Balance Sheet Ratios for 2004 and 2005
- Calculate the Current Ratio
- Calculate the Book Debt to Equity Ratio
- Calculate the Market Debt to Equity Ratio (Use Book Value of Debt and Market Capitalization using basic shares outstanding and assuming stock prices of $56.89/share in 2005 and $58.93/share in 2004.)
- Calculate the Enterprise Value of Clorox using the Market Capitalization from above
Yours ended June 30 (dollars in milions, except per share amounts) 2005 2004 2003 $ Net sales Cost of products sold 4,388 2.493 4,162 2,331 3.986 2.171 1,895 1,831 543 1,815 523 Gross profit Soling and administrative exponses Advertising costs Research and development costs Restructuring and asset impairment costs Interest expense Other (incomo) cxponse: Equity carnings and gain on exchange of Honkal borica, S.A. Other, net Earnings from continuing operations before income taxes Income taxes on continuing operations Reversal of deferred taxes from equity investment in Henkel Iberica, S.A Earnings from continuing operations Discontinued operations: Gain on exchange Earnings from exchanged businesses Reversal of deferred taxes from exchanged businesses Losses from Brazil operations Income tax expense on discontinued operations Earnings from discontinued operations 579 Not carnings $ 1,096 $ 549 $ 493 Earnings per common share Basic Continuing operations Discontinued operations Basic not carnings por common sharo $ 2.31 $ 2.92 3.28 6.20 028 2.11 0.15 226 2.50 $ $ $ Diluted Continuing operations Discontinued operations Diluted not carnings por common sharo 2.88 3.23 6.11 2.28 0.28 2.56 2.08 0.15 223 $ $ $ Weighted average common shares outstanding (in thousands) Basic Diluted 176,586 179,176 211,683 214,371 218,174 220,692 As of June 30 dollar in milions, except per share amount 2005 2004 293 Assets Curront assots Cash and cash equivalents Receivables, net Inventories Other current assots 232 460 301 323 6 50 Total current assets 1,043 Property, plant and equipment, net 1,052 Goodwill, not 742 Trademarks and other intangible assets, net 633 Other assets 364 Total assets $ 3,834 359 289 Liabilities and Stockholders' (Deficit) Equity Current liabilities Notes and loans payable Curront maturitios of long-torm dobt Accounts payable Accrued liabilities Income taxes payable 347 614 26 310 643 24 Total current liabilities 1,348 1,268 Long-term debt 2,122 475 Other liabilities 618 377 Daforrad income taxes Total liabilites 4,170 2,294 Stockholders' (deficit) equity Common stock: $1.00 par value; 750,000,000 shares authorized: 249,826,934 sharos issuod; and 151,683,314 and 212,988,540 shares outstanding at June 30, 2005 and 2004, respectively Additional paid-in capital Retained earnings Treasury shares, at cost: 98,143,620 and 36,838,394 shares at June 30, 2005 and 2004, respectively Accumulated other comprehensive not losses Unoarnod compansation 250 328 3,684 (4.463) (336) (16) 250 301 2,846 (1,570) (274) (13) Stockholders' (deficit) equity (553) 1,540 Total abilities and stockholders' (doticit) equity $ 3,617 $ 3,834 Total Common Stock Shares (000) Amount Additional Paid in Capital Retained Earnings Tregun Shares Shares (000) Amount Accumulated Other Comprehensive Net Losses Dollars in milione (except per share amounts) Unearned Compensation Total Comprehensive income 249,827 $250 $222 $2,270 (26,817) $(1,070) S(296) $(10) $1,366 493 Balance at June 30, 2002 Comprehensive income Net earnings Translation adjustments Tax effect on translation adjustments Translation related to impairment charges Change in valuation of derivatives, net of tax of $(4) Minimum pension liability adjustments, net of tax Total comprehensive income (193) Dividends paid ($0.88 per share) Employee stock plans Treasury stock purchased 33 (193) (5) 78 2,333 (11,666) 49 (486) (486) 249,827 250 255 2,565 (36,150) (1,507) 1,215 549 Balance at June 30, 2003 Comprehensive income Net earnings Translation adjustments, net of tax of $1 Change in valuation of derivatives, net of tax of $2 Minimum pension liability adjustments, net of tax Total comprehensive income Dividends paid ($1.08 per share) Employee stock plans Treasury stock purchased (229) (39) 46 4,275 (4,963) 157 (220) 160 (220) 249,827 250 301 2,846 (36,838) (1,570) (274) (13) 1,540 1,096 $1,096 (61,387) 2.843) 1,096 (2,843) Balance at June 30, 2004 Comprehensive income Net earnings Share Exchange with Henkel KGaA Translation adjustments resulting from the Henkel KGaA exchange, net of tax of $(10) Other translation adjustments, net of tax of $(2) Change in valuation of derivatives, net of tax of $(3) Minimum pension liability adjustments, net of tax Total comprehensive income Dividends paid ($1.10 per share) Dividends accrued ($0.28 per share) Employee stock plans Treasury stock purchased (201) (42) (15) 27 2,831 (2,750) 110 (160) (201) (42) 119 (160) Balance at June 30, 2005 249,827 $250 $328 $3,684 (98,144) $14.463) (336) $(16) $(553) Years ended June 30 dollars in milione) 2005 2004 2003 $ 517 $ 490 $ 461 (55) 760 844 43 765 899 803 (203) (170) (13) (15) 6 (17) (34) (234) (154) 201) (154) (236) (193) Operations: Earnings from continuing operations Adjustments to reconcile earnings from continuing operations to net cash provided by continuing operations: Depreciation and amortization Deferred income taxes Restructuring and asset impairment activities Gain on exchange of Henkel Iberica, S.A. Net loss disposition of assets Other Changes in: Receivables, net Inventories Other current assets Accounts payable and accrued liabilities Income taxes payable Settlement of income tax contingency Pension contributions to qualified plans Net cash provided by continuing operations Net cash provided by discontinued operations Net cash provided by operations Investing Activities: Capital expenditures Businesses acquired Proceeds from the sale of businesses Low-income housing contributions Other Net cash used for investing by continuing operations Net cash (used for provided by investing by discontinued operations Net cash used for investing activities Financing Activities: Notes and loans payable, net Long-term debt borrowings Long-term debt repayments Proceeds from option exercise pursuant to Venture Agreement Treasury stock acquired from related party, Henkel KGaA Treasury stock purchased from non affiliates Cash dividends paid Issuance of common stock for employee stock plans Other Not cash used for financing by continuing operations Net cash (used for provided by financing by discontinued operations Net cash used for financing activities Effect of exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents: Beginning of year End of year Supplemental cash flow information: Cash paid for: Interest, net of amounts capitalized Income taxes, net of refunds Non-cash investing and financing activities: Venture Agreement Equipment and technologies obtained Terminal obligation recorded Share Exchange Agreement As part of the Share Exchange Agreement, the company obtained 61,386,509 shares of its common stock in exchange for businesses valued at $745 and cash. Dividends declared but not paid 68 (75) 1,635 (215) 133 (2,119 (160) (201) (65) (155) (229) (486) (193) 41 93 111 (1) 24 (562 (506) (627) (562) (617) 2 61 $ 293 $ 81 126 $ 42
