Income Statement 2012 120,400 92,450 27,984 Fiscal YearUSD millions 2015 Revenue 103,400 Cost of Revenue 78,600 Gross Profit 24,850 2014 111,500 84,900 26,650 2013 112,300 86,400 25,950 Operating Expenses Research and Development 3,512 General Sales 12,455 Merger and Restructuring1,117 Other Operating Expenses2,420 Total Operating Expenses 19,564 3,556 13,476 1,704 1,005 19,004 3,128 13,276 985 1,376 18,854 3,410 13,487 2,255 19,749 38,467 5,470 7,190 7,125 -11,060 -740 4,735 4,559 -630 6,661 5,020 -620 6,517 5,124 -883 11,937 12,657 3 2 2 3 3 3 6 6 1,820 1,839 9,539 1,887 1,925 11,529 1,956 1,976 11,800 1,984 1,989 5,989 Balance Sheet 2,015 2,014 2,013 2,012 2,011 Operating Income Interest Expense Other Expense Income before Tax Net Income Earnings Per Share Basic Diluted Weighted Average Basic Diluted EBITDA Assets Current Assets Cash & Equivalents Short term Investments Total Cash Receivables Inventories Deffered income Prepaid Expenses Other Current Assets Total Current Assets Non-current Assets Property, Plant Gross Property,Plant 17,356 15,176 12,178 11,365 8,056 17,356 13,405 6,495 2,276 4,129 8,156 51,785 15,176 13,879 6,417 2,769 4,519 7,499 50,159 12,178 15,905 6,085 8,065 18,229 7,499 16,299 50,379 11,365 16,410 6,376 3,789 3,735 9,100 50,639 26,485 26,262 26,143 25,893 25,472 17,276 51,029 Accumulated Depreciation -15,395 Net Property 11,070 Intangible Assets 2,018 Deffered income 881 other long term assets 8,279 Total non-current assets 11,897 -14,922 11,340 2,238 750 7,814 1,075 -14,680 11,463 3,270 1,356 8,220 12,846 -13,939 11,854 4,525 1,591 9,022 14,639 -13,180 12,292 10,998 1,293 9,582 20,483 2995 15,976 3301 13850 35,654 3497 15913 3386 14918 36,765 5889 14020 3809 15150 39521 6747 13450 4220 15075 39,569 8093 14850 3560 16798 43,569 non-current liabilities total debts 21780 deffered taxes 285 deffered revenues 4473 pensions 5635 minority interest 393 total non-current liabilities 32653 16040 1125 3941 6385 386 27834 16610 2778 3905 5185 389 27493 21780 2950 3375 7785 399 33797 22550 5264 3456 5419 369 35634 Liabilities current liabilities short term debts Accounts payable Taxes payable accrued liabilities total NIKE, Inc. Fiscal year is June-May. All values in USD millions. 2,009 Sales/Revenue Cost of Goods Sold Depreciation, Depletion, Amortization Gross Profit Total operating expenses Income before income taxes Income taxes Net Income BALANCE SHEET 2,010 19,176 10,223 347 8,606 6,648 1,958 470 1,488 2,009 2,011 19,014 9,950 337 8,727 6,284 2,443 610 1,833 2,010 2,012 20,862 11,122 351 9,389 6,297 3,092 711 2,381 2,011 24,128 13,227 395 10,506 7,488 3,018 760 2,258 2,012 ASSETS Cash and equivalents Short-Term Investments Accounts Receivables Inventories Deferred income taxes Prepaid expenses and other current assets Total Current Assets Property, plant and equipment,net Identifiable intangible assets, net Goodwill Deferred income taxes Total assets 2,291 1,164 2,884 2,357 272 766 9,734 1,958 467 194 897 13,250 3,079 2,067 2,650 2,041 249 874 10,959 1,932 467 188 874 14,419 1,955 2,583 3,138 2,715 312 594 11,297 2,115 487 205 894 14,998 2,317 1,440 3,280 3,350 274 870 11,531 2,279 535 201 919 15,465 Current Portion of Long Term Debt Notes payable Accounts payable Accrued liabilities Income Tax Payable Total current liabilities Long-term debt Deferred income taxes and other liabilities Total longterm Liabilities Total Liabilities 32 343 1,032 1,784 86 3,277 437 842 1,279 4,556 7 139 1,255 1,904 59 3,364 446 855 1,301 4,665 200 187 1,469 1,985 117 3,958 276 921 1,197 5,155 49 108 1,588 2,053 67 3,865 228 1,219 1,447 5,312 3 3 3 3 Flexible Financing (AFN) Unreconciled difference Common Stock Additional paid-in capital Accumulated other comprehensive income Retained Earnings Total Shareholder Equity 2,871 368 5,451 8,693 3,441 215 6,096 9,754 3,944 95 5,801 9,843 4,641 149 5,588 10,381 13,249 14,419 14,998 15,465 8,693 (153) 1,833 (620) 9,754 9,754 (120) 2,381 (2,172) 9,843 9,843 54 2,258 (1,774) 10,381 13,250 (1,164) (1,032) (1,784) (86) (842) 8,342 1,164 9,506 14,419 (2,067) (1,255) (1,904) (59) (855) 8,279 2,067 10,346 14,998 (2,583) (1,469) (1,985) (117) (921) 7,923 2,583 10,506 15,465 (1,440) (1,588) (2,053) (67) (1,219) 9,098 1,440 10,538 Note Payable Current portion of Long Term Debt Long Term Debt Flexible Financing Account Unreconciled Total Equity Total Stakeholders 343 32 437 0 1 8,693 9,506 139 7 446 0 1 9,754 10,347 187 200 276 0 0 9,843 10,506 108 49 228 0 (228) 10,381 10,538 Net income Other accum comp income Add back interest expense, net of tax NOPAT Less (increase) in NOA FCF 1,488 Total liability and Shareholders Equity Beginning equity Increase in Accum Other Net income Less Dividend Ending equity Total assets Short term investments Accounts payable Accrued liabilities Income tax payable Long-term portion of deferred tax liability Net operating assets Financial assets Book value of the Firm (Incr) in Flexible Financing Account FFA Dividend paid Increase in Financial assets Payoff on NP 1,833 (153) xxx 1,681 63 1,743 2,381 (120) xxx 2,261 356 2,617 2,258 54 xxx 2,312 (1,175) 1,137 620 903 204 2,172 516 (48) 1,774 (1,143) 79 Payoff on LTD Unreconciled FCF Disposal (9) 25 1,743 170 (193) 2,617 48 379 1,137 Inc. 2,013 2,014 25,313 13,780 513 11,020 7,762 3,258 808 2,450 2,013 2,015 25,819 14,268 245 11,306 8,242 3,065 735 2,330 2,014 2,016 26,645 14,522 264 11,860 8,505 3,355 805 2,550 2,015 2,017 27,205 14,691 285 12,230 8,684 3,546 735 2,811 2,016 2,018 27,994 14,977 313 12,704 8,936 3,769 735 3,033 2,017 28,834 15,138 337 13,359 9,204 4,156 735 3,420 2,018 3,337 2,628 3,117 3,434 308 802 13,626 2,452 382 131 993 17,584 3,739 2,628 3,553 3,870 308 802 14,900 2,636 390 131 993 19,051 4,190 2,628 4,049 4,362 308 802 16,339 2,847 399 131 993 20,709 4,696 2,628 4,616 4,916 308 802 17,965 3,129 408 131 993 22,626 5,262 2,628 5,261 5,540 308 802 19,801 3,367 417 131 993 24,709 5,897 2,628 5,996 6,243 308 802 21,874 3,643 426 131 993 27,067 57 121 1,646 1,986 116 3,926 1,210 1,292 2,502 6,428 57 121 1,646 1,986 98 3,908 1,210 1,292 2,502 6,410 57 121 1,646 1,986 98 3,908 1,210 1,292 2,502 6,410 57 121 1,646 1,986 98 3,908 1,210 1,292 2,502 6,410 57 121 1,646 1,986 98 3,908 1,210 1,292 2,502 6,410 57 121 1,646 1,986 98 3,908 1,210 1,292 2,502 6,410 (1,754) (2,648) (3,599) (4,660) (863) (18) 3 3 3 3 3 3 5,184 292 5,695 11,174 5,184 292 8,025 13,504 5,184 292 10,575 16,054 5,184 292 13,385 18,864 5,184 292 16,418 21,897 5,184 292 19,839 25,318 17,602 19,051 20,709 22,626 24,709 27,067 10,381 143 2,450 (1,800) 11,174 11,174 0 2,330 0 13,504 13,504 0 2,550 0 16,054 16,054 0 2,811 0 18,864 18,864 0 3,033 0 21,897 21,897 0 3,420 0 25,318 17,584 (2,628) (1,646) (1,986) (116) (1,292) 9,916 2,628 12,544 19,051 (2,628) (1,646) (1,986) (98) (1,292) 11,401 2,628 14,029 20,709 (2,628) (1,646) (1,986) (98) (1,292) 13,059 2,628 15,687 22,626 (2,628) (1,646) (1,986) (98) (1,292) 14,976 2,628 17,604 24,709 (2,628) (1,646) (1,986) (98) (1,292) 17,059 2,628 19,687 27,067 (2,628) (1,646) (1,986) (98) (1,292) 19,417 2,628 22,045 1,210 0 (18) 11,174 12,487 121 57 1,210 (863) 0 13,504 14,029 121 57 1,210 (1,754) 0 16,054 15,687 121 57 1,210 (2,648) 0 18,864 17,604 121 57 1,210 (3,599) 0 21,897 19,687 121 57 1,210 (4,660) 0 25,318 22,045 2,450 143 xxx 2,593 (818) 1,775 2,330 0 xxx 2,330 (1,485) 845 2,550 0 xxx 2,550 (1,659) 891 2,811 0 xxx 2,811 (1,917) 894 3,033 0 xxx 3,033 (2,083) 951 3,420 0 xxx 3,420 (2,359) 1,061 121 1,800 1,188 (13) 863 0 0 0 891 0 0 0 894 0 0 0 951 0 0 0 1,061 0 0 0 (982) (218) 1,775 0 (18) 845 0 0 891 0 0 894 0 0 951 0 0 1,061 11,531 15,465 Statement of Equity Net Operating assets Book value of the firm Broken down by stakeholders Computation of FCF Disposition of FCF 
Purchase answer to see full attachment