Business Valuation of Polo Ralph Lauren Corporation - Mark Moore ...

51Polo Ralph Lauren Corp.As Reported Annual BalanceSheet 4/3/2004 3/29/2003 3/30/2002 3/31/2001 4/1/2000Currency USD USD USD USD USDAuditor StatusNotQualifiedNotQualifiedNotQualifiedNotQualifiedNotQualifiedConsolidated Yes Yes Yes Yes YesScale Thousands Thousands Thousands Thousands ThousandsCash & cash equivalents 343,477 343,606 238,774 51,498 164,571Marketable securities - - - 50,721 -Accounts receivable, gross 472,260 393,454 366,783 281,100 221,078Allowances 30,536 17,631 13,175 12,090 16,631Accounts receivable, net 441,724 375,823 353,608 269,010 204,447Raw materials 5,516 4,214 3,874 7,024 13,649Work-in-process 4,669 4,536 5,469 6,251 6,337Finished goods 353,506 355,021 340,475 412,319 370,967Inventories 363,691 363,771 349,818 425,594 390,953Deferred tax assets 21,565 15,735 17,897 31,244 40,378Prepaid expenses & other currentassets 100,862 67,072 47,960 73,654 52,542Total current assets 1,271,319 1,166,007 1,008,057 901,721 852,891Land & improvements 3,725 3,725 3,720 3,408 3,108Buildings 18,540 18,490 17,250 10,178 10,178Furniture & fixtures 345,668 308,300 258,816 229,824 192,444Machinery & equipment 180,138 133,835 105,136 56,833 49,807Leasehold improvements 329,186 298,449 318,734 304,681 350,367Gross property & equipment 877,257 762,799 703,656 604,924 605,904Less accumulated depreciation &amortization 479,929 407,803 359,820 275,995 232,927Property & equipment, net 397,328 354,996 343,836 328,929 372,977Deferred tax assets 61,579 54,386 58,127 61,056 11,068Goodwill, gross - - 297,048 263,291 -Less: Accumulated amortization -goodwill - - 23,700 13,900 -Goodwill, net 341,603 315,559 273,348 249,391 277,822Intangibles, net 17,640 11,400 - - -Equity interest investment 57,766 47,631 - - -Officers' life insurance 50,250 48,826 - - -Other long-term assets 72,756 40,017 - - -Other assets 180,772 136,474 - - -Other assets - - 66,129 84,996 105,804Total assets 2,270,241 2,038,822 1,749,497 1,626,093 1,620,562Short-term bank borrowings - 100,943 32,988 86,112 86,131Accounts payable 187,355 181,392 177,472 178,293 151,281Income taxes payable 77,736 55,501 52,819 - -Deferred tax liabilities 1,821 - - - -Accrued operating expenses 174,574 103,670 74,537 108,441 90,467Accrued payroll & benefits 38,217 33,630 25,124 37,760 26,621Accrued restructuring charge 12,835 15,817 17,644 13,886 12,283Deferred rent obligation 8,592 9,394 - - -Accrued acquisition obligation - - - - 21,637Accrued shop-within-shops - - 11,187 15,085 17,808Accrued expenses & other currentliabilities 234,218 162,511 128,492 175,172 168,816