Note: I don't need the whole thing solved, just the approach to how to forecast and what structuring the formulas entails. Thank You!

INSTRUCTIONS

Use the 2017 data provided, combined with whatever other data needed from the historic statements provided to craft your assumptions for 2018 - 2022. Once you have crafted your assumptions, use them to execute the five-year forecast below.

Please note that the "causality" in the table below flows up for 2017, but should flow down for 2018 - 2022 (from your assumptions to the forecast).

Once your forecast is completed, answer the thought questions below.

ASSUMPTIONS 2019 2020 ASSUMPTIONS 2018 2021 2022 ACTUAL 2017 0.78% 25.65% 21.02% 2.06% 2.81% 26.63% 1.41% 83.27 1 Total sales growth 2 Gross margin 3 Operating expenses/Sales 4 Depreciation/Sales 5 Net Profit Margin 6 Effective tax rate 7 Cash & ST Inv/Sales Receivable turnover = Net Sales / Acc. Rec. Inventory turnover = Cost of Sales / Inv P&E Turnover = Net Sales/ 10 Property, plant, & Equipment, Net 11 Total Asset Turnover = Sales / TA 12 Payables and Accruals /Cost of Sales 13 ST Debt / Total Assets 14 LT Debt / Total Assets 15 Total Equity / Total Assets 8.39 4.26 2.44 17.44% 1.97% 19.52% 40.51% FORECAST Pro Forma 2020 2018 2019 2021 2022 1 Net Sales 2 Cost of Sales 3 Gross Profit 4 Operating Expenses 5 EBIT 6 NOPAT = EBIT *(1-t) Operating Cash Flow = NOPAT + 7 Depreciation 8 Net Income ACTUAL 2017 485,873 361,256 124,617 102,140 22,477 16,490 26,490 13,643 9 Cash & ST Investments 10 Accounts Receivable 11 Inventory 12 Property, Plant, & Equipment, net 13 Other Assets (Plug) 14 Total Assets 6,867 5,835 43,046 114,178 28,899 198,825 15 Payables and Accruals 16 ST Debt (total) 17 LT Debt (total) 18 Other Liabilities (Plug) 19 Total Equity 20 Total Liabilities & Equity 63,008 3,920 38,809 12,553 80,535 198,825 0 In Millions of USD except Per Share FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Last 12M FY 2018 Es: FY 2019 Est 12 Months Ending 01/31/2011 01/31/2012 01/31/2013 01/31/2014 01/31/2015 01/31/2016 01/31/2017 07/31/2017 01/31/2018 01/31/2019 Revenue 421849 446950 468651 476294 485651 482130 485873490012 495557 507551 + Sales & Services Revenue 418952 443854 465604 473076 482229 478614 481317 485401 + Other Revenue 2897 3096 3047 3218 3422 3516 4556 4611 - Cost of Revenue 315287 335127 352297 358069 365086 360984 361256 364436 + Cost of Goods & Services 315287 335127 352297 358069 365086 360984 361256 364436 Gross Profit 106562 111823 116354 118225 120565 121146 124617 125576 123205 126400 + Other Operating Income 0 0 0 0 0 0 - Operating Expenses 85081 88629 90342.8 93168.5 97194.8 102140 102900 + Selling, General & Admin 81020 85265 88629 91353 93418 97041 101853 103046 + Research & Development 0 0 0 0 0 0 + Other Operating Expense -184 0 -1010.2 -249.46 153.846 287.262 -146.32 Operating Income (Loss) 25542 26742 27725 27882.2 27396.5 23951.2 22476.7 22676.3 22751.8 23158 - Non-Operating (Income) Loss 2004 2279 2063 2216 2348 2467 2267 2278 +Interest Expense, Net 2004 2160 2063 2216 2348 2467 2267 2278 + Interest Expense 2205 2322 2249 2335 2461 2548 2367 2405 - Interest Income 201 162 186 1 19 113 81 100 127 + Foreign Exch (Gain) Loss 0 0 0 0 0 0 0 +(Income) Loss from Affiliates 0 0 0 0 - + Other Non-Op (Income) Loss 119 Pretax Income (Loss), Adjusted 23538 24463 25662 25666.2 25048.5 21484.2 20209.7 20398.3 20278.2 20845 - Abnormal Losses (Gains) 0 65 0 1010.15 249.462 -153.85 -287.26 934.323 + Merger/Acquisition Expense 36 - + Abnormal Derivatives + Impairment of Goodwill +Gain/Loss on Sale/Acquisition of Busines: -670.28 + Legal Settlement 249.462 + Restructuring 50.5077 +Sale of Investments -51 + Other Abnormal Items 148 959.646 -153.85 383.015 Pretax Income (Loss), GAAP 23538 24398 24656 2479921638 20497 19464 20278.2 20845 - Income Tax Expense (Benefit) 7579 7944 7958 8105 7985 6558 6204 6020 + Current Income Tax 6703 6742 7976 8619 8504 7584 5459 +Deferred Income Tax 876 1202 -18 -514 -519 -1026 745 + Tax Allowance/Credit 0 0 0 - - Income (Loss) from Cont Ops 15959 16454 17704 16551 16814 1508014293 13444 12957 13567.1 - Net Extraordinary Losses (Gains) -1034 67 - - 144 -285 + Discontinued Operations -1034 67 -52 -285 0 0 +XO & Accounting Changes 0 0 0 0 0 0 0 Income (Loss) Incl. MI 16993 16387 17756 16695 17099 15080 14293 13444 - Minority Interest 604 688 757 673 736 650 715 Net Income, GAAP 16389 15699 16999 16022 16363 14694 1364312729 12957 13567.1 - Preferred Dividends 0 0 0 0 0 0 0 0 - Other Adjustments 0 0 0 0 0 Net Income Avail to Common, GAAP 16389 15699 1699916022 16363 14694 1364312729 12957 13567.1 -68 . -52 - -144 386 13169.2 13583 Net Income Avail to Common, Adj Net Abnormal Losses (Gains) Net Extraordinary Losses (Gains) 14921 -434 -1034 15808.3 42.25 67 16947 0 -52 16534.6 656.6 -144 16240.2 162.15 -285 14143.6 -550.38 0 13456.3 -186.72 0 13337.7 608.68 0 16947 13169.2 13583 48 Net Income Avail to Common, Adj 49 Net Abnormal Losses (Gains) 50 Net Extraordinary Losses (Gains) 14921 -434 -1034 15808.3 42.25 16534.6 656.6 -144 16240.2 162.15 -285 14143.6 -550.38 0 13456.3 -186.72 0 13337.7 608.68 0 67 -52 51 3656 4.48 3460 4.54 4.56 4.5689 3374 5.04 5.03 5.03 3269 4.9 4.87 5.058 3230 5.0659 4.9777 5.0279 3207 4.58 4.58 4.4102 3101 4.4 4.4 4.3393 3008 4.17 4.17 4.37037 4.2 4.0812 4.258 4.258 4.377 4.646 4.646 4.625 3670 4.47 3474 4.52 4.54 4.5522 3389 5.02 5.01 5.01 3283 4.88 4.85 5.05 3243 5.0456 4.9578 5.0078 3217 4.57 4.57 4.3989 3112 4.38 4.38 4.32 3021 4.16 4.16 4.36 4.18 4.0617 4.258 4.258 4.377 4.646 4.646 4.625 52 Basic Weighted Avg Shares 53 Basic EPS, GAAP 54 Basic EPS from Cont Ops 55 Basic EPS from Cont Ops, Adjusted 56 57 Diluted Weighted Avg Shares 58 Diluted EPS, GAAP 59 Diluted EPS from Cont Ops 60 Diluted EPS from Cont Ops, Adjusted 61 62 Reference Items 63 Accounting Standard 64 EBITDA 65 EBITDA Margin (T12M) 66 EBITA 67 EBIT 68 Gross Margin 69 Operating Margin 70 Profit Margin 71 Sales per Employee 72 Dividends per Share 73 Total Cash Common Dividends 74 Capitalized Interest Expense 75 Depreciation Expense 76 Rental Expense 77 Source: Bloomberg 78 US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP 33183 34872 36226 36752.2 36569.5 33405.2 32556.7 33020.3 33078.1 33601.2 7.8661 7.8022 7.7298 7.7163 7.53 6.9287 6.7007 6.73868 6.6 7493 6.62026 25583 26772 27748 27882.2 27469.5 24005.2 22556.7 25542 26742 27725 27882.2 27396.5 23951.2 22476.7 22676.3 22751.8 23158 25.2607 25.0191 24.8274 24.8219 24.8254 25.1272 25.6481 25.6271 24.862 24.904 6.0548 5.9832 5.9159 5.854 5.6412 4.9678 4.6261 4.62771 4.59115 4.56269 3.537 3.5369 3.6161 3.4715 3.344 2.9336 2.7695 2.72191 2.65745 2.67619 200880 203159 213023 216497 220750 209622 211249 1.21 1.46 1.59 1.88 1.96 2 3.55 2.049 2.136 4437 5048 5364.66 6145.72 6185 6300 6202 10761.2 126 120 148 78 59 36 28 7600 8100 8478 8870 9100 9400 10000 2000 2400 2600 2800 2800 2500 2600 1.92 39 01/31/2018 FY 2019 Est 01/31/2019 FY 2011 01/31/2011 197,142.1 7,395.0 2,705.0 49,864.0 242,316.1 FY 2012 01/31/2012 209,728.5 6,550.0 4,446.0 53,427.0 261,051.5 FY 2013 01/31/2013 231,814.3 7,781.0 5,395.0 54,136.0 283,564.3 FY 2014 01/31/2014 241,154.8 7,281.0 5,084.0 56,641.0 295,598.8 FY 2015 01/31/2015 274,315.4 9,135.0 4,543.0 45,549.0 315,272.4 FY 2016 01/31/2016 209,830.3 8,705.0 3,065.0 46,390.0 250,580.3 FY 2017 Current/LTM 07/31/2017 203,423.5 241,216.5 6,867.0 6,469.0 2,737.0 2,657.0 42,729.0 43,199.0 242,022.5 280,603.5 446,950.0 490,012.0 2 In Millions of USD 3 12 Months Ending 4 Market Capitalization 5 - Cash & Equivalents 6 + Preferred & Other 7 + Total Debt 8 Enterprise Value 9 10 Revenue, Adj 11 Growth %, YOY 12 Gross Profit, Adj Margin % 14 EBITDA, Adj 15 Margin % 16 Net Income, Adj 17 Margin % 18 EPS, Adj 19 Growth %, YOY 6.0 1.3 421,849.0 3.4 106,562.0 25.3 33,183.0 485,651.0 2.0 120,565.0 24.8 36,569.5 485,873.0 0.8 124,617.0 25.6 32,556.7 13 468,651.0 4.9 116,354.0 24.8 36,226.0 7.7 16,947.0 3.6 5.01 10.1 476,294.0 1.6 118,225.0 24.8 36,752.2 7.7 16,534.6 3.5 5.05 0.8 482,130.0 -0.7 121, 146.0 25.1 33,405.2 6.9 14,143.6 2.9 4.40 111,823.0 25.0 34,872.0 7.8 15,808.3 3.5 4.55 12.1 495,556.5 2.0 123,205.3 24.9 33,078.1 6.7 13,169.2 2.7 4.38 1.3 7.9 507,550.8 2.4 126,400.5 24.9 33,601.2 6.6 13,583.0 2.7 4.63 5.7 125,576.0 25.6 33,020.3 6.7 13,337.7 2.7 4.36 0.5 75 6.7 13,456.3 2.8 14,921.0 3.5 4.06 10.5 16,240.2 3.3 5.01 -0.8 4.32 -1.8 - 12.2 20 21 Cash from Operations 22 Capital Expenditures 23 Free Cash Flow 24 Source: Bloomberg 25 23,643.0 -12,699.0 10,944.0 24,255.0 -13,510.0 10,745.0 25,591.0 -12,898.0 12,693.0 23,257.0 -13, 115.0 10,142.0 28,564.0 -12,174.0 16,390.0 27,389.0 -11,477.0 15,912.0 31,530.0 -10,619.0 20,911.0 27,959.0 -10,750.0 17,209.0 -10,563.8 13,668.7 -10,884.5 14,691.6 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 01/31/2001 01/31/200: 01/31/201101/31/201'01/31/201:01/31/201: 01/31/201401/31/201! 01/31/2016 01/31/2017 7907 7907 7281 7281 8705 8705 6867 6867 5492 5492 0 3642 3642 7275 7275 ol 3905 3905 7395 7395 0 5089 5089 6550 6550 0 5937 5937 7781 7781 o 6768 6768 9135 9135 0 6778 6778 0 0 4144 4144 6677 6677 5624 5624 5835 5835 0 0 O 34511 32713 36437 40714 43803 44858 45141 44469 43046 35159 0 - 0- TITI 35159 0 - 3727 3258 1588 2369 1441 1941 3268 0 3091 0 1774 0 1 In Millions of USD except Per Share 2 12 Months Ending 3 Total Assets + Cash, Cash Equivalents & STI + Cash & Cash Equivalents + ST Investments + Accounts & Notes Receiv + Accounts Receivable, Net + Notes Receivable, Net +Inventories + Raw Materials + Work In Process + Finished Goods + Other Inventory + Other ST Assets 16 + Derivative & Hedging Assets + Deferred Tax Assets + Discontinued Operations 19 + Misc ST Assets 20 Total Current Assets 21 + Property, Plant & Equip, Net + Property, Plant & Equip - Accumulated Depreciation +LT Investments & Receivables + Other LT Assets 26 + Total Intangible Assets + Goodwill + Other Intangible Assets + Deferred Tax Assets + Derivative & Hedging Assets 31 + Misc LT Assets 32 Total Noncurrent Assets 33 Total Assets 0 2224 0 728 III 0 - 18 - 140 3128 48032 131 2960 52012 107878 154489 46611 195 3063 48949 95653 131161 35508 0 18827 15260 15260 0 1588 59940 116681 171724 55043 460 - 1909 61185 117907 178678 60771 23 89 1685 54975 112324 160938 48614 0 26107 20651 20651 0 48020 96867 127992 31125 0 18627 15879 15879 1941 57689 114178 191129 76951 1496 63278 116655 182634 65979 0 23557 18102 18102 143517 41210 0 20068 16126 16126 0 24 0 20892 16763 16763 0 26484 20497 20497 0 25659 19510 19510 1441 60239 116516 188054 71538 0 22826 16695 16695 0 1504 621 4006 139342 199581 26958 17037 17037 0 0 1565 479 2748 115494 163514 3567 114480 163429 0 3942 122375 170407 0 4129 128770 180782 0- 5 456 138431 193406 5987 143165 203105 0 6149 143566 204751 1033 512 3910 140212 203490 141136 198825 34 35 30344 30344 47638 28849 677 50532 30451 1347 52534 33676 157 55926 36608 1164 58526 38410 1021 58615 38487 521 63008 41433 921 966 0 11269 10953 316 18112 7669 1506 315 5848 18734 4919 523 346 4050 18701 6022 1031 336 4655 47 18154 6348 4047 326 1975 59099 57174 38080 37415 2211 o 18808 18793 12719 12082 6805 7670 327 309 5587 4103 089 0 0 0 19095 5904 1592 287 4025 823 19607 6004 2708 551 2745 0 0 20654 3920 1099 565 2256 0 16865 767 0 - 83 92 47 16865 58478 33402 29799 3603 5087 55390 34549 31349 3200 6014 0 55543 36401 33231 3170 5815 0 58603 43842 40692 3150 7090 62300 47079 44070 3009 8266 0 89 0 69345 44559 41771 2788 9508 0 71818 41417 38394 3023 8132 0 Liabilities & Shareholders' Equity 36 + Payables & Accruals 37 + Accounts Payable 38 + Accrued Taxes 39 + Interest & Dividends Payable 40 + Other Payables & Accruals + ST Debt 42 + ST Borrowings 43 + ST Capital Leases 44 + Current Portion of LT Debt + Other ST Liabilities + Deferred Revenue + Derivatives & Hedging 48 + Deferred Tax Liabilities + Discontinued Operations + Misc ST Liabilities Total Current Liabilities 52 + LT Debt 53 +LT Borrowings 54 + LT Capital Leases + Other LT Liabilities 56 + Accrued Liabilities 57 + Pension Liabilities + Pensions + Other Post-Ret Benefits 60 + Deferred Revenue + Deferred Tax Liabilities + Derivatives & Hedging + Misc LT Liabilities 64 Total Noncurrent Liabilities Total Liabilities 66 + Preferred Equity and Hybrid Capital 67 + Share Capital & APIC 68 + Common Stock 69 + Additional Paid in Capital 70 - Treasury Stock 71 + Retained Earnings 72 + Other Equity 73 Equity Before Minority Interest 74 + Minority/Non Controlling Interest 75 Total Equity 76 Total Liabilities & Equity 0 65253 39645 37039 2606 12655 0 0 0 64619 40386 34570 5816 10965 0 66928 38809 32806 6003 12553 0 0 0 III 0 0 7862 6014 5508 6682 7613 8017 0 4671 4460 3524 52300 117553 4333 3839 4381 5087 38489 96967 0 40563 95953 307 42216 97759 408 50932 109535 404 55345 117645 519 49549 121367 3357 4382 3226 51351 115970 1491 54067 123412 51362 118290 3425 4313 393 3920 4181 378 3803 3929 352 3577 4034 342 3692 3952 332 3620 2685 323 2362 2785 323 2462 2122 317 1805 2676 305 2371 57319 3864 64608 1939 66547 163514 63660 -2688 65285 2191 67476 163429 66357 -70 70468 2180 72648 170407 63967 646 68542 2705 71247 180782 68691 -1410 71315 4446 75761 193406 72978 -587 76343 5395 81738 203105 76566 -2996 76255 5084 81339 204751 85777 -7168 81394 4543 85937 203490 90021 -11597 80546 3065 83611 199581 89354 -14232 77798 2737 80535 198825 77 78 Reference Items 79 Accounting Standard US GAAP US GAAP US GAAP 80 Shares Outstanding 3973 3925 3786 81 Number of Treasury Shares 0 0 0 82 Pension Obligations 0 0 0 83 Future Minimum Operating Lease Obligation: 13759 12830 1 3099 84 Capital Leases - Total 3919 3515 3516 85 Options Granted During Period 8.933 1.712 1.804 86 Options Outstanding at Period End 68.86 48.722 41.959 87 Net Debt 39179 34943 33413 88 Net Debt to Equity 58.8742 51.7858 45.993 89 Tangible Common Equity Ratio 33.0064 33.7621 35.2227 90 Current Ratio 0.8212 0.8837 0.8648 91 Cash Conversion Cycle 9.7011 9.645 8.1385 92 Cash Held Overseas 93 Number of Employees 2100000 2100000 2100000 94 Source: Bloomberg US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP 3516 3418 3314 3229.175 3228 3162 3048 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4123 16415 16803 17170 17910 21505 18139 3486 3335 3350 3097 2893 6367 6568 1.921 2.042 2.082 1.846 33.386 20.152 10.24 8.25 42469 46877 46355 49360 36414 37685 35862 59.6081 61.8748 56.7117 60.6843 42.3729 45.0718 44.5297 31.5689 29.3271 30.5824 30.6331 34.1403 34.913 33.4241 0.8875 0.8824 0.8346 0.8823 0.9697 0.9322 0.862 7.3352 8.724 10.404 11.9751 12.1709 11.0492 8.0032 5200 5800 6300 4500 5900 2100000 2200000 2200000 2200000 2200000 2300000 2300000 - FY 2008 01/31/2008 FY 2009 01/31/2009 FY 2010 01/31/2010 FY 2011 01/31/2011 FY 2012 01/31/2012 FY 2013 01/31/2013 FY 2014 01/31/2014 FY 2015 01/31/2015 FY 2016 01/31/2016 FY 2017 01/31/2017 8.5547 8.9112 7.0986 12.8235 15.4982 8.2192 8.9655 31.3433 6.8427 4.4855 3.8539 5.2549 8.3067 6.0127 8.023 7.9545 0.9177 5.4914 5.2812 7.2388 9.4395 11.3433 7.6843 14.7368 3.3728 6.4957 6.4161 14.0501 20.4852 12.0643 10.4986 11.0092 5.9502 4.5355 3.9778 -4.2101 1.1186 8.6124 12.0741 20.6612 4.8554 4.4338 4.3942 8.2808 11.0619 10.3524 10.0576 8.9041 1.6309 -1.3361 -3.0766 -5.7474 -2.7888 -3.1936 0.7984 18.239 1.9645 1.6171 1.0234 2.1283 3.3942 2.2218 -0.8365 2.1277 -0.725 -7.6019 -11.2057 -10.1998 -9.4267 -7.8212 -12.1579 2.0833 0.7763 -2.1306 -5.5632 -7.1526 -4.1575 -4.1575 -1.794 2.0408 10 1 In Millions of USD except Per Share 12 Months Ending 3 1 Year Growth 4 Revenue EBITDA Operating Income Net Income to Common 8 EPS Diluted EPS Diluted before XO EPS Diluted before Abnormal 11 Dividend per Share 12 13 Accounts Receivable 14 Inventory 15 Fixed Assets 16 Total Assets 17 Modified Working Capital 18 Working Capital Employees 20 Accounts Payable 21 Short-Term Debt 22 Total Debt 23 Total Equity 24 Capital 25 Book Value per Share 7.2213 -1.8431 -1.2533 -0.052 13.1252 38.4108 6.1204 -5.2099 6.9564 4.2697 -33.0407 -16.6123 22.8041 11.3839 5.4454 6.0884 22.5414 12.2487 -1.3446 2.4085 1.0507 0.8104 13.0414 31.3016 1.5127 0.6309 -1.0619 -0.6159 -4.3272 75.7966 3.7518 -3.2 -2.0066 -0.3788 -35.826 -110.94 19 28.2394 4.3758 9.5285 7.8681 5.1735 -102.439 10.5263 6.53 36.0497 14.4882 4.4153 8.2403 9.102 16.6634 11.7381 4.1213 6.983 27.9363 -11.1364 4.7619 8.7065 5.4135 7.1454 6.3357 6.6691 7.0289 13.997 7.5871 3.879 5.0148 24.3752 -62.157 0 4.021 100.3623 1.327 7.8893 5.1754 10.4099 0 -17.0257 -1.4887 -0.1192 -1.921 -14.0869 -121.7722 4.5455 0.2005 1.6938 1.8464 -2.7066 -1.1294 1.0237 -4.9268 -31.946 -5.4913 1.396 -1.3703 2.2836 5.5531 -35.8587 -2.1271 7.6649 3.8963 11.9019 10.5908 22.4233 20.6776 -1.9285 6.2675 4.7361 -1.7463 -5.0083 4.6272 -0.4881 1.55 2.5085 2.6594 -51.1339 -19.583 5.6529 -4.7065 6.7781 7.6545 -34.71 -7.8918 -3.6789 -5.1823 0.2008 26 3.4583 -4.6534 12.1355 -23.0167 -9.928 4.2269 5.5081 -4.53 -9.1204 1.6824 22.8189 -7.175 13.4013 5.957 -62.9543 20.7503 12.4535 18.1624 2.5885 6.3863 -65.0391 - -1.8183 2.7168 -1.0295 -4.1136 15.1192 -5.7253 -7.4758 -327.44 -2.9164 31.4165 -3.532 13.7694 -2.0535 27.5547 33.1078 4.1238 29.1791 104.1718 11.6134 84.5781 -22.1898 -9.0714 -19.5505 18.1294 5.1184 15.7064 -20.0977 -8.5406 -17.7972 61.6052 21.7856 54.2226 27 Cash From Operations 28 Capital Expenditures 29 Net Change In Cash 30 Free Cash Flow 31 Cash Flow to Firm 32 Free Cash Flow to Firm 33 34 5 Year Growth 35 Revenue 36 EBITDA 37 Operating Income 38 Net Income to Common 39 EPS Diluted 40 EPS Diluted before XO 41 EPS Diluted before Abnormal 42 Dividend per Share 13 10.5114 13.9752 14.1348 9.8612 11.8248 12.4177 12.4177 24.0144 9.5461 12.3169 12.4614 8.1566 10.3687 10.5375 10.6286 21.4183 7.2198 7.7073 7.0277 6.9554 9.0113 9.1285 8.8097 15.9537 6.2117 7.2744 6.4198 7.8517 10.7732 8.9736 8.51 15.0607 5.093 5.9713 5.3176 6.8272 10.773 9.2282 9.4369 16.8572 4.3668 5.0853 4.7803 5.9527 9.9087 9.6554 9.6554 12.5597 3.3281 3.8873 3.3429 3.6388 7.5583 7.6811 8.1478 14.627 3.5416 3.1128 2.4932 2.6316 6.3429 5.8559 6.3794 11.9889 2.7073 0.2256 -1.1514 -2.1598 0.4435 1.8 1.6077 10.1271 1.684 -1.0865 -3.036 -2.7684 -0.6273 -0.715 -1.0415 6.4965 2.0194 4.0646 13.1942 4.4945 3.7922 4.4319 44 Accounts Receivable 45 Inventory 46 Fixed Assets 47 Total Assets 48 Modified Working Capital 49 Employees 50 Accounts Payable 51 Short-Term Debt 52 Total Debt 53 Total Equity 54 Total Capital 5 Year Growth 55 Book Value per Share 8.1126 18.3432 7.5786 13.5237 11.5172 -1.5435 8.4472 12.5131 14.2421 11.9643 10.2668 10.93 12.6138 25.5061 5.3358 10.3225 9.27 2.3115 6.961 8.3355 3.7913 9.7898 8.388 8.9148 10.4504 19.2974 1.9088 8.4748 7.2383 -7.5591 4.3168 6.7301 -8.794 5.8801 7.4438 6.8609 9.7929 14.5964 2.6888 6.7378 5.5207 -3.5069 3.131 6.0537 -6.9501 5.1841 5.4527 5.3416 8.8353 15.891 3.8631 4.8974 4.9933 4.5468 2.9755 5.1465 -5.1822 6.4876 3.5181 4.6857 6.9584 11.3248 5.3844 4.2721 4.6115 8.0965 0.9347 5.3375 0.9347 4.6465 2.4504 3.9183 4.1979 4.086 7.2136 10.3409 6.6523 2.6596 3.6123 16.0933 0.9347 4.7535 3.7179 1.968 3.4168 2.9009 6.2599 1.5525 1.9983 8.1341 1.8361 2.7067 -0.0599 -1.4339 3.2522 1.4268 5.4957 -0.346 1.1202 0.328 0.5542 -5.8034 0.893 2.5071 -9.1908 -4.3704 1.2297 -0.9344 4.114 9.5166 6.0539 3.8078 4.6952 7.2607 56 9.6802 6.039 3.9831 4.392 0.0949 1.7048 2.9852 5.3864 8.696 9.977 9.7812 7.6705 -6.9145 15.414 8.128 15.6503 11.7763 16.9402 45.5794 11.8124 39.5069 28.6539 6.2266 25.1289 20.1796 4.0677 17.5374 17.3442 4.2658 14.9765 -2.731 0.1946 -2.1974 3.1069 1.805 3.1536 7.7729 3.0162 7.2945 14.2441 5.1435 12.8796 57 Cash From Operations 58 Net Change In Cash 59 Free Cash Flow 60 Cash Flow to Firm 61 Free Cash Flow to Firm 62 63 Sequential Growth 64 Revenue 65 EBITDA 66 Operating Income 67 Net Income to Common 68 EPS Diluted 69 EPS Diluted before XO 70 EPS Diluted before Abnormal 71 Dividend per Share 72 73 Accounts Receivable 74 Inventory 75 Fixed Assets 76 Total Assets 77 Modified Working Capital 78 Employees Accounts Payable Short-Term Debt 81 Total Debt 82 Total Equity 83 Capital 84 Book Value per Share 85 8.5547 8.9112 7.0986 12.8235 15.4982 8.2192 8.9655 31.3433 6.8427 4.4855 3.8539 5.2549 8.3067 6.0127 8.023 7.9545 0.9177 5.4914 5.2812 7.2388 9.4395 11.3433 7.6843 14.7368 3.3728 6.4957 6.4161 14.0501 20.4852 12.0643 10.4986 11.0092 5.9502 4.5355 3.9778 -4.2101 1.1186 8.6124 12.0741 20.6612 4.8554 4.4338 4.3942 8.2808 11.0619 10.3524 10.0576 8.9041 1.6309 -1.3361 -3.0766 -5.7474 -2.7888 -3.1936 0.7984 18.239 1.9645 1.6171 1.0234 2.1283 3.3942 2.2218 -0.8365 2.1277 -0.725 -7.6019 -11.2057 - 10.1998 -9.4267 -7.8212 -12.1579 2.0833 0.7763 -2.1306 -5.5632 -7.1526 -4.1575 -4.1575 -1.794 2.0408 7.2213 -1.8431 -1.2533 -0.052 13.1252 6.1204 -5.2099 6.9564 4.2697 -33.0407 22.8041 11.3839 5.4454 6.0884 22.5414 13.997 7.5871 3.879 5.0148 24.3752 -1.3446 2.4085 1.0507 0.8104 13.0414 28.2394 4.3758 9.5285 7.8681 5.1735 10.5263 6.53 36.0497 14.4882 4.4153 8.2403 9.102 16.6634 11.7381 4.1213 6.983 27.9363 4.7619 8.7065 5.4135 .1454 6.3357 6.6691 7.0289 1.5127 0.6309 -1.0619 -0.6159 -4.3272 0 2.6594 -51.1339 -19.583 5.6529 -4.7065 .7781 -17.0257 -1.4887 -0.1192 -1.921 -14.0869 4.5455 0.2005 1.6938 1.8464 -2.7066 -1.1294 1.0237 3.7518 -3.2 -2.0066 -0.3788 -35.826 0 7.6545 -34.71 -7.8918 -3.6789 -5.1823 0.2008 79 80 7 -4.9268 -31.946 -5.4913 1.396 -1.3703 2.2836 5.5531 -35.8587 -2.1271 7.6649 3.8963 11.9019 10.5908 22.4233 20.6776 -1.9285 6.2675 4.7361 4.021 100.3623 1.327 7.8893 5.1754 10.4099 -1.7463 -5.0083 4.6272 -0.4881 1.55 2.5085 6 7.2213 -1.8431 -1.2533 -0.052 13.1252 6.1204 -5.2099 6.9564 4.2697 -33.0407 22.8041 11.3839 5.4454 6.0884 22.5414 13.997 7.5871 3.879 5.0148 24.3752 -1.3446 2.4085 1.0507 0.8104 13.0414 1.5127 0.6309 -1.0619 -0.6159 -4.3272 3.7518 -3.2 -2.0066 -0.3788 -35.826 73 Accounts Receivable 74 Inventory 75 Fixed Assets 76 Total Assets 77 Modified Working Capital 78 Employees 79 Accounts Payable 80 Short-Term Debt 81 Total Debt 82 Total Equity 83 Capital 84 Book Value per Share 85 86 Cash From Operations 87 Capital Expenditures 88 Net Change In Cash 89 Free Cash Flow 90 Cash Flow to Firm 91 Free Cash Flow to Firm 92 Source: Bloomberg 28.2394 4.3758 9.5285 7.8681 5.1735 10.5263 6.53 36.0497 14.4882 4.4153 8.2403 9.102 16.6634 11.7381 4.1213 6.983 27.9363 4.7619 8.7065 5.4135 7.1454 6.3357 6.6691 7.0289 -17.0257 -1.4887 -0.1192 -1.921 -14.0869 4.5455 0.2005 1.6938 1.8464 -2.7066 -1.1294 1.0237 -4.9268 -31.946 -5.4913 1.396 -1.3703 2.2836 5.5531 -35.8587 -2.1271 7.6649 3.8963 11.9019 10.5908 22.4233 20.6776 -1.9285 6.2675 4.7361 4.021 100.3623 1.327 7.8893 5.1754 10.4099 -1.7463 -5.0083 4.6272 -0.4881 2.6594 -51.1339 -19.583 5.6529 -4.7065 6.7781 7.6545 -34.71 -7.8918 -3.6789 -5.1823 0.2008 1.55 2.5085 12.1355 -23.0167 2.5885 6.3863 5.5081 -4.53 22.8189 -7.175 3.4583 -4.6534 -394.2436 33.1078 4.1238 29.1791 13.4013 5.957 -62.9543 20.7503 12.4535 18.1624 -9.928 4.2269 -181.0127 -22.1898 -9.0714 -19.5505 -9.1204 1.6824 -140.6174 - -20.0977 -8.5406 -17.7972 -4.1136 15.1192 -5.7253 -7.4758 -123.1931 -2.9164 31.4165 -3.532 13.7694 -2.0535 27.5547 104.1718 11.6134 84.5781 -1.8183 2.7168 -1.0295 18.1294 5.1184 15.7064 61.6052 21.7856 54.2226 ASSUMPTIONS 2019 2020 ASSUMPTIONS 2018 2021 2022 ACTUAL 2017 0.78% 25.65% 21.02% 2.06% 2.81% 26.63% 1.41% 83.27 1 Total sales growth 2 Gross margin 3 Operating expenses/Sales 4 Depreciation/Sales 5 Net Profit Margin 6 Effective tax rate 7 Cash & ST Inv/Sales Receivable turnover = Net Sales / Acc. Rec. Inventory turnover = Cost of Sales / Inv P&E Turnover = Net Sales/ 10 Property, plant, & Equipment, Net 11 Total Asset Turnover = Sales / TA 12 Payables and Accruals /Cost of Sales 13 ST Debt / Total Assets 14 LT Debt / Total Assets 15 Total Equity / Total Assets 8.39 4.26 2.44 17.44% 1.97% 19.52% 40.51% FORECAST Pro Forma 2020 2018 2019 2021 2022 1 Net Sales 2 Cost of Sales 3 Gross Profit 4 Operating Expenses 5 EBIT 6 NOPAT = EBIT *(1-t) Operating Cash Flow = NOPAT + 7 Depreciation 8 Net Income ACTUAL 2017 485,873 361,256 124,617 102,140 22,477 16,490 26,490 13,643 9 Cash & ST Investments 10 Accounts Receivable 11 Inventory 12 Property, Plant, & Equipment, net 13 Other Assets (Plug) 14 Total Assets 6,867 5,835 43,046 114,178 28,899 198,825 15 Payables and Accruals 16 ST Debt (total) 17 LT Debt (total) 18 Other Liabilities (Plug) 19 Total Equity 20 Total Liabilities & Equity 63,008 3,920 38,809 12,553 80,535 198,825 0 In Millions of USD except Per Share FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Last 12M FY 2018 Es: FY 2019 Est 12 Months Ending 01/31/2011 01/31/2012 01/31/2013 01/31/2014 01/31/2015 01/31/2016 01/31/2017 07/31/2017 01/31/2018 01/31/2019 Revenue 421849 446950 468651 476294 485651 482130 485873490012 495557 507551 + Sales & Services Revenue 418952 443854 465604 473076 482229 478614 481317 485401 + Other Revenue 2897 3096 3047 3218 3422 3516 4556 4611 - Cost of Revenue 315287 335127 352297 358069 365086 360984 361256 364436 + Cost of Goods & Services 315287 335127 352297 358069 365086 360984 361256 364436 Gross Profit 106562 111823 116354 118225 120565 121146 124617 125576 123205 126400 + Other Operating Income 0 0 0 0 0 0 - Operating Expenses 85081 88629 90342.8 93168.5 97194.8 102140 102900 + Selling, General & Admin 81020 85265 88629 91353 93418 97041 101853 103046 + Research & Development 0 0 0 0 0 0 + Other Operating Expense -184 0 -1010.2 -249.46 153.846 287.262 -146.32 Operating Income (Loss) 25542 26742 27725 27882.2 27396.5 23951.2 22476.7 22676.3 22751.8 23158 - Non-Operating (Income) Loss 2004 2279 2063 2216 2348 2467 2267 2278 +Interest Expense, Net 2004 2160 2063 2216 2348 2467 2267 2278 + Interest Expense 2205 2322 2249 2335 2461 2548 2367 2405 - Interest Income 201 162 186 1 19 113 81 100 127 + Foreign Exch (Gain) Loss 0 0 0 0 0 0 0 +(Income) Loss from Affiliates 0 0 0 0 - + Other Non-Op (Income) Loss 119 Pretax Income (Loss), Adjusted 23538 24463 25662 25666.2 25048.5 21484.2 20209.7 20398.3 20278.2 20845 - Abnormal Losses (Gains) 0 65 0 1010.15 249.462 -153.85 -287.26 934.323 + Merger/Acquisition Expense 36 - + Abnormal Derivatives + Impairment of Goodwill +Gain/Loss on Sale/Acquisition of Busines: -670.28 + Legal Settlement 249.462 + Restructuring 50.5077 +Sale of Investments -51 + Other Abnormal Items 148 959.646 -153.85 383.015 Pretax Income (Loss), GAAP 23538 24398 24656 2479921638 20497 19464 20278.2 20845 - Income Tax Expense (Benefit) 7579 7944 7958 8105 7985 6558 6204 6020 + Current Income Tax 6703 6742 7976 8619 8504 7584 5459 +Deferred Income Tax 876 1202 -18 -514 -519 -1026 745 + Tax Allowance/Credit 0 0 0 - - Income (Loss) from Cont Ops 15959 16454 17704 16551 16814 1508014293 13444 12957 13567.1 - Net Extraordinary Losses (Gains) -1034 67 - - 144 -285 + Discontinued Operations -1034 67 -52 -285 0 0 +XO & Accounting Changes 0 0 0 0 0 0 0 Income (Loss) Incl. MI 16993 16387 17756 16695 17099 15080 14293 13444 - Minority Interest 604 688 757 673 736 650 715 Net Income, GAAP 16389 15699 16999 16022 16363 14694 1364312729 12957 13567.1 - Preferred Dividends 0 0 0 0 0 0 0 0 - Other Adjustments 0 0 0 0 0 Net Income Avail to Common, GAAP 16389 15699 1699916022 16363 14694 1364312729 12957 13567.1 -68 . -52 - -144 386 13169.2 13583 Net Income Avail to Common, Adj Net Abnormal Losses (Gains) Net Extraordinary Losses (Gains) 14921 -434 -1034 15808.3 42.25 67 16947 0 -52 16534.6 656.6 -144 16240.2 162.15 -285 14143.6 -550.38 0 13456.3 -186.72 0 13337.7 608.68 0 16947 13169.2 13583 48 Net Income Avail to Common, Adj 49 Net Abnormal Losses (Gains) 50 Net Extraordinary Losses (Gains) 14921 -434 -1034 15808.3 42.25 16534.6 656.6 -144 16240.2 162.15 -285 14143.6 -550.38 0 13456.3 -186.72 0 13337.7 608.68 0 67 -52 51 3656 4.48 3460 4.54 4.56 4.5689 3374 5.04 5.03 5.03 3269 4.9 4.87 5.058 3230 5.0659 4.9777 5.0279 3207 4.58 4.58 4.4102 3101 4.4 4.4 4.3393 3008 4.17 4.17 4.37037 4.2 4.0812 4.258 4.258 4.377 4.646 4.646 4.625 3670 4.47 3474 4.52 4.54 4.5522 3389 5.02 5.01 5.01 3283 4.88 4.85 5.05 3243 5.0456 4.9578 5.0078 3217 4.57 4.57 4.3989 3112 4.38 4.38 4.32 3021 4.16 4.16 4.36 4.18 4.0617 4.258 4.258 4.377 4.646 4.646 4.625 52 Basic Weighted Avg Shares 53 Basic EPS, GAAP 54 Basic EPS from Cont Ops 55 Basic EPS from Cont Ops, Adjusted 56 57 Diluted Weighted Avg Shares 58 Diluted EPS, GAAP 59 Diluted EPS from Cont Ops 60 Diluted EPS from Cont Ops, Adjusted 61 62 Reference Items 63 Accounting Standard 64 EBITDA 65 EBITDA Margin (T12M) 66 EBITA 67 EBIT 68 Gross Margin 69 Operating Margin 70 Profit Margin 71 Sales per Employee 72 Dividends per Share 73 Total Cash Common Dividends 74 Capitalized Interest Expense 75 Depreciation Expense 76 Rental Expense 77 Source: Bloomberg 78 US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP 33183 34872 36226 36752.2 36569.5 33405.2 32556.7 33020.3 33078.1 33601.2 7.8661 7.8022 7.7298 7.7163 7.53 6.9287 6.7007 6.73868 6.6 7493 6.62026 25583 26772 27748 27882.2 27469.5 24005.2 22556.7 25542 26742 27725 27882.2 27396.5 23951.2 22476.7 22676.3 22751.8 23158 25.2607 25.0191 24.8274 24.8219 24.8254 25.1272 25.6481 25.6271 24.862 24.904 6.0548 5.9832 5.9159 5.854 5.6412 4.9678 4.6261 4.62771 4.59115 4.56269 3.537 3.5369 3.6161 3.4715 3.344 2.9336 2.7695 2.72191 2.65745 2.67619 200880 203159 213023 216497 220750 209622 211249 1.21 1.46 1.59 1.88 1.96 2 3.55 2.049 2.136 4437 5048 5364.66 6145.72 6185 6300 6202 10761.2 126 120 148 78 59 36 28 7600 8100 8478 8870 9100 9400 10000 2000 2400 2600 2800 2800 2500 2600 1.92 39 01/31/2018 FY 2019 Est 01/31/2019 FY 2011 01/31/2011 197,142.1 7,395.0 2,705.0 49,864.0 242,316.1 FY 2012 01/31/2012 209,728.5 6,550.0 4,446.0 53,427.0 261,051.5 FY 2013 01/31/2013 231,814.3 7,781.0 5,395.0 54,136.0 283,564.3 FY 2014 01/31/2014 241,154.8 7,281.0 5,084.0 56,641.0 295,598.8 FY 2015 01/31/2015 274,315.4 9,135.0 4,543.0 45,549.0 315,272.4 FY 2016 01/31/2016 209,830.3 8,705.0 3,065.0 46,390.0 250,580.3 FY 2017 Current/LTM 07/31/2017 203,423.5 241,216.5 6,867.0 6,469.0 2,737.0 2,657.0 42,729.0 43,199.0 242,022.5 280,603.5 446,950.0 490,012.0 2 In Millions of USD 3 12 Months Ending 4 Market Capitalization 5 - Cash & Equivalents 6 + Preferred & Other 7 + Total Debt 8 Enterprise Value 9 10 Revenue, Adj 11 Growth %, YOY 12 Gross Profit, Adj Margin % 14 EBITDA, Adj 15 Margin % 16 Net Income, Adj 17 Margin % 18 EPS, Adj 19 Growth %, YOY 6.0 1.3 421,849.0 3.4 106,562.0 25.3 33,183.0 485,651.0 2.0 120,565.0 24.8 36,569.5 485,873.0 0.8 124,617.0 25.6 32,556.7 13 468,651.0 4.9 116,354.0 24.8 36,226.0 7.7 16,947.0 3.6 5.01 10.1 476,294.0 1.6 118,225.0 24.8 36,752.2 7.7 16,534.6 3.5 5.05 0.8 482,130.0 -0.7 121, 146.0 25.1 33,405.2 6.9 14,143.6 2.9 4.40 111,823.0 25.0 34,872.0 7.8 15,808.3 3.5 4.55 12.1 495,556.5 2.0 123,205.3 24.9 33,078.1 6.7 13,169.2 2.7 4.38 1.3 7.9 507,550.8 2.4 126,400.5 24.9 33,601.2 6.6 13,583.0 2.7 4.63 5.7 125,576.0 25.6 33,020.3 6.7 13,337.7 2.7 4.36 0.5 75 6.7 13,456.3 2.8 14,921.0 3.5 4.06 10.5 16,240.2 3.3 5.01 -0.8 4.32 -1.8 - 12.2 20 21 Cash from Operations 22 Capital Expenditures 23 Free Cash Flow 24 Source: Bloomberg 25 23,643.0 -12,699.0 10,944.0 24,255.0 -13,510.0 10,745.0 25,591.0 -12,898.0 12,693.0 23,257.0 -13, 115.0 10,142.0 28,564.0 -12,174.0 16,390.0 27,389.0 -11,477.0 15,912.0 31,530.0 -10,619.0 20,911.0 27,959.0 -10,750.0 17,209.0 -10,563.8 13,668.7 -10,884.5 14,691.6 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 01/31/2001 01/31/200: 01/31/201101/31/201'01/31/201:01/31/201: 01/31/201401/31/201! 01/31/2016 01/31/2017 7907 7907 7281 7281 8705 8705 6867 6867 5492 5492 0 3642 3642 7275 7275 ol 3905 3905 7395 7395 0 5089 5089 6550 6550 0 5937 5937 7781 7781 o 6768 6768 9135 9135 0 6778 6778 0 0 4144 4144 6677 6677 5624 5624 5835 5835 0 0 O 34511 32713 36437 40714 43803 44858 45141 44469 43046 35159 0 - 0- TITI 35159 0 - 3727 3258 1588 2369 1441 1941 3268 0 3091 0 1774 0 1 In Millions of USD except Per Share 2 12 Months Ending 3 Total Assets + Cash, Cash Equivalents & STI + Cash & Cash Equivalents + ST Investments + Accounts & Notes Receiv + Accounts Receivable, Net + Notes Receivable, Net +Inventories + Raw Materials + Work In Process + Finished Goods + Other Inventory + Other ST Assets 16 + Derivative & Hedging Assets + Deferred Tax Assets + Discontinued Operations 19 + Misc ST Assets 20 Total Current Assets 21 + Property, Plant & Equip, Net + Property, Plant & Equip - Accumulated Depreciation +LT Investments & Receivables + Other LT Assets 26 + Total Intangible Assets + Goodwill + Other Intangible Assets + Deferred Tax Assets + Derivative & Hedging Assets 31 + Misc LT Assets 32 Total Noncurrent Assets 33 Total Assets 0 2224 0 728 III 0 - 18 - 140 3128 48032 131 2960 52012 107878 154489 46611 195 3063 48949 95653 131161 35508 0 18827 15260 15260 0 1588 59940 116681 171724 55043 460 - 1909 61185 117907 178678 60771 23 89 1685 54975 112324 160938 48614 0 26107 20651 20651 0 48020 96867 127992 31125 0 18627 15879 15879 1941 57689 114178 191129 76951 1496 63278 116655 182634 65979 0 23557 18102 18102 143517 41210 0 20068 16126 16126 0 24 0 20892 16763 16763 0 26484 20497 20497 0 25659 19510 19510 1441 60239 116516 188054 71538 0 22826 16695 16695 0 1504 621 4006 139342 199581 26958 17037 17037 0 0 1565 479 2748 115494 163514 3567 114480 163429 0 3942 122375 170407 0 4129 128770 180782 0- 5 456 138431 193406 5987 143165 203105 0 6149 143566 204751 1033 512 3910 140212 203490 141136 198825 34 35 30344 30344 47638 28849 677 50532 30451 1347 52534 33676 157 55926 36608 1164 58526 38410 1021 58615 38487 521 63008 41433 921 966 0 11269 10953 316 18112 7669 1506 315 5848 18734 4919 523 346 4050 18701 6022 1031 336 4655 47 18154 6348 4047 326 1975 59099 57174 38080 37415 2211 o 18808 18793 12719 12082 6805 7670 327 309 5587 4103 089 0 0 0 19095 5904 1592 287 4025 823 19607 6004 2708 551 2745 0 0 20654 3920 1099 565 2256 0 16865 767 0 - 83 92 47 16865 58478 33402 29799 3603 5087 55390 34549 31349 3200 6014 0 55543 36401 33231 3170 5815 0 58603 43842 40692 3150 7090 62300 47079 44070 3009 8266 0 89 0 69345 44559 41771 2788 9508 0 71818 41417 38394 3023 8132 0 Liabilities & Shareholders' Equity 36 + Payables & Accruals 37 + Accounts Payable 38 + Accrued Taxes 39 + Interest & Dividends Payable 40 + Other Payables & Accruals + ST Debt 42 + ST Borrowings 43 + ST Capital Leases 44 + Current Portion of LT Debt + Other ST Liabilities + Deferred Revenue + Derivatives & Hedging 48 + Deferred Tax Liabilities + Discontinued Operations + Misc ST Liabilities Total Current Liabilities 52 + LT Debt 53 +LT Borrowings 54 + LT Capital Leases + Other LT Liabilities 56 + Accrued Liabilities 57 + Pension Liabilities + Pensions + Other Post-Ret Benefits 60 + Deferred Revenue + Deferred Tax Liabilities + Derivatives & Hedging + Misc LT Liabilities 64 Total Noncurrent Liabilities Total Liabilities 66 + Preferred Equity and Hybrid Capital 67 + Share Capital & APIC 68 + Common Stock 69 + Additional Paid in Capital 70 - Treasury Stock 71 + Retained Earnings 72 + Other Equity 73 Equity Before Minority Interest 74 + Minority/Non Controlling Interest 75 Total Equity 76 Total Liabilities & Equity 0 65253 39645 37039 2606 12655 0 0 0 64619 40386 34570 5816 10965 0 66928 38809 32806 6003 12553 0 0 0 III 0 0 7862 6014 5508 6682 7613 8017 0 4671 4460 3524 52300 117553 4333 3839 4381 5087 38489 96967 0 40563 95953 307 42216 97759 408 50932 109535 404 55345 117645 519 49549 121367 3357 4382 3226 51351 115970 1491 54067 123412 51362 118290 3425 4313 393 3920 4181 378 3803 3929 352 3577 4034 342 3692 3952 332 3620 2685 323 2362 2785 323 2462 2122 317 1805 2676 305 2371 57319 3864 64608 1939 66547 163514 63660 -2688 65285 2191 67476 163429 66357 -70 70468 2180 72648 170407 63967 646 68542 2705 71247 180782 68691 -1410 71315 4446 75761 193406 72978 -587 76343 5395 81738 203105 76566 -2996 76255 5084 81339 204751 85777 -7168 81394 4543 85937 203490 90021 -11597 80546 3065 83611 199581 89354 -14232 77798 2737 80535 198825 77 78 Reference Items 79 Accounting Standard US GAAP US GAAP US GAAP 80 Shares Outstanding 3973 3925 3786 81 Number of Treasury Shares 0 0 0 82 Pension Obligations 0 0 0 83 Future Minimum Operating Lease Obligation: 13759 12830 1 3099 84 Capital Leases - Total 3919 3515 3516 85 Options Granted During Period 8.933 1.712 1.804 86 Options Outstanding at Period End 68.86 48.722 41.959 87 Net Debt 39179 34943 33413 88 Net Debt to Equity 58.8742 51.7858 45.993 89 Tangible Common Equity Ratio 33.0064 33.7621 35.2227 90 Current Ratio 0.8212 0.8837 0.8648 91 Cash Conversion Cycle 9.7011 9.645 8.1385 92 Cash Held Overseas 93 Number of Employees 2100000 2100000 2100000 94 Source: Bloomberg US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP 3516 3418 3314 3229.175 3228 3162 3048 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4123 16415 16803 17170 17910 21505 18139 3486 3335 3350 3097 2893 6367 6568 1.921 2.042 2.082 1.846 33.386 20.152 10.24 8.25 42469 46877 46355 49360 36414 37685 35862 59.6081 61.8748 56.7117 60.6843 42.3729 45.0718 44.5297 31.5689 29.3271 30.5824 30.6331 34.1403 34.913 33.4241 0.8875 0.8824 0.8346 0.8823 0.9697 0.9322 0.862 7.3352 8.724 10.404 11.9751 12.1709 11.0492 8.0032 5200 5800 6300 4500 5900 2100000 2200000 2200000 2200000 2200000 2300000 2300000 - FY 2008 01/31/2008 FY 2009 01/31/2009 FY 2010 01/31/2010 FY 2011 01/31/2011 FY 2012 01/31/2012 FY 2013 01/31/2013 FY 2014 01/31/2014 FY 2015 01/31/2015 FY 2016 01/31/2016 FY 2017 01/31/2017 8.5547 8.9112 7.0986 12.8235 15.4982 8.2192 8.9655 31.3433 6.8427 4.4855 3.8539 5.2549 8.3067 6.0127 8.023 7.9545 0.9177 5.4914 5.2812 7.2388 9.4395 11.3433 7.6843 14.7368 3.3728 6.4957 6.4161 14.0501 20.4852 12.0643 10.4986 11.0092 5.9502 4.5355 3.9778 -4.2101 1.1186 8.6124 12.0741 20.6612 4.8554 4.4338 4.3942 8.2808 11.0619 10.3524 10.0576 8.9041 1.6309 -1.3361 -3.0766 -5.7474 -2.7888 -3.1936 0.7984 18.239 1.9645 1.6171 1.0234 2.1283 3.3942 2.2218 -0.8365 2.1277 -0.725 -7.6019 -11.2057 -10.1998 -9.4267 -7.8212 -12.1579 2.0833 0.7763 -2.1306 -5.5632 -7.1526 -4.1575 -4.1575 -1.794 2.0408 10 1 In Millions of USD except Per Share 12 Months Ending 3 1 Year Growth 4 Revenue EBITDA Operating Income Net Income to Common 8 EPS Diluted EPS Diluted before XO EPS Diluted before Abnormal 11 Dividend per Share 12 13 Accounts Receivable 14 Inventory 15 Fixed Assets 16 Total Assets 17 Modified Working Capital 18 Working Capital Employees 20 Accounts Payable 21 Short-Term Debt 22 Total Debt 23 Total Equity 24 Capital 25 Book Value per Share 7.2213 -1.8431 -1.2533 -0.052 13.1252 38.4108 6.1204 -5.2099 6.9564 4.2697 -33.0407 -16.6123 22.8041 11.3839 5.4454 6.0884 22.5414 12.2487 -1.3446 2.4085 1.0507 0.8104 13.0414 31.3016 1.5127 0.6309 -1.0619 -0.6159 -4.3272 75.7966 3.7518 -3.2 -2.0066 -0.3788 -35.826 -110.94 19 28.2394 4.3758 9.5285 7.8681 5.1735 -102.439 10.5263 6.53 36.0497 14.4882 4.4153 8.2403 9.102 16.6634 11.7381 4.1213 6.983 27.9363 -11.1364 4.7619 8.7065 5.4135 7.1454 6.3357 6.6691 7.0289 13.997 7.5871 3.879 5.0148 24.3752 -62.157 0 4.021 100.3623 1.327 7.8893 5.1754 10.4099 0 -17.0257 -1.4887 -0.1192 -1.921 -14.0869 -121.7722 4.5455 0.2005 1.6938 1.8464 -2.7066 -1.1294 1.0237 -4.9268 -31.946 -5.4913 1.396 -1.3703 2.2836 5.5531 -35.8587 -2.1271 7.6649 3.8963 11.9019 10.5908 22.4233 20.6776 -1.9285 6.2675 4.7361 -1.7463 -5.0083 4.6272 -0.4881 1.55 2.5085 2.6594 -51.1339 -19.583 5.6529 -4.7065 6.7781 7.6545 -34.71 -7.8918 -3.6789 -5.1823 0.2008 26 3.4583 -4.6534 12.1355 -23.0167 -9.928 4.2269 5.5081 -4.53 -9.1204 1.6824 22.8189 -7.175 13.4013 5.957 -62.9543 20.7503 12.4535 18.1624 2.5885 6.3863 -65.0391 - -1.8183 2.7168 -1.0295 -4.1136 15.1192 -5.7253 -7.4758 -327.44 -2.9164 31.4165 -3.532 13.7694 -2.0535 27.5547 33.1078 4.1238 29.1791 104.1718 11.6134 84.5781 -22.1898 -9.0714 -19.5505 18.1294 5.1184 15.7064 -20.0977 -8.5406 -17.7972 61.6052 21.7856 54.2226 27 Cash From Operations 28 Capital Expenditures 29 Net Change In Cash 30 Free Cash Flow 31 Cash Flow to Firm 32 Free Cash Flow to Firm 33 34 5 Year Growth 35 Revenue 36 EBITDA 37 Operating Income 38 Net Income to Common 39 EPS Diluted 40 EPS Diluted before XO 41 EPS Diluted before Abnormal 42 Dividend per Share 13 10.5114 13.9752 14.1348 9.8612 11.8248 12.4177 12.4177 24.0144 9.5461 12.3169 12.4614 8.1566 10.3687 10.5375 10.6286 21.4183 7.2198 7.7073 7.0277 6.9554 9.0113 9.1285 8.8097 15.9537 6.2117 7.2744 6.4198 7.8517 10.7732 8.9736 8.51 15.0607 5.093 5.9713 5.3176 6.8272 10.773 9.2282 9.4369 16.8572 4.3668 5.0853 4.7803 5.9527 9.9087 9.6554 9.6554 12.5597 3.3281 3.8873 3.3429 3.6388 7.5583 7.6811 8.1478 14.627 3.5416 3.1128 2.4932 2.6316 6.3429 5.8559 6.3794 11.9889 2.7073 0.2256 -1.1514 -2.1598 0.4435 1.8 1.6077 10.1271 1.684 -1.0865 -3.036 -2.7684 -0.6273 -0.715 -1.0415 6.4965 2.0194 4.0646 13.1942 4.4945 3.7922 4.4319 44 Accounts Receivable 45 Inventory 46 Fixed Assets 47 Total Assets 48 Modified Working Capital 49 Employees 50 Accounts Payable 51 Short-Term Debt 52 Total Debt 53 Total Equity 54 Total Capital 5 Year Growth 55 Book Value per Share 8.1126 18.3432 7.5786 13.5237 11.5172 -1.5435 8.4472 12.5131 14.2421 11.9643 10.2668 10.93 12.6138 25.5061 5.3358 10.3225 9.27 2.3115 6.961 8.3355 3.7913 9.7898 8.388 8.9148 10.4504 19.2974 1.9088 8.4748 7.2383 -7.5591 4.3168 6.7301 -8.794 5.8801 7.4438 6.8609 9.7929 14.5964 2.6888 6.7378 5.5207 -3.5069 3.131 6.0537 -6.9501 5.1841 5.4527 5.3416 8.8353 15.891 3.8631 4.8974 4.9933 4.5468 2.9755 5.1465 -5.1822 6.4876 3.5181 4.6857 6.9584 11.3248 5.3844 4.2721 4.6115 8.0965 0.9347 5.3375 0.9347 4.6465 2.4504 3.9183 4.1979 4.086 7.2136 10.3409 6.6523 2.6596 3.6123 16.0933 0.9347 4.7535 3.7179 1.968 3.4168 2.9009 6.2599 1.5525 1.9983 8.1341 1.8361 2.7067 -0.0599 -1.4339 3.2522 1.4268 5.4957 -0.346 1.1202 0.328 0.5542 -5.8034 0.893 2.5071 -9.1908 -4.3704 1.2297 -0.9344 4.114 9.5166 6.0539 3.8078 4.6952 7.2607 56 9.6802 6.039 3.9831 4.392 0.0949 1.7048 2.9852 5.3864 8.696 9.977 9.7812 7.6705 -6.9145 15.414 8.128 15.6503 11.7763 16.9402 45.5794 11.8124 39.5069 28.6539 6.2266 25.1289 20.1796 4.0677 17.5374 17.3442 4.2658 14.9765 -2.731 0.1946 -2.1974 3.1069 1.805 3.1536 7.7729 3.0162 7.2945 14.2441 5.1435 12.8796 57 Cash From Operations 58 Net Change In Cash 59 Free Cash Flow 60 Cash Flow to Firm 61 Free Cash Flow to Firm 62 63 Sequential Growth 64 Revenue 65 EBITDA 66 Operating Income 67 Net Income to Common 68 EPS Diluted 69 EPS Diluted before XO 70 EPS Diluted before Abnormal 71 Dividend per Share 72 73 Accounts Receivable 74 Inventory 75 Fixed Assets 76 Total Assets 77 Modified Working Capital 78 Employees Accounts Payable Short-Term Debt 81 Total Debt 82 Total Equity 83 Capital 84 Book Value per Share 85 8.5547 8.9112 7.0986 12.8235 15.4982 8.2192 8.9655 31.3433 6.8427 4.4855 3.8539 5.2549 8.3067 6.0127 8.023 7.9545 0.9177 5.4914 5.2812 7.2388 9.4395 11.3433 7.6843 14.7368 3.3728 6.4957 6.4161 14.0501 20.4852 12.0643 10.4986 11.0092 5.9502 4.5355 3.9778 -4.2101 1.1186 8.6124 12.0741 20.6612 4.8554 4.4338 4.3942 8.2808 11.0619 10.3524 10.0576 8.9041 1.6309 -1.3361 -3.0766 -5.7474 -2.7888 -3.1936 0.7984 18.239 1.9645 1.6171 1.0234 2.1283 3.3942 2.2218 -0.8365 2.1277 -0.725 -7.6019 -11.2057 - 10.1998 -9.4267 -7.8212 -12.1579 2.0833 0.7763 -2.1306 -5.5632 -7.1526 -4.1575 -4.1575 -1.794 2.0408 7.2213 -1.8431 -1.2533 -0.052 13.1252 6.1204 -5.2099 6.9564 4.2697 -33.0407 22.8041 11.3839 5.4454 6.0884 22.5414 13.997 7.5871 3.879 5.0148 24.3752 -1.3446 2.4085 1.0507 0.8104 13.0414 28.2394 4.3758 9.5285 7.8681 5.1735 10.5263 6.53 36.0497 14.4882 4.4153 8.2403 9.102 16.6634 11.7381 4.1213 6.983 27.9363 4.7619 8.7065 5.4135 .1454 6.3357 6.6691 7.0289 1.5127 0.6309 -1.0619 -0.6159 -4.3272 0 2.6594 -51.1339 -19.583 5.6529 -4.7065 .7781 -17.0257 -1.4887 -0.1192 -1.921 -14.0869 4.5455 0.2005 1.6938 1.8464 -2.7066 -1.1294 1.0237 3.7518 -3.2 -2.0066 -0.3788 -35.826 0 7.6545 -34.71 -7.8918 -3.6789 -5.1823 0.2008 79 80 7 -4.9268 -31.946 -5.4913 1.396 -1.3703 2.2836 5.5531 -35.8587 -2.1271 7.6649 3.8963 11.9019 10.5908 22.4233 20.6776 -1.9285 6.2675 4.7361 4.021 100.3623 1.327 7.8893 5.1754 10.4099 -1.7463 -5.0083 4.6272 -0.4881 1.55 2.5085 6 7.2213 -1.8431 -1.2533 -0.052 13.1252 6.1204 -5.2099 6.9564 4.2697 -33.0407 22.8041 11.3839 5.4454 6.0884 22.5414 13.997 7.5871 3.879 5.0148 24.3752 -1.3446 2.4085 1.0507 0.8104 13.0414 1.5127 0.6309 -1.0619 -0.6159 -4.3272 3.7518 -3.2 -2.0066 -0.3788 -35.826 73 Accounts Receivable 74 Inventory 75 Fixed Assets 76 Total Assets 77 Modified Working Capital 78 Employees 79 Accounts Payable 80 Short-Term Debt 81 Total Debt 82 Total Equity 83 Capital 84 Book Value per Share 85 86 Cash From Operations 87 Capital Expenditures 88 Net Change In Cash 89 Free Cash Flow 90 Cash Flow to Firm 91 Free Cash Flow to Firm 92 Source: Bloomberg 28.2394 4.3758 9.5285 7.8681 5.1735 10.5263 6.53 36.0497 14.4882 4.4153 8.2403 9.102 16.6634 11.7381 4.1213 6.983 27.9363 4.7619 8.7065 5.4135 7.1454 6.3357 6.6691 7.0289 -17.0257 -1.4887 -0.1192 -1.921 -14.0869 4.5455 0.2005 1.6938 1.8464 -2.7066 -1.1294 1.0237 -4.9268 -31.946 -5.4913 1.396 -1.3703 2.2836 5.5531 -35.8587 -2.1271 7.6649 3.8963 11.9019 10.5908 22.4233 20.6776 -1.9285 6.2675 4.7361 4.021 100.3623 1.327 7.8893 5.1754 10.4099 -1.7463 -5.0083 4.6272 -0.4881 2.6594 -51.1339 -19.583 5.6529 -4.7065 6.7781 7.6545 -34.71 -7.8918 -3.6789 -5.1823 0.2008 1.55 2.5085 12.1355 -23.0167 2.5885 6.3863 5.5081 -4.53 22.8189 -7.175 3.4583 -4.6534 -394.2436 33.1078 4.1238 29.1791 13.4013 5.957 -62.9543 20.7503 12.4535 18.1624 -9.928 4.2269 -181.0127 -22.1898 -9.0714 -19.5505 -9.1204 1.6824 -140.6174 - -20.0977 -8.5406 -17.7972 -4.1136 15.1192 -5.7253 -7.4758 -123.1931 -2.9164 31.4165 -3.532 13.7694 -2.0535 27.5547 104.1718 11.6134 84.5781 -1.8183 2.7168 -1.0295 18.1294 5.1184 15.7064 61.6052 21.7856 54.2226