Financial Modeling-A Valuation Model of Boeing Co.

7/29/2019 Financial Modeling-A Valuation Model of Boeing Co.

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Valuation

The Boein

Shah

803-M


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Model of

Company

d Ali

A-2011


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Cost of Capital

Rm 8%

Rf 0.75%

Beta 1.22

After-tax cost of debt 0.042

Cost of Equity 10%

Debt 12371

Equity 3515

Total Capital 15886

WACC 5.39%

Terminal Growth Rate 1.23%

2007 2011 2012 2013 2014

FCFE 4,978$ 379$ 407$

Terminal Value

PV of Cash Flows 4,542$ 346$ 372$

PV of Terminal ValueTotal Value of Equity

No. of Shares Outstanding 1,012 1,012 1,012 1,012

Value/ Share 3.56 5.20 6.86 8.51

Valuation


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2015 2016

881$ 654$

7,909$

804$ 596$

5,002$11,662$

1,012 1,012

10.15 11.76


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ssumptions


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Growth Rate 1.23%

COGS/Revenue 82%

OpEx-Depr-R&D/Revenue 4%R&D/Rev 7%

Tax Rate 40%

NWC 1,408$

CA (Adj.)/Rev 43.70%

CL (Adj.)/Rev 50.66%

CAPEX

Depreciation Rate 6.56%

Dividend 0

Share Repurchase 0

Proceed from Share Issue 0

Debt 12,371$

Equity 3,515$

Cost of Equity 10%

Cost of Debt 7%

After-tax Cost of Debt 0.042

Terminal Growth Rate 1.23%

Risk Free Rate Rf 0.75%

Market Risk Rm 8%

Beta 1.22

Base Assumptions

Income Statement

Equity

Cost of Capital
http://www.wikiwealth.com/research:bahttp://www.google.com/finance?cid=661224http://www.google.com/finance?cid=661224http://www.wikiwealth.com/research:ba


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2007 2011 2012 2013 2014 2015

Revenue Growth Rate 1.23% 1.23% 1.23% 1.23%

Principal Payments 2,356$ 1,358$ 1,324$ 840$

Interest on LTD 3.74% 3.74% 3.74% 3.74%

Annual Assumptions


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2016 Thereafter

1.23% 1.23%

1,041$

3.74%


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Financial


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rojections


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2011 2012 2013 2014 2015

Revenue $68,735 $69,580 $70,435 $71,301 $72,178

COGS (56,762) (57,460) (58,166) (58,881)

Gross Profit $12,818 $12,975 $13,135 $13,296

OPEX (2,991) (3,028) (3,065) (3,103)R&D (4,840) (4,899) (4,960) (5,021)

Depreciation (1,762) (1,878) (2,001) (2,132)

EBIT $3,225 $3,170 $3,109 $3,041

Interest (463) (375) (324) (274)

EBT $2,762 $2,795 $2,785 $2,766

Tax (1,105) (1,118) (1,114) (1,107)

NI $4,018 $1,657 $1,677 $1,671 $1,660

Projected Income Statement


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2016

$73,065

(59,605)

$13,460

(3,141)(5,082)

(2,272)

$2,965

(243)

$2,722

(1,089)

$1,633


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2011 2012 2013 2014

Operating

Net Income 4,018 1,657 1,677 1,671

Add back: Interest 463 375 324

Add back: Depreciation 1,762 1,878 2,001

Less: Change In NWC 5,677 59 60

Cash Flow before Investing and Financing 9,559 3,989 4,056

Less CAPEX (1,762) (1,878) (2,001)

Cash Flow before Financing 7,797 2,112 2,055

Cash Flow to Firm 7,797 2,112 2,055

Less: Interest (463) (375) (324)

Less: Principal Repayment (2,356) (1,358) (1,324)

Free Cash Flow to Equity 4,978 379 407

Less: Dividend - - -

Less: Share Repurchase - - -

Add: Proceed from new issue - - -

Total Cash Flow for period 4,978 379 407

Beginning Balance of Cash 6,118 10,049 15,027 15,406

Closing Balance of Cash 10,049 15,027 15,406 15,813

Projected Cash Flows


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2015 2016

1,660 1,633

274 243

2,132 2,272

61 62

4,127 4,209

(2,132) (2,272)

1,995 1,938

1,995 1,938

(274) (243)

(840) (1,041)

881 654

- -

- -

- -

881 654

15,813 16,694

16,694 17,347


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2011 2012 2013 2014

Assets

Current Assets

Cash $7,042 15,027$ 15,406$ 15,813$

Current Assets $39,761 30,409$ 30,783$ 31,161$

Total Current Assets $49,810 45,436$ 46,188$ 46,974$

Total Fixed Asset 11,363 11,363$ 11,363$ 11,363$

Other Fixed Assets 18,813 18,813$ 18,813$ 18,813$

Total Fixed Asset 30,176 30,176$ 30,176$ 30,176$

Total Asset 79,986 75,612$ 76,364$ 77,150$

Liabilities + Equity

Total Liabilities

Current Liabilities - Borrowing 38,921 35,246$ 35,679$ 36,118$

ST Debt -$ -$ -$

Current Portion of LT Debt 1,358$ 1,324$ 840$

Total Current Liabilities $41,274 36,604$ 37,003$ 36,958$

LT Liabilities

LT Debt 10,018 8,657$ 7,333$ 6,493$

Other LT Liabilities 25,086$ 25,086$ 25,086$

Total LT Liabilities 33,743$ 32,419$ 31,579$

Total Liabilities $76,378 70,347$ 69,422$ 68,537$

Equity

Beginning Balance 3,608$ 5,265$ 6,942$

Beg. Accumulated Retained Earnings 27,524$ 29,181$ 30,858$

Net Income for the period 1,657$ 1,677$ 1,671$

Less: Dividend -$ -$ -$

Closing Bal. of Acc. Ret Earnings 27,524 29,181$ 30,858$ 32,529$

Proceed fron new Share -$ -$ -$

Share Repurchase -$ -$ -$

Closing Balance 3,608 5,265$ 6,942$ 8,613$

Total Liability + Equity $79,986 75,612$ 76,364$ 77,150$

Checking Balance -$ -$ -$

Projected Balance Sheet


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2015 2016

16,694$ 17,347$

31,544$ 31,932$

48,238$ 49,279$

11,363$ 11,363$

18,813$ 18,813$

30,176$ 30,176$

78,414$ 79,455$

36,562$ 37,011$

-$ -$

1,041$ -$

37,603$ 37,011$

5,452$ 5,452$

25,086$ 25,086$

30,538$ 30,538$

68,141$ 67,549$

8,613$ 10,273$

32,529$ 34,189$

1,660$ 1,633$

-$ -$

34,189$ 35,822$

-$ -$

-$ -$

10,273$ 11,906$

78,414$ 79,455$

-$ -$


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2011 2012 2013 2014

Revenue 68,735$ 69,580$ 70,435$ 71,301$

CA (Adj.)/ Rev 43.70% 43.70% 43.70% 43.70%

Current Assets 39,761$ 30,409$ 30,783$ 31,161$

CL (Adj.)/ Rev 50.66% 50.66% 50.66% 50.66%CL (38,921)$ (35,246)$ (35,679)$ (36,118)$

NWC 840$ (4,837)$ (4,897)$ (4,957)$

Change in NWC (5,677)$ (59)$ (60)$

Net Working Capital


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2015 2016

72,178$ 73,065$

43.70% 43.70%

31,544$ 31,932$

50.66% 50.66%(36,562)$ (37,011)$

(5,018)$ (5,079)$

(61)$ (62)$


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2012 2013 2014 2015 2016

Short-term Debt -$ -$ -$ -$ -$

Interest Rate 7% 7% 7% 7% 7%

Interest Payment -$ -$ -$ -$ -$

Long-term DebtBeginning Balance 12,371$ 10,015$ 8,657$ 7,333$ 6,493$

Interest Rate 3.74% 3.74% 3.74% 3.74% 3.74%

Interest Payment (463)$ (375)$ (324)$ (274)$ (243)$

Principal Payment (2,356)$ (1,358)$ (1,324)$ (840)$ (1,041)$

Closing Balance 10,015$ 8,657$ 7,333$ 6,493$ 5,452$

Current Portion (1,358)$ (1,324)$ (840)$ (1,041)$ -$

LT Debt 8,657$ 7,333$ 6,493$ 5,452$ 5,452$

Debt Structure


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2011 2012 2013

Revenue 69,580$ 70,435$

Net Assets 11,363$ 11,363$

Beginning Balance of Total Assets 26,865$ 28,627$

CAPEX 1,762$ 1,878$

Ending Balance of Total Assets 26,865$ 28,627$ 30,505$

Depreciation Rate 6.56% 6.56% 6.56%

Depreciation for the Period 1,762$ 1,878$

Beginning Balance of Total Depreciation 15,502$ 17,264$

Ending Balance of Total Depreciation 15,502$ 17,264$ 19,142$

Ending Balance of Net Assets 11,363$ 11,363$ 11,363$

CAPEX


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2014 2015 2016

71,301$ 72,178$ 73,065$

11,363$ 11,363$ 11,363$

30,505$ 32,505$ 34,637$

2,001$ 2,132$ 2,272$

32,505$ 34,637$ 36,909$

6.56% 6.56% 6.56%

2,001$ 2,132$ 2,272$

19,142$ 21,142$ 23,274$

21,142$ 23,274$ 25,546$

11,363$ 11,363$ 11,363$


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Histo


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icals


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Historicals

Historicals 2007 2008 2009Revenue 66,387$ 60,909$ 68,281$

OpEx 3,531$ 3,084$ 3,364$

COGS (53,107)$ (50,129)$ (56,365)$

OpEx-Depr-R&D (1,805)$ (2,175)$ (4,808)$

R&D Spending 3,850$ 3,768$ 6,506$

Revenue Growth Rate -8% 12%

COGS/Rev 80% 82% 83%

OpEx-Depr-R&D/Revenue 3% 4% 7%

R&D/Rev 6% 6% 10%

NWC (4,258)$ (4,809)$ 2,392$

Current Assets 27,280$ 25,964$ 35,275$

Cash 7,042$ 3,268$ 9,215$

Current Assets - Cash 20,238$ 22,696$ 26,060$

Current Liabilities 31,538$ 30,773$ 32,883$

Short-term debt

Current Portion of LT Debt 762$ 560$ 707$

C.L. - ST Debt - CP of LT Debt 30,776$ 30,213$ 32,176$

(Current Assets - Cash)/ Revenue 30.48% 37.26% 38.17%

(C.L. - ST Debt - CP of LT Debt)/Rev 46.36% 49.60% 47.12%

Total Fixed Assets (PPE and Intangibles) 21,999$ 23,611$ 24,555$

Total Depreciation & Amortization (12,639)$ (13,162)$ (13,892)$

Depreciation for the period 1,486$ 1,491$ 1,666$

Depreciation Rate 7% 6% 7%Net 9,360$ 10,449$ 10,663$

Indefinited Intangible Assets 499$ 499$ 499$

Total LT Debt 7,455$ 6,952$ 12,217$

LTD+CLT+STD 8,217$ 7,512$ 12,924$

Interest Paid (196)$ (202)$ (339)$

Interest Rate 2.46% 4.51%


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2010 2011 Average

64,306$ 68,735$ 65,724$

3,644$ 3,408$ 3,406$

(51,683)$ (55,739)$ (53,405)$

(2,204)$ (2,170)$ (2,632)$

4,121$ 3,918$ 4,433$

-6% 7% 1.23%

80% 81% 82%

3% 3% 4%

6% 6% 7%

5,177$ 8,536$ 1,408$

40,572$ 49,810$ 35,780$

5,359$ 10,049$ 6,987$

35,213$ 39,761$ 28,794$

35,395$ 41,274$ 34,373$

#DIV/0!

948$ 2,353$ 1,066$

34,447$ 38,921$ 33,307$

54.76% 57.85% 43.70%

53.57% 56.62% 50.66%

25,544$ 26,865$ 24,515$

(14,632)$ (15,502)$ (13,965)$

1,727$ 1,660$ 1,606$

7% 6% 7%10,912$ 11,363$

499$ 497$

11,473$ 10,018$ 9,623$

12,421$ 12,371$ 10,689$

(516)$ (498)$ (350)$

3.99% 4.01% 3.74%


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Financial S


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tatements


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YearsendedDecember31, 2007 2008

Salesofproducts $57,049 $50,180

Salesofservices 9338 10729

Totalrevenues $66,387 $60,909

Costofproducts (45,375) (41,662.00)

Costofservices (7,732) (8,467)

BoeingCapitalCorporationinterestexpense (295) (223)

Totalcostsandexpenses (53,402) (50,352)

12,985 10,557

Incomefromoperatinginvestments,net 188 241

Generalandadministrativeexpense (3,531) (3,084)

Researchanddevelopmentexpense,net (3,850) (3,768)

Gain/(loss)ondispositions,net 38 4

Earningsfromoperations 5,830 3,950

Otherincome/(expense),net 484 247

Interestanddebtexpense (196) (202)

Earningsbeforeincometaxes 6,118 3,995

Incometaxexpense (2,060) (1,341)

Netearningsfromcontinuingoperations 4,058 2,654

Netgain/(loss)ondisposalofdiscontinuedoperations,netoftaxes

($4),$2and$13 16 18

Netearnings 4,074 2,672

Basicearningspersharefromcontinuingoperations 5.36 3.68

Netgain/(loss)ondisposalofdiscontinuedoperations,netoftaxes 0.02 0.02

Basicearningspershare 5.38 3.70

Dilutedearningspersharefromcontinuingoperations 5.26 3.65

Netgain/(loss)ondisposalofdiscontinuedoperations,netoftaxes 0.02 0.02

Dilutedearningspershare 5.28 3.67

The Boeing Company and SubsidriesConsalidated Statements of Operations

(Dollars in millions, exceptpershare data)


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2009 2010 2011

$57,032 $52,586 $57,401

11249 11,720 11,334

$68,281 $64,306 $68,735

(47,639) (42,194) (46,642)

(8,726) (9,489) (9,097)

(175) (160) (128)

(56,540) (51,843) (55,867)

11,741 12,463 12,868

249 267 278

(3,364) (3,644) (3,408)

(6,506) (4,121) (3,918)

(24) 6 24

2,096 4,971 5,844

(26) 52 47

(339) (516) (498)

1,731 4,507 5,393

(396) (1,196) (1,382)

1,335 3,311 4,011

(23) (4) 7

1,312 3,307 4,018

1.89 4.50 5.38

(0.03) (0.01) 0.01

1.86 4.49 5.39

1.87 4.46 5.33

(0.03) (0.01) 0.01

1.84 4.45 5.34


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YearsendedDecember31, 2007 2008

Cashflowsoperatingactivities:

Netearnings 4,074 2,672

Adjustmentstoreconcilenetearningstonetcashprovided

byoperating activities:

Non-cashitems

Share-basedplansexpense 287 209.00

Depreciation 1,334 1,325

Amortizationofacquiredintangibleassets 152 166

Amortizationofdebtdiscount/premiumandissuancecosts (1) 11

Investment/asset impairment charges, net 51 50

Customer financing valuation provision (60) 84

(Gain)/lossondisposalofdiscontinuedoperations (25) (28)

(Gain)/loss on dispositions, net (38) (4)

Other charges and credits, net 197 116

Excesstaxbenefitsfromshare-basedpayment

arrangements

(144) (100)

Changesinassetsandliabilities

Accountsreceivable (392) 564

Inventories,netofadvancesandprogressbillings (1,577) (6,168)

Accounts payable (198) 318

Accrued liabilities 1,126 554

Advancesandbillingsinexcessofrelatedcosts 2,369 (1,120)

Income taxes receivable, payable and deferred 1,290 744

Other long-term liabilities 71 (211)

Pensionandotherpostretirementplans (143) 14

Customer financing, net 1,458 432

Other (247) (29)

Netcashprovidedbyoperatingactivities 9,584 -401

Cashflowsinvestingactivities:

Property,plantandequipmentadditions (1,731) (1,674)

Property, plant and equipment reductions 59 34

Acquisitions, net of cash acquired (75) (964)

Contributions to investments (5,710) (6,673)

Proceeds from investments 3,817 11,343

PaymentsonSeaLaunchguarantees

ReimbursementofSeaLaunchguaranteepayments

Receipt of economic development program funds

Purchase of distribution rights (182) (178)

Cash Flow Statemtns of The Boeing

(Dollars in millions)


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Netcashprovided/(used)byinvestingactivities (3,822) 1,888

Cashflowsfinancingactivities:

Newborrowings 40 13

Debt repayments -1406 -738

Paymentstononcontrollinginterests

Repaymentsofdistributionrightsfinancing -357

Stock options exercised, other 209 44

Excesstaxbenefitsfromshare-basedpaymentarrangements 144 100

Employee taxes on certain share-based payment arrangements -135

Common shares repurchased -2775 -2937

Dividends paid -1,096 -1,192

Netcash(used)/providedbyfinancingactivities (4,884) (5,202)

Effectofexchangeratechangesoncashandcashequivalents 46 -59

Net increase/(decrease) in cash and cash equivalents 924 (3,774)

Cash and cash equivalents at beginning of year 6,118 7,042

Cashandcashequivalentsatendofyear 7,042 3,268


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2009 2010 2011

1,312 3,307 4,018

238 215 186

1,459 1,510 1,457

207 217 203

12 19 15

151 174 119

45 51 (269)

36 6 (11)

24 (6) (24)

214 512 500

(5) (19) (36)

(391) 8 (292)

(1,525) (7,387) (10,012)

1,141 313 1,164

1,327 668 237

(680) 238 3,173

607 822 1,262

(12) 328 127

1,140 1,335 2,126

104 717 (6)

199 (76) 86

5,603 2,952 4,023

(1,186) (1,125) (1,713)

27 63 94

(639) (932) (42)

(2,629) (15,548) (6,796)

1,041 12,425 10,757

(448)

40 82

206 69

(2)

o


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(3,794) (4,831) 2,369

5,961 41 799

-551 -689 -930

-40

-137 -451

10 87 114

5 19 36

-21 -30 -24

-50

-1,220 -1,253 -1,244

4,094 (1,962) (1,700)

44 -15 -2

5,947 (3,856) 4,690

3,268 9,215 5,359

9,215 5,359 10,049


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December31, 2007

Assets

Cashandcashequivalents $7,042

Short-termandotherinvestments 2,266

Accountsreceivable,net 5,740

Currentportionofcustomerfinancing,net 328

Deferredincometaxes 2341

Inventories,netofadvancesandprogressbillings 9,563

Total Current Assets $27,280

Customerfinancing,net 6,777

Property,plantandequipment,net 8,265

Goodwill 3,081

Acquiredintangibleassets,net 2,093

Deferredincometaxes 197

Investments 4,111

Pension plan assets, net 5,924

Otherassets,netofaccumulatedamortizationof$717and$630 1,258

Totalassets 58,986

Liabilitiesandequity

Accountspayable 5,643

Accruedliabilities 11,033

Advancesandbillingsinexcessofrelatedcosts 13,847

Deferredincometaxesandincometaxespayable 253

Short-termdebtandcurrentportionoflong-termdebt 762

Totalcurrentliabilities $31,538

Deferred income taxes 1,190

Accruedretireehealthcare 7,007

Accruedpensionplanliability,net 1,155

Non-currentincometaxespayable 1121

Other long-term liabilities 516

TheBoeingCompanyandSuConsolidatedStatementsofFinancial



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Long-termdebt 7,455

Shareholdersequity:

Commonstock,parvalue$5.001,012,261,159sharesissued 5,061

Additionalpaid-incapital 4,757

Treasurystock,atcost (14,842)

Retained earnings 21,376

Accumulatedothercomprehensiveloss (4,596)

ShareValue Trust shares (2,752)

Totalshareholdersequity 9,004

Noncontrollinginterest -

Totalequity 9,004

Totalliabilitiesandequity $57,796


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2008 2009 2010 2011

$3,268 $9,215 $5,359 $10,049

11 2,008 5,158 1,223

5,602.00 5,785 5,422 5,793

425 368 285 476

1046 966 31 29

15,612 16,933 24,317 32,240

$25,964 $35,275 $40,572 $49,810

5,857 5,466 4,395 4,296

8,762 8,784 8,931 9,313

3,647 4,319 4,937 4,945

2,685 2,877 2,979 3,044 11,860

4,114 3,062 4,031 5,892

1,328 1,030 1,111 1,043

16 16 6 -

1,406 1,224 1,609 1,643 30,176 18,316 30,176

53,779 62,053 68,571 79,986

5,871 7,096 7,715 8,406

11,564 12,822 13,802 12,239

12,737 12,076 12,323 15,496

41 182 607 2,780

560 707 948 2,353

$30,773 $32,883 $35,395 $41,274

- - - -

7,322 7,049 8,025 7,520

8,383 6,315 9,800 16,537

1154 827 418 122

337 537 592 907

sidiariesPosition


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6,952 12,217 11,473 10,018

5,061 5,061 5,061 5,061

3,456 3,724 3,866 4,033

(17,758) (15,911) (17,187) (16,603)

22,675 22,746 24,784 27,524

(13,525) (11,877) (13,758) (16,500)

(1,203) (1,615) - -

(1,294) 2,128 2,766 3,515

152 97 96 93

(1,142) 2,225 2,862 3,608

$53,779 $62,053 $68,565 $79,986


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BOEING CO

Note 9 Property, Plant and Equipment

2007 2011 2012 2013Land 544 526Buildings and land improvements 8,868 10,285Machinery and equipment 9,308 11,353Construction in progress 1,460 1,142Gross property, plant and equipment 20,180 23,306Less accumulated depreciation (11,915) (13,993)Total 8,265 9,313


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2014 2015 2016


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BOEING CONOTES TO FINANCIAL STATEMENTS (4)

2007 2011

Gross Carrying AmountDistribution rights 640 1,915

Product know-how 308 507

Customer base 325 606

Developed technology 796 833

Other 249 195

Total 2,318 4,056

Accumulated Amortization (724) (1,509)


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BOEING CO10-K

02/09/2012

SHAREHOLDERS EQUITY STATEMENT (1)

(Dollars in millions, except per share data)

Balance December 31, 2010Net earningsUnrealized loss on derivative instruments, net of tax of $7Unrealized loss on certain investments, net of tax of $1

Reclassification adjustment for gains realized in net earnings, net of tax of $9Currency translation adjustmentPostretirement liability adjustment, net of tax of $1,538Comprehensive incomeShare-based compensation and related dividend equivalentsExcess tax poolsTreasury shares issued for stock options exercised, netTreasury shares issued for other share-based plans, netTreasury shares issued for 401(k) contributionCash dividends declared ($1.70 per share)Changes in noncontrolling interestBalance December 31, 2011


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Common

Stock

Share-

Value

Trust

Retained

Earnings

Non-

controlling

Interest Total

$5,061 $24,784 ($13,758) $96 $2,8624,018 (1) 4,017

(13) (13)(2) (2)

(16) (16)(35) (35)

(2,676) (2,676)1,275

(15) 18220

114(14)434

(1,263) (1,263)(2) (2)

5,061 27,524 ($) 16,500 93 3,608

Boeing shareholders

Accumulated

Other

Comprehensive

Loss


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2007

Duo pont Analysis (ROE = Profit Margin x Total Asset Turnover x

Net Profit Margin = (Net Income/Revenues)

Net Income $4,074

Revenues 66,387

0.06

Total Asset Turnover = Revenues/Total Assets

Revenues 66,387

Total Assets 58,986

1.13

Equity Multiplier = Total Assets/ Shareholders' Equity

Total Assets 58,986

Total shareholders equity 9,004

6.55

ROE 0.45

Gross Profit Ratio= [(Gross profit / Net sales) 100]

Gross Profit 12,985

Net Sales Revenue 66,387

19.56%

EBIT Ratio = Earnings before interest and taxes) / sales Revenue

EBIT 6,118

Sales Revenue 66,387

9.22%

TheBoeingCompanyandSuFinancial Ratios



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2008 2009 2010 2011

$2,672 $1,312 $3,307 $4,018

60,909.00 68,281 64,306 68,735

0.04 0.02 0.05 0.06

60,909 68,281 64,306 68,735

53,779 62,053 68,571 79,986

1.13 1.10 0.94 0.86

53,779 62,053 68,571 79,986

-1,294 2,128 2,766 3,515

-41.56 29.16 24.79 22.76

-2.06 0.62 1.20 1.14

10,557 11,741 12,463 12,868

60,909 68,281 64,306 68,735

17.33% 17.20% 19.38% 18.72%

3,995 1,731 4,507 5,393

60,909 68,281 64,306 68,735

6.56% 2.54% 7.01% 7.85%

sidiaries


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BOEING CO

Notes 4: Principal Payments

2007 2008 2009Boeing Capital CorporationOther Boeing

Total


49/49

2010 2011 2012 2013 2014 2015 2016878 653 526 16 5051,478 705 798 824 536

2,356 1,358 1,324 840 1,041

Financial Modeling-A Valuation Model of Boeing Co.

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