Estee Lauder 2012 Annual Report Download - page 101

THE EST{E LAUDER COMPANIES INC. 99
The table below summarizes selected financial information. For further information, refer to the audited consolidated
financial statements and the notes thereto beginning on page 123 of this report.
YEAR ENDED OR AT JUNE 30 2012(a) 2011(a) 2010(a) 2009(a) 2008
(In millions, except per share data)
STATEMENT OF EARNINGS DATA:
Net sales $9,713.6 $8,810.0 $7,795.8 $7,323.8 $7,910.8
Gross profit 7,717.8 6,873.1 5,966.4 5,442.2 5,914.0
Operating income 1,311.7 1,089.4 789.9 418.4 810.7
Interest expense, net(b) 61.1 63.9 74.3 75.7 66.8
Interest expense on debt extinguishment(c) — — 27.3 — —
Other income(d) 10.5 — — — —
Earnings before income taxes 1,261.1 1,025.5 688.3 342.7 743.9
Provision for income taxes 400.6 321.7 205.9 115.9 259.9
Net earnings 860.5 703.8 482.4 226.8 484.0
Net earnings attributable to noncontrolling interests (3.6) (3.0) (4.1) (8.4) (10.2)
Net earnings attributable to The Estée Lauder
Companies Inc. 856.9 700.8 478.3 218.4 473.8
CASH FLOW DATA:
Net cash flows provided by operating activities $1,126.7 $1,027.0 $ 956.7 $ 696.0 $ 690.1
Net cash flows used for investing activities (428.3) (606.9) (281.4) (339.5) (478.5)
Net cash flows provided by (used for) financing activities (585.1) (313.1) (406.1) 125.8 (78.1)
PER SHARE DATA:
Net earnings attributable to The Estée Lauder
Companies Inc. per common share:
Basic $ 2.20 $ 1.78 $ 1.21 $ 0.56 $ 1.22
Diluted $ 2.16 $ 1.74 $ 1.19 $ 0.55 $ 1.20
Weighted-average common shares outstanding:
Basic 388.7 394.0 395.4 392.6 387.8
Diluted 397.0 402.4 401.5 395.5 394.2
Cash dividends declared per common share $ .525 $ .375 $ .275 $ .275 $ .275
BALANCE SHEET DATA:
Working capital $1,729.3 $1,743.2 $1,548.8 $1,453.3 $1,088.0
Total assets 6,593.0 6,273.9 5,335.6 5,176.6 5,011.2
Total debt(b) (c) 1,288.1 1,218.1 1,228.4 1,421.4 1,196.9
Stockholders’ equity — The Estée Lauder Companies Inc. 2,733.2 2,629.4 1,948.4 1,640.0 1,653.2
(a) Fiscal 2012 results included $44.1 million, after tax, or $.11 per diluted share related to 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 November 2008, we issued and sold $300.0 million of 7.75% Senior Notes due November 1, 2013 in a public offering. We used the net proceeds
of this offering to repay then-outstanding commercial paper balances upon their maturity.
(c) On May 24, 2010, we completed a cash tender offer for $130.0 million principal amount of our 2012 Senior Notes 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.
(d) 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.
SELECTED FINANCIAL DATA