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17-year history

MCDONALD'S CORP ANNUAL INCOME STATEMENT
TICKER: MCD ($ MILLIONS, EXCEPT PER SHARE)
SIC: 5812
GICS: 25301040
Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Sales 12,421.40 13,259.30 14,243.00 14,870.00 15,405.70 17,140.50 19,064.70 20,460.20 21,586.40 22,786.60 23,522.40 22,744.70 24,074.60 27,006.00 27,567.00 28,105.70 27,441.30
Cost of Goods Sold 7,131.60 7,709.20 8,621.50 9,308.30 9,775.60 10,830.40 11,964.70 12,949.30 13,421.90 13,736.40 13,721.60 12,792.10 13,236.90 14,989.80 15,348.50 15,704.20 15,446.30
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Gross Profit 5,289.80 5,550.10 5,621.50 5,561.70 5,630.10 6,310.10 7,100.00 7,510.90 8,164.50 9,050.20 9,800.80 9,952.60 10,837.70 12,016.20 12218.5 12401.5 11995
Selling, General, &
Administrative Expense 1,458.50 1,477.60 1,587.30 1,661.70 1,712.80 1,833.00 1,980.00 2,220.60 2,337.90 2,367.00 2,355.50 2,234.20 2,333.30 2,393.70 2455.2 2385.6 2487.9
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Operating Income Before Deprec. 3,831.30 4,072.50 4,034.20 3,900.00 3,917.30 4,477.10 5,120.00 5,290.30 5,826.60 6,683.20 7,445.30 7,718.40 8,504.40 9,622.50 9763.3 10015.9 9507.1
Depreciation, Depletion, &
Amortization 808 858.1 900.9 945.6 971.1 1,113.30 1,138.30 1,186.70 1,180.20 1,145.00 1,161.60 1,160.80 1,200.40 1,329.60 1402.2 1498.8 1539.3
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Operating Profit 3,023.30 3,214.40 3,133.30 2,954.40 2,946.20 3,363.80 3,981.70 4,103.60 4,646.40 5,538.20 6,283.70 6,557.60 7,304.00 8,292.90 8361.1 8517.1 7967.8
Interest Expense 431.7 410.6 446.2 467.6 388.4 395.8 362.5 361 407.4 417 534.9 484.9 462.9 506.8 532.50 537.40 585.20
Non-Operating Income/Expense 37.4 99.2 195.2 95.8 -42.5 -203 -175.7 -68.1 5.6 93.1 219.7 254.2 138.2 226.1 250.4 224.8 -10.6
Special Items -321.6 -18.9 0 -252.9 -853.2 -418.6 -241.1 27.1 -78.2 -1,642.20 189.5 160.1 21 0 0 0
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Pretax Income 2,307.40 2,884.10 2,882.30 2,329.70 1,662.10 2,346.40 3,202.40 3,701.60 4,166.40 3,572.10 6,158.00 6,487.00 7,000.30 8,012.20 8079 8204.5 7372
Total Income Taxes 757.3 936.2 905 693.1 670 838.2 923.9 1,099.40 1,293.40 1,237.10 1,844.80 1,936.00 2,054.00 2,509.10 2,614.20 2,618.60 2,614.20
Minority Interest
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Income Before Extraordinary
Items & Discontinued Operations 1,550.10 1,947.90 1,977.30 1,636.60 992.1 1,508.20 2,278.50 2,602.20 2,873.00 2,335.00 4,313.20 4,551.00 4,946.30 5,503.10 5464.8 5585.9 4757.8
Preferred Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Available for Common 1,550.10 1,947.90 1,977.30 1,636.60 992.1 1,508.20 2,278.50 2,602.20 2,873.00 2,335.00 4,313.20 4,551.00 4,946.30 5,503.10 5464.8 5585.9 4757.8
Savings Due to Common
Stock Equivalents 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Adjusted Available for Common 1,550.10 1,947.90 1,977.30 1,636.60 992.1 1,508.20 2,278.50 2,602.20 2,873.00 2,335.00 4,313.20 4,551.00 4,946.30 5,503.10 5464.8 5585.9 4757.8
Extraordinary Items 0 0 0 0 -98.6 -36.8 0 0 0 0 0 0 0 0 0.00 0.00 0.00
Discontinued Operations 0 0 0 0 0 0 0 0 671.2 60.1 0 0 0 0 0 0 0
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Adjusted Net Income 1,550.10 1,947.90 1,977.30 1,636.60 893.5 1,471.40 2,278.50 2,602.20 3,544.20 2,395.10 4,313.20 4,551.00 4,946.30 5,503.10 5464.8 5585.9 4757.8
MCDONALD'S CORP ANNUAL BALANCE SHEET
TICKER: MCD ($ MILLIONS)
SIC: 5812
GICS: 25301040
Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 10-Dec Dec-11 Dec-12 Dec-13 Dec-14
ASSETS
Cash & Equivalents 299.2 419.5 421.7 418.1 330.4 492.8 1,379.80 4,260.40 2,136.40 1,981.30 2,063.40 1,796.00 2,387.00 2,335.70 2336.1 2798.7 2077.9
Net Receivables 609.4 708.1 796.5 881.9 855.3 734.5 745.5 795.9 904.2 1,053.80 931.2 1,060.40 1,179.10 1,334.70 1,375.30 1,319.80 1,214.40
Inventories 77.3 82.7 99.3 105.5 111.7 129.4 147.5 147 149 125.3 111.5 106.2 109.9 116.8 121.70 123.70 110.00
Prepaid Expenses
Other Current Assets 323.5 362 344.9 413.8 418 528.7 585 646.4 435.7 421.5 411.5 453.7 692.5 615.8 1089 807.9 783.2
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Total Current Assets 1,309.40 1,572.30 1,662.40 1,819.30 1,715.40 1,885.40 2,857.80 5,849.70 3,625.30 3,581.90 3,517.60 3,416.30 4,368.50 4,403.00 4922.1 5050.1 4185.5
Gross Plant,Property & Equipment 21,758.00 22,450.80 23,569.00 24,106.00 26,218.60 28,740.20 30,507.80 29,897.20 31,810.20 32,203.70 31,152.40 33,440.50 34,482.40 35,737.60 38,491.10 40,355.60 39,126.10
Accumulated Depreciation 5,716.40 6,126.30 6,521.40 6,816.50 7,635.20 8,815.50 9,804.70 9,989.20 10,964.50 11,219.00 10,897.90 11,909.00 12,421.80 12,903.10 13,813.90 14,608.30 14,568.60
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Net Plant,Property & Equipment 16,041.60 16,324.50 17,047.60 17,289.50 18,583.40 19,924.70 20,703.10 19,908.00 20,845.70 20,984.70 20,254.50 21,531.50 22,060.60 22,834.50 24677.2 25747.3 24557.5
Investments at Equity 854.1 1,002.20 824.2 990.2 1,037.70 1,089.60 1,109.90 1,035.40 1,036.20 1,156.40 1,222.30 1,212.70 1,335.30 1,427.00 1,380.50 1,209.10 1,004.50
Other Investments 67.9 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00
Intangibles 973.1 1,261.80 1,443.40 1,419.80 1,559.80 1,665.10 1,828.30 1,950.70 2,209.20 2,301.30 2,237.40 2,425.20 2,586.10 2,653.20 2804 2872.7 2735.3
Deferred Charges 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00
Other Assets 538.3 822.4 705.9 1,015.70 1,074.20 960.3 1,338.40 1,245.00 1,307.40 1,367.40 1,229.70 1,639.20 1,624.70 1,672.20 1602.7 1747.1 1798.6
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TOTAL ASSETS 19,784.40 20,983.20 21,683.50 22,534.50 23,970.50 25,525.10 27,837.50 29,988.80 29,023.80 29,391.70 28,461.50 30,224.90 31,975.20 32,989.90 35386.5 36626.3 34281.4
LIABILITIES
Long Term Debt Due In One Year 168 546.8 354.5 177.6 275.5 388 862.2 658.7 17.7 864.5 31.8 18.1 8.3 366.6 0 0 0
Notes Payable 686.8 1,073.10 275.5 184.9 0.3 0 0 544 0 1,126.60 0 0 0 0 0 0 0
Accounts Payable 621.3 585.7 684.9 689.5 635.8 577.4 714.3 689.4 834.1 624.1 620.4 636 943.9 961.3 1141.9 1086 860.1
Taxes Payable 94.2 117.2 92.2 20.4 16.3 71.5 331.3 567.6 250.9 0 0 202.4 111.3 262.2 298.7 215.5 166.8
Accrued Expenses 926.8 951.5 953.8 1,175.90
Other Current Liabilities 0 0 0 0 1,494.40 1,448.90 1,612.70 1,576.60 1,905.40 1,883.30 1,885.70 2,132.20 1,861.20 1,919.10 1962.5 1868.5 1721
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Total Current Liabilities 2,497.10 3,274.30 2,360.90 2,248.30 2,422.30 2,485.80 3,520.50 4,036.30 3,008.10 4,498.50 2,537.90 2,988.70 2,924.70 3,509.20 3403.1 3170 2747.9
Long Term Debt 6,188.60 5,632.40 7,843.90 8,555.50 9,703.60 9,342.50 8,357.30 8,937.40 8,416.50 7,310.00 10,186.00 10,560.30 11,497.00 12,133.80 13,632.50 14,129.80 14,989.70
Deferred Taxes 1,081.90 1,173.60 1,084.90 1,112.20 1,003.70 1,015.10 781.5 976.7 1,066.00 960.9 944.9 1,278.90 1,332.40 1,344.10 1,531.10 1,647.70 1,624.50
Investment Tax Credit 0.00 0.00 0.00
Minority Interest 0 0 0
Other Liabilities 492.6 538.4 489.5 629.3 560 699.8 976.7 892.3 1,074.90 1,342.50 1,410.10 1,363.10 1,586.90 1,612.60 1526.2 1669.1 2065.9
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TOTAL LIABILITIES 10,260.20 10,618.70 11,779.20 12,545.30 13,689.60 13,543.20 13,636.00 14,842.70 13,565.50 14,111.90 15,078.90 16,191.00 17,341.00 18,599.70 20092.9 20616.6 21428
EQUITY
Preferred Stock - Redeemable 59.5 725.4 699.9 500.8 0 0 0 0 0 0 0 0 0 0
Preferred Stock - Nonredeemable 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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Total Preferred Stock 59.5 725.4 699.9 500.8 0 0 0 0 0 0 0 0 0 0 0 0 0
Common Stock 16.6 16.6 16.6 16.6 16.6 16.6 16.6 16.6 16.6 16.6 16.6 16.6 16.6 16.6 16.6 16.6 16.6
Capital Surplus 989.2 1,288.30 1,326.80 1,484.50 1,648.90 1,747.00 2,103.20 2,720.20 3,445.00 4,226.70 4,600.20 4,853.90 5,196.40 5,487.30 5778.9 5994.1 6239.1
Retained Earnings 13,208.40 14,542.70 15,972.10 16,899.50 17,603.10 19,536.80 21,659.80 22,782.90 25,548.90 27,798.90 29,055.20 32,018.20 34,564.60 37,157.20 40,074.40 42,178.80 41,774.80
Less: Treasury Stock 4,749.50 6,208.50 8,111.10 8,912.20 8,987.70 9,318.50 9,578.10 10,373.60 13,552.20 16,762.40 20,289.40 22,854.80 25,143.40 28,270.90 30,576.30 32,179.80 35,177.10
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Common Equity 9,464.70 9,639.10 9,204.40 9,488.40 10,280.90 11,981.90 14,201.50 15,146.10 15,458.30 15,279.80 13,382.60 14,033.90 14,634.20 14,390.20 15293.6 16009.7 12853.4
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TOTAL EQUITY 9,524.20 10,364.50 9,904.30 9,989.20 10,280.90 11,981.90 14,201.50 15,146.10 15,458.30 15,279.80 13,382.60 14,033.90 14,634.20 14,390.20 15293.6 16009.7 12853.4
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TOTAL LIABILITIES & EQUITY 19,784.40 20,983.20 21,683.50 22,534.50 23,970.50 25,525.10 27,837.50 29,988.80 29,023.80 29,391.70 28,461.50 30,224.90 31,975.20 32,989.90 35386.5 36626.3 34281.4
COMMON SHARES OUTSTANDING 1,356.20 1,350.80 1,304.90 1,280.70 1,268.20 1,261.90 1,269.90 1,263.20 1,203.70 1,165.30 1,115.30 1,076.70 1,053.60 1,021.40 1,002.70 990.40 962.90
MCDONALD'S CORP ANNUAL STATEMENT OF CASH FLOWS
TICKER: MCD ($ MILLIONS)
SIC: 5812
GICS: 25301040
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 10-Dec Dec-11 (31DEC2012 ) (31DEC2013 ) (31DEC2014 )
INDIRECT OPERATING ACTIVITIES
Income Before Extraordinary Items 2,278.50 2,602.20 2,873.00 2,335.00 4,313.20 4,551.00 4,946.30 5,503.10 5464.8 5585.9 4757.8
Depreciation and Amortization 1,201.00 1,249.50 1,249.90 1,214.10 1,207.80 1,216.20 1,276.20 1,415.00 1,488.50 1,585.10 1,644.50
Extraordinary Items and Disc. Operations 0 0 18.2 -8.5 0 0 0 0 0.00 0.00 0.00
Deferred Taxes -171.9 -38.3 28.7 -39.1 101.5 203 -75.7 188.4 134.5 25.2 -90.7
Equity in Net Loss (Earnings)
Sale of Property, Plant, and Equipment
and Sale of Investments - Loss (Gain) 0 0 0 0 -160.1 -94.9 0 0 0 0 0
Funds from Operations - Other 405.7 111.1 334.9 1,411.00 209 -295.3 323.8 3.6 1.4 115.9 482.3
Receivables - Decrease (Increase) -35.9 -56.5 -90.8 -100.2 16.1 -42 -50.1 -160.8 -29.4 56.2 27
Inventory - Decrease (Increase) @CF
Accounts Payable and Accrued Liabs - Inc (Dec) 156.9 55.3 279.5 21.8 45 -0.1 -83 54.5 7.5 -48.8 -89
Income Taxes - Accrued - Increase (Decrease) 84.2 442.9 -350.3 71.8 195.7 212.1 54.9 198.5 -74 -154.4 3.3
Other Assets and Liabilities - Net Change -14.9 -29.4 -1.6 -29.6 -11 1 -50.8 -52.2 -27.2 -44.4 -4.9
Operating Activities - Net Cash Flow 3,903.60 4,336.80 4,341.50 4,876.30 5,917.20 5,751.00 6,341.60 7,150.10 6966.1 7120.7 6730.3
INVESTING ACTIVITIES
Investments - Increase 0 0 0 0 0 0 0 0 0 0 0
Sale of Investments 0 0 0 0 229.4 144.9 0 0 0 0 0
Short-Term Investments - Change 0 0 0 0 0 0 0 0 0 0 0
Capital Expenditures 1,419.30 1,606.80 1,741.90 1,946.60 2,135.70 1,952.10 2,135.50 2,729.80 3049.2 2824.7 2583.4
Sale of Property, Plant, and Equipment
Acquisitions 149.7 343.5 238.6 228.8 147 145.7 183.4 186.4 158.5 181 170.5
Investing Activities - Other 185.9 132.5 707.1 1,025.30 428.6 297.6 262.9 345.3 40.4 331.9 449
Investing Activities - Net Cash Flow -1,383.10 -1,817.80 -1,273.40 -1,150.10 -1,624.70 -1,655.30 -2,056.00 -2,570.90 -3167.3 -2673.8 -2304.9
FINANCING ACTIVITIES
Sale of Common and Preferred Stock 580.5 768.1 975.7 1,137.60 548.2 332.1 463.1 334 328.6 233.3 235.4
Purchase of Common and Preferred Stock 621 1,202.00 2,959.40 3,943.00 3,919.30 2,797.40 2,698.50 3,363.10 2615.1 1777.8 3198.6
Cash Dividends 695 842 1,216.50 1,765.60 1,823.40 2,235.50 2,408.10 2,609.70 2,896.60 3,114.60 3,216.10
Long-Term Debt - Issuance 225.6 3,107.90 1.9 2,116.80 3,477.50 1,169.30 1,931.80 1,367.30 2,284.90 1,417.20 1,540.60
Long-Term Debt - Reduction 1,077.00 1,518.30 2,301.10 1,645.50 2,698.50 664.6 1,147.50 624 962.80 695.40 548.10
Current Debt - Changes 35.9 22.7 34.5 101.3 266.7 -285.4 3.1 260.6 -117.5 -186.5 510.4
Excess Tax Benefit from Stock Options @NA 70.1 87.1 203.8 124.1
Financing Activities - Other -82.5 -44.9 185.5 -201.7 -89.8 -13.1 -1.3 -10.6 -13.6 -11.8 -12.8
Financing Activities - Net Cash Flow -1,633.50 361.6 -5,192.30 -3,996.30 -4,114.50 -4,421.00 -3,728.70 -4,533.00 -3849.8 -4043 -4618.3
Exchange Rate Effect 0 0 0 123.3 -95.9 57.9 34.1 -97.5 51.40 58.70 -527.90
Cash and Equivalents - Change 887 2,880.60 -2,124.20 -146.8 82.1 -267.4 591 -51.3 0.4 462.6 -720.8
DIRECT OPERATING ACTIVITIES
Interest Paid - Net 370.2 390.3 430.3 392.7 507.8 468.7 457.9 489.3 533.7 532.7 573.2
Income Taxes Paid 1,017.60 795.1 1,528.50 1,436.20 1,294.70 1,683.50 1,708.50 2,056.70 2447.8 2546 2388.3

forecast

MCDONALD'S CORP
($ MILLIONS, EXCEPT PER SHARE)
BASE YEAR FORECAST
Assumptions: Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
Sales growth rates -2.4% -10.0% -4.0% 3.0% 4.0% 4.5% 4.0% 3.0%
Operating expense growth rates -0.9% -8.0% -3.0% 1.0% 1.5% 4.0% 4.0% 3.0%
Average interest rate on debt 4.0% 4.0% 4.2% 4.4% 4.6% 4.8% 5.0% 5.0%
Tax rate 35.5% 35% 35% 35% 35% 35% 35% 35%
Dividend per share $ 3.28 $ 3.40 $ 3.40 $ 3.40 $ 3.56 $ 3.72 $ 3.88 $ 4.04
Operating asset growth rates -5.3% -8.0% -3.0% 1.0% 2.0% 2.0% 2.0% 3.0%
Spontaneous liability growth rates -0.5% -8.0% -3.0% 1.0% 2.0% 2.0% 2.0% 3.0%
BASE YEAR FORECAST
ANNUAL INCOME STATEMENT Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
Sales $ 27,441.30 $ 24,697.17 $ 23,709.28 $ 24,420.56 $ 25,397.38 $ 26,540.27 $ 27,601.88 $ 28,429.93
Cost of Goods Sold $ 15,446.30 $ 14,210.60 $ 13,784.28 $ 13,922.12 $ 14,130.95 $ 14,696.19 $ 15,284.04 $ 15,742.56
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Gross Profit $ 11,995.00 $ 10,486.57 $ 9,925.01 $ 10,498.44 $ 11,266.43 $ 11,844.08 $ 12,317.84 $ 12,687.37
Selling, General, &
Administrative Expense $ 2,487.90 $ 2,288.87 $ 2,220.20 $ 2,242.40 $ 2,276.04 $ 2,367.08 $ 2,461.76 $ 2,535.62
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Operating Income Before Deprec. $ 9,507.10 $ 8,197.71 $ 7,704.80 $ 8,256.04 $ 8,990.39 $ 9,476.99 $ 9,856.07 $ 10,151.76
Depreciation, Depletion, &
Amortization $ 1,539.30 $ 1,416.16 $ 1,373.67 $ 1,387.41 $ 1,415.16 $ 1,443.46 $ 1,472.33 $ 1,516.50
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Operating Profit $ 7,967.80 $ 6,781.55 $ 6,331.13 $ 6,868.63 $ 7,575.24 $ 8,033.53 $ 8,383.75 $ 8,635.26
Interest Expense $ 585.20 $ 602.48 $ 632.46 $ 662.44 $ 692.42 $ 722.40 $ 752.38 $ 763.66
Non-Operating Income/Expense $ (10.60) $ 22.07 $ 22.61 $ 22.90 $ 23.19 $ 23.55 $ 23.93 $ 23.93
Special Items $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Pretax Income $ 7,372.00 $ 6,201.14 $ 5,721.28 $ 6,229.08 $ 6,906.01 $ 7,334.68 $ 7,655.29 $ 7,895.52
Total Income Taxes $ 2,614.20 $ 2,170.40 $ 2,002.45 $ 2,180.18 $ 2,417.10 $ 2,567.14 $ 2,679.35 $ 2,763.43
Minority Interest
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Income Before Extraordinary
Items & Discontinued Operations $ 4,757.80 $ 4,030.74 $ 3,718.83 $ 4,048.90 $ 4,488.91 $ 4,767.55 $ 4,975.94 $ 5,132.09
Dividends $ 3,273.86 $ 3,273.86 $ 3,273.86 $ 3,427.92 $ 3,581.99 $ 3,736.05 $ 3,890.12
Addition to Retained Earnings $ 756.88 $ 444.97 $ 775.04 $ 1,060.98 $ 1,185.56 $ 1,239.89 $ 1,241.97
MCDONALD'S CORP
($ MILLIONS)
ANNUAL BALANCE SHEET Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
ASSETS
Cash & Equivalents $ 2,077.90 $ 2,207.17 $ 2,260.96 $ 2,289.51 $ 2,319.33 $ 2,354.87 $ 2,392.59 $ 2,392.59
Net Receivables $ 1,214.40 $ 1,117.25 $ 1,083.73 $ 1,094.57 $ 1,116.46 $ 1,138.79 $ 1,161.56 $ 1,196.41
Inventories $ 110.00 $ 101.20 $ 98.16 $ 99.15 $ 101.13 $ 103.15 $ 105.21 $ 108.37
Prepaid Expenses
Other Current Assets $ 783.20 $ 720.54 $ 698.93 $ 705.92 $ 720.04 $ 734.44 $ 749.12 $ 771.60
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Total Current Assets $ 4,185.50 $ 4,146.16 $ 4,141.78 $ 4,189.14 $ 4,256.96 $ 4,331.24 $ 4,408.49 $ 4,468.97
Gross Plant,Property & Equipment $ 39,126.10
Accumulated Depreciation $ 14,568.60
Net Plant,Property & Equipment $ 24,557.50 $ 22,592.90 $ 21,915.11 $ 22,134.26 $ 22,576.95 $ 23,028.49 $ 23,489.06 $ 24,193.73
Investments at Equity $ 1,004.50 $ 924.14 $ 896.42 $ 905.38 $ 923.49 $ 941.96 $ 960.80 $ 989.62
Other Investments $ - 0
Intangibles $ 2,735.30 $ 2,735.30 $ 2,735.30 $ 2,735.30 $ 2,735.30 $ 2,735.30 $ 2,735.30 $ 2,735.30
Deferred Charges $ - 0
Other Assets $ 1,798.60 $ 1,798.60 $ 1,798.60 $ 1,798.60 $ 1,798.60 $ 1,798.60 $ 1,798.60 $ 1,798.60
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
TOTAL ASSETS $ 34,281.40 $ 32,197.10 $ 31,487.21 $ 31,762.69 $ 32,291.29 $ 32,835.59 $ 33,392.24 $ 34,186.22
LIABILITIES
Long Term Debt Due In One Year $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Notes Payable $ - 0
Accounts Payable $ 860.10 $ 791.29 $ 767.55 $ 775.23 $ 790.73 $ 806.55 $ 822.68 $ 847.36
Taxes Payable $ 166.80 $ 153.46 $ 148.85 $ 150.34 $ 153.35 $ 156.41 $ 159.54 $ 164.33
Accrued Expenses
Other Current Liabilities $ 1,721.00 $ 1,583.32 $ 1,535.82 $ 1,551.18 $ 1,582.20 $ 1,613.85 $ 1,646.12 $ 1,695.51
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Total Current Liabilities $ 2,747.90 $ 2,528.07 $ 2,452.23 $ 2,476.75 $ 2,526.28 $ 2,576.81 $ 2,628.35 $ 2,707.20
Long Term Debt $ 14,989.70 $ 14,989.70 $ 14,989.70 $ 14,989.70 $ 14,989.70 $ 14,989.70 $ 14,989.70 $ 15,439.39
Deferred Taxes $ 1,624.50 $ 1,624.50 $ 1,624.50 $ 1,624.50 $ 1,624.50 $ 1,624.50 $ 1,624.50 $ 1,624.50
Investment Tax Credit $ - 0
Minority Interest $ - 0
Other Liabilities $ 2,065.90 $ 1,900.63 $ 1,843.61 $ 1,862.05 $ 1,899.29 $ 1,937.27 $ 1,976.02 $ 2,035.30
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
TOTAL LIABILITIES $ 21,428.00 $ 21,042.90 $ 20,910.04 $ 20,952.99 $ 21,039.77 $ 21,128.28 $ 21,218.56 $ 21,806.38
EQUITY
Preferred Stock - Redeemable
Preferred Stock - Nonredeemable
Total Preferred Stock
Common Stock 16.6 $ 16.60 $ 16.60 $ 16.60 $ 16.60 $ 16.60 $ 16.60 $ 17.10
Capital Surplus 6239.1 $ 6,239.10 $ 6,239.10 $ 6,239.10 $ 6,239.10 $ 6,239.10 $ 6,239.10 $ 6,426.27
Retained Earnings 41,774.80 $ 42,531.68 $ 42,976.65 $ 43,751.70 $ 44,812.68 $ 45,998.24 $ 47,238.13 $ 48,480.10
Less: Treasury Stock 35,177.10 $ 37,633.18 $ 38,655.18 $ 39,197.71 $ 39,764.32 $ 40,439.46 $ 41,156.15 $ 42,321.12
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Common Equity 12853.4 $ 11,154.20 $ 10,577.17 $ 10,809.69 $ 11,304.06 $ 11,814.48 $ 12,337.67 $ 12,602.35
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
TOTAL EQUITY 12853.4 $ 11,154.20 $ 10,577.17 $ 10,809.69 $ 11,304.06 $ 11,814.48 $ 12,337.67 $ 12,602.35
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
TOTAL LIABILITIES & EQUITY 34281.4 $ 32,197.10 $ 31,487.21 $ 31,762.69 $ 32,343.83 $ 32,942.76 $ 33,556.24 $ 34,408.74
COMMON SHARES OUTSTANDING 962.90
AFN $ (2,585.35) $ (1,075.79) $ (571.08) $ (596.44) $ (710.67) $ (754.41) $ (1,164.97)
Assets - Liabilities & Equity $ - 0 $ - 0 $ 0.00 $ (52.53) $ (107.17) $ (163.99) $ (222.52)
Free Cash Flow to Equity (FCFE) $ 5,859.21 $ 4,349.65 $ 3,844.94 $ 4,024.36 $ 4,292.66 $ 4,490.46 $ 4,867.41
Equity Reinvestment Rate -45.4% -17.0% 5.0% 10.3% 10.0% 9.8% 5.2%
Return on Equity (ROE) 31.4% 33.3% 38.3% 41.5% 42.2% 42.1% 41.6%
Valuation:
Assumed cost of equity 7.0%
Terminal value of equity @ Dec 2020 $ 100,261.31
PV of terminal value $ 66,808.34
PV of FCFE during forecast $24,567.80
Market value of equity $ 91,376.14
Market value per share $ 94.90

ratios

MCDONALD'S CORP
Financial Ratios Historic data Forecast data
Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
Liquidity:
Current ratio 0.48 0.70 0.81 0.71 0.76 0.81 1.45 1.21 0.80 1.39 1.14 1.49 1.25 1.45 1.59 1.52 1.64 1.69 1.69 1.69 1.68 1.68 1.65
Quick ratio 0.45 0.66 0.76 0.66 0.71 0.77 1.41 1.16 0.77 1.34 1.11 1.46 1.22 1.41 1.55 1.48 1.60 1.65 1.65 1.65 1.64 1.64 1.61
Asset management:
Total asset turnover 0.63 0.66 0.66 0.64 0.67 0.68 0.68 0.74 0.78 0.83 0.75 0.75 0.82 0.78 0.77 0.80 0.77 0.75 0.77 0.79 0.81 0.83 0.83
Inventory turnover 93.2 86.8 88.2 87.5 83.7 81.1 88.1 90.1 109.6 123.1 120.5 120.4 128.3 126.1 127.0 140.4 140.4 140.4 140.4 139.7 142.5 145.3 145.3
Receivables turnover 18.7 17.9 16.9 18.0 23.3 25.6 25.7 23.9 21.6 25.3 21.4 20.4 20.2 20.0 21.3 22.6 22.1 21.9 22.3 22.7 23.3 23.8 23.8
Net fixed asset turnover 0.81 0.84 0.86 0.83 0.86 0.92 1.03 1.04 1.09 1.16 1.06 1.09 1.18 1.12 1.09 1.12 1.09 1.08 1.10 1.12 1.15 1.18 1.18
Debt management:
Total liabilities-to-assets ratio 50.6% 54.3% 55.7% 57.1% 53.1% 49.0% 49.5% 46.7% 48.0% 53.0% 53.6% 54.2% 56.4% 56.8% 56.3% 62.5% 65.4% 66.4% 66.0% 65.2% 64.3% 63.5% 63.8%
Total liabilities-to-equity ratio 102.5% 118.9% 125.6% 133.2% 113.0% 96.0% 98.0% 87.8% 92.4% 112.7% 115.4% 118.5% 129.3% 131.4% 128.8% 166.7% 188.7% 197.7% 193.8% 186.1% 178.8% 172.0% 173.0%
Equity multiplier 2.02 2.19 2.26 2.33 2.13 1.96 1.98 1.88 1.92 2.13 2.15 2.18 2.29 2.31 2.29 2.67 2.89 2.98 2.94 2.86 2.78 2.71 2.71
Long-term debt-to-capital ratio 35.1% 44.6% 46.2% 49.3% 44.8% 39.4% 37.9% 35.3% 33.3% 43.3% 43.0% 44.0% 46.5% 47.1% 46.9% 53.8% 57.3% 58.6% 58.1% 57.0% 55.9% 54.9% 55.1%
Interest coverage 7.8 7.0 6.3 7.6 8.5 11.0 11.4 11.4 13.3 11.7 13.5 15.8 16.4 15.7 15.8 13.6 11.3 10.0 10.4 10.9 11.1 11.1 11.3
Performance:
Operating margin 24.2% 22.0% 19.9% 19.1% 19.6% 20.9% 20.1% 21.5% 24.3% 26.7% 28.8% 30.3% 30.7% 30.3% 30.3% 29.0% 27.5% 26.7% 28.1% 29.8% 30.3% 30.4% 30.4%
Net profit margin 14.7% 13.9% 11.0% 6.4% 8.8% 12.0% 12.7% 13.3% 10.2% 18.3% 20.0% 20.5% 20.4% 19.8% 19.9% 17.3% 16.3% 15.7% 16.6% 17.7% 18.0% 18.0% 18.1%
Return on assets (ROA) 11.0% 10.2% 9.6% 7.8% 9.0% 11.1% 10.4% 10.7% 12.5% 15.0% 16.2% 17.1% 17.8% 17.1% 16.4% 14.0% 12.9% 12.8% 14.2% 15.5% 16.2% 16.6% 16.8%
Net income / Total assets 9.8% 9.4% 7.5% 4.4% 6.3% 8.9% 9.3% 9.6% 8.0% 14.7% 16.0% 16.4% 17.2% 16.6% 15.8% 13.0% 11.8% 11.6% 12.9% 14.1% 14.8% 15.2% 15.4%
Return on equity (ROE) 20.6% 20.5% 17.8% 10.5% 14.7% 19.0% 18.3% 19.0% 15.1% 28.2% 34.0% 35.2% 37.6% 38.0% 36.5% 29.7% 31.4% 33.3% 38.3% 41.5% 42.2% 42.1% 41.6%
Payout to shareholders:
Ordinary dividend payout ratio 30.5% 32.4% 42.3% 75.6% 42.3% 49.1% 48.7% 47.4% 53.0% 55.8% 67.6% 81.2% 88.0% 80.9% 76.4% 75.1% 75.1% 75.8%
Modified payout ratio 32.3% 49.0% 111.4% 195.8% 120.4% 103.3% 93.9% 102.5% 94.8% 83.4% 129.9% 142.2% 115.5% 94.3% 89.0% 89.3% 89.5% 94.8%
Free cash flow to equity $ 1,622.50 $ 4,156.50 $ 1,076.20 $ 4,415.90 $ 5,276.60 $ 4,433.40 $ 5,234.50 $ 5,587.50 $ 5,183.50 $ 5,121.70 $ 5,458.50 $ 5,859.21 $ 4,349.65 $ 3,844.94 $ 4,024.36 $ 4,292.66 $ 4,490.46 $ 4,867.41