Professional Documents
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Company Danaher
Ticker DHR
Price (8/25/09) $62.81
52-week high $83.16
% below high 32.4%
52-week low $47.20
% above low 33.1%
TEV $21,729.1
ROE
LTM ROE 12.0% LTM 2008 3-yr avg 5-yr avg 10-yr avg
2008 14.5% ROE 12.0% 14.5% 18.2% 18.8% 18.5%
3-year average 18.2% ROIC 7.5% 8.6% 11.8% 12.1% 10.7%
5-year average 18.8% Debt/Total Cap 21.5% 21.1% 25.7% 23.3% 25.5%
10-year average 18.5%
ROIC
LTM 7.5%
2008 8.6%
3-year average 11.8%
5-year average 12.1%
10-year average 10.7%
Valuation
Note: If Current Price is at greater than (20%) discount to intrinsic value, cell is color coded in green.
Revenue Breakdown
KEY Primary purpose is water
Partial purpose is water
2005
$1,203.8
$(66.5)
(20.6)
(38.3)
--
136.3
7.1
--
--
--
--
--
$(18.0)
(0.2%)
$1,185.8
$(119.7)
$(119.7)
$1,407.9
825.3
782.9
$1,450.3
18%
$1,041.7
2005
$7,871.5
6,685.7
1,185.8
(18.0)
(119.7)
$1,084.1
328.0
$3.31
$2.73
$885.6
2005
$24.00
20.38
3.62
(0.37)
$3.31
2005
$(885.1)
2005
$257.7
59.9
328.0
2005
$21.6
328.0
$0.07
2005
$43.0
648.0
355.8
(292.2)
$(0.89)
All Financial Reports
Danaher Corp
Income Statement - Interim -
Standardised in Millions of US
Dollar
Fiscal Period: 2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2
Period End Date: 7/3/2009 4/3/2009 12/31/2008 9/26/2008 6/27/2008
Period Length: 3 Months 3 Months 3 Months 3 Months 3 Months
Update Type: Update Update Update Update Update
Update Date: 7/3/2009 4/3/2009 12/31/2008 9/26/2008 6/27/2008
Source 10-Q 10-Q 10-K 10-Q 10-Q
Source Date: 7/23/2009 4/23/2009 2/25/2009 10/16/2008 7/17/2008
Complete Statement: Complete Complete Complete Complete Complete
Net Sales 2,673.610 2,627.740 3,176.510 3,208.180 3,283.900
Gross Revenue -- -- -- -- --
Sales Returns and Allowances -- -- -- -- --
Excise Tax Receipts -- -- -- -- --
Revenue 2,673.610 2,627.740 3,176.510 3,208.180 3,283.900
Interest Income, Non-Bank -- -- -- -- --
Other Revenue -- -- -- -- --
Other Revenue, Total -- -- -- -- --
Total Revenue 2,673.610 2,627.740 3,176.510 3,208.180 3,283.900
Cost of Revenue 1,411.340 1,369.140 1,724.900 1,697.610 1,723.600
Excise Taxes Payments -- -- -- -- --
Cost of Revenue, Total 1,411.340 1,369.140 1,724.900 1,697.610 1,723.600
Gross Profit 1,262.270 1,258.610 1,451.610 1,510.570 1,560.300
Selling/General/Administrative Expense 759.820 757.500 860.490 806.420 859.970
Labor & Related Expense -- -- -- -- --
Advertising Expense -- -- -- -- --
Selling/General/Admin. Expenses, Total 759.820 757.500 860.490 806.420 859.970
Research & Development 158.500 160.900 167.470 182.010 189.870
Depreciation -- -- -- -- --
Amortization of Intangibles -- -- -- -- --
Amortization of Acquisition Costs -- -- -- -- --
Depreciation/Amortization -- -- -- -- --
Interest Expense - Operating -- -- -- -- --
Interest Capitalized - Operating -- -- -- -- --
Interest Expense, Net - Operating -- -- -- -- --
Interest Income - Operating -- -- -- -- --
Investment Income - Operating -- -- -- -- --
Interest/Investment Income - Operating -- -- -- -- --
Interest Expense(Income) - Net Operating -- -- -- -- --
Interest Exp.(Inc.),Net-Operating, Total -- -- -- -- --
Purchased R&D Written-Off -- -- -- -- --
Restructuring Charge -- -- -- -- --
Litigation -- -- -- -- --
Impairment-Assets Held for Use -- -- -- -- --
Impairment-Assets Held for Sale -- -- -- -- --
Other Unusual Expense (Income) -- -- -- -- --
Unusual Expense (Income) -- -- -- 0.000 0.000
Foreign Currency Adjustment -- -- -- -- --
Unrealized Losses (Gains) -- -- -- -- --
Minimum Pension Liability Adjustment -- -- -- -- --
Loss(Gain) on Sale of Assets - Operating -- -- -- 0.000 0.000
Other Operating Expense -- -- -- -- --
Other, Net -- -- -- -- --
Other Operating Expenses, Total -- -- -- -- --
Total Operating Expense 2,329.660 2,287.530 2,752.860 2,686.040 2,773.430
Operating Income 343.950 340.220 423.650 522.140 510.460
Interest Expense - Non-Operating (31.330) (24.060) (25.430) (30.220) (33.850)
Interest Capitalized - Non-Operating -- -- -- -- --
Interest Expense, Net Non-Operating (31.330) (24.060) (25.430) (30.220) (33.850)
Interest Income - Non-Operating 1.130 0.670 4.000 1.070 1.410
Investment Income - Non-Operating -- -- -- -- --
Interest/Invest Income - Non-Operating 1.130 0.670 4.000 1.070 1.410
Interest Income(Exp), Net Non-Operating -- -- -- -- --
Interest Inc.(Exp.),Net-Non-Op., Total (30.200) (23.390) (21.430) (29.150) (32.440)
Gain (Loss) on Sale of Assets -- -- -- -- --
Foreign Currency Adjustment -- -- -- -- --
Unrealized Gains (Losses) -- -- -- -- --
Minimum Pension Liability Adjustment -- -- -- -- --
Other Non-Operating Income (Expense) -- -- -- -- --
Other, Net -- -- -- -- --
Net Income Before Taxes 313.740 316.830 402.220 492.990 478.020
Provision for Income Taxes 18.050 79.120 96.530 121.000 114.570
Net Income After Taxes 295.690 237.710 305.690 371.990 363.450
Minority Interest -- -- -- -- --
Equity In Affiliates -- -- -- -- --
U.S. GAAP Adjustment -- -- -- -- --
Net Income Before Extra. Items 295.690 237.710 305.690 371.990 363.450
Accounting Change -- -- -- -- --
Discontinued Operations -- -- 0.000 0.000 0.000
Extraordinary Item -- -- -- -- --
Tax on Extraordinary Items -- -- -- -- --
Total Extraordinary Items -- -- 0.000 0.000 0.000
Net Income 295.690 237.710 305.690 371.990 363.450
Preferred Dividends -- -- -- -- --
General Partners' Distributions -- -- -- -- --
Miscellaneous Earnings Adjustment -- -- -- -- --
Pro Forma Adjustment -- -- -- -- --
Interest Adjustment - Primary EPS -- -- -- -- --
Total Adjustments to Net Income -- -- -- -- --
Income Available to Com Excl ExtraOrd 295.690 237.710 305.690 371.990 363.450
Income Available to Com Incl ExtraOrd 295.690 237.710 305.690 371.990 363.450
Basic Weighted Average Shares 319.920 319.340 319.520 319.890 319.230
Basic EPS Excluding Extraordinary Items 0.920 0.740 0.960 1.160 1.140
Basic EPS Including Extraordinary Items 0.920 0.740 0.960 1.160 1.140
Dilution Adjustment 2.400 2.460 1.820 2.590 3.390
Diluted Net Income 298.090 240.170 307.510 374.580 366.840
Diluted Weighted Average Shares 334.540 333.480 333.590 337.330 336.550
Diluted EPS Excluding ExtraOrd Items 0.890 0.720 0.920 1.110 1.090
Diluted EPS Including ExtraOrd Items 0.890 0.720 0.920 1.110 1.090
DPS - Common Stock Primary Issue 0.030 0.030 0.030 0.030 0.030
Dividends per Share - Com Stock Issue 2 -- -- -- -- --
Dividends per Share - Com Stock Issue 3 -- -- -- -- --
Dividends per Share - Com Stock Issue 4 -- -- -- -- --
Special DPS - Common Stock Primary Issue -- -- -- -- --
Special DPS - Common Stock Issue 2 -- -- -- -- --
Special DPS - Common Stock Issue 3 -- -- -- -- --
Special DPS - Common Stock Issue 4 -- -- -- -- --
Gross Dividends - Common Stock 9.590 9.560 9.550 9.590 9.570
(Gain) Loss on Sale of Assets, Suppl. -- -- -- -- --
Impairment-Assets Held for Sale, Suppl. -- -- -- -- --
Impairment-Assets Held for Use, Suppl. -- -- -- -- --
Litigation Charge, Supplemental -- -- -- -- --
Purchased R&D Written-Off, Supplemental -- -- -- -- --
Restructuring Charge, Supplemental -- -- -- -- --
Other Unusual Expense(Income), Suppl. 45.800 -- -- -- --
Non-Recurring Items, Supplemental, Total 45.800 -- -- -- --
Total Special Items 45.800 -- -- 0.000 0.000
Normalized Income Before Taxes 359.540 316.830 402.220 492.990 478.020
Effect of Special Items on Income Taxes 2.640 -- -- 0.000 0.000
Inc Tax Ex Impact of Sp Items 20.680 79.120 96.530 121.000 114.570
Normalized Income After Taxes 338.860 237.710 305.690 371.990 363.450
Normalized Inc. Avail to Com. 338.860 237.710 305.690 371.990 363.450
Basic Normalized EPS 1.060 0.740 0.960 1.160 1.140
Diluted Normalized EPS 1.020 0.720 0.920 1.110 1.090
Pro Forma Stock Compensation Expense -- -- -- -- --
Net Income after Stock Based Comp. Exp. -- -- -- -- --
Basic EPS after Stock Based Comp. Exp. -- -- -- -- --
Diluted EPS after Stock Based Comp. Exp. -- -- -- -- --
Stock-Based Compensation, Supplemental 21.760 23.930 21.980 21.620 21.570
Interest Expense, Supplemental 31.330 24.060 25.430 30.220 33.850
Interest Capitalized, Supplemental -- -- -- -- --
Depreciation, Supplemental 46.270 45.390 48.870 47.350 47.700
Funds From Operations - REIT -- -- -- -- --
Amort of Acquisition Costs, Supplemental -- -- -- -- --
Amort of Intangibles, Supplemental 39.680 35.410 35.360 37.180 35.740
Rental Expense, Supplemental -- -- -- -- --
EPS, Supplemental -- -- -- -- --
Advertising Expense, Supplemental -- -- -- -- --
Equity in Affiliates, Supplemental -- -- -- -- --
Minority Interest, Supplemental -- -- -- -- --
Research & Development Exp, Supplemental 158.500 160.900 167.470 182.010 189.870
Audit Fees -- -- -- -- --
Audit-Related Fees -- -- -- -- --
Tax Fees -- -- -- -- --
All Other Fees -- -- -- -- --
Reported Recurring Revenue -- -- -- -- --
Reported Net Premiums Written -- -- -- -- --
Reported Total Revenue -- -- -- -- --
Reported Operating Revenue -- -- -- -- --
Reported Total Cost of Revenue -- -- -- -- --
Reported Total Sales, General & Admin. -- -- -- -- --
Reported Gross Profit -- -- -- -- --
Reported Operating Profit -- 340.220 -- 522.140 510.460
Reported Operating Profit Margin -- -- -- -- --
Reported Ordinary Profit -- -- -- -- --
Reported Net Income After Tax -- -- -- -- --
Reported Basic EPS -- -- -- -- --
Reported Diluted EPS -- -- -- -- --
Reported Net Business Profits -- -- -- -- --
Balance Sheet (Differentiates) -
Interim - Standardised in Millions
of US Dollar
Fiscal Period: 2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2
Period End Date: 7/3/2009 4/3/2009 12/31/2008 9/26/2008 6/27/2008
Update Type: Update Update Update Update Update
Update Date: 7/3/2009 4/3/2009 12/31/2008 9/26/2008 6/27/2008
Source 10-Q 10-Q 10-K 10-Q 10-Q
Source Date: 7/23/2009 4/23/2009 2/25/2009 10/16/2008 7/17/2008
Complete Statement: Complete Complete Complete Complete Complete
Cash -- -- -- -- --
Cash & Equivalents 1,258.410 975.950 392.850 286.520 284.100
Short Term Investments -- -- -- -- --
Cash and Short Term Investments 1,258.410 975.950 392.850 286.520 284.100
Accounts Receivable - Trade, Gross -- -- -- -- --
Provision for Doubtful Accounts -- -- -- -- --
Accounts Receivable - Trade, Net 1,750.110 1,707.130 1,894.590 2,100.800 2,094.320
Notes Receivable - Short Term -- -- -- -- --
Receivables - Other -- -- -- -- --
Total Receivables, Net 1,750.110 1,707.130 1,894.590 2,100.800 2,094.320
Inventories - Finished Goods 485.740 506.220 544.000 567.250 574.790
Inventories - Work In Progress 206.630 220.460 211.350 264.000 261.920
Inventories - Raw Materials 374.720 407.120 386.960 443.610 460.750
Inventories - Other -- -- -- -- --
LIFO Reserve -- -- -- -- --
Total Inventory 1,067.080 1,133.800 1,142.310 1,274.850 1,297.460
Prepaid Expenses 713.070 680.400 757.370 458.900 515.850
Restricted Cash - Current -- -- -- -- --
Deferred Income Tax - Current Asset -- -- -- -- --
Discountinued Operations - Current Asset -- -- -- -- --
Other Current Assets -- -- -- -- --
Other Current Assets, Total -- -- -- -- --
Total Current Assets 4,788.670 4,497.280 4,187.120 4,121.070 4,191.730
Buildings - Gross -- -- -- -- --
Land/Improvements - Gross -- -- -- -- --
Machinery/Equipment - Gross -- -- -- -- --
Construction in Progress - Gross -- -- -- -- --
Leases - Gross -- -- -- -- --
Natural Resources - Gross -- -- -- -- --
Other Property/Plant/Equipment - Gross -- -- -- -- --
Property/Plant/Equipment, Total - Gross 2,654.080 2,582.160 2,591.860 2,589.810 2,621.540
Accumulated Depreciation, Total (1,557.360) (1,504.470) (1,483.200) (1,483.500) (1,489.650)
Property/Plant/Equipment, Total - Net 1,096.720 1,077.690 1,108.650 1,106.310 1,131.890
Goodwill - Gross -- -- -- -- --
Accumulated Goodwill Amortization -- -- -- -- --
Goodwill, Net 9,357.680 9,123.050 9,210.580 9,266.690 9,463.470
Intangibles - Gross -- -- -- -- --
Accumulated Intangible Amortization -- -- -- -- --
Intangibles, Net 2,535.600 2,474.910 2,519.420 2,624.660 2,697.920
LT Investment - Affiliate Companies -- -- -- -- --
LT Investments - Other -- -- -- -- --
Long Term Investments -- -- -- -- --
Note Receivable - Long Term -- -- -- -- --
Deferred Charges -- -- -- -- --
Pension Benefits - Overfunded -- -- -- -- --
Defered Income Tax - Long Term Asset -- -- -- -- --
Discontinued Operations - LT Asset -- -- -- -- --
Restricted Cash - Long Term -- -- -- -- --
Other Long Term Assets 543.730 500.180 464.350 501.920 509.610
Other Long Term Assets, Total 543.730 500.180 464.350 501.920 509.610
Total Assets 18,322.400 17,673.110 17,490.130 17,620.650 17,994.610
Accounts Payable 906.540 930.820 1,108.960 1,148.490 1,193.580
Payable/Accrued -- -- -- -- --
Accrued Expenses 1,560.190 1,466.760 1,569.980 1,546.750 1,587.300
Notes Payable/Short Term Debt 0.000 0.000 0.000 0.000 0.000
Current Port. of LT Debt/Capital Leases 41.400 77.180 66.160 316.380 312.650
Dividends Payable -- -- -- -- --
Customer Advances -- -- -- -- --
Security Deposits -- -- -- -- --
Income Taxes Payable -- -- -- -- --
Other Payables -- -- -- -- --
Deferred Income Tax - Current Liability -- -- -- -- --
Discontinued Operations - Curr Liability -- -- -- -- --
Other Current Liabilities -- -- -- -- --
Other Current liabilities, Total -- -- -- -- --
Total Current Liabilities 2,508.130 2,474.760 2,745.100 3,011.620 3,093.520
Long Term Debt 2,863.390 2,840.790 2,553.170 2,391.300 2,740.060
Capital Lease Obligations -- -- -- -- --
Total Long Term Debt 2,863.390 2,840.790 2,553.170 2,391.300 2,740.060
Total Debt 2,904.790 2,917.970 2,619.330 2,707.680 3,052.700
Deferred Income Tax - LT Liability -- -- -- -- --
Deferred Income Tax -- -- -- -- --
Minority Interest -- 0 -- -- --
Reserves -- -- -- -- --
Pension Benefits - Underfunded -- -- -- -- --
Other Long Term Liabilities 2,348.350 2,354.610 2,383.300 2,045.490 2,086.760
Discontinued Operations - Liabilities -- -- -- -- --
Other Liabilities, Total 2,348.350 2,354.610 2,383.300 2,045.490 2,086.760
Total Liabilities 7,719.870 7,670.160 7,681.570 7,448.410 7,920.330
Redeemable Preferred Stock -- -- -- -- --
Redeemable Convertible Preferred Stock -- -- -- -- --
Redeemable Preferred Stock, Total -- 0 -- -- --
Preferred Stock - Non Redeemable -- -- -- -- --
Convertible Preferred Stock - Non Rdmbl -- -- -- -- --
Treasury Stock - Preferred -- -- -- -- --
General Partner -- -- -- -- --
Preferred Stock - Non Redeemable, Net -- -- -- -- --
Common Stock 3.560 3.550 3.540 3.540 3.540
Limited Partner -- -- -- -- --
Common Stock, Total 3.560 3.550 3.540 3.540 3.540
Additional Paid-In Capital 1,905.400 1,854.090 1,812.960 1,854.910 1,804.010
Retained Earnings (Accumulated Deficit) 8,609.410 8,323.310 8,095.160 7,799.020 7,436.620
Treasury Stock - Common -- -- -- -- --
ESOP Debt Guarantee -- -- -- -- --
Unrealized Gain (Loss) -- -- -- -- --
Translation Adjustment -- -- -- -- --
Other Equity -- -- -- -- --
Minimum Pension Liability Adjustment -- -- -- -- --
Other Comprehensive Income 84.160 (177.990) (103.100) 514.760 830.120
Other Equity, Total 84.160 (177.990) (103.100) 514.760 830.120
Total Equity 10,602.530 10,002.960 9,808.560 10,172.240 10,074.280
Total Liabilities & Shareholders' Equity 18,322.400 17,673.110 17,490.130 17,620.650 17,994.610
Shares Outs - Common Stock Primary Issue 355.760 318.745 318.380 319.610 318.940
Shares Outstanding - Common Issue 2 -- -- -- -- --
Shares Outstanding - Common Issue 3 -- -- -- -- --
Shares Outstanding - Common Issue 4 -- -- -- -- --
Total Common Shares Outstanding 355.760 318.745 318.380 319.610 318.940
Treas Shares - Common Stock Prmry Issue -- -- 36.110 -- --
Treasury Shares - Common Issue 2 -- -- -- -- --
Treasury Shares - Common Issue 3 -- -- -- -- --
Treasury Shares - Common Issue 4 -- -- -- -- --
Shares Outstanding - Preferred Issue 1 -- -- -- -- --
Shares Outstanding - Preferred Issue 2 -- -- -- -- --
Shares Outstanding - Preferred Issue 3 -- -- -- -- --
Shares Outstanding - Preferred Issue 4 -- -- -- -- --
Shares Outstanding - Preferred Issue 5 -- -- -- -- --
Shares Outstanding - Preferred Issue 6 -- -- -- -- --
Total Preferred Shares Outstanding -- -- -- -- --
Treasury Shares - Preferred Issue 1 -- -- -- -- --
Treasury Shares - Preferred Issue 2 -- -- -- -- --
Treasury Shares - Preferred Issue 3 -- -- -- -- --
Treasury Shares - Preferred Issue 4 -- -- -- -- --
Treasury Shares - Preferred Issue 5 -- -- -- -- --
Treasury Shares - Preferred Issue 6 -- -- -- -- --
Full-Time Employees -- -- -- -- --
Part-Time Employees -- -- -- -- --
Number of Common Shareholders -- -- -- -- --
Accumulated Goodwill Amortization Suppl. -- -- -- -- --
Accumulated Intangible Amort, Suppl. -- -- -- -- --
Deferred Revenue - Current -- -- -- -- --
Deferred Revenue - Long Term -- -- -- -- --
Total Risk-Weighted Capital -- -- -- -- --
Tier 1 Capital % -- -- -- -- --
Total Capital % -- -- -- -- --
Trading Account -- -- -- -- --
Credit Exposure -- -- -- -- --
Non-Performing Loans -- -- -- -- --
Assets under Management -- -- -- -- --
Reported Total Assets -- -- -- -- --
Reported Total Liabilities -- -- -- -- --
Shareholders' Equity Excl. Stock Subscr. -- -- -- -- --
Reported Shareholder's Equity -- -- -- -- --
Reported Net Assets -- -- -- -- --
Reported Net Assets to Total Assets -- -- -- -- --
Reported Return on Assets -- -- -- -- --
Reported Return on Equity -- -- -- -- --
Cash Flow (Indirect) - Interim - Standardised in Millions of US Dollar [+] Add Item
Fiscal Period: 2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2
Period End Date: 7/3/2009 4/3/2009 12/31/2008 9/26/2008 6/27/2008
Period Length: 6 Months 3 Months 12 Months 9 Months 6 Months
Update Type: Update Update Update Update Update
Update Date: 7/3/2009 4/3/2009 12/31/2008 9/26/2008 6/27/2008
Source 10-Q 10-Q 10-K 10-Q 10-Q
Source Date: 7/23/2009 4/23/2009 2/25/2009 10/16/2008 7/17/2008
Complete Statement: Complete Complete Complete Complete Complete
Net Income/Starting Line 533.410 237.710 1,317.630 1,011.950 639.950
Depreciation 91.660 45.390 194.000 145.120 97.780
Depreciation/Depletion 91.660 45.390 194.000 145.120 97.780
Amortization of Intangibles 75.090 35.410 145.290 109.930 72.760
Amortization of Acquisition Costs -- -- -- -- --
Amortization 75.090 35.410 145.290 109.930 72.760
Deferred Taxes -- -- 27.690 -- --
Accounting Change -- -- -- -- --
Discontinued Operations -- -- 0.000 0.000 0.000
Extraordinary Item -- -- -- -- --
Unusual Items -- -- -- -- --
Purchased R&D -- -- -- -- --
Equity in Net Earnings (Loss) -- -- -- -- --
Other Non-Cash Items 45.690 23.930 86.000 64.020 42.400
Non-Cash Items 45.690 23.930 86.000 64.020 42.400
Accounts Receivable 203.810 198.890 71.400 (82.290) (37.230)
Inventories 91.040 (1.970) 33.120 (64.120) (68.150)
Prepaid Expenses 31.390 75.780 (4.770) 143.910 91.230
Other Assets -- -- -- -- --
Accounts Payable (198.410) (150.520) 3.710 14.390 34.030
Accrued Expenses (71.330) (147.920) (15.040) 6.760 42.180
Payable/Accrued -- -- -- -- --
Taxes Payable -- -- -- -- --
Other Liabilities -- -- -- -- --
Other Assets & Liabilities, Net -- -- -- -- --
Other Operating Cash Flow -- -- -- -- --
Changes in Working Capital 56.500 (25.760) 88.420 18.650 62.050
Cash from Operating Activities 802.340 316.680 1,859.030 1,349.670 914.930
Purchase of Fixed Assets (83.940) (36.410) (193.780) (118.180) (83.870)
Purchase/Acquisition of Intangibles -- -- -- -- --
Software Development Costs -- -- -- -- --
Capital Expenditures (83.940) (36.410) (193.780) (118.180) (83.870)
Acquisition of Business (140.370) 0.000 (423.210) (241.190) (101.550)
Sale of Business -- -- 0.000 -- --
Sale of Fixed Assets 2.170 0.330 1.090 0.920 0.500
Sale/Maturity of Investment -- -- -- -- --
Investment, Net -- -- -- -- --
Purchase of Investments (50.770) (33.980) 0.000 0.000 0.000
Sale of Intangible Assets -- -- -- -- --
Intangible, Net -- -- -- -- --
Other Investing Cash Flow 0.000 0.000 48.500 48.500 48.500
Other Investing Cash Flow Items, Total (188.970) (33.640) (373.620) (191.770) (52.550)
Cash from Investing Activities (272.910) (70.050) (567.400) (309.950) (136.410)
Other Financing Cash Flow -- -- -- -- --
Financing Cash Flow Items -- -- -- -- --
Cash Dividends Paid - Common (19.150) (9.560) (38.260) (28.710) (19.120)
Cash Dividends Paid - Preferred -- -- -- -- --
Total Cash Dividends Paid (19.150) (9.560) (38.260) (28.710) (19.120)
Sale/Issuance of Common 46.760 17.200 82.430 72.190 42.900
Repurchase/Retirement of Common 0 0 (74.170) 0.000 0.000
Common Stock, Net 46.760 17.200 8.270 72.190 42.900
Sale/Issuance of Preferred -- -- -- -- --
Repurchase/Retirement of Preferred -- -- -- -- --
Preferred Stock, Net -- -- -- -- --
Sale/Issuance of Common/Preferred -- -- -- -- --
Repurch./Retirement of Common/Preferred -- -- -- -- --
Options Exercised -- -- -- -- --
Warrants Converted -- -- -- -- --
Treasury Stock -- -- -- -- --
Issuance (Retirement) of Stock, Net 46.760 17.200 8.270 72.190 42.900
Short Term Debt Issued -- -- -- -- --
Short Term Debt Reduction -- -- -- -- --
Short Term Debt, Net -- -- -- -- --
Long Term Debt Issued 744.620 -- 72.650 -- --
Long Term Debt Reduction 0 0 (259.340) 0 0
Long Term Debt, Net 272.580 318.790 (1,092.260) (1,034.890) (754.800)
Total Debt Issued -- -- -- -- --
Total Debt Reduction -- -- -- -- --
Issuance (Retirement) of Debt, Net 272.580 318.790 (1,092.260) (1,034.890) (754.800)
Cash from Financing Activities 300.200 326.420 (1,122.250) (991.400) (731.010)
Foreign Exchange Effects 35.930 10.040 (15.630) (0.910) (2.510)
Net Change in Cash 865.560 583.090 153.750 47.410 44.990
Net Cash - Beginning Balance 392.850 392.850 239.110 239.110 239.110
Net Cash - Ending Balance 1,258.410 975.950 392.850 286.520 284.100
Cash Interest Paid 18.390 16.860 72.000 59.970 36.590
Cash Taxes Paid 99.420 33.810 390.000 253.280 147.450
Reported Cash from Operating Activities -- -- -- -- --
Reported Cash from Investing Activities -- -- -- -- --
Reported Cash from Financing Activities -- -- -- -- --
Price/Book
Price/Sales
Price/Cash Flow
Average
Assumptions 2008 3-year 5-year 10- year
Revenue Growth Rate 15.2% 17.3% 19.3% 15.6%
Net Operating Profit Margin 12.1% 12.9% 13.2% 12.3%
Tax Rate 24.7% 24.3% 25.9% 31.1%
Dep % of Revs. 2.7% 2.5% 2.4% 3.0%
Investment Rate % of Revs. 1.5% 1.5% 1.5% 1.8%
Working Cap. % of Revs 15.2% 17.3% 17.9% 19.1%
FCF growth rate 12.2% 15.8% 16.6% 21.1%
Growth
2%
$1,665 23331.8
Net Debt 1646.38
Value 21685.42
Shs Out 319.74
Value/Share 67.82
DDM
0.12 19% g=b*ROE 0.97 0.14
0.09 1.54
Important Notices
16-Dec-05 DEC09 Majority Estimates reflect
adoption of FAS123(R)
NA NA NA NA 11278.81
1384.75 NA 1227.78 NA 1400.07