Estee Lauder 2013 Annual Report Download - page 115

The table below summarizes selected financial information. For further information, refer to the audited consolidated
financial statements and the notes thereto beginning on page 138 of this report.
YEAR ENDED OR AT JUNE 30 2013(a) 2012(a) 2011 (a) 2010(a) 2009(a)
(In millions, except per share data)
STATEMENT OF EARNINGS DATA:
Net sales $10,181.7 $9,713.6 $8,810.0 $7,795.8 $7,323.8
Gross profit 8,155.8 7,717.8 6,873.1 5,966.4 5,442.2
Operating income 1,526.0 1,311.7 1,089.4 789.9 418.4
Interest expense, net 54.8 61.1 63.9 74.3 75.7
Interest expense on debt extinguishment(b) 19.1 — — 27.3 —
Other income(c) 23.1 10.5 — — —
Earnings before income taxes 1,475.2 1,261.1 1,025.5 688.3 342.7
Provision for income taxes 451.4 400.6 321.7 205.9 115.9
Net earnings 1,023.8 860.5 703.8 482.4 226.8
Net earnings attributable to noncontrolling interests (4.0) (3.6) (3.0) (4.1) (8.4)
Net earnings attributable to The Estée Lauder
Companies Inc. 1,019.8 856.9 700.8 478.3 218.4
CASH FLOW DATA:
Net cash flows provided by operating activities $ 1,226.3 $1,126.7 $1,027.0 $ 956.7 $ 696.0
Net cash flows used for investing activities (465.5) (428.3) (606.9) (281.4) (339.5)
Net cash flows provided by (used for) financing activities (611.5) (585.1) (313.1) (406.1) 125.8
PER SHARE DATA:
Net earnings attributable to The Estée Lauder
Companies Inc. per common share:
Basic $ 2.63 $ 2.20 $ 1.78 $ 1.21 $ 0.56
Diluted $ 2.58 $ 2.16 $ 1.74 $ 1.19 $ 0.55
Weighted-average common shares outstanding:
Basic 387.6 388.7 394.0 395.4 392.6
Diluted 394.9 397.0 402.4 401.5 395.5
Cash dividends declared per common share $ 1.08 $ .525 $ .375 $ .275 $ .275
BALANCE SHEET DATA:
Working capital $ 2,362.6 $1,729.3 $1,743.2 $1,548.8 $1,453.3
Total assets 7,145.2 6,593.0 6,273.9 5,335.6 5,176.6
Total debt(b) (d) 1,344.3 1,288.1 1,218.1 1,228.4 1,421.4
Stockholders’ equity — The Estée Lauder Companies Inc. 3,286.9 2,733.2 2,629.4 1,948.4 1,640.0
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(a) Fiscal 2013 results included $11.7 million, after tax, or $.03 per diluted share related to total charges associated with restructuring activities.
Fiscal 2012 results included $44.1 million, after tax, or $.11 per diluted share related to total charges associated with restructuring activities. Fiscal 2011
results included $41.7 million, after tax, or $.10 per diluted share related to total charges associated with restructuring activities. Fiscal 2010 results
included $55.9 million, after tax, or $.14 per diluted share related to total charges associated with restructuring activities. Fiscal 2009 results included
$61.7 million, after tax, or $.16 per diluted share related to total charges associated with restructuring activities.
(b) In September 2012, we redeemed the $230.1 million principal amount of our 7.75% Senior Notes due November 1, 2013 (“2013 Senior Notes”)
at a price of 108% of the principal amount. We recorded a pre-tax expense on the extinguishment of debt of $19.1 million ($12.2 million after tax, or
$.03 per diluted share) representing the call premium of $18.6 million and the pro-rata write-off of $0.5 million of issuance costs and debt discount.
In May 2010, we completed a cash tender offer for $130.0 million principal amount of our 6.00% Senior Notes due January 15, 2012 at a price of
108.500% of the principal amount and for $69.9 million principal amount of our 2013 Senior Notes at a tender price of 118.813% of the principal
amount. During the fourth quarter of fiscal 2010, we recorded a pre-tax expense on the extinguishment of debt of $27.3 million representing the
tender premium, the pro-rata write-off of unamortized terminated interest rate swap, issuance costs and debt discount, and tender offer costs
associated with both series of notes.
(c) In December 2012, we amended the agreement related to the August 2007 sale of Rodan + Fields (a brand then owned by us) to receive a fixed
amount in lieu of future contingent consideration and other rights. Accordingly, we recognized $22.4 million, net of discount of $0.4 million, which
has been classified as other income in our consolidated statement of earnings. Prior to this amendment, we earned and received $0.7 million of
contingent consideration. In November 2011, we settled a commercial dispute with third parties that was outside our normal operations. In connection
therewith, we received a $10.5 million cash payment, which has been classified as other income in our consolidated statement of earnings.
(d) In August 2012, we issued $250.0 million of 2.35% Senior Notes due August 15, 2022 and $250.0 million of 3.70% Senior Notes due August 15,
2042 in a public offering. We used the net proceeds of the offering to redeem the 2013 Senior Notes and for general corporate purposes.
SELECTED FINANCIAL DATA
THE EST{E LAUDER COMPANIES INC. 113