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SanDisk LLC (SNDK US) - Adjusted

In Millions of USD except Per Share FY 2008 FY 2009


12 Months Ending 12/28/2008 1/03/2010
Revenue SALES_REV_TURN 3,351.4 3,566.8
Sales & Services Revenue IS_SALES_AND_SERVICES_REVENUES — 3,154.3
Other Revenue IS_OTHER_REVENUE — 412.5
Cost of Revenue IS_COGS_TO_FE_AND_PP_AND_G 3,288.3 2,282.2
Cost of Goods & Services IS_COG_AND_SERVICES_SOLD — 2,282.2
Gross Profit GROSS_PROFIT 63.1 1,284.6
Other Operating Income IS_OTHER_OPER_INC 0.0 0.0
Operating Expenses IS_OPERATING_EXPN 979.9 765.2
Selling, General & Admin IS_SG&A_EXPENSE 532.8 379.9
Selling & Marketing IS_SELLING_EXPENSES 328.1 208.5
General & Administrative IS_GENERAL_AND_ADMINISTRATIVE — 171.4
Research & Development IS_OPEX_R&D — 384.2
Other Operating Expense IS_OTHER_OPERATING_EXPENSES 1,056.7 1.2
Operating Income (Loss) IS_OPER_INC -916.8 519.4
Non-Operating (Income) Loss IS_NONOP_INCOME_LOSS — -3.2
Interest Expense, Net IS_NET_INTEREST_EXPENSE -28.6 6.1
Interest Expense IS_INT_EXPENSE 65.8 69.4
Interest Income IS_INT_INC 94.4 63.3
Foreign Exch (Gain) Loss IS_FOREIGN_EXCH_LOSS 0.0 0.0
(Income) Loss from Affiliates INCOME_LOSS_FROM_AFFILIATES 39.6 1.6
Other Non-Op (Income) Loss IS_OTHER_NON_OPERATING_INC_LOSS — -11.0
Pretax Income (Loss), Adjusted PRETAX_INC -1,952.4 522.6
Abnormal Losses (Gains) IS_ABNORMAL_ITEM 1,128.3 18.8
Merger/Acquisition Expense IS_MERGER_ACQUISITION_EXPENSE — —
Disposal of Assets IS_GAIN_LOSS_DISPOSAL_ASSETS — —
Early Extinguishment of Debt IS_G_L_ON_EXT_DBT_OR_SETTLE_DBT — —
Asset Write-Down IS_IMPAIRMENT_ASSETS 175.8 —
Impairment of Goodwill IS_IMPAIRMENT_GOODWILL_INTANGIBL 845.5 —
Impairment of Intangibles IS_IMPAIR_OF_INTANG_ASSETS — —
Legal Settlement IS_LEGAL_LITIGATION_SETTLEMENT — —
Restructuring IS_RESTRUCTURING_EXPENSES — 10.9
Sale of Investments IS_GAIN_LOSS_ON_INVESTMENTS — —
Unrealized Investments IS_UNREALIZED_INVESTMENTS — 7.9
Other Abnormal Items IS_OTHER_ONE_TIME_ITEMS — —
Pretax Income (Loss), GAAP PRETAX_INC -1,952.4 503.8
Income Tax Expense (Benefit) IS_INC_TAX_EXP 34.3 88.5
Current Income Tax IS_CURRENT_INCOME_TAX_BENEFIT — 101.4
Deferred Income Tax IS_DEFERRED_INCOME_TAX_BENEFIT — -12.9
Income (Loss) from Cont Ops IS_INC_BEF_XO_ITEM -1,986.6 415.3
Net Extraordinary Losses (Gains) XO_GL_NET_OF_TAX — 0.0
Discontinued Operations IS_DISCONTINUED_OPERATIONS — 0.0
XO & Accounting Changes IS_EXTRAORD_ITEMS_&_ACCTG_CHNG — 0.0
Income (Loss) Incl. MI NI_INCLUDING_MINORITY_INT_RATIO -1,986.6 415.3
Minority Interest MIN_NONCONTROL_INTEREST_CREDITS — —
Net Income, GAAP NET_INCOME -1,986.6 415.3
Preferred Dividends IS_TOT_CASH_PFD_DVD 0.0 0.0
Other Adjustments OTHER_ADJUSTMENTS 0.0 0.0
Net Income Avail to Common, GAAP EARN_FOR_COMMON -1,986.6 415.3

Net Income Avail to Common, Adj EARN_FOR_COMMON -1,986.6 333.0


Net Abnormal Losses (Gains) IS_NET_ABNORMAL_ITEMS — -82.3
Net Extraordinary Losses (Gains) XO_GL_NET_OF_TAX — 0.0

Basic Weighted Avg Shares IS_AVG_NUM_SH_FOR_EPS 225.3 227.4


Basic EPS, GAAP IS_EPS -8.82 1.83
Basic EPS from Cont Ops IS_EARN_BEF_XO_ITEMS_PER_SH -8.82 1.83
Basic EPS from Cont Ops, Adjusted IS_BASIC_EPS_CONT_OPS -5.56 1.46

Diluted Weighted Avg Shares IS_SH_FOR_DILUTED_EPS 225.3 232.0


Diluted EPS, GAAP IS_DILUTED_EPS -8.82 1.79
Diluted EPS from Cont Ops IS_DIL_EPS_BEF_XO -8.82 1.79
Diluted EPS from Cont Ops, Adjusted IS_DIL_EPS_CONT_OPS -5.56 1.44

Source: Bloomberg
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 2016 Est 2017 Est
01/02/2011 1/01/2012 2/30/2012 2/29/2013 2/28/2014 1/03/2016 2/31/2016 2/31/2017
4,826.8 5,662.1 5,052.5 6,170.0 6,627.7 5,564.9 5,580.0 5,893.9
4,462.9 5,662.1 5,052.5 6,170.0 6,627.7 5,564.9
363.9 — — — — —
2,564.7 3,198.4 3,369.3 3,302.5 3,552.0 3,307.8
2,564.7 3,198.4 3,369.3 3,302.5 3,552.0 3,307.8
2,262.1 2,463.7 1,683.2 2,867.5 3,075.7 2,257.1 2,301.8 2,425.3
0.0 0.0 0.0 0.0 0.0 0.0
782.8 907.5 991.3 1,218.9 1,476.9 1,498.1
376.3 355.7 379.5 465.5 598.2 561.5
209.8 199.4 224.1 276.3 383.3 387.4
166.5 156.3 155.4 189.2 214.9 174.1
422.6 547.4 602.8 742.3 852.3 883.2
-16.1 4.5 9.0 11.2 26.4 53.3
1,479.3 1,556.2 692.0 1,648.5 1,598.8 758.9 961.4 988.2
17.3 60.7 69.2 46.1 68.9 87.0
36.6 62.9 60.7 43.0 61.4 83.8
90.0 123.3 119.7 91.8 113.2 120.3
53.4 60.4 59.0 48.8 51.8 36.4
0.0 0.0 0.0 0.0 0.0 0.0
-31.6 -21.5 7.8 -3.2 -4.8 -1.2
12.3 19.3 0.7 6.3 12.3 4.4
1,462.0 1,495.5 622.8 1,602.5 1,529.9 671.9 881.9 1,016.6
4.6 18.8 -4.1 86.3 40.8 142.3
— 1.5 — 3.1 7.8 28.1
-13.2 — — — — —
— 11.5 — — — —
— — — — — —
— — — — — —
— — 0.9 83.2 — 61.0
— — -5.0 — — —
— — — — 12.1 16.8
— -18.8 — — — —
— — — — — —
17.8 24.6 — — 20.9 36.5
1,457.4 1,476.8 626.9 1,516.1 1,489.0 529.6 881.9 1,016.6
157.3 489.8 209.5 473.5 481.6 141.1
329.6 564.6 175.1 473.0 489.5 146.0
-172.3 -74.8 34.4 0.5 -7.9 -4.9
1,300.1 987.0 417.4 1,042.7 1,007.4 388.5 386.8 463.8
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
1,300.1 987.0 417.4 1,042.7 1,007.4 388.5
— — — — — 0.0
1,300.1 987.0 417.4 1,042.7 1,007.4 388.5 386.8 463.8
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
1,300.1 987.0 417.4 1,042.7 1,007.4 388.5 386.8 463.8

998.8 1,008.1 436.2 1,120.7 1,070.2 504.9 636.3 656.6


-301.3 21.1 18.8 78.1 62.7 116.4
0.0 0.0 0.0 0.0 0.0 0.0

232.5 239.5 242.1 234.9 222.7 205.4


5.59 4.12 1.72 4.44 4.52 1.89 1.87 2.25
5.59 4.12 1.72 4.44 4.52 1.89 1.87 2.25
4.30 4.21 1.80 4.77 4.81 2.46 3.11 3.41

238.9 244.6 245.3 240.2 238.2 212.9


5.44 4.04 1.70 4.34 4.23 1.82 1.87 2.25
5.44 4.04 1.70 4.34 4.23 1.82 1.87 2.25
4.18 4.13 1.78 4.66 4.49 2.37 3.11 3.41
SanDisk LLC (SNDK US) - Standardized
In Millions of USD except Per Share
12 Months Ending 12/31/2006
Total Assets
Cash, Cash Equivalents & STI C&CE_AND_STI_DETAILED
Cash & Cash Equivalents BS_CASH_NEAR_CASH_ITEM
ST Investments BS_MKT_SEC_OTHER_ST_INVEST
Accounts & Notes Receiv BS_ACCT_NOTE_RCV
Accounts Receivable, Net BS_ACCTS_REC_EXCL_NOTES_REC
Notes Receivable, Net NOTES_RECEIVABLE
Inventories BS_INVENTORIES
Raw Materials INVTRY_RAW_MATERIALS
Work In Process INVTRY_IN_PROGRESS
Finished Goods INVTRY_FINISHED_GOODS
Other Inventory BS_OTHER_INV
Other ST Assets OTHER_CURRENT_ASSETS_DETAILED
Prepaid Expenses BS_PREPAY
Derivative & Hedging Assets BS_DERIV_&_HEDGING_ASSETS_ST
Deferred Tax Assets BS_DEFERRED_TAX_ASSETS_ST
Taxes Receivable BS_TAXES_RECEIVABLE_SHORT_TERM
Misc ST Assets BS_OTHER_CUR_ASSET_LESS_PREPAY
Total Current Assets BS_CUR_ASSET_REPORT
Property, Plant & Equip, Net BS_NET_FIX_ASSET
Property, Plant & Equip BS_GROSS_FIX_ASSET
Accumulated Depreciation BS_ACCUM_DEPR
LT Investments & Receivables BS_LT_INVEST
LT Marketable Securities BS_LT_MARKETABLE_SECURITIES
LT Receivables BS_LT_RECEIVABLES
Other LT Assets BS_OTHER_ASSETS_DEF_CHRG_OTHER
Total Intangible Assets BS_DISCLOSED_INTANGIBLES
Goodwill BS_GOODWILL
Other Intangible Assets OTHER_INTANGIBLE_ASSETS_DETAILED
Prepaid Expense BS_PREPAID_EXPENSE_LT
Deferred Tax Assets BS_DEFERRED_TAX_ASSETS_LT
Derivative & Hedging Assets BS_DERIV_&_HEDGING_ASSETS_LT
Investments in Affiliates BS_INVEST_IN_ASSOC_CO
Misc LT Assets OTHER_NONCURRENT_ASSETS_DETAILED
Total Noncurrent Assets BS_TOT_NON_CUR_ASSET
Total Assets BS_TOT_ASSET

Liabilities & Shareholders' Equity


Payables & Accruals ACCT_PAYABLE_&_ACCRUALS_DETAILED
Accounts Payable BS_ACCT_PAYABLE
Accrued Taxes BS_TAXES_PAYABLE
Interest & Dividends Payable BS_INTEREST_&_DIVIDENDS_PAYABLE
Other Payables & Accruals BS_ACCRUAL
ST Debt BS_ST_BORROW
ST Borrowings SHORT_TERM_DEBT_DETAILED
ST Capital Leases ST_CAPITAL_LEASE_OBLIGATIONS
Current Portion of LT Debt BS_CURR_PORTION_LT_DEBT
Other ST Liabilities OTHER_CURRENT_LIABS_SUB_DETAILED
Deferred Revenue ST_DEFERRED_REVENUE
Derivatives & Hedging BS_DERIVATIVE_&_HEDGING_LIABS_ST
Misc ST Liabilities OTHER_CURRENT_LIABS_DETAILED
Total Current Liabilities BS_CUR_LIAB
LT Debt BS_LT_BORROW
LT Borrowings LONG_TERM_BORROWINGS_DETAILED
LT Capital Leases LT_CAPITAL_LEASE_OBLIGATIONS
Other LT Liabilities OTHER_NONCUR_LIABS_SUB_DETAILED
Accrued Liabilities BS_ACCRUED_LIABILITIES
Pension Liabilities PENSION_LIABILITIES
Pensions BS_PENSIONS_LT_LIABS
Other Post-Ret Benefits BS_OPRB_LT_LIABS
Deferred Revenue LT_DEFERRED_REVENUE
Deferred Tax Liabilities BS_DEFERRED_TAX_LIABILITIES_LT
Derivatives & Hedging BS_DERIVATIVE_&_HEDGING_LIABS_LT
Misc LT Liabilities OTHER_NONCURRENT_LIABS_DETAILED
Total Noncurrent Liabilities NON_CUR_LIAB
Total Liabilities BS_TOT_LIAB2
Preferred Equity and Hybrid Capital BS_PFD_EQTY_&_HYBRID_CPTL
Share Capital & APIC BS_SH_CAP_AND_APIC
Common Stock BS_COMMON_STOCK
Additional Paid in Capital BS_ADD_PAID_IN_CAP
Treasury Stock BS_AMT_OF_TSY_STOCK
Retained Earnings BS_PURE_RETAINED_EARNINGS
Other Equity OTHER_INS_RES_TO_SHRHLDR_EQY
Equity Before Minority Interest EQTY_BEF_MINORITY_INT_DETAILED
Minority/Non Controlling Interest MINORITY_NONCONTROLLING_INTEREST
Total Equity TOTAL_EQUITY
Total Liabilities & Equity TOT_LIAB_AND_EQY

Source: Bloomberg
FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
12/31/2006 2/30/2007 2/28/2008 1/03/201001/02/2011 1/01/2012 2/30/2012 2/29/2013 2/28/2014 1/03/2016

2,809.5 1,835.4 1,439.4 1,919.4 2,847.7 2,849.0 2,875.5 2,905.9 2,264.5 4,006.2
1,580.7 833.7 962.1 1,100.4 829.1 1,167.5 995.5 986.2 809.0 1,478.9
1,228.8 1,001.6 477.3 819.0 2,018.6 1,681.5 1,880.0 1,919.6 1,455.5 2,527.2
611.7 463.0 122.1 234.4 367.8 521.8 626.0 682.8 842.5 618.2
611.7 463.0 122.1 234.4 367.8 521.8 626.0 682.8 842.5 618.2
— — — 0.0 0.0 0.0 0.0 0.0 0.0 0.0
496.0 555.1 598.3 596.5 509.6 678.4 750.1 757.0 698.0 809.4
157.2 197.1 309.4 330.0 314.0 398.3 404.6 440.6 369.9 383.7
64.0 94.3 90.5 63.8 48.9 89.3 102.2 102.5 138.6 109.7
274.8 263.7 198.3 202.8 146.7 190.7 243.2 213.9 189.6 316.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
324.7 446.2 554.0 164.5 307.6 306.8 354.8 305.1 390.2 226.0
— — — 14.3 11.0 37.9 13.2 12.6 18.6 26.8
— — — 3.7 18.6 21.1 19.1 0.8 4.8 3.4
— — — 66.9 104.6 100.4 93.9 138.2 180.1 0.0
— — — 25.8 128.3 67.2 186.2 70.8 103.0 142.7
— — — 53.9 45.1 80.3 42.4 82.7 83.7 53.1
4,241.9 3,299.7 2,713.7 2,914.8 4,032.7 4,356.0 4,606.4 4,650.7 4,195.2 5,659.8
318.0 422.9 397.0 301.0 266.7 344.9 665.5 655.8 724.4 817.1
584.5 797.8 865.8 887.7 931.1 1,116.5 1,553.5 1,639.5 1,936.6 2,263.5
266.5 374.9 468.8 586.7 664.3 771.6 887.9 983.7 1,212.3 1,446.4
919.5 2,169.3 2,699.6 2,604.6 4,228.5 4,709.6 4,296.0 4,314.1 3,721.3 1,127.1
— — 1,097.3 1,097.1 2,495.0 2,766.3 2,835.9 3,179.5 2,758.5 117.1
— — — 1,507.6 1,733.5 1,943.3 1,460.1 1,134.6 962.8 1,010.0
1,488.5 1,343.0 121.9 181.3 248.8 764.2 771.2 868.1 1,633.0 1,626.7
1,299.3 1,162.9 63.2 58.1 37.4 442.6 448.7 566.0 1,373.7 1,128.1
910.3 840.9 0.0 0.0 0.0 154.9 201.7 318.1 831.3 831.3
389.1 322.0 63.2 58.1 37.4 287.7 246.9 247.9 542.4 296.7
— — — — 0.0 75.9 47.3 37.7 33.4 —
— — — 21.2 149.5 199.0 168.7 134.7 161.8 325.0
— — — 0.7 0.9 0.0 1.0 0.0 0.0 0.0
— — — — — — — — — —
189.1 180.1 58.7 101.3 61.1 46.7 105.6 129.7 64.1 173.6
2,725.9 3,935.2 3,218.5 3,086.9 4,744.0 5,818.7 5,732.8 5,838.0 6,078.6 3,571.0
6,967.8 7,234.8 5,932.1 6,001.7 8,776.7 10,174.6 10,339.1 10,488.7 10,273.8 9,230.8

261.9 285.7 241.0 360.7 434.1 617.2 498.4 746.6 902.3 728.5
261.9 285.7 241.0 134.4 173.3 258.6 254.5 282.6 404.2 323.3
— — — 7.1 210.3 280.1 208.6 205.3 74.1 53.0
— — — 0.0 0.0 0.0 0.0 0.0 0.0 0.0
— — — 219.1 50.5 78.5 35.3 258.7 424.0 352.2
0.0 0.0 0.0 75.0 0.0 0.0 906.7 0.0 864.7 913.2
0.0 0.0 — 75.0 0.0 0.0 906.7 0.0 864.7 0.0
0.0 0.0 — 0.0 0.0 0.0 0.0 0.0 0.0 0.0
— — — — — — — — — 913.2
634.6 628.2 1,022.0 435.4 526.0 476.2 476.5 484.0 418.9 361.8
— — — 245.5 260.4 221.0 248.2 291.3 274.7 235.6
— — — 7.8 33.6 40.0 13.6 45.7 8.2 1.7
634.6 628.2 1,022.0 182.1 232.0 215.1 214.8 147.0 136.1 124.5
896.4 913.9 1,263.0 871.1 960.1 1,093.4 1,881.7 1,230.6 2,186.0 2,003.5
1,225.0 1,225.0 954.1 934.7 1,711.0 1,604.9 789.9 1,985.4 1,188.5 1,237.8
1,225.0 1,225.0 — 934.7 1,711.0 1,604.9 789.9 1,985.4 1,188.5 1,237.8
0.0 0.0 — 0.0 0.0 0.0 0.0 0.0 0.0 0.0
72.2 135.3 274.3 287.5 326.2 415.5 407.9 307.1 245.6 170.1
— — — 9.2 7.6 0.0 0.0 0.0 0.0 0.0
— — — 0.0 0.0 0.0 0.0 0.0 0.0 0.0
— — — 0.0 0.0 0.0 0.0 0.0 0.0 0.0
— — — 0.0 0.0 0.0 0.0 0.0 0.0 0.0
— — — 0.0 0.0 0.0 0.0 0.0 31.1 0.0
— — — 35.5 37.2 44.3 37.3 52.1 22.4 0.0
— — — 15.5 43.2 5.8 0.0 0.1 0.0 0.0
72.2 135.3 274.3 227.3 238.2 365.5 370.7 254.9 192.1 170.1
1,297.2 1,360.3 1,228.4 1,222.2 2,037.2 2,020.4 1,197.9 2,292.4 1,434.0 1,407.9
2,193.7 2,274.1 2,491.4 2,093.3 2,997.3 3,113.8 3,079.5 3,523.0 3,620.0 3,411.3
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
3,657.1 3,797.1 8,308.8 4,269.1 4,709.7 4,934.8 5,027.5 5,040.2 5,237.0 5,203.9
— — — 0.2 0.2 0.2 0.2 0.2 0.2 0.2
— — — 4,268.8 4,709.5 4,934.6 5,027.3 5,040.0 5,236.8 5,203.7
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
1,105.5 1,130.1 -902.8 -487.5 812.7 1,796.8 2,071.3 2,004.1 1,499.1 733.9
5.49 32.48 -3,965.42 128.71 260.23 332.70 165.12 -76.46 -80.93 -118.45
4,768.1 4,959.6 3,440.6 3,910.3 5,782.6 7,064.4 7,263.9 6,967.9 6,655.2 5,819.4
6.0 1.1 0.2 -1.9 -3.2 -3.5 -4.3 -2.2 -1.4 0.0
4,774.1 4,960.7 3,440.7 3,908.4 5,779.4 7,060.8 7,259.6 6,965.7 6,653.8 5,819.4
6,967.8 7,234.8 5,932.1 6,001.7 8,776.7 10,174.6 10,339.1 10,488.7 10,273.8 9,230.8
SanDisk LLC (SNDK US) - Standardized
In Millions of USD except Per Share FY 2006
12 Months Ending 12/31/2006
Cash from Operating Activities
Net Income CF_NET_INC 198.9
Depreciation & Amortization CF_DEPR_AMORT 135.6
Non-Cash Items NON_CASH_ITEMS_DETAILED 441.9
Stock-Based Compensation CF_STOCK_BASED_COMPENSATION —
Deferred Income Taxes CF_DEF_INC_TAX -25.6
Other Non-Cash Adj OTHER_NON_CASH_ADJ_LESS_DETAILED 467.6
Chg in Non-Cash Work Cap CF_CHNG_NON_CASH_WORK_CAP -178.3
(Inc) Dec in Accts Receiv CF_ACCT_RCV_UNBILLED_REV -115.1
(Inc) Dec in Inventories CF_CHANGE_IN_INVENTORIES -23.7
Inc (Dec) in Accts Payable CF_CHANGE_IN_ACCOUNTS_PAYABLE -39.6
Inc (Dec) in Other INC_DEC_IN_OT_OP_AST_LIAB_DETAIL 0.0
Net Cash From Disc Ops CF_NET_CASH_DISCONT_OPS_OPER —
Cash from Operating Activities CF_CASH_FROM_OPER 598.1

Cash from Investing Activities


Change in Fixed & Intang CHG_IN_FXD_&_INTANG_AST_DETAILED -176.5
Disp in Fixed & Intang DISP_FXD_&_INTANGIBLES_DETAILED 0.0
Disp of Fixed Prod Assets CF_DISPOSAL_OF_FIXED_PROD_ASSETS —
Disp of Intangible Assets CF_DISPOSAL_OF_INTANGIBLE_ASSETS —
Acq of Fixed & Intang ACQUIS_FXD_&_INTANG_DETAILED -176.5
Acq of Fixed Prod Assets CF_PURCHASE_OF_FIXED_PROD_ASSETS —
Acq of Intangible Assets CF_ACQUISITION_OF_INTANG_ASSETS —
Net Change in LT Investment NET_CHG_IN_LT_INVEST_DETAILED 0.0
Dec in LT Investment CF_DECR_INVEST 0.0
Inc in LT Investment CF_INCR_INVEST 0.0
Net Cash From Acq & Div CF_NT_CSH_RCVD_PD_FOR_ACQUIS_DIV —
Cash from Divestitures CF_CASH_FOR_DIVESTITURES —
Cash for Acq of Subs CF_CASH_FOR_ACQUIS_SUBSIDIARIES —
Cash for JVs CF_CASH_FOR_JOINT_VENTURES_ASSOC —
Other Investing Activities OTHER_INVESTING_ACT_DETAILED -801.6
Net Cash From Disc Ops CF_NET_CASH_DISCONTINUED_OPS_INV —
Cash from Investing Activities CF_CASH_FROM_INV_ACT -978.1

Cash from Financing Activities


Dividends Paid CF_DVD_PAID —
Cash From (Repayment) Debt PROC_FR_REPAYMNTS_BOR_DETAILED 739.4
Cash From (Repay) ST Debt CF_NET_CHG_IN_ST_DBT_&_CPTL_LEAS —
Cash From LT Debt CF_PROC_LT_DEBT_&_CAPITAL_LEASE —
Repayments of LT Debt CF_PYMT_LT_DEBT_&_CAPITAL_LEASE —
Cash (Repurchase) of Equity PROC_FR_REPURCH_EQTY_DETAILED 462.4
Increase in Capital Stock CF_INCR_CAP_STOCK 462.4
Decrease in Capital Stock CF_DECR_CAP_STOCK 0.0
Other Financing Activities CF_OTHER_FINANCING_ACT_EXCL_FX —
Net Cash From Disc Ops CF_NET_CASH_DISCONTINUED_OPS_FIN —
Cash from Financing Activities CFF_ACTIVITIES_DETAILED 1,198.6

Effect of Foreign Exchange Rates CF_EFFECT_FOREIGN_EXCHANGES —

Net Changes in Cash CF_NET_CHNG_CASH 818.6

Cash Paid for Taxes CF_CASH_PAID_FOR_TAX 81.1


Cash Paid for Interest CF_ACT_CASH_PAID_FOR_INT_DEBT -7.0

Source: Bloomberg
FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
2/30/2007 2/28/2008 1/03/201001/02/2011 1/01/2012 2/30/2012 2/29/2013 2/28/2014 1/03/2016

218.4 -1,986.6 415.3 1,300.1 987.0 417.4 1,042.7 1,007.4 388.5


255.7 306.7 230.7 266.5 352.0 416.3 464.1 578.5 621.1
46.0 1,311.6 261.5 -165.2 -88.2 -98.9 436.2 68.2 -71.3
— 95.9 95.6 48.0 38.2 62.4 72.6 110.4 160.2
-35.2 146.1 -12.9 -172.3 -74.8 34.4 0.5 -7.9 -4.9
81.2 1,069.6 178.8 -40.9 -51.5 -195.7 363.1 -34.3 -226.6
132.8 456.0 -419.6 50.4 -197.0 -204.9 -79.3 44.3 108.4
145.7 332.1 -111.6 -132.5 -146.7 -68.1 -51.1 -118.6 224.9
-57.6 -43.0 -13.5 84.3 -158.5 -71.3 23.3 136.4 -110.3
44.7 166.8 -294.5 98.6 108.2 -65.6 -51.5 26.5 -6.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
— — 0.0 0.0 0.0 0.0 0.0 0.0 0.0
652.9 87.7 487.9 1,451.9 1,053.8 529.9 1,863.7 1,698.4 1,046.7

-259.0 -144.4 -71.5 -89.9 -292.9 -492.0 -221.8 -257.6 -422.8


0.0 39.7 0.0 18.2 0.0 0.0 0.0 0.0 0.0
— — 0.0 17.8 0.0 0.0 0.0 0.0 0.0
— — 0.0 0.5 0.0 0.0 0.0 0.0 0.0
-259.0 -184.0 -71.5 -108.1 -292.9 -492.0 -221.8 -257.6 -422.8
— — -59.7 -108.1 -192.9 -488.0 -213.4 -232.8 -413.8
— — -11.8 0.0 -100.0 -4.0 -8.4 -24.8 -9.0
0.0 — — — — — — — 0.0
0.0 — — — — — — — 0.0
0.0 — — — — — — — 0.0
— — 12.7 0.1 -317.6 -69.6 -304.3 -1,063.8 0.0
— — 12.7 0.1 0.0 0.0 0.0 0.0 0.0
— — 0.0 0.0 -317.6 -69.6 -304.3 -1,063.8 0.0
— — 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-959.4 173.7 -316.0 -2,624.8 -56.5 -12.8 -396.8 806.7 1,450.5
— — 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-1,218.4 29.3 -374.8 -2,714.6 -667.0 -574.4 -922.9 -514.7 1,027.7

— 0.0 0.0 0.0 0.0 0.0 -101.2 -234.6 -188.9


0.0 0.0 0.0 614.6 -209.9 0.0 223.4 -3.2 -0.1
— — 0.0 -75.0 -211.4 0.0 -928.1 — —
— — 0.0 689.6 1.5 0.0 1,483.1 — —
— — 0.0 0.0 0.0 0.0 -331.7 — —
-180.9 21.6 20.9 370.6 162.8 -127.8 -1,078.5 -1,115.1 -1,214.2
118.7 21.6 20.9 370.6 166.9 102.3 511.0 185.1 36.1
-299.6 0.0 0.0 0.0 -4.0 -230.1 -1,589.5 -1,300.2 -1,250.3
— — 0.0 0.0 0.0 2.7 -0.1 0.0 0.0
— — 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-181.5 11.3 20.9 985.2 -47.1 -125.1 -956.4 -1,352.8 -1,403.2

— — 4.4 6.3 -1.3 -2.4 6.3 -8.2 -1.2

-747.0 128.3 138.3 -271.2 338.3 -172.0 -9.2 -177.2 669.9

193.3 129.1 124.0 -338.3 -374.5 -360.7 373.2 434.0 257.2


-15.2 -12.4 -13.0 -12.3 -26.5 25.0 20.4 22.3 22.5
SanDisk LLC (SNDK US) - Profitability
In Millions of USD except Per Share FY 2006 FY 2007
12 Months Ending 12/31/2006 2/30/2007
Returns
Return on Common Equity RETURN_COM_EQY 5.46 4.49
Return on Assets RETURN_ON_ASSET 3.94 3.07
Return on Capital RETURN_ON_CAP 4.82 3.83
Return on Invested Capital RETURN_ON_INV_CAPITAL 6.19 2.73

Margins
Gross Margin GROSS_MARGIN 38.05 30.87
EBITDA Margin EBITDA_TO_REVENUE 21.11 13.83
Operating Margin OPER_MARGIN 16.94 7.27
Incremental Operating Margin INCREMENTAL_OPERATING_MARGIN — —
Pretax Margin PRETAX_INC_TO_NET_SALES 13.22 10.23
Income before XO Margin INC_BEF_XO_ITEMS_TO_NET_SALES 6.16 5.74
Net Income Margin PROF_MARGIN 6.11 5.60
Net Income to Common Margin NET_INCOME_TO_COMMON_MARGIN 6.11 5.60

Additional
Effective Tax Rate EFF_TAX_RATE 53.45 43.89
Dvd Payout Ratio DVD_PAYOUT_RATIO 0.00 0.00
Sustainable Growth Rate SUSTAIN_GROWTH_RT 5.46 4.49
Source: Bloomberg
FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
2/28/2008 1/03/201001/02/2011 1/01/2012 2/30/2012 2/29/2013 2/28/2014 1/03/2016

-47.30 11.30 26.83 15.37 5.83 14.65 14.79 6.23


-30.18 6.96 17.60 10.42 4.07 10.01 9.70 3.98
-36.74 10.15 22.25 13.24 5.64 12.35 12.28 5.72
-25.52 9.15 20.78 12.48 5.20 11.86 11.89 5.53

1.88 36.02 46.87 43.08 33.31 46.47 46.29 40.56


-18.20 21.03 35.80 33.24 22.02 32.84 32.23 22.24
-27.36 14.56 30.28 27.02 13.78 25.32 23.51 11.08
-220.18 666.58 74.78 8.20 -136.80 77.51 — -88.57
-58.26 14.12 30.19 26.08 12.41 24.57 22.47 9.52
-59.28 11.64 26.94 17.43 8.26 16.90 15.20 6.98
-59.28 11.64 26.94 17.43 8.26 16.90 15.20 6.98
-59.28 11.64 26.94 17.43 8.26 16.90 15.20 6.98

— 17.56 10.79 33.16 33.42 31.23 32.34 26.65


— 0.00 0.00 0.00 0.00 9.89 23.33 48.65
— 11.30 26.83 15.37 5.83 13.20 11.34 3.20
SanDisk LLC (SNDK US) - Adj Highlights
In Millions of USD FY 2008 FY 2009
12 Months Ending 12/28/2008 1/03/2010
Market Capitalization HISTORICAL_MARKET_CAP 2,075.9 6,628.8
Cash & Equivalents CASH_AND_MARKETABLE_SECURITIES 2,536.7 3,016.5
Preferred & Other PREFERRED_EQUITY_&_MINORITY_INT 0.2 -1.9
Total Debt SHORT_AND_LONG_TERM_DEBT 954.1 1,009.7
Enterprise Value ENTERPRISE_VALUE 493.4 4,620.1

Revenue, Adj SALES_REV_TURN 3,351.4 3,566.8


Growth %, YoY SALES_GROWTH -14.0 6.4
Gross Profit, Adj GROSS_PROFIT 63.1 1,284.6
Margin % GROSS_PROFIT 1.9 36.0
EBITDA, Adj EBITDA -610.0 750.1
Margin % EBITDA -18.2 21.0
Net Income, Adj EARN_FOR_COMMON -1,986.6 333.0
Margin % EARN_FOR_COMMON -59.3 9.3
EPS, Adj IS_DIL_EPS_CONT_OPS -5.56 1.44
Growth %, YoY IS_DIL_EPS_CONT_OPS — —

Cash from Operations CF_CASH_FROM_OPER 87.7 487.9


Capital Expenditures CAPITAL_EXPEND -184.0 -59.7
Free Cash Flow CF_FREE_CASH_FLOW -96.3 428.1
Source: Bloomberg
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 2016 Est 2017 Est
01/02/2011 1/01/2012 2/30/2012 2/29/2013 2/28/2014 1/03/2016 2/31/2016 2/31/2017
11,792.0 11,936.0 10,304.3 15,824.4 21,856.9 15,272.0
5,342.7 5,615.3 5,711.4 6,085.3 5,023.0 4,123.3
-3.2 -3.5 -4.3 -2.2 -1.4 0.0
1,711.0 1,604.9 1,696.6 1,985.4 2,053.2 2,151.0
8,157.1 7,922.1 6,285.2 11,722.3 18,885.8 13,299.6

4,826.8 5,662.1 5,052.5 6,170.0 6,627.7 5,564.9 5,580.0 5,893.9


35.3 17.3 -10.8 22.1 7.4 -16.0 0.3 5.6
2,262.1 2,463.7 1,683.2 2,867.5 3,075.7 2,257.1 2,301.8 2,425.3
46.9 43.5 33.3 46.5 46.4 40.6 41.3 41.2
1,745.9 1,908.2 1,108.3 2,112.6 2,177.3 1,380.0 1,313.4 1,580.0
36.2 33.7 21.9 34.2 32.9 24.8 23.5 26.8
998.8 1,008.1 436.2 1,120.7 1,070.2 504.9 636.3 656.6
20.7 17.8 8.6 18.2 16.1 9.1 11.4 11.1
4.18 4.13 1.78 4.66 4.49 2.37 3.11 3.41
191.1 -1.3 -56.9 162.6 -3.7 -47.3 31.2 9.8

1,451.9 1,053.8 529.9 1,863.7 1,698.4 1,046.7


-108.1 -192.9 -488.0 -213.4 -232.8 -413.8 -515.3 -588.3
1,343.8 860.9 41.9 1,650.3 1,465.7 632.9 564.2 497.9