Strategic Analysis Case Study

Fiscal year is January-December. All values USD millions.

2014

2015

2016

2017

2018

5-year trend

 Sales/Revenue

139.37B

153.29B

177.53B

184.79B

194.58B

Sales Growth

-

9.99%

15.81%

4.09%

5.30%

 Cost of Goods Sold (COGS) incl. D&A

114B

126.76B

148.62B

156.26B

163.04B

COGS excluding D&A

112.08B

124.65B

146.13B

153.74B

160.34B

Depreciation & Amortization Expense

1.92B

2.11B

2.5B

2.52B

2.7B

Depreciation

1.4B

1.5B

1.7B

1.7B

1.7B

Amortization of Intangibles

518M

611M

795M

817M

1B

COGS Growth

-

11.19%

17.25%

5.14%

4.34%

 Gross Income

25.37B

26.53B

28.9B

28.53B

31.54B

Gross Income Growth

-

4.58%

8.95%

-1.30%

10.55%

Gross Profit Margin

-

-

-

-

16.21%

NA

2014

2015

2016

2017

2018

5-year trend

 SG&A Expense

16.57B

16.85B

18.27B

18.52B

20.75B

Research & Development

-

-

-

-

-

Other SG&A

16.57B

16.85B

18.27B

18.52B

20.75B

SGA Growth

-

1.69%

8.41%

1.36%

12.02%

Other Operating Expense

-

-

-

-

-

Unusual Expense

515M

220M

936M

470M

6.68B

EBIT after Unusual Expense

8.28B

(220M)

9.7B

(470M)

4.11B

Non Operating Income/Expense

(4M)

2M

2M

(206M)

(100M)

Non-Operating Interest Income

15M

21M

20M

-

-

Equity in Affiliates (Pretax)

-

-

-

-

-

 Interest Expense

611M

861M

1.08B

1.06B

2.6B

Interest Expense Growth

-

40.92%

25.44%

-1.48%

144.36%

Gross Interest Expense

630M

873M

1.09B

1.06B

2.6B

Interest Capitalized

19M

12M

13M

-

-

 Pretax Income

7.68B

8.62B

8.64B

8.27B

1.41B

Pretax Income Growth

-

12.22%

0.24%

-4.27%

-82.99%

Pretax Margin

-

-

-

-

0.72%

NA

Income Tax

3.03B

3.39B

3.32B

1.64B

2B

Income Tax - Current Domestic

3.08B

3.62B

3.31B

3.06B

1.98B

Income Tax - Current Foreign

-

-

-

-

-

Income Tax - Deferred Domestic

(43M)

(234M)

3M

(1.42B)

23M

Income Tax - Deferred Foreign

-

-

-

-

-

Income Tax Credits

-

-

-

-

-

Equity in Affiliates

-

-

-

-

-

Other After Tax Income (Expense)

(18M)

(26M)

(27M)

(24M)

(3M)

Consolidated Net Income

4.63B

5.2B

5.29B

6.61B

(599M)

Minority Interest Expense

-

2M

2M

1M

(2M)

 Net Income

4.63B

5.2B

5.29B

6.61B

(597M)

Net Income Growth

-

12.43%

1.71%

24.85%

-109.04%

Net Margin Growth

-

-

-

-

-0.31%

NA

Extraordinaries & Discontinued Operations

(1M)

9M

(1M)

(8M)

-

Extra Items & Gain/Loss Sale Of Assets

(1M)

-

-

-

-

Cumulative Effect - Accounting Chg

-

-

-

-

-

Discontinued Operations

-

9M

(1M)

(8M)

-

Net Income After Extraordinaries

4.63B

5.21B

5.29B

6.6B

(597M)

Preferred Dividends

-

-

-

-

-

Net Income Available to Common

4.63B

5.21B

5.29B

6.6B

(597M)

 EPS (Basic)

3.99

4.66

4.93

6.47

(0.57)

EPS (Basic) Growth

-

16.93%

5.79%

31.24%

-108.81%

Basic Shares Outstanding

1.16B

1.12B

1.07B

1.02B

1.04B

 EPS (Diluted)

3.96

4.63

4.90

6.44

(0.57)

EPS (Diluted) Growth

-

16.98%

5.83%

31.43%

-108.85%

Diluted Shares Outstanding

1.17B

1.13B

1.08B

1.02B

1.04B

 EBITDA

10.71B

11.79B

13.13B

12.53B

13.49B

EBITDA Growth

-

10.03%

11.38%

-4.58%

7.70%

EBITDA Margin

-

-

-

-

6.93%

NA