Once each year, a corporation communicates to its stockholders.docx

Once each year, a corporation communicates to its stockholders
and other inter-
ested parties by issuing a complete set of audited ! nancial
statements. The
annual report , as this communication is called, summarizes the
! nancial results
of the company’s operations for the year and its plans for the
future. Many annual
reports are attractive, multicolored, glossy public relations
pieces, containing
pictures of corporate of! cers and directors as well as photos
and descriptions of
new products and new buildings. Yet the basic function of every
annual report is
to report ! nancial information, almost all of which is a product
of the corpora-
tion’s accounting system.
The content and organization of corporate annual reports have
become fairly
standardized. Excluding the public relations part of the report
(pictures, prod-
ucts, etc.), the following are the traditional ! nancial portions of
the annual report:
• Financial Highlights
• Letter to the Stockholders
• Management’s Discussion and
Analysis
• Financial Statements

• Notes to the Financial
Statements
• Management’s Responsibility
for Financial Reporting
• Management’s Report on Internal
Control over Financial Reporting
• Report of Independent Registered
Public Accounting Firm
• Selected Financial Data
The of! cial SEC ! ling of the annual report is called a Form
10-K, which
often omits the public relations pieces found in most standard
annual reports. On
the following pages, we present Apple Inc.’s ! nancial
statements taken from the
company’s 2013 Form 10-K. To access Apple’s Form 10-K,
including notes to the
! nancial statements, follow these steps:
1. Go to http://investor.apple.com.
2. Select the Financial Information tab.
3. Select the 10-K annual report dated September 28, 2013.
4. The Notes to Consolidated Financial Statements begin on
page 50.
Specimen Financial
Statements: Apple Inc.

Appendix A
A-1
A-2 Appendix A Specimen Financial Statements: Apple Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares which are reflected in
thousands and per share amounts)
See accompanying Notes to Consolidated Financial Statements.
Years ended
September 28, 2013 September 29, 2012 September
24, 2011
Net sales $ 170,910 $ 156,508 $ 108,249
Cost of sales 106,606 87,846 64,431
Gross margin 64,304 68,662 43,818
Operating expenses:

Research and development 4,475 3,381 2,429
Selling, general and administrative 10,830 10,040
7,599
Total operating expenses 15,305 13,421 10,028
Operating income 48,999 55,241 33,790
Other income/(expense), net 1,156 522 415
Income before provision for income taxes 50,155
55,763 34,205
Provision for income taxes 13,118 14,030 8,283
Net income $ 37,037 $ 41,733 $ 25,922
Earnings per share:
Basic $ 40.03 $ 44.64 $ 28.05

Diluted $ 39.75 $ 44.15 $ 27.68
Shares used in computing earnings per share:
Basic 925,331 934,818 924,258
Diluted 931,662 945,355 936,645
Cash dividends declared per common share $ 11.40 $ 2.65
$ 0.00
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
(In millions)
Years ended
September 28,
2013
September 29,
2012
September 24,
2011
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . $37,037 $41,733 $25,922
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax effects of
$35, $13 and $18,
respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . (112) (15) (12)

Change in unrecognized gains/losses on derivative instruments:
Change in fair value of derivatives, net of tax benefit/(expense)
of $(351), $73 and
$(50), respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . 522 (131) 92
Adjustment for net losses/(gains) realized and included in net
income, net of tax
expense/(benefit) of $255, $220 and $(250), respectively . . . . .
. . . . . . . . . . . . . . (458) (399) 450
Total change in unrecognized gains/losses on derivative
instruments, net of tax . . . . 64 (530) 542
Change in unrealized gains/losses on marketable securities:
Change in fair value of marketable securities, net of tax
benefit/(expense) of $458,
$(421) and $17, respectively . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . (791) 715 29
Adjustment for net losses/(gains) realized and included in net
income, net of tax
expense/(benefit) of $82, $68 and $(40), respectively . . . . . . . .
. . . . . . . . . . . . . . (131) (114) (70)
Total change in unrealized gains/losses on marketable
securities, net of tax . . . . . . . (922) 601 (41)
Total other comprehensive income/(loss) . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . (970) 56 489

Total comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . $36,067 $41,789 $26,411
Appendix A Specimen Financial Statements: Apple Inc. A-3
CONSOLIDATED BALANCE SHEETS
thousands)
September 28, 2013 September 29, 2012
ASSETS:
Current assets:
Cash and cash equivalents $ 14,259 $ 10,746
Short-term marketable securities 26,287 18,383
Accounts receivable, less allowances of $99 and $98,
respectively 13,102 10,930
Inventories 1,764 791
Deferred tax assets 3,453 2,583
Vendor non-trade receivables 7,539 7,762
Other current assets 6,882 6,458
Total current assets 73,286 57,653

Long-term marketable securities 106,215 92,122
Property, plant and equipment, net 16,597 15,452
Goodwill 1,577 1,135
Acquired intangible assets, net 4,179 4,224
Other assets 5,146 5,478
Total assets $ 207,000 $ 176,064
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 22,367 $ 21,175
Accrued expenses 13,856 11,414
Deferred revenue 7,435 5,953
Total current liabilities 43,658 38,542
Deferred revenue – non-current 2,625 2,648
Long-term debt 16,960 0
Other non-current liabilities 20,208 16,664
Total liabilities 83,451 57,854

Commitments and contingencies
Shareholders’ equity:
Common stock, no par value; 1,800,000 shares authorized;
899,213 and 939,208 shares issued and outstanding,
Retained earnings 104,256 101,289
Accumulated other comprehensive income/(loss) (471 )
499
Total shareholders’ equity 123,549 118,210
Total liabilities and shareholders’ equity $ 207,000 $
176,064
A-4 Appendix A Specimen Financial Statements: Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’
EQUITY

thousands)
Common Stock
Retained
Earnings
Accum-
ulated
Other
Compre-
hensive
Income/
(Loss)
Total
Share-
holders’
Equity

Shares Amount
Balances as of September 25, 2010 915,970 $ 10,668 $
37,169 $ (46) $ 47,791
Net income 0 0 25,922 0 25,922
Other comprehensive income/(loss) 0 0 0 489
489
Share-based compensation 0 1,168 0 0 1,168
Common stock issued under stock plans, net of shares
withheld for employee taxes 13,307 561 (250 ) 0
311
Tax benefit from equity awards, including transfer
pricing adjustments 0 934 0 0 934
Balances as of September 24, 2011 929,277 13,331
62,841 443 76,615

Net income 0 0 41,733 0 41,733
Other comprehensive income/(loss) 0 0 0 56 56
Dividends and dividend equivalent rights declared 0 0
(2,523 ) 0 (2,523 )
withheld for employee taxes 9,931 200 (762 ) 0
(562 )
pricing adjustments 0 1,151 0 0 1,151
Balances as of September 29, 2012 939,208 16,422
101,289 499 118,210
Net income 0 0 37,037 0 37,037
Other comprehensive income/(loss) 0 0 0 (970 )
(970 )
Dividends and dividend equivalent rights declared 0 0
(10,676 ) 0 (10,676 )
Repurchase of common stock (46,976 ) 0 (22,950 ) 0

(22,950 )
withheld for employee taxes 6,981 (143 ) (444 ) 0
(587 )
pricing adjustments 0 1,232 0 0 1,232
Balances as of September 28, 2013 899,213 $ 19,764 $
104,256 $ (471) $ 123,549
Appendix A Specimen Financial Statements: Apple Inc. A-5
CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)
Years ended
September 28,
2013
September 29,
2012
September 24,
2011
Cash and cash equivalents, beginning of the year $ 10,746
$ 9,815 $ 11,261
Operating activities:
Net income 37,037 41,733 25,922
Adjustments to reconcile net income to cash generated by
operating
activities:
Depreciation and amortization 6,757 3,277 1,814
Share-based compensation expense 2,253 1,740 1,168
Deferred income tax expense 1,141 4,405 2,868

Changes in operating assets and liabilities:
Accounts receivable, net (2,172 ) (5,551 ) 143
Inventories (973 ) (15 ) 275
Vendor non-trade receivables 223 (1,414 ) (1,934 )
Other current and non-current assets 1,080 (3,162 )
(1,391 )
Accounts payable 2,340 4,467 2,515
Deferred revenue 1,459 2,824 1,654
Other current and non-current liabilities 4,521 2,552
4,495
Cash generated by operating activities 53,666 50,856
37,529
Investing activities:
Purchases of marketable securities (148,489 ) (151,232 )
(102,317 )
Proceeds from maturities of marketable securities 20,317
13,035 20,437
Proceeds from sales of marketable securities 104,130
99,770 49,416
Payments made in connection with business acquisitions, net
(496 ) (350 ) (244 )
Payments for acquisition of property, plant and equipment
(8,165 ) (8,295 ) (4,260 )
Payments for acquisition of intangible assets (911 )
(1,107 ) (3,192 )
Other (160 ) (48 ) (259 )

Cash used in investing activities (33,774 ) (48,227 )
(40,419 )
Financing activities:
Proceeds from issuance of common stock 530 665
831
Excess tax benefits from equity awards 701 1,351
1,133
Taxes paid related to net share settlement of equity awards
(1,082 ) (1,226 ) (520 )
Dividends and dividend equivalent rights paid (10,564 )
(2,488 ) 0
Repurchase of common stock (22,860 ) 0 0
Proceeds from issuance of long-term debt, net 16,896 0
0
Cash generated by/(used in) financing activities (16,379 )
(1,698 ) 1,444
Increase/(decrease) in cash and cash equivalents 3,513
931 (1,446 )

Cash and cash equivalents, end of the year $ 14,259 $
10,746 $ 9,815
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 9,128 $ 7,682 $ 3,338
Consolidated Statement of Income
PepsiCo, Inc. and Subsidiaries
Fiscal years ended December 28, 2013, December 29, 2012 and
December 31, 2011
(in millions except per share amounts)
2013 2012 2011
Net Revenue $ 66,415 $ 65,492 $ 66,504
Cost of sales 31,243 31,291 31,593

Selling, general and administrative expenses 25,357 24,970
25,145
Amortization of intangible assets 110 119 133
Operating Profit 9,705 9,112 9,633
Interest expense (911) (899) (856)
Interest income and other 97 91 57
Income before income taxes 8,891 8,304 8,834
Provision for income taxes 2,104 2,090 2,372
Net income 6,787 6,214 6,462
Less: Net income attributable to noncontrolling interests 47 36
19
Net Income Attributable to PepsiCo $ 6,740 $ 6,178 $ 6,443
Net Income Attributable to PepsiCo per Common Share
Basic $ 4.37 $ 3.96 $ 4.08
Diluted $ 4.32 $ 3.92 $ 4.03
Weighted-average common shares outstanding
Basic 1,541 1,557 1,576
Diluted 1,560 1,575 1,597
Cash dividends declared per common share $ 2.24 $ 2.1275 $
2.025

See accompanying notes to consolidated financial statements.
PepsiCo, Inc. is a world leader in convenient snacks, foods, and
beverages. The
following are PepsiCo’s ! nancial statements as presented in its
2013 annual report.
To access PepsiCo’s complete annual report, including notes to
the ! nancial state-
ments, follow these steps:
1. Go to www.pepsico.com.
2. Select Annual Reports and Proxy Information under the
Investors tab.
3. Select the 2013 Annual Report.
page 73.
Specimen Financial
Statements: PepsiCo, Inc.
Appendix B
B-1
B-2 Appendix B Specimen Financial Statements: PepsiCo, Inc.
Consolidated Statement of Comprehensive Income

December 31, 2011
(in millions)
2013
Pre-tax
amounts Tax amounts
After-tax
amounts
Net income $ 6,787
Other Comprehensive Income
Currency translation adjustment $ (1,303) $ — (1,303)
Cash flow hedges:
Reclassification of net losses to net income 45 (17) 28
Net derivative losses (20) 10 (10)
Pension and retiree medical:
Net prior service cost (23) 8 (15)
Net gains 2,540 (895) 1,645
Unrealized gains on securities 57 (28) 29
Other — (16) (16)
Total Other Comprehensive Income $ 1,296 $ (938) 358

Comprehensive income 7,145
Comprehensive income attributable to noncontrolling interests
(45)
Comprehensive Income Attributable to PepsiCo $ 7,100
2012
Pre-tax
amounts Tax amounts
After-tax
amounts
Net income $ 6,214
Other Comprehensive Income
Currency translation adjustment $ 737 $ — 737
Cash flow hedges:
Reclassification of net losses to net income 90 (32) 58
Net losses (41) (11) (52)
Unrealized gains on securities 18 — 18

Other — 36 36
Total Other Comprehensive Income $ 722 $ 15 737
(31)
2011
Pre-tax
amounts Tax amounts
After-tax
amounts
Net income $ 6,462
Other Comprehensive Loss
Currency translation adjustment $ (1,464) $ — (1,464)
Cash flow hedges:
Reclassification of net losses to net income 5 4 9
Net losses (1,468) 501 (967)

Unrealized losses on securities (27) 19 (8)
Other (16) 5 (11)
Total Other Comprehensive Loss $ (3,114) $ 580 (2,534)
(84)
Appendix B Specimen Financial Statements: PepsiCo, Inc. B-3
Financing Activities
Proceeds from issuances of long-term debt $ 4,195 $ 5,999 $
3,000
Payments of long-term debt (3,894) (2,449) (1,596)
Debt repurchase — — (771)
Short-term borrowings, by original maturity
More than three months – proceeds 23 549 523
More than three months – payments (492) (248) (559)
Three months or less, net 1,634 (1,762) 339

Cash dividends paid (3,434) (3,305) (3,157)
Share repurchases – common (3,001) (3,219) (2,489)
Share repurchases – preferred (7) (7) (7)
Proceeds from exercises of stock options 1,123 1,122 945
Excess tax benefits from share-based payment arrangements 117
124 70
Acquisition of noncontrolling interests (20) (68) (1,406)
Other financing (33) (42) (27)
Net Cash Used for Financing Activities (3,789) (3,306) (5,135)
Effect of exchange rate changes on cash and cash equivalents
(196) 62 (67)
Net Increase/(Decrease) in Cash and Cash Equivalents 3,078
2,230 (1,876)
Cash and Cash Equivalents, Beginning of Year 6,297 4,067
5,943
Cash and Cash Equivalents, End of Year $ 9,375 $ 6,297 $
4,067
Consolidated Statement of Cash Flows

December 31, 2011
(in millions)
2013 2012 2011
Operating Activities
Net income $ 6,787 $ 6,214 $ 6,462
Stock-based compensation expense 303 278 326
Merger and integration costs 10 16 329
Cash payments for merger and integration costs (25) (83) (377)
Restructuring and impairment charges 163 279 383
Cash payments for restructuring charges (133) (343) (31)
Restructuring and other charges related to the transaction with
Tingyi — 176 —
Cash payments for restructuring and other charges related to the
transaction with Tingyi (26) (109) —
Non-cash foreign exchange loss related to Venezuela
devaluation 111 — —
Excess tax benefits from share-based payment arrangements
(117) (124) (70)
Pension and retiree medical plan contributions (262) (1,865)

(349)
Pension and retiree medical plan expenses 663 796 571
Deferred income taxes and other tax charges and credits (1,058)
321 495
Change in accounts and notes receivable (88) (250) (666)
Change in inventories 4 144 (331)
Change in prepaid expenses and other current assets (51) 89
(27)
Change in accounts payable and other current liabilities 1,007
548 520
Change in income taxes payable 86 (97) (340)
Other, net (349) (200) (688)
Net Cash Provided by Operating Activities 9,688 8,479 8,944
Investing Activities
Capital spending (2,795) (2,714) (3,339)
Sales of property, plant and equipment 109 95 84
Acquisition of WBD, net of cash and cash equivalents acquired
— — (2,428)
Investment in WBD — — (164)
Cash payments related to the transaction with Tingyi (3) (306)
—

Other acquisitions and investments in noncontrolled affiliates
(109) (121) (601)
Divestitures 133 (32) 780
Short-term investments, by original maturity
More than three months – maturities — — 21
Three months or less, net 61 61 45
Other investing, net (21) 12 (16)
Net Cash Used for Investing Activities (2,625) (3,005) (5,618)
B-4 Appendix B Specimen Financial Statements: PepsiCo, Inc.
Consolidated Balance Sheet
December 28, 2013 and December 29, 2012
(in millions except per share amounts)
2013 2012
ASSETS
Current Assets

Short-term investments 303 322
Accounts and notes receivable, net 6,954 7,041
Inventories 3,409 3,581
Prepaid expenses and other current assets 2,162 1,479
Total Current Assets 22,203 18,720
Property, Plant and Equipment, net 18,575 19,136
Amortizable Intangible Assets, net 1,638 1,781
Goodwill 16,613 16,971
Other nonamortizable intangible assets 14,401 14,744
Nonamortizable Intangible Assets 31,014 31,715
Investments in Noncontrolled Affiliates 1,841 1,633
Other Assets 2,207 1,653
Total Assets $ 77,478 $ 74,638
LIABILITIES AND EQUITY
Current Liabilities
Short-term obligations $ 5,306 $ 4,815
Accounts payable and other current liabilities 12,533 11,903
Income taxes payable — 371

Total Current Liabilities 17,839 17,089
Long-Term Debt Obligations 24,333 23,544
Other Liabilities 4,931 6,543
Deferred Income Taxes 5,986 5,063
Total Liabilities 53,089 52,239
Preferred Stock, no par value 41 41
Repurchased Preferred Stock (171) (164)
PepsiCo Common Shareholders’ Equity
Common stock, par value 1
2
/3¢ per share (authorized 3,600 shares, issued, net of
repurchased
common stock at par value: 1,529 and 1,544 shares,
respectively) 25 26
Capital in excess of par value 4,095 4,178
Accumulated other comprehensive loss (5,127) (5,487)
Repurchased common stock, in excess of par value (337 and 322
shares, respectively) (21,004) (19,458)
Total PepsiCo Common Shareholders’ Equity 24,409 22,417

Noncontrolling interests 110 105
Total Equity 24,389 22,399
Total Liabilities and Equity $ 77,478 $ 74,638
Appendix B Specimen Financial Statements: PepsiCo, Inc. B-5
Consolidated Statement of Equity
December 31, 2011
(in millions)
2013 2012 2011
Shares Amount Shares Amount Shares Amount
Preferred Stock 0.8 $ 41 0.8 $ 41 0.8 $ 41
Repurchased Preferred Stock
Balance, beginning of year (0.6) (164) (0.6) (157) (0.6) (150)
Redemptions — (7) — (7) — (7)
Balance, end of year (0.6) (171) (0.6) (164) (0.6) (157)

Common Stock
Balance, beginning of year 1,544 26 1,565 26 1,582 26
Repurchased common stock (15) (1) (21) — (17) —
Balance, end of year 1,529 25 1,544 26 1,565 26
Capital in Excess of Par Value
Balance, beginning of year 4,178 4,461 4,527
Stock option exercises/RSUs and PEPUnits converted
(a)
(287) (431) (361)
Withholding tax on RSUs converted (87) (70) (56)
Other (12) (60) 25
Balance, end of year 4,095 4,178 4,461
Retained Earnings
Balance, beginning of year 43,158 40,316 37,090
Net income attributable to PepsiCo 6,740 6,178 6,443
Cash dividends declared – common (3,451) (3,312) (3,192)
Cash dividends declared – preferred (1) (1) (1)
Cash dividends declared – RSUs (26) (23) (24)

Balance, end of year 46,420 43,158 40,316
Accumulated Other Comprehensive Loss
Balance, beginning of year (5,487) (6,229) (3,630)
Currency translation adjustment (1,301) 742 (1,529)
Cash flow hedges, net of tax:
Net derivative losses (10) (40) (83)
Pension and retiree medical, net of tax:
Remeasurement of net liabilities and translation 1,400 (493)
(1,110)
Unrealized gains/(losses) on securities, net of tax 29 18 (8)
Other (16) 36 (11)
Balance, end of year (5,127) (5,487) (6,229)
Repurchased Common Stock
Balance, beginning of year (322) (19,458) (301) (17,870) (284)
(16,740)
Share repurchases (37) (3,000) (47) (3,219) (39) (2,489)
Stock option exercises 20 1,301 24 1,488 20 1,251

Other 2 153 2 143 2 108
Balance, end of year (337) (21,004) (322) (19,458) (301)
(17,870)
Total PepsiCo Common Shareholders’ Equity 24,409 22,417
20,704
Noncontrolling Interests
Balance, beginning of year 105 311 312
Net income attributable to noncontrolling interests 47 36 19
Distributions to noncontrolling interests, net (34) (37) (24)
Currency translation adjustment (2) (5) 65
Acquisitions and divestitures (6) (200) (57)
Other, net — — (4)
Balance, end of year 110 105 311
Total Equity $ 24,389 $ 22,399 $ 20,899
(a) Includes total tax benefits of $45 million in 2013, $84
million in 2012 and $43 million in 2011.

The Coca-Cola Company is a global leader in the beverage
industry. It offers
hundreds of brands, including soft drinks, fruit juices, sports
drinks and other
beverages in more than 200 countries. The following are Coca-
Cola’s ! nancial state-
ments as presented in its 2013 annual report. To access Coca-
Cola’s complete
annual report, including notes to the ! nancial statements,
follow these steps:
1. Go to www.coca-colacompany.com.
2. Select the Investors link near the bottom of the page, and
then select Financial
Reports & Information.
3. Select the 2013 Annual Report on Form 10-K.
page 79.
Specimen Financial
Statements:
The Coca-Cola Company
Appendix C
C-1
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31, 2013 2012 2011

(In millions except per share data)
NET OPERATING REVENUES $ 46,854 $ 48,017 $ 46,542
Cost of goods sold 18,421 19,053 18,215
GROSS PROFIT 28,433 28,964 28,327
Selling, general and administrative expenses 17,310 17,738
17,422
Other operating charges 895 447 732
OPERATING INCOME 10,228 10,779 10,173
Interest income 534 471 483
Interest expense 463 397 417
Equity income (loss) — net 602 819 690
Other income (loss) — net 576 137 529
INCOME BEFORE INCOME TAXES 11,477 11,809 11,458
Income taxes 2,851 2,723 2,812
CONSOLIDATED NET INCOME 8,626 9,086 8,646
Less: Net income attributable to noncontrolling interests 42 67
62
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE
COCA-COLA COMPANY $ 8,584 $ 9,019 $ 8,584
BASIC NET INCOME PER SHARE1 $ 1.94 $ 2.00 $ 1.88
DILUTED NET INCOME PER SHARE1 $ 1.90 $ 1.97 $ 1.85
AVERAGE SHARES OUTSTANDING 4,434 4,504 4,568
Effect of dilutive securities 75 80 78
AVERAGE SHARES OUTSTANDING ASSUMING DILUTION
4,509 4,584 4,646

1 Calculated based on net income attributable to shareowners of
The Coca-Cola Company.
Refer to Notes to Consolidated Financial Statements.
C-2 Appendix C Specimen Financial Statements: The Coca-
Cola Company
INCOME
(In millions)
CONSOLIDATED NET INCOME $ 8,626 $ 9,086 $ 8,646
Other comprehensive income:
Net foreign currency translation adjustment (1,187) (182) (692)
Net gain (loss) on derivatives 151 99 145
Net unrealized gain (loss) on available-for-sale securities (80)
178 (7)
Net change in pension and other benefit liabilities 1,066 (668)
(763)
TOTAL COMPREHENSIVE INCOME 8,576 8,513 7,329
Less: Comprehensive income (loss) attributable to
noncontrolling interests 39 105 10
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO
SHAREOWNERS OF

THE COCA-COLA COMPANY $ 8,537 $ 8,408 $ 7,319
December 31, 2013 2012
(In millions except par value)
ASSETS
CURRENT ASSETS
Short-term investments 6,707 5,017
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM
INVESTMENTS 17,121 13,459
Marketable securities 3,147 3,092
Trade accounts receivable, less allowances of $61 and $53,
Prepaid expenses and other assets 2,886 2,781
Assets held for sale — 2,973
TOTAL CURRENT ASSETS 31,304 30,328
EQUITY METHOD INVESTMENTS 10,393 9,216
OTHER INVESTMENTS, PRINCIPALLY BOTTLING
COMPANIES 1,119 1,232
OTHER ASSETS 4,661 3,585
PROPERTY, PLANT AND EQUIPMENT — net 14,967 14,476
TRADEMARKS WITH INDEFINITE LIVES 6,744 6,527

BOTTLERS’ FRANCHISE RIGHTS WITH INDEFINITE LIVES
7,415 7,405
GOODWILL 12,312 12,255
OTHER INTANGIBLE ASSETS 1,140 1,150
TOTAL ASSETS $ 90,055 $ 86,174
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 9,577 $ 8,680
Loans and notes payable 16,901 16,297
Current maturities of long-term debt 1,024 1,577
Accrued income taxes 309 471
Liabilities held for sale — 796
TOTAL CURRENT LIABILITIES 27,811 27,821
LONG-TERM DEBT 19,154 14,736
OTHER LIABILITIES 3,498 5,468
DEFERRED INCOME TAXES 6,152 4,981
THE COCA-COLA COMPANY SHAREOWNERS’ EQUITY
Common stock, $0.25 par value; Authorized — 11,200 shares;
Issued — 7,040 and 7,040 shares, respectively 1,760 1,760
Capital surplus 12,276 11,379
Reinvested earnings 61,660 58,045
Accumulated other comprehensive income (loss) (3,432) (3,385)
Treasury stock, at cost — 2,638 and 2,571 shares, respectively
(39,091) (35,009)
EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE
COCA-COLA COMPANY 33,173 32,790
EQUITY ATTRIBUTABLE TO NONCONTROLLING
INTERESTS 267 378

TOTAL EQUITY 33,440 33,168
TOTAL LIABILITIES AND EQUITY $ 90,055 $ 86,174
Appendix C Specimen Financial Statements: The Coca-Cola
Company C-3
(In millions)
OPERATING ACTIVITIES
Consolidated net income $ 8,626 $ 9,086 $ 8,646
Deferred income taxes 648 632 1,035
Equity (income) loss — net of dividends (201) (426) (269)
Foreign currency adjustments 168 (130) 7
Significant (gains) losses on sales of assets — net (670) (98)
(220)
Other operating charges 465 166 214
Other items 234 254 (354)
Net change in operating assets and liabilities (932) (1,080)
(1,893)
Net cash provided by operating activities 10,542 10,645 9,474

INVESTING ACTIVITIES
Purchases of investments (14,782) (14,824) (4,798)
Proceeds from disposals of investments 12,791 7,791 5,811
Acquisitions of businesses, equity method investments and
nonmarketable securities (353) (1,486) (971)
Proceeds from disposals of businesses, equity method
investments and nonmarketable securities 872 20 398
Purchases of property, plant and equipment (2,550) (2,780)
(2,920)
Proceeds from disposals of property, plant and equipment 111
143 101
Other investing activities (303) (268) (145)
Net cash provided by (used in) investing activities (4,214)
(11,404) (2,524)
FINANCING ACTIVITIES
Issuances of debt 43,425 42,791 27,495
Payments of debt (38,714) (38,573) (22,530)
Issuances of stock 1,328 1,489 1,569
Purchases of stock for treasury (4,832) (4,559) (4,513)
Dividends (4,969) (4,595) (4,300)
Other financing activities 17 100 45
Net cash provided by (used in) financing activities (3,745)
(3,347) (2,234)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS (611) (255) (430)
CASH AND CASH EQUIVALENTS
Net increase (decrease) during the year 1,972 (4,361) 4,286

Balance at beginning of year 8,442 12,803 8,517
Balance at end of year $ 10,414 $ 8,442 $ 12,803
C-4 Appendix C Specimen Financial Statements: The Coca-
Cola Company
CONSOLIDATED STATEMENTS OF SHAREOWNERS’
EQUITY
(In millions except per share data)
EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE
COCA-COLA COMPANY
NUMBER OF COMMON SHARES OUTSTANDING
Purchases of treasury stock (121) (121) (127)
Treasury stock issued to employees related to stock
compensation plans 54 64 70
Balance at end of year 4,402 4,469 4,526
COMMON STOCK $ 1,760 $ 1,760 $ 1,760
CAPITAL SURPLUS

Stock issued to employees related to stock compensation plans
569 640 724
Tax benefit (charge) from stock compensation plans 144 144 79
Stock-based compensation 227 259 354
Other activities (43) 4 (2)
REINVESTED EARNINGS
Net income attributable to shareowners of The Coca-Cola
Company 8,584 9,019 8,584
Dividends (per share — $1.12, $1.02 and $0.94 in 2013, 2012
and 2011, respectively) (4,969) (4,595) (4,300)
ACCUMULATED OTHER COMPREHENSIVE INCOME
(LOSS)
Balance at beginning of year (3,385) (2,774) (1,509)
Net other comprehensive income (loss) (47) (611) (1,265)
Balance at end of year (3,432) (3,385) (2,774)
TREASURY STOCK
Balance at beginning of year (35,009) (31,304) (27,762)
Stock issued to employees related to stock compensation plans
745 786 830
Purchases of treasury stock (4,827) (4,491) (4,372)
Balance at end of year (39,091) (35,009) (31,304)

TOTAL EQUITY ATTRIBUTABLE TO SHAREOWNERS OF
THE COCA-COLA COMPANY $ 33,173 $ 32,790 $ 31,635
EQUITY ATTRIBUTABLE TO NONCONTROLLING
INTERESTS
Balance at beginning of year $ 378 $ 286 $ 314
Net income attributable to noncontrolling interests 42 67 62
Net foreign currency translation adjustment (3) 38 (52)
Dividends paid to noncontrolling interests (58) (48) (38)
Acquisition of interests held by noncontrolling owners (34) (15)
—
Contributions by noncontrolling interests 6 — —
Business combinations 25 50 —
Deconsolidation of certain entities (89) — —
TOTAL EQUITY ATTRIBUTABLE TO NONCONTROLLING
INTERESTS $ 267 $ 378 $ 286
Amazon.com, Inc. is the world’s largest online retailer. It also
produces con-
sumer electronics—notably the Kindle e-book reader and the
Kindle Fire Tablet
computer—and is a major provider of cloud computing services.
The following
are Amazon’s ! nancial statements as presented in the
company’s 2013 annual
report. To access Amazon’s complete annual report, including
notes to the ! nan-
cial statements, follow these steps:
1. Go to www.amazon.com.

2. Select the Investor Relations link at the bottom of the page
and then select the
2013 Annual Report under Annual Reports and Proxies.
page 40.
Specimen Financial
Statements:
Amazon.com, Inc.
Appendix D
D-1
AMAZON.COM, INC.
(in millions)
Year Ended December 31,
2013 2012 2011
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
$ 8,084 $ 5,269 $ 3,777
OPERATING ACTIVITIES:
Net income (loss) 274 (39) 631
Adjustments to reconcile net income (loss) to net cash from
operating activities:

Depreciation of property and equipment, including internal-use
software and
website development, and other amortization 3,253 2,159 1,083
Stock-based compensation 1,134 833 557
Other operating expense (income), net 114 154 154
Losses (gains) on sales of marketable securities, net 1 (9) (4)
Other expense (income), net 166 253 (56)
Deferred income taxes (156) (265) 136
Excess tax benefits from stock-based compensation (78) (429)
(62)
Changes in operating assets and liabilities:
Inventories (1,410) (999) (1,777)
Accounts receivable, net and other (846) (861) (866)
Accounts payable 1,888 2,070 2,997
Accrued expenses and other 736 1,038 1,067
Additions to unearned revenue 2,691 1,796 1,064
Amortization of previously unearned revenue (2,292) (1,521)
(1,021)
Net cash provided by (used in) operating activities 5,475 4,180
3,903
INVESTING ACTIVITIES:

Purchases of property and equipment, including internal-use
software and website
development (3,444) (3,785) (1,811)
Acquisitions, net of cash acquired, and other (312) (745) (705)
Sales and maturities of marketable securities and other
investments 2,306 4,237 6,843
Purchases of marketable securities and other investments
(2,826) (3,302) (6,257)
Net cash provided by (used in) investing activities (4,276)
(3,595) (1,930)
FINANCING ACTIVITIES:
Excess tax benefits from stock-based compensation 78 429 62
Common stock repurchased — (960) (277)
Proceeds from long-term debt and other 394 3,378 177
Repayments of long-term debt, capital lease, and finance lease
obligations (1,011) (588) (444)
Net cash provided by (used in) financing activities (539) 2,259
(482)
Foreign-currency effect on cash and cash equivalents (86) (29)
1
Net increase (decrease) in cash and cash equivalents 574 2,815
1,492

CASH AND CASH EQUIVALENTS, END OF PERIOD $ 8,658
$ 8,084 $ 5,269
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on long-term debt $ 97 $ 31 $ 14
Cash paid for income taxes (net of refunds) 169 112 33
Property and equipment acquired under capital leases 1,867 802
753
Property and equipment acquired under build-to-suit leases 877
29 259
D-2 Appendix D Specimen Financial Statements:
Amazon.com, Inc.
AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
2013 2012 2011
Net product sales $ 60,903 $ 51,733 $ 42,000

Net services sales 13,549 9,360 6,077
Total net sales 74,452 61,093 48,077
Operating expenses (1):
Cost of sales 54,181 45,971 37,288
Fulfillment 8,585 6,419 4,576
Marketing 3,133 2,408 1,630
Technology and content 6,565 4,564 2,909
General and administrative 1,129 896 658
Other operating expense (income), net 114 159 154
Total operating expenses 73,707 60,417 47,215
Income from operations 745 676 862
Interest income 38 40 61
Interest expense (141) (92) (65)
Other income (expense), net (136) (80) 76
Total non-operating income (expense) (239) (132) 72
Income before income taxes 506 544 934
Provision for income taxes (161) (428) (291)
Equity-method investment activity, net of tax (71) (155) (12)

Net income (loss) $ 274 $ (39) $ 631
Basic earnings per share $ 0.60 $ (0.09) $ 1.39
Diluted earnings per share $ 0.59 $ (0.09) $ 1.37
Weighted average shares used in computation of earnings per
share:
Basic 457 453 453
Diluted 465 453 461
_____________
(1) Includes stock-based compensation as follows:
Fulfillment
Marketing
Technology and content
General and administrative
$ 294
88
603
149
$ 212
61

434
126
$ 133
39
292
93
Appendix D Specimen Financial Statements: Amazon.com, Inc.
D-3
AMAZON.COM, INC.
INCOME
(in millions)
2013 2012 2011
Net income (loss) $ 274 $ (39) $ 631
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $(20),

$(30),
and $20 63 76 (123)
Net change in unrealized gains on available-for-sale securities:
Unrealized gains (losses), net of tax of $3, $(3), and $1 (10) 8
(1)
Reclassification adjustment for losses (gains) included in
“Other
income (expense), net,” net of tax of $(1), $3, and $1 1 (7) (2)
Net unrealized gains (losses) on available-for-sale securities
(9) 1 (3)
Total other comprehensive income (loss) 54 77 (126)
Comprehensive income $ 328 $ 38 $ 505
D-4 Appendix D Specimen Financial Statements:
Amazon.com, Inc.
AMAZON.COM, INC.
(in millions, except per share data)
December 31,
2013 2012

ASSETS
Current assets:
Marketable securities 3,789 3,364
Accounts receivable, net and other 4,767 3,817
Property and equipment, net 10,949 7,060
Goodwill 2,655 2,552
Other assets 1,930 1,647
Total assets $ 40,159 $ 32,555
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable $ 15,133 $ 13,318
Accrued expenses and other 6,688 4,892
Unearned revenue 1,159 792
Long-term debt 3,191 3,084

Other long-term liabilities 4,242 2,277
Stockholders’ equity:
Preferred stock, $0.01 par value:
Authorized shares — 500
Issued and outstanding shares — none — —
Common stock, $0.01 par value:
Authorized shares — 5,000
Issued shares — 483 and 478
Outstanding shares — 459 and 454 5 5
Treasury stock, at cost (1,837) (1,837)
Additional paid-in capital 9,573 8,347
Accumulated other comprehensive loss (185) (239)
Total stockholders’ equity 9,746 8,192
Total liabilities and stockholders’ equity $ 40,159 $ 32,555

Appendix D Specimen Financial Statements: Amazon.com, Inc.
D-5
AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS'
EQUITY
(in millions)
Common Stock
Shares Amount
Treasury
Stock
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity

Balance as of January 1, 2011 451 $ 5 $ (600) $ 6,325 $ (190) $
1,324 $ 6,864
Net income — — — — — 631 631
Other comprehensive income (loss) — — — — (126) — (126)
Exercise of common stock options 5 — — 7 — — 7
Repurchase of common stock (1) — (277) — — — (277)
Excess tax benefits from stock-based
compensation — — — 62 — — 62
Stock-based compensation and issuance of
employee benefit plan stock — — — 569 — — 569
Issuance of common stock for acquisition
activity — — — 27 — — 27
Balance as of December 31, 2011 455 5 (877) 6,990 (316) 1,955
7,757
Net income (loss) — — — — — (39) (39)
Other comprehensive income — — — — 77 — 77
Repurchase of common stock (5) — (960) — — — (960)
employee benefit plan stock — — — 854 — — 854

Issuance of common stock for acquisition
activity — — — 66 — — 66
Balance as of December 31, 2012 454 5 (1,837) 8,347 (239)
1,916 8,192
Net income — — — — — 274 274
Other comprehensive income — — — — 54 — 54
Repurchase of common stock — — — — — — —
employee benefit plan stock — — — 1,149 — — 1,149
Balance as of December 31, 2013 459 $ 5 $ (1,837) $ 9,573 $
(185) $ 2,190 $ 9,746
The following are Wal-Mart Stores, Inc.’s ! nancial statements
as presented in the
company’s 2014 annual report. To access Wal-Mart’s complete
annual report,
including notes to the ! nancial statements, follow these steps:

1. Go to http://corporate.walmart.com.
2. Select Annual Reports under the Investors tab.
3. Select the 2014 Annual Report (Wal-Mart’s ! scal year ends
January 31).
page 40.
Specimen Financial
Statements: Wal-Mart
Stores, Inc.
Appendix E
E-1
Fiscal Years Ended January 31,
(Amounts in millions, except per share data) 2014 2013 2012
Revenues:
Net sales $473,076 $465,604 $443,416
Membership and other income 3,218 3,047 3,093
Total revenues 476,294 468,651 446,509
Costs and expenses:
Cost of sales 358,069 352,297 334,993
Operating, selling, general and administrative expenses
91,353 88,629 85,025
Operating income 26,872 27,725 26,491
Interest:
Debt 2,072 1,977 2,034
Capital leases 263 272 286

Interest income (119) (186) (161)
Interest, net 2,216 2,063 2,159
Income from continuing operations before income taxes 24,656
25,662 24,332
Provision for income taxes:
Current 8,619 7,976 6,722
Deferred (514) (18) 1,202
Total provision for income taxes 8,105 7,958 7,924
Income from continuing operations 16,551 17,704 16,408
Income (loss) from discontinued operations, net of income taxes
144 52 (21)
Consolidated net income 16,695 17,756 16,387
Less consolidated net income attributable to noncontrolling
interest (673) (757) (688)
Consolidated net income attributable to Walmart $ 16,022 $
16,999 $ 15,699
Basic net income per common share:
Basic income per common share from continuing operations
attributable to Walmart $ 4.87 $ 5.03 $ 4.55
Basic income (loss) per common share from discontinued
operations attributable to Walmart 0.03 0.01 (0.01)
Basic net income per common share attributable to Walmart $
4.90 $ 5.04 $ 4.54
Diluted net income per common share:
Diluted income per common share from continuing operations
attributable to Walmart $ 4.85 $ 5.01 $ 4.53
Diluted income (loss) per common share from discontinued

operations attributable to Walmart 0.03 0.01 (0.01)
Diluted net income per common share attributable to Walmart
$ 4.88 $ 5.02 $ 4.52
Weighted-average common shares outstanding:
Basic 3,269 3,374 3,460
Diluted 3,283 3,389 3,474
Dividends declared per common share $ 1.88 $ 1.59 $ 1.46
See accompanying notes.
Consolidated Statements of Income
E-2 Appendix E Specimen Financial Statements: Wal-Mart
Stores, Inc.
As of January 31,
(Amounts in millions) 2014 2013
ASSETS
Current assets:
Receivables, net 6,677 6,768
Prepaid expenses and other 1,909 1,551

Current assets of discontinued operations 460 37
Property and equipment:
Property and equipment 173,089 165,825
Less accumulated depreciation (57,725) (51,896)
Property and equipment, net 115,364 113,929
Property under capital leases:
Property under capital leases 5,589 5,899
Less accumulated amortization (3,046) (3,147)
Property under capital leases, net 2,543 2,752
Goodwill 19,510 20,497
Other assets and deferred charges 6,149 5,987
Total assets $204,751 $203,105
LIABILITIES, REDEEMABLE NONCONTROLLING
INTEREST AND EQUITY
Short-term borrowings $ 7,670 $ 6,805
Accounts payable 37,415 38,080
Accrued liabilities 18,793 18,808

Accrued income taxes 966 2,211
Long-term debt due within one year 4,103 5,587
Obligations under capital leases due within one year 309 327
Current liabilities of discontinued operations 89 —
Long-term debt 41,771 38,394
Long-term obligations under capital leases 2,788 3,023
Deferred income taxes and other 8,017 7,613
Redeemable noncontrolling interest 1,491 519
Equity:
Common stock 323 332
Capital in excess of par value 2,362 3,620
Accumulated other comprehensive income (loss) (2,996) (587)
Total Walmart shareholders’ equity 76,255 76,343
Nonredeemable noncontrolling interest 5,084 5,395
Total equity 81,339 81,738

Total liabilities, redeemable noncontrolling interest and
equity $204,751 $203,105
Consolidated Balance Sheets
Consolidated Statements of Comprehensive Income
(Amounts in millions) 2014 2013 2012
Consolidated net income $16,695 $17,756 $16,387
Less consolidated net income attributable to nonredeemable
noncontrolling interest (606) (684) (627)
Less consolidated net income attributable to redeemable
noncontrolling interest (67) (73) (61)
Consolidated net income attributable to Walmart 16,022 16,999
15,699
Other comprehensive income (loss), net of income taxes
Currency translation and other (3,146) 1,042 (2,758)
Derivative instruments 207 136 (67)
Minimum pension liability 153 (166) 43
Other comprehensive income (loss), net of income taxes
(2,786) 1,012 (2,782)
Less other comprehensive income (loss) attributable to
nonredeemable noncontrolling interest 311 (138) 660
Less other comprehensive income (loss) attributable to
redeemable noncontrolling interest 66 (51) 66
Other comprehensive income (loss) attributable to Walmart
(2,409) 823 (2,056)

Comprehensive income, net of income taxes 13,909 18,768
13,605
Less comprehensive income (loss) attributable to
nonredeemable noncontrolling interest (295) (822) 33
Less comprehensive income (loss) attributable to redeemable
noncontrolling interest (1) (124) 5
Comprehensive income attributable to Walmart $13,613 $17,822
$13,643
Appendix E Specimen Financial Statements: Wal-Mart Stores,
Inc. E-3
Accumulated Total
Capital in Other Walmart Nonredeemable Redeemable
Common Stock Excess of Retained Comprehensive
Shareholders’ Noncontrolling Total Noncontrolling
(Amounts in millions) Shares Amount Par Value Earnings
Income (Loss) Equity Interest Equity Interest
Balances as of February 1, 2011 3,516 $352 $ 3,577 $63,967 $
646 $68,542 $2,705 $71,247 $ 408
Consolidated net income — — — 15,699 — 15,699 627 16,326
61
Other comprehensive loss,

net of income taxes — — — — (2,056) (2,056) (660) (2,716)
(66)
Cash dividends declared
($1.46 per share) — — — (5,048) — (5,048) — (5,048) —
Purchase of Company stock (113) (11) (229) (5,930) — (6,170)
— (6,170) —
Nonredeemable noncontrolling
interest of acquired entity — — — — — — 1,988 1,988 —
Other 15 1 344 3 — 348 (214) 134 1
Balances as of January 31, 2012 3,418 342 3,692 68,691 (1,410)
71,315 4,446 75,761 404
73
Other comprehensive income,
net of income taxes — — — — 823 823 138 961 51
($1.59 per share) — — — (5,361) — (5,361) — (5,361) —
Purchase of Company stock (115) (11) (357) (7,341) — (7,709)
— (7,709) —
Nonredeemable noncontrolling
interest of acquired entity — — — — — — 469 469 —

Other 11 1 285 (10) — 276 (342) (66) (9)
Balances as of January 31, 2013 3,314 332 3,620 72,978 (587)
76,343 5,395 81,738 519
78
Other comprehensive loss,
net of income taxes — — — — (2,409) (2,409) (311) (2,720)
(66)
($1.88 per share) — — — (6,139) — (6,139) — (6,139) —
Purchase of Company stock (87) (9) (294) (6,254) — (6,557) —
(6,557) —
Redemption value adjustment
of redeemable
noncontrolling interest — — (1,019) — — (1,019) — (1,019)
1,019
Other 6 — 55 (41) — 14 (595) (581) (59)
Balances as of January 31, 2014 3,233 $323 $ 2,362 $76,566
$(2,996) $76,255 $5,084 $81,339 $1,491
Consolidated Statements of Shareholders’ Equity
—8 6 66eer 4t 98 0O 11 1 5 1 7 442888 0 2 66 3 2 6666 99O ( )

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E-4 Appendix E Specimen Financial Statements: Wal-Mart
Stores, Inc.
(Amounts in millions) 2014 2013 2012
Cash flows from operating activities:
Consolidated net income $ 16,695 $ 17,756 $ 16,387
Income (loss) from discontinued operations, net of income
taxes (144) (52) 21

Income from continuing operations 16,551 17,704 16,408
Adjustments to reconcile income from continuing operations to
net cash
provided by operating activities:
Deferred income taxes (279) (133) 1,050
Other operating activities 938 602 468
Changes in certain assets and liabilities, net of e>ects of
acquisitions:
Receivables, net (566) (614) (796)
Inventories (1,667) (2,759) (3,727)
Accounts payable 531 1,061 2,687
Accrued liabilities 103 271 (935)
Accrued income taxes (1,224) 981 994
Net cash provided by operating activities 23,257 25,591 24,255
Cash flows from investing activities:
Payments for property and equipment (13,115) (12,898)
(13,510)
Proceeds from the disposal of property and equipment 727 532
580

Investments and business acquisitions, net of cash acquired
(15) (316) (3,548)
Other investing activities 105 71 (131)
Net cash used in investing activities (12,298) (12,611) (16,609)
Cash flows from financing activities:
Net change in short-term borrowings 911 2,754 3,019
Proceeds from issuance of long-term debt 7,072 211 5,050
Payments of long-term debt (4,968) (1,478) (4,584)
Dividends paid (6,139) (5,361) (5,048)
Dividends paid to and stock purchases of noncontrolling
interest (722) (414) (526)
Purchase of Company stock (6,683) (7,600) (6,298)
Other ?nancing activities (488) (84) (71)
Net cash used in ?nancing activities (11,017) (11,972) (8,458)
E>ect of exchange rates on cash and cash equivalents (442) 223
(33)
Net increase (decrease) in cash and cash equivalents (500)
1,231 (845)
Cash and cash equivalents at beginning of year 7,781 6,550
7,395
Cash and cash equivalents at end of year $ 7,281 $ 7,781 $

6,550
Supplemental disclosure of cash flow information:
Income taxes paid $ 8,641 $ 7,304 $ 5,899
Interest paid 2,362 2,262 2,346
Consolidated Statements of Cash Flows
Louis Vuitton is a French company and is one of the leading
international fashion
houses in the world. Louis Vuitton has been named the world’s
most valuable luxury
brand. Note that its ! nancial statements are IFRS-based and are
presented in
euros (€). To access the company’s complete ! nancial
statements, follow these steps:
1. Go to www.lvmh.com/investor-relations.
2. Select 2013 Annual report, and then select the Finance tab
once the Intro has
played.
3. Note that the comments (notes) to the ! nancial statements are
placed after
each corresponding statement.
Specimen Financial
Statements: Louis Vuitton

Appendix F
F-1
(EUR millions) 2013 2012(1) 2011(1)
Brands and other intangible assets 11,458 11,510 11,482
Goodwill 9,959 7,806 6,957
Property, plant and equipment 9,602 8,769 8,017
Investments in associates 152 163 170
Non-current available for sale fi nancial assets 7,080 6,004
5,982
Other non-current assets 432 519 478
Deferred tax 909 954 760
NON-CURRENT ASSETS 39,592 35,725 33,846
Inventories and work in progress 8,586 8,080 7,510
Trade accounts receivable 2,189 1,985 1,878
Income taxes 235 201 121
Other current assets 1,851 1,811 1,455
Cash and cash equivalents 3,221 2,196 2,303
CURRENT ASSETS 16,082 14,273 13,267
ASSETS

TOTAL ASSETS 55,674 49,998 47,113
CONSOLIDATED BAL ANCE SHEET
(Continued.)
F-2 Appendix F Specimen Financial Statements: Louis Vuitton
(EUR millions) 2013 2012(1) 2011(1)
Share capital 152 152 152
Share premium account 3,849 3,848 3,801
Treasury shares and LVMH-share settled derivatives (451)
(414) (485)
Cumulative translation adjustment (8) 342 431
Revaluation reserves 3,900 2,731 2,637
Other reserves 15,817 14,341 12,770
Net profi t, Group share 3,436 3,424 3,065
Equity, Group share 26,695 24,424 22,371
Minority interests 1,028 1,084 1,055
TOTAL EQUITY 27,723 25,508 23,426

Long term borrowings 4,159 3,836 4,132
Provisions 1,755 1,756 1,530
Deferred tax 3,934 3,960 3,925
Other non-current liabilities 6,403 5,456 4,506
NON-CURRENT LIABILITIES 16,251 15,008 14,093
Short term borrowings 4,688 2,976 3,134
Trade accounts payable 3,308 3,134 2,952
Income taxes 382 442 443
Provisions 322 335 349
Other current liabilities 3,000 2,595 2,716
CURRENT LIABILITIES 11,700 9,482 9,594
TOTAL LIABILITIES AND EQUITY 55,674 49,998 47,113
(1) The balance sheets as of December 31, 2012 and 2011 have
been restated to refl ect the retrospective application as of
January 1, 2011 of IAS 19 Employee Benefi ts
as amended.
(Continued.)

Appendix F Specimen Financial Statements: Louis Vuitton F-3
F-4 Appendix F Specimen Financial Statements: Louis Vuitton
CONSOLIDATED STATEMENT OF
COMPREHENSIVE GAINS AND LOSSES
(EUR millions) 2013 2012 (1) 2011(1)
NET PROFIT BEFORE MINORITY INTERESTS 3,947 3,909
3,465
Translation adjustments (346) (99) 190
Tax impact (48) (18) 47
(394) (117) 237
Change in value of available for sale fi nancial assets 963 (27)
1,634
Amounts transferred to income statement (16) (14) (38)
Tax impact (35) (6) (116)
912 (47) 1,480
Change in value of hedges of future foreign currency cash fl
ows 304 182 95
Amounts transferred to income statement (265) 13 (168)
Tax impact (17) (50) 21

22 145 (52)
GAINS AND LOSSES RECOGNIZED IN EQUITY,
TRANSFERABLE TO INCOME STATEMENT 540 (19) 1,665
Change in value of vineyard land 369 85 25
Tax impact (127) (28) (11)
242 57 14
Employee benefi t commitments: change in value
resulting from actuarial gains and losses 80 (101) (45)
Tax impact (22) 29 13
58 (72) (32)
GAINS AND LOSSES RECOGNIZED IN EQUITY,
NOT TRANSFERABLE TO INCOME STATEMENT 300 (15)
(18)
COMPREHENSIVE INCOME 4,787 3,875 5,112
Minority interests (532) (470) (429)
COMPREHENSIVE INCOME, GROUP SHARE 4,255 3,405
4,683
(1) The consolidated statements of comprehensive gains and
losses as of December 31, 2012 and 2011 have been restated to
refl ect the retrospective application as of January 1, 2011 of
IAS 19
Employee Benefi ts as amended.

Appendix F Specimen Financial Statements: Louis Vuitton F-5
CONSOLIDATED CASH FLOW STATEMENT
(EUR millions) 2013 2012 2011
I. OPERATING ACTIVITIES AND OPERATING
INVESTMENTS
Operating profi t
Net increase in depreciation, amortization and provisions
Other computed expenses
Dividends received
Other adjustments
5,894
1,454
(29)
86
(76)
5,739
1,299
(62)
188
(51)
5,154
999

(45)
61
(32)
CASH FROM OPERATIONS BEFORE CHANGES IN
WORKING CAPITAL 7,329 7,113 6,137
Cost of net fi nancial debt: interest paid
Income taxes paid
(112)
(1,979)
(154)
(1,970)
(152)
(1,544)
NET CASH FROM OPERATING ACTIVITIES BEFORE
CHANGES
IN WORKING CAPITAL 5,238 4,989 4,441
Change in working capital (617) (813) (534)
NET CASH FROM OPERATING ACTIVITIES 4,621 4,176
3,907
Operating investments (1,663) (1,702) (1,730)
NET CASH FROM OPERATING ACTIVITIES
AND OPERATING INVESTMENTS (free cash D ow) 2,958

2,474 2,177
II. FINANCIAL INVESTMENTS
Purchase of non-current available for sale fi nancial assets
Proceeds from sale of non-current available for sale fi nancial
assets
Impact of purchase and sale of consolidated investments
(197)
38
(2,158)
(131)
36
(45)
(518)
17
(785)(1)
NET CASH FROM (used in) FINANCIAL INVESTMENTS
(2,317) (140) (1,286)
III. TRANSACTIONS RELATING TO EQUITY
Capital increases of LVMH
Capital increases of subsidiaries subscribed by minority
interests
Acquisition and disposals of treasury shares and LVMH-share
settled derivatives
Interim and fi nal dividends paid by LVMH
Interim and fi nal dividends paid to minority interests in

consolidated subsidiaries
Purchase and proceeds from sale of minority interests
66
7
(113)
(1,501)
(220)
(150)
94
8
5
(1,447)
(314)
(206)
94(1)
3
2
(1,069)
(189)
(1,413)
NET CASH FROM (used in) TRANSACTIONS RELATING TO
EQUITY (1,911) (1,860) (2,572)
CHANGE IN CASH BEFORE FINANCING ACTIVITIES
(1,270) 474 (1,681)
IV. FINANCING ACTIVITIES

Proceeds from borrowings
Repayment of borrowings
Purchase and proceeds from sale of current available for sale fi
nancial assets
3,145
(1,099)
101
1,068
(1,526)
(67)
2,659
(1,005)
6
NET CASH FROM (used in) FINANCING ACTIVITIES 2,147
(525) 1,660
V. EFFECT OF EXCHANGE RATE CHANGES 46 (42) 60
NET INCREASE (decrease) IN CASH AND CASH
EQUIVALENTS (I + II + III + IV + V) 923 (93) 39
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD
CASH AND CASH EQUIVALENTS AT END OF PERIOD
1,988
2,911

2,081
1,988
2,042
2,081
Transactions included in the table above, generating no change
in cash:
– acquisition of assets by means of fi nance leases 7 5 3
(1) Not including the impact of the amount attributable to the
acquisition of Bulgari remunerated by the capital increase of
LVMH SA as of June 30, 2011, which did not generate any cash
fl ows.
(EUR millions) Number
of shares
Share capital Share premium
account
Treasury shares
and LVMH-
share settled
derivatives
Cumulative
translation
adjustment
AS OF DECEMBER 31, 2012
AFTER RESTATEMENT 508,163,349 152 3,848 (414) 342
Gains and losses recognized in equity (350)

Net profi t
COMPREHENSIVE INCOME - - - (350)
Stock option plan and similar expenses
(Acquisition)/disposal of treasury shares
and LVMH-share settled derivatives (103)
Exercise of LVMH share subscription
options 1,025,418 67
Retirement of LVMH shares (1,395,106) (66) 66
Capital increase in subsidiaries
Interim and final dividends paid
Changes in control of consolidated
entities
Acquisition and disposal of minority
interests’ shares
Purchase commitments for minority
interests’ shares
AS OF DECEMBER 31, 2013 507,793,661 152 3,849 (451)
(8)
Revaluation reserves Net profi t
and other
reserves

Total equity
Available
for sale
fi nancial assets
Hedges of
future foreign
currency
cash fl ows
Vineyard
land
Employee
benefi t
commitments
Group share Minority
interests
Total
1,943 118 758 (88) 17,765 24,424 1,084 25,508
912 18 188 51 819 21 840
3,436 3,436 511 3,947
912 18 188 51 3,436 4,255 532 4,787
31 31 3 34

(7) (110) - (110)
67 - 67
- - -
- 8 8
(1,500) (1,500) (228) (1,728)
1 1 50 51
(73) (73) (76) (149)
(400) (400) (345) (745)
2,855 136 946 (37) 19,253 26,695 1,028 27,723
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY

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