Finance For Non-Finance

Ratios Apple

Learn the following in this sheet:

Understand various ratios for Apple

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Profit and Loss

All numbers are in $ Millions except per share data FY 07 FY 08 FY 09 FY 10

Revenue
Net Sales 24,578 37,491 42,905 65,225
Cost of Sales 16,426 24,294 25,683 39,541
Gross Margin 8,152 13,197 17,222 25,684

Operating Expenses
Research and Development 782 1,109 1,333 1,782
Selling, General, and Administrative 2,963 3,761 4,149 5,517
Total Operating Expenses 3,745 4,870 5,482 7,299

Operating Income 4,407 8,327 11,740 18,385

Other income and expense 599 620 326 155
Income before Provision for Income Taxes 5,006 8,947 12,066 18,540

Provision for Income Taxes 1,511 2,828 3,831 4,527

Net Income 3,495 6,119 8,235 14,013

Earnings per Common Share

Basic $ 4.04 6.94 9.22 15.41
Diluted $ 3.93 6.78 9.08 15.15

Shares used in Calculating earnings per Share

Basic K# 864,595 881,592 893,016 909,461
Diluted K# 889,292 902,139 907,005 924,712

Gross Profit Margin 33% 35% 40% 39%

Net Profit Margin 14% 16% 19% 21%

Return on Equity 33% 31% 35%

Return on Capital Employed 45% 44% 46%

 FY 11

108,249
64,431
43,818

2,429
7,599
10,028

33,790
415
34,205

8,283
25,922

28.05
27.68

924,258
936,645

40%

24%

42%

54%
Balance Sheet

All numbers are in $ Millions except per share data FY 07 FY 08 FY 09 FY 10

Assets
Current Assets
Cash and Cash Equivalents 3,428,352 3,441,069 3,533,254 3,500,391
Short-term Investments 6,034 10,236 18,201 14,359
Accounts Receivable 1,637 2,422 3,361 5,510
Inventories 346 509 455 1,051
Deferred Tax Assets 782 1,044 1,135 1,636
Vendor Non-Trade Receivables - - - 4,414
Other Current Assets 3,804 3,920 3,140 3,447
Total Current Assets 3,440,955 3,459,200 3,559,546 3,530,808

Long-term Marketable Securities - 2,379 10,528 25,391

Property, Plant, and Equipment, net 1,832 2,455 2,954 4,768
Goodwill 38 207 206 741
Acquired Intangible Assets, net 299 285 247 342
Other Assets 1,222 839 2,011 2,263

Total Assets 3,444,346 3,465,365 3,575,492 3,564,313

Liabilities & Shareholder's Equity

Current Liabilities
Accounts Payable 4,970 5,520 5,601 12,015
Accrued Expenses 4,310 4,224 3,852 5,723
Deferred Revenue - 1,617 2,053 2,984
Total Current Liabilities 9,280 11,361 11,506 20,722

Total Non-Current Liabilities 1,535 2,513 4,355 6,670

Total Liabilities 10,815 13,874 15,861 27,392

Shareholders' Equity
Common Stock 5,368 7,177 8,210 10,668
Retained Earnings 9,100 15,129 23,353 37,169
Accumulated Other Comprehensive Income 63 (9) 77 (46)
Total Shareholders' Equity 14,531 22,297 31,640 47,791

Total Liabilities and Shareholders' Equity 25,346 36,171 47,501 75,183

Check - - - -

Current Ratio 370.79 304.48 309.36 170.39

Asset Turnover Ratio 0.01 0.01 0.02

Inventory Turnover Ratio 87.70 89.01 86.62

Debt to Equity Ratio - - - -

Leverage Ratio 237.03 155.42 113.01 74.58

 FY 11

-
16,137
5,369
776
2,014
6,348
4,529
35,173

55,618
7,777
896
3,536
3,556

106,556

14,632
9,247
4,091
27,970

11,786
39,756

13,331
62,841
443
76,615

116,371

1.26

0.06
118.50

1.39
Equity Schedule

All numbers are in $ Millions except per share data FY 07 FY 08 FY 09

Retained Earnings
Opening Balance 5,607 9,100 15,129
Cumulative effect of Change in Accounting Principle - 11 -
Components of Comprehensive Income:
Net Income 3,495 6,119 8,235
Change in Foreign Currency Translation - - -
Change in Unrealised Loss on Available-for-Sale Securities - - -
Change in Unrealised Loss on Derivative instruments - - -
Total Comprehensive Income 3,495 6,119 8,235

Stock Based Compensation - - -

Common Stock Issued under Stock Plans (2) (101) (11)
Tax Benefit from employee stock Plan Awards - - -
Closing Balance 9,100 15,129 23,353

Check 1 1 1
FY 10 FY 11

23,353 37,169
- -

14,013 25,922
- -
- -
- -
14,013 25,922

- -
(197) (250)
- -
37,169 62,841

1 1
Cash Flow

All numbers are in $ Millions except per share data FY 07 FY 08 FY 09

Cash Flow from Operations
PAT 3,495 6,119 8,235
Add: Depreciation
Changes in Working Capital
Less: Increase In Short-term Investments (4,202) (7,965)
Less: Increase In Accounts Receivable (785) (939)
Less: Increase In Inventories (163) 54
Less: Increase In Deferred Tax Assets (262) (91)
Less: Increase In Vendor Non-Trade Receivables - -
Less: Increase In Other Current Assets (116) 780
Add: Increase In Accounts Payable 550 81
Add: Increase In Accrued Expenses (86) (372)
Add: Increase In Deferred Revenue 1,617 436
Total 2,672 219
Cash Flow from Investing
Less: Increase In Long-term Marketable Securities (2,379) (8,149)
Less: Increase In Property, Plant, and Equipment, net (623) (499)
Less: Increase In Goodwill (169) 1
Less: Increase In Acquired Intangible Assets, net 14 38
Less: Increase In Other Assets 383 (1,172)
Total Cash Flow from Investing (2,774) (9,781)
Cash Flow from Financing
Increase in Total Non-Current Liabilities 978 1,842
Increase In Common Stock 1,809 1,033
Increase In Accumulated Other Comprehensive Income (72) 86
Increase In Cumulative effect of Change in Accounting Principle - -
Increase In Change in Foreign Currency Translation - -
Increase In Unrealised Loss on Available-for-Sale Securities - -
Increase In Unrealised Loss on Derivative instruments 8,235 14,013
Increase In Stock Based Compensation (11) (197)
Increase In Common Stock Issued under Stock Plans - -
Increase In Tax Benefit from employee stock Plan Awards 23,353 37,169
Total Cash Flow from Financing 34,292 53,946
Net Change In Cash Flow 34,190 44,384
Cash Schedule
Opening Balance 3,396,685 3,430,875
Addition In the Year 34,190 44,384
Closing Balance 3,428,352 3,430,875 3,472,736
 FY 10 FY 11

14,013 25,922

3,842 (1,778)
(2,149) 141
(596) 275
(501) (378)
(4,414) (1,934)
(307) (1,082)
6,414 2,617
1,871 3,524
931 1,107
19,104 28,414

(14,863) (30,227)
(1,814) (3,009)
(535) (155)
(95) (3,194)
(252) (1,293)
(17,559) (37,878)

2,315 5,116
2,458 2,663
(123) 489
- -
- -
- -
25,922 -
(250) -
- -
62,841 -
93,163 8,268
94,708 (1,196)

3,472,736 3,535,777
94,708 (1,196)
3,535,777 3,532,058