COMPANY XXX

Income Statement (Consolidated)

($ in Million Except Per Share Amounts)
Net sales
Cost of sales
Gross profit

Dec-10
15,564
6,360
9,204

Selling, general and administrative expenses

Other (income) expense, net
EBIT
Interest expense, net

5,414
301
3,489
59

EBT
Provision for income taxes
Net income including noncontrolling interests
Less: Net income attributable to noncontrolling interests
Net income attributable to Colgate-Palmolive Company
Earnings per common share, basic
Earnings per common share, diluted

3,430
1,117
2,313
110
2,203
2.23
2.16

Basic Weighted Average Shares

Diluted Weighted Average Shares
EBITDA

Vertical Analysis
Net sales
Cost of sales
Gross profit

Dec-10
100.0%
40.9%
59.1%

Selling, general and administrative expenses

Other (income) expense, net
Operating profit
Interest expense, net

34.8%
1.9%
22.4%
0.4%

Income before income taxes

Provision for income taxes
Net income including noncontrolling interests
Less: Net income attributable to noncontrolling interests (% of Net I
Net income attributable to Colgate-Palmolive Company

22.0%
7.2%
14.9%
4.8%
14.2%

Effective Tax Rates

Horizontal Analysis
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Other (income) expense, net
Operating profit
Interest expense, net
Income before income taxes
Provision for income taxes
Net income including noncontrolling interests
Less: Net income attributable to noncontrolling interests
Net income attributable to Colgate-Palmolive Company

32.6%

Dec-10
1.5%
0.6%
2.2%
2.5%
171.2%
-3.5%
-23.4%
-3.1%
-2.1%
-3.5%
3.8%
-3.8%

Segmental Information
Dec-10
Oral, Personal and Home Care
North America
% growth (yoy)
Latin America
% growth (yoy)
Europe/South Pacific
% growth (yoy)
Asia
% growth (yoy)
Africa/Eurasia
% growth (yoy)
Total Oral, Personal and Home Care

Pet Nutrition
% growth (yoy)
Total Net sales

Modeling Revenues and Costs

Dec-11
16,734
7,144
9,590

Dec-12
17,085
7,153
9,932

Dec-13
17,420 $
7,219
10,201

Dec-14
17,780 $
7,379
10,401

Dec-15
18,146 $
7,531
10,616

5,758
(9)
3,841
52

5,930
113
3,889
15

6,223
6,223
6,351
6,482
6,616
422
444
454
463
473
3,556
3,734
3,811
3,889
3,970
(9) #REF!
#REF!
#REF!
#REF!

3,789
1,235
2,554
123
2,431
2.49
2.47

3,874
1,243
2,631
159
2,472
2.60
2.57

3,565
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1,155
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2,410 #VALUE!
#VALUE!
#VALUE!
#VALUE!
169 #VALUE!
#VALUE!
#VALUE!
#VALUE!
2,241
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2.41
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2.38
#VALUE!
#VALUE!
#VALUE!
#VALUE!

976.7
984.1

952.1
960.2

930.8 #REF!
939.9 #REF!

#REF!
#REF!

Dec-16
18,521 $
7,686
10,835

#REF!
#REF!

Dec-17
18,903
7,845
11,058

#REF!
#REF!

4,179

4,290

4,404

4,520

Dec-11
100.0%
42.7%
57.3%

Dec-12
100.0%
41.9%
58.1%

Dec-13
100.0%
41.4%
58.6%

Dec-14
100.0%
41.5%
58.5%

Dec-15
100.0%
41.5%
58.5%

Dec-16
100.0%
41.5%
58.5%

Dec-17
100.0%
41.5%
58.5%

34.4%
-0.1%
23.0%
0.3%

34.7%
0.7%
22.8%
0.1%

35.7%
2.4%
20.4%
-0.1%

35%
2.5%
21.0%

35%
2.5%
21.0%

35%
2.5%
21.0%

35%
2.5%
21.0%

22.6%
7.4%
15.3%
4.8%
14.5%

22.7%
7.3%
15.4%
6.0%
14.5%

20.5%
6.6%
13.8%
7.0%
12.9%

#VALUE!
#VALUE!
#VALUE!
7.0%
#VALUE!

#VALUE!
#VALUE!
#VALUE!
7.0%
#VALUE!

#VALUE!
#VALUE!
#VALUE!
7.0%
#VALUE!

#VALUE!
#VALUE!
#VALUE!
7.0%
#VALUE!

32.6%

32.1%

32.4%

32.5%

32.5%

32.5%

32.5%

Dec-11
7.5%
12.3%
4.2%

Dec-12
2.1%
0.1%
3.6%

Dec-13
2.0%
0.9%
2.7%

Dec-14
2.1%
2.2%
2.0%

Dec-15
2.1%
2.1%
2.1%

Dec-16
2.1%
2.1%
2.1%

Dec-17
2.1%
2.1%
2.1%

6.4%
-103.0%
10.1%
-11.9%

3.0%
-1355.6%
1.2%
-71.2%

4.9%
273.5%
-8.6%
-160.0%

0.0%
5.3%
5.0%
#VALUE!

2.1%
2.1%
2.1%
#VALUE!

2.1%
2.1%
2.1%
#VALUE!

2.1%
2.1%
2.1%
#VALUE!

10.5%
10.6%
10.4%
11.8%
10.3%

2.2%
0.6%
3.0%
29.3%
1.7%

-8.0%
-7.1%
-8.4%
6.3%
-9.3%

#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!

#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!

#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!

#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

3,072
3.4%
5,012
-0.4%
3,396
-0.6%
2,472
9.2%
1,257
1.3%
15,209
1.9%

3,195
4.0%
5,062
1.0%
3,430
1.0%
2,719
10.0%
1,276
1.5%
15,513
2.0%

3,323
4.0%
5,113
1.0%
3,464
1.0%
2,991
10.0%
1,295
1.5%
15,824
2.0%

3,456
4.0%
5,164
1.0%
3,499
1.0%
3,290
10.0%
1,314
1.5%
16,140
2.0%

3,594
4.0%
5,216
1.0%
3,534
1.0%
3,619
10.0%
1,334
1.5%
16,463
2.0%

2,211
2.4%

2,266
2.5%

2,323
2.5%

2,381
2.5%

2,441
2.5%

17,420 $

17,780 $

18,146 $

18,521 $

2,878 $
4,895
3,508
2,074
1,207
14,562

2,172

16,734 $

2,971 $
3.2%
5,032
2.8%
3,417
-2.6%
2,264
9.2%
1,241
2.8%
14,925
2.5%
2,160
-0.6%
17,085 $

18,903

Dec-18
19,294
8,007
11,287

6,753
482
4,052
#REF!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#REF!
#REF!
4,639

Dec-18
100.0%
41.5%
58.5%
35%
2.5%
21.0%

#VALUE!
#VALUE!
#VALUE!
7.0%
#VALUE!

32.5%

Dec-18
2.1%
2.1%
2.1%
2.1%
2.1%
2.1%
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!

Dec-18

3,738
4.0%
5,268
1.0%
3,569
1.0%
3,981
10.0%
1,354
1.5%
16,792
2.0%
2,502
2.5%
$

19,294

COMPANY XXX
Consolidated Balance Sheets
Dec-10

Dec-11

Dec-12

Assets
Current Assets
Cash and cash equivalents
Receivables
Inventories
Other current assets
Total current assets

490
1,610
1,222
408
3,730

878
1,675
1,327
522
4,402

884
1,668
1,365
639
4,556

Property, plant and equipment, net

Total assets

3,693
11,172

3,668
12,724

3,842
13,394

3,728

3,716

3,736

Long-term debt
Deferred income taxes
Other liabilities
Total liabilities
Commitments and contingent liabilities
Shareholders' Equity
Total Colgate-Palmolive Company
shareholders' equity
Noncontrolling interests
Total shareholders' equity

2,815
108
1,704
8,355
-

4,430
252
1,785
10,183
-

4,926
293
2,049
11,004

2,675
142
2,817

2,375
166
2,541

2,189
201
2,390

Total liabilities and shareholders' equity

11,172

12,724

13,394

Liabilities and Shareholders' Equity

Current Liabilities
Total current liabilities
Revolver

Check

Dec-13

962
1,636
1,425
799
4,822

Dec-14

Dec-15

Dec-16

Dec-17

Dec-18

#REF!
1,705
1,415
800

#REF!
1,740
1,444
817

#REF!
1,776
1,474
833

#REF!
1,813
1,505
851

#REF!
1,850
1,536
868

4,083 4,378
13,876

4,470

4,654

2,305 #REF!
231 #REF!
2,536
13,876

4,909

5,143

5,357

2,474

2,474

2,474

2,474

2,474

13

13

13

13

13

#REF!
4,749 4,258
444 444
1,677 1,677
11,340

#REF!

#REF!

#REF!

#REF!

4,003
444
1,677

3,339
444
1,677

2,644
444
1,677

1,944
444
1,677

13

13

#REF!
#REF!

13

#REF!
#REF!

13

#REF!
#REF!

13

#REF!
#REF!

13

13

13

13

13

(2,461)

(2,461)

(2,461)

(2,461)

(2,461)

COMPANY XXX
Consolidated Cash Flows
Dec-07
Dec-08
Operating Activities
Net income including noncontrolling interests
Adjustments to reconcile net income
Depreciation and amortization
Receivables
Inventories
Accounts payable and other accruals
Other non-current assets and liabilities
Net cash provided by operations

Dec-09

Dec-10
$

376
40
(10)
(65)
135
3,211

Investing Activities
Capital expenditures
Net cash used in investing activities

(550)
(658)

Cash Flow for Financing Activities

2,553

Financing Activities
Principal payments on debt
Proceeds from issuance of debt
Revolver
Dividends paid
Purchases of treasury shares
Proceeds from exercise of stock options and excess tax benefits
Net cash used in financing activities

(4,719)
5,015
(1,142)
(2,020)
242
(2,624)

Effect of exchange rate changes on Cash and cash equivalents

(39)

Net increase (decrease) in Cash and cash equivalents

Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

2,313

(110)

600
490

Supplemental Cash Flow Information

Income taxes paid
Interest paid

1,123
70

Dec-11
$

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

Dec-18

2,554 $

2,631 $

2,410 #REF!

#REF!

#REF!

#REF!

#REF!

421
(130)
(130)
199
54
2,896

425
19
(21)
(5)
30
3,196

439 445
(37) (69)
(97) 10
24 (19)
13 18
3,204

479
(35)
(29)
75
(11)

515
(36)
(30)
70
(11)

550
(37)
(30)
71
(12)

587
(37)
(31)
73
(12)

(537)
(1,213)

(565)
(865)

1,683

2,331

(4,429)
5,843

(5,011)
5,452

(1,203)
(1,806)
353
(1,242)

(1,277)
(1,943)
478
(2,301)

(53)

(24)

(94)

388

78

490
878 $

878
884 $

1,007 $
58

1,280 $
77

(670) (711)
(890)
2,314

(7,554) (895)
7,976
#REF!
(1,382) #REF!
(1,521) (1,500)
339 1,014.3
(2,142)

884
962 $

1,087
118

(726)

(741)

(756)

(772)

(491)

(255)

(664)

(695)

#REF!
#REF!
(1,500)

#REF!
#REF!
(1,500)

#REF!
#REF!
(1,500)

#REF!
#REF!
(1,500)

962
962 $

962
962 $

962
962 $

962
962 $

962
962

COMPANY XXX
Consolidated Depreciation and Capex
Net Sales
Capital Expenditures
Capital Expenditures as % of Net Sales
Beginning Net PP&E
Capital Expenditures
(Depreciation Expense)
Ending Net PP&E

Total Depreciation Expense

Dec-07
13,790

Dec-08
15,330

Dec-09
15,327

Dec-10
15,564
550
3.5%

3,015

3,119

3,516

3,693

Dec-11
16,734
537

Dec-12
17,085
565
3.2%

3,668

Dec-13
17,420
670
3.3%

3,842

Dec-14
17,780
3.8%

4,083

Dec-15
Dec-16
Dec-17
Dec-18
18,146
18,521
18,903
19,294
711
726
741
756
772
4.0%
4.0%
4.0%
4.0%
4.0%

4,083
711.2
(399.0)
4,395.2

4,395.2
725.8
(433.1)
4,687.9

4,687.9
740.8
(467.8)
4,960.9

4,960.9
756.1
(503.3)
5,213.7

5,213.7
771.8
(503.3)
5,482.1

399.0

433.1

467.8

503.3

503.3

COMPANY XXX
Consolidated Amortization & Intangible
Net Sales
Additions to Intangibles
Additions to Intangibles as % of Net Sales
Beginning Net Intangibles
Additions to Intangibles
(Amortization Expense)
(Intangible Sales and write offs)
Ending Net Intangibles

Dec-07
13,790

Dec-08
15,330

Dec-09
15,327

Dec-10
15,564

Dec-11
16,734

Dec-12
17,085

Dec-13
17,420

Dec-14
17,780

1,496.0

1,496.0

Dec-15
18,146

Dec-16
18,521

Dec-17
18,903

Dec-18
19,294

(29.0)

(29.0)
###

(58.0)
(29.0)

(87.0)
(29.0)

(116.0)
(29.0)

(29.0)

(58.0)

(87.0)

(116.0)

(145.0)

COMPANY XXX
Consolidated Working Capital
Net Sales
Cost of Sales
Working Capital Balances
Receivables
Inventories
Other current assets
Total Non Cash Current Assets
Accounts payable
Accrued income taxes
Other accruals
Total Non-Debt Current Liabilities

Dec-09
15,327
6,319

Dec-10
15,564
6,360

Dec-11
16,734
7,144

1,626
1,209
375

1,610
1,222
408

1,675
1,327
522

1,172
387
1,679

1,165
272
1,682

1,244
392
1,700

Net Working Capital/ (Deficit)

(Increase)/ Decrease in Working Capital

Purchases
Ratios & Assumptions
Accounts Receivable, net (Collection period in days)
Inventory (Days outstanding)
Other Current Assets (% of Net Sales)
Accounts Payable (Days Payable)
Accrued Income Taxes (% of COGS)
Other accruals (% of COGS)
Cash Flow from Individual line items
Receivables (net of allowances of $49, $53, $52, $47 and
Inventories
Other current assets
Accounts payable
Accrued income taxes
Other accruals
(Incease)/ Decrease in Working Capital

6,331

6,373

7,249

39
70
2.4%

38
70
2.6%

37
68
3.1%

68
6.1%
26.6%

67
4.3%
26.4%

63
5.5%
23.8%

(34)
(12)
(9)
111
115
258
429

16
(13)
(33)
(7)
(115)
3
(149)

(65)
(105)
(114)
79
120
18
(67)

Check

Dec-12
17,085
7,153

Dec-13
17,420
7,219

1,668
1,365
639

1,636
1,425
799

Dec-14
17,780
7,379

Dec-15
18,146
7,531

Dec-16
18,521
7,686

Dec-17
18,903
7,845

Dec-18
19,294
8,007

1,705
1,415
800
3,920

1,740
1,444
817
4,001

1,776
1,474
833
4,083

1,813
1,505
851
4,168

1,850
1,536
868
4,254

1,312
258
1,992
3,563

1,346
264
2,033
3,643

1,374
269
2,075
3,718

1,402
275
2,118
3,795

1,431
280
2,162
3,874

357

358

365

373

380

(357)

(0)

(8)

(7)

(8)

1,290
254
1,888

1,343
239
1,980

7,191

7,279

7,369

7,560

7,716

7,875

8,038

36
70
3.7%

34
72
4.6%

35
70
4.5%

35
70
4.5%

35
70
4.5%

35
70
4.5%

###
###
4.5%

65
3.6%
26.4%

67
3.3%
27.4%

65
3.5%
27.0%

65
3.5%
27.0%

65
3.5%
27.0%

65
3.5%
27.0%

###
3.5%
27.0%

7
(38)
(117)
46
(138)
188
(52)

32
(60)
(160)
53
(15)
92
(58)

(69)
10
(1)
(31)
19
12
(59)

(35)
(29)
(16)
34
5
41
(0)

(36)
(30)
(17)
28
5
42
(8)

(37)
(30)
(17)
28
6
43
(7)

(37)
(31)
(18)
29
6
44
(8)

Number of

365

COMPANY XXX
Other Long Term Asset Liability Schedule
Dec-10

Dec-11

Dec-12

Assets
Deferred income taxes
Other assets

84.0
472.0

115.0
541.0

92.0
905.0

Liability
Deferred income taxes
Other liabilities

108.0
1,704.0

252.0
1,785.0

293.0
2,049.0

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

Dec-18

77.0
924.0

77.0
924.0

77.0
924.0

77.0
924.0

77.0
924.0

77.0
924.0

444.0
1,677.0

444.0
1,677.0

444.0
1,677.0

444.0
1,677.0

444.0
1,677.0

444.0
1,677.0

COMPANY XXX
Consolidated Shareholder's Equity
Beginning Equity Balance
Net Income
Issuance/ (Repurchase) of Equity
Dividends Paid
Option Proceeds
Ending Equity Balance
Share Repurchase Assumptions
Current Year EPS
Assumed Current Year EPS Multiple
Implied Share Price
Shares Repurchased - millions
Amount Repurchased ( $ outgo)
New Shares from Exercised Options
New Shares from Exercised Options - millions
Average Strike Price
Option Proceeds
Restricted Stock Units (RSUs)
Dividend Assumptions
Total Dividends Paid
Net Income
Dividend Payout Ratio

Dec-10

Dec-11

Dec-12

2,675

2,375

2,189

2.16

2.47

2.57

2,020

17.1x
19.5x
42
50
42.642
38.731
1,806
1,943

11.5
30.6
242

353

12.2
39.1
478

1.46

2.21

1,203.0
1,277.0
2,431
2,472
49.5%
51.7%

Shares and ESOPs

Balance, January 1, 2011

Common stock acquired
Shares issued for stock options
Shares issued for restricted stock units and other
Balance, December 31, 2011
Common stock acquired
Shares issued for stock options
Shares issued for restricted stock units and other
Balance, December 31, 2012
Common stock acquired
Shares issued for stock options
Shares issued for restricted stock units and other
Balance, December 31, 2013

Dec-13

2,305

Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
2,305
#VALUE! #VALUE! #VALUE! #VALUE!
#REF!
#REF!
#REF!
#REF!
#REF!
(1,500)
(1,500)
(1,500)
(1,500)
(1,500)
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
1,014.3
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

2.38

#REF!

25.0x
59
25.573
1,521

19.0x
#VALUE!
#VALUE!
1,500

7.9
43.0

24.2
42.0
1,014.3

1.91

2.06

339

#REF!
#REF!
#REF!
#REF!
19.0x
19.0x
19.0x
19.0x
#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!
###
1,500
1,500
1,500

2.06

2.00

2.00

2.00

1,382.0
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
2,241
#REF!
#REF!
#REF!
#REF!
#REF!
61.7%
55.0%
55.0%
55.0%
55.0%
55.0%

COMPANY XXX
Consolidated Shares Outstanding
Dec-10
Beginning Balance - Basic (actual)
Shares Issued (actual realization of options)
Shares Repurchased
Ending Balance - Basic (actual)

Dec-11
Dec-12
989.7
947.1
13.0
14.4
(42.6)
(38.7)
989.7
947.1
908.3

Basic Weighted Average Shares

Effects of Options & Restricted Stock Units
Diluted Weighted Average Shares

976.7
7.4
984.1

952.1
8.1
960.2

Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
908.3
882.8
882.8
882.8
882.8
882.8
9.8
24.2
(25.6) #REF!
#REF!
#REF!
#REF!
#REF!
882.8
882.8
882.8
882.8
882.8
882.8
930.8
882.8
882.8
882.8
882.8
882.8
9.1 2.1
2.1
2.0
2.0
2.0
939.9
882.8
882.8
882.8
882.8
882.8

COMPANY XXX
Debt Schedule
Dec-10

Dec-11

Dec-12

Dec-13

Cash Flow Available for Financing Activities

Proceeds from/ (Repurchase of) Equity
Dividends
Option Proceeds
+ Beginning Cash Balance
- Minimum Cash Balance
Cash Available for Debt Repayment
Long Term Debt Issuance
Long Term Debt (Repayments)
Cash Available for Revolving Credit Facility
Revolving Credit Facility
Beginning Balance
Discretionary (Paydown)/ Borrowings
Ending Balance

Long Term Debt

Beginning Balance
Issuance
(Repayment/ Amortization)
Ending Balance

5,644.0

Long Term Debt

Current Portion of Long Term Debt

Revolving Credit Facility

Average Balance
Interest Rate
Interest Expense

Long Term Debt

Average Balance
Interest Rate
Interest Expense

Total Interest Expense

Cash Balances

Average Balance
Interest Rate
Interest Income

Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
#REF!
#REF!
#REF!
#REF!
#REF!
(1,500.0)
(1,500.0)
(1,500.0)
(1,500.0)
(1,500.0)
#REF!
#REF!
#REF!
#REF!
#REF!
1,014.3
962.0
#REF!
#REF!
#REF!
#REF!
(500.0)
(500.0)
(500.0)
(500.0)
(500.0)
(500.0)
(500.0)
(500.0)
(500.0)
(500.0)
(895.0)
(491.0)
(255.0)
(664.0)
(695.0)
(1,395.0)
(991.0)
(755.0)
(1,164.0)
(1,195.0)

1,395.0
1,395.0

1,395.0
991.0
2,386.0

2,386.0
755.0
3,141.0

3,141.0
1,164.0
4,305.0

4,305.0
1,195.0
5,500.0

(895.0)

(1,386.0)

(1,641.0)

(2,305.0)

(895.0)
(895.0)

(491.0)
(1,386.0)

(255.0)
(1,641.0)

(664.0)
(2,305.0)

(695.0)
(3,000.0)

(1,386.0)
491.0

(1,641.0)
255.0

(2,305.0)
664.0

(3,000.0)
695.0

(3,700.0)
700.0

697.5
1.5%
10.5

1,890.5
1.5%
28.4

2,763.5
1.5%
41.5

3,723.0
1.5%
55.8

4,902.5
1.5%
73.5

(895.0)
-10.1%
90.0

(1,140.5)
-7.1%
81.0

(1,513.5)
-4.4%
66.0

(1,973.0)
-3.1%
62.0

(2,652.5)
-1.7%
44.0

109.36

107.45

117.85

117.54

5,644.0

100.46

(700.0)

#REF!
#REF!
#REF!
#REF!
#REF!
1.00%
1.00%
1.00%
1.00%
1.00%
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!