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Tesco_Reformulated BS

RALPH LAUREN CORPORATION (RL)
REFORMULATED BALANCE SHEETS
(in millions)
03/29/2014 USD restated 03/30/2013 USD restated 03/31/2012 USD restated 04/02/2011 USD 04/03/2010 USD
Net operating assets (NOA):
Operating assets
Cash 797 974 685.6 461.5 584.9
Accounts receivable, less allowance for doubtful account 650 535 573.2 531.1 381.9
Inventories 1020 896 841.6 702.1 504
Property, plant and equipment, net 1322 932 884.1 788.8 697.2
Other assets 1768 1719 1884.1 1825 1779.4
Total operating assets 5557 5056 4868.6 4308.5 3947.4
Operating liabilities
Accounts payable 203 147 180.6 214.7 149.8
Income taxes payable 77 43 71.9 11.7 40.2
Other liabilities 1166 1112 1198.7 1041 920.1
Total operating liabilities 1446 1302 1451.2 1267.4 1110.1
Net operating assets (NOA): 4111 3754 3417.4 3041.1 2837.3
Net financial assets (obligations) (NFA/NFO):
Financial assets
Short term investment 494 340 547.8 595.9 599.6
Total financial assets 494 340 547.8 595.9 599.6
Financial liabilities
Current portion of long-term debt 16 271 0 0 0
Long-term debt 555 38 312.7 332.3 320.3
Preferred Stock 0.0 0.0 0.0 0.0 0.0
Total financial liabilities 571.0 309.0 312.7 332.3 320.3
Net financial Obligations (NFA/NFO) -77.0 31 235.1 263.6 279.3
NET FINANCIAL OBLIGATIONS (ASSETS) 77 -31 -235.1 -263.6 -279.3
less minority interest 0.0 0.0 0.0 0.0 0.0
Common Shareholders' Equity (CSE) 4,034.0 3,785.0 3,652.5 3,304.7 3,116.6
CSE as per Thomson Analytics 4034.0 3785.0 3652.5 3304.7 3116.6
Check reformulated = conventional (must be 0) 0.0 0.0 0.0 0.0 0.0

Tesco_Reformulated IS

RALPH LAUREN CORPORATION (RL)
Reformulated Income Statement
(in millions)
03/29/2014 USD restated 03/30/2013 USD restated 03/31/2012 USD restated 04/02/2011 USD 04/03/2010 USD
Operating Income
Revenues 0.00 6,945.00 6,859.50 5,660.30 4,978.90
Cost of sales 0.00 2,789.00 2,663.10 2,188.50 1,932.90
Gross margin 0.00 4,156.00 4,196.40 3,471.80 3,046.00
Operating expenses 0.00 2,998.00 3,140.40 2,636.80 2,338.20
Other operating income (expense) 0.00 -43.00 -18.10 5.40 1.00
Operating income from sales(before tax) 0.00 1,115.00 1,037.90 840.40 708.80
Taxes
Tax as reported 0.00 339.00 334.10 257.80 209.80
Other tax adjustments
Tax benefit on net interest 0 5 4 2 4
Operating income from sales (after tax) 0 771 700 580 495
Dirty surplus items - 0 - 0 - 0 - 0 - 0
Equity Earnings 0.00 -10.00 -9.30 -7.70 -5.60
Operating Income (after tax) 0 761 690 573 489
Financing Expense (Income)
Interest expense 0.00 22.00 24.50 18.30 22.20
Interest income 0.00 6.00 11.00 11.00 8.30
Other interest adjustments 0.00 0.00 0.00 0.00 0.00
Net interest expense 0.00 16.00 13.50 7.30 13.90
less Tax benefit from Net Interest Expense 0 -5 -4 -2 -4
Preferred dividends
Net Financial Expense (after tax) 0 11 9 5 10
Minority interest 0.00 0.00 0.00 0.00 0.00
Comprehensive income to Common 0 750 681 568 480
Comprehensive Income to Common as per Thomson 0 750 681 568 480
Check Row 30 = Row 31 0 0 0 0 0
Tax allocation
a. Calculate average tax rate (as rate not given )
Operating Income
Income taxes for year 0 1158 1056 835 707.8
Average tax rate (Income taxes / Operating Income) 0 339 334.1 257.8 209.8
0% 29% 32% 31% 30%
b. Allocation of tax cost
Allocation to financing activities
NFE
Tax rate 0.00 16.00 13.50 7.30 13.90
Tax benefit (NFE x tax rate) 0% 29% 32% 31% 30%
0 5 4 2 4

Tesco_Decomposition

Analysis of profitabililty
A. Analysis of ROCE
Formula
03/29/2014 USD restated 03/30/2013 USD restated 03/31/2012 USD restated 04/02/2011 USD 04/03/2010 USD
ROCE Comprhensive Income/Common Share Equity 0.00 0.20 0.19 0.17 0.15
FIRST LEVEL
RNOA + (FLEV x (RNOA - NBC)) 0.00 0.20 0.19 0.17 0.15
RNOA OI/NOA 0.00 0.20 0.20 0.19 0.17
FLEV NFO/CSE 0.02 -0.01 -0.06 -0.08 -0.09
NBC NFE/NFO 0.00 -0.37 -0.04 -0.02 -0.04
SPREAD (RNOA - NBC) 0.00 0.57 0.24 0.21 0.21
SECOND LEVEL
PM OI/SALES 0.000 0.110 0.101 0.101 0.098
ATO SALES/NOA 0.00 1.85 2.01 1.86 1.75
RNOA 0.00 0.20 0.20 0.19 0.17
THIRD LEVEL
PM GM/SALES 0.00 0.60 0.61 0.61 0.61
operating expense/SALES 0.00 0.44 0.46 0.46 0.47
TAXES/SALES 0.00 0.05 0.05 0.05 0.04
Other income/sales 0.000 -0.001 -0.001 -0.001 -0.001
0.000 0.110 0.101 0.101 0.098
0.000
ATO 1/ATO 0.00 0.54 0.50 0.54 0.57
CASH/SALES 0.000 0.140 0.100 0.082 0.117
RECEIVABLES/SALES 0.000 0.077 0.084 0.094 0.077
INVENTORIES/SALES 0.0000 0.1290 0.1227 0.1240 0.1012
OTHER CURR. ASSETS/SALES 0.0000 0.2475 0.2747 0.3224 0.3574
PPE/SALES 0.0000 0.1342 0.1289 0.1394 0.1400
0.0000
ACCOUNTS PAYABLE/SALES 0.0000 0.0212 0.0263 0.0379 0.0301
INCOME TAXES/SALES 0.0000 0.0062 0.0105 0.0021 0.0081
OTHER .LIABILITIES/SALES 0.0000 0.1601 0.1748 0.1839 0.1848
0.00 0.54 0.50 0.54 0.57

Tesco_Trend_Bal_Sheet_base_year

RALPH LAUREN CORPORATION (RL)
REFORMULATED BALANCE SHEETS
(in millions)
03/29/2014 USD restated 03/30/2013 USD restated 03/31/2012 USD restated 04/02/2011 USD 04/03/2010 USD 04/03/2010 USD
Net operating assets (NOA): % % % % %
Operating assets
Cash 136.26 166.52 117.22 78.90 100 584.9 797 974 685.6 461.5
Accounts receivable, (Net) 170.20 140.09 150.09 139.07 100 381.9 650 535 573.2 531.1
Inventories 202.38 177.78 166.98 139.31 100 504 1020 896 841.6 702.1
Property, plant and equipment, net 189.62 133.68 126.81 113.14 100 697.2 1322 932 884.1 788.8
Other assets 99.36 96.61 105.88 102.56 100 1779.4 1768 1719 1884.1 1825
Total operating assets 140.78 128.08 123.34 109.15 100 3947.4 5557 5056 4868.6 4308.5
Operating liabilities
Accounts payable 135.51 98.13 120.56 143.32 100 149.8 203 147 180.6 214.7
Income taxes payable 191.54 106.97 178.86 29.10 100 40.2 77 43 71.9 11.7
Other liabilities 126.73 120.86 130.28 113.14 100 920.1 1166 1112 1198.7 1041
Total operating liabilities 130.26 117.29 130.73 114.17 100 1110.1 1446 1302 1451.2 1267.4
Net operating assets (NOA): 144.89 132.31 120.45 107.18 100 2837.3 4111 3754 3417.4 3041.1
Net financial assets (obligations) (NFA/NFO):
Financial assets
Short term investment 0.00 0.00 0.00 0.00 599.6 494 340 547.8 595.9
Total financial assets 82.39 56.70 91.36 99.38 100 599.6 494 340 547.8 595.9
Financial liabilities
Current portion of long-term debt 100 0 16 271 0 0
Long-term debt 173.28 11.86 97.63 103.75 100 320.3 555 38 312.7 332.3
Preferred Stock 0 0 0 0 0
Total financial liabilities 178.27 96.47 97.63 103.75 100 320.3 571 309 312.7 332.3
Net financial Obligations (NFA/NFO) 0.00 0.00 0.00 0.00 279.3 -77 31 235.1 263.6
NET FINANCIAL OBLIGATIONS (ASSETS) -27.57 11.10 84.17 94.38 100 -279.3 77 -31 -235.1 -263.6
less minority interest 0 0 0 0 0
Common Shareholders' Equity (CSE) 129.44 121.45 117.20 106.04 100 3116.6 4034 3785 3652.5 3304.7

Tesco_Trend_Inc_Statem

RALPH LAUREN CORPORATION (RL)
Reformulated Income Statement
(in millions) 03/29/2014 USD restated 03/30/2013 USD restated 03/31/2012 USD restated 04/02/2011 USD 04/03/2010 USD 04/03/2010 USD
% % % % %
Operating Income
Revenues 0.00 139.49 137.77 113.69 100 4978.9 0 6945 6859.5 5660.3
Cost of sales 0.00 144.29 137.78 113.22 100 1932.9 0 2789 2663.1 2188.5
Gross margin 0.00 136.44 137.77 113.98 100 3046 0 4156 4196.4 3471.8
Operating expenses 0.00 128.22 134.31 112.77 100 2338.2 0 2998 3140.4 2636.8
Other operating income (expense) 0.00 -4300.00 -1810.00 540.00 100 1 0 -43 -18.1 5.4
Operating income from sales(before tax) 0.00 157.31 146.43 118.57 100 708.8 0 1115 1037.9 840.4
Taxes
Tax as reported 0.00 161.58 159.25 122.88 100 209.8 0 339 334.1 257.8
Other tax adjustments
Tax benefit on net interest 0.00 113.68 103.67 54.70 100 4.1201186776 0 4.6839378238 4.2711647727 2.2538203593
Operating income from sales (after tax) 0.00 155.86 141.35 117.27 100 494.8798813224 0 771.3160621762 699.5288352273 580.3461796407
Dirty surplus items 0 0 0 0 0
Equity Earnings 0.00 178.57 166.07 137.50 100 -5.6 0 -10 -9.3 -7.7
Operating Income (after tax) 0.00 155.60 141.07 117.04 100 489.2798813224 0 761.3160621762 690.2288352273 572.6461796407
Financing Expense (Income)
Interest expense 0.00 99.10 110.36 82.43 100 22.2 0 22 24.5 18.3
Interest income 0.00 72.29 132.53 132.53 100 8.3 0 6 11 11
Other interest adjustments 0 0 0 0 0
Net interest expense 0.00 115.11 97.12 52.52 100 13.9 0 16 13.5 7.3
less Tax benefit from Net Interest Expense 0.00 0.00 0.00 0.00 -4.1201186776 0 -4.6839378238 -4.2711647727 -2.2538203593
Preferred dividends
Net Financial Expense (after tax) 0.00 115.71 94.37 51.60 100 9.7798813224 0 11.3160621762 9.2288352273 5.0461796407
Minority interest 0 0 0 0 0
Comprehensive income to Common 0.00 156.41 142.02 118.37 100 479.5 0 750 681 567.6

Tesco_Common_Size_IS

TESCO PLC (TSCO)
Reformulated Income Statement
(in millions)
02/26/2011 GBP 02/27/2010 GBP 02/28/2009 GBP restated 02/23/2008 GBP 02/24/2007 GBP 02/26/2011 % of Revenues 02/27/2010 % of Revenues 02/28/2009 % of Revenues 02/23/2008 % of Revenues 02/24/2007 % of Revenues
Operating Income
Revenues 0.00 6,945.00 6,859.50 5,660.30 4,978.90 ERROR:#DIV/0! 100.00 100.00 100.00 100.00
Cost of sales 0.00 2,789.00 2,663.10 2,188.50 1,932.90 ERROR:#DIV/0! 40.16 38.82 38.66 38.82
Gross margin 0.00 4,156.00 4,196.40 3,471.80 3,046.00 ERROR:#DIV/0! 59.84 61.18 61.34 61.18
Operating expenses 0.00 2,998.00 3,140.40 2,636.80 2,338.20 ERROR:#DIV/0! 43.17 45.78 46.58 46.96
Other operating income (expense) 0.00 -43.00 -18.10 5.40 1.00 ERROR:#DIV/0! -0.62 -0.26 0.10 0.02
Operating income from sales(before tax) 0.00 1,115.00 1,037.90 840.40 708.80 ERROR:#DIV/0! 16.05 15.13 14.85 14.24
Taxes
Tax as reported 0.00 339.00 334.10 257.80 209.80 ERROR:#DIV/0! 4.88 4.87 4.55 4.21
Other tax adjustments
Tax benefit on net interest 0 5 4 2 4 ERROR:#DIV/0! 0.07 0.06 0.04 0.08
Operating income from sales (after tax) 0 771 700 580 495 ERROR:#DIV/0! 11.11 10.20 10.25 9.94
Dirty surplus items 0 0 0 0 0
Equity Earnings 0.00 -10.00 -9.30 -7.70 -5.60 ERROR:#DIV/0! -0.14 -0.14 -0.14 -0.11
Operating Income (after tax) 0 761 690 573 489 ERROR:#DIV/0! 10.96 10.06 10.12 9.83
Financing Expense (Income)
Interest expense 0.00 22.00 24.50 18.30 22.20 ERROR:#DIV/0! 0.32 0.36 0.32 0.45
Interest income 0.00 6.00 11.00 11.00 8.30 ERROR:#DIV/0! 0.09 0.16 0.19 0.17
Other interest adjustments 0.00 0.00 0.00 0.00 0.00
Net interest expense 0.00 16.00 13.50 7.30 13.90 ERROR:#DIV/0! 0.23 0.20 0.13 0.28
less Tax benefit from Net Interest Expense 0 -5 -4 -2 -4
Preferred dividends
Net Financial Expense (after tax) 0 11 9 5 10 ERROR:#DIV/0! 0.16 0.13 0.09 0.20
Minority interest 0.00 0.00 0.00 0.00 0.00
Comprehensive income to Common 0 750 681 568 480 ERROR:#DIV/0! 10.80 9.93 10.03 9.63

Inter-firm_ratios

DRIVERS OF PROFITABILITY (ROCE)
2010 2011 2012 2013 2014
ROCE Ted 18.8868 20.7649 21.5688 24.9340 24.6501
Ralph 0.0000 0.1982 0.1864 0.1718 0.1539
First-Level Decomposition
RNOA Ted 17.902 17.642 19.905 24.550 26.090
Ralph 0.0000 0.2028 0.2020 0.1883 0.1724
FLEV Ted 0.161 0.328 0.195 0.075 -0.001
Ralph 0.0191 -0.0082 -0.0644 -0.0798 -0.0896
SPREAD Ted 6.8144 9.7592 8.7736 6.0688 1004.2848
(RNOA-NBC) Ralph 0.0000 0.5678 0.2412 0.2074 0.2075
NBC Ted 11.088 7.883 11.132 18.481 -978.195
Ralph 0.0000 -0.3650 -0.0393 -0.0191 -0.0350
Second Level Decomposition
PM Ted 7.5400 8.1571 9.2470 10.4250 10.5529
Ralph 0.0000 0.1096 0.1006 0.1012 0.0983
ATO Ted 2.3743 2.1628 2.1526 2.3549 2.4723
Ralph 0.0000 1.8500 2.0072 1.8613 1.7548