Disney

Consolidated Balance Sheet as on

Particulars
EQUITY
Paid Up Capital
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Profit/Loss
DEFERED TAX LAIBILITY

December 31, 2004

December 31, 2005

Amount in $ Million Amount in $ Million

12447
1862
15732
236
2950

13288
4281
17775
572
2430

798

1248

DEBT
Long Term Debt
Short Term Debt

13014
11059

14102
9168

TOTAL

53902

53158

INTANGIBLE ASSETS
Goodwill
Other Intangible Assets

16966
3855

16974
3718

NET FIXED ASSETS

Tangible assets
Capital Work In Progress

14630
1852

16094
874

INVESTMENTS
Operating
Non Operating

1292

1226

Current Assets

9369

8845

Film & Television Costs

5938

5427

53902

53158

0.923009087

0.887829073

MINORITY INTEREST

TOTAL

Debt/Equity Ratio

Disney
December 31, 2006

December 31, 2007

December 31, 2008

December 31, 2009

Amount in $ Million Amount in $ Million Amount in $ Million Amount in $ Million

22377
11179
20630
8
2651

24207
18102
24805
157
2573

26546
22555
28413
81
2350

27038
22693
31033
1644
1819

1343

1295

1344

1691

13974
10210

14916
11391

14889
11591

16939
8934

59998

60928

62497

63117

22505
4214

22085
3978

22151
4191

21683
4269

16254
913

16286
1147

16363
1169

16247
1350

1315

995

1563

2554

9562

11314

11666

11889

5235

5123

5394

5125

59998

60928

62497

63117

0.760025141

0.855428739

0.819230888

0.766971008

INCOME STATEMENT
December 31, 2004 December 31, 2005
Particulars
Revenues
COGS
EBIDTA
Restructing & Impairment Costs
EBIT
Gains on sale of equity investment & business
Other Income (Expense)
Equity in the income of investees
Net Interest Expense
PBT
Income Taxes
PAT
Minority Interest
Net Income
Discontinued Operations, net of tax
Cumulative effect of accounting changes
Net Income

Amount in $ Million Amount in $ Million

30752
26704
4048
64
3984
0
0
372
617
3739
1197
2542
197
2345

31944
27837
4107
32
4075
26
0
483
597
3987
1241
2746
177
2569
-36
2533

OME STATEMENT
December 31, 2006

December 31, 2007

December 31, 2008

December 31, 2009

Amount in $ Million Amount in $ Million Amount in $ Million Amount in $ Million

34285
28807
5478
18
5496
70
0
473
592
5447
1890
3557
183
3374

35510
28729
6781
0
6781
1052
0
485
593
7725
2874
4851
177
4674
13

37843
30439
7404
0
7404
0
59
581
524
7402
2673
4729
302
4427

36149
30452
5697
492
5205
342
577
466
5658
2049
3609
302
3307

COGS/Revenue

Int/Revenue

Pat/Sales

3387
Pat/Total Assets

COGS/Revenue

0.868366 0.871431 0.840222

Int/Revenue

0.020064 0.018689 0.017267

0.80904

0.80435 0.842402

0.0167 0.013847 0.012891

0.082661 0.085963 0.103748 0.136609 0.124964 0.099837

Pat/Total Assets

0.04716 0.051657 0.059285 0.079619 0.075668

0.05718

PIXAR BALANCE SHEET

LIABILITIES
Particulars
Share Capital
Reserves & Surplus
Accounts Payables
other Liabilities
Total

2002
442477
270585
2341
16663
732066

2003
546999
393511
1803
59743
1002056

117423
294652
32719
92104
1178
135733
13826
44431
732066

115026
473603
51496
107667
2152
202745
1047
48320
1002056

ASSETS
Fixed Assets
Investments
Deffered Income Tax
Capitalized Film Production Cost
Trade Receivables
other receivables
Prepaid Expenses & other assets
Cash & Cash Equivalents
Total

Profit & Loss Statement

Particulars
Revenue
Film
Software
Total Revenue

2002

2003

193591
8133
201724

250383
12115
262498

COGS
Gross Profit
Selling & Admin Expenses
EBIT
Interest Income
PBT
Tax
PAT

41534
160190
19508
140682
10342
151024
61074
89950

38058
224440
30516
193924
10517
204441
79673
124768

2004
687387
532708
5392
49550
1275037

(in thousand $)
2005
758053
683909
3223
43555
1488740

125602
826123
70424
140038
5581
76381
2227
28661
1275037

125394
1035177
77145
182071
5083
54902
3601
5367
1488740

2004

2005

260831
12641
273472

274765
14351
289116

29881
243591
34870
208721
12419
221140
79418
141722

39380
249736
34328
215408
26198
241606
88668
152938

Growth Profitability and Financial Ratios for Walt Disney Co

Pre merger
2004-09
2005-09
Post merger
Revenue USD Mil
30,752
31,944
Gross Margin %
13.2
12.9
Operating Income USD Mil
3,984
4,101
Operating Margin %
13
12.8
Net Income USD Mil
2,345
2,533
Earnings Per Share USD
1.12
1.22
Dividends USD
0.21
0.24
Payout Ratio %
18.8
19.4
Shares Mil
2,106
2,089
Book Value Per Share USD
12.69
13.04
Operating Cash Flow USD Mil
4,644
4,269
Cap Spending USD Mil
-1,427
-1,823
Free Cash Flow USD Mil
3,217
2,446
Free Cash Flow Per Share USD
1.53
1.17
Working Capital USD Mil
-1,690
-323

2006-09
34,285
16
5,496
16
3,374
1.64
0.27
16.6
2,076
15.22
6,058
-1,299
4,759
2.29
-648

Key Ratios -> Profitability

Margins % of Sales
Revenue
COGS
Gross Margin
SG&A
R&D
Other
Operating Margin
Net Int Inc & Other
EBT Margin

2004-09

Profitability
Tax Rate %
Net Margin %
Asset Turnover (Average)
Return on Assets %
Financial Leverage (Average)
Return on Equity %
Return on Invested Capital %
Interest Coverage

2004-09

2005-09

Post merger

2006-09

100
86.84
13.16

100
87.14
12.86

100
84.02
15.98

0.21
12.96
-0.8
12.16

0.02
12.84
-0.36
12.48

-0.05
16.03
-0.14
15.89

32.01
7.63
0.59
4.51
2.07
9.4
7.2

2005-09
Post merger
31.13
7.93
0.6
4.73
2.03
9.69
7.49

2006-09

2005-09

2006-09

34.7
9.84
0.61
5.96
1.89
11.63
8.95

Key Ratios -> Growth

2004-09
Revenue %

Post merger

Year over Year

3-Year Average
5-Year Average
10-Year Average
Operating Income %
Year over Year
3-Year Average
5-Year Average
10-Year Average
Net Income %
Year over Year
3-Year Average
5-Year Average
10-Year Average
EPS %
Year over Year
3-Year Average
5-Year Average
10-Year Average

13.64
6.76
5.61
11.83

3.88
8.04
4.69
10.18

7.33
8.21
6.29
6.23

47.72
42.46
5.59
8.25

2.94
19.82
8.38
6.13

34.02
26.78
31.87
6.16

85.08

8.02
27.02
22.45
6.26

33.2
38.61

8.93
26.69
16.44
3.44

34.43
38.3

12.52
7.76
80.65
12.56
5.12

10.76

9.64

Key Ratios -> Cash Flow

Cash Flow Ratios
Operating Cash Flow Growth % YOY
Free Cash Flow Growth % YOY
Cap Ex as a % of Sales
Free Cash Flow/Sales %
Free Cash Flow/Net Income

2004-09

2005-09
60.08
73.7
4.64
10.46
1.37

Post merger

2006-09

-8.07
-23.97
5.71
7.66
0.97

41.91
94.56
3.79
13.88
1.41

Key Ratios -> Financial Health

Balance Sheet Items (in %)
Cash & Short-Term Investments
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Net PP&E
Intangibles
Other Long-Term Assets
Total Assets
Accounts Payable
Short-Term Debt
Taxes Payable
Accrued Liabilities
Other Short-Term Liabilities
Total Current Liabilities

2004-09

2005-09

Post merger

2006-09

3.79
8.46
1.44
3.7
17.38
30.58
36.7
15.34
100
8.41
7.59

3.24
8.63
1.18
3.59
16.64
31.92
37.07
14.37
100
10.04
4.35

4.02
7.85
1.16
2.92
15.94
28.61
51.08
4.37
100
9.86
4.47

4.52
20.52

2.86
17.25

2.69
17.02

Long-Term Debt
Other Long-Term Liabilities
Total Liabilities
Total Stockholders' Equity
Total Liabilities & Equity
Liquidity/Financial Health
Current Ratio
Quick Ratio
Financial Leverage
Debt/Equity

17.43
13.67
51.61
48.39
100
2004-09

19.11
14.34
50.69
49.31
100
2005-09

0.85
0.6
2.07
0.37

18.07
11.88
46.96
53.04
100
Post merger

2006-09

0.96
0.69
2.03
0.39

0.94
0.7
1.89
0.34

Key Ratios -> Efficiency Ratios

Efficiency
Days Sales Outstanding
Days Inventory
Payables Period
Cash Conversion Cycle
Receivables Turnover
Inventory Turnover
Fixed Assets Turnover
Asset Turnover

2004-09

2005-09
49.1
10.1
58.95
0.25
7.43
36.14
2.11
0.59

50.5
9.19
64.71
-5.02
7.23
39.74
1.91
0.6

Post merger

2006-09
49.46
8.36
71.31
-13.49
7.38
43.65
2.01
0.61

2007-09
2008-09
2009-09
2010-09 2011-09 2012-09 2013-09
35,510
37,843
36,149
38,063
40,893
42,278
45,041
19.1
19.6
15.8
17.7
19
21
21
6,781
7,404
5,205
6,456
7,726
8,763
9,236
19.1
19.6
14.4
17
18.9
20.7
20.5
4,687
4,427
3,307
3,963
4,807
5,682
6,136
2.25
2.28
1.76
2.03
2.52
3.13
3.38
0.31
0.35
0.35
0.35
0.4
0.6
0.75
13.8
15.4
19.8
17.2
15.9
19.2
22.2
2,092
1,948
1,875
1,948
1,909
1,818
1,813
15.84
17.23
18.15
19.62
20.14
22.09
25.24
5,421
5,446
5,064
6,578
6,994
7,966
9,452
-1,566
-1,586
-1,753
-2,110
-3,559
-3,784
-2,796
3,855
3,860
3,311
4,468
3,435
4,182
6,656
1.84
1.98
1.77
2.29
1.8
2.3
3.67
-77
75
2,955
1,225
1,669
896
2,405

2007-09

2008-09
100
80.43
19.57

100
84.24
15.76

19.1
2.66
21.75

19.57
-0.01
19.56

1.36
14.4
1.25
15.65

2007-09

2008-09
37.2
13.2
0.59
7.75
1.98
14.98
11.26

2007-09

2009-09

100
80.9
19.1

2009-09
36.11
11.7
0.61
7.17
1.93
14.04
10.22

2008-09

36.21
9.15
0.58
5.27
1.87
10.01
7.7
13.14

2009-09

2010-09 2011-09 2012-09 2013-09

100
100
100
100
82.33
80.97
79.04
79.02
17.67
19.03
20.96
20.98

0.71
16.96
0.45
17.41

0.13
18.89
0.78
19.67

0.24
20.73
1.18
21.9

0.48
20.51
0.85
21.36

2010-09 2011-09 2012-09 2013-09

34.92
34.63
33.34
31.02
10.41
11.76
13.44
13.62
0.58
0.58
0.58
0.58
5.99
6.8
7.73
7.86
1.84
1.93
1.88
1.79
11.12
12.84
14.73
14.41
8.79
10
11.31
11.15
15.53
19.49
20.62
28.56

2010-09

2011-09

2012-09

2013-09

3.57
4.91
6.99
4.68

6.57
5.81
6.94
5.12

-4.48
1.78
3.29
4.44

5.29
2.34
3.57
4.13

7.44
2.62
3.59
4.93

3.39
5.36
3.55
5.26

6.54
5.77
3.54
5.23

23.38
19.4
23.25
5.57

9.19
21.77
22.38
6.96

-29.7
-1.8
5.49
5.54

24.03
-1.62
9.5
8.94

19.67
1.43
7.05
18.81

13.42
18.96
5.26
13.9

5.4
12.68
4.52
13.1

38.92
25.97
30.55
9.08

-5.55
20.46
28.43
9.12

-25.3
-0.67
7.12
9.79

19.84
-5.44
9.36
15.72

21.3
2.78
7.34

18.2
19.77
3.93
16.48

7.99
15.69
6.75
17.09

37.2
26.18
30.26
8.97

1.33
23.18
29.75
9.86

-22.81
2.38
9.46
11

15.34
-3.37
10.72
13.54

24.14
3.39
8.97

24.21
21.16
6.82
17.96

7.99
18.52
8.19
18.48

2007-09
2008-09
-10.52
-19
4.41
10.86
0.82

0.46
0.13
4.19
10.2
0.87

2007-09

2009-09

2008-09

-7.01
-14.22
4.85
9.16
1

2010-09 2011-09 2012-09 2013-09

29.9
6.32
13.9
18.65
34.94
-23.12
21.75
59.16
5.54
8.7
8.95
6.21
11.74
8.4
9.89
14.78
1.13
0.71
0.74
1.08

2010-09 2011-09 2012-09 2013-09

3.93
4.42
4.52
4.84
8.36
8.57
8.73
8.58
2.08
2.21
2.05
1.83
3.29
3.88
3
2.12
17.66
19.07
18.3
17.37
25.73
27.31
28.72
27.55
42.17
40.58
40.22
42.71
14.44
13.04
12.75
12.38
100
100
100
100
6.38
6.3
6.17
3.4
4.24
4.83
1.86

2009-09

6.02
8.26
1.05
3.23
18.57
28.61
48.75
4.07
100
6.56
5.38

4.8
8.6
1.8
3.47
18.67
28.05
47.96
5.32
100
6.97
5.65

5.41
7.69
2.01
3.72
18.84
27.88
37.91
15.37
100
6.34
1.91

3.21
3.55
18.7

2.6
3.33
18.55

2.56
3.35
14.15

2.14
3.98
15.89

2.04
4.19
16.76

2.37
3.75
17.11

12.55
14.41

19.52
11.31
49.53
50.47
100
2007-09

17.78
11.96
48.28
51.72
100
2008-09

0.99
0.76
1.98
0.4

2007-09

2009-09
1.01
0.72
1.93
0.34

2008-09
50.05
8.48
62.97
-4.44
7.29
43.04
2.05
0.59

18.21
14.19
46.55
53.45
100

15.14
16.26
48.17
51.83
100

14.28
15.53
46.92
53.08
100

15.73
13.95
44.08
55.92
100

1.33
0.93
1.87
0.35

2010-09 2011-09 2012-09 2013-09

1.11
1.14
1.07
1.21
0.77
0.77
0.77
0.93
1.84
1.93
1.88
1.79
0.28
0.3
0.28
0.29

51.63
14.35
50.08
15.9
7.07
25.43
2.06
0.58

2010-09 2011-09 2012-09 2013-09

51.01
51.19
51.1
52.05
15.8
16.74
17.11
15.51
49.01
49.38
50.06
17.8
18.55
18.15
7.16
7.13
7.14
7.01
23.1
21.81
21.34
23.54
2.15
2.18
2.05
2.05
0.58
0.58
0.58
0.58

2009-09
50.18
10.58
50.07
10.69
7.27
34.49
2.16
0.61

14.64
15.25
45.79
54.21
100

Efficiency Parameters

1
2
3
4
6

Cogs/Sales
Selling & Admin Exp/Sales
Interest/Sales
Power Cost/Sales
Manufacturing & Misc/sales

Growth Parameters
1
2
3
4

Growth in Net Sales

Growth in Total Assets
Growth in Networth
Growth in Capital Employed

Profitability Ratios
1
2
3
4

PAT/Net Sales
PAT/Net Worth
PAT/Capital Employed
PAT/Total Assets
Debt/Equity
Current Ratio

PIXAR

DISNEY

13%
12%
0%

83.93%

12.75%

3.29%

1.66%

10.56%

6.18%
0.84

Pre Merger

Post Merger

Difference

Comment

14%

11%

14%

12%

13%

12%