WALT DISNEY CO (DIS) 2014-09 2015-09 2016-09 2017-09 2018-09

INCOME STATEMENT
Revenue/Sales 48813 52465 55632 55137 59434
Cost of revenue 26420 28364 29993 30306 32726
Gross profit 22393 24101 25639 24831 26708
Operating expenses
Sales, General and administrative 8565 8523 8754 8176 8860
Restructuring, merger and acquisition 140 53 156 -157 30
Other operating expenses 2148 2301 2371 2939 2981
Total operating expenses 10853 10877 11281 10958 11871
Operating income (EBIT) 11540 13224 14358 13873 14837
Interest Expense 294 265 354 507 682
Other income (expense) 1000 909 864 422 574
Income before taxes (EBT) 12246 13868 14868 13788 14729
Provision for income taxes 4242 5016 5078 4422 1663
Net income from continuing operations 8004 8852 9790 9366 13066
Other -503 -470 -399 -386 -468
Net income 7501 8382 9391 8980 12598
Earnings per share
Basic 4.31 4.95 5.76 5.73 8.4
Diluted 4.26 4.9 5.73 5.69 8.36
Weighted average shares outstanding
Basic 1740 1694 1629 1568 1499
Diluted 1759 1709 1639 1578 1507
EBITDA 14828 16487 17749 17077 18422

BALANCE SHEET
2014-09 2015-09 2016-09 2017-09 2018-09
Assets
Current assets
Cash
Cash and cash equivalents 3421 4269 4610 4017 4150
Total cash 3421 4269 4610 4017 4150
Receivables 7428 7613 8458 8013 8268
Inventories 1574 1571 1390 1373 1392
Deferred income taxes 497 767
Prepaid expenses 425 469 449 445 476
Other current assets 1831 2069 2059 2041 2539
Total current assets 15176 16758 16966 15889 16825
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 47054 50023 54198 57443 60304
Accumulated Depreciation -23722 -24844 -26849 -29037 -30764
Net property, plant and equipment 23332 25179 27349 28406 29540
Equity and other investments 2696 2643 4280 3202 2899
Goodwill 27881 27826 27810 31426 31269
Intangible assets 7434 7172 6949 6995 6812
Other long-term assets 7667 8604 8679 9871 11253
Total non-current assets 69010 71424 75067 79900 81773
Total assets 84186 88182 92033 95789 98598
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 2164 4563 3687 6172 3790
Accounts payable 5371 5504 6860 6490 6503
Accrued liabilities 2224 2340 2270 2365 2976
Deferred revenues 3533 3927 4025 4568 4591
Total current liabilities 13292 16334 16842 19595 17860
Non-current liabilities
Long-term debt 12676 12773 16483 19119 17084
Deferred taxes liabilities 4098 4051 3679 4480 3109
Pensions and other benefits 3481 3940 5184 3281 2712
Minority interest 3220 4130 4058 3689 4059
Other long-term liabilities 2461 2429 2522 4310 5001
Total non-current liabilities 25936 27323 31926 34879 31965
Total liabilities 39228 43657 48768 54474 49825
Stockholders' equity
Common stock 34301 35122 35859 36248 36779
Retained earnings 53734 59028 66088 72606 82679
Treasury stock -41109 -47204 -54703 -64011 -67588
Accumulated other comprehensive income -1968 -2421 -3979 -3528 -3097
Total stockholders' equity 44958 44525 43265 41315 48773
Total liabilities and stockholders' equity 84186 88182 92033 95789 98598

Statement of CASH FLOW

2014-09 2015-09 2016-09 2017-09 2018-09
Cash Flows From Operating Activities
Net income 8004 8852 9790 9366 13066
Depreciation & amortization 2288 2354 2527 2782 3011
Deferred income taxes 517 -102 1214 334 -1573
Stock based compensation 408 410 393 364 393
Change in working capital -1236 -793 -1003 -1185 -1360
Inventory -81 1 186 -5 -17
Other working capital -1155 -794 -1189 -1180 -1343
Other non-cash items -201 188 292 682 758
Net cash provided by operating activities 9780 10909 13213 12343 14295
Cash Flows From Investing Activities
Investments in property, plant, and equipment -3311 -4265 -4773 -3623 -4465
Acquisitions, net -7 166 -805 -417 -1581
Other investing activities -27 -146 -180 -71 710
Net cash used for investing activities -3345 -4245 -5758 -4111 -5336
Cash Flows From Financing Activities
Debt issued 2231 2550 6065 4820 1056
Debt repayment -1648 -2221 -2205 -2364 -1871
Common stock repurchased -6527 -6095 -7499 -9368 -3577
Dividend paid -1508 -3063 -2313 -2445 -2515
Other financing activities 742 3315 -1039 398 -1936
Net cash provided by (used for) financing activities -6710 -5514 -6991 -8959 -8843
Effect of exchange rate changes -235 -302 -123 31 -25
Net change in cash -510 848 341 -696 91
Cash at beginning of period 3931 3421 4269 4760 4064
Cash at end of period 3421 4269 4610 4064 4155
Free Cash Flow
Operating cash flow 9780 10909 13213 12343 14295
Capital expenditure -3311 -4265 -4773 -3623 -4465
Free cash flow 6469 6644 8440 8720 9830

Number of Shares Outstanding and Price per Share 2014-09 2015-09 2016-09 2017-09 2018-09
Shares 1759 1709 1639 1578 1818
Price per Share 89.03 102.2 92.86 98.57 116.94
Disney Ratios 2014-09 2015-09 2016-09
Liquidity
Current Ratio 1.14 1.03 1.01
Quick Ratio 1.02 0.93 0.92
Asset Management
Inventory Turnover 31.01 33.40 40.02
Day`s Sales Outstanding 55.54 52.96 55.49
Fixed Assets Turnover 2.09 2.08 2.03
Total Assets Turnover 0.58 0.59 0.60
Debt/Capital Management Ratios
Debt-to-Capital Ratio 24.8% 28.0% 31.8%
Times Interest Earned (TIE) 39.25 49.90 40.56
Profitability Ratios
Operating Margin 23.6% 25.2% 25.8%
Profit Margin 15.4% 16.0% 16.9%
Basic Earning Power 13.7% 15.0% 15.6%
ROA 8.9% 9.5% 10.2%
ROE 16.7% 18.8% 21.7%
ROIC 15.4% 17.1% 18.1%
Market Value Ratios
P/E 20.66 20.65 16.12
M/B 3.48 3.92 3.52
2017-09 2018-09

0.81 0.94
0.74 0.86

40.16 42.70
53.05 50.78
1.94 2.01
0.58 0.60

38.0% 30.0%
27.36 21.76

25.2% 25.0%
16.3% 21.2%
14.5% 15.0%
9.4% 12.8%
21.7% 25.8%
16.7% 17.0%

17.20 13.92
3.76 4.36
 VIACOM 2014-09 2015-09 2016-09 2017-09

INCOME STATEMENT
Revenue 13794 13783 13268 12488
Cost of revenue 6799 6542 6868 6684
Gross profit 6995 7241 6400 5804
Operating expenses
Sales, General and administrative 2829 2899 2860 2851
Restructuring, merger and acquisition 93 206 206
Other operating expenses 237 260 222 221
Total operating expenses 3159 3159 3288 3278
Operating income 3836 4082 3112 2526
Interest Expense 468
Other income (expense) 151 -568 -609 -536
Income before taxes 3519 3514 2503 1990
Provision for income taxes 1070 1050 501 519
Net income from continuing operations 2449 2464 2002 1471
Net income from discontinuing ops -12 -1 2
Other -42 -72 -80 -35
Net income 2395 2391 1922 1438
Net income available to common shareholders 2395 2391 1922 1438
Earnings per share
Basic 4.93 5.53 4.78 3.63
Diluted 4.84 5.43 4.73 3.61
Weighted average shares outstanding
Basic 486 432 402 396
Diluted 495 440 406 398
EBITDA 8595 8505 8259 7315

BALANCE SHEET
2014-09 2015-09 2016-09 2017-09
Assets
Current assets
Cash
Cash and cash equivalents 2403 1000 506 379
Total cash 2403 1000 506 379
Receivables 2987 3066 2807 2712
Inventories 770 846 786 844
Deferred income taxes 58
Prepaid expenses 508 340 559 587
Total current assets 6726 5252 4658 4522
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 2729 2801 2815 2833
Accumulated Depreciation -1689 -1785 -1868 -1901
Net property, plant and equipment 1040 1016 947 932
Goodwill 11079 11535 11456 11400
Intangible assets 279 399 340 315
Other long-term assets 4705 4915 4816 5339
Total non-current assets 17103 17865 17559 17986
Total assets 23829 23117 22217 22508
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 18 18 18 17
Accounts payable 316 475 506 453
Accrued liabilities 1074 969 748 773
Deferred revenues 230 259 481 419
Other current liabilities 2152 2214 2101 2010
Total current liabilities 3790 3935 3854 3672
Non-current liabilities
Long-term debt 11867 12751 12267 11896
Deferred taxes liabilities 649 266 223 381
Minority interest -3 28 61 53
Other long-term liabilities 2333 2418 2274 2229
Total non-current liabilities 14846 15463 14825 14559
Total liabilities 18636 19398 18679 18231
Stockholders' equity
Additional paid-in capital 9490 9772 10017 10139
Retained earnings 11629 13465 14780 15628
Treasury stock -15825 -19225 -20725 -20798
Accumulated other comprehensive income -101 -293 -534 -692
Total stockholders' equity 5193 3719 3538 4277
Total liabilities and stockholders' equity 23829 23117 22217 22508

Statement of CASH FLOW

2014-09 2015-09 2016-09 2017-09
Cash Flows From Operating Activities
Net income 2449 2464 2002 1471
Depreciation & amortization 4608 4423 5147 4789
Investment/asset impairment charges 43
Deferred income taxes 494 -290 -82 254
(Gain) Loss from discontinued operations 12 1 -2
Stock based compensation 128 122 101 163
Change in working capital -4469 -4126 -4760 -5223
Inventory -4063 -4245 -4826 -5102
Accounts payable -9 -229
Other working capital -406 119 75 108
Other non-cash items -139 -40 -95 -81
Net cash provided by operating activities 3083 2597 2313 1371
Cash Flows From Investing Activities
Investments in property, plant, and equipment -160 -123 -142 -172
Acquisitions, net 124 -732 -115 -58
Other investing activities -299 -69
Net cash used for investing activities -335 -855 -257 -299
Cash Flows From Financing Activities
Debt issued 3732 1484 990
Debt repayment -600 -1400 -368
Common stock repurchased -4664 -3529 -1548 -100
Dividend paid -555 -541 -564 -635
Other financing activities 328 86 45 -70
Net cash provided by (used for) financing activities -1159 -3100 -2477 -1173
Effect of exchange rate changes -34 -45 -73 -26
Net change in cash 1555 -1403 -494 -127
Cash at beginning of period 848 2403 1000 506
Cash at end of period 2403 1000 506 379
Free Cash Flow
Operating cash flow 3083 2597 2313 1371
Capital expenditure -160 -123 -142 -172
Free cash flow 2923 2474 2171 1199

Number of Shares Outstanding and Price per Share 2014-09 2015-09 2016-09 2017-09
Shares 495 440 406 398
Price per Share 83.52 73.06 51.33 42.3
2018-09 Viacom Ratios 2014-09 2015-09
Liquidity
13263 Current Ratio 1.77 1.33
7436 Quick Ratio 1.57 1.12
5827 Asset Management
Inventory Turnover 17.91 16.29
3005 Day`s Sales Outstanding 79.04 81.19
237 Fixed Assets Turnover 13.26 13.57
96 Total Assets Turnover 0.58 0.77
3338 Debt/Capital Management Ratios
2489 Debt-to-Capital Ratio 33.3% 35.6%
Times Interest Earned (TIE) 8.20 #DIV/0!
-277 Profitability Ratios
2212 Operating Margin 27.8% 29.6%
293 Profit Margin 17.4% 17.3%
1919 Basic Earning Power 16.1% 17.7%
3 ROA 10.1% 10.3%
-48 ROE 46.1% 64.3%
1874 ROIC 18.0% 19.8%
1874 Market Value Ratios
P/E 0.17 0.17
4.69 M/B 7.96 8.64
4.68

400
401
7451

2018-09
 1389
1389
2970
919

523
5801

2973
-1995
978
11665
313
4941
17897
23698

19
431
869
463
1971
3753

11100
294
84
2432
13910
17663

10119
17124
 -20590
-618
6035
23698

2018-09

1919
4962

-174
-3
68
-4678

-207
-4471
-423
1671

-195
-378
902
329

2569
-3352

-319
92
-1010
 20
1010
379
1389

1671
-195
1476

2018-09
401
35.9
2016-09 2017-09 2018-09

1.21 1.23 1.55

1.00 1.00 1.30

16.88 14.80 14.43

77.22 79.27 81.73
14.01 13.40 13.56
0.76 0.69 0.74

35.6% 34.6% 31.9%

#DIV/0! #DIV/0! #DIV/0!

23.5% 20.2% 18.8%

14.5% 11.5% 14.1%
14.0% 11.2% 10.5%
8.7% 6.4% 7.9%
54.3% 33.6% 31.1%
15.7% 12.5% 11.6%

0.13 0.11 0.09

5.89 3.94 2.39