Income Statement
Consolidated Income Statements
(in US$ millions except per share amounts) Actuals Estimates
Period Ending January 31 2010.0 2011.0 2012.0 2013.0 2014.0 2015.0 2016.0 2017.0
Revenue
Net Sales 405,132.0 418,952.0 443,854.0
% Growth 3.4% 5.9%
Membership and Other Income 2,953.0 2,897.0 3,096.0
% Growth -1.9% 6.9%
Total revenue 408,085.0 421,849.0 446,950.0 473,767.0 497,455.4 517,353.6 532,874.2 543,531.7
Y/Y revenue growth (%) 3.4% 6.0% 6.0% 5.0% 4.0% 3.0% 2.0%
Cost of goods sold
Cost of goods sold 304,106.0 314,946.0 335,127.0 355,325.3 373,091.5 388,015.2 399,655.6 407,648.7
COGS as a % of revenue 74.5% 74.7% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0%
Gross profit 103,979.0 106,903.0 111,823.0 118,441.8 124,363.8 129,338.4 133,218.5 135,882.9
Gross profit margin (%) 25.5% 25.3% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0%
Operating expenses
Selling, general and administrative 72,820.0 73,720.0 77,135.0 81,961.7 86,059.8 89,502.2 92,187.2 94,031.0
SG&A as a % of revenue 17.8% 17.5% 17.3% 17.3% 17.3% 17.3% 17.3% 17.3%
EBITDA 31,159.0 33,183.0 34,688.0 36,480.1 38,304.1 39,836.2 41,031.3 41,851.9
EBITDA margin (%) 7.6% 7.9% 7.8% 7.7% 7.7% 7.7% 7.7% 7.7%
Depreciation and amortization 7,157.0 7,641.0 8,130.0 8,591.7 9,188.6 9,809.4 10,448.9 11,101.1
EBIT 24,002.0 25,542.0 26,558.0 27,888.4 29,115.5 30,026.8 30,582.4 30,750.8
EBIT margin (%) 5.9% 6.1% 5.9% 5.9% 5.9% 5.8% 5.7% 5.7%
Interest
Interest expense (Debt) 1,787.0 1,928.0 2,034.0 2,083.8 2,083.8 2,083.8 2,083.8
Interest expense (Capital Leases) 278.0 277.0 288.0 281.6 281.6 281.6 281.6 281.6
Interest income (181.0) (201.0) (162.0) 0.0 (40.6) (81.3) (81.3) (81.3)
Net interest expense 1,884.0 2,004.0 2,160.0 2,365.5 2,284.2 2,284.2 2,284.2
EBT 22,118.0 23,538.0 24,398.0 25,522.9 29,115.5 27,742.6 28,298.2 28,466.6
EBT margin (%) 5.4% 5.6% 5.5% 5% 6% 5% 5% 5%
Income tax expense 7,156.0 7,579.0 7,944.0 8,422.6 9,608.1 9,155.1 9,338.4 9,394.0
Tax rate (%) 32.4% 32.2% 32.6% 33.0% 33.0% 33.0% 33.0% 33.0%
Net Income (Adjusted) 14,962.0 15,959.0 16,454.0 17,100.4 19,507.4 18,587.5 18,959.8 19,072.6
Non-recu
ing events
Discontinued operations (79.0) 1,034.0 (67.0) 0.0 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total non-recu
ing events (79.0) 1,034.0 (67.0) 0.0 0.0 0.0 0.0 0.0
Net Income (After non-recu
ing events) 14,883.0 16,993.0 16,387.0 17,100.4 19,507.4 18,587.5 18,959.8 19,072.6
Distributions
Income attributable to non-controlling interests (513.0) (604.0) (688.0) (718.2) (819.3) (780.7) (796.3) (801.1)
Non-controlling interests % of Net Income 3.4% 3.6% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2%
Net Income (as Reported) 14,370.0 16,389.0 15,699.0 16,382.1 18,688.0 17,806.9 18,163.5 18,271.6
Earnings per share (EPS)
Basic 3.72 4.48 4.54 4.87 5.73 5.63 5.93 6.16
Diluted 3.71 4.47 4.52 4.87 5.72 ERROR:#REF! ERROR:#REF! ERROR:#REF!
Average common shares outstanding
Basic 3,866 3,656 3,460 3,361 3,262 3,163 3,064 2,965
Diluted 3,877 3,670 3,474 3,366 3,267 3,168 3,069 2,970
Shares repurchased 99 99 99 99
Diluted Shares
Share Price $72.00
Number of basic shares outstanding 3,361,444,307
Number of outstanding options (in the money) 13,596,000
Average option strike price $50.49
Total option proceeds 686,462,040
Treasury stock method shares repurchased 9,534,195
Additional shares outstanding 4,061,805
Total diluted shares outstanding 3,365,506,112
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Cash Flow Statement
Consolidated Statements of Cash Flows
(in US$ millions) Actuals Estimates
Period Ending January 31 2010.0 2011.0 2012.0 2013.0 2014.0 2015.0 2016.0 2017.0
Cash flows from operating activities
Net income 14,883.0 16,993.0 16,387.0 17,100.4 19,507.4 18,587.5 18,959.8 19,072.6
Loss (income) from discontinued operations 79.0 (1,034.0) 67.0 0.0 0.0 0.0 0.0 0.0
Depreciation and amortization 7,157.0 7,641.0 8,130.0 8,591.7 9,188.6 9,809.4 10,448.9 11,101.1
Defe
ed income taxes (504.0) 651.0 1,050.0 715.9 1,003.5 791.0 596.3 411.4
Other Operating Activities 318.0 1,087.0 398.0 318.0 318.0 318.0 318.0 318.0
Changes in operating working capital
Changes in accounts receivable (297.0) (733.0) (796.0) 146.5 (289.5) (243.2) (189.7) (130.3)
Changes in inventory 2,213.0 (3,205.0) (3,727.0) (148.4) (2,043.1) (1,716.2) (1,338.7) (919.2)
Changes in accounts payable 1,052.0 2,676.0 2,687.0 701.2 1,865.5 1,567.0 1,222.2 839.3
Changes in accrued liabilities 1,348.0 (433.0) 59.0 1,425.7 979.0 822.3 641.4 440.5
Changes in accrued income taxes 0.0 0.0 0.0 (464.5) 98.5 (37.6) 15.2 4.6 This line is later added
Net changes in operating working capital 4,316.0 (1,695.0) (1,777.0) 1,660.5 610.3 392.3 350.6 234.9
Total cash flows from operating activities 26,249.0 23,643.0 24,255.0 28,386.5 30,627.7 29,898.3 30,673.6 31,138.1
Cash flows from investing activities
Payments for property and equipment (CAPEX) (12,184.0) (12,699.0) (13,510.0) (14,213.0) (14,923.7) (15,520.6) (15,986.2) (16,305.9)
Capex as a % of Revenue 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% This line is later added
Proceeds from disposal of property and equipment 1,002.0 489.0 580.0 0.0 0.0 0.0 0.0 0.0
Investments and business acquisitions, net of cash acquired 0.0 (202.0) (3,548.0) 0.0 0.0 0.0 0.0 0.0
Other investing activities (438.0) 219.0 (131.0) (438.0) 219.0 (131.0) (438.0) 219.0
Total cash from investing activities (11,620.0) (12,193.0) (16,609.0) (14,651.0) (14,704.7) (15,651.6) (16,424.2) (16,086.9)
Cash flows from financing activities
Short-term bo
owings (repayments) (1,033.0) 503.0 3,019.0 0.0 0.0 0.0 0.0 0.0
Long-term bo
owings (repayments) (487.0) 7,316.0 466.0 0.0 0.0 0.0 0.0 0.0
Long term debt due within one year 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 This line is later added
Capital lease obligations due within one year 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 This line is later added
Dividends paid (4,217.0) (4,437.0) (5,048.0) (5,344.7) (5,187.3) (5,029.9) (4,872.5) (4,715.1)
Dividends paid ($/share) 1.59 1.59 1.59 1.59 1.59 This line is later added
Purchase of common stock [treasury stock] (7,276.0) (14,776.0) (6,298.0) (7,308.2) (7,308.2) (7,308.2) (7,308.2) (7,308.2)
Purchase of redeemable noncontrolling interest (436.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Capital Lease Obligations (346.0) (363.0) (355.0) 0.0 0.0 0.0 0.0 0.0
Other (396.0) (271.0) (242.0) (242.0) (242.0) (242.0) (242.0) (242.0)
Total cash from financing activities (14,191.0) (12,028.0) (8,458.0) (12,894.9) (12,737.5) (12,580.1) (12,422.6) (12,265.2)
Effect of Exchange Rate on Cash 194.0 66.0 (33.0) 194.0 66.0 (33.0) 194.0 66.0
Total change in cash and cash equivalents 632.0 (512.0) (845.0) 1,034.6 3,251.6 1,633.6 2,020.7 2,851.9
SUPPLEMENTAL DATA:
Cash flow before debt paydown 1,034.6 3,251.6 1,633.6 2,020.7 2,851.9
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Balance Sheet
Consolidated Balance Sheets
(in US$ millions) Actuals Estimates
On January 31 2010.0 2011.0 2012.0 2013.0 2014.0 2015.0 2016.0 2017.0
Assets
Cu
ent assets:
Cash and cash equivalents 7,395.0 6,550.0 0.0 0.0 0.0 0.0 0.0
Receivables, net 5,089.0 5,937.0 0.0 0.0 0.0 0.0 0.0
Inventories 36,437.0 40,714.0 0.0 0.0 0.0 0.0 0.0
Prepaid expenses and other 2,960.0 1,685.0 0.0 0.0 0.0 0.0 0.0
Other cu
ent assets (discontinued operations) 131.0 89.0 0.0 0.0 0.0 0.0 0.0
Total cu
ent assets 52,012.0 54,975.0 0.0 0.0 0.0 0.0 0.0
Property, plant and equipment, net 107,878.0 112,324.0 0.0 0.0 0.0 0.0 0.0
Goodwill 16,763.0 20,651.0 0.0 0.0 0.0 0.0 0.0
Other assets and defe
ed charges 4,129.0 5,456.0 0.0 0.0 0.0 0.0 0.0
Total assets 180,782.0 193,406.0 0.0 0.0 0.0 0.0 0.0
Liabilities 0.0 0.0 0.0 0.0 0.0
Cu
ent liabilities: 0.0 0.0 0.0 0.0 0.0
Short-term bo
owings 1,031.0 4,047.0 0.0 0.0 0.0 0.0 0.0
Accounts payable 33,676.0 36,608.0 0.0 0.0 0.0 0.0 0.0
Accrued liabilities 18,701.0 18,154.0 0.0 0.0 0.0 0.0 0.0
Accrued income taxes 157.0 1,164.0 0.0 0.0 0.0 0.0 0.0
Long term debt due within one year 4,655.0 1,975.0 0.0 0.0 0.0 0.0 0.0
Obligations under capital leases due within one year 336.0 326.0 0.0 0.0 0.0 0.0 0.0
Cu
ent liabilities of discontinued operations 47.0 26.0 0.0 0.0 0.0 0.0 0.0
Total cu
ent liabilities 58,603.0 62,300.0 0.0 0.0 0.0 0.0 0.0
Long-term debt 40,692.0 44,070.0 0.0 0.0 0.0 0.0 0.0
Long-term obligations under capital leases 3,150.0 3,009.0 0.0 0.0 0.0 0.0 0.0
Defe
ed income taxes and other 6,682.0 7,862.0 0.0 0.0 0.0 0.0 0.0
Redeemable noncontrolling interest 408.0 404.0 0.0 0.0 0.0 0.0 0.0
Total liabilities 109,535.0 117,645.0 0.0 0.0 0.0 0.0 0.0
Shareholders' equity 0.0 0.0 0.0 0.0 0.0
Common stock par value + additional paid-in-capital 3,929.0 4,034.0 0.0 0.0 0.0 0.0 0.0
Retained earnings 63,967.0 68,691.0 0.0 0.0 0.0 0.0 0.0
Accumulated other comprehensive income (loss) 646.0 (1,410.0) 0.0 0.0 0.0 0.0 0.0
Total shareholders' equity 68,542.0 71,315.0 0.0 0.0 0.0 0.0 0.0
Noncontrolling interest 2,705.0 4,446.0 0.0 0.0 0.0 0.0 0.0
Total liabilities & equity 180,782.0 193,406.0 0.0 0.0 0.0 0.0 0.0
SUPPLEMENTAL DATA:
Balance? (Y/N) Y Y Y Y Y Y Y
Consolidated Balance Sheets
0 Actuals Estimates
Assets
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Depreciation
Depreciation
(in US$ millions) Actuals Estimates
Period Ending January 31 2010.0 2011.0 2012.0 2013.0 2014.0 2015.0 2016.0 2017.0
Property, plant & equipment (beg. of year) 112,324.0
Capital expenditures (beg. of year) 14,213.0 14,923.7 15,520.6 15,986.2 16,305.9
Book (GAAP) depreciation
Useful Life
PP&E Years 14
CAPEX Years 25 25 25 25 25
Depreciation
Existing PP&E 8,023.1 8,023.1 8,023.1 8,023.1 8,023.1
2013 CAPEX 568.5 568.5 568.5 568.5 568.5
2014 CAPEX 596.9 596.9 596.9 596.9
2015 CAPEX 620.8 620.8 620.8
2016 CAPEX 639.4 639.4
2017 CAPEX 652.2
Total book depreciation 8,591.7 9,188.6 9,809.4 10,448.9 11,101.1
Accelerated depreciation (%)
Existing PP&E 8.75% 9.13% 8.21% 7.39% 6.65%
2013 CAPEX 6.56% 7.00% 6.48% 6.00% 5.55%
2014 CAPEX 6.56% 7.00% 6.48% 6.00%
2015 CAPEX 6.56% 7.00% 6.48%
2016 CAPEX 6.56% 7.00%
2017 CAPEX 6.56%
Accelerated depreciation
Existing PP&E 9,828.4 10,255.2 9,221.8 8,300.7 7,469.5
2013 CAPEX 932.8 994.9 921.3 852.2 788.3
2014 CAPEX 979.4 1,044.7 967.4 894.8
2015 CAPEX 1,018.6 1,086.4 1,006.0
2016 CAPEX 1,049.2 1,119.0
2017 CAPEX 1,070.2
Total tax depreciation 10,761.1 12,229.5 12,206.4 12,255.9 12,347.9
Difference in depreciation 2,169.5 3,040.9 2,396.9 1,807.0 1,246.7
Tax rate (%) 33% 33% 33% 33% 33%
Defe
ed taxes 715.9 1,003.5 791.0 596.3 411.4
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Operating Working Capital
Operating Working Capital Schedule (OWC)
(in US$ millions) Actuals Estimates
On January 31 2010.0 2011.0 2012.0 2013.0 2014.0 2015.0 2016.0 2017.0
Cu
ent assets
Receivables, net 5,089.0 5,937.0 5,790.5 6,080.0 6,323.2 6,512.9 6,643.2
Days receivable 4.4 4.4 4.4 4.4 4.4 4.4
Inventories 36,437.0 40,714.0 40,862.4 42,905.5 44,621.7 45,960.4 46,879.6
Inventory turnover days 41.4 41.4 41.4 41.4 41.4 41.4
Prepaid expenses and other 2,960.0 1,685.0 2,458.9 2,581.8 2,685.1 2,765.6 2,820.9
Days prepaid 10.8 10.8 10.8 10.8 10.8 10.8
Total cu
ent assets 44,486.0 48,336.0 49,111.7 51,567.3 53,630.0 55,238.9 56,343.7
Cu
ent liabilities
Accounts payable 33,676.0 36,608.0 37,309.2 39,174.6 40,741.6 41,963.8 42,803.1
Days payable 37.8 37.8 37.8 37.8 37.8 37.8
Accrued liabilities 18,701.0 18,154.0 19,579.7 20,558.7 21,381.1 22,022.5 22,463.0
Days payable 86.0 86.0 86.0 86.0 86.0 86.0
Accrued taxes 157