18 SPREAD RNOA NBC 326 788 921 970 19 ROOA Return on Operat 20 OLSPREAD

18 spread rnoa nbc 326 788 921 970 19 rooa return on

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18 SPREAD RNOA-NBC -3.26% 7.88% 9.21% 9.70% 19 ROOA Return on Operat 20 OLSPREAD Operating Liabili 21 ATO Asset Turnover Sales / NOA 0.77 0.80 0.88 0.84 22 Growth rate in sales -3.23% 1.14% 4.56% 23 Growth rate in operating income -24.48% -1.59% 4.24% 24 Growth in NOA - -7.30% -7.56% 9.93% 25 Growth in CSE - -9.15% -3.09% 10.90% 26 1143.37 1133.80 1195.82 27 ROA Return on Assets Comprehensive income / Sales Operating liability / Net operating assets (NFO t +NFO t-1 )/(CSE t +CSE t-1 ) Short-term borrowing rate*(1-T) tax + Implicit Interest after tax)/ [(OA +OA )/2] ROOA - Short-term Borrowing Rate (after tax) Change in sales / Prior period's sales Change in OI after tax / Prior period's OI Change in NOA / Beginning NOA Change in CSE / Beginning CSE operating liabilities after rate (after tax) * Operating liabilities Expense (after tax)]/Average total assets
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For P&G 2012 162.29% 273.30% 8.47% 18.47% -62.29% 5.52% 11.53% -6.31% 11.49% 15.98% - 12.77%
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13.79% 43.86% 140.05% - #NAME? - 0.94 3.18% -7.33% -8.30% -6.31% 1224.20
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Financial Statement Analysis and Valuation (Fourth Edition) Stephen Penman 2010 Roadmap to Developing Your Own Financial Statement Analysis and Valuation Pro Step 2: Reformulation 2.3. Reformulation of Income Statements PROCTER AND GAMBLE INCOME STATEMENTS (in millions, except per share data) for the yea 2019/06/30 2018/06/30 2017/06/30 2016/06/30 2015/06/30 2003/05/31 2002/05/31 Revenues $67,684.0 $66,832.0 $65,058.0 $65,299.0 $70,749.0 $10,697.0 $9,893.0 Costs and expenses: Cost of s 34,768.0 34,432.0 32,638.0 32,909.0 37,056.0 6,313.6 6,004.7 Selling a 19,084.0 19,037.0 18,654.0 18,949.0 20,616.0 3,137.6 2,820.4 Interest 289.0 259.0 294.0 397.0 477.0 42.9 47.6 Other in (871.0) (222.0) 215.0 (325.0) (440.0) 79.9 3.0 Goodwill 8,345.0 - - - - Venezuel - - - - 2,028.0 - - Total c 61,615.0 53,506.0 51,801.0 51,930.0 59,737.0 9,574.0 8,875.7 6,069.0 13,326.0 13,257.0 13,369.0 11,012.0 1,123.0 1,017.3 Income t 2,103.0 3,465.0 3,063.0 3,342.0 2,725.0 382.9 349.0 3,966.0 9,861.0 10,194.0 10,027.0 8,287.0 740.1 668.3 (5,217.0) (577.0) 1,143.0 266.1 5.0 Net income 3,966.0 9,861.0 15,411.0 10,604.0 7,144.0 474.0 663.3 Basic earn 1.45 3.75 5.80 3.80 2.50 1.79 2.48 Diluted ea 1.43 3.67 5.59 3.69 2.44 1.77 2.44 Income before income taxes and cumulativ e effect accountin g change Income before cumulativ e effect of accountin g change Cumulativ e effect of accountin g change, net of income taxes
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oduct PROCTER A (in millions 2001/05/31 2000/05/31 1999/05/31 1998/05/31 1997/05/31 1996/05/31 for the yea $9,488.8 $8,995.1 $8,776.9 $9,553.1 $9,186.5 $6,470.6 Operating Cost of s 5,784.9 5,403.8 5,493.5 6,065.5 5,503.0 3,906.7 Gross mar 2,689.7 2,606.4 2,426.6 2,623.8 2,303.7 1,588.6 Operating 58.7 45.0 44.1 60.0 52.3 39.5 Adminis 34.1 23.2 21.5 20.9 32.3 36.7 Advertis Resear - (2.5) 45.1 129.9 - - Other ex 8,567.4 8,075.9 8,030.8 8,900.1 7,891.3 5,571.5 Total oper 921.4 919.2 746.1 653.0 1,295.2 899.1 Core opera 331.7 340.1 294.7 253.4 499.4 345.9 Tax on ope 589.7 579.1 451.4 399.6 795.8 553.2 Tax as - - - - - - Tax on 589.7 579.1 451.4 399.6 795.8 553.2 Tax ben 2.18 2.10 1.59 1.38 2.76 1.93 Total tax o 2.16 2.07 1.57 1.35 2.68 1.88 Core opera Other oper Gain on as Restruc
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Tax on Restruc Foreign Other c Loss on Other Total other Operating Net financi Interes Interes Net interes Tax benefit Net interes Preferred d Net financ Non-contro Discounted Comprehen
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AND GAMBLE. REFORMULATED INCOME STATEMENTS s) 2008/06/30 2009/06/30 2010/06/30 $79,257.0 $76,694.0 $78,938.0 39,261.0 38,690.0 37,919.0 39,996.0 38,004.0 41,019.0 expenses 13,551.0 13,247.0 14,481.0 8,520.0 7,519.0 8,567.0 1,946.0 1,864.0 1,950.0 xpense, net 24,017.0 22,630.0 24,998.0 15,979.0 15,374.0 16,021.0 erating income 3,594.0 3,733.0 4,101.0 (164.9) (178.2) (26.6) 551.0 510.7 354.9 3,980.1 4,065.5 4,429.3 11,998.9 11,308.5 11,591.7 rating income (expense) (net of tax) 434 469 70 - - -
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(164.9) (178.2) (26.6) 269.1 290.8 43.4 n currency translation 3,129.0 - - (283.0) (276.0) (269.0) (232.0) (84.0) - 2,883.1 (69.2) (225.6) 14,882.0 11,239.3 11,366.1 ial expense (NFE) 1467.0 1358.0 946.0 (17.0) (14.0) (12.0) 1,450.0 1,344.0 934.0 (551.0) (510.7) (354.9) 899.0 833.3 579.1 176.0 192.0 219.0 1,075.0 1,025.3 798.1 (78.0) (86.0) (110.0) 784.0 2,756.0 1,790.0 14,513.0 12,884.0 12,248.0
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