The letter introduces the Walt Disney Company's annual report for 2013-2014. It thanks the reader for considering Disney as an investment and highlights Disney's dual priorities of creating magic and sharing it. The letter notes the report provides all necessary information about Disney's performance that year. It explains the author chose to invest in Disney for capital appreciation, as Disney's stock has a history of steady growth and the company recently acquired Lucas Arts and Marvel, bolstering future success based on the annual report analysis. The letter closes by thanking the reader again and inviting any questions.

1. AnnualReport
Analysis

2. Page 2
NicholasEspinosa
Letter of Transmittal
To whom this may concern,
We would first like to thank you for considering the Walt Disney Company as a possible prospect of
investment thereafter the year 2013-2014. We here at the Walt Disney Company pride ourselves in two things: being
part of the team that brings the Walt Disney magic to life and being able to share that magic with you. We hope that
this report is comprehensive and shares with you all that you need to know about how we, the Walt Disney Company,
did in the year 2013-2014.
As investors, after analyzing and common sizing the annual report, the prime motive of investment that we
choose is capital appreciation. The reason why we chose to invest in the Walt Disney Company to achieve capital
appreciation is because historically, Disney’s stock has retained a steady upward growth rate. In addition, the Walt
Disney Company has recently acquired the companies Lucas Arts and Marvel. All of this coupled with the success
proven by the common sized annual report we have gathered shows why investing in the Walt Disney Company to
achieve capital appreciation is a good investment.
Once again, we at the Walt Disney Company would like to thank you for considering us. Please feel free to
contact investor relations for any and all concerns. We hope to hear from you soon!

3. Page 3
Sincerely,
Nicholas Espinosa
Investor Relations – Analysts
Liquidity AMT in ($) Millions Profitability
Current Assets 15,176.00 Net Income 8,004.00
Current Liabilities 13,292.00 Preferred Stock Dividends 1,508.00
Working Capital
1,884.00
Average Common Shares
Outstanding (000) 2,800,000.00
Current Assets 15,176.00 Earnings Per Share (EPS) 0.002
Current Liabilities 13,292.00 Stock Price Per Share 16.06
Current Ratio 1.14 Earnings Per Share 4.31
Cash Provided by
Operations 9,780.00
Price-Earnings Ratio
3.73
End Current Liabilities 13,292.00 Gross Profit 12,246.00
Beginning Current
Liabilities 11,704.00 Net Sales 48,813.00
Average Current
Liabilities 12,498.00
Gross Profit Ratio
0.25
Current Cash Debt
Coverage Ratio 0.78 Net Income 8,004.00
Net Credit Sales 8,004.00 Net Sales 48,813.00
End Net Recivables 7,822.00 Profit Margin Ratio 0.16
Start Net Recivables 6,967.00 Net Income 8,004.00
Average Net Recivables 7,394.50 End Total Liabilities 39,228.00
Receivables Turnover Rate 1.08 Start Total Liabilities 35,812.00
Year 365.00 Average Total Liabilities 1,708.00
Receivables Turnover
Rate 1.08
Return on Assets Ratio
4.69

4. Page 4
Average Collection Period 0.003 Net Income 8,004.00
Solvency End Total Assets 84,186.00
Total Liabilities 39,228.00 Start Total Assets 81,241.00
Total Assets 84,186.00 Average Total Assets 82,713.50
Debt to Total Assets Ratio 0.47 Asset Turnover Ratio 0.10
Cash Provided by
Operations 9,780.00
End Total Liabilities 39,228.00
Start Total Liabilities 35,812.00
Average Total Liabilities 1,708.00
Cash Debt Coverage Ratio 5.73
VA I/S
I/S ACG AMT (in $ Millions) FINAL TOTAL (%)
Total revenues $ 48,813.00 100.0%
Revenues:Services 40,346.00 82.7%
Revenues:Products 8,567.00 17.6%
Cost of services (exclusive of depreciation
and amortization) (21,356.00) -43.8%
Cost of products (exclusive of depreciation
and amortization) (5,064.00) -10.4%
Selling, general, administrative and other (8,565.00) -17.5%
Depreciation and amortization (2,288.00) -4.7%
Total costs and expenses (37,273.00) -76.4%
Restructuring and impairment charges (140.00) -0.3%
Other income/(expense), net (31.00) -0.1%
Interest income/(expense), net 23.00 0.0%
Equity in the income of investees 854.00 1.7%
Income before income taxes 12,246.00 25.1%

5. Page 5
Income taxes (4,242.00) -8.7%
Net income 8,004.00 16.4%
Less:Net income attributable to non-
controlling interests (503.00) -1.0%
Net income attributable to The Walt Disney
Company (Disney) 7,501.00 15.4%
Diluted 1,759.00 3.6%
Basic 1,740.00 3.6%
VA B/S
B/S ACG AMT (in
$ Millions)
FINAL
TOTAL
(%)
Saturday,
September
27, 2014
B/S ACG AMT (in
$ Millions)
FINAL
TOTAL
(%)
Cash and
cash
equivalents $ 3,421.00 4%
Accounts payable
and other accrued
liabilities $ 7,595.00 9%
Account
Receivables 7,822.00 9%
Current portions of
borrowings 2,164.00 3%
Inventories 1,574.00 2%
Unearned royalties
and other advances 3,533.00 4%
Television
costs and
advances 1,061.00 1% Borrowings 12,676.00 15%
Deferred
income taxes 497.00 1%
Deferred income
taxes 4,098.00 5%
Current
assets,other 801.00 1%
Other long-term
liabilities 5,942.00 7%
Film and
television
costs 5,325.00 6%
Preferred stock,$.01
par value* - 0%
Investments 2,696.00 3%
Common stock, $.01
par value** 34,301.00 41%
Parks,
resorts and
other
property:
Attractions,
buildings and
equipment 42,263.00 50% Retained earnings 53,734.00 64%

6. Page 6
Accumulated
Depreciation (23,722.00) -28%
Accumulated other
comprehensive loss (1,968.00) -2%
Projects in
progress 3,553.00 4% Treasury stock*** (41,109.00) -49%
Land 1,238.00 1%
Total Disney
Shareholders' equity 44,958.00 53%
Intangible
assets,net 7,434.00 9%
Noncontrolling
interests 3,220.00 4%
Goodwill 27,881.00 33% Total equity 48,178.00 57%
Other assets 2,342.00 3%
Total current
liabilities 13,292.00 16%
Total current
Assets 15,176.00 18%
Total liabilities and
equity 84,186.00 226%
Total Assets/
Liabilities 84,186.00 118%
Notes * = Authorized - 100 million shares,Issued - none
** = Authorized - 4.6 billion shares,Issued - 2.8 billion shares
*** = at cost, 1.1 billion shares at September 27, 2014
HA B/S
Begin Date: Saturday, September 28, 2013 End Date:
Saturday,
September 27,
2014
ACCOUNT
NAME
BEGIN BALANCE (in €
Millions)
END BALANCE (in €
Millions)
Change in Balance % of Change
Cash and
cash
equivalents
$ 3,931.0
0
$ 3,421.0
0
$ (510.00
) -13%
Accounts
Receivables 6,967.00 7,822.00 855.00 12%
Inventories 1,487.00 1,574.00 87.00 6%
Television
costs and
advances 11% 1,061.00 1,060.89 964445%
Deferred
income taxes 485.00 497.00 12.00 2%
Other
current
assets 605.00 801.00 196.00 32%
Film and
television
costs 4,783.00 5,325.00 542.00 11%
Investments 2,849.00 2,696.00 (153.00) -5%
Attractions,
buildings 41,192.00 42,263.00 1,071.00 3%

7. Page 7
and
equipment
Accumulate
d
depreciation (22,459.00) (23,722.00) (1,263.00) 6%
Projects in
progress 2,476.00 3,553.00 1,077.00 43%
Land 1,171.00 1,238.00 67.00 6%
Intangible
assets, net 7,370.00 7,434.00 64.00 1%
Goodwill 27,324.00 27,881.00 557.00 2%
Other assets 2,426.00 2,342.00 (84.00) -3%
Total current
assets 14,109.00 15,176.00 1,067.00 8%
Total assets 81,241.00 84,186.00 2,945.00 4%
HA B/S
Begin Date: Saturday, September 28, 2013 End Date:
Saturday,
September 27,
2014
ACCOUNT NAME
BEGIN
BALANCE (in €
Millions)
END BALANCE (in €
Millions)
Change in Balance % of Change
Accounts payable and
other accrued liabilities $ 6,803.00 $ 7,595.00 $ 792.00 12%
Current portion of
borrowings 1,512.00 2,164.00 652.00 43%
Unearned royalties and
other advances 3,389.00 3,533.00 144.00 4%
Borrowings 12,776.00 12,676.00 (100.00) -1%
Deferred income taxes 4,050.00 4,098.00 48.00 1%
Other long-term
liabilities 4,561.00 5,942.00 1,381.00 30%
Preferred Stock* - - - 0%
Common Stock** 33,440.00 34,301.00 861.00 3%

8. Page 8
Retained earnings 47,758.00 53,734.00 5,976.00 13%
Accumulated other
comprehensive loss (1,187.00) (1,968.00) (781.00) 66%
Treasury stock*** (34,582.00) (41,109.00) (6,527.00) 19%
Total Disney
Shareholders' equity 45,429.00 44,958.00 (471.00) -1%
Noncontrolling
interests 2,721.00 3,220.00 499.00 18%
Total current liabilities 11,704.00 13,292.00 1,588.00 14%
Total equity 48,150.00 48,178.00 28.00 0%
Total liabilities and
equity 81,241.00 84,186.00 2,945.00 4%
Notes
*= Authorized - 100 million shares,Issued - none
** = Authorized - 4.6 billion shares,Issued - 2.8 billion shares
*** = 1.1 billion shares at September 27, 2014
HA I/S
Begin Date: Saturday, September 28, 2013 End Date:
Saturday, September 27,
2014
ACCOUNT NAME
BEGIN
BALANCE
(in
$ Millions)
END BALANCE (in
$ Millions)
Change in
Balance
% of Change
Revenues: Services $ 37,280.00 $ 40,246.00 $ 2,966.00 8%
Revenues: Products 7,761.00 8,567.00 806.00 10%
Costs of services* (20,090.00) (21,356.00) (1,266.00) 6%
Cost of products* (4,944.00) (5,064.00) (120.00) 2%
Selling, general, administrative and
other (8,365.00) (8,565.00) (200.00) 2%
Depreciation and amortization (2,192.00) (2,288.00) (96.00) 4%
Restructuring and impairment
charges (214.00) (140.00) 74.00 0%
Other income/(expense), net (69.00) (31.00) 38.00 -55%
Interest income/(expense), net (235.00) 23.00 258.00 -110%

9. Page 9
Equity in the income of investees 688.00 854.00 166.00 24%
Income before income taxes 9,620.00 12,246.00 2,626.00 27%
Income taxes (2,984.00) (4,242.00) (1,258.00) 42%
Less: Net income attributable to
non-controlling interests (500.00) (503.00) (3.00) 1%
Net income attributable to The
Walt Disney Company (Disney) 6,136.00 7,501.00 1,365.00 22%
Diluted** 3.38 4.26 0.88 26%
Basic** 3.42 4.31 0.89 26%
Diluted*** 1,813.00 1,759.00 (54.00) -3%
Basic*** 1,792.00 1,740.00 (52.00) -3%
Total revenues 45,041.00 48,813.00 3,772.00 8%
Total costs and expenses (35,591.00) (37,273.00) (1,682.00) 5%
Net Income 6,636.00 8,004.00 1,368.00 21%
Notes
*= (exclusive of depreciation and amortization)
** = Earnings per share attributable to Disney:
*** = Weighted average number of common and common equivalent shares outstanding
30 Reasons Why to Invest into Disney (Capital Appreciation)
1. Disney is a universally trusted entertainment brand.
2. Historically stock-price wise has shown that the Walt Disney Company is a generally stable upward-trending
stock.
3. Disney has recently acquired the company Lucas Arts.
4. Disney is active in Civil Rights Movement in America today.
5. Disney just acquired Marvel Studios
6. Disney just released highest grossing movie of all time
7. SRI – Disney is a trusted stock when it comes to Sociably Responsible Investing
8. Glitzy – As an added bonus, Disney funds and fuels new age technology projects worldwide
9. Assets – Overall assets increased by 4%
10. Assets – Television – increased by 67%
11. Assets – Projects – increased by 43%
12. Assets – Other – increased by 32%
13. Assets – Accounts Receivable – increased by 12%
14. Assets – Film – increased by 11%
15. Total Current Assets increased by 8%
16. Assets – Inventories – increased by 6%
17. Assets – Accumulated Depreciation – increased by 6%
18. Assets – Land – increased by 6%
19. Assets – Attractions – increased by 3%

10. Page 10
20. Assets – Goodwill – increased by 2%
21. Assets – Deferred income taxes – increased by 2%
22. Assets – Intangible – increased by 1%
23. Liabilities – Total Equity – overall has not increased nor decreased
24. Liabilities – Borrowings – decreased by 1%
25. Liabilities – Retained Earnings – increased by 13%
26. Revenues – Services – increased by 8%
27. Revenues – Products – increased by 10%
28. Net income attributable to Walt Disney Company – has increased by 22%
29. Total Revenues has increased by 8%
30. Net Income has increased by 21%
Statement of Decision on Investing into Disney
After examining the facts as presented in this common sizing report using Generally Accepted Accounting
Practices (GAAP) and verifying that the facts presented are accurate and are complete to the fullest extent that they
can be, I have decided that investing into The Walt Disney Company (Disney) for the purpose of capital appreciation
can be endorsed.
The overall movement of monies from debt into credit is clearly visible. Revenues between the years of 2013
to 2014 has clearly increased by nearly ten percent. In addition, after taking on a four-percent asset increase, Disney
debt has increased as well. This expansion of debt should lower stock prices for Disney temporary allowing for late-
coming investors to pick up Disney shares at a low before Disney starts to utilize its newly found assets which would
then bring back up the price for shares.
The overall trend for the last several years has been a positive trend upwards. With this in mind, and with
Disney’s expansion continuing over into this new 2015 year, those investing in Disney today stand to make a pretty
penny tomorrow.