Financial Statements

McDonalds Corporation Income Statement

Income

2011

2010

2009

Revenue

27.01B

24.07B

22.74B

Cost of Revenue

16.32B

14.44B

13.95B

Gross Profit

10.69B

9.637B

8.792B

2.394B

2.333B

2.234B

236.80M

169.10M

283.40M

Total Operating Expenses

18.48B

16.60B

15.90B

Operating Income

8.530B

7.473B

6.841B

-517.50M

-472.80M

-354.00M

Pretax Income

8.012B

7.000B

6.487B

Provision for Income Taxes

2.509B

2.054B

1.936B

Income after Tax

5.503B

4.946B

4.551B

5.503B

4.946B

4.551B

5.503B

4.946B

4.551B

Earnings Per Share Data

2011

2010

2009

Average Shares to compute diluted EPS

1045

1080

1107

Average Shares to compute basic EPS

1032

1066

1092

EPS - Basic net

5.33

4.64

4.17

EPS - Diluted net

5.27

4.58

4.11

2011

2010

2009

Cash & Short Term Investments

2.336B

2.387B

1.796B

Receivables

1.335B

1.179B

1.060B

Inventory

116.80M

109.90M

106.20M

Prepaid Expenses

615.80M

692.50M

453.70M

Research & Development Expense

Selling, General, & Admin. Expense
Depreciation & Amortization
Operating Interest Expense
Other Operating Income (Expense)

Non-Operating Income

Minority Interest
Equity In Affiliates
Income Before Extraordinaries & Disc.
Operations
Investment Gains/Losses
Other Income/Charges
Income from Discontinued Operations
Net Income

McDonalds Corporation Balance Sheet

Assets

Other Current Assets

Total Current Assets

4.403B

4.368B

3.416B

Gross Property, Plant & Equipment

35.74B

34.48B

33.44B

Accumulated Depreciation

12.90B

12.42B

11.91B

Net Property, Plant & Equipment

22.83B

22.06B

21.53B

Long Term Investments

1.427B

1.335B

1.213B

Goodwill & Intangibles

2.653B

2.586B

2.425B

Other Long Term Assets

1.672B

1.625B

1.639B

Total Long Term Assets

28.59B

27.61B

26.81B

Total Assets

32.99B

31.98B

30.22B

2011

2010

2009

Current Portion of Long Term Debt

366.60M

8.30M

18.10M

Accounts Payable

961.30M

943.90M

636.00M

1.581B

1.586B

1.855B

Total Current Liabilities

3.509B

2.925B

2.989B

Total Long Term Debt

12.13B

11.50B

10.56B

Deferred Income Tax

1.344B

1.332B

1.279B

Other Long Term Liabilities

1.613B

1.587B

1.363B

Total Long Term Liabilities

15.09B

14.42B

13.20B

Total Liabilities

18.60B

17.34B

16.19B

2011

2010

2009

1.021B

1.054B

1.077B

Common Stock, Net

16.60M

16.60M

16.60M

Additional Paid-in Capital

5.487B

5.196B

4.854B

Retained Earnings

36.71B

33.81B

31.27B

Treasury Stock

28.27B

25.14B

22.85B

Shareholder's Equity

15.29B

14.39B

14.63B

Total Liabilities & Shareholder's

Equity

35.39B

32.99B

31.98B

2011

2010

2009

5.503B

4.946B

4.551B

Liabilities

Accrued Expenses
Deferred Revenues
Other Current Liabilities

Shareholder's Equity
Common Shares Outstanding
Preferred Stock

Other Shareholder's Equity

Minority Interest

McDonalds Corporation Cash Flow

Cash Flow - Operations
Net Income

Depreciation, Depletion, Amortization

1.415B

1.276B

1.216B

Other Non-Cash Items

192.00M

Total Non-Cash Items

1.607B

1.524B

1.029B

Deferred Income Taxes

217.20M

11.70M

212.10M

40.00M -129.00M

171.00M

Total Changes in Assets/Liabilities

248.10M -187.20M

Other Operating Activities

Net Cash from Operating Activities

Cash Flow - Investing

Capital Expenditures
Acquisitions, Divestitures

7.150B

6.342B

5.751B

2011

2010

2009

-2.730B

-2.136B

-1.952B

325.00M

194.50M

260.30M

Investments

144.90M

Other Investing Activities

Net Cash from Investing Activities

-166.10M -115.00M -108.40M

-2.571B

-2.056B

-1.655B

2011

2010

2009

1.004B

787.40M

219.30M

Equity Issued

-3.029B

-2.235B

-2.465B

Dividends Paid

-2.610B

-2.408B

-2.236B

101.90M

127.40M

60.50M

-4.533B

-3.729B

-4.421B

-97.50M

34.10M

57.90M

Cash Flow - Financing

Debt Issued

Other Financing
Activities
Net Cash from
Financing Activities
Foreign Exchange
Effects
Discontinued Operations
and Other
Net Change in Cash &
Cash Equivalents
Cash at beginning of
period
Cash at end of period

-51.30M

591.00M -267.40M

2.387B

1.796B

2.063B

2.336B

2.336B

2.387B

McDonalds Corporation

2011

2010

Common Equity
Common Stock
Additional Paid in Capital
Retained Earnings
ROE

2009

5.503

Net Income
42.2136

Jollibee Foods Corporation

2011

4.946
39.0226

4.551
36.1406

0.0166
5.487

0.0166
5.196

36.71

33.81

13.03608316

12.67470645

17.3154
0.0166 1.053
4.854 2.9145
31.27

Net Income
Total assets
ROA

2010
4.946
31.98

16.68081237

15.4659162

2011
EBIT or operating profit
Total assets

roi (in percent)

DIVIDENDS

Jollibee Foods Corporation

2009
4.551
30.22

2011
3.231
29.7275

15.0595632 10.86872425

McDonalds Corporation
2010

Jollibee Foods Corporation

2011

2009

8.53

7.473

6.841

3.3877

32.99

31.98

30.22

29.7275

25.8563201

23.36772983

22.63732627

2011
Net Income
RETAINED EARNINGS

13.35

12.59248601 18.65969022

McDonalds Corporation

2011
5.503
32.99

3.231

McDonalds Corporation
2010

5.503
36.71

4.946
33.81

-31.207

-28.864

McDonalds Corporation

11.3958456

Jollibee Foods Corporation

2011

2009
4.551
31.27
-26.719

3.231
0.0012
3.2298

Jollibee Foods Corporation

2011
PRINCIPAL
RATE
time

INTEREST RATE

100.32
0.1379

Price Index

2009

74.44

2011

63.85

0.045

0.02907

122
0.1671

69.17064

16.749

9.2805975

101.931

2011
Price

2010

McDonalds Corporation
2010

100.32

74.44

184.7854117

137.1154909

2009

Jollibee Foods Corporation

2011

63.85

122
117.6091361 273.419991

HPR = ((Present Value, or face Value, End-Of-Period Value) + (Any Intermediate Gains e.g. Dividends) - (Initial Value)) /(Init
Value)

2011
Present Value
Dividend
Initial Value
HPR (in percent)

Required Return
growth rate in dividends
Stock Valuation

2009

100.32
0.7
54.29

74.44
0.61
54.29

63.85
0.55
54.29

86.07478357

38.23908639

18.62221404

2011
Dividend

McDonalds Corporation
2010

McDonalds Corporation
2010

0.7
0.61
0.154518655 0.117285428
0.147540984 0.109090909
100.32
74.44

2009

Jollibee Foods Corporation

2011
122
0.82
44.62
175.257732

Jollibee Foods Corporation

2011

0.82
0.55
0.108613939 -0.41985212
0.1 -0.426573427
122
63.85

Net Income

2011

McDonalds Corporation
2010

2009

Jollibee Foods Corporation

2011

5.503

4.946

4.551

3.231

Jollibee Foods Corporation

2010
3.197
20.1991
1.051
2.7737
16.37

15.82744

2009
2.664
20.0591
1.049
2.6357
16.37

13.2807554

Jollibee Foods Corporation

2010
3.197
38.9082

8.216777

2009
2.664
38.9082

6.84688575

Jollibee Foods Corporation

2010
2009
3.5993

3.9021

38.9082

38.9082

9.250749

10.0289913

Jollibee Foods Corporation

2010
2009
3.197
0.0012

2.664
0.0012

3.1958

Jollibee Foods Corporation

2.6628

2010

2009

88.92

54.96

0.1704

0.1503
5

75.75984

41.30244

Jollibee Foods Corporation

2010
2009
88.92
54.96
199.2828 123.1734648

Dividends) - (Initial Value)) /(Initial

Jollibee Foods Corporation

2010
2009
88.92
1.43
44.62
102.4877

54.96
0.48
44.62
24.2492156

Jollibee Foods Corporation

2010
2009
1.43

0.48

1.99525 0.34206696
1.979167 0.333333333
88.92

54.96

Jollibee Foods Corporation

2010
2009
3.197

2.664