Calculate the Cashflow statement for both companies

Calculate DFC

A B C 1 Norfolk Southern Income Statements ($ millions) Years Ended December 31 2012 2013 LTM [1] Sep 2015 2011 $11,172 $11,040 $11,245 $11,624 $10,863 9 $2,974 $2,534 $1,589 $862 $7,959 $2,960 $2,463 $1,577 $916 $7,916 $3,002 $2,457 $1,613 $916 $7,988 $2,897 $2,627 $1,574 $951 $8,049 $2,923 $2,713 $1,087 $1,007 $7,730 5 6 Operating Revenue 7 Operating Expenses 8 Compensation & benefits Materials, services, and other 10 Fuel 11 Depreciation & amortization 12 Total Operating Expense 13 14 Operating Income 15 Interest expense 16 Unusual items 17 Profit before tax Income tax expense 19 Net Income 20 21 Per Share Items 22 Basic Earnings per share 23 Dividends per share 24 25 Cash Flow Items 26 Capital Expenditures 27 28 Financial Ratios and Information 29 Revenue Growth Rate [2] 30 Operating Ratio Effective Tax Rate 32 Return on Sales (ROS) Number of employees $3,213 $455 $160 $2,918 $1,002 $1,916 $3,124 $495 $129 $2,758 $1,009 $1,749 $3,257 $525 $233 $2,965 $1,055 $1,910 $3,575 $545 $104 $3,134 $1,134 $2,000 $3,133 $532 $107 $2,708 $1,002 $1,706 18 $5.52 $1.66 $5.42 $1.94 $6.1 $2.04 $6.44 $2.22 $5.59 $2.34 $2,160 $2,241 $1,971 $2,118 $2,516 31 17.4% 71.2% 34.3% 17.2% 30,329 -1.2% 71.7% 36.6% 15.8% 30,943 1.9% 71.0% 35.6% 17.0% 30,103 3.4% 69.2% 36.2% 17.2% 29,482 -6.6% 71.2% 37.0% 15.7% 30,456 33 30 A B 1 Norfolk Southern Balance Sheets ($ millions) 2 Years Ended December 31 mber 31 2011 2012 2013 2014 Sept 2015 $301 $1,022 $209 $219 $1,751 $24,469 $2,234 $84 $28,538 $668 $1,109 $216 $249 $2,242 $25,736 $2,300 10 $1,561 $1,024 $223 $267 $3,075 $26,645 $2,439 $324 $32,483 $973 $1,055 $236 $514 $2,778 $27,694 $2,679 $49 $33,200 $433 $1,103 $288 $178 $2,002 $28,682 $2,740 $ 103 $33,527 13 $64 $30,342 3 4 5 Assets 6 Cash and ST investments 7 Accounts receiveable 8 Inventory 9 Other current assets Total current assets 11 Net PP&E 12 Investments Other LT Assets 14 Total assets 15 16 Liabilities and stock holders' equity 17 Accounts payable 18 Short-term debt 19 Current maturities of LT debt 20 Other current liabilities 21 Total current liabilities 22 Long-term debt Other liabilities 24 Deferred income taxes Total Liabilities Sharholders equity 27 Total liabilities & equity 28 29 Financial Ratios & Other Information 30 Current Ratio 31 Debt-to-Total Capital 32 S&P Long-term Debt Rating Shares outstanding 34 Stock price per share 35 36 $1,265 $100 $445 $495 $1,092 $100 $50 $459 $1,701 $7,390 $2,050 $7,486 $18,627 $9,911 $28,538 $1,362 $200 $50 $469 $2,081 $8,432 $2,237 $7,832 $20,582 $9,760 $30,342 $1,233 $100 $ 2 $445 $1,780 $8,883 $1,312 $8,817 $20,792 $12,408 $33,200 $2,305 $8,903 $1,444 $8,542 $21,194 $11,289 $32,483 $1,160 $100 $500 $607 $2,367 $8,896 $1,295 $8,840 $21,398 $12,129 $33,527 23 25 26 1.03 43.2% BBB+ 330.1 72.86 1.08 47.1% BBB+ 314.5 61.84 1.33 45.6% BBB+ 309.7 92.83 1.56 42.0% BBB+ 307.4 109.61 0.85 43.9% BBB+ 301.4 76.40 33 1 Canadian Pacific Railway Income Statements ($ millions) Years Ended December 31 2012 2013 LTM [1] Sep 2015 2011 2014 $5,092 $5,714 $5,773 $5,716 $5,434 8 6 Operating Revenue 7 Operating Expenses Compensation & benefits Materials, services, and other Fuel Depreciation & amortization Total Operating Expense 9 10 $1,403 $1,304 $952 $482 $4,141 $1,479 $1,421 $1,002 $541 $4,443 $1,297 $1,253 $945 $532 $4,027 $1,164 $1,151 $905 $477 $3,697 $1,079 $1,125 $643 $463 $3,310 11 12 13 14 Operating Income 15 Interest expense 16 Unusual items 17 Profit before tax Income tax expense Net Income $951 $248 ($18) $686 $125 $561 $1,271 $277 ($356) $638 $153 $485 $1,746 $262 ($426) $1,059 $235 $824 $2,020 $244 ($16) $1,760 $485 $1,274 $2,124 $274 ($141) $1,708 $512 $1,196 18 20 22 $3.31 $1.15 $2.83 $1.35 $4.71 $1.32 23 $7.37 $1.21 $7.27 $1.12 21 Per Share Items Basic Earnings per share Dividends per share 24 25 Cash Flow Items 26 Capital Expenditures $1,086 $1,152 $1,163 $1,251 $1,210 27 28 Financial Ratios and Information Revenue Growth Rate [2] Operating Ratio Effective Tax Rate Return on Sales (ROS) 33 Number of employees 29 30 31 32 1.7% 81.3% 18.2% 11.0% 14,169 12.2% 77.8% 23.9% 8.5% 14,594 1.0% 69.8% 22.2% 14.3% 14,977 -1.0% 64.7% 27.6% 22.3% 14,698 -8.7% 60.9% 30.0% 22.0% 14,698 34 Canadian Pacific Railway Balance Sheet ($ millions) Years Ended December 31 2011 2012 2013 2014 Sept 2015 : Assets Cash and ST investments Accounts receiveable Inventory Other current assets Total current assets Net PP&E Investments Other LT Assets Total assets U $46 $510 $136 $151 $842 $12,544 $164 $330 $13,880 $334 $548 $136 $315 $1,333 $13,055 $83 $303 $14,775 $448 $546 $ 155 $761 $1,910 $12,545 $87 $1,483 $16,024 $195 $606 $153 $100 $1,054 $12,467 $97 $673 $14,291 $493 $539 $130 $110 $1,273 $11,766 $107 $612 $13,759 2 5 B 3 Liabilities and stock holders' equity Accounts payable Short-term debt Current maturities of LT debt Other current liabilities Total current liabilities Long-term debt Other liabilities Deferred income taxes Total Liabilities Sharholders equity Total liabilities & equity 0.0% $381 $27 $49 $733 $1,190 $4,618 $1,709 $1,789 $9,307 $4,573 $13,880 0.0% $322 $0 $54 $858 $1,234 $4,651 $1,677 $2,099 $9,661 $5,114 $14,775 0.0% $337 $0 $178 $782 $1,297 $4,377 $937 $2,733 $9,343 $6,680 $16,024 0.0% $351 $0 $116 $752 $1,218 $4,857 $1,025 $2,346 $9,447 $4,844 $14,291 0.0% $271 $0 $22 $914 $1,206 $6,456 $826 $2,291 $10,779 $2,980 $13,759 2 4 23 Financial Ratios & Other Information Current Ratio Debt-to-Total Capital S&P Long-term Debt Rating Shares outstanding Stock price per share 2 0.71 50.7% BBB- 170.4 67.67 1.08 47.9% BBB- 174.2 101.62 1.47 40.5% BBB- 175.2 151.32 0.87 50.7% BBB+ 171.0 192.69 1.06 68.5% BBB+ 161.0 143.57 A B C 1 Norfolk Southern Income Statements ($ millions) Years Ended December 31 2012 2013 LTM [1] Sep 2015 2011 $11,172 $11,040 $11,245 $11,624 $10,863 9 $2,974 $2,534 $1,589 $862 $7,959 $2,960 $2,463 $1,577 $916 $7,916 $3,002 $2,457 $1,613 $916 $7,988 $2,897 $2,627 $1,574 $951 $8,049 $2,923 $2,713 $1,087 $1,007 $7,730 5 6 Operating Revenue 7 Operating Expenses 8 Compensation & benefits Materials, services, and other 10 Fuel 11 Depreciation & amortization 12 Total Operating Expense 13 14 Operating Income 15 Interest expense 16 Unusual items 17 Profit before tax Income tax expense 19 Net Income 20 21 Per Share Items 22 Basic Earnings per share 23 Dividends per share 24 25 Cash Flow Items 26 Capital Expenditures 27 28 Financial Ratios and Information 29 Revenue Growth Rate [2] 30 Operating Ratio Effective Tax Rate 32 Return on Sales (ROS) Number of employees $3,213 $455 $160 $2,918 $1,002 $1,916 $3,124 $495 $129 $2,758 $1,009 $1,749 $3,257 $525 $233 $2,965 $1,055 $1,910 $3,575 $545 $104 $3,134 $1,134 $2,000 $3,133 $532 $107 $2,708 $1,002 $1,706 18 $5.52 $1.66 $5.42 $1.94 $6.1 $2.04 $6.44 $2.22 $5.59 $2.34 $2,160 $2,241 $1,971 $2,118 $2,516 31 17.4% 71.2% 34.3% 17.2% 30,329 -1.2% 71.7% 36.6% 15.8% 30,943 1.9% 71.0% 35.6% 17.0% 30,103 3.4% 69.2% 36.2% 17.2% 29,482 -6.6% 71.2% 37.0% 15.7% 30,456 33 30 A B 1 Norfolk Southern Balance Sheets ($ millions) 2 Years Ended December 31 mber 31 2011 2012 2013 2014 Sept 2015 $301 $1,022 $209 $219 $1,751 $24,469 $2,234 $84 $28,538 $668 $1,109 $216 $249 $2,242 $25,736 $2,300 10 $1,561 $1,024 $223 $267 $3,075 $26,645 $2,439 $324 $32,483 $973 $1,055 $236 $514 $2,778 $27,694 $2,679 $49 $33,200 $433 $1,103 $288 $178 $2,002 $28,682 $2,740 $ 103 $33,527 13 $64 $30,342 3 4 5 Assets 6 Cash and ST investments 7 Accounts receiveable 8 Inventory 9 Other current assets Total current assets 11 Net PP&E 12 Investments Other LT Assets 14 Total assets 15 16 Liabilities and stock holders' equity 17 Accounts payable 18 Short-term debt 19 Current maturities of LT debt 20 Other current liabilities 21 Total current liabilities 22 Long-term debt Other liabilities 24 Deferred income taxes Total Liabilities Sharholders equity 27 Total liabilities & equity 28 29 Financial Ratios & Other Information 30 Current Ratio 31 Debt-to-Total Capital 32 S&P Long-term Debt Rating Shares outstanding 34 Stock price per share 35 36 $1,265 $100 $445 $495 $1,092 $100 $50 $459 $1,701 $7,390 $2,050 $7,486 $18,627 $9,911 $28,538 $1,362 $200 $50 $469 $2,081 $8,432 $2,237 $7,832 $20,582 $9,760 $30,342 $1,233 $100 $ 2 $445 $1,780 $8,883 $1,312 $8,817 $20,792 $12,408 $33,200 $2,305 $8,903 $1,444 $8,542 $21,194 $11,289 $32,483 $1,160 $100 $500 $607 $2,367 $8,896 $1,295 $8,840 $21,398 $12,129 $33,527 23 25 26 1.03 43.2% BBB+ 330.1 72.86 1.08 47.1% BBB+ 314.5 61.84 1.33 45.6% BBB+ 309.7 92.83 1.56 42.0% BBB+ 307.4 109.61 0.85 43.9% BBB+ 301.4 76.40 33 1 Canadian Pacific Railway Income Statements ($ millions) Years Ended December 31 2012 2013 LTM [1] Sep 2015 2011 2014 $5,092 $5,714 $5,773 $5,716 $5,434 8 6 Operating Revenue 7 Operating Expenses Compensation & benefits Materials, services, and other Fuel Depreciation & amortization Total Operating Expense 9 10 $1,403 $1,304 $952 $482 $4,141 $1,479 $1,421 $1,002 $541 $4,443 $1,297 $1,253 $945 $532 $4,027 $1,164 $1,151 $905 $477 $3,697 $1,079 $1,125 $643 $463 $3,310 11 12 13 14 Operating Income 15 Interest expense 16 Unusual items 17 Profit before tax Income tax expense Net Income $951 $248 ($18) $686 $125 $561 $1,271 $277 ($356) $638 $153 $485 $1,746 $262 ($426) $1,059 $235 $824 $2,020 $244 ($16) $1,760 $485 $1,274 $2,124 $274 ($141) $1,708 $512 $1,196 18 20 22 $3.31 $1.15 $2.83 $1.35 $4.71 $1.32 23 $7.37 $1.21 $7.27 $1.12 21 Per Share Items Basic Earnings per share Dividends per share 24 25 Cash Flow Items 26 Capital Expenditures $1,086 $1,152 $1,163 $1,251 $1,210 27 28 Financial Ratios and Information Revenue Growth Rate [2] Operating Ratio Effective Tax Rate Return on Sales (ROS) 33 Number of employees 29 30 31 32 1.7% 81.3% 18.2% 11.0% 14,169 12.2% 77.8% 23.9% 8.5% 14,594 1.0% 69.8% 22.2% 14.3% 14,977 -1.0% 64.7% 27.6% 22.3% 14,698 -8.7% 60.9% 30.0% 22.0% 14,698 34 Canadian Pacific Railway Balance Sheet ($ millions) Years Ended December 31 2011 2012 2013 2014 Sept 2015 : Assets Cash and ST investments Accounts receiveable Inventory Other current assets Total current assets Net PP&E Investments Other LT Assets Total assets U $46 $510 $136 $151 $842 $12,544 $164 $330 $13,880 $334 $548 $136 $315 $1,333 $13,055 $83 $303 $14,775 $448 $546 $ 155 $761 $1,910 $12,545 $87 $1,483 $16,024 $195 $606 $153 $100 $1,054 $12,467 $97 $673 $14,291 $493 $539 $130 $110 $1,273 $11,766 $107 $612 $13,759 2 5 B 3 Liabilities and stock holders' equity Accounts payable Short-term debt Current maturities of LT debt Other current liabilities Total current liabilities Long-term debt Other liabilities Deferred income taxes Total Liabilities Sharholders equity Total liabilities & equity 0.0% $381 $27 $49 $733 $1,190 $4,618 $1,709 $1,789 $9,307 $4,573 $13,880 0.0% $322 $0 $54 $858 $1,234 $4,651 $1,677 $2,099 $9,661 $5,114 $14,775 0.0% $337 $0 $178 $782 $1,297 $4,377 $937 $2,733 $9,343 $6,680 $16,024 0.0% $351 $0 $116 $752 $1,218 $4,857 $1,025 $2,346 $9,447 $4,844 $14,291 0.0% $271 $0 $22 $914 $1,206 $6,456 $826 $2,291 $10,779 $2,980 $13,759 2 4 23 Financial Ratios & Other Information Current Ratio Debt-to-Total Capital S&P Long-term Debt Rating Shares outstanding Stock price per share 2 0.71 50.7% BBB- 170.4 67.67 1.08 47.9% BBB- 174.2 101.62 1.47 40.5% BBB- 175.2 151.32 0.87 50.7% BBB+ 171.0 192.69 1.06 68.5% BBB+ 161.0 143.57