Apple Inc.

Balance Sheet
(000 USD)
Cash & Short Term Investments
Cash Only
Short-Term Investments
Total Accounts Receivable
Accounts Receivables, Net
Accounts Receivables, Gross
Bad Debt/Doubtful Accounts
Other Receivables
Inventories
Finished Goods
Work in Progress
Raw Materials
Progress Payments & Other
Other Current Assets
Prepaid Expenses
Miscellaneous Current Assets
Total Current Assets
Net Property, Plant & Equipment
Property, Plant & Equipment Gross
Buildings
Machinery & Equipment
Computer Software and Equipment
Other Property, Plant & Equipment
Accumulated Depreciation
Total Investments and Advances
LT Investment - Affiliate Companies
Other Long-Term Investments
Long-Term Note Receivable
Intangible Assets
Net Goodwill
Net Other Intangibles
Other Assets
Deferred Charges
Tangible Other Assets
Total Assets

Fiscal Year
Ending 2012
29,129,000
3,109,000
26,020,000
18,692,000
10,930,000
11,028,000
-98,000
7,762,000
1,991,000
791,000
0
0
1,200,000
7,841,000
0
7,841,000
57,653,000
15,452,000

Fiscal Year
Ending 2011
25,952,000
2,903,000
23,049,000
11,717,000
5,369,000
5,422,000
-53,000
6,348,000
776,000
776,000
0
0
0
6,543,000
728,000
5,815,000
44,988,000
7,777,000

Fiscal Year
Ending 2010
25,620,000
1,690,000
23,930,000
9,924,000
5,510,000
5,565,000
-55,000
4,414,000
1,051,000
1,051,000
0
0
0
5,083,000
157,000
4,926,000
41,678,000
4,768,000

21,887,000
2,439,000
NA
15,743,000
3,705,000
6,435,000
92,122,000
NA
92,122,000
0
5,359,000
1,135,000
4,224,000
5,478,000
3,000,000
2,478,000
176,064,000

11,768,000
2,059,000
6,926,000
NA
2,783,000
3,991,000
55,618,000
0
55,618,000
0
4,432,000
896,000
3,536,000
3,556,000
1,600,000
1,956,000
116,371,000

7,234,000
1,471,000
3,589,000
NA
2,174,000
2,466,000
25,391,000
0
25,391,000
0
1,083,000
741,000
342,000
2,263,000
799,000
1,464,000
75,183,000

ST Debt & Curr. Portion LT Debt

Short Term Debt
Current Portion of Long Term Debt
Accounts Payable
Income Tax Payable
Other Current Liabilities
Dividends Payable
Accrued Payroll
Miscellaneous Current Liabilities
Total Current Liabilities
Long-Term Debt
Long-Term Debt excl. Capitalized
Leases
Non-Convertible Debt
Convertible Debt
Capitalized Lease Obligations
Provision for Risks & Charges
Deferred Taxes
Deferred Taxes - Credit
Deferred Taxes - Debit
Other Liabilities
Other Liabilities (excl. Deferred
Income)
Deferred Income
Total Liabilities
Non-Equity Reserves
Preferred Stock (Carrying Value)
Redeemable Preferred Stock
Non-Redeemable Preferred Stock
Preferred Stock issues for ESOP
ESOP Guarantees - Preferred Stock
Common Equity (total)
Common Stock Par/Carry Value
Retained Earnings
ESOP Debt Guarantee
Cumulative Translation
Adjustment/Unrealized For. Exch.
Gain
Unrealized Gain/Loss Marketable
Securities
Revaluation Reserves
Treasury Stock
Total Shareholders' Equity

0
0
0
21,175,000
1,535,000
15,832,000
NA
735,000
15,097,000
38,542,000
0
0
0
0
0
0
13,847,000
13,847,000
0
5,465,000
2,817,000
2,648,000
57,854,000
0
0
0

0
0
0
14,632,000
1,140,000
12,198,000
0
590,000
11,608,000
27,970,000
0
0
0
0
0
0
8,159,000
8,159,000
0
3,627,000
1,941,000
1,686,000
39,756,000
0
0
0

0
0
0
12,015,000
210,000
8,497,000
0
436,000
8,061,000
20,722,000
0
0
0
0
0
NA
4,300,000
4,300,000
NA
2,370,000
1,231,000
1,139,000
27,392,000
0
0
0

0
118,210,000
16,422,000
101,289,000
0

0
76,615,000
13,331,000
62,841,000
0

0
47,791,000
10,668,000
37,169,000
0

-232,000

313,000

-217,000

731,000
0
0
118,210,000

130,000
0
0
76,615,000

171,000
0
0
47,791,000

Accumulated Minority Interest

Total Equity
Liabilities & Shareholders' Equity

0
118,210,000

0
76,615,000

0
47,791,000

176,064,000

116,371,000

75,183,000

Income Statement

(000 USD)

Sales/Revenue
Cost of Goods Sold (COGS) incl.
D&A
COGS excluding D&A
Depreciation & Amortization
Expense
Depreciation
Amortization of Intangibles
Gross Income
SG&A Expense
Research & Development
Other SG&A
Other Operating Expense
Unusual Expense
Non Operating Income/Expense
Non-Operating Interest Income
Equity in Affiliates (Pretax)
Interest Expense
Gross Interest Expense
Interest Capitalized
Pretax Income
Income Tax
Income Tax - Current Domestic
Income Tax - Current Foreign
Income Tax - Deferred Domestic
Income Tax - Deferred Foreign
Income Tax Credits
Equity in Affiliates
Other After Tax Income (Expense)
Consolidated Net Income
Minority Interest Expense
Net Income
Extraordinaries & Discontinued
Operations
Extra Items & Gain/Loss Sale Of
Assets

Fiscal Year
Ending 2012
155,971,000
87,776,000
84,499,000
3,277,000
2,600,000
677,000
68,195,000
13,421,000
3,381,000
10,040,000
0
-467,000
-566,000
1,088,000
NA
0
0
0
55,763,000
14,030,000
8,422,000
1,203,000
4,895,000
-490,000
0
0

Fiscal Year
Ending 2011
108,598,000
64,076,000
62,262,000
1,814,000
1,600,000
214,000
44,522,000
10,028,000
2,429,000
7,599,000
0
1,566,000
758,000
519,000
0
0
0
0
34,205,000
8,283,000
4,646,000
769,000
3,035,000
-167,000
0
0

Fiscal Year
Ending 2010
65,067,000
39,498,000
38,471,000
1,027,000
815,000
212,000
25,569,000
7,299,000
1,782,000
5,517,000
0
-295,000
-336,000
311,000
0
0
0
0
18,540,000
4,527,000
2,805,000
282,000
1,561,000
-121,000
0
0

0
41,733,000
0
41,733,000

0
25,922,000
0
25,922,000

0
14,013,000
0
14,013,000

Cumulative Effect - Accounting Chg

0
0

0
0

0
0

41,733,001
0
41,733,000
43.8
44.64
58,051,000

25,922,000
0
25,922,000
28.85
28.05
36,308,000

14,012,999
0
14,013,000
14.93
15.41
19,297,000

3,277,000
945,355
934,818
945,355
44.1

1,814,000
936,645
924,258
936,645
35.11

1,027,000
924,712
909,461
924,712
17.92

44.15
NA
44.15

27.68
0
27.68

15.15
0
15.15

NI
sales
TA
TE

41,733,000
155,971,000
176,064,000
118,210,000

25,922,000
108,598,000
116,371,000
76,615,000

14,013,000
65,067,000
75,183,000
47,791,000

Interest
Tax
EBT
NPM

0
28,060,000
55,763,000
0.267568971

0
16,566,000
34,205,000
0.238696845

0
9,054,000
18,540,000
0.215362626

TATO

0.885876727

0.933205008

0.865448306

ROI

0.237033124

0.222753091

0.18638522

Equity Multiplier

1.489417139

1.518906219

1.573162311

ROE

0.353041198

0.338341056

0.293214204

0.748399476

0.757842421

0.755825243

Discontinued Operations
Net Income After Extraordinaries
Preferred Dividends
Net Income available to Common
Operational EPS
EPS (basic)
EBITDA
Depreciation & Amortization
Expense
Common Shares Outstanding
Basic Shares Outstanding
Diluted Shares Outstanding
EPS after Extraordinary Items
Diluted EPS after Extraordinary
Items
Discont. Operations Per Share
Continued operations EPS

Interest Burden
Tax Burden

OPM

0.357521591

0.314968968

0.284937065

ROE

0.353041198

0.338341056

0.293214204

NI
Sales
TA
TE
NPM
TATO
ROI
EQ Mul

41,733,000
155,971,000
146217500
97412500
0.267568971
1.066705422
0.285417272
1.50101373

25,922,000
108,598,000
95777000
62203000
0.238696845
1.133863036
0.27064953
1.539748887

14,013,000
65,067,000
61342000
39715500
0.215362626
1.060725115
0.228440546
1.544535509

ROE

0.428415244

0.416732312

0.352834536

e Sheet
Fiscal Year
Ending 2009
23,464,000
1,139,000
22,325,000
5,057,000
3,361,000
3,413,000
-52,000
1,696,000
455,000
455,000
0
0
0
2,579,000
309,000
2,270,000
31,555,000
2,954,000

Fiscal Year
Ending 2008
24,490,000
368,000
24,122,000
4,704,000
2,422,000
2,469,000
-47,000
2,282,000
509,000
509,000
0
0
0
4,987,000
2,406,000
2,581,000
34,690,000
2,455,000

4,667,000
955,000
1,932,000
NA
1,780,000
1,713,000
10,528,000
10,528,000
0
0
559,000
206,000
353,000
1,742,000
844,000
898,000
47,501,000

3,747,000
810,000
1,491,000
NA
1,446,000
1,292,000
0
0
0
0
559,000
207,000
352,000
1,730,000
1,297,000
433,000
39,572,000

0
0
0
5,601,000
430,000
5,475,000
0
357,000
5,118,000
11,506,000
0
0
0
0
NA
0
2,053,000
2,216,000
163,000
2,139,000
1,286,000
853,000
15,861,000
0
0
0

0
0
0
5,520,000
100,000
8,472,000
0
320,000
8,152,000
14,092,000
0
0
0
0
0
NA
537,000
675,000
138,000
3,775,000
746,000
3,029,000
18,542,000
0
0
0

NA

NA

NA
31,640,000
8,210,000
23,353,000
0

NA
21,030,000
7,177,000
13,845,000
0

28,000

59,000

49,000
0
0
31,640,000

-51,000
0
0
21,030,000

0
31,640,000

0
21,030,000

47,501,000

39,572,000

Fiscal Year
Ending 2009
42,603,000
25,751,000
25,017,000
734,000
606,000
128,000
16,852,000
5,482,000
1,333,000
4,149,000
0
-333,000
-44,000
407,000
0
0
0
0
12,066,000
3,831,000
2,446,000
345,000
1,075,000
-35,000
0
0

Fiscal Year
Ending 2008
32,479,000
21,334,000
20,861,000
473,000
363,000
110,000
11,145,000
4,870,000
1,109,000
3,761,000
0
0
-33,000
653,000
0
0
0
0
6,895,000
2,061,000
2,152,000
277,000
-237,000
-131,000
0
0

0
8,235,000
0
8,235,000

0
4,834,000
0
4,834,000

Statement

0
0

0
0

8,234,999
0
8,235,000
8.82
9.22
12,104,000

4,833,999
0
4,834,000
5.36
5.48
6,748,000

734,000
907,005
893,016
907,005
NA

473,000
902,139
881,592
902,139
5.4

9.08
NA
9.22

5.36
NA
5.36

8,235,000
42,603,000
47,501,000
31,640,000

4,834,000
32,479,000
39,572,000
21,030,000

0
7,662,000
12,066,000
0.193296247

0
4,122,000
6,895,000
0.148834632

0.896886381

0.820757101

0.173364771

0.122157081 2 stage

1.501295828
0.260271808

1.88169282
0.229862102 3 stage

0.682496271

0.701087745

Since the interest burden is calculat

company. Therefore the advantage of
company. There is no benefit of the ta
shield is not present. Also we see that

TATO of the company is more impac

company is due

The equity multiple has come down s

more equity in the business. It also m
of ROE and going towards financial
leverage and taking on more debt, th
going up with the sales going up, w
because they have appr

0.283219492

0.212291019

0.260271808

0.229862102 5 Stage

8,235,000
42,603,000
43536500
26335000
0.193296247
0.978558221
0.189151631
1.653180178
0.312701728

4,834,000
32,479,000
By Taking Averages

By Taking Averages we get high ROE.

Average only for Balance sheet components according to stock and flow concep

e interest burden is calculated as 1, there is no interest burden for the

Therefore the advantage of financial leverage is not experienced in the
There is no benefit of the tax shield on interest and the advantage of tax
ot present. Also we see that ROE is increasing year on year which means

the company is more impactful than the NPM. Therfore the ROI of the
company is due to high asset utilization

y multiple has come down significantly which again indicates the use of
ity in the business. It also means that the company is having less impact
and going towards financial conservatism. By increasing the financial
and taking on more debt, they can utilise funds more. Also the OPM is
p with the sales going up, which means theie EBIT has gone up. This is
because they have appropriate cost controls in place.

ng to stock and flow concept