Income StatementCAT
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Caterpillar Inc., Consolidated Statement of Financial Posit USD $ in millions ASSETS Dec 31, 2013 Cash and short-term investments 6,081 Operating Current Assets 32,254 Current assets 38,335 Property, plant and equipment, net 17,075 Long-term receivables 16,323 Investments in equity method companies 262 Investments in cost method companies 10 272 Noncurrent deferred and refundable income taxes 594 Intangible assets 3,596 Goodwill 6,956 Other assets 1,745 Noncurrent assets 46,561 Total assets 84,896 LIABILITIES Operating Current Liabilities 16,266 Financial Debt 37,750 Liability for postemployment benefits 6,973 Other liabilities 3,029 Total liabilities 64,018 Redeemable noncontrolling interest – Common stock of $1.00 par, at paid-in amount 4,709 Treasury stock, at cost -11,854 Profit employed in the business 31,854 Accumulated other comprehensive loss -3,898 Equity attributable to common stockholders 20,811 Noncontrolling interests 67 Total stockholders' equity 20,878 84,896 Investments in unconsolidated affiliated companies Total liabilities, redeemable noncontrolling interest and stockholders' equity
Transcript of Income StatementCAT
Caterpillar Inc., Consolidated Statement of Financial Position, AssetsUSD $ in millions
ASSETS Dec 31, 2013 Dec 31, 2012
Cash and short-term investments 6,081 5,490
Operating Current Assets 32,254 37,034Current assets 38,335 42,524Property, plant and equipment, net 17,075 16,461Long-term receivables 16,323 15,345Investments in equity method companies 262 256
Investments in cost method companies 10 16
272 272Noncurrent deferred and refundable income taxes 594 2,011Intangible assets 3,596 4,016Goodwill 6,956 6,942
Other assets 1,745 1,785
Noncurrent assets 46,561 46,832Total assets 84,896 89,356
LIABILITIESOperating Current Liabilities 16,266 17,364
Financial Debt 37,750 40,143
Liability for postemployment benefits 6,973 11,085
Other liabilities 3,029 3,182Total liabilities 64,018 71,774Redeemable noncontrolling interest – –Common stock of $1.00 par, at paid-in amount 4,709 4,481Treasury stock, at cost -11,854 -10,074Profit employed in the business 31,854 29,558
Accumulated other comprehensive loss -3,898 -6,433Equity attributable to common stockholders 20,811 17,532
Noncontrolling interests 67 50
Total stockholders' equity 20,878 17,582
84,896 89,356
Investments in unconsolidated affiliated companies
Total liabilities, redeemable noncontrolling interest and stockholders' equity
Caterpillar Inc., Consolidated Statement of Financial Position, Assets
Dec 31, 2011 Dec 31, 2010 Dec 31, 2009
3,057 3,592 4,867
35,071 28,218 21,92238,128 31,810 26,78914,395 12,539 12,38613,078 12,057 13,250
111 135 70
22 29 35
133 164 1052,157 2,493 2,7144,368 805 4657,080 2,614 2,269
2,107 1,538 2,060
43,318 32,210 33,24981,446 64,020 60,038
18,913 14,039 9,508
34,592 28,418 31,631
10,956 7,584 7,420
3,583 2,654 2,17968,044 52,695 50,738
473 461 4774,273 3,888 3,439
-10,281 -10,397 -10,64625,219 21,384 19,711
-6,328 -4,051 -3,76412,883 10,824 8,740
46 40 83
12,929 10,864 8,823
81,446 64,020 60,038
Caterpillar Inc., Consolidated Income StatementUSD $ in millions
12 months ended Dec 31, 2013 Dec 31, 2012
Sales of Machinery and Power Systems 52,694 63,068Cost of goods sold -40,727 -47,055Gross margin 11,967 16,013Revenues of Financial Products 2,962 2,807Selling, general and administrative expenses -5,547 -5,919Research and development expenses -2,046 -2,466Interest expense of Financial Products -727 -797Goodwill impairment charge – -580Other operating income (expenses) -981 -485Operating profit 5,628 8,573Interest expense excluding Financial Products -465 -467Investment and interest income 84 82Foreign exchange gains (losses) -254 -116License fee income 114 99
21 4Impairment of available-for-sale securities -1 -2Miscellaneous income (loss) 1 63Other income (expense) -35 130Consolidated profit before taxes 5,128 8,236(Provision) benefit for income taxes -1,319 -2,528Profit of consolidated companies 3,809 5,708
-6 14
Profit of consolidated and affiliated companies 3,803 5,722(Profit) loss attributable to noncontrolling interests -14 -41Profit attributable to common stockholders 3,789 5,681Source: Caterpillar Inc., Annual Reports
Source: www.stock-analysis-on.net
Copyright © 2014 Stock Analysis on Net
Gains (losses) on sale of securities and affiliated companies
Equity in profit (loss) of unconsolidated affiliated companies
Dec 31, 2011 Dec 31, 2010 Dec 31, 2009
57,392 39,867 29,540-43,578 -30,367 -23,88613,814 9,500 5,654
2,746 2,721 2,856-5,203 -4,248 -3,645-2,297 -1,905 -1,421
-826 -914 -1,045– – -22
-1,081 -1,191 -1,8007,153 3,963 577-396 -343 -389
85 86 9821 -55 18480 54 49
17 9 -2-5 -3 -12
-230 39 64-32 130 381
6,725 3,750 569-1,720 -968 2705,005 2,782 839
-24 -24 -12
4,981 2,758 827-53 -58 68
4,928 2,700 895
Caterpillar Inc., Consolidated Statement of Cash FlowsUSD $ in millions
12 months ended Dec 31, 2013 Dec 31, 2012
Profit of consolidated and affiliated companies 3,803 5,722Depreciation and amortization 3,087 2,813Net gain from sale of businesses and investments -68 -630Goodwill impairment charge – 580
Other 550 439Adjustments for non-cash items 3,569 3,202Receivables, trade and other 835 -173Inventories 2,658 -1,149Accounts payable 134 -1,868Accrued expenses -108 183Accrued wages, salaries and employee benefits -279 -490Customer advances -301 241Other assets, net -49 252
Other liabilities, net -71 -679
2,819 -3,683Net cash provided by operating activities 10,191 5,241
-2,522 -3,350Expenditures for equipment leased to others -1,924 -1,726
844 1,117Additions to finance receivables -11,422 -12,010Collections of finance receivables 9,567 8,995Proceeds from sale of finance receivables 220 132
Investments and acquisitions, net of cash acquired -195 -618
365 1,199
Proceeds from sale of available-for-sale securities 449 306Investments in available-for-sale securities -402 -402
Other, net -26 167
Net cash (used for) provided by investing activities -5,046 -6,190Dividends paid -1,111 -1,617Distribution to noncontrolling interests -13 -6
128 52Treasury shares purchased -2,000 –
Excess tax benefit from stock-based compensation 96 192
Acquisitions of redeemable noncontrolling interests – -444Acquisitions of noncontrolling interests – -5
Changes in assets and liabilities, net of acquisitions and divestitures
Capital expenditures, excluding equipment leased to others
Proceeds from disposals of leased assets and property, plant and equipment
Proceeds from sale of businesses and investments, net of cash sold
Common stock issued, including treasury shares reissued
Machinery and Power Systems 195 2,209
Financial Products 9,133 13,806
9,328 16,015Machinery and Power Systems -1,769 -1,107
Financial Products -9,101 -9,992
-10,870 -11,099
-69 461
Net cash provided by (used for) financing activities -4,511 3,549
Effect of exchange rate changes on cash -43 -167
591 2,433
5,490 3,057
Cash and short-term investments at end of period 6,081 5,490Source: Caterpillar Inc., Annual Reports
Source: www.stock-analysis-on.net
Copyright © 2014 Stock Analysis on Net
Proceeds from debt issued, original maturities greater than three months
Payments on debt, original maturities greater than three months
Short-term borrowings, net, original maturities three months or less
Increase (decrease) in cash and short-term investments
Cash and short-term investments at beginning of period
Dec 31, 2011 Dec 31, 2010 Dec 31, 2009
4,981 2,758 8272,527 2,296 2,336-128 – –
– – 22
585 469 1152,984 2,765 2,473
-1,345 -2,320 4,014-2,927 -2,667 2,5011,555 2,570 -2,034
308 117 -505619 847 -534173 604 -646-91 358 235
753 -23 12
-955 -514 3,0437,010 5,009 6,343
-2,515 -1,575 -1,348-1,409 -1,011 -968
1,354 1,469 1,242-10,001 -8,498 -7,107
8,874 8,987 9,288207 16 100
-8,184 -1,126 -19
376 – –
247 228 291-336 -217 -349
-40 132 -128
-11,427 -1,595 1,002-1,159 -1,084 -1,029
-3 – -10
123 296 89– – –
189 153 21
– – –-8 -132 -6
4,587 216 458
10,873 8,108 11,833
15,460 8,324 12,291-2,269 -1,298 -918
-8,324 -11,163 -11,769
-10,593 -12,461 -12,687
-43 291 -3,884
3,966 -4,613 -5,215
-84 -76 1
-535 -1,275 2,131
3,592 4,867 2,736
3,057 3,592 4,867
ANALYSIS OF CATERPILLAR SALES
Year2009 29,540 2,856 32,3962010 39,867 2,721 42,5882011 57,392 2,746 60,1382012 63,068 2,807 65,8752013 52,694 2,962 55,656
Growth measuresCAGR 11.43%Slope 6,981
Slope/2013 sales 12.54%
Intercept - 13,986,857 R-squared 0.6561
CAGR is very much affected2009-2013 -67.33%2010-2013 -69.15%2011-2013 -57.76%
2009-2012 -56.44%2010-2012 -53.73%2011-2012 -15.51%
ANALYSIS OF CA-CL RATIOS - CATERPILLAR2009 2010 2011
CA/Sales 74.21% 70.78% 61.11%CL/Sales 32.19% 35.21% 32.95%
ANALYSIS OF OPERATING COSTS - CATERPILLAR2009 2010 2011
Operating costs from P&L 31,819 38,625 52,985 Depreciation 2,336 2,296 2,527 Operating costs net of depreciation 29,483 36,329 50,458 Sales 32,396 42,588 60,138 Net operating costs/Sales 91.01% 85.30% 83.90%
Regressing net operating costs on salesIntercept 4,557 Slope 75.94%R-squared 99.88%
ANALYSIS OF FIXED ASSETS - CATERPILLAR
Sales of machinery
Revenues of financial products
Total sales and revenues
2009 2010 2011Total Property, Plant and Equipment (PPE) at cost 24,221 24,906 27,326
Less: Accumulated depreciation 11,835 12,367 12,931
Property, plant and equipment, net 12,386 12,539 14,395
Sales 32,396 42,588 60,138
Net PPE/Sales 38.23% 29.44% 23.94%
Gross PPE/Sales 74.77% 58.48% 45.44%Model value: Net PPE/Sales 29.46%
Depreciation AnalysisDepreciation per annum 532 532 564 Depreciation rate 2.20% 2.14% 2.06%Average depreciation rate 2.13%
CATERPILLAR DIVIDENDSOther liabilities 2009 2010 2011Dividends 1,029 1,084 1,159 Year-on-year growth 5.34% 6.92%Dividend CAGR 1.94%
Dividends per share 1.68 1.74 1.82Dividend CAGR 8.40%
ANALYSIS OF CATERPILLAR SALES
31.46%41.21%
9.54%-15.51%
Sales = a + b * Year
Sales = - 13,986,857 + 6,981 * Year , 65.61%
ANALYSIS OF CA-CL RATIOS - CATERPILLAR2012 2013
58.72% 61.21%27.53% 30.87%
ANALYSIS OF OPERATING COSTS - CATERPILLAR2012 2013
57,302 50,028 2,813 3,087 54,489 46,941 65,875 55,656
82.72% 84.34%
ANALYSIS OF FIXED ASSETS - CATERPILLAR
Year-on-year growth
R2=
2009 2010 2011 2012 20130
10,000
20,000
30,000
40,000
50,000
60,000
70,000
f(x) = 6980.7 x − 13986857.1R² = 0.656059095354953
Sales regressed on Year
2009 2010 2011 2012 20130.00%
20.00%
40.00%
60.00%
80.00%
Net Working Capital Analysis
CA/Sales CL/Sales
2009 2010 2011 2012 201378.00%80.00%82.00%84.00%86.00%88.00%90.00%92.00%
Net operating costs/Sales
30,000 35,000 40,000 45,000 50,000 55,000 60,000 -
10,000
20,000
30,000
40,000
50,000
60,000
70,000
f(x) = 1.31519783396885 x − 5933.11369100363R² = 0.998819869615463
Net Operatinmg Costs vs Sales
2009 2010 2011 2012 20130.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
PPE/Sales
2012 201329,932 31,316
13,471 14,241
16,461 17,075
65,875 55,656
24.99% 30.68%
45.44% 56.27%
Depreciation Analysis 540 770
1.80% 2.46%
CATERPILLAR DIVIDENDS2012 2013
1,617 1,111 39.52% -31.29%
2.02 2.32
2009 2010 2011 2012 20130.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
PPE/Sales
32,396 42,588 60,138 65,875 55,6560
5,000
10,000
15,000
20,000
25,000
30,000
35,000
f(x) = 1921.6 x + 21775.4R² = 0.972251048996285
f(x) = 1330 x + 10581.2R² = 0.942089845322791
Gross & Net Assets vs Sales
2009 2010 2011 2012 20130
10,000
20,000
30,000
40,000
50,000
60,000
70,000
f(x) = 6980.7 x − 13986857.1R² = 0.656059095354953
Sales regressed on Year
2009 2010 2011 2012 20130.00%
20.00%
40.00%
60.00%
80.00%
Net Working Capital Analysis
CA/Sales CL/Sales
2009 2010 2011 2012 201378.00%80.00%82.00%84.00%86.00%88.00%90.00%92.00%
Net operating costs/Sales
30,000 35,000 40,000 45,000 50,000 55,000 60,000 -
10,000
20,000
30,000
40,000
50,000
60,000
70,000
f(x) = 1.31519783396885 x − 5933.11369100363R² = 0.998819869615463
Net Operatinmg Costs vs Sales
2009 2010 2011 2012 20130.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
PPE/Sales
2009 2010 2011 2012 20130.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
PPE/Sales
32,396 42,588 60,138 65,875 55,6560
5,000
10,000
15,000
20,000
25,000
30,000
35,000
f(x) = 1921.6 x + 21775.4R² = 0.972251048996285
f(x) = 1330 x + 10581.2R² = 0.942089845322791
Gross & Net Assets vs Sales
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