Source: www.morningstar.

com

Verizon Communications Inc. (VZ) Balance Sheet

Fiscal year ends in December. USD in millions except per share data. 2005-12 2006-12 2007-12 2008-12 2009-12
Assets
Current assets
Cash
Cash and cash equivalents 776 3,219 1,153 9,782 2,009
Short-term investments 2,498 2,434 2,244 509 490
Receivables 9,171 10,891 11,736 11,703 12,573
Inventories 1,780 1,514 1,729 2,092 2,289
Prepaid expenses 2,223 1,888 1,836 1,989 5,247
Other current assets 2,592
Total current assets 16,448 22,538 18,698 26,075 22,608
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 193,610 204,109 213,994 215,605 228,518
Accumulated Depreciation -118,305 -121,753 -128,700 -129,059 -137,052
Net property, plant and equipment 75,305 82,356 85,294 86,546 91,466
Equity and other investments 8,174 3,535
Goodwill 5,655 5,245 6,035 22,472
Intangible assets 52,933 56,099 55,784 67,173 78,831
Other long-term assets 23,444 22,156 21,938 8,349 8,339
Total non-current assets 151,682 166,266 168,261 176,277 204,643
Total assets 168,130 188,804 186,959 202,352 227,251
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 7,141 7,715 2,954 4,993 7,205
Accounts payable 12,351 14,320 4,491 3,856 4,337
Taxes payable 2,136 1,444
Accrued liabilities 9,971 7,822 9,442
Deferred revenues 2,476
Other current liabilities 5,571 10,245 4,849 7,099 6,708
Total current liabilities 25,063 32,280 24,741 25,906 29,136
Non-current liabilities
Long-term debt 31,869 28,646 28,203 46,959 55,051
Deferred taxes liabilities 22,411 16,270 14,784 11,769 19,310
Minority interest 26,754 28,337 32,288 37,199 42,761
Other long-term liabilities 22,353 34,736 36,362 38,813 39,387
Total non-current liabilities 103,387 107,989 111,637 134,740 156,509
Total liabilities 128,450 140,269 136,378 160,646 185,645
Total stockholders' equity 39,680 48,535 50,581 41,706 41,606
Total liabilities and stockholders' equity 168,130 188,804 186,959 202,352 227,251

Verizon Communications Inc. (VZ) Income Statement

Fiscal year ends in December. USD in millions except per share data. 2005-12 2006-12 2007-12 2008-12 2009-12
Revenue 75,112 88,144 93,469 97,354 107,808
Cost of revenue 25,469 34,994 37,547 39,007 44,299
Gross profit 49,643 53,150 55,922 58,347 63,509
Operating expenses
Sales, General and administrative 21,312 25,232 25,967 26,898 32,950
Other operating expenses 13,517 14,545 14,377 14,565 16,532
Total operating expenses 34,829 39,777 40,344 41,463 49,482
Operating income 14,814 13,373 15,578 16,884 14,027
Interest Expense 2,180 2,349 1,829 1,819 3,102
Other income (expense) -2,027 -2,870 -4,257 849 643
Income before taxes 10,607 8,154 9,492 15,914 11,568
Income taxes 3,210 2,674 3,982 3,331 1,210
Net income from discontinuing ops 759 142
Net income 7,397 6,239 5,652 12,583 10,358

Análisis de Casos
Ejercicio VZ, KO, MAR

Complete la siguiente información para VZ:

a) Ganancia de las operaciones $ 14,814 $ 13,373 $ 15,578 $ 16,884 $ 14,027

b) Ganancia para los accionistas $ 7,397 $ 6,239 $ 5,652 $ 12,583 $ 10,358

c) Ganancia para los bancos $ 2,180 $ 2,349 $ 1,829 $ 1,819 $ 3,102

d) Capital* $ 168,130 $ 188,804 $ 186,959 $ 202,352 $ 227,251

e) Dinero invertido por los accionistas $ 39,680 $ 48,535 $ 50,581 $ 41,706 $ 41,606

f) Dinero invertido por bancos y acreedores $ 128,450 $ 140,269 $ 136,378 $ 160,646 $ 185,645

g) Tasa impositiva (Impuesto sobre la Renta) 30% 33% 42% 21% 10%

h) NOPAT $ 10,331 $ 8,987 $ 9,043 $ 13,350 $ 12,560

i) Return on Assets, ROA 4% 3% 3% 6% 5%

j) Return on Equity, ROE 19% 13% 11% 30% 25%

k) Return on Debt, RD 2% 2% 1% 1% 2%

l) Return on Invested Capital, ROIC 6% 5% 5% 7% 6%

m) Economic Value Added, EVA** $ (1,438) $ (4,229) $ (4,044) $ (815) $ (3,348)

* Para el cálculo del Capital, asuma que no existen Activos no Operativos, ni tampoco Deuda no financiera
** Para el cálculo del EVA, asuma que el WACC de VZ es 7% anual.
Source: www.morningstar.com

Coca-Cola Company (KO) Balance Sheet

Fiscal year ends in December. USD in millions except per share data. 2005-12 2006-12 2007-12 2008-12 2009-12
Assets
Current assets
Cash 4,767 2,590 4,308 4,979 9,213
Receivables 2,281 2,587 3,317 3,090 3,758
Inventories 1,424 1,641 2,220 2,187 2,354
Prepaid expenses 1,778 1,623 2,260 1,920 2,226
Total current assets 10,250 8,441 12,105 12,176 17,551
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 10,139 11,911 14,444 14,400 16,467
Accumulated Depreciation -4,353 -5,008 -5,951 -6,074 -6,906
Net property, plant and equipment 5,786 6,903 8,493 8,326 9,561
Equity and other investments 5,779 6,755
Goodwill 1,403 4,256 4,029 4,224
Intangible assets 3,821 3,732 7,963 8,476 8,604
Other long-term assets 9,570 9,484 10,452 1,733 1,976
Total non-current assets 19,177 21,522 31,164 28,343 31,120
Total assets 29,427 29,963 43,269 40,519 48,671
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 4,546 3,268 6,052 6,531 6,800
Accounts payable 4,493 929 1,380 1,370 1,410
Taxes payable 252 264
Accrued liabilities 797 4,693 5,793 4,835 5,247
Total current liabilities 9,836 8,890 13,225 12,988 13,721
Non-current liabilities
Long-term debt 1,154 1,314 3,277 2,781 5,059
Deferred taxes liabilities 352 608 1,890 877 1,580
Minority interest 547
Other long-term liabilities 1,730 2,231 3,133 3,401 2,965
Total non-current liabilities 3,236 4,153 8,300 7,059 10,151
Total liabilities 13,072 13,043 21,525 20,047 23,872
Total stockholders' equity 16,355 16,920 21,744 20,472 24,799
Total liabilities and stockholders' equity 29,427 29,963 43,269 40,519 48,671
Coca-Cola Company (KO) Income Statement
Fiscal year ends in December. USD in millions except per share data. 2005-12 2006-12 2007-12 2008-12 2009-12
Revenue 23,104 24,088 28,857 31,944 30,990
Cost of revenue 8,195 8,164 10,406 11,374 11,088
Gross profit 14,909 15,924 18,451 20,570 19,902
Operating expenses 35% 34% 36% 36% 36%
Sales, General and administrative 8,824 9,616 11,199 11,774 11,358
Other operating expenses 350 313
Total operating expenses 8,824 9,616 11,199 12,124 11,671
Operating income 6,085 6,308 7,252 8,446 8,231
Interest Expense 240 220 456 438 355
Other income (expense) 845 490 1,077 -569 1,070
Income before taxes 6,690 6,578 7,873 7,439 8,946
Income taxes 1,818 1,498 1,892 1,632 2,040
Net income 4,872 5,080 5,981 5,807 6,906

26% 26% 25% 26% 27%

Análisis de Casos 21% 21% 21% 18% 22%
Ejercicio VZ, KO, MAR

Complete la siguiente información para KO:

a) Ganancia de las operaciones $ 6,085 $ 6,308 $ 7,252 $ 8,446 $ 8,231

b) Ganancia para los accionistas $ 4,872 $ 5,080 $ 5,981 $ 5,807 $ 6,906

c) Ganancia para los bancos $ 240 $ 220 $ 456 $ 438 $ 355

d) Capital* $ 29,427 $ 29,963 $ 43,269 $ 40,519 $ 48,671

e) Dinero invertido por los accionistas $ 16,355 $ 16,920 $ 21,744 $ 20,472 $ 24,799

f) Dinero invertido por bancos y acreedores $ 13,072 $ 13,043 $ 21,525 $ 20,047 $ 23,872

g) Tasa impositiva (Impuesto sobre la Renta) 27% 23% 24% 22% 23%

h) NOPAT $ 4,431 $ 4,871 $ 5,509 $ 6,593 $ 6,354

i) Return on Assets, ROA 17% 17% 14% 14% 14%

j) Return on Equity, ROE 30% 30% 28% 28% 28%

k) Return on Debt, RD 1.84% 1.69% 2.12% 2.18% 1.49%

l) Return on Invested Capital, ROIC 15.06% 16.26% 12.73% 16.27% 13.06%

m) Economic Value Added, EVA** $ 2,224 $ 2,624 $ 2,264 $ 3,554 $ 2,704

* Para el cálculo del Capital, asuma que no existen Activos no Operativos, ni tampoco Deuda no financiera
** Para el cálculo del EVA, asuma que el WACC de KO es 7.5% anual.
Source: www.morningstar.com

Marriott International Inc. A (MAR) Balance Sheet

Fiscal year ends in December. USD in millions except per share data. 2006-12 2007-12 2008-12 2009-12 2010-12
Assets
Current assets
Total cash 193 332 134 115 505
Receivables 1,117 1,148 898 838 938
Inventories 1,208 1,557 1,981 1,444 1,489
Deferred income taxes 200 185 186 255 246
Prepaid expenses 81
Other current assets 596 350 169 199 123
Total current assets 3,314 3,572 3,368 2,851 3,382
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 2,143 2,348 2,519 2,548 2,556
Accumulated Depreciation -905 -1,019 -1,076 -1,186 -1,249
Net property, plant and equipment 1,238 1,329 1,443 1,362 1,307
Equity and other investments 249 250
Goodwill 921 921 875 875 875
Intangible assets 575 635 710 731 768
Deferred income taxes 665 678 727 1,020 932
Other long-term assets 1,875 1,807 1,780 845 1,469
Total non-current assets 5,274 5,370 5,535 5,082 5,601
Total assets 8,588 8,942 8,903 7,933 8,983
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 15 175 120 64 138
Accounts payable 658 789 704 562 634
Accrued liabilities 615 642 633 519 692
Deferred revenues 178 101 70
Other current liabilities 1,056 1,169 1,006 1,142 1,037
Total current liabilities 2,522 2,876 2,533 2,287 2,501
Non-current liabilities
Long-term debt 1,818 2,790 2,975 2,234 2,691
Minority interest 11
Other long-term liabilities 1,630 1,847 2,004 2,270 2,206
Total non-current liabilities 3,448 4,637 4,990 4,504 4,897
Total liabilities 5,970 7,513 7,523 6,791 7,398
Total stockholders' equity 2,618 1,429 1,380 1,142 1,585
Total liabilities and stockholders' equity 8,588 8,942 8,903 7,933 8,983
Marriott International Inc. A (MAR) Income Statement
Fiscal year ends in December. USD in millions except per share data. 2006-12 2007-12 2008-12 2009-12 2010-12
Revenue 12,160 12,990 12,879 10,908 11,691
Cost of revenue 10,472 11,034 11,256 9,673 10,216
Gross profit 1,688 1,956 1,623 1,235 1,475
Operating expenses 86% 85% 87% 89% 87%
Sales, General and administrative 674 785 803 722 780
Restructuring, merger and acquisition 55 51
Other operating expenses 3 -17 -20 614
Total operating expenses 677 768 838 1,387 780
Operating income 1,011 1,188 785 -152 695
Interest Expense 124 184 163 118 180
Other income (expense) 110 133 72 -148 36
Income before taxes 997 1,137 694 -418 551
Income taxes 286 441 350 - 93
Net income 711 696 344 -418 458
8% 9% 6% -1% 6%
6% 5% 3% -4% 4%
Análisis de Casos
Ejercicio VZ, KO, MAR

Complete la siguiente información para MAR:

a) Ganancia de las operaciones $ 1,011 $ 1,188 $ 785 $ (152) $ 695

b) Ganancia para los accionistas $ 711 $ 696 $ 344 $ (418) $ 458

c) Ganancia para los bancos $ 124 $ 184 $ 163 $ 118 $ 180

d) Capital* $ 8,588 $ 8,942 $ 8,903 $ 7,933 $ 8,983

e) Dinero invertido por los accionistas $ 2,618 $ 1,429 $ 1,380 $ 1,142 $ 1,585

f) Dinero invertido por bancos y acreedores $ 5,970 $ 7,513 $ 7,523 $ 6,791 $ 7,398

g) Tasa impositiva (Impuesto sobre la Renta) 29% 39% 50% 0% 17%

h) NOPAT $ 721 $ 727 $ 389 $ (152) $ 578

i) Return on Assets, ROA 8% 8% 4% -5% 5%

j) Return on Equity, ROE 27% 49% 25% -37% 29%

k) Return on Debt, RD 2% 2% 2% 2% 2%

l) Return on Invested Capital, ROIC 8.40% 8.13% 4.37% -1.92% 6.43%

m) Economic Value Added, EVA** $ (310) $ (346) $ (679) $ (1,104) $ (500)

* Para el cálculo del Capital, asuma que no existen Activos no Operativos, ni tampoco Deuda no financiera
** Para el cálculo del EVA, asuma que el WACC de MAR es 12% anual.