Starwood 2009 Annual Report Download - page 98

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Item 6. Selected Financial Data.
The following financial 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
financial statements and related notes thereto appearing elsewhere in this Annual Report and incorporated herein by
reference. As a result of asset sales in the fourth quarter, gains on dispositions and operations associated with the
sale of hotels have been reclassified to discontinued operations for all periods presented.
2009 2008 2007 2006 2005
Year Ended December 31,
(In millions, except per share data)
Income Statement Data
Revenues .................................... $4,756 $5,754 $5,999 $ 5,840 $5,860
Operating income ............................. $ 26 $ 610 $ 841 $ 824 $ 812
Income (loss) from continuing operations
(b)
.......... $ (1) $ 249 $ 532 $1,105 $ 416
Diluted earnings per share from continuing operations . . $ 0.00 $ 1.34 $ 2.52 $ 4.96 $ 1.85
Operating Data
Cash from operating activities . . .................. $ 571 $ 646 $ 884 $ 500 $ 764
Cash from (used for) investing activities ............. $ 116 $ (172) $ (215) $ 1,402 $ 85
Cash used for financing activities .................. $ (993) $ (243) $ (712) $(2,635) $ (253)
Aggregate cash distributions paid .................. $ 165 $ 172 $ 90 $ 276 $ 176
Cash distributions and dividends declared per Share .... $ 0.20 $ 0.90 $ 0.90 $ 0.84
(a)
$ 0.84
(a) In connection with the Host Transaction, in February and March 2006, the Trust declared distributions totaling
$0.42 per Corporation Share. In December 2006, the Corporation declared a dividend of $0.42 per Corporation
Share.
(b) Amounts represent income from continuing operations attributable to Starwood Shares (i.e. excluding non-
controlling interests).
2009 2008 2007 2006 2005
At December 31,
(In millions)
Balance Sheet Data
Total assets ............................ $8,761 $9,703 $9,622 $9,280 $12,494
Long-term debt, net of current maturities and
including exchangeable units and Class B
preferred shares ....................... $2,955 $3,502 $3,590 $1,827 $ 2,926
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 financial statements, which have been prepared in accordance with accounting
principles generally accepted in the United States. The preparation of these consolidated financial statements
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,
the disclosure of contingent assets and liabilities at the date of the consolidated financial 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, financing operations,
frequent guest program liability, self-insurance claims payable, restructuring costs, retirement benefits 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 differ
from these estimates under different assumptions and conditions.
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