Project Report

NIKE Inc.

And

Crocs Inc.

Submitted by: Submitted to:

A-

B-

C-

Abstract
In this paper I have compared two companies, NIKE Inc and its competitor Crocs
Inc by calculating financial Ratios by using different tools and techniques given in
chapter 3 and 4 of text book. In addition I have also calculated weighted average
cost of capital by using the tool and techniques give in chapter 10 of text book.

In this paper I will give a detailed analysis of both the companies by calculating
and analyzing the following ratios:

1. Current Ratio
2. Quick Ratio
3. Receivables Collection Period
4. Receivables Turnover Ratio
5. Inventory Turnover Ratio
6. Average Age of Inventory
7. Inventory to Net Working Capital
8. Total Asset Turnover Ratio
9. Fixed Asset Turnover
10. Fixed Charge Coverage
11. Basic Earning Power
12. Debt Ratio
13. Debt to Equity Ratio
14. Long-term Debt to Equity
15. Times Interest Earned
16. Total Profit Margin
17. Operating Profit Margin
18. Net Profit Margin
 19. Return on Investment
20. Return on Asset
21. Return on Equity
22. Price-Earnings
23. Market-Value to Book-Value
24. Cash Flow per Share
25. Dividend Payout, and
26. Dividend Yield ratios.

After each ratio for the two companies is calculated, I have performed the time
series analysis. Each company’s ratios are compared to each other for the past
five years to compare the performance of both companies (company and its
competitor). Then a Cross sectional analysis of each ratio is also analyzed for the
two above mentioned companies.

Nike Inc and Crocs are best in the industry of athletic footwear, apparel,
equipment, accessories, and service due to their sustainable businesses and
positive attitude to innovations and challenging needs of customers. Both of the
companies are performing efficiently and effectively due to their strong structure
in current economic scenario.

History
Nike Inc
Nike Inc is an American sportswear company. It headquartered in Beaverton, Ore.
Nike was founded by Bill Bower man and his former student Phil Knight. Bill
Bower man was as track and field coach at the University of Oregon. In 1972, they
launched the brand shoe in their first retail outlet which was opened in 1966. In
1978, the company was renamed as Nike, Inc and went public after two years.
The Nike had retail outlets and distributors in more than 170 countries by the first
decade of 21st century and its logo a curved check mark called Swoosh was
recognized all over the world.
Nike expanded its business in late 1980s. It also diversified its product line by
various acquisitions. It includes shoe companies Cole Hahn acquired in 1988,
Converse, Inc. acquired in 2003, the sports-equipment producer Can star Sports,
Inc. acquired in 1994 which was renamed Nike Bauer afterwards, and the athletic
apparel and equipment company Umbro acquired in 2008.
In 1996, the company created Nike ACG (“all-conditions gear”). It marketed the
products for extreme sports, such as snowboarding and mountain biking over the
world. In 2000, the company developed its Tech Lab division. It markets portable
heart rate monitor, high altitude wrist compass and other sports technology
accessories.
Nike’s success also includes the part of endorsements by some athletes as
Michael Jordan, Mia Hamm, Roger Federer, and Tiger Woods.

In the 1990s the company’s image for a split second suffered from revelations
about poor working conditions in its overseas owned factories.
Crocs, Inc.
Crocs Company was organized as a limited liability company. It was founded in
1999 under the name of Western brands LLC. Crocs, Inc is a world leader in
women, men and children innovative casual footwear. Crocs have a broad
portfolio. The portfolio includes all season’s products while remaining to core
molded footwear heritage.
All Crocs shoes and other products are made under revolutionary technology. It
gives each pair of shoes the soft, comfortable, lightweight, non making and odor
resistant qualities. The Fans know and love it. Since its inception the Crocs has
sold more than 300 millions shoes in more than 90 countries.

Time series and Cross sectional analysis of Financial Ratios

Ratios:
Nike

PARTICULARS 2011 2012 2013 2014 2015

Current Ratio 2.85 2.98 3.47 2.72 2.52

Quick Ratio 2.17 2.12 2.60 1.94 1.84
Avg. Collection period 55 50 45 45 40
Accounts receivable turnover 6.65 7.36 8.12 8.10 9.11
Inventory turnover 4.05 3.96 4.03 3.76 3.67
Average Age of Inventory 90.12 92.27 90.56 97.11 99.39
Inventory to Net Working Capital 0.37 0.44 0.35 0.46 0.45
Total Asset Turnover 1.39 1.56 1.44 1.50 1.42
Fixed Asset Turnover 4.25 4.60 10.32 9.81 10.16
Fixed Charge Coverage 3.96 3.67 3.42 3.20 3.33
Basic Earning Power 0.19 0.19 0.19 0.20 0.19
Debt Ratio 0.34 0.33 0.37 0.42 0.41
Debt to Equity 0.07 0.04 0.12 0.13 0.09
Long-term Debt to Equity 0.03 0.02 0.11 0.11 0.08
Times Interest Earned 712 995 - - -
Total Profit Margin 47% 45% 44% 45% 46%
Operating Profit Margin 13% 13% 13% 14% 14%
Net Profit Margin 10% 9% 10% 10% 11%
Return on Investment 14% 14% 14% 14% 15%
Return on Equity 22% 21% 22% 25% 26%
Price-Earnings 19.20 22.90 25.00 25.80 31.00
Market-Value to Book-Value 3.70 4.77 5.91 6.77 10.13
Cash Flow per Share 2.94 3.18 3.31 3.32 5.29
Dividend Payout 0.26 0.28 0.28 0.30 0.27
Dividend Yield ratio 1% 2% - - 1%

Crocs Inc

PARTICULARS 2011 2012 2013 2014 2015

Current Ratio 2.76 3.38 3.88 3.42 3.87

Quick Ratio 1.89 2.55 2.84 2.56 2.76
Avg. Collection period 30 31 30 32 31
Accounts receivable turnover 12.28 11.80 12.17 11.42 11.84
Inventory turnover 3.01 3.58 3.13 3.51 3.55
Average Age of Inventory 121.33 101.84 116.73 104.02 102.67
Inventory to Net Working Capital 0.50 0.35 0.36 0.36 0.39
Total Asset Turnover 1.44 1.44 1.35 1.36 1.48
Fixed Asset Turnover 5.45 6.36 6.01 13.71 17.54
Fixed Charge Coverage 1.09 1.82 1.97 1.44 (0.20)
Basic Earning Power 0.15 0.20 0.18 0.07 (0.01)
Debt Ratio 0.32 0.29 0.26 0.29 0.44
Debt to Equity 0.46 0.41 0.34 0.40 0.78
Long-term Debt to Equity 0.09 0.10 0.09 0.10 0.44
Times Interest Earned 116.29 152.78 - - -
Total Profit Margin 59% 57% 57% 52% 49%
Operating Profit Margin 10% 13% 13% 9% 2%
Net Profit Margin 9% 11% 12% 1% -0.41%
Return on Investment 12% 16% 16% 1% -1%
Return on Equity 18% 23% 21% 2% -1%
 Price-Earnings 22.50 11.90 10.00 126.60 (51.00)
Market-Value to Book-Value 4.11 2.76 2.10 2.15 1.93
Cash Flow per Share 1.22 1.61 1.43 - -

NOTE: For detail workings of the above Financial Ratio calculations, the excel
sheet is attached herewith as attachment.

Analysis:

Current ratio: Current ratio explains the company’s ability to pay its short term
obligations. Normally the current ratio of 2:1 is considered satisfactory but it also
varies from industry to industry. The current ratio of Nike increased from 2.85 to
3.47 with the time span of 2011-2013. After 2013 the current ratio started to
decrease. It indicates that the liquidity position of Nike started to weaken but still
the current ratio of Nike is satisfactory as compared to industry average.

The Current ratio of Crocs is at 3.87 in 2015. It indicates a strong liquidity position
and strong ability of Crocs to pay its short term obligations.

The above analysis indicates that the liquidity position of Crocs is strong as
compared to Nike.

Quick ratio: A quick ratio explains the liquidity position of the company without
considering the inventory. This ratio considers only liquid asset. The quick ratio of
Nike was strong till 2013 but it started to decrease from 2014. In 2015 it was at
1.84. Despite the decrease in ratio, it is still in good position to pay its short term
obligations without selling the inventory.

The quick ratio of Crocs stands at more than 2.50 from 2012 to 2015 which
indicates a good liquidity position of Crocs without selling the inventory.

Average/ Receivables Collection Period: This ratio indicates the customers’ habits
for payments. This ratio is measured in number of days and considered good as
low as much. The average collection period of Nike decreased from 55 days to 40
days with the span of 2011-2015. It indicates that the Nike Company has
tightened its credit policy to improve liquidity position.
There is no major change in average collection period of Crocs, but Crocs average
collection period stand between 30 to 32 days which is below from Nike around
20 to 25 days.

This ratio indicates that the Crocs have strong and controlled credit policy for
collection from its customers.

Accounts receivable turnover: This ratio explains that how frequently the sales of
the company converted into receivables and cash. Higher the turnover, shorter
the time between sales and cash collection will be.

The accounts receivable turnover ratio of Nike Company increased from 6.65
times to 9.11 times which is a good progress towards improvement with the span
of 2011-2015.

The Accounts Receivable turnover ratio of Crocs is also stable with the span of
2011-2015. This ratio is also higher from Nike.

Inventory turnover: This ratio indicates that how many times the inventory
converted into sales. High ratio shows the efficient production and purchasing
efforts.

The inventory turnover ratio of Nike decreased from 4.05 to 3.67 with the span of
2011-2015.

The inventory turnover of Crocs is increased from 3.01 to 3.55 with the span of
2011-2015 which shows a high efficiency of production and purchasing efforts as
compared to Nike.
Average age of inventory: This ratio indicates how quickly the inventory of
company is selling. If the ratio is high it indicates that a little unused stock is
stored. If this ratio is low, it indicates the overstocking or selling issued.

The Average age of inventory of Nike is increased from 90 days to 99 days with
the span of 2011-2015 but the average of inventory Crocs decreased from 121
days to 103 days.

The Crocs is more efficient in selling the inventory as compared to Nike.

Inventory to net working capital: Inventory to net working capital ratio of Nike
increased from 0.37 to 0.45 times with the span of 2011-2015.

The inventory to net working capital ratio of Crocs is decreased from 0.50 to 0.39
with the span of 2011-2015.

Total assets turnover: This ratio explains that how efficiently the business of the
company is generating sales for each dollar of sales. High total asset turnover
means the company is using the asset more efficiently.

The asset turnover of Nike is increased from 1.39 to 1.50 with the span of 2011-
2015 but decrease to 1.42 in 2015.

The asset turnover of Crocs is decreased from 1.44 to 1.36 with the span of 2011-
2014 but increased in 2015 to 1.48.

This ratio indicates that the Crocs used its assets more efficiently in generating
sales as compared to Nike.
Fixed assets turnover: This ratio explains that how efficiently the company is
utilizing its fixed assets for generating sales. High ratio indicates that the company
is using the fixed assets more productively and efficiently.

The fixed asset turnover of Nike increased from 4.25 to 10.16 with the span of
2011-2015. The fixed asset turnover of Crocs is also increased from 5.45 to 17.54
from 2011 to 2015.

The ratio of Crocs is increased with higher rate as compared to Nike which
indicates that the Crocs using its fixed assets more productively and efficiently.

Fixed charge coverage: The fixed charge coverage of Nike have downward trend
over the period of 2011 to 2015 but in case of Crocs it is increased from 1.09 to
1.97 with the span of 2011-2013 and decreased to (0.20) in 2015.

Basic earning power: This ratio indicates the ability of a company to convert the
assets into profit. It is very useful tool to make a comparison of a company with
the industry. If this ratio is low as compared to competitor it means that
competitor has found a way to operate more efficiently.

The basic earning power of Nike is stable at 0.19 with the span of 2011-2015 but
the Basic earning power of Crocs increased till 2013 then decreased tremendously
to (.01).

This ratio indicates that the Nike Company is utilizing its assets in more efficient
way as compared to Crocs.
Debt ratio: This ratio indicates the company’s ability to pay its obligations (short
term and long term) by selling of its assets. A high ratio explains that the company
is more risky for investors to invest and for lenders to lend more.

The debt ratio of Nike is increased from 0.34 to 0.42 with the span of 2011-2014
and then decreased to 0.41 in 2015.

The debt ratio of Crocs is decreased from 0.32 to 0.29 and then increased to 0.44
in 2015.

It indicates that the Crocs Company is more risky to invest and lend money as
compared to Nike as it has high debt ratio as compared to Nike.

Debt to equity: This ratio provides a comparison between capital provided by

shareholder and capital provided by lenders. Lenders are more concerned with
this ratio as more the equity the more likely a lender will be repaid.

The Debt to Equity ratio of Nike increased from 0.07 to 0.13 with the span of
2011-2014 and then decreased to 0.09 in 2015.

The debt to equity of Crocs was reduced to 0.40 from 0.46 with span of 2011-
2014 but increased to 0.78 in 2015.

This ratio indicates that Crocs is more risky for lenders to lend money as
compared to Nike.

Long term debt to equity: This ratio explains the proportion of long term debt
and equity in the capital of a company. Higher the ratio means high risk for
lenders.
The Long term Debt to Equity ratio of Nike increased from 0.03 to 0.11 with the
span of 2011-2014 but decreased to 0.08 in 2015.

The Long term Debt to Equity ratio of Crocs Inc increased from 0.09 to 0.44 with
the span of 2011-2015.

This ratio indicates that the Crocs Inc is more risky one for lenders.

Times interest earned: This ratio measure the ability of the company to pay
interest expense from business income. A less than 1 ratio indicates that the
company has facing difficulty to generate enough cash or income to pay interest
expense.

The times of Interest ratio of Nike decreased from 712 times to 0 with the span of
2011-2015 whereas the times of Interest ratio of Crocs is also decreased from
116.29 times to 0 with the span of 2011-2015.

Total profit margin: This ratio explains that how much a company earned the
profit from sales without considering indirect cost.

The profit margin of Nike is reduced by 2% from 2011 to 2014 but increased 1% in
2015 as compared to 2014.

The Total Profit Margin of Crocs shows downward trend. It decreased from 59%
to 49% with the span of 2011-2015.

Operating profit margin: This ratio explains how much the percentage of total
revenues is made up by operating income. In other words how much the
company earned profit after deducting of variable cost and operating cost?
The operating profit margin ratio of Nike is increased only 1% from 2011 to 2015
whereas in case of Crocs it is decreased to 2% from 10% in the year of 2015 as
compared to 2011.

The above comparison indicates that the operations of Nike are earning more
profits from business are compared to Crocs.

Net profit margin: This ratio explains the ability of a company to cover operating
cost including indirect cost.

The Net profit margin of Nike is increased by 1% with the span of 2011-2015. The
Net profit margin of Crocs Inc is reduced to -0.41% in 2015 from 9% in 2011.

It indicates that the operations of Nike are more profitable than Crocs and more
reliable for investors and creditors.

Return on investment: The return on investment of Nike was stagnant from 2011
to 2014 at 14% but increased to 15% in 2015. Whereas, return on investment of
Crocs decreased to -1% from 12% with the span of 2011-2015.

This measures that the Nike is more profitable for investment.

Return on equity: The return on equity measure that how efficiently the company
is utilizing the investors / shareholders money.

The return on equity of Nike is increased from 22% to 26% with the span of 2011-
2015.

The Return on equity of Crocs is decreased to -1% from 18% with the span of
2011-2015.
Price earnings ratio: The price earnings ratio of Nike is increased from 19.20 to 31
with the span of 2011-2015 whereas the price earning of Crocs is decreased from
22.50 to -51 with the span of 2011-2015.

It indicates that Nike’s share will generate more if an investor decides to invest in
Nike and Crocs.

Market value to book Value: The Market to book value of Nike is increased to
10.13 from 3.70 with the span of 2011-2015 where as the market to book value of
Crocs is decreased from 4.11 to 1.93.

Cash flow per share: The cash flow per share of Nike is increased whereas the
cash flow per share of Crocs is decreased with the span of 2011-2015.

Dividend payout: The dividend payout ratio measures that how much the
company can pay dividend if one share is to be invested.

The dividend payout of Nike increased from 0.26 to 0.27 from 2011 to 2015.

Dividend yield ratio: The dividend yield of Nike is remains same from 2011 to
2015 at 1%.

Cost of Capital of Nike

Cost of preferred stock

The Nike has not issued any preferred stock as per its available current financial
statements.

Cost of Equity

A) Dividend Valuation Model

Dividend per share 1.08

Growth rate 15%
Market price per share 134.33

Required rate of
Return 15.92%

B) CAPM

Rate of return on LT Treasury Composite (RF) 2.76%

Expected rate of return on market portfolio (RM) 14.77%
Systematic Risk (β) 1.1

rNKE = RF + β (RM – RF) 15.97%

Current capital structure

A) Market values
 Price Outstanding shares (millions) Market Cap (mil)

134.3
114
Equity 3 852.2 ,476.03
1
Debt ,234.00

B) Weight age
Market Values weight

Equity 114,476 99%

Debt 1,234 1%

Total 115,710 100%

Weighted Average Cost of Capital

Value Weight Required rate of Return

 Return
18,
Equity 114,476 99% 15.97% 282.97

Debt 1,234 1% 4.44% 54.79

18,
Total 115,710 100% 337.76

WAAC 15.85%

Note: For detail workings the Excel sheet is attached as attachment.

Conclusion
Nike‘s all ratios increased or remained stay able from 2011 to 2013 but
from 2014 to onward it had downward trend. This may be due to
recession and other economic difficulties surrounding to sportswear
business. Despite of such decrease and tough economic situation, the
Nike’s entire ratios still beats the industry average.

A very few negatives exist in Nike’s ratios. Most surprisingly the Nike’s
net profit margin is at the same level and not increasing. Another
negative in Nike’s ratio is the debt to equity ratio which is increased.
Although it is under 1 but the investors doesn’t like to increase in Debt.
The current ratio of Nike also decreased in 2015 which is also a
negative. This may be due to some reasons like decrease in cash.

As final remarks, the Nike’s ratios are still high as compared to industry
averages which may attribute to the better consumer confidence and
betterment of economic conditions.

Bibliography
Ratios

http://www.mergentonline.com

WWW.advfn.com

Introduction and analysis

www.bankofamerica.com

https://www.wellsfargo.com

http://finance.yahoo.com

Appendix
 Nike Inc.
All amounts in Millions of US Dollars except per share items.

BALANCE SHEET (At A Glance)

2011/05 2012/05 2013/05 2014/05 2015/05

INDICATORS
Year End Date 2011/05 2012/05 2013/05 2014/05 2015/05

Date Preliminary Data Loaded 2011-06-28 2012-07-03 2014-04-23 2014-08-03 2015-08-09

Earnings Period Indicator F F A A A

Quarterly Indicator 4 4 2 2 2

Basic Earnings Indicator Y Y Y Y Y

Template Indicator

Preliminary Full Context Ind N N N N N

Projected Fiscal Year Date 0000-00-00 0000-00-00 2014-05-31 2014-05-31 2015-05-31

Number Of Months Last Report Period 12 12 3 3 3

INCOME STATEMENT
Operating Revenue 20,862.0 24,128.0 25,313.0 27,799.0 30,601.0

Total Revenue 20,862.0 24,128.0 25,313.0 27,799.0 30,601.0

Adjustments To Revenue 0.0 0.0 0.0 0.0 0.0

Cost Of Sales 10,996.0 13,252.0 13,841.0 14,835.0 15,928.0

Cost Of Sales With Depreciation 11,354.0 13,657.0 14,279.0 15,353.0 16,534.0

Gross Margin 9,866.0 10,876.0 11,034.0 12,446.0 14,067.0

Gross Operating Profit 9,866.0 10,876.0 11,034.0 12,446.0 14,067.0

Research & Development (R&D) Expense 0.0 0.0 0.0 0.0 0.0

Selling, General & Administrative (SG&A)

6,693.0 7,431.0 7,780.0 8,766.0 9,892.0
Expense

Advertising 0.0 0.0 0.0 0.0 0.0

Operating Income 2,815.0 3,040.0 3,254.0 3,680.0 4,175.0

EBITDA 3,173.0 3,445.0 3,767.0 4,312.0 4,824.0

Depreciation 358.0 405.0 438.0 518.0 606.0

Depreciation (Unrecognized) 0.0 0.0 -75.0 -114.0 -43.0

Amortization 0.0 0.0 75.0 114.0 43.0

Amortization Of Intangibles 0.0 0.0 0.0 0.0 0.0

Operating Profit After Depreciation 2,815.0 3,040.0 3,329.0 3,794.0 4,218.0

Interest Income 0.0 0.0 0.0 0.0 0.0

Earnings From Equity Interest 0.0 0.0 0.0 0.0 0.0

Other Income Net 33.0 -54.0 -15.0 -103.0 -58.0

Income, Acquired In Process R&A 0.0 0.0 0.0 0.0 0.0

Income, Restructuring And M&A 0.0 0.0 0.0 0.0 0.0

Other Special Charges 0.0 0.0 0.0 0.0 0.0

Special Income Charges 0.0 0.0 0.0 0.0 0.0

EBIT 2,848.0 2,986.0 3,254.0 3,680.0 4,175.0

Interest Expense 4.0 3.0 0.0 0.0 0.0

Pre-Tax Income 2,844.0 2,983.0 3,254.0 3,680.0 4,175.0

Income Taxes 711.0 760.0 98.0 432.0 71.0

Minority Interest 0.0 0.0 0.0 0.0 0.0

Pref. Securities Of Subsid. Trust 0.0 0.0 0.0 0.0 0.0

Income Before Income Taxes 2,844.0 2,983.0 3,272.0 3,544.0 4,205.0

Net Income (Continuing Operations) 2,133.0 2,223.0 2,485.0 2,693.0 3,273.0

Net Income (Discontinued Operations) 0.0 0.0 0.0 0.0 0.0

Net Income (Total Operations) 2,133.0 2,223.0 2,485.0 2,693.0 3,273.0

Extraordinary Income/Losses 0.0 0.0 0.0 0.0 0.0

Income From Cum. Effect Of Acct. Change 0.0 0.0 0.0 0.0 0.0

Income From Tax Loss Carryforward 0.0 0.0 0.0 0.0 0.0

Other Gains/Losses 0.0 0.0 0.0 0.0 0.0

Total Net Income 2,133.0 2,223.0 2,485.0 2,693.0 3,273.0

Normalized Income 2,133.0 2,223.0 2,464.0 2,693.0 3,273.0

Net Income Available For Common 2,133.0 2,223.0 2,485.0 2,693.0 3,273.0

Preferred Dividends 0.0 0.0 0.0 0.0 0.0

Excise Taxes 0.0 0.0 0.0 0.0 0.0

*
Basic EPS (Continuing) 2.24 2.42 2.75 3.05 3.80

Basic EPS (Discontinued) 0.00 0.00 0.02 0.00 0.00

Basic EPS From Total Operations 2.24 2.42 2.77 3.05 3.80

Basic EPS (Extraordinary Items) 0.00 0.00 0.00 0.00 0.00

Basic EPS (Cum. Effect Of Acct. Change) 0.00 0.00 0.00 0.00 0.00

Basic EPS (Tax Loss Carry Forward) 0.00 0.00 0.00 0.00 0.00

Basic EPS (Other Gains/Losses) 0.00 0.00 0.00 0.00 0.00

Basic EPS - Total 2.24 2.42 2.77 3.05 3.80

Basic EPS - Normalized 2.24 2.42 2.75 3.05 3.80

*
Diluted EPS (Continuing) 2.20 2.37 2.69 2.97 3.70

Diluted EPS (Discontinued) 0.00 0.00 0.02 0.00 0.00

Diluted EPS From Total Operations 2.20 2.37 2.71 2.97 3.70

Diluted EPS (Extraordinary) 0.00 0.00 0.02 0.00 0.00

Diluted EPS (Cum. Effect Of Acct. Change) 0.00 0.00 0.00 0.00 0.00

Diluted EPS (Tax Loss Carry Forward) 0.00 0.00 0.00 0.00 0.00

Diluted EPS (Other Gains/Losses) 0.00 0.00 0.00 0.00 0.00

Diluted EPS - Total 2.20 2.37 2.71 2.97 3.70

Diluted EPS - Normalized 2.20 2.37 2.69 2.97 3.70

Dividends Paid Per Share (DPS) 0.58 0.85 0.81 0.93 1.08

INCOME STATEMENT (YEAR-TO-DATE)

Revenue (YTD) 20,862.0 24,128.0 0.0 0.0 30,601.0

Net Income From Total Operations (YTD) 2,133.0 2,223.0 0.0 0.0 3,273.0

EPS From Total Operations (YTD) 2.20 2.37 0.00 0.00 3.80

Dividends Paid Per Share (YTD) 0.58 0.85 0.00 0.00 1.08

BALANCE SHEET

ASSETS
Cash & Equivalents 1,955.0 2,317.0 3,337.0 2,220.0 3,852.0

Restricted Cash 0.0 0.0 0.0 0.0 0.0

Marketable Securities 2,583.0 1,440.0 5,965.0 5,142.0 5,924.0

Accounts Receivable 3,138.0 3,280.0 3,117.0 3,434.0 3,358.0

Loans Receivable 0.0 0.0 0.0 0.0 0.0

Other Receivable 0.0 0.0 0.0 0.0 0.0

Receivables 3,138.0 3,280.0 3,117.0 3,434.0 3,358.0

Inventories, Raw Materials 0.0 0.0 0.0 0.0 0.0

Inventories, Work In Progress 0.0 0.0 0.0 0.0 0.0

Inventories, Purchased Components 0.0 0.0 0.0 0.0 0.0

Inventories, Finished Goods 2,715.0 3,350.0 3,434.0 3,947.0 4,337.0

Inventories, Other 0.0 0.0 0.0 0.0 0.0

Inventories, Adjustments & Allowances 0.0 0.0 0.0 0.0 0.0

Inventories 2,715.0 3,350.0 3,434.0 3,947.0 4,337.0

Prepaid Expenses 594.0 870.0 802.0 818.0 1,968.0

Current Defered Income Taxes 312.0 274.0 0.0 0.0 0.0

Other Current Assets 0.0 0.0 0.0 0.0 0.0

Total Current Assets 11,297.0 11,531.0 13,626.0 13,696.0 15,976.0

Land And Improvements 237.0 252.0 268.0 270.0 273.0

Building And Improvements 2,055.0 2,126.0 1,174.0 1,261.0 1,250.0

Machinery, Furniture & Equipment 2,487.0 2,755.0 2,985.0 3,376.0 3,329.0

Construction In Progress 127.0 111.0 128.0 247.0 350.0

Other Fixed Assets 0.0 0.0 2,452.0 2,834.0 3,011.0

Total Fixed Assets 4,906.0 5,244.0 2,452.0 2,834.0 3,011.0

Gross Fixed Assets 4,906.0 5,244.0 2,452.0 2,834.0 3,011.0

Accumulated Depreciation 2,791.0 2,965.0 -3,048.0 -3,386.0 -3,341.0

Net Fixed Assets 2,115.0 2,279.0 2,452.0 2,834.0 3,011.0

Intangibles 487.0 535.0 382.0 282.0 281.0

Cost In Excess 205.0 201.0 131.0 131.0 131.0

Non-Current Deferred Income Taxes 894.0 919.0 993.0 1,651.0 2,201.0

Other Non-Current Assets 0.0 0.0 0.0 0.0 0.0

Total Non-Current Assets 3,701.0 3,934.0 3,958.0 4,898.0 5,624.0

Total Assets 14,998.0 15,465.0 17,584.0 18,594.0 21,600.0

Inventory Valuation Method 8 3 Av Av Av

EQUITY & LIABILITIES

Accounts Payable 1,469.0 1,588.0 1,646.0 1,930.0 2,131.0

Notes Payable 187.0 108.0 121.0 167.0 74.0

Short-Term Debt 200.0 49.0 0.0 0.0 0.0

Accrued Expenses 0.0 0.0 1,572.0 1,993.0 3,375.0

Accrued Liabilities 1,985.0 1,654.0 0.0 0.0 0.0

Deferred Revenues 0.0 0.0 0.0 0.0 0.0

Current Deferred Income Taxes 0.0 0.0 0.0 0.0 0.0

Other Current Liabilities 117.0 466.0 0.0 0.0 0.0

Total Current Liabilities 3,958.0 3,865.0 3,926.0 5,027.0 6,334.0

Long-Term Debt 276.0 228.0 1,210.0 1,199.0 1,079.0

Capital Lease Obligations 0.0 0.0 0.0 0.0 0.0

Deferred Income Taxes 921.0 991.0 21.0 -11.0 -113.0

Other Non-Current Liabilities 0.0 0.0 0.0 0.0 0.0

Minority Interest Liability 0.0 0.0 6,428.0 7,770.0 8,893.0

Preferred Secur. Of Subsid. Trust 0.0 0.0 0.0 0.0 0.0

Preferred Equity Outside Stock Equity 0.0 0.0 0.0 0.0 0.0

Total Non-Current Liabilities 1,197.0 1,219.0 2,502.0 2,743.0 2,559.0

Total Liabilities 5,155.0 5,084.0 6,428.0 7,770.0 8,893.0

Preferred Stock Equity 0.0 0.0 0.0 0.0 0.0

Common Stock Equity 9,843.0 10,381.0 11,156.0 10,824.0 12,707.0

Common Par 3.0 3.0 0.0 0.0 0.0

Additional Paid-In Capital 3,944.0 4,641.0 5,184.0 5,865.0 6,776.0

Cumulative Translation Adjustments 0.0 0.0 0.0 0.0 0.0

Retained Earnings 5,801.0 5,588.0 5,695.0 4,871.0 4,685.0

Treasury Stock 0.0 0.0 0.0 0.0 0.0

Other Equity Adjustments 95.0 149.0 0.0 0.0 0.0

Total Capitalization 10,119.0 10,609.0 12,366.0 12,023.0 13,786.0

Total Equity 9,843.0 10,381.0 11,156.0 10,824.0 12,707.0

Total Liabilities & Stock Equity 14,998.0 15,465.0 17,584.0 18,594.0 21,600.0

*
Cash Flow 2,491.0 2,628.0 0.0 0.0 0.0

Working Capital 7,339.0 7,666.0 9,700.0 8,669.0 9,642.0

Free Cash Flow 825.0 683.0 2,391.0 2,123.0 3,717.0

Invested Capital 10,119.0 10,609.0 12,544.0 12,197.0 13,967.0

*
Shares Out (Common Class Only) 846.0 826.0 878.1 868.3 855.4

Preferred Shares 0.0 0.0 0.0 0.0 0.0

Total Ordinary Shares 0.0 0.0 894.0 870.0 857.0

Total Common Shares Out 846.0 826.0 894.0 870.0 857.0

Treasury Shares 0.0 0.0 0.0 0.0 0.0

Basic Weighted Shares 951.0 920.0 0.0 0.0 0.0

Diluted Weighted Shares 971.4 939.6 0.0 0.0 0.0

Number Of Employees 38000 44000 48000 56500 62600

Number Of Part-Time Employees

CASH-FLOW STATEMENT

OPERATING ACTIVITIES
Net Income/Loss 2,133.0 2,223.0 2,485.0 2,693.0 3,273.0

Depreciation 335.0 373.0 438.0 518.0 606.0

Amortization 23.0 32.0 75.0 114.0 43.0

Amortization Of Intangibles 0.0 0.0 0.0 0.0 0.0

Deferred Income Taxes -76.0 -60.0 21.0 -11.0 -113.0

Operating Gains 0.0 0.0 -124.0 0.0 0.0

Extraordinary Gains 0.0 0.0 0.0 0.0 0.0

(Increase) Decrease In Receivables -273.0 -323.0 142.0 -298.0 -216.0

(Increase) Decrease In Inventories -551.0 -805.0 -197.0 -505.0 -621.0

(Increase) Decrease In Prepaid Expenses -35.0 -141.0 -28.0 -210.0 -144.0

(Increase) Decrease In Other Current Assets 0.0 0.0 0.0 0.0 0.0

Decrease (Increase) In Payables 151.0 470.0 41.0 0.0 0.0

Decrease (Increase) In Other Current

0.0 0.0 0.0 0.0 0.0
Liabilities

Decrease (Increase) In Other Working Capital 0.0 0.0 0.0 0.0 0.0

Other Non-Cash Items 105.0 130.0 174.0 177.0 615.0

Net Cash From Continuing Operations 1,812.0 1,899.0 3,027.0 3,003.0 4,680.0

Net Cash From Discontinued Operations 0.0 0.0 0.0 0.0 0.0

Net Cash From Total Operating Activities 1,812.0 1,899.0 3,027.0 3,003.0 4,680.0

INVESTING ACTIVITIES
Sale Of Property, Plant & Equipment 1.0 2.0 14.0 3.0 3.0

Sale Of Long-Term Investments 0.0 0.0 0.0 0.0 0.0

Sale Of Short-Term Investments 7,079.0 3,829.0 2,499.0 5,058.0 5,871.0

Purchase Of Property, Plant & Equipment -432.0 -597.0 -636.0 -880.0 -963.0

Acquisitions 0.0 0.0 0.0 0.0 0.0

Purchase Of Long-Term Investments 0.0 0.0 0.0 0.0 -150.0

Purchase Of Short-Term Investments -7,616.0 -2,705.0 -3,702.0 -5,386.0 -4,936.0

Other Investing Changes, Net -53.0 -15.0 -28.0 -2.0 0.0

Cash From Discontinued Investing Activities 0.0 0.0 0.0 0.0 0.0

Net Cash From Investing Activities -1,021.0 514.0 -1,067.0 -1,207.0 -175.0

FINANCING ACTIVITIES
Issuance Of Debt 0.0 0.0 986.0 0.0 0.0

Issuance Of Capital Stock 345.0 468.0 0.0 0.0 0.0

Repayment Of Long-Term Debt -8.0 -203.0 -49.0 -77.0 -26.0

Repurchase Of Capital Stock -1,859.0 -1,814.0 -1,674.0 -2,628.0 -2,534.0

Payment Of Cash Dividends -555.0 -619.0 -703.0 -799.0 -899.0

Other Financing Charges, Net 105.0 50.0 72.0 115.0 199.0

Cash From Discontinued Financing Activities 0.0 0.0 0.0 0.0 0.0

Net Cash From Financing Activities -1,972.0 -2,118.0 -1,040.0 -2,914.0 -2,790.0

NET CASH FLOW

Effect Exchange Rate Changes 57.0 67.0 100.0 1.0 -83.0

Net Change In Cash & Equivalents -1,124.0 362.0 1,020.0 -1,117.0 1,632.0

Cash At Beginning Of Period 3,079.0 1,955.0 2,317.0 3,337.0 2,220.0

Cash End Of Period 1,955.0 2,317.0 3,337.0 2,220.0 3,852.0

*
 Crocs Inc.
All amounts in Millions of US Dollars except per share items.

BALANCE SHEET (At A Glance)

2010/12 2011/12 2012/12 2013/12 2014/12

INDICATORS
Year End Date 2010/12 2011/12 2012/12 2013/12 2014/12

Date Preliminary Data Loaded 2011-02-25 2012-02-27 2013-02-22 2014-04-23 2015-03-08

Earnings Period Indicator F F F A A

Quarterly Indicator 4 4 4 4 4

Basic Earnings Indicator Y Y Y Y Y

Template Indicator

Preliminary Full Context Ind N N N N N

Projected Fiscal Year Date 0000-00-00 0000-00-00 0000-00-00 2014-12-31 2015-12-31

Number Of Months Last Report Period 12 12 12 3 3

INCOME STATEMENT
Operating Revenue 789.7 1,000.9 1,123.3 1,192.7 1,198.2

Total Revenue 789.7 1,000.9 1,123.3 1,192.7 1,198.2

Adjustments To Revenue 0.0 0.0 0.0 0.0 0.0

Cost Of Sales 327.6 427.2 478.6 569.5 607.9

Cost Of Sales With Depreciation 364.6 464.5 515.3 569.5 607.9

Gross Margin 462.1 573.7 644.7 623.2 590.3

Gross Operating Profit 462.1 573.7 644.7 623.2 590.3

Research & Development (R&D) Expense 0.0 0.0 0.0 0.0 0.0

Selling, General & Administrative (SG&A)

342.1 404.8 460.4 549.2 565.7
Expense

Advertising 0.0 0.0 0.0 0.0 0.0

Operating Income 81.0 136.5 146.2 63.1 -4.7

EBITDA 120.0 168.9 184.3 102.5 29.7

Depreciation 37.1 37.3 36.7 0.0 0.0

Depreciation (Unrecognized) 0.0 0.0 0.0 -41.5 -37.4

Amortization 0.0 0.0 0.0 41.5 37.4

Amortization Of Intangibles 0.0 0.0 0.0 0.0 0.0

Operating Profit After Depreciation 82.9 131.6 147.6 102.5 29.7

Interest Income 0.0 0.0 0.0 2.4 1.7

Earnings From Equity Interest 0.0 0.0 0.0 0.0 0.0

Other Income Net 1.2 6.5 0.2 -4.6 -4.7

Income, Acquired In Process R&A 0.0 0.0 0.0 0.0 0.0

Income, Restructuring And M&A -2.5 0.0 0.0 0.0 0.0

Other Special Charges -0.1 -0.5 -1.4 0.0 0.0

Special Income Charges -2.7 -0.5 -1.4 -10.9 -29.4

EBIT 81.4 137.5 146.4 61.0 -7.7

Interest Expense 0.7 0.9 0.8 1.0 0.8

Pre-Tax Income 80.8 136.7 145.5 60.0 -8.5

Income Taxes 13.1 23.9 14.2 16.0 9.1

Minority Interest 0.0 0.0 0.0 0.0 0.0

Pref. Securities Of Subsid. Trust 0.0 0.0 0.0 0.0 0.0

Income Before Income Taxes 80.8 136.7 145.5 60.0 -8.5

Net Income (Continuing Operations) 0.0 0.0 131.3 10.4 -4.9

Net Income (Discontinued Operations) 0.0 0.0 0.0 0.0 0.0

Net Income (Total Operations) 0.0 0.0 131.3 10.4 -4.9

Extraordinary Income/Losses 0.0 0.0 0.0 0.0 0.0

Income From Cum. Effect Of Acct. Change 0.0 0.0 0.0 0.0 0.0

Income From Tax Loss Carryforward 0.0 0.0 0.0 0.0 0.0

Other Gains/Losses 0.0 0.0 0.0 0.0 0.0

Total Net Income 67.7 112.8 131.3 10.4 -4.9

Normalized Income 2.7 0.5 132.8 17.5 14.2

Net Income Available For Common 0.0 0.0 131.3 10.4 -4.9

Preferred Dividends 0.0 0.0 0.0 0.0 0.0

Excise Taxes 0.0 0.0 0.0 0.0 0.0

*
Basic EPS (Continuing) 0.78 1.27 1.46 0.12 -0.22

Basic EPS (Discontinued) 0.00 0.00 0.00 0.00 0.00

Basic EPS From Total Operations 0.78 1.27 1.46 0.12 -0.22

Basic EPS (Extraordinary Items) 0.00 0.00 0.00 0.00 0.00

Basic EPS (Cum. Effect Of Acct. Change) 0.00 0.00 0.00 0.00 0.00

Basic EPS (Tax Loss Carry Forward) 0.00 0.00 0.00 0.00 0.00

Basic EPS (Other Gains/Losses) 0.00 0.00 0.00 0.00 0.00

Basic EPS - Total 0.78 1.27 1.46 0.12 -0.22

Basic EPS - Normalized 0.00 0.00 1.48 0.20 0.00

*
Diluted EPS (Continuing) 0.76 1.24 1.44 0.12 -0.22

Diluted EPS (Discontinued) 0.00 0.00 0.00 0.00 0.00

Diluted EPS From Total Operations 0.76 1.24 1.44 0.12 -0.22

Diluted EPS (Extraordinary) 0.00 0.00 0.00 0.00 0.00

Diluted EPS (Cum. Effect Of Acct. Change) 0.00 0.00 0.00 0.00 0.00

Diluted EPS (Tax Loss Carry Forward) 0.00 0.00 0.00 0.00 0.00

Diluted EPS (Other Gains/Losses) 0.00 0.00 0.00 0.00 0.00

Diluted EPS - Total 0.76 1.24 1.44 0.12 -0.22

Diluted EPS - Normalized 0.00 0.00 1.46 0.20 0.00

Dividends Paid Per Share (DPS) 0.00 0.00 0.00 0.00 0.00

INCOME STATEMENT (YEAR-TO-DATE)

Revenue (YTD) 789.7 1,000.9 1,123.3 1,192.7 1,198.2

Net Income From Total Operations (YTD) 0.0 0.0 131.3 10.4 -4.9

EPS From Total Operations (YTD) 0.76 1.24 1.44 0.12 -0.22

Dividends Paid Per Share (YTD) 0.00 0.00 0.00 0.00 0.00

BALANCE SHEET

ASSETS
Cash & Equivalents 145.6 257.6 294.3 317.1 267.5

Restricted Cash 0.0 0.0 0.0 0.0 0.0

Marketable Securities 0.0 0.0 0.0 317.1 267.5

Accounts Receivable 64.3 84.8 92.3 104.4 101.2

Loans Receivable 0.0 0.0 0.0 0.0 0.0

Other Receivable 20.7 26.1 30.4 11.9 12.0

Receivables 85.0 110.9 122.7 127.0 122.5

Inventories, Raw Materials 9.8 5.1 8.1 7.4 2.8

Inventories, Work In Progress 0.2 0.3 0.9 0.7 0.7

Inventories, Purchased Components 0.0 0.0 0.0 0.0 0.0

Inventories, Finished Goods 111.1 124.2 155.8 154.3 167.5

Inventories, Other 0.0 0.0 0.0 0.0 0.0

Inventories, Adjustments & Allowances 0.0 0.0 0.0 0.0 0.0

Inventories 121.2 129.6 164.8 162.3 171.0

Prepaid Expenses 13.4 20.2 25.0 29.2 30.2

Current Defered Income Taxes 15.9 7.0 6.3 0.0 0.0

Other Current Assets 0.0 0.0 0.0 0.0 0.0

Total Current Assets 381.0 525.3 613.1 640.1 595.4

Land And Improvements 0.0 0.0 0.0 0.0 0.0

Building And Improvements 49.5 65.3 88.7 0.0 0.0

Machinery, Furniture & Equipment 87.5 84.2 89.5 75.7 72.8

Construction In Progress 7.9 7.9 8.8 16.2 3.3

Other Fixed Assets 0.0 0.0 0.0 87.0 68.3

Total Fixed Assets 145.0 157.4 187.0 87.0 68.3

Gross Fixed Assets 145.0 157.4 187.0 87.0 68.3

Accumulated Depreciation 75.0 89.8 104.7 -98.2 -99.8

Net Fixed Assets 70.0 67.7 82.2 87.0 68.3

Intangibles 45.5 48.6 57.2 72.3 97.3

Cost In Excess 0.0 0.0 2.7 2.5 2.0

Non-Current Deferred Income Taxes 34.7 30.4 34.1 19.6 17.9

Other Non-Current Assets 18.3 23.4 40.2 53.7 26.0

Total Non-Current Assets 168.5 170.1 216.5 235.1 211.5

Total Assets 549.5 695.5 829.6 875.2 806.9

Inventory Valuation Method 3 3 3 Av Av

EQUITY & LIABILITIES
Accounts Payable 35.7 66.5 64.0 57.5 42.9

Notes Payable 0.0 0.0 0.0 0.0 0.0

Short-Term Debt 1.9 1.1 10.0 0.0 0.0

Accrued Expenses 0.0 0.0 0.0 81.0 68.5

Accrued Liabilities 59.5 53.9 52.1 0.0 0.0

Deferred Revenues 0.0 0.0 0.0 6.9 3.1

Current Deferred Income Taxes 17.6 2.9 2.4 0.0 0.0

Other Current Liabilities 23.1 30.9 29.4 11.2 11.9

Total Current Liabilities 137.8 155.3 157.9 186.9 153.9

Long-Term Debt 0.0 0.0 4.6 0.0 0.0

Capital Lease Obligations 0.0 0.0 0.0 0.0 0.0

Deferred Income Taxes 0.8 0.0 0.0 23.5 0.8

Other Non-Current Liabilities 34.8 48.4 49.7 51.8 21.1

Minority Interest Liability 0.0 0.0 0.0 250.4 354.4

Preferred Secur. Of Subsid. Trust 0.0 0.0 0.0 0.0 0.0

Preferred Equity Outside Stock Equity 0.0 0.0 0.0 0.0 172.7

Total Non-Current Liabilities 35.6 48.4 54.3 63.5 200.5

Total Liabilities 173.4 203.7 212.2 250.4 354.4

Preferred Stock Equity 0.0 0.0 0.0 0.0 0.0

Common Stock Equity 376.1 491.8 617.4 624.7 452.5

Common Par 0.1 0.1 0.1 0.0 0.0

Additional Paid-In Capital 277.3 294.0 307.8 321.5 345.7

Cumulative Translation Adjustments 0.0 0.0 0.0 0.0 0.0

Retained Earnings 89.9 202.7 334.0 344.4 325.5

Treasury Stock -22.0 -19.8 -44.2 56.0 200.4

Other Equity Adjustments 30.9 14.8 19.7 0.0 0.0

Total Capitalization 376.1 491.8 622.0 624.7 452.5

Total Equity 376.1 491.8 617.4 624.7 452.5

Total Liabilities & Stock Equity 549.5 695.5 829.6 875.2 806.9

*
Cash Flow 37.1 37.3 168.0 0.0 0.0

Working Capital 243.3 370.0 455.2 453.1 441.5

Free Cash Flow 59.2 100.7 62.4 14.6 -68.7

Invested Capital 376.1 491.8 622.0 624.7 452.5

*
Shares Out (Common Class Only) 88.1 89.8 88.7 88.5 77.8

Preferred Shares 0.0 0.0 0.0 0.0 0.0

Total Ordinary Shares 0.0 0.0 0.0 88.5 78.5

Total Common Shares Out 88.1 89.8 88.7 88.5 78.5

Treasury Shares 0.5 0.5 2.4 3.2 13.8

Basic Weighted Shares 85.5 88.3 89.6 0.0 0.0

Diluted Weighted Shares 87.6 90.0 90.6 0.0 0.0

Number Of Employees 4000 4157 4900 5000 4900

Number Of Part-Time Employees

CASH-FLOW STATEMENT

OPERATING ACTIVITIES
Net Income/Loss 67.7 112.8 131.3 10.4 -4.9

Depreciation 37.1 37.3 36.7 0.0 0.0

Amortization 0.0 0.0 0.0 41.5 37.4

Amortization Of Intangibles 0.0 0.0 0.0 0.0 0.0

Deferred Income Taxes -5.0 -0.8 -3.0 23.5 0.8

Operating Gains 1.3 0.0 0.0 0.0 0.0

Extraordinary Gains 0.0 0.0 0.0 0.0 0.0

(Increase) Decrease In Receivables -12.9 -24.4 -9.5 -17.2 -15.3

(Increase) Decrease In Inventories -27.9 -13.3 -35.5 -5.3 -31.3

(Increase) Decrease In Prepaid Expenses 2.2 -17.6 -25.5 -4.2 21.7

(Increase) Decrease In Other Current Assets 0.0 0.0 0.0 0.0 0.0

Decrease (Increase) In Payables 12.7 30.3 0.1 -2.5 -12.1

Decrease (Increase) In Other Current

17.6 19.5 3.1 14.3 -11.0
Liabilities

Decrease (Increase) In Other Working Capital 0.0 0.0 0.0 0.0 -33.8

Other Non-Cash Items 11.4 -1.4 30.6 22.9 36.8

Net Cash From Continuing Operations 104.3 142.4 128.4 83.5 -11.7

Net Cash From Discontinued Operations 0.0 0.0 0.0 0.0 0.0

Net Cash From Total Operating Activities 104.3 142.4 128.4 83.5 -11.7
INVESTING ACTIVITIES
Sale Of Property, Plant & Equipment 1.3 0.3 2.2 0.3 0.2

Sale Of Long-Term Investments 0.0 0.0 0.0 0.0 0.0

Sale Of Short-Term Investments 7.4 0.0 0.0 0.0 0.0

Purchase Of Property, Plant & Equipment -45.1 -41.6 -60.8 -40.4 -16.0

Acquisitions 0.0 0.0 -5.2 0.0 0.0

Purchase Of Long-Term Investments 0.0 0.0 0.0 0.0 0.0

Purchase Of Short-Term Investments -5.7 0.0 0.0 0.0 0.0

Other Investing Changes, Net 0.0 -0.3 -2.2 -1.2 -1.2

Cash From Discontinued Investing Activities 0.0 0.0 0.0 0.0 0.0

Net Cash From Investing Activities -42.1 -41.7 -65.9 -69.8 -58.0

FINANCING ACTIVITIES
Issuance Of Debt 83.1 316.6 96.1 23.4 0.0

Issuance Of Capital Stock 7.2 10.9 3.7 2.3 183.6

Repayment Of Long-Term Debt -84.6 -317.7 -90.6 -13.2 -5.2

Repurchase Of Capital Stock 0.0 0.0 -25.6 -12.8 -146.6

Payment Of Cash Dividends 0.0 0.0 0.0 0.0 -8.2

Other Financing Charges, Net -0.4 -0.9 -0.2 -0.9 -0.1

Cash From Discontinued Financing Activities 0.0 0.0 0.0 0.0 0.0

Net Cash From Financing Activities 5.2 8.9 -16.6 -1.2 23.4

NET CASH FLOW

Effect Exchange Rate Changes 0.8 2.4 -9.0 10.3 -3.4

Net Change In Cash & Equivalents 68.2 112.0 36.8 22.8 -49.6

Cash At Beginning Of Period 77.3 145.6 257.6 294.3 317.1

Cash End Of Period 145.6 257.6 294.3 317.1 267.5