Balance SheetThe Procter & Gamble CompanyAnnual Balance Sheet (year end 6/30/XX)Period Ended in millions201020112012201320142015Cash and Cash Equivalents2,8792,7684,4365,9478,5586,845ST marketable securities2,1284,767Accounts Receivable - Trade, Net5,3356,2756,0686,5086,3864,861Inventory6,3847,3796,7216,9096,7595,454Deferred Income Taxes9481,0921,356Prepaid Expenses and other current assets4,1845,5484,6853,6783,8452,853Assets held for sale2,8493,510Total Current Assets18,78221,97021,91023,99031,61729,646Buildings - Gross6,8687,7537,3247,829Land / Improvements - Gross850934880878Machinery / Equipment - Gross29,29432,82032,02934,305Property / Plant / Equipment, Total - Gross37,01241,50740,23343,012Accumulated Depreciation, Total-17,768-20,214-19,856-21,346Property / Plant / Equipment, Total - Net19,24421,29320,37721,66622,30420,268Goodwill, Net54,01257,56253,77355,18853,70447,316Intangibles, Net31,63632,62030,98831,57230,84326,829Other Long Term Assets4,4984,9095,1966,8475,7985,436Total Assets128,172138,354132,244139,263144,266129,495Accounts Payable7,2518,0227,9208,7778,4618,257ST Debt& Current portion of Lt Debt8,4729,9818,69812,43215,60612,021Liabilities held for sale6601,187Accrued and Other Current liabilities8,5599,2908,2898,8288,9998,325Total Current Liabilities24,28227,29324,90730,03733,72629,790Long Term Debt21,36022,03321,08019,11119,81118,329Deferred Income Tax10,90211,07010,13210,82710,2189,531Pension Benefits & Other Liabilities10,1899,95712,09010,57910,5358,795Total Liabilities66,73370,35368,20970,55474,29066,445Noncontrolling Interest324361596645762631Redeemable Convertible Preferred Stock1,2771,2341,1951,1371,1111,077Common Stock4,0084,0084,0084,0094,0094,009Additional Paid-In Capital61,69762,40563,18163,53863,91163,852Retained Earnings (Accumulated Deficit)64,61470,68275,34980,19784,99084,807Treasury Stock - Common-61,309-67,278-69,604-71,966-75,805-77,226Accumulated & Other Comprehensive Income-10,773-5,006-10,690-8,851-9,002-14,100Total Equity59,83866,40664,03568,70969,97663,050Total Liabilities & Shareholders' Equity128,172138,354132,244139,263144,266129,495Check Workbalancedbalancedbalancedbalancedbalancedbalanced
Cash FlowThe Procter & Gamble CompanyCash Flow Statement in millions (yr end 6/30/xx)201020112012201320142015Net Income 12,84611,92710,90411,40211,7857,144Depreciation & Amortization3,1082,8383,2042,9823,1413,134Deferred Taxes36128-65-307-44-803Venezuela deconsolidation charge2,028Goodwill impariment charges1,5763082,174Share Based compensation expense453414377346360337Other Non-Cash Items-2,670-203-2,106-916-154-766Total Non- Cash expenses9273,1772,9862,4133,3036,104Accounts Receivable-14-426-427-41587349Inventories86-50177-2258313Payable / Accrued2,446358-221,2531928Other Assets & Liabilities, Net-160-1,205-234445-1,226-230Changes in Working Capital2,358-1,774-6061,058-1,1301,360Cash from Operating Activities16,13113,33013,28414,87313,95814,608Capital Expenditures-3,067-3,306-3,964-4,008-3,848-3,736Acquisition o ...
1. Balance SheetThe Procter & Gamble CompanyAnnual Balance
Sheet (year end 6/30/XX)Period Ended in
millions201020112012201320142015Cash and Cash
Equivalents2,8792,7684,4365,9478,5586,845ST marketable
securities2,1284,767Accounts Receivable - Trade,
Net5,3356,2756,0686,5086,3864,861Inventory6,3847,3796,7216
,9096,7595,454Deferred Income Taxes9481,0921,356Prepaid
Expenses and other current
assets4,1845,5484,6853,6783,8452,853Assets held for
sale2,8493,510Total Current
Assets18,78221,97021,91023,99031,61729,646Buildings -
Gross6,8687,7537,3247,829Land / Improvements -
Gross850934880878Machinery / Equipment -
Gross29,29432,82032,02934,305Property / Plant / Equipment,
Total - Gross37,01241,50740,23343,012Accumulated
Depreciation, Total-17,768-20,214-19,856-21,346Property /
Plant / Equipment, Total -
Net19,24421,29320,37721,66622,30420,268Goodwill,
Net54,01257,56253,77355,18853,70447,316Intangibles,
Net31,63632,62030,98831,57230,84326,829Other Long Term
Assets4,4984,9095,1966,8475,7985,436Total
Assets128,172138,354132,244139,263144,266129,495Accounts
Payable7,2518,0227,9208,7778,4618,257ST Debt& Current
portion of Lt
Debt8,4729,9818,69812,43215,60612,021Liabilities held for
sale6601,187Accrued and Other Current
liabilities8,5599,2908,2898,8288,9998,325Total Current
Liabilities24,28227,29324,90730,03733,72629,790Long Term
Debt21,36022,03321,08019,11119,81118,329Deferred Income
Tax10,90211,07010,13210,82710,2189,531Pension Benefits &
Other Liabilities10,1899,95712,09010,57910,5358,795Total
Liabilities66,73370,35368,20970,55474,29066,445Noncontrolli
ng Interest324361596645762631Redeemable Convertible
Preferred Stock1,2771,2341,1951,1371,1111,077Common
2. Stock4,0084,0084,0084,0094,0094,009Additional Paid-In
Capital61,69762,40563,18163,53863,91163,852Retained
Earnings (Accumulated
Deficit)64,61470,68275,34980,19784,99084,807Treasury Stock
- Common-61,309-67,278-69,604-71,966-75,805-
77,226Accumulated & Other Comprehensive Income-10,773-
5,006-10,690-8,851-9,002-14,100Total
Equity59,83866,40664,03568,70969,97663,050Total Liabilities
& Shareholders'
Equity128,172138,354132,244139,263144,266129,495Check
Workbalancedbalancedbalancedbalancedbalancedbalanced
Cash FlowThe Procter & Gamble CompanyCash Flow Statement
in millions (yr end 6/30/xx)201020112012201320142015Net
Income 12,84611,92710,90411,40211,7857,144Depreciation &
Amortization3,1082,8383,2042,9823,1413,134Deferred
Taxes36128-65-307-44-803Venezuela deconsolidation
charge2,028Goodwill impariment charges1,5763082,174Share
Based compensation expense453414377346360337Other Non-
Cash Items-2,670-203-2,106-916-154-766Total Non- Cash
expenses9273,1772,9862,4133,3036,104Accounts Receivable-
14-426-427-41587349Inventories86-50177-2258313Payable /
Accrued2,446358-221,2531928Other Assets & Liabilities, Net-
160-1,205-234445-1,226-230Changes in Working Capital2,358-
1,774-6061,058-1,1301,360Cash from Operating
Activities16,13113,33013,28414,87313,95814,608Capital
Expenditures-3,067-3,306-3,964-4,008-3,848-3,736Acquisition
of Business-425-474-134-1,145-24-137Deconsolidated
Venezuela Operations-908Sale of Fixed
Assets3,0682252,8935845704,497Investment, Net-17373112-
1,726-805-2,607Cash from Investing Activities-597-3,482-
1,093-6,295-4,107-2,891Total Cash Dividends Paid-5,458-
5,767-6,139-6,519-6,911-7,287Treasury stock purchases-6,004-
7,039-4,024-5,986-6,005-4,604Options
Exercised7211,3021,7293,4492,0942,826Short Term Debt, Net-
1,798151-3,4123,4063,304-2,580Long Term Debt
Issued3,8301,5363,9852,3314,3342,138Long Term Debt
3. Reduction-8,546-206-2,549-3,752-4,095-3,512Cash from
Financing Activities-17255-10023-10410-7071-7,279-
13,019Foreign Exchange Effects-122163-113439-411Net
Change in Cash-1,843-121,6681,5112,611-1,713Net Cash -
Beginning Balance4,7812,8792,7684,4365,9478,558Net Cash -
Ending Balance2,9382,8674,4365,9478,5586,845Cash Interest
Paid1,184806740683686678Cash Taxes
Paid4,1752,9924,3483,7803,3204,558
Income StatementThe Procter & Gamble CompanyAnnual
Income Statement in millions (year end
6/30/xx)201020112012201320142015TTM20142015Total
Revenue77,56781,10482,00680,11680,51076,27969,374Total
Revenue80,51076,279Cost of Revenue incl depr & amort &
restructuring37,04239,85941,41139,99141,01038,876-
35,196Fabric Care & Home Care23,50922,277SG&A Expense
incl restructuring24,79325,75025,98426,00024,76023,585-
20,464Beauty, Hair & Personal Care19,50718,135Goodwill &
indefinite-lived intangible impariment1,576308Baby, Feminine
& Family Care20,95020,247Venezuela deconsolidation
charge2,028-2,028Health Care7,7987,713Operating
Income15,73215,49513,03513,81714,74011,79011,686Groomin
g8,0097,441Interest Expense946831769667710626-
579Corporate737466Other Non-Operating Income
(Expense)823332621,029307682696Earnings before
taxes14,86814,99712,52814,17914,33711,84611,803% of
TotalTTMProvision for Income
Taxes4,0173,2993,3783,2263,0192,916-3,006Fabric Care &
Home Care29.20%29.20%Net Income From Continuing
Operations10,85111,6989,15010,95311,3188,9308,797Beauty,
Hair & Personal Care24.23%23.77%Baby, Feminine & Family
Care26.02%26.54%Net Earnings from Noncontrolling
Interests13014890142108-208Health Care9.69%10.11%Net
Income From Discontinued Operations1,9952291,754449467-
1,786-108Grooming9.95%9.75%Corporate0.92%0.61%Net
Income Attributable to Proctor &
Gamble12,84611,79710,75611,31211,6437,0368,481Operating
4. MarginTTMFabric Care & Home Care18.0%18.2%Other
Earnings DataBeauty, Hair & Personal
Care18.1%18.6%Preferred Dividends-219-233-256-244-253-
259Baby, Feminine & Family Care20.6%21.3%Income Avail to
Common Excl Extraordinary
Items10,72711,56410,50011,06811,3906,777Health
Care20.5%22.0%Grooming32.3%31.9%Basic Weighted Average
Shares2,8442,7662,7482,7422,7112,715CorporateDiluted
Weighted Average
Shares3,0993,0022,9412,9312,9052,884Common stock dividend
per share$1.80$1.97$2.14$2.29$2.29$2.29Basic Normalized
EPS$3.70$4.12$3.82$4.04$4.20$2.50Diluted Normalized
EPS$3.53$3.93$3.57$3.78$3.92$2.35
QuarterlyIncome Statement - As ReportedDec '15Sep '15Jun
'15Mar '15Dec '14Balance Sheet - As ReportedDec '15Sep
'15Jun '15Cash Flow - As ReportedDec '15Sep '15Jun '153 M3
M3 M3 M3 M6 M3 M1 YNet
sales16,91516,52717,79018,14218,495 Cash and cash
equivalents9.47.76.8Cost of products
sold(8,460)(8,152)(9,257)(9,327)(9,558) Available-for-sale
investments securities4.94.94.8 Net
earnings5,8632,6357,144Gross
profit8,4558,3758,5338,8158,937 Accounts
receivable4.74.74.9 Depreciation and
amortization1,4547313,134Selling, general and administrative
expense(4,602)(4,607)(5,575)(5,680)(5,358) Total
inventories5.15.25.5 Share-based compensation
expense14067337Venezuela deconsolidation charge----(2,028)--
-- Assets held for sale9.29.43.5 Deferred income
taxes14089(803)Operating income3,8533,7689303,1353,579
Other CA3.03.74.2 Gain / loss on sale / purchase of
businesses(37)(7)(766)Interest
expense(143)(140)(147)(149)(160) Total current
assets36.335.629.6 Venezuela deconsolidation charge2,028
Interest income5844483834 Goodwill and indefinite-lived
intangible asset impairment4024022,174 Other non-operating
5. income / loss, net35(18)4385319 Property, plant and
equipment, net18.919.120.3 Changes inEarnings from
continuing operations before inc
taxes3,8033,6541,2693,0773,472 Goodwill44.244.647.3
Accounts receivable(488)(368)349Income taxes on continuing
operations(898)(877)(629)(602)(798) Trademarks and other
intangible assets, net24.524.726.8
Inventories(386)(519)313Net earnings from continuing
operations2,9052,7776402,4752,674 Other non-current
assets5.25.25.4 Accounts payable, accrued and other
liabilities322298928Net earnings / loss from discontinued
operations323(142)(102)(287)(276)Total assets129.1129.3129.5
Other operating assets and liabilities374141(976)Net
earnings3,2282,6355382,1882,398 Other23469746Net earnings
attributable to noncontrolling interests(22)(34)(17)(35)(26)
Accounts payable7.77.88.3Total operating
activities8,0183,53814,608Net earnings attributable to Procter
& Gamble3,2062,6015212,1532,372 Accrued and other
liabilities7.98.58.3 Liabilities held for sale2.52.21.2 Capital
expenditures(1,223)(532)(3,736) Debt due within one
year13.913.112.0 Proceeds from asset sales80384,497 Total
current liabilities32.131.629.8 Cash related to deconsolidated
Venezuela operations----(908) Acquisitions, net of cash
acquired(186)0(137) Long-term debt17.617.418.3 Purchases
of short-term investments(762)(494)(3,647) Other
Liabilities17.217.418.3 Proceeds from sales of short-term
investments6834181,203 Total liabilities66.866.366.4 Change
in other investments(31)24(163)Total investing
activities(1,439)(546)(2,891) Preferred stock1.11.11.1
Common stock4.04.04.0 Dividends to
shareholders(3,733)(1,865)(7,287) Additional paid-in
capital63.863.763.9 Change in short-term debt2,020450(2,580)
Reserve for ESOP debt retirement-1.3-1.3-1.3 Additions to
long-term debt1,721--2,138 Accumulated other
comprehensive income / loss-14.3-13.7-12.8 Reductions of
long-term debt(2,239)(537)(3,512) Treasury stock-78.5-77.0-
6. 77.2 Treasury stock purchases(2,503)(502)(4,604) Retained
earnings86.985.684.8 Impact of stock options and
other1,0074832,826 Noncontrolling interest0.70.70.6Total
financing activities(3,727)(1,971)(13,019) Total shareholders'
equity62.363.063.1Total liabilities and shareholders’
equity129.1129.3129.5Effect of exchange rate changes on cash
and cash equiv(285)(152)(411)Change in cash and cash
equivalents2,567869(1,713)Cash and cash equivalents,
beginning of period6,8366,8368,558Cash and cash equivalents,
end of period9,4037,7056,845
Oper expense201020112012201320142015TTMReorganization
& Restructure Expense *001,1009567571,055362Cost of
Revenue354356399628273SG&A
Expense74660035842789Depreciation3,1082,8383,2042,9823,1
413,1342,623Amortization425Ongoing COGS w/o depr & amort
& restrucTotal
SG&A24,79325,75025,98426,00024,76023,58520,464Research
&
Development1,8511,8971,9471,9401,9842,047Advertising8,475
9,2109,3459,4009,0008,300Other
SG&A14,46714,64313,94614,06013,41812,811Restructure
expense0074660035842789Ongoing SG&A20,375As a percent
of
sales201020112012201320142015201620172018201920202021
Research & DevelopmentAdvertisingOther SG&ARestructuring
& reorganization Ongoing SG&A
IntangiblesIntangible AssetsDeterminable lives,
Gross201020112012201320142015Brands3,2843,3923,2974,251
4,1543,678Patents &
Tech3,1403,1953,1642,9762,8502,627Customer
Relationships1,9472,1212,0482,1182,0021,621Other304335352
348355307Total8,6759,0438,8619,6939,3618,233Accumulate
amortization201020112012201320142015Brands1,3181,5531,68
72,0202,2052,200Patents &
Tech1,5751,8402,0212,0322,0822,036Customer
Relationships460602642703763659Other205217218168164156T
7. otal3,5584,2124,5684,9235,2145,051Determinable lives,
Net201020112012201320142015Gross - accum amort =
NetBrandsPatents & TechCustomer
RelationshipsOtherTotal000000Intangible Assets w/indefinite
livesBrands26,51927,78926,69526,80226,69623,647Total
Intangible
Assets26,51927,78926,69526,80226,69623,647Intangible
Amortization Expense000000
SegmentSalesJun '15Jun '14Jun '13Jun '12Jun '11Jun '10Jun
'09Jun '08Operating IncomeJun '15Jun '14Jun '13Jun '12Jun
'11Jun '10Jun '09Jun '08Fabric Care & Home
Care22,27726,06027,44827,25424,83723,80523,18623,831Fabri
c Care & Home
Care4,0614,6784,8254,6454,7145,0764,6635,078Beauty, Hair &
Personal
Care18,13519,50719,95620,31820,15719,49118,78919,515Beaut
y, Hair & Personal
Care3,3793,5303,2153,1963,6073,6483,3673,528Baby,
Feminine & Family Care20,24720,950Baby, Feminine & Family
Care4,3174,310Health
Care7,7137,79812,83012,42112,03311,49313,62314,578Health
Care1,7001,5972,7692,7182,7202,8093,6853,746Grooming7,441
8,0098,0388,3398,0257,6317,5438,254Grooming2,3742,5892,45
82,3952,1832,0072,0912,299Historical
Segments16,79016,49315,60614,73614,10313,898Historical
Segments3,5093,3513,1813,2702,8272,700Total76,27983,06284
,16783,68082,55978,93879,02983,503Total11,84614,88514,843
12,78515,18915,04715,32516,078Sales % of TotalJun '15Jun
'14Jun '13Jun '12Jun '11Jun '10Jun '09Jun '08Operating Income
% of TotalJun '15Jun '14Jun '13Jun '12Jun '11Jun '10Jun '09Jun
'08Fabric Care & Home
Care29.2%31.4%32.6%32.6%30.1%30.2%29.3%28.5%Fabric
Care & Home
Care34.3%31.4%32.5%36.3%31.0%33.7%30.4%31.6%Beauty,
Hair & Personal
Care23.8%23.5%23.7%24.3%24.4%24.7%22.3%23.2%Beauty,
8. Hair & Personal
Care28.5%23.7%21.7%25.0%23.7%24.2%22.0%21.9%Baby,
Feminine & Family
Care26.5%25.2%0.0%0.0%0.0%0.0%0.0%0.0%Baby, Feminine
& Family Care36.4%29.0%0.0%0.0%0.0%0.0%0.0%0.0%Health
Care10.1%9.4%15.2%14.8%14.6%14.6%16.2%17.3%Health
Care14.4%10.7%18.7%21.3%17.9%18.7%24.0%23.3%Groomin
g9.8%9.6%9.6%10.0%9.7%9.7%9.0%9.8%Grooming20.0%17.4
%16.6%18.7%14.4%13.3%13.6%14.3%Historical
Segments0.0%0.0%19.9%19.7%18.9%18.7%16.8%16.5%Histori
cal Segments0.0%0.0%23.6%26.2%20.9%21.7%18.4%16.8%%
GrowthJun '15Jun '14Jun '13Jun '12Jun '11Jun '10Jun
'09Operating MarginJun '15Jun '14Jun '13Jun '12Jun '11Jun
'10Jun '09Fabric Care & Home Care-14.5%-
5.1%0.7%9.7%4.3%2.7%-2.7%Fabric Care & Home
Care18.2%18.0%17.6%17.0%19.0%21.3%20.1%Beauty-7.0%-
2.2%-1.8%0.8%3.4%3.7%-3.7%Beauty, Hair & Personal
Care18.6%18.1%16.1%15.7%17.9%18.7%17.9%Baby Care &
Family Care-3.4%Baby, Feminine & Family
Care21.3%20.6%Health Care-1.1%-39.2%3.3%3.2%4.7%-
15.6%-6.6%Health
Care22.0%20.5%21.6%21.9%22.6%24.4%27.0%Grooming-
7.1%-0.4%-3.6%3.9%5.2%1.2%-
8.6%Grooming31.9%32.3%30.6%28.7%27.2%26.3%27.7%Histo
rical Segments1.8%5.7%5.9%4.5%1.5%Historical
Segments20.9%20.3%20.4%22.2%20.0%
ROICROIC & Economic
ProfitTerminalValuepercent201020112012201320142015201620
172018201920202021ROIC without goodwill
(average)309.13%302.09%299.25%290.35%296.65%ERROR:#D
IV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR
:#DIV/0!ERROR:#DIV/0!ROIC with goodwill
(average)96.50%96.39%96.11%95.41%97.31%ERROR:#DIV/0!
ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DI
V/0!ERROR:#DIV/0!ROIC without goodwill (prior
year)330.07%292.67%305.53%294.11%271.03%ERROR:#DIV/
9. 0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#D
IV/0!ERROR:#DIV/0!ROIC with goodwill (prior
year)100.70%93.27%97.61%94.94%90.65%ERROR:#DIV/0!ER
ROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!
ERROR:#DIV/0!$
millionsNOPLAT$74,459$78,266$78,802$77,134$77,369$73,14
5ERROR:#DIV/0!$0$0$0$0$0Capital chargeEconomic
profitROIC100.70%93.27%97.61%94.94%90.65%ERROR:#DIV
/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#
DIV/0!ERROR:#DIV/0!WACCSpreadInvested capitalt-
177,72484,48779,01981,49480,69269,64200000Economic profit
w/goodwillNOPLAT (adjusted values)TerminalValue$
millions2010201120122013201420152016201720182019202020
21Total
Revenue77,56781,10482,00680,11680,51076,27976279Cost of
Revenue0000000SG&A expense0000000Depreciation
expense3,1082,8383,2042,9823,1413,134ERROR:#DIV/0!Amort
ization expense000000Operating Profit
(EBITA)74,45978,26678,80277,13477,36973,145ERROR:#DIV/
0!00000Taxes (use effective tax
rate)NOPLAT74,45978,26678,80277,13477,36973,145ERROR:#
DIV/0!00000Invested CapitalTerminalValue$
millions2010201120122013201420152016201720182019202020
21Operating CashAccounts Receivable - Trade,
Net5,3356,2756,0686,5086,3864,861Inventory6,3847,3796,7216
,9096,7595,454Prepaid expenses & Other CA ??Operating
current
assets11,71913,65412,78913,41713,14510,315000000Accounts
Payable7,2518,0227,9208,7778,4618,257Accrued & other CL
??Operating current
liabilities7,2518,0227,9208,7778,4618,257000000Operating
working capital4,4685,6324,8694,6404,6842,058000000PP&E,
Net19,24421,29320,37721,66622,30420,268Intangibles
determinable livedOperating Leases ???Other long term assets
???Invested
Capital23,71226,92525,24626,30626,98822,326000000Goodwill
10. , Net54,01257,56253,77355,18853,70447,316Intangibles ,
acquired (indefinite lived)Invested Capital w/
acquisitions77,72484,48779,01981,49480,69269,642000000Exc
ess CashAll other non-oper assetsTotal Funds Invested
(Uses)77,72484,48779,01981,49480,69269,642000000Total
Funds Invested (Sources)201020112012201320142015ST Debt&
Current portion of Lt
Debt8,4729,9818,69812,43215,60612,021Operating
Leases000000Long Term
Debt21,36022,03321,08019,11119,81118,329Other Debt and
equivalentsDebt & Debt
Equivalents29,83232,01429,77831,54335,41730,350Noncontroll
ing Interest324361596645762631Redeemable Convertible
Preferred Stock1,2771,2341,1951,1371,1111,077Common
Stock4,0084,0084,0084,0094,0094,009Additional Paid-In
Capital61,69762,40563,18163,53863,91163,852Retained
Earnings (Accumulated
Deficit)64,61470,68275,34980,19784,99084,807Treasury Stock
- Common-61,309-67,278-69,604-71,966-75,805-
77,226Accumulated & Other Comprehensive Income-10,773-
5,006-10,690-8,851-9,002-14,100Equity equivalentsEquity &
Equity equivalents59,83866,40664,03568,70969,97663,050Total
Funds Invested
89,67098,42093,813100,252105,39393,400Checkerrorerrorerror
errorerrorerror$
millions20102011201220132014201520162017201820192020Ca
pital ExpendituresCapex = PPE1 - PPE0 + deprCheck data:
Capex as a % of
revenue0.00%0.00%0.00%0.00%0.00%0.00%0.00%ERROR:#DI
V/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!
ForecastsForecasts** 2021 is the terminal value
year201020112012201320142015201620172018201920202021G
rowth of revenue1.14%4.56%1.11%-2.30%0.49%-5.26%Percent
of revenue, unless notedCost of RevenueSG&A00000EBITDA
margin100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.
0%100.0%100.0%100.0%Depreciation (% of
11. PP&E)Amortization (% of definite lived intang)Operating
Income (EBITA)
margin96.0%96.5%96.1%96.3%96.1%95.9%ERROR:#DIV/0!ER
ROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!
Effective tax
rate27.02%22.00%26.96%22.75%21.06%24.62%Invested
CapitalDays Sales unless
noted201020112012201320142015201620172018201920202021
Operating CashAccounts ReceivableInventoryPrepaid expenses
(% of revenue)Other current assets ?? (% of revenue)Accounts
PayableAccrued expenses (% of revenue)Other current
liabilities ?? (% of revenue)Percent of revenuePlant, property &
equip, netIntangibles determinable livedOperating LeasesOther
long term assets ???$ millionsGoodwillIntangible assets, acq
(indefinite lived)Percent of revenueExcess CashState other non-
operating assets
WACCProcter & Gamble Co (PG)LatestLatestCalculate Beta
hereCusip NumberDescriptionCurrent Amt
OutCouponMaturitySeniorityPriceYTWFDSF299C7Commercial
Paper*8,807.0--12/2016SNR Unsec----742718ED7Other P&G
ST Debt3,214.075.000%11/2016SNR Unsec99.990.77Total debt
due within the year12,021.0Assume settlement date of
2/26/16U74271PA6Procter & Gamble Co -
EUR*1,131.0512.500%10/2017SNR
Unsec108.860.80742718EE5Procter & Gamble
Co*1,000.0160.000%11/2018SNR
Unsec101.511.04742718EG0Procter & Gamble
Co*550.0190.000%11/2019SNR
Unsec102.731.15742718DN6Procter & Gamble
Co*1,600.0470.000%02/2019SNR
Unsec110.151.25U74271LB8Procter & Gamble Co -
EUR*671.0412.500%12/2020SNR
Unsec118.590.32742718EK1Procter & Gamble Co -
JPY*618.027.500%05/2020SNR
Unsec101.220.45742741AA9Procter & Gamble Co -
ESOP*672.0936.000%01/2021SNR
13. 20,37500000% of
sales0.0%0.0%0.0%0.0%0.0%29.4%0.0%0.0%0.0%0.0%0.0%E
BITDA81,10482,00680,11680,51076,27948,99976,2790000EBI
TDA
margin100.0%100.0%100.0%100.0%100.0%70.6%100.0%100.0
%100.0%100.0%100.0%Depreciation2,8383,2042,9823,1413,13
4ERROR:#DIV/0!0000% of Net
PP&E0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%EBITA
78,26678,80277,13477,36973,145ERROR:#DIV/0!0000EBIT
margin96.5%96.1%96.3%96.1%95.9%ERROR:#DIV/0!ERROR:
#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!tax
expense17,21721,24817,54916,29218,005ERROR:#DIV/0!0000t
ax
rate22.0%27.0%22.8%21.1%24.6%NOPLAT61,04957,55459,58
561,07755,140ERROR:#DIV/0!0000plus:
Depr2,8383,2042,9823,1413,134ERROR:#DIV/0!0000less:
Capex0000000000less: Change NWC1,164-763-22944-2,626-
2,0580000FCF62,72361,52162,79664,17460,900TimeWACC0%
PV of FCFimplied0%Enterprise ValueEquity Value w/
MultiplePerpetuity growth rategrowthexcessSum of PV
FCFEnterprise V0.0Terminal ROIC0%Exit Multiple
(EBITDA/EV)Less: debtTerminal growth rate0.0%0%Terminal
ValueLess: debt equivTerminal ValueNon-operating
assetsExcess CashEquity ValueEnterprise ValueOther
nonoperating assetsDilulted shs outstandingEquity
ValueEnterprise ValueEquity Value/ shareEquity Value/
shareEquity ValueExit MultipleEquity ValuePerpetuity Growth
RateWACCWACCTTM EPSSensitivity to Revenue growth and
EBIT orEBITDA margin are also good things to look
atMultipleROICImplied Equity Value/ share$0.00$0.00Implied
P/E RatioERROR:#DIV/0!ERROR:#DIV/0!Historical LT
Average P/E ratio20.31xHistorical 5 yr Average P/E
ratio22.45xHigh P/E Ratio32.31xLow P/E Ratio14.11xMedian
P/E Ratio19.60xCurrent EBITDA$48,999MultipleROICImplied
Enterprise Value$0.00$0.00Implied EV/ EBITDA
Ratio0.000.00Historical LT Average EV /
14. EBITDA11.55xHistorical 5 yr Average EV/EBITDA
ratio12.02xHigh EV/ EBITDA Ratio12.88xLow EV/ EBITDA
Ratio8.87xMedian EV/ EBITDA Ratio11.96x
MultiplesProcter & Gamble CompanySource : FactSet
FundamentalsValuation (x)Dec '15Jun '15Jun '14Jun '13Jun
'12Jun '11Jun '10Jun '09Jun '08Jun '07Jun
'06Price/Sales3.282.962.752.682.152.312.352.042.422.722.68Pr
ice/Earnings27.4032.3119.6019.9519.2916.1816.6714.1116.712
0.1321.06Price/Book
Value3.553.463.133.152.652.592.792.362.662.872.88Price/Cash
Flow14.6215.4416.3515.1713.5614.4211.5710.8012.7515.4816.
06Price/Free Cash
Flow18.5820.7522.5820.7719.3319.2314.2913.8015.8019.8220.
98Enterprise
Value/EBIT15.4914.8215.0715.3211.3614.2211.6910.4513.8714
.4015.09Enterprise
Value/EBITDA12.8812.3612.5912.869.5711.889.888.8711.5411
.9612.68Enterprise
Value/Sales3.373.052.892.832.322.492.512.292.612.903.06EPS
PE RatioPE RatioPE RatioEV /EV /EV
/Debt/Debt/FY1ActualFY1LTMSalesEBITEBITDAEBITDAEVP
&G
3.6228.22x22.56x21.02x3.46x15.91x13.24x1.74x1,312.54%Ave
rage4.9325.75x21.28x21.06x3.30x16.52x14.07x1.32x948.65%M
edian6.1121.24x21.36x21.12x3.38x16.24x14.22x1.53x1,032.57
%Johnson & Johnson
6.5119.95x15.99x15.86x3.83x14.35x12.00x0.88x729.73%Kimbe
rly-Clark
6.1147.09x21.36x21.12x2.93x16.24x13.28x1.89x1,426.44%Colg
ate-Palmolive
2.7724.99x24.39x24.10x4.02x16.44x14.77x1.53x1,032.57%Unil
ever2.0821.24x20.79x20.58x2.34x15.93x14.22x1.70x1,194.16%
L'Oreal7.2015.46x23.86x23.64x3.38x19.66x16.09x0.62x360.33
%Comps Source: User Defined Comparables
Print screenSome print screens you might want to include to
support breakdown of invested capital and operating expense
15. line itemsCOGS, SG&A, noncurrent assets, restructuring,
accrued and other liabilities, other non-current liabilities,
amortizationYou should show all relevant sourcing as a print
screen as well as footnotes if necessary
Operating
Lease
Sample print
screen supporting
the judgement
of excluding oper
leases from the
analysis for P&G