Income Statements
In Millions of USD (except for per share items)	2012-12-31	12 months ending 2013-12-31	12/31/2014	2015-12-31
Revenue	102,874.00	98,367.00	92,793.00	81,741.00
Other Revenue, Total	-	-	-	-
Total Revenue	102,874.00	98,367.00	92,793.00	81,741.00
Cost of Revenue, Total	52,513.00	49,683.00	46,386.00	41,057.00
Gross Profit	50,361.00	48,684.00	46,407.00	40,684.00
Selling/General/Admin. Expenses, Total	23,463.00	22,214.00	21,385.00	19,512.00
Research & Development	5,816.00	5,743.00	5,437.00	5,247.00
Depreciation/Amortization	-	370	374	304
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	-	1,031.00	1,472.00	587
Other Operating Expenses, Total	-1,917.00	-631	-1,843.00	-1,068.00
Total Operating Expense	80,334.00	78,123.00	72,807.00	65,797.00
Operating Income	22,540.00	20,244.00	19,986.00	15,944.00
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	-	-	-	1
Income Before Tax	22,540.00	20,244.00	19,986.00	15,945.00
Income After Tax	16,999.00	16,881.00	15,752.00	13,364.00
Minority Interest	-	-	-	-
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	16,999.00	16,881.00	15,752.00	13,364.00
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	16,604.00	16,483.00	12,023.00	13,190.00
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	16,999.00	16,881.00	15,751.00	13,364.00
Income Available to Common Incl. Extra Items	16,604.00	16,483.00	12,022.00	13,190.00
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	-	-	-	-
Diluted Weighted Average Shares	1,155.45	1,103.04	1,010.00	982.7
Diluted EPS Excluding Extraordinary Items	14.71	15.3	15.6	13.6
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	3.3	3.7	4.25	5
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	14.71	16	16.85	13.9

Balance Sheet

In Millions of USD (except for per share items)

As of 2015-12-31

As of 2014-12-31

As of 2013-12-31

As of 2012-12-31

Cash & Equivalents

7,686.00

8,476.00

10,716.00

10,412.00

Short Term Investments

508

0

350

717

Cash and Short Term Investments

8,194.00

8,476.00

11,066.00

11,129.00

Accounts Receivable - Trade, Net

27,353.00

28,925.00

30,252.00

28,705.00

Receivables - Other

-

-

-

-

Total Receivables, Net

28,554.00

31,831.00

31,836.00

30,578.00

Total Inventory

1,551.00

2,103.00

2,310.00

2,287.00

Prepaid Expenses

3,912.00

4,216.00

4,171.00

4,015.00

Other Current Assets, Total

293

751

1,967.00

1,424.00

Total Current Assets

42,504.00

47,377.00

51,350.00

49,433.00

Property/Plant/Equipment, Total - Gross

29,341.00

39,035.00

40,475.00

40,502.00

Accumulated Depreciation, Total

-18,616.00

-28,263.00

-26,654.00

-26,505.00

Goodwill, Net

32,021.00

30,556.00

31,184.00

29,247.00

Intangibles, Net

3,487.00

3,104.00

3,871.00

3,787.00

Long Term Investments

475

594

310

1,687.00

Other Long Term Assets, Total

10,752.00

13,251.00

12,758.00

8,047.00

Total Assets

110,495.00

117,271.00

126,223.00

119,213.00

Accounts Payable

6,028.00

6,864.00

7,461.00

7,952.00

Accrued Expenses

7,913.00

10,025.00

8,641.00

9,592.00

Notes Payable/Short Term Debt

1,190.00

1,130.00

3,008.00

3,589.00

Current Port. of LT Debt/Capital Leases

5,271.00

4,601.00

3,854.00

5,592.00

Other Current liabilities, Total

13,867.00

16,961.00

17,190.00

16,900.00

Total Current Liabilities

34,269.00

39,581.00

40,154.00

43,625.00

Long Term Debt

33,428.00

34,991.00

32,856.00

24,088.00

Capital Lease Obligations

-

-

-

-

Total Long Term Debt

33,428.00

34,991.00

32,856.00

24,088.00

Total Debt

39,889.00

40,722.00

39,718.00

33,269.00

Deferred Income Tax

253

129

1,741.00

448

Minority Interest

162

146

137

124

Other Liabilities, Total

28,121.00

30,556.00

28,543.00

32,068.00

Total Liabilities

96,233.00

105,403.00

103,431.00

100,353.00

Redeemable Preferred Stock, Total

-

-

-

-

Preferred Stock - Non Redeemable, Net

-

-

-

-

Common Stock, Total

53,262.00

52,666.00

51,594.00

50,110.00

Additional Paid-In Capital

-

-

-

-

Retained Earnings (Accumulated Deficit)

146,124.00

137,793.00

130,042.00

117,641.00

Treasury Stock - Common

-155,518.00

-150,715.00

-137,242.00

-123,131.00

Other Equity, Total

-29,611.00

-27,861.00

-21,601.00

-25,764.00

Total Equity

14,262.00

11,868.00

22,792.00

18,860.00

Total Liabilities & Shareholders' Equity

110,495.00

117,271.00

126,223.00

119,213.00

Shares Outs - Common Stock Primary Issue

-

-

-

-

Total Common Shares Outstanding

965.73

990.52

1,054.39

1,117.37

Cash Flow
In Millions of USD (except for per share items)	12 months ending 2015-12-31	12 months ending 2014-12-31	12 months ending 2013-12-31	12 months ending 2012-12-31
Net Income/Starting Line	13,190.00	12,022.00	16,483.00	16,604.00
Depreciation/Depletion	2,662.00	3,145.00	3,327.00	3,392.00
Amortization	1,193.00	1,347.00	1,351.00	1,284.00
Deferred Taxes	1,387.00	-237	-1,610.00	797
Non-Cash Items	1,020.00	2,358.00	378	-41
Changes in Working Capital	-2,444.00	-1,767.00	-2,444.00	-2,451.00
Cash from Operating Activities	17,008.00	16,868.00	17,485.00	19,585.00
Capital Expenditures	-4,151.00	-4,183.00	-4,140.00	-4,717.00
Other Investing Cash Flow Items, Total	-4,008.00	1,182.00	-3,186.00	-4,287.00
Cash from Investing Activities	-8,159.00	-3,001.00	-7,326.00	-9,004.00
Financing Cash Flow Items	-1	-	-1	-
Total Cash Dividends Paid	-4,897.00	-4,265.00	-4,058.00	-3,773.00
Issuance (Retirement) of Stock, Net	-4,287.00	-12,970.00	-12,785.00	-10,455.00
Issuance (Retirement) of Debt, Net	19	1,783.00	6,961.00	2,252.00
Cash from Financing Activities	-9,166.00	-15,452.00	-9,883.00	-11,976.00
Foreign Exchange Effects	-473	-655	28	-116
Net Change in Cash	-790	-2,240.00	304	-1,511.00
Cash Interest Paid, Supplemental	995	1,061.00	982	1,009.00
Cash Taxes Paid, Supplemental	2,657.00	5,748.00	4,024.00	3,169.00

Question

Prepare 5 yrs financial projections

1. Project all sales revenue for each period in the financial horizon

2. Forecast operating expenses such as cost of goods sold (but not depreciation, interest, or tax expense, which are handled separately) and derive projected pre-tax operating income before depreciation and amortization. Expense margin for example, cost of goods sold as a percentage of sales are useful for this purpose.

3. Forecast the level of balance sheet operating assets and liabilities cash inventories accounts receivables, accounts payable, and the like needed to support the projected operation in steps 1 and 3. Turnover ratios (also called utilizations ratios can help guide these projections.

4. Forecast depreciation expenses and tax expense each period.

5. Forecast the companys financial structure dividend policy each period. Then use this information, along with an estimation of the interest rate charged on debt financing, to project interest expense and complete the income statement.

6. Derive projected cash flows statements from the forecasted income statements and balance sheet