罗星：星巴克盈利能力分析(8)

西南财经大学天府学院 星巴克盈利能力分析

Accrued liabilities Insurance reserves Stored value card liability Current portion of long-term debt Total current liabilities Long-term debt Other long-term liabilities Total liabilities Shareholders’ equity: Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,460.5 and 1,485.1 shares, respectively Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total shareholders’ equity Non controlling interests Total equity TOTAL LIABILITIES AND EQUITY 1999.1 246 1171.2 400 4546.9 3202.2 689.7 8438.8 1755.3 224.8 983.8 — 3648.1 2347.5 600.9 6596.5 — 1514.4 196.1 794.5 3038.7 2048.3 392.2 5479.2 2784.1 1269.3 178.5 653.7 5377.3 1299.4 357.7 7034.4 — 1133.8 167.7 510.2 2209.8 549.6 345.3 3104.7 1.5 1.5 0.7 0.8 0.7 41.1 5949.8 -108.4 5884 6.7 5890.7 14329.5 41.1 5974.8 -199.4 5818 1.8 5819.8 12416.3 39.4 5206.6 25.3 5272 1.7 5273.7 10752.9 282.1 4130.3 67 4480.2 2.1 4482.3 11516.7 39.4 5046.2 22.7 5109 5.5 5114.5 8219.2 （资料来源：星巴克2012-2016年年度报告，作者整理）

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西南财经大学天府学院 星巴克盈利能力分析

附表2 星巴克2012-2016年合并利润表

STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS $ (in millions, except per share data) Fiscal Year Ended Net revenues: Company-operated stores Licensed stores CPG, foodservice and other Total net revenues Cost of sales including occupancy costs Store operating expenses Other operating expenses Depreciation and amortization expenses General and administrative expenses Litigation credit Total operating expenses Income from equity investees Operating income Gain resulting from acquisition of joint venture Loss on extinguishment of debt Interest income and other, net Interest expense Earnings before income taxes — 108 -81.3 4198.6 -61.1 43 -70.5 3903 — 142.7 -64.1 3159.7 — 123.6 -28.1 -229.9 — 94.4 -32.7 2059.1 1360.6 — 17462.2 318.2 4171.9 — 1196.7 — 15811.6 249.9 3601 390.6 991.3 -20.2 13635 268.3 3081.1 — 937.9 2784.1 15443.6 251.4 -325.4 — 801.2 — 11490.1 210.7 1997.4 — 6064.3 545.4 980.8 5411.1 522.4 893.9 4638.2 457.3 709.6 4286.1 431.8 621.4 3918.1 407.2 550.3 16844.1 2154.2 2317.6 21315.9 8511.1 15197.3 1861.9 2103.5 19162.7 7787.5 12977.9 1588.6 1881.3 16447.8 6858.8 11793.2 1360.5 1713.1 14866.8 6382.3 10534.5 1210.3 1532 13276.8 5813.3 Oct2.2016 Sep27.2015 Sep28.2014 Sep29.2013 Sep30.2012

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西南财经大学天府学院 星巴克盈利能力分析

Income tax expense Net earnings including non-controlling interests Net earnings/(loss) attributable to non-controlling interests Net earnings attributable to Starbucks Earnings per share — basic Earnings per share — diluted Weighted average shares outstanding: Basic Diluted 1379.7 2818.9 1143.7 2759.3 1092 2067.7 -238.7 8.8 674.4 1384.7 1.2 1.9 -0.4 0.5 0.9 2817.7 2757.4 2068.1 8.3 1383.8 1.91 1.9 1.84 1.82 1.37 1.35 0.01 0.01 1.83 1.79 1471.6 1486.7 1495.9 1513.4 1506.3 1526.3 749.3 762.3 754.4 773 （资料来源：星巴克2012-2016年年度报告，作者整理）

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西南财经大学天府学院 星巴克盈利能力分析

附表3 星巴克2012-2016年合并现金流量表

STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS $ (in millions, except per share data) Fiscal Year Ended OPERATING ACTIVITIES: Net earnings including non-controlling interests Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization Deferred income taxes, net Income earned from equity method investees Distributions received from equity method investees Gain resulting from acquisition/sale of equity in joint ventures and certain retail operations Loss on extinguishment of debt Stock-based compensation Excess tax benefit on share-based awards Other 45.1 53.8 36.2 23 23.6 — 218.1 -122.8 61.1 209.8 -132.4 — 183.2 -114.4 -80.1 142.3 -258.1 — 153.6 -169.8 -6.1 -394.3 -70.2 115.6 86.7 223.3 148.2 139.2 -171.8 -136 1030.1 265.7 -250.2 933.8 21.2 -190.2 748.4 10.2 -182.7 655.6 2,784.10 -1,045.90 580.6 — 61.1 2,818.90 2,759.30 2,067.70 8.8 1,384.70 Oct2.2016 Sep27.2015 Sep28.2014 Sep29.2013 Sep30.2012 Cash provided by changes in operating assets and liabilities: Accounts receivable Inventories Accounts payable -55.6 -67.5 46.9 -82.8 -207.9 137.7 -79.7 14.3 60.4 -68.3 152.5 88.7 -90.3 -273.3 -105.2

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西南财经大学天府学院 星巴克盈利能力分析

Accrued litigation charge Stored value card liability Other operating assets and liabilities Net cash provided by operating activities INVESTING ACTIVITIES: Purchases of investments Sales of investments Maturities and calls of investments Acquisitions, net of cash acquired Additions to property, plant and equipment Net proceeds from sale of equity in joint ventures and certain retail operations Other Net cash used by investing activities FINANCING ACTIVITIES: Proceeds from issuance of long-term debt Repayments of long-term debt Cash used for purchase of non-controlling interest Proceeds from issuance of common stock Excess tax benefit on share-based awards Cash dividends paid — 180.4 248.8 4,575.10 — 170.3 261.5 3,749.10 -2,763.90 140.8 418.3 607.8 — 139.9 — 2,908.30 — 60.8 — 1,750.30 -1,585.70 680.7 27.9 — -1,440.30 -567.4 600.6 18.8 -284.3 -1,303.70 -1,652.50 1,454.80 456.1 — -1,160.90 785.9) 60.2 980 -610.4 -1,151.20 -1,748.60 — 1,796.40 -129.1 -856.2 69.6 8.9 103.9 108 — 24.9 -2,222.90 6.8 -1,520.30 -19.1 -817.7 -11.9 -1,411.20 -36.5 -974 1,254.50 848.5 748.5 749.7 — — — -610.1 -360.8 — — -35.2 — — -30.8 160.7 191.8 139.7 247.2 236.6 122.8 132.4 114.4 258.1 169.8 -1,178.00 -928.6 -783.1 -628.9 -513

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