starbucks

LIQUIDITY

0CURRENT CURRENT ASSETS 1,69

CURRENT LIABILITIES 2,15

0

QUICK / ACID TEST CURRENT ASSETS - INVENTORY 1,00

CURRENT LIABILITIES 2,15

11

DSO ACCOUNTS RECEIVABLE 28

ANNUAL SALES / 360 2

ASSET MANAGEMENT

13

INVENTORY TURNOVER SALES 9,41INVENTORIES 69

3

FIXED ASSET TURNOVER SALES 9,41

NET FIXED ASSETS 2,89

1

TOTAL ASSET TURNOVER SALES 9,41

TOTAL ASSETS 5,34

DEBT MANAGEMENT

0

TOTAL DEBTS TO TOTAL ASSETS TOTAL LIABILITIES 3,05TOTAL ASSETS 5,34

-439

TIMES-INTEREST-EARNED EBIT 1,05

INTEREST CHARGES (

PROFIT MARGIN

7.1

PROFIT MARGIN ON SALES NET INCOME AVAILABLE TO COMMON STOCKHOLDERS 67

SALES 9,41

19.7BASIC EARNINGS POWER EBIT 1,05

TOTAL ASSETS 5,34

12.5

RETURN ON TOTAL ASSETS NET INCOME AVAILABLE TO COMMON STOCKHOLDERS 67

TOTAL ASSETS 5,34

29.4

RETURN ON COMMON EQUITY NET INCOME AVAILABLE TO COMMON STOCKHOLDERS 67

COMMON EQUITY 2,28


4/11


5/11

1

2

3

4

5

6

7

89

10

11

12

13

14

15

16

17

18

19

20

21

22

2324

25

26

27

28

29

3031

32

33

34

35

36

37

A B C D E F G H I J K L M

Company: Starbucks PROFIT ASSETMARGIN TURNOVER

( A )R.O.E = NET INCOME X REVENUE X

REVENUE ASSETS

2009 390.8 9,774.6

ACTUAL 9,774.6 5,576.8

12.83% 4.00% 1.75

2008 315.5 10,383.0

ACTUAL 10,383.0 3,181.7

12.67% 3.04% 3.26

2007 672.6 9,411.5

ACTUAL 9,411.5 5,343.9

29.45% 7.15% 1.76

E_du pont_extended


6/11

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

4142

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

A B C D E F G

Company: Starbucks LINKED TO

2009 P&L AND B/S

2009 CHANGES

I/S

Sales 9,774.6

Total CGS + Total Op Expenses 9,212.6Total Non Op (incl interest) 2.8 -

Post acquisition cost elimination of pre-acquisition costs

Post acquisition additional cost required

Total Costs 9,215.4 -

Pretax Income 559.2 -

Income Taxes (Remember to adjust taxes for changes) 168.4Net Income Before Other 390.8 -

Other Net of Tax If Any (incl minority interest) -

Net Income 390.8 -

Preferred Dividends If Any -

Net Income After Preferred Dividends 390.8 -

B/S

Cash + S/T Invt, Mkt Secuirites 666.1A/R 271.0

Inventory 664.9

Other current assets 433.8

Net Plant/Eq 2,536.4

All other assets 1,004.6

-

Total Assets 5,576.8 -

AP 267.1

All other current - non int bearing 1,313.7

Current - interest bearing 0.2

Non current - non int bearing 400.8

Non current - interest bearing 549.3

Minority interests & preferred stock -

- -Total Common Equity 3,045.7 - Total Liabilities and Owners Equity 5,576.8 -

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

ROE = PM ASSET T/O EQUITY MULT ROA

AFTER CHANGE 12.83% 390.8 9,774.6 5,576.8 390.8

9,774.6 5,576.8 3,045.7 5,576.8

12.83% 4.00% 1.75 1.83 7.01%

ORIGINAL 12.83% 390.8 9,774.6 5,576.8 390.8

9,774.6 5,576.8 3,045.7 5,576.8

12.83% 4.00% 1.75 1.83 7.01%

IMPACT 0.00% 0.00% - - 0.00%


7/11

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

4142

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

A B C D E F G

Company: Starbucks LINKED TO

2009 P&L AND B/S

2009 CHANGES

I/S

Sales 9,774.6

Total CGS + Total Op Expenses 9,212.6 (22.9) Total Non Op (incl interest) 2.8 -

Post acquisition cost elimination of pre-acquisition costs

Post acquisition additional cost required

Total Costs 9,215.4 (22.9)

Pretax Income 559.2 22.9

Income Taxes (Remember to adjust taxes for changes) 168.4 8.1 Net Income Before Other 390.8 14.8

Other Net of Tax If Any (incl minority interest) -

Net Income 390.8 14.8

Preferred Dividends If Any -

Net Income After Preferred Dividends 390.8 14.8

B/S

Cash + S/T Invt, Mkt Secuirites 666.1 14.8 A/R 271.0 -

Inventory 664.9

Other current assets 433.8

Net Plant/Eq 2,536.4 -

All other assets 1,004.6 -

- -

Total Assets 5,576.8 14.8

AP 267.1

All other current - non int bearing 1,313.7

Current - interest bearing 0.2

Non current - non int bearing 400.8

Non current - interest bearing 549.3

Minority interests & preferred stock -

- -Total Common Equity 3,045.7 14.8 Total Liabilities and Owners Equity 5,576.8 14.8

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

ROE = PM ASSET T/O EQUITY MULT ROA

AFTER CHANGE 13.29% 403.0 9,774.6 5,564.0 403.0

9,774.6 5,564.0 3,032.9 5,564.0

13.29% 4.12% 1.76 1.83 7.24%

ORIGINAL 12.83% 390.8 9,774.6 5,576.8 390.8

9,774.6 5,576.8 3,045.7 5,576.8

12.83% 4.00% 1.75 1.83 7.01%

IMPACT 0.46% 0.12% 0.00 0.00 0.24%


8/11

2007

Company operated retail 7,998.3

Specialty: Licensing 1,026.3

Specialty: Foodservice & other 386.9

Cost of sales, including occupancy cost 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

38.0

(40.4)

Other (income from equity investments) (108.0)

Total Other Exp / (Inc)

383.7


9/11

-

-


10/11

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 39.1

(9.0) (36.3)

(113.6) (121.9)

144.0 168.4


11/11

- -

- -

Documents

Financial Swiss Army Knife