CASE 1: APPLE, INC.
Refs.: Hitt, Ireland & Hoskisson Strategic Management:
Introduction:
Apple Computer, cofounded by Steve Jobs and Steve Wozniak, has had a tumultuous journey in the computer
industry. With a mission of providing easy-to-use computers to everyday people, Apple grew to become
stronger than IBM in the personal computer (PC) segment. In 1984, with the introduction of the Macintosh,
Apple revolutionized the PC market by providing the first widely available graphical user interface (GUI)
operating system (OS).
http://finance.yahoo.com/q/pr?s=AAPL
Business Summary
Apple Inc., together with subsidiaries, designs, manufactures, and markets mobile communication and media
devices, personal computing products, and portable digital music players worldwide. Its products and services
include iPhone, a handheld product that combines a mobile phone, an iPod, and an Internet communications
device; iPad, a multi-purpose mobile device; desktop computers, such as iMac, Mac Pro, and Mac mini;
portable computers, including MacBook Pro and MacBook Air; a line of iPod portable digital music and media
players; and iCloud, a cloud service. The company also offers a range of software products, including iOS and
OS X operating system software; server software; iLife and iWork application software; and other application
software consisting of Final Cut Pro, Logic Studio, Logic Pro, and its FileMaker Pro database software. It also
manufactures the Apple LED Cinema Display and Thunderbolt Display; sells a variety of Apple-branded and
third-party Mac-compatible and iOS-compatible peripheral products, including printers, storage devices,
computer memory, digital video and still cameras, and various other computing products and supplies; and
Apple TV, a device that allows customers to watch movies and television shows on their high definition
televisions. The company sells its products to consumers; small and mid-sized businesses; and education,
enterprise, and government customers through its retail stores, online stores, and direct sales force, as well as
through third-party cellular network carriers, wholesalers, retailers, and value-added resellers. It also sells and
delivers digital content and applications through the iTunes Store, App Store, iBookstore, and Mac App Store.
As of September 29, 2012, the company had 250 stores in the United States and 140 stores internationally.
Apple Inc. was founded in 1977 and is headquartered in Cupertino, California.
http://hbr.org/product/apple-inc-2008/an/708480-PDF-ENG
In January 2007, three decades after its incorporation, Apple Computer shed the second word in its name and
became Apple Inc. With that move, the company signaled a fundamental shift away from its historic status as a
vendor of the Macintosh PC line. Mac sales remained vital to Apple's future, but they now accounted for less
than half of its total revenue. The company's line of iPod media players, its iTunes online content store and its
newly launched iPhone mobile handset business made up increasingly large shares of its operations. In early
2008, on the strength of sky-rocketing sales in those areas and by resurgent sales of Macintosh products, Apple's
revenues and its stock price reached record levels. The case explores the sustainability of Apple's current
business model, one that positioned the company simultaneously in the PC industry and the consumer
electronics industry. While Apple enjoyed a high market share in digital media players and in online music
sales, it remained a niche player in the worldwide PC industry.
http://blogs.hbr.org/pallotta/2013/01/the-market-wants-apple-to-unve.html
Over the past 10 years, Apple reinvented the telephone, music players, the way we consume music, and
mobile computing itself actually, with the iPad, Apple invented mobile computing. Apple can ride the wave
of those disruptions for a little while. It has changed the world. It is now selling the products that define that
new world to the world. Even if it has nothing more up its sleeve than beautiful new iterations of its existing
products, the fact remains that this is a company that last quarter [4Q2012] had profits of more than $8 billion.
Compare that with Amazon's performance: Amazon lost $247 million in its last quarter. Amazon's price-toearnings ratio is now 2,767. Apple's is 13. And Apple's profits are growing substantially year over year.
There are other markets waiting to be disrupted, for sure. Television. Automobiles. Housing. Higher education
(Apple is already on its way to transforming that with iBooks Author and the iPad). If Apple is to maintain the
level of success it's achieved in the past 15 years, it may need to enter those industries in the next 15. And it
probably will. But for now, Apple is like no other company on the planet, based simply on what it has achieved
in the last six years. Tim Cook is capitalizing on the potential of those years of disruption, and is doing it
masterfully.
Brief History:
http://en.wikipedia.org/wiki/Apple_Inc.
1976-80: Founding and incorporation
1981-85: Lisa and Macintosh
1986-97: Decline
1998-2005: Return to profitability
2005-07: Transition to Intel
2007-11: Widespread success
2011-present: Post-Steve Jobs era
Finance
In its fiscal year ending in September 2011, Apple Inc. reported a total of $108 billion in annual revenues a
significant increase from its 2010 revenues of $65 billion and nearly $82 billion in cash reserves. Apple
achieved these results while losing market share in certain product categories. On March 19, 2012, Apple
announced plans for a $2.65-per-share dividend beginning in fourth quarter of 2012, per approval by their board
of directors.
On September 2012, Apple reached a record share price of more than $705 and closed at above 700. With
936,596,000 outstanding shares (as of June 30, 2012), it had a market capitalization of about $660 billion. At
the time, this was the highest nominal market capitalization ever reached by a publicly traded company,
surpassing a record set by Microsoft in 1999.
As of September 29, 2012, the company had 72,800 permanent full-time employees and 3,300 temporary fulltime employees worldwide. Its worldwide annual revenue in 2012 totalled $156 billion. In May 2013, Apple
had made it to the top ten of the Fortune 500 list of companies for the first time, taking the 6 position, 11 places
up from the previous year.
Apple Inc.
Income Statement
Annual Standardised in Millions of U.S. Dollars
2012
Earnings Quality Score
Period End Date
Revenue
Net Sales
67
2011
67
29-Sep2012
2010
91
24-Sep2011
2009
97
2008
97
25-Sep2010
26-Sep2009
27-Sep2008
156,508
108,249
65,225
42,905
37,491
156,508
108,249
65,225
42,905
37,491
Gross Revenue
--
--
--
--
--
Sales Returns and Allowances
--
--
--
--
--
Excise Tax Receipts
--
--
--
--
--
--
--
--
--
--
Interest Income, Non-Bank
--
--
--
--
--
Other Revenue
--
--
--
--
--
Other Revenue, Total
Total Revenue
Cost of Revenue, Total
Cost of Revenue
Excise Taxes Payments
Gross Profit
Selling/General/Admin. Expenses,
Total
Selling/General/Administrative
Expense
156,508
108,249
65,225
42,905
37,491
87,846
64,431
39,541
25,683
24,294
87,846
64,431
39,541
25,683
24,294
--
--
--
--
--
68,662
43,818
25,684
17,222
13,197
10,040
7,599
5,517
4,149
3,761
10,040
7,599
5,517
4,149
3,761
Labor & Related Expense
--
--
--
--
--
Advertising Expense
--
--
--
--
--
Research & Development
Depreciation/Amortization
3,381
2,429
1,782
1,333
1,109
--
--
--
--
--
Depreciation
--
--
--
--
--
Amortization of Intangibles
--
--
--
--
--
Amortization of Acquisition Costs
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
Interest Capitalized - Operating
Interest/Investment Income Operating
--
--
--
--
--
--
--
--
--
--
Interest Income - Operating
--
--
--
--
--
Investment Income - Operating
Interest Expense(Income) - Net
Operating
Interest Exp.(Inc.),Net-Operating,
Total
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
Unusual Expense (Income)
--
--
--
--
--
Purchased R&D Written-Of
--
--
--
--
--
Restructuring Charge
--
--
--
--
--
Litigation
--
--
--
--
--
Impairment-Assets Held for Use
--
--
--
--
--
Impairment-Assets Held for Sale
Loss(Gain) on Sale of Assets Operating
--
--
--
--
--
--
--
--
--
--
Interest Expense, Net - Operating
Interest Expense - Operating
Other Unusual Expense (Income)
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
Other Operating Expense
--
--
--
--
--
Other, Net
--
--
--
--
--
Other Operating Expenses, Total
Foreign Currency Adjustment
Unrealized Losses (Gains)
Minimum Pension Liability
Adjustment
Total Operating Expense
Operating Income
Interest Expense, Net Non-Operating
Interest Expense - NonOperating
Interest Capitalized - NonOperating
Interest/Invest Income - NonOperating
101,267
74,459
46,840
31,165
29,164
55,241
33,790
18,385
11,740
8,327
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
1,088
519
311
407
653
Interest Income - Non-Operating
Investment Income - NonOperating
Interest Income(Exp), Net NonOperating
1,088
519
311
407
653
Interest Inc.(Exp.),Net-Non-Op., Total
1,088
Gain (Loss) on Sale of Assets
--
--
--
--
--
--
--
--
--
--
519
311
407
653
--
--
--
--
--
(566)
(104)
(156)
(81)
(33)
Foreign Currency Adjustment
--
--
--
--
--
Unrealized Gains (Losses)
Minimum Pension Liability
Adjustment
Other Non-Operating Income
(Expense)
--
--
--
--
--
--
--
--
--
--
(566)
(104)
(156)
(81)
(33)
Other, Net
Net Income Before Taxes
55,763
34,205
18,540
12,066
8,947
Provision for Income Taxes
14,030
8,283
4,527
3,831
2,828
Net Income After Taxes
41,733
25,922
14,013
8,235
6,119
Minority Interest
--
--
--
--
--
Equity In Affiliates
--
--
--
--
--
U.S. GAAP Adjustment
--
--
--
--
--
Net Income Before Extra. Items
41,733
25,922
14,013
8,235
6,119
Accounting Change
--
--
--
--
--
Discontinued Operations
--
--
--
--
--
Extraordinary Item
--
--
--
--
--
Tax on Extraordinary Items
--
--
--
--
--
Total Extraordinary Items
--
--
--
--
--
Net Income
41,733
25,922
14,013
8,235
6,119
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
Income Available to Com Incl
ExtraOrd
Basic Weighted Average Shares
Basic EPS Excluding Extraordinary
Items
Basic EPS Including Extraordinary
Items
Dilution Adjustment
Diluted Net Income
Diluted Weighted Average Shares
Diluted EPS Excluding ExtraOrd
Items
Diluted EPS Including ExtraOrd Items
--
--
--
--
--
41,733
25,922
14,013
8,235
6,119
41,733
25,922
14,013
8,235
6,119
935
924
909
893
882
44.64
28.05
15.41
9.22
6.94
44.64
28.05
15.41
9.22
6.94
--
--
--
--
--
41,733
25,922
14,013
8,235
6,119
945
937
925
907
902
44.15
44.15
27.68
27.68
15.15
15.15
9.08
9.08
6.78
6.78
2.65
0.00
0.00
0.00
0.00
Supplemental ($ Millions)
DPS - Common Stock Primary Issue
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
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
2,500
1,740
1,168
879
710
516
Interest Expense, Supplemental
--
--
--
--
--
Interest Capitalized, Supplemental
Interest Expense (Financial Oper),
Suppl
--
--
--
--
--
--
--
--
--
--
Net Revenues
--
--
--
--
--
Depreciation, Supplemental
2,672
1,622
815
606
387
Funds From Operations - REIT
--
--
--
--
--
(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-Of,
Supplemental
--
--
--
--
--
Restructuring Charge, Supplemental
Other Unusual Expense(Income),
Suppl.
Non-Recurring Items, Supplemental,
Total
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
Total Special Items
--
--
--
--
--
Normalized Income Before Taxes
Efect of Special Items on Income
Taxes
55,763
Inc Tax Ex Impact of Sp Items
14,030
8,283
4,527
3,831
2,828
Normalized Income After Taxes
41,733
25,922
14,013
8,235
6,119
Normalized Inc. Avail to Com.
41,733
25,922
14,013
8,235
6,119
Basic Normalized EPS
44.64
28.05
15.41
9.22
6.94
Diluted Normalized EPS
Amort of Acquisition Costs,
Supplemental
44.15
27.68
15.15
9.08
6.78
--
--
34,205
--
--
18,540
--
--
12,066
--
--
8,947
--
--
Amort of Intangibles, Supplemental
605
192
69
53
46
Rental Expense, Supplemental
488
338
271
231
207
Labor & Related Expense Suppl.
EPS, Supplemental
Advertising Expense, Supplemental
--1,000
--933
--691
--501
--486
Equity in Affiliates, Supplemental
--
--
--
--
--
Minority Interest, Supplemental
Research & Development Exp,
Supplemental
--
--
--
--
--
3,381
2,429
1,782
1,333
1,109
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
--
--
--
--
--
Reported Operating Profit Margin
--
--
--
--
--
Reported Ordinary Profit
--
--
--
--
--
Reported Net Income After Tax
--
--
--
--
--
Reported Basic EPS
--
--
--
--
--
Reported Diluted EPS
--
--
--
--
--
Reported Net Business Profits
--
--
--
--
--
Islamic Income
--
--
--
--
--
Zakat
--
--
--
--
--
Islamic Section, Supplemental
Normalized EBIT
Normalized EBITDA
--
--
--
--
--
55,241
58,518
33,790
35,604
18,385
19,269
11,740
12,399
8,327
8,760
9,625
5,415
3,087
2,791
2,430
Current Tax - Domestic
7,240
3,884
2,150
1,922
1,796
Current Tax - Foreign
1,203
769
282
345
275
Current Tax - Local
1,182
762
655
524
359
Tax & Pension Items ($ Millions)
Current Tax - Total
Current Tax - Other
--
--
--
--
--
Current Tax - Total
--
--
--
--
--
Deferred Tax - Total
Deferred Tax - Domestic
4,405
2,868
1,440
1,040
398
5,018
2,998
1,676
1,077
498
Deferred Tax - Foreign
(490)
Deferred Tax - Local
(123)
Deferred Tax - Other
--
Deferred Tax - Total
--
Income Tax - Total
14,030
(167)
(121)
(35)
(75)
(115)
(2)
(25)
--
--
--
--
--
--
--
--
37
8,283
4,527
3,831
2,828
Domestic Tax - Other
--
--
--
--
--
Foreign Tax - Other
--
--
--
--
--
Local Tax - Other
--
--
--
--
--
Other Tax
--
--
--
--
--
--
--
--
--
--
Domestic Tax
--
--
--
--
--
Foreign Tax
--
--
--
--
--
Local Tax
--
--
--
--
--
Other Tax
--
--
--
--
--
Domestic Pension Plan Expense
--
--
--
--
--
Interest Cost - Domestic
--
--
--
--
--
Service Cost - Domestic
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
Transition Costs - Domestic
--
--
--
--
--
Other Pension, Net - Domestic
--
--
--
--
--
Foreign Pension Plan Expense
--
--
--
--
--
Interest Cost - Foreign
--
--
--
--
--
Service Cost - Foreign
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
Income Tax by Region - Total
Prior Service Cost - Domestic
Expected Return on Assets Domestic
Actuarial Gains and Losses Domestic
Curtailments & Settlements Domestic
Prior Service Cost - Foreign
Expected Return on Assets Foreign
Actuarial Gains and Losses Foreign
Curtailments & Settlements Foreign
Transition Costs - Foreign
--
--
--
--
--
Other Pension, Net - Foreign
--
--
--
--
--
--
--
--
--
--
Interest Cost - Post-Retirement
--
--
--
--
--
Service Cost - Post-Retirement
Prior Service Cost - PostRetirement
Expected Return on Assets Post-Retir.
Actuarial Gains and Losses Post-Retir.
Curtailments & Settlements Post-Retir.
Transition Costs - PostRetirement
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
Other Post-Retirement, Net
--
--
--
--
--
Post-Retirement Plan Expense
Total Pension Expense
Defined Contribution Expense Domestic
Defined Contribution Expense Foreign
Defined Contribution Expense
Retirement
114
90
72
59
50
114
90
72
59
50
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
Discount Rate - Domestic
--
--
--
--
--
Discount Rate - Foreign
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
Total Plan Interest Cost
--
--
--
--
--
Total Plan Service Cost
--
--
--
--
--
Total Plan Expected Return
Total Plan Other Expense
---
---
---
---
---
$2.65 I
(19-Mar)
Ann.
--
--
--
--
Assumptions
Discount Rate - Post-Retirement
Expected Rate of Return Domestic
Expected Rate of Return Foreign
Expected Rate of Return - PostRetir.
Compensation Rate - Domestic
Compensation Rate - Foreign
Compensation Rate - PostRetirement
Pension Payment Rate Domestic
Pension Payment Rate - Foreign
Dividends and Capital Changes
Apple Ord Shs
Cash Dividend
Dividends & Capital Changes After
Sep-2012
Apple Ord Shs
2013
Cash Dividend
$3.05 I
(23-Apr)
Ann.
$2.65 I
(23-Jan)
Ann.
2012
Cash Dividend
$2.65 F
(25-Oct)
Ann.
Apple Inc.
Balance Sheet
Annual Standardised in Millions of U.S. Dollars
2012
Earnings Quality Score
Period End Date
67
2011
67
2010
91
2009
97
2008
97
29-Sep2012
24-Sep2011
25-Sep2010
26-Sep2009
27-Sep2008
29,129
25,952
25,620
23,464
22,111
Assets ($ Millions)
Cash and Short Term Investments
Cash
--
--
--
--
--
Cash & Equivalents
10,746
9,815
11,261
5,263
11,875
Short Term Investments
18,383
16,137
14,359
18,201
10,236
Accounts Receivable - Trade, Net
Accounts Receivable - Trade,
Gross
10,930
5,369
5,510
3,361
2,422
11,028
5,422
5,565
3,413
2,469
Provision for Doubtful Accounts
Total Receivables, Net
Notes Receivable - Short Term
Receivables - Other
Total Inventory
(98)
18,692
--
(53)
11,717
--
(55)
9,924
--
(52)
5,057
--
(47)
4,704
--
7,762
6,348
4,414
1,696
2,282
791
776
1,051
455
509
Inventories - Finished Goods
--
--
--
--
--
Inventories - Work In Progress
--
--
--
--
--
Inventories - Raw Materials
--
--
--
--
--
Inventories - Other
--
--
--
--
--
LIFO Reserve
--
--
--
--
--
Prepaid Expenses
--
--
--
Other Current Assets, Total
Restricted Cash - Current
Deferred Income Tax - Current
Asset
Discountinued Operations Current Asset
Other Current Assets
9,041
-2,583
--
6,543
-2,014
--
5,083
-1,636
--
309
475
2,270
2,207
-1,135
--
-1,044
--
6,458
4,529
3,447
1,135
1,163
57,653
44,988
41,678
31,555
30,006
21,887
11,768
7,234
4,667
3,747
Buildings - Gross
3,464
2,599
2,030
1,665
1,324
Land/Improvements - Gross
2,439
2,059
1,471
955
810
15,984
7,110
3,733
2,047
1,613
Total Current Assets
Property/Plant/Equipment, Total Gross
Machinery/Equipment - Gross
Construction in Progress - Gross
--
--
--
--
--
Leases - Gross
Natural Resources - Gross
Other Property/Plant/Equipment Gross
Property/Plant/Equipment, Total - Net
Accumulated Depreciation, Total
Goodwill, Net
Goodwill - Gross
Accumulated Goodwill
Amortization
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
15,452
7,777
4,768
2,954
2,455
(6,435)
(3,991)
(2,466)
(1,713)
(1,292)
1,135
896
741
206
207
--
--
--
--
--
--
--
--
--
--
Intangibles, Net
4,224
3,536
342
353
352
Intangibles - Gross
Accumulated Intangible
Amortization
5,266
3,973
587
529
475
(245)
(176)
(123)
Long Term Investments
LT Investment - Affiliate
Companies
LT Investments - Other
Note Receivable - Long Term
Other Long Term Assets, Total
Deferred Charges
(1,042)
92,122
-92,122
-5,478
(437)
55,618
-55,618
-3,556
25,391
-25,391
-2,263
10,528
-10,528
-1,905
2,379
-2,379
-772
--
--
--
--
--
Pension Benefits - Overfunded
Defered Income Tax - Long Term
Asset
Discontinued Operations - LT
Asset
--
--
--
--
--
--
--
--
--
--
--
--
--
Restricted Cash - Long Term
--
--
--
--
--
5,478
176,064
3,556
116,371
2,263
75,183
1,742
47,501
668
36,171
21,175
14,632
12,015
5,601
5,520
Other Long Term Assets
Total Assets
163
104
Liabilities ($ Millions)
Accounts Payable
Payable/Accrued
Accrued Expenses
Notes Payable/Short Term Debt
Current Port. of LT Debt/Capital
Leases
Other Current liabilities, Total
Dividends Payable
Customer Advances
Security Deposits
Income Taxes Payable
Other Payables
Deferred Income Tax - Current
Liability
Discontinued Operations - Curr
Liability
Other Current Liabilities
Total Current Liabilities
Total Long Term Debt
--
--
--
--
--
3,283
2,428
1,593
1,293
1,320
--
--
--
--
--
14,084
-7,445
-1,535
10,910
-6,129
-1,140
7,114
-3,647
-658
4,612
-2,278
-430
4,521
-2,298
-506
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
5,104
3,641
2,809
1,904
1,717
38,542
27,970
20,722
11,506
11,361
Long Term Debt
--
--
--
--
--
Capital Lease Obligations
--
--
--
--
--
13,847
8,159
4,300
2,216
999
13,847
8,159
4,300
2,216
999
Total Debt
Deferred Income Tax
Deferred Income Tax - LT Liability
Minority Interest
Other Liabilities, Total
-5,465
-3,627
-2,370
-2,139
-1,514
Reserves
--
--
--
--
--
Pension Benefits - Underfunded
--
--
--
--
--
Other Long Term Liabilities
Discontinued Operations Liabilities
Total Liabilities
5,465
3,627
2,370
2,139
1,514
-57,854
-39,756
-27,392
-15,861
-13,874
Redeemable Preferred Stock, Total
--
--
--
--
--
Redeemable Preferred Stock
Redeemable Convertible
Preferred Stock
Preferred Stock - Non Redeemable,
Net
Preferred Stock - Non
Redeemable
Convertible Preferred Stock - Non
Rdmbl
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
Treasury Stock - Preferred
--
--
--
--
--
General Partner
--
--
--
--
--
Shareholders Equity ($ Millions)
Common Stock, Total
Common Stock
Limited Partner
Additional Paid-In Capital
Retained Earnings (Accumulated
Deficit)
16,422
13,331
10,668
8,210
7,177
16,422
13,331
10,668
8,210
7,177
--
--
--
--
--
--
--
--
--
--
101,289
62,841
37,169
23,353
15,129
Treasury Stock - Common
--
--
--
--
--
ESOP Debt Guarantee
--
--
--
--
--
(81)
--
--
Unrealized Gain (Loss)
Other Equity, Total
491
420
23
35
77
(9)
Translation Adjustment
--
--
--
--
--
Other Equity
Minimum Pension Liability
Adjustment
--
--
--
--
--
--
--
--
--
--
Other Comprehensive Income
Total Equity
Total Liabilities & Shareholders'
Equity
Supplemental ($ Millions)
Shares Outstanding - Common Issue
2
Shares Outstanding - Common Issue
3
Shares Outstanding - Common Issue
23
35
77
(9)
118,210
76,615
47,791
31,640
22,297
176,064
116,371
75,183
47,501
36,171
--
--
--
--
--
---
---
---
---
---
4
Total Common Shares Outstanding
Shares Outs - Common Stock
Primary Issue
Treas Shares - Common Stock Prmry
Issue
939
929
916
900
888
939
929
916
900
888
Treasury Shares - Common Issue 2
--
--
--
--
--
Treasury Shares - Common Issue 3
--
--
--
--
--
Treasury Shares - Common Issue 4
--
--
--
--
--
Total Preferred Shares Outstanding
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
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
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
--
--
--
--
--
Minority Interest - Redeemable
--
--
--
--
--
Minority Interest - Non Redeemable
--
--
--
--
--
Total Equity & Minority Interest
Full-Time Employees
Part-Time Employees
Number of Common Shareholders
118,210
76,615
47,791
31,640
22,297
72,800
60,400
46,600
34,300
32,000
2,500
3,100
30,573
30,445
-27,696
-28,543
-29,405
Other Property/Plant/Equipment - Net
--
--
--
--
--
Intangibles - Net
--
--
--
--
--
Goodwill - Net
Short Term Debt Financial Sector,
Suppl.
Curr Port - LTD/Cap Lse Fin Sec.,
Suppl.
Long Term Debt Financial Sector,
Suppl.
Capital Lease Oblig. - Fin Sector,
Suppl
Accumulated Goodwill Amortization
Suppl.
Accumulated Intangible Amort,
Suppl.
1,135
1,042
437
245
176
123
Deferred Revenue - Current
7,445
6,129
3,647
2,278
2,298
Deferred Revenue - Long Term
2,648
1,686
1,139
853
768
Total Risk-Weighted Capital
896
741
206
207
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
Tier 1 Capital %
--
--
--
--
--
Total Capital %
--
--
--
--
--
Trading Account
--
--
--
--
--
Credit Exposure
--
--
--
--
--
Non-Performing Loans
--
--
--
--
--
Assets under Management
Total Current Assets less Inventory
--
--
--
--
--
56,862
44,212
40,627
31,100
29,497
Net Debt
(29,129)
(25,952)
(25,620)
(23,464)
(22,111)
Tangible Book Value
112,851
72,183
46,708
31,081
21,738
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
--
--
--
--
--
Islamic Investments & Deposits
--
--
--
--
--
Islamic Receivables
--
--
--
--
--
Islamic Debt
Islamic Section, Supplemental
Debt & Lease, Pension Items ($
Millions)
---
---
---
---
---
Total Long Term Debt, Supplemental
Long Term Debt Maturing within
1 Year
Long Term Debt Maturing in Year
2
Long Term Debt Maturing in Year
3
Long Term Debt Maturing in Year
4
Long Term Debt Maturing in Year
5
Long Term Debt Maturing in Year
6
Long Term Debt Maturing in Year
7
Long Term Debt Maturing in Year
8
Long Term Debt Maturing in Year
9
Long Term Debt Maturing in Year
10
Long Term Debt Maturing in 2-3
Years
Long Term Debt Maturing in 4-5
Years
Long Term Debt Matur. in Year 6
& Beyond
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
Total Capital Leases, Supplemental
--
--
--
--
--
Interest Costs
Executory Costs
Capital Lease Payments Due in
Year 1
Capital Lease Payments Due in
Year 2
Capital Lease Payments Due in
Year 3
Capital Lease Payments Due in
Year 4
Capital Lease Payments Due in
Year 5
Capital Lease Payments Due in
Year 6
Capital Lease Payments Due in
Year 7
Capital Lease Payments Due in
Year 8
Capital Lease Payments Due in
Year 9
Capital Lease Payments Due in
Year 10
Capital Lease Payments Due in
2-3 Years
Capital Lease Payments Due in
4-5 Years
Cap. Lease Pymts. Due in Year 6
& Beyond
Total Operating Leases,
Supplemental
Operating Lease Payments Due
in Year 1
Operating Lease Payments Due
in Year 2
Operating Lease Payments Due
in Year 3
Operating Lease Payments Due
in Year 4
Operating Lease Payments Due
in Year 5
Operating Lease Payments Due
in Year 6
Operating Lease Payments Due
in Year 7
Operating Lease Payments Due
in Year 8
Operating Lease Payments Due
in Year 9
Operating Lease Payments Due
in Year 10
Operating Lease Pymts. Due in
2-3 Years
Operating Lease Pymts. Due in
4-5 Years
Oper. Lse. Pymts. Due in Year 6 &
Beyond
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
3,032
3,032
2,089
1,922
1,760
338
338
266
222
195
365
365
267
234
209
362
362
260
228
200
345
345
244
214
191
320
320
226
199
177
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
727
727
527
462
409
665
665
470
413
368
1,302
1,302
826
825
788
