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

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54Polo Ralph Lauren Corp.As Reported Annual CashFlow 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 ThousandsNet income (loss) 170,954 174,235 172,500 59,262 143,497Provision for (benefit from) dfdincome taxes -4,233 8,901 21,216 -23,430 6,761Depreciation & amortization 83,189 78,645 83,919 78,599 66,280Cumulative effect of chng in acctgprinciple - - - - 3,967Provision for losses on accountsreceivable 2,623 1,760 2,920 547 2,734Changes in other non-currentliabilities -18,930 3,087 -15,628 -27,989 3,155Provision for restructuring 19,566 14,443 16,000 98,836 -Foreign currency (gains) losses 1,864 529 -1,820 -5,846 -Other adjs to reconcile net income(loss) 5,565 -1,152 9,173 -9,885 4,770Accounts receivable -55,032 -7,798 -92,314 -68,968 -32,746Inventories 17,227 6,365 82,721 -44,626 53,325Prepaid expenses & other currentassets -32,439 -19,149 24,143 -22,967 1,216Other assets -37,163 2,868 6,142 8,042 -9,801Accounts payable -2,296 -5,080 -11,001 30,683 31,281Income taxes payable 27,658 - - - -Accrued expenses & other currentliabilities 32,053 11,320 -4,213 28,028 -31,750Net cash flows from operatingactiviites 210,606 268,974 293,758 100,286 242,689Purchases of property & equipment,net -123,026 -98,664 -88,008 -105,170 -122,010Investments in marketable securities - - - -50,721 -Acquisitions, net of cash acquired -5,019 -30,326 -23,702 -20,929 -235,144Proceeds from restricted cash for ClbMnc - - - - 44,217Equity interest investments -4,548 -47,631 - - -Purchase of trademark -7,500 - - - -Disposal of property & equipment 7,391 13,452 - - -Cash surrender value-officers' lifeinsurance - -3,100 -4,242 -5,152 -5,385Net cash flows from investingactivities -132,702 -166,269 -115,952 -181,972 -318,322Payment of dividends -14,847 - - - -Repurchases of common stock -1,047 -4,682 -2,067 -13,833 -41,262Proceeds from issuance of commonstock, net - - - 10,297 -Proceeds from exercise of stockoptions 40,414 7,718 24,486 - -Procs fr (repayments of) sht-tmborrows, net - 68,000 -52,166 2,939 -39,400Repayments of long term debt - -7,700 -10,576 -25,289 -37,358Net payments of short-term debt -100,943 -80,000 - - -
Proceeds from long term debt - - - - 319,610Net cash flows from financingactivities -76,423 -16,664 -40,323 -25,886 201,590Effect of exchange rate changes oncash -1,610 12,832 -928 -5,501 -5,844Net incr (decr) in cash & cashequivalents -129 98,873 136,555 -113,073 120,113Cash & cash equivalents, beginningof period 343,606 244,733 102,219 164,571 44,458Cash & cash equivalents at end ofperiod 343,477 343,606 238,774 51,498 164,571Cash paid for interest 9,396 19,654 20,193 25,318 7,713Cash paid for income taxes 60,810 65,163 58,328 72,599 112,202Cap obligs for completed shopwithin-shops- - - - 2,463Liabilities assumed - 8,506 15,229 - 141,95655
Page 1 and 2:
Business Valuation of Polo Ralph La
Page 3 and 4: Executive SummaryThe objective of t
Page 5 and 6: Industry Overview and Analysis.Comp
Page 7 and 8: Products and Services:Polo Ralph La
Page 9 and 10: Company-operated a total of 3,022 s
Page 11 and 12: Ralph Lauren lifestyle through new
Page 13 and 14: Lauren must remain a respected inno
Page 15: Net Accounts ReceivableA reserve fo
Page 18 and 19: offset by the increase in selling s
Page 20 and 21: Evaluation of the Quality of Disclo
Page 22 and 23: Ratio Analysis of Polo Ralph Lauren
Page 24 and 25: for the company. The Times Interest
Page 26 and 27: average of this ratio, with the exc
Page 28 and 29: (In millions of dollars)Annual Bala
Page 30 and 31: Based on the Comparable forward P/E
Page 32 and 33: occurred because their Book Value a
Page 34 and 35: Sensitivity Analysisg0 0.02 0.03 0.
Page 36 and 37: on those obligations. This valuatio
Page 38 and 39: AppendixCross Sectional (Benchmark)
Page 40 and 41: Net Profit Margin 4/3/2004 3/29/200
Page 42 and 43: Return on Equity (ROE) 4/3/2004 3/2
Page 44 and 45: Quick Ratio 4/3/2004 3/29/2003 3/30
Page 46 and 47: Discounted Dividends (Amounts in mi
Page 48: Residual Income 1 2 3 4 5 6 7 8 9 1
Page 51 and 52: 51Polo Ralph Lauren Corp.As Reporte
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Business Valuation of Polo Ralph Lauren Corporation - Mark Moore ...

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