Starwood 2004 Annual Report Download - page 29

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Item 6. Selected Financial Data.
The following Ñnancial and operating data should be read in conjunction with the information set forth
under ""Management's Discussion and Analysis of Financial Condition and Results of Operations'' and our
consolidated Ñnancial statements and related notes thereto appearing elsewhere in this Joint Annual Report
and incorporated herein by reference.
Year Ended December 31,
2004 2003 2002 2001 2000
(In millions, except per Share data)
Income Statement Data
Revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $5,368 $4,630 $4,588 $4,633 $4,945
Operating income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 653 $ 427 $ 551 $ 576 $ 968
Income from continuing operationsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 369 $ 105 $ 251 $ 147 $ 397
Diluted earnings per Share from continuing operations ÏÏÏ $ 1.72 $ 0.51 $ 1.22 $ 0.71 $ 1.94
Operating Data
Cash from continuing operationsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 577 $ 755 $ 744 $ 736 $ 796
Cash from (used for) investing activitiesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ (415) $ 515 $ (282) $ (617) $ (660)
Cash used for Ñnancing activities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ (273) $ (979) $ (487) $ (162) $ (417)
Aggregate cash distributions paid ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 172 $ 170 $ 40(a) $ 156 $ 134
Cash distributions declared per Share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 0.84 $ 0.84 $ 0.84 $ 0.80 $ 0.69
(a) This balance reÖects the payment made in January 2002 for the dividends declared for the fourth quarter of 2001. As the Trust now
declares dividends annually, the 2002 annual dividend payment, which was made in January 2003, is reÖected in the 2003 column.
At December 31,
2004 2003 2002 2001 2000
(In millions)
Balance Sheet Data
Total assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $12,298 $11,857 $12,190 $12,416 $12,627
Long-term debt, net of current maturities and
including exchangeable units and Class B
preferred shares ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 3,823 $ 4,424 $ 4,500 $ 5,301 $ 5,090
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Management's Discussion and Analysis of Financial Condition and Results of Operations (""MD&A'')
discusses our consolidated Ñnancial statements, which have been prepared in accordance with accounting
principles generally accepted in the United States. The preparation of these consolidated Ñnancial statements
requires management to make estimates and assumptions that aÅect the reported amounts of assets and
liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated Ñnancial statements
and the reported amounts of revenues and costs and expenses during the reporting periods. On an ongoing
basis, management evaluates its estimates and judgments, including those relating to revenue recognition, bad
debts, inventories, investments, plant, property and equipment, goodwill and intangible assets, income taxes,
Ñnancing operations, frequent guest program liability, self-insurance claims payable, restructuring costs,
retirement beneÑts and contingencies and litigation.
Management bases its estimates and judgments on historical experience and on various other factors that
are believed to be reasonable under the circumstances, the results of which form the basis for making
judgments about the carrying value of assets and liabilities that are not readily available from other sources.
Actual results may diÅer from these estimates under diÅerent assumptions and conditions.
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