copy of apple inc_financial analysis.xlsx

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CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of shares which are reflected in thousands and per shar Five years ended September(2014,2013,2012,2011,2010) Net sales Cost of sales Gross margin Operating expenses: Research and development Selling, general and administrative Total operating expenses Operating income Other income and expense Income before provision for income taxes Provision for income taxes Net income Earnings per common share: Basic Diluted Shares used in computing earnings per share: Basic Diluted Cash dividends declared per common share

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Page 1: Copy of Apple Inc_Financial Analysis.xlsx

CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except number of shares which are reflected in thousands and per share amounts)Five years ended September(2014,2013,2012,2011,2010)Net sales Cost of sales Gross marginOperating expenses: Research and development Selling, general and administrative Total operating expensesOperating income Other income and expense Income before provision for income taxesProvision for income taxesNet income

Earnings per common share:BasicDiluted Shares used in computing earnings per share:Basic Diluted

Cash dividends declared per common share

Page 2: Copy of Apple Inc_Financial Analysis.xlsx

2014 2013 2012 2011 2010182,795 170,910 156,508 108,249 65,225112,258 106,606 87,846 64,431 39,541

70,537 64,304 68,662 43,818 25,684

6,041 4,475 3,381 2,429 1,78211,993 10,830 10,040 7,599 5,51718,034 15,305 13,421 10,028 7,29952,503 48,999 55,241 33,790 18,385

980 1,156 522 415 15553,483 50,155 55,763 34,205 18,54013,973 13,118 14,030 8,283 4,52739,510 37,037 41,733 25,922 14,013

6.49 5.72 6.38 28.05 15.416.45 5.68 6.31 27.68 15.15

6,085,572 6,477,320 6,543,726 924,258 909,4616,122,663 6,521,634 6,617,483 936,645 924,712

1.82 1.64 0.38 0.00 0.00

Page 3: Copy of Apple Inc_Financial Analysis.xlsx

CONSOLIDATED BALANCE SHEETS(In millions, except number of shares which are reflected in thousands)Five years ended September(2014,2013,2012,2011,2010) 2014ASSETS:Current assets:Cash and cash equivalents 13,844Short-term marketable securities 11,233Accounts receivable, less allowances of $53 and $55, respectively 17,460Inventories 2,111Deferred tax assets 4,318Vendor non-trade receivables 9,759Other current assets 9,806Total current assets 68,531Long-term marketable securities 130,162Property, plant and equipment, net 20,624Goodwill 4,616Acquired intangible assets, net 4,142Other assets 3,764Total assets 231,839LIABILITIES AND SHAREHOLDERS’ EQUITY:Current liabilities:Accounts payable 30,196Accrued expenses 18,453Deferred revenue 8,491Commercial paper 6,308Total current liabilities 63,448Deferred revenue – non-current 3,031Long-term debt 28,987Other non-current liabilities 24,826Total liabilities 120,292Commitments and contingenciesShareholders’ equity:Common stock, no par value; 1,800,000 shares authorized; 929,277and 915,970 shares issued and outstanding, respectively 23,313Retained earnings 87,152Accumulated other comprehensive income/(loss) 1,082Total shareholders’ equity 111,547Total liabilities and shareholders’ equity 231,839

Page 4: Copy of Apple Inc_Financial Analysis.xlsx

2013 2012 2011 2010

14,259 10,746 9,815 11,26126,287 18,383 16,137 14,35913,102 10,930 5,369 5,510

1,764 791 776 1,0513,453 2,583 2,014 1,6367,539 7,762 6,348 4,4146,882 6,458 4,529 3,447

73,286 57,653 44,988 41,678106,215 92,122 55,618 25,391

16,597 15,452 7,777 4,7681,577 1,135 896 7414,179 4,224 3,536 3425,146 5,478 3,556 2,263

207,000 176,064 116,371 75,183

22,367 21,175 14,632 12,01513,856 11,414 9,247 5,723

7,435 5,953 4,091 2,9840 0 0 0

43,658 38,542 27,970 20,7222,625 2,648 1,686 1,139

16,960 0 0 020,208 16,664 10,100 5,53183,451 57,854 39,756 27,392

19,764 16,422 13,331 10,668104,256 101,289 62,841 37,169

-471 499 443 -46123,549 118,210 76,615 47,791207,000 176,064 116,371 75,183

Page 5: Copy of Apple Inc_Financial Analysis.xlsx

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY(In millions, except number of shares which are reflected in thousands)

Common Stock and Additional Paid-In Capital

Shares

Balances as of September 26, 2009 899,806Components of comprehensive income:Net incomeChange in foreign currency translationChange in unrealized gains/losses on marketablesecurities, net of taxChange in unrecognized gains/losses on derivativeinstruments, net of taxTotal comprehensive income Share-based compensationCommon stock issued under stock plans, net of shareswithheld for employee taxes 16,164Tax benefit from equity awards, including transferpricing adjustmentsBalances as of September 25, 2010 915,970Components of comprehensive income:Net incomeChange in foreign currency translation Change in unrealized gains/losses on marketablesecurities, net of taxChange in unrecognized gains/losses on derivativeinstruments, net of taxTotal comprehensive incomeShare-based compensationCommon stock issued under stock plans, net of shareswithheld for employee taxes 13,307Tax benefit from equity awards, including transferpricing adjustments Balances as of September 24, 2011 6,504,937Net income Other comprehensive income/(loss) Dividends and dividend equivalents declaredShare-based compensation Common stock issued, net of shareswithheld for employee taxes 69,521Tax benefit from equity awards, includingtransfer pricing adjustments Balances as of September 29, 2012 6,574,458Net incomeOther comprehensive income/(loss)

Page 6: Copy of Apple Inc_Financial Analysis.xlsx

Dividends and dividend equivalents declared Repurchase of common stock -328,837Share-based compensationCommon stock issued, net of shareswithheld for employee taxes 48,873Tax benefit from equity awards, includingtransfer pricing adjustments Balances as of September 28, 2013 6,294,494Net incomeOther comprehensive income/(loss)Dividends and dividend equivalents declared Repurchase of common stock -488,677Share-based compensationCommon stock issued, net of shareswithheld for employee taxes 60,344Tax benefit from equity awards, includingtransfer pricing adjustmentsBalances as of September 27, 2014 5,866,161

Page 7: Copy of Apple Inc_Financial Analysis.xlsx

Common Stock and Additional Paid-In Capital

Amount

8,210 23,353 77 31,6400

14,013 14,0137 7

0123 123

0-253 -253

13,890876 876

0703 -197 506879 879

010,668 37,169 -46 47,791

025,922 25,922

-12 -120

-41 -410

542 54226,411

1,168 1,1680

561 -250 3110

934 93413,331 62,841 443 76,615

41,733 41,73356 56

-2,523 -2,5231,740 1,740

0200 -762 -562

01,151 1,151

16,422 101,289 499 118,21037,037 37,037

-970 -970

Retained Earnings

AccumulatedOther

Comprehensive Income/

(Loss)

Total Shareholders' Equity

Page 8: Copy of Apple Inc_Financial Analysis.xlsx

-10,676 -10,676-22,950 -22,950

2,253 2,2530

-143 -444 -5870

1,232 1,23219,764 104,256 -471 123,549

39,510 39,5101,553 1,553

-11,215 -11,215-45,000 -45,000

2,863 2,8630

-49 -399 -4480

735 73523,313 87,152 1,082 111,547

Page 9: Copy of Apple Inc_Financial Analysis.xlsx

CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)

Cash and cash equivalents, beginning of the yearOperating activities:Net income Adjustments to reconcile net income to cash generated by operating activities:

Share-based compensation expense Deferred income tax expense Changes in operating assets and liabilities:Accounts receivable, netInventories Vendor non-trade receivablesOther current and non-current assetsAccounts payableDeferred revenueOther current and non-current liabilitiesCash generated by operating activitiesInvesting activities:Purchases of marketable securities Proceeds from maturities of marketable securitiesProceeds from sales of marketable securities

Payments for acquisition of property, plant and equipment Payments for acquisition of intangible assets Other Cash used in investing activitiesFinancing activities:Proceeds from issuance of common stock Excess tax benefits from equity awards Taxes paid related to net share settlement of equity awardsDividends and dividend equivalents paidRepurchase of common stockProceeds from issuance of long-term debt, netProceeds from issuance of commercial paper, netCash generated by financing activities/Cash used in financing activities(Decrease)/increase in cash and cash equivalentsCash and cash equivalents, end of the year Supplemental cash flow disclosure:Cash paid for income taxes, net Cash paid for interest

Depreciation, amortization and accretion

Payments made in connection with business acquisitions, net of cash acquired

Page 10: Copy of Apple Inc_Financial Analysis.xlsx

2014 2013 2012 2011 201014,259 10,746 9,815 11,261 5,263

39,510 37,037 41,733 25,922 14,013

7,946 6,757 3,277 1,814 1,0272,863 2,253 1,740 1,168 8792,347 1,141 4,405 2,868 1,440

-4,232 -2,172 -5,551 143 -2,142-76 -973 -15 275 -596

-2,220 223 -1,414 -1,934 -2,718167 1,080 -3,162 -1,391 -1,610

5,938 2,340 4,467 2,515 6,3071,460 1,459 2,824 1,654 1,2176,010 4,521 2,552 4,495 778

59,713 53,666 50,856 37,529 18,595

-217,128 -148,489 -151,232 -102,317 -57,79318,810 20,317 13,035 20,437 24,930

189,301 104,130 99,770 49,416 21,788-3,765 -496 -350 -244 -638-9,571 -8,165 -8,295 -4,260 -2,005

-242 -911 -1,107 -3,192 -11616 -160 -48 -259 -20

-22,579 -33,774 -48,227 -40,419 -13,854

730 530 665 831 912739 701 1,351 1,133 751

-1,158 -1,082 -1,226 -520 -406-11,126 -10,564 -2,488 0 0-45,000 -22,860 0 0 011,960 16,896 0 0 0

6,306 0 0 0 0-37,549 -16,379 -1,698 1,444 1,257

-415 3,513 931 -1,446 5,99813,844 14,259 10,746 9,815 11,261

10,026 9,128 7,682 3,338 2,697339 0 0 0 0

Page 11: Copy of Apple Inc_Financial Analysis.xlsx

2010 2011 2012 2013 2014Apple 2.01 1.61 1.50 1.68

2010 2011 2012 2013 2014

Apple 2.01 1.61 1.50 1.68 N.aN

0.25

0.75

1.25

1.75

2.25

Current RatioPe

rcen

tage

(%)

Page 12: Copy of Apple Inc_Financial Analysis.xlsx

2.ACTIVITY RATIO

2010 2011 2012 2013 2014Apple 52.51 70.53 112.12 83.45

Apple(USD In Million)COGS 39,541 64,431 87,846 106,606Average Inventory 753 914 784 1,278Beginning Inventory balance 455 1,051 776 791Ending Inventory balance 1,051 776 791 1,764Inventory Turnover Ratio 52.51 70.53 112.12 83.45

2010 2011 2012 2013 2014

Apple 52.51 70.53 112.12 83.45 N.aN

10.00

30.00

50.00

70.00

90.00

110.00

Inventory Turnover RatioTi

mes

2010 2011 2012 2013 2014

Apple 0 0 0 0 0

0

1

Average Collection Period

Tim

es

Page 13: Copy of Apple Inc_Financial Analysis.xlsx

2010 2011 2012 2013 2014Apple 0.00 0.00 0.00 0.00 0.00

Apple(USD In Million)ACP 0 0 0 0 0

2010 2011 2012 2013 2014

Apple 0 0 0 0 0

0

1

Average Collection Period

Tim

es

2010 2011 2012 2013 2014

Apple 52.51 70.53 112.12 83.45 N.aN

10.00

30.00

50.00

70.00

90.00

110.00

Average Payment Period

Tim

es

2010 2011 2012 2013 2014

Apple 0.87 0.93 0.89 0.83 N.aN

0.77

0.79

0.81

0.83

0.85

0.87

0.89

0.91

0.93

Total Asset Turnover

Tim

es

Page 14: Copy of Apple Inc_Financial Analysis.xlsx

2010 2011 2012 2013 2014Apple 0.87 0.93 0.89 0.83

Apple(USD In Million)Revenue 65,225 108,249 156,568 170,910Assets 75,183 116,371 176,064 207,000Total Asset Turnover 0.87 0.93 0.89 0.83

2010 2011 2012 2013 2014

Apple 0.87 0.93 0.89 0.83 N.aN

0.77

0.79

0.81

0.83

0.85

0.87

0.89

0.91

0.93

Total Asset Turnover

Tim

es

Page 15: Copy of Apple Inc_Financial Analysis.xlsx

2010 2011 2012 2013 2014

Apple 0.87 0.93 0.89 0.83 N.aN

0.77

0.79

0.81

0.83

0.85

0.87

0.89

0.91

0.93

Total Asset Turnover

Tim

es

Page 16: Copy of Apple Inc_Financial Analysis.xlsx

2010 2011 2012 2013 2014

Apple 0.87 0.93 0.89 0.83 N.aN

0.77

0.79

0.81

0.83

0.85

0.87

0.89

0.91

0.93

Total Asset Turnover

Tim

es

Page 17: Copy of Apple Inc_Financial Analysis.xlsx

3.DEBT RATIO

2010 2011 2012 2013Apple 0.00 0.00 0.00 0.00

2010 2011 2012 2013 2014

Apple 681.62 1,257.54 2,050.11 1,843.93 N.aN

250.00

750.00

1,250.00

1,750.00

2,250.00

Times Interest Earned

Tim

es

2010 2011 2012 2013 2014

Apple 0.00 0.00 0.00 0.00 N.aN

0.05

0.15

0.25

0.35

0.45

0.55

0.65

0.75

0.85

0.95

Debt RatioTi

mes

Page 18: Copy of Apple Inc_Financial Analysis.xlsx

2010 2011 2012 2013Apple 681.62 1,257.54 2,050.11 1,843.93

Apple(USD In Million)

18,540 34,205 55,763 50,155Interest Expense 27 27 27 27Times Interest Earned 682 1,258 2,050 1,844

2010 2011 2012 2013Apple 0.00 0.00 0.00 0.00

Income before Income Taxes and Interest Expense

2010 2011 2012 2013 2014

Apple 681.62 1,257.54 2,050.11 1,843.93 N.aN

250.00

750.00

1,250.00

1,750.00

2,250.00

Times Interest Earned

Tim

es

2010 2011 2012 2013 2014

Apple 0.00 0.00 0.00 0.00 N.aN

0.05

0.15

0.25

0.35

0.45

0.55

0.65

0.75

0.85

0.95

Fixed-Payment Coverage Ratio

Tim

es

Page 19: Copy of Apple Inc_Financial Analysis.xlsx

2014

2010 2011 2012 2013 2014

Apple 681.62 1,257.54 2,050.11 1,843.93 N.aN

250.00

750.00

1,250.00

1,750.00

2,250.00

Times Interest Earned

Tim

es

2010 2011 2012 2013 2014

Apple 0.00 0.00 0.00 0.00 N.aN

0.05

0.15

0.25

0.35

0.45

0.55

0.65

0.75

0.85

0.95

Debt Ratio

Tim

es

Page 20: Copy of Apple Inc_Financial Analysis.xlsx

2014

Consider average value for 5 years(136M divide by 5 years)

2014

2010 2011 2012 2013 2014

Apple 681.62 1,257.54 2,050.11 1,843.93 N.aN

250.00

750.00

1,250.00

1,750.00

2,250.00

Times Interest Earned

Tim

es

2010 2011 2012 2013 2014

Apple 0.00 0.00 0.00 0.00 N.aN

0.05

0.15

0.25

0.35

0.45

0.55

0.65

0.75

0.85

0.95

Fixed-Payment Coverage Ratio

Tim

es

Page 21: Copy of Apple Inc_Financial Analysis.xlsx

4.PROFITABILITY RATIO

2009 2010 2011 2012Apple 16% 21% 24% 26%Samsung 7% 10% 8% 12%

Apple(USD In Million)Net Profit (After Taxes) 5,704 14,013 25,922 41,030Net Sales 36,537 65,225 108,249 156,508Net Profit Margin 16% 21% 24% 26%

Samsung(USD In thousand)Net Profit (After Taxes) 8,765,999 14,177,298 11,908,495 22,262,426Net Sales 119,103,403 135,771,646 143,069,254 187,754,283Net Profit Margin 7% 10% 8% 12%

2009 2010 2011 2012 2013

Apple 16% 21% 24% 26% 22%

Samsung 7% 10% 8% 12% 13%

3%

8%

13%

18%

23%

28%

Profit MarginPe

rcen

tage

(%)

Page 22: Copy of Apple Inc_Financial Analysis.xlsx

201322%13%

37,037170,910

22%

28,877,821216,708,677

13%

2009 2010 2011 2012 2013

Apple 16% 21% 24% 26% 22%

Samsung 7% 10% 8% 12% 13%

3%

8%

13%

18%

23%

28%

Profit Margin

Perc

enta

ge(%

)

Page 23: Copy of Apple Inc_Financial Analysis.xlsx

5.MARKET RATIO

2009 2010 2011 2012Apple 24.3 15.5 12.1 12.3Samsung 9.2 7.5 10.7 8.0

AppleMarket Price per Share of Stock 153.08 234.88 335.85 540.91EPS 6.29 15.15 27.68 44.15P-E ratio 24.34 15.50 12.13 12.25

SamsungMarket Price per Share of Stock 513.76 692.91 821.81 1,148.51EPS 55.86 92.78 77.16 143.73P-E ratio 9.20 7.47 10.65 7.99

2009 2010 2011 2012 2013

Apple 24.3 15.5 12.1 12.3 12.6

Samsung 9.2 7.5 10.7 8.0 7.0

2.5

7.5

12.5

17.5

22.5

27.5

Price-Earnings Ratio(P-E Ratio)Ti

mes

Page 24: Copy of Apple Inc_Financial Analysis.xlsx

201312.6

7.0

500.7439.7512.60

1,314.54187.44

7.01

2009 2010 2011 2012 2013

Apple 24.3 15.5 12.1 12.3 12.6

Samsung 9.2 7.5 10.7 8.0 7.0

2.5

7.5

12.5

17.5

22.5

27.5

Price-Earnings Ratio(P-E Ratio)

Tim

es

Page 25: Copy of Apple Inc_Financial Analysis.xlsx

2009 2010 2011 2012Apple 6.29 15.15 27.68 44.15Samsung 55.86 92.78 77.16 143.73

AppleBasic - Income Statement 6.39 15.41 28.05 44.64Diluted - Income Statement 6.29 15.15 27.68 44.15SamsungBasic - Income Statement 56.13 93.07 77.23 143.8Diluted - Income Statement 55.86 92.78 77.16 143.73EPS

Apple Source:http://www.marketwatch.com/investing/stock/aapl/financialsBasic 9.22 15.41 28.05 44.64Diluted 9.08 15.15 27.68 44.15EPS 9.08 15.15 27.68 44.15

Samsung

Source: Note: Note: http://www.4-traders.com/SAMSUNG-ELECTRONICS-CO-6494906/financials/Diluted 65,194 105672 88,990 153,950EPS 51.35 91.45 80.40 136.75

0.000788 0.000865417 0.0009035 0.00088825

2009 2010 2011 2012 2013

Apple 6.29 15.15 27.68 44.15 39.75

Samsung 55.86 92.78 77.16 143.73 187.44

10.00

30.00

50.00

70.00

90.00

110.00

130.00

150.00

170.00

190.00

Earnings Per Share(EPS)US

D

Page 26: Copy of Apple Inc_Financial Analysis.xlsx

201339.75

187.44

40.0339.75

187.47187.44

Source:http://www.marketwatch.com/investing/stock/aapl/financials40.0339.7539.75

http://www.4-traders.com/SAMSUNG-ELECTRONICS-CO-6494906/financials/197,800

180.72

0.000913667

2009 2010 2011 2012 2013

Apple 6.29 15.15 27.68 44.15 39.75

Samsung 55.86 92.78 77.16 143.73 187.44

10.00

30.00

50.00

70.00

90.00

110.00

130.00

150.00

170.00

190.00

Earnings Per Share(EPS)

USD

Page 27: Copy of Apple Inc_Financial Analysis.xlsx

2009 2010 2011 2012Apple 0.12 0.23 0.27 0.28Samsung 0.09 0.13 0.09 0.14

Apple(USD In Million)Net Income 5,704 14,013 25,922 41,030

53,851 75,183 116,371 176,06439,572 47,501 75,183 116,371

Average Total Assets 46,712 61,342 95,777 146,218Return on Assets 0.12 0.23 0.27 0.28

Samsung(USD In thousand)Net Income 8,765,999 14,177,298 11,908,495 22,262,426

101,355,174 117,910,918 134,944,294 169,051,97590,231,919 98,498,366 116,438,692 145,458,186

Average Total Assets 95,793,547 108,204,642 125,691,493 157,255,081Return on Assets 0.09 0.13 0.09 0.14

2009 2010 2011 2012 2013

Apple 0.12 0.23 0.27 0.28 0.19

Samsung 0.09 0.13 0.09 0.14 0.15

0.03

0.08

0.13

0.18

0.23

0.28

Return on AssetsPe

rcen

tage

(%)

Page 28: Copy of Apple Inc_Financial Analysis.xlsx

20130.190.15

37,037207,000176,064191,532

0.19

28,877,821202,857,025171,583,029187,220,027

0.15

2009 2010 2011 2012 2013

Apple 0.12 0.23 0.27 0.28 0.19

Samsung 0.09 0.13 0.09 0.14 0.15

0.03

0.08

0.13

0.18

0.23

0.28

Return on Assets

Perc

enta

ge(%

)

Page 29: Copy of Apple Inc_Financial Analysis.xlsx

2009 2010 2011Apple 11,372 21,354 45,225Samsung 24,601 42,693 40,251

Apple(USD In Million)Cash Provided by operating activities 10,159 18,595 37,529CAPEX -1,213 -2,759 -7,696Cash dividends 0 0 0Free Cash Flow 11,372 21,354 45,225

11,372,000,000 21,354,000,000 45,225,000,00011,372 21,354 45,225

Samsung(USD In thousand)Cash Provided by operating activities 16,843,008 20,920,870 19,871,588CAPEX -7,011,308 -20,088,804 -19,621,396Cash dividends -746,506 -1,683,762 -758,353Free Cash Flow 24,600,822 42,693,436 40,251,337

24,600,822,000 42,693,436,000 40,251,337,00024,601 42,693 40,251

Series1

Apple

11372

Samsung

5,00015,00025,000

Free Cash FlowUS

D(In

Mill

ion)

Page 30: Copy of Apple Inc_Financial Analysis.xlsx

2012 201363,096 73,80258,682 68,274

50,856 53,666-9,752 -9,572-2,488 -10,56463,096 73,802

63,096,000,000 73,802,000,00063,096 73,802

35,452,160 44,259,869-22,048,506 -22,829,839

-1,181,157 -1,184,18658,681,823 68,273,894

58,681,823,000 68,273,894,00058,682 68,274

Series1

Apple

11372

Samsung

5,00015,00025,000

Free Cash Flow

USD(

In M

illio

n)

Page 31: Copy of Apple Inc_Financial Analysis.xlsx

2009 2010 2011 2012Apple 191 297 378 500Samsung 196 294 294 351

2009 2010 2011 2012 2013

Apple 191 297 378 500 501

Samsung 196 294 294 351 232

50

150

250

350

450

550

Market ValueUS

D(In

Bill

ion)

Page 32: Copy of Apple Inc_Financial Analysis.xlsx

2013501 Source:232 Source:

http://ycharts.com/companies/AAPL/market_caphttp://finance.yahoo.com/q/hp?s=005930.KS

2009 2010 2011 2012 2013

Apple 191 297 378 500 501

Samsung 196 294 294 351 232

50

150

250

350

450

550

Market Value

USD(

In B

illio

n)

Page 33: Copy of Apple Inc_Financial Analysis.xlsx

Data for this Date Range 20096-Mar-095-Mar-094-Mar-093-Mar-092-Mar-09Feb. 27, 2009Feb. 26, 2009Feb. 25, 2009Feb. 24, 2009Feb. 23, 2009Feb. 20, 2009Feb. 19, 2009Feb. 18, 2009Feb. 17, 2009Feb. 13, 2009Feb. 12, 2009Feb. 11, 2009Feb. 10, 2009Feb. 9, 2009Feb. 6, 2009Feb. 5, 2009Feb. 4, 2009Feb. 3, 2009Feb. 2, 2009Jan. 30, 2009Jan. 29, 2009Jan. 28, 2009Jan. 27, 2009Jan. 26, 2009Jan. 23, 2009Jan. 22, 2009Jan. 21, 2009Jan. 20, 2009Jan. 16, 2009Jan. 15, 2009Jan. 14, 2009Jan. 13, 2009Jan. 12, 2009Jan. 9, 2009Jan. 8, 2009Jan. 7, 2009Jan. 6, 2009Jan. 5, 2009Jan. 2, 2009

Page 34: Copy of Apple Inc_Financial Analysis.xlsx

18-May-0915-May-0914-May-0913-May-0912-May-0911-May-098-May-097-May-096-May-095-May-094-May-091-May-0930-Apr-0929-Apr-0928-Apr-0927-Apr-0924-Apr-0923-Apr-0922-Apr-0921-Apr-0920-Apr-0917-Apr-0916-Apr-0915-Apr-0914-Apr-0913-Apr-099-Apr-098-Apr-097-Apr-096-Apr-093-Apr-092-Apr-091-Apr-0931-Mar-0930-Mar-0927-Mar-0926-Mar-0925-Mar-0924-Mar-0923-Mar-0920-Mar-0919-Mar-0918-Mar-0917-Mar-0916-Mar-0913-Mar-09

Page 35: Copy of Apple Inc_Financial Analysis.xlsx

12-Mar-0911-Mar-0910-Mar-099-Mar-0929-Jul-09 14328-Jul-09 14327-Jul-09 14324-Jul-09 14323-Jul-09 14122-Jul-09 14021-Jul-09 13620-Jul-09 13717-Jul-09 13616-Jul-09 13215-Jul-09 13214-Jul-09 12713-Jul-09 12810-Jul-09 1249-Jul-09 1228-Jul-09 1237-Jul-09 1216-Jul-09 1242-Jul-09 1251-Jul-09 12830-Jun-09 12829-Jun-09 12726-Jun-09 12725-Jun-09 12524-Jun-09 12223-Jun-09 12022-Jun-09 12319-Jun-09 12418-Jun-09 12117-Jun-09 12116-Jun-09 12215-Jun-09 12112-Jun-09 12211-Jun-09 12510-Jun-09 1259-Jun-09 1278-Jun-09 1285-Jun-09 1294-Jun-09 1283-Jun-09 1262-Jun-09 1241-Jun-09 124

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29-May-09 12128-May-09 12127-May-09 11926-May-09 11722-May-09 10921-May-09 11120-May-09 11219-May-09 114Oct. 8, 2009 170Oct. 7, 2009 171Oct. 6, 2009 171Oct. 5, 2009 167Oct. 2, 2009 166Oct. 1, 2009 163Sept. 30, 2009 167Sept. 29, 2009 167Sept. 28, 2009 168Sept. 25, 2009 163Sept. 24, 2009 165Sept. 23, 2009 166Sept. 22, 2009 165Sept. 21, 2009 165Sept. 18, 2009 166Sept. 17, 2009 165Sept. 16, 2009 163Sept. 15, 2009 157Sept. 14, 2009 156Sept. 11, 2009 154Sept. 10, 2009 155Sept. 9, 2009 153Sept. 8, 2009 155Sept. 4, 2009 153Sept. 3, 2009 149Sept. 2, 2009 148Sept. 1, 2009 148Aug. 31, 2009 151Aug. 28, 2009 152Aug. 27, 2009 152Aug. 26, 2009 150Aug. 25, 2009 152Aug. 24, 2009 151Aug. 21, 2009 152Aug. 20, 2009 149Aug. 19, 2009 147Aug. 18, 2009 147Aug. 17, 2009 143

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Aug. 14, 2009 149Aug. 13, 2009 151Aug. 12, 2009 148Aug. 11, 2009 146Aug. 10, 2009 148Aug. 7, 2009 148Aug. 6, 2009 147Aug. 5, 2009 148Aug. 4, 2009 148Aug. 3, 2009 14931-Jul-09 14630-Jul-09 146Dec. 18, 2009 176Dec. 17, 2009 173Dec. 16, 2009 176Dec. 15, 2009 175Dec. 14, 2009 177Dec. 11, 2009 175Dec. 10, 2009 177Dec. 9, 2009 178Dec. 8, 2009 171Dec. 7, 2009 170Dec. 4, 2009 174Dec. 3, 2009 177Dec. 2, 2009 177Dec. 1, 2009 177Nov. 30, 2009 180Nov. 27, 2009 181Nov. 25, 2009 184Nov. 24, 2009 184Nov. 23, 2009 185Nov. 20, 2009 180Nov. 19, 2009 181Nov. 18, 2009 186Nov. 17, 2009 186Nov. 16, 2009 186Nov. 13, 2009 184Nov. 12, 2009 182Nov. 11, 2009 183Nov. 10, 2009 183Nov. 9, 2009 181Nov. 6, 2009 175Nov. 5, 2009 175Nov. 4, 2009 172Nov. 3, 2009 170Nov. 2, 2009 171

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Oct. 30, 2009 170Oct. 29, 2009 177Oct. 28, 2009 173Oct. 27, 2009 178Oct. 26, 2009 182Oct. 23, 2009 184Oct. 22, 2009 185Oct. 21, 2009 185Oct. 20, 2009 179Oct. 19, 2009 171Oct. 16, 2009 169Oct. 15, 2009 171Oct. 14, 2009 172Oct. 13, 2009 171Oct. 12, 2009 172Oct. 9, 2009 171

153

Market Value as of 31 Dec 190.98

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Data for this Date Range 2010 Data for this Date Range 20115-Mar-10 199 7-Mar-11 3274-Mar-10 191 4-Mar-11 3323-Mar-10 190 3-Mar-11 3312-Mar-10 189 2-Mar-11 3241-Mar-10 190 1-Mar-11 322Feb. 26, 2010 186 Feb. 28, 2011 325Feb. 25, 2010 183 Feb. 25, 2011 321Feb. 24, 2010 182 Feb. 24, 2011 316Feb. 23, 2010 179 Feb. 23, 2011 316Feb. 22, 2010 182 Feb. 22, 2011 312Feb. 19, 2010 183 Feb. 18, 2011 323Feb. 18, 2010 184 Feb. 17, 2011 330Feb. 17, 2010 184 Feb. 16, 2011 335Feb. 16, 2010 184 Feb. 15, 2011 332Feb. 12, 2010 182 Feb. 14, 2011 331Feb. 11, 2010 180 Feb. 11, 2011 329Feb. 10, 2010 177 Feb. 10, 2011 327Feb. 9, 2010 178 Feb. 9, 2011 330Feb. 8, 2010 176 Feb. 8, 2011 327Feb. 5, 2010 177 Feb. 7, 2011 324Feb. 4, 2010 174 Feb. 4, 2011 319Feb. 3, 2010 181 Feb. 3, 2011 316Feb. 2, 2010 178 Feb. 2, 2011 317Feb. 1, 2010 177 Feb. 1, 2011 318Jan. 29, 2010 174 Jan. 31, 2011 313Jan. 28, 2010 181 Jan. 28, 2011 310Jan. 27, 2010 189 Jan. 27, 2011 316Jan. 26, 2010 187 Jan. 26, 2011 317Jan. 25, 2010 184 Jan. 25, 2011 315Jan. 22, 2010 179 Jan. 24, 2011 311Jan. 21, 2010 189 Jan. 21, 2011 301Jan. 20, 2010 192 Jan. 20, 2011 306Jan. 19, 2010 195 Jan. 19, 2011 312Jan. 15, 2010 187 Jan. 18, 2011 314Jan. 14, 2010 190 Jan. 14, 2011 321Jan. 13, 2010 191 Jan. 13, 2011 318Jan. 12, 2010 188 Jan. 12, 2011 317Jan. 11, 2010 190 Jan. 11, 2011 315Jan. 8, 2010 192 Jan. 10, 2011 316Jan. 7, 2010 191 Jan. 7, 2011 310Jan. 6, 2010 191 Jan. 6, 2011 307Jan. 5, 2010 194 Jan. 5, 2011 308Jan. 4, 2010 194 Jan. 4, 2011 30517-May-10 231 Jan. 3, 2011 304

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14-May-10 231 17-May-11 31113-May-10 235 16-May-11 30812-May-10 238 13-May-11 31511-May-10 233 12-May-11 32010-May-10 231 11-May-11 3217-May-10 215 10-May-11 3236-May-10 224 9-May-11 3215-May-10 233 6-May-11 3214-May-10 235 5-May-11 3213-May-10 242 4-May-11 32330-Apr-10 238 3-May-11 32229-Apr-10 244 2-May-11 32028-Apr-10 238 29-Apr-11 32427-Apr-10 238 28-Apr-11 32126-Apr-10 245 27-Apr-11 32423-Apr-10 246 26-Apr-11 32422-Apr-10 242 25-Apr-11 32621-Apr-10 236 21-Apr-11 32420-Apr-10 223 20-Apr-11 31719-Apr-10 225 19-Apr-11 31216-Apr-10 225 18-Apr-11 30715-Apr-10 227 15-Apr-11 30314-Apr-10 224 14-Apr-11 30713-Apr-10 221 13-Apr-11 31112-Apr-10 220 12-Apr-11 3079-Apr-10 220 11-Apr-11 3068-Apr-10 218 8-Apr-11 3107-Apr-10 219 7-Apr-11 3136-Apr-10 218 6-Apr-11 3135-Apr-10 217 5-Apr-11 3131-Apr-10 215 4-Apr-11 31531-Mar-10 214 1-Apr-11 31930-Mar-10 215 31-Mar-11 32229-Mar-10 211 30-Mar-11 32226-Mar-10 209 29-Mar-11 32525-Mar-10 206 28-Mar-11 32424-Mar-10 208 25-Mar-11 32423-Mar-10 207 24-Mar-11 31822-Mar-10 204 23-Mar-11 31219-Mar-10 202 22-Mar-11 31418-Mar-10 204 21-Mar-11 31317-Mar-10 203 18-Mar-11 30516-Mar-10 204 17-Mar-11 30815-Mar-10 203 16-Mar-11 30412-Mar-10 205 15-Mar-11 31811-Mar-10 204 14-Mar-11 326

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10-Mar-10 204 11-Mar-11 3249-Mar-10 202 10-Mar-11 3198-Mar-10 199 9-Mar-11 32528-Jul-10 238 8-Mar-11 32827-Jul-10 241 28-Jul-11 36326-Jul-10 237 27-Jul-11 36423-Jul-10 237 26-Jul-11 37422-Jul-10 237 25-Jul-11 36921-Jul-10 232 22-Jul-11 36520-Jul-10 230 21-Jul-11 35919-Jul-10 224 20-Jul-11 35916-Jul-10 228 19-Jul-11 34915-Jul-10 230 18-Jul-11 34714-Jul-10 231 15-Jul-11 33813-Jul-10 230 14-Jul-11 33212-Jul-10 235 13-Jul-11 3329-Jul-10 237 12-Jul-11 3288-Jul-10 236 11-Jul-11 3287-Jul-10 236 8-Jul-11 3336-Jul-10 227 7-Jul-11 3312-Jul-10 226 6-Jul-11 3261-Jul-10 227 5-Jul-11 32430-Jun-10 230 1-Jul-11 31829-Jun-10 234 30-Jun-11 31128-Jun-10 245 29-Jun-11 31025-Jun-10 243 28-Jun-11 31124-Jun-10 245 27-Jun-11 30823-Jun-10 247 24-Jun-11 30222-Jun-10 249 23-Jun-11 30621-Jun-10 246 22-Jun-11 29818-Jun-10 249 21-Jun-11 30117-Jun-10 247 20-Jun-11 29216-Jun-10 243 17-Jun-11 29615-Jun-10 236 16-Jun-11 30114-Jun-10 231 15-Jun-11 30211-Jun-10 231 14-Jun-11 30710-Jun-10 228 13-Jun-11 3029-Jun-10 221 10-Jun-11 3018-Jun-10 227 9-Jun-11 3077-Jun-10 228 8-Jun-11 3074-Jun-10 233 7-Jun-11 3073-Jun-10 239 6-Jun-11 3132-Jun-10 240 3-Jun-11 3181-Jun-10 237 2-Jun-11 32028-May-10 234 1-Jun-11 32027-May-10 231 31-May-11 322

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26-May-10 222 27-May-11 31225-May-10 223 26-May-11 31024-May-10 225 25-May-11 31121-May-10 221 24-May-11 30720-May-10 216 23-May-11 30919-May-10 226 20-May-11 31018-May-10 230 19-May-11 315Oct. 7, 2010 265 18-May-11 314Oct. 6, 2010 265 Oct. 7, 2011 344Oct. 5, 2010 265 Oct. 6, 2011 351Oct. 4, 2010 255 Oct. 5, 2011 352Oct. 1, 2010 259 Oct. 4, 2011 346Sept. 30, 2010 260 Oct. 3, 2011 348Sept. 29, 2010 263 Sept. 30, 2011 354Sept. 28, 2010 263 Sept. 29, 2011 363Sept. 27, 2010 267 Sept. 28, 2011 369Sept. 24, 2010 267 Sept. 27, 2011 371Sept. 23, 2010 264 Sept. 26, 2011 375Sept. 22, 2010 263 Sept. 23, 2011 375Sept. 21, 2010 259 Sept. 22, 2011 373Sept. 20, 2010 259 Sept. 21, 2011 382Sept. 17, 2010 252 Sept. 20, 2011 383Sept. 16, 2010 253 Sept. 19, 2011 382Sept. 15, 2010 247 Sept. 16, 2011 371Sept. 14, 2010 245 Sept. 15, 2011 364Sept. 13, 2010 244 Sept. 14, 2011 361Sept. 10, 2010 241 Sept. 13, 2011 357Sept. 9, 2010 240 Sept. 12, 2011 352Sept. 8, 2010 240 Sept. 9, 2011 350Sept. 7, 2010 236 Sept. 8, 2011 356Sept. 3, 2010 236 Sept. 7, 2011 356Sept. 2, 2010 230 Sept. 6, 2011 352Sept. 1, 2010 229 Sept. 2, 2011 347Aug. 31, 2010 222 Sept. 1, 2011 353Aug. 30, 2010 222 Aug. 31, 2011 357Aug. 27, 2010 221 Aug. 30, 2011 362Aug. 26, 2010 220 Aug. 29, 2011 362Aug. 25, 2010 222 Aug. 26, 2011 356Aug. 24, 2010 219 Aug. 25, 2011 346Aug. 23, 2010 225 Aug. 24, 2011 349Aug. 20, 2010 228 Aug. 23, 2011 346Aug. 19, 2010 228 Aug. 22, 2011 330Aug. 18, 2010 231 Aug. 19, 2011 330Aug. 17, 2010 230 Aug. 18, 2011 339Aug. 16, 2010 226 Aug. 17, 2011 353Aug. 13, 2010 228 Aug. 16, 2011 353

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Aug. 12, 2010 230 Aug. 15, 2011 355Aug. 11, 2010 229 Aug. 12, 2011 350Aug. 10, 2010 237 Aug. 11, 2011 346Aug. 9, 2010 239 Aug. 10, 2011 337Aug. 6, 2010 238 Aug. 9, 2011 347Aug. 5, 2010 239 Aug. 8, 2011 327Aug. 4, 2010 240 Aug. 5, 2011 346Aug. 3, 2010 239 Aug. 4, 2011 350Aug. 2, 2010 239 Aug. 3, 2011 36430-Jul-10 235 Aug. 2, 2011 36129-Jul-10 236 Aug. 1, 2011 368Dec. 17, 2010 294 29-Jul-11 362Dec. 16, 2010 295 Dec. 19, 2011 355Dec. 15, 2010 294 Dec. 16, 2011 354Dec. 14, 2010 294 Dec. 15, 2011 352Dec. 13, 2010 295 Dec. 14, 2011 353Dec. 10, 2010 294 Dec. 13, 2011 361Dec. 9, 2010 293 Dec. 12, 2011 364Dec. 8, 2010 294 Dec. 9, 2011 366Dec. 7, 2010 292 Dec. 8, 2011 363Dec. 6, 2010 294 Dec. 7, 2011 362Dec. 3, 2010 291 Dec. 6, 2011 363Dec. 2, 2010 292 Dec. 5, 2011 365Dec. 1, 2010 290 Dec. 2, 2011 362Nov. 30, 2010 285 Dec. 1, 2011 361Nov. 29, 2010 291 Nov. 30, 2011 355Nov. 26, 2010 289 Nov. 29, 2011 347Nov. 24, 2010 289 Nov. 28, 2011 350Nov. 23, 2010 283 Nov. 25, 2011 338Nov. 22, 2010 287 Nov. 23, 2011 341Nov. 19, 2010 281 Nov. 22, 2011 350Nov. 18, 2010 283 Nov. 21, 2011 343Nov. 17, 2010 276 Nov. 18, 2011 348Nov. 16, 2010 277 Nov. 17, 2011 351Nov. 15, 2010 282 Nov. 16, 2011 358Nov. 12, 2010 283 Nov. 15, 2011 361Nov. 11, 2010 290 Nov. 14, 2011 352Nov. 10, 2010 292 Nov. 11, 2011 357Nov. 9, 2010 290 Nov. 10, 2011 358Nov. 8, 2010 292 Nov. 9, 2011 367Nov. 5, 2010 291 Nov. 8, 2011 378Nov. 4, 2010 292 Nov. 7, 2011 372Nov. 3, 2010 287 Nov. 4, 2011 372Nov. 2, 2010 284 Nov. 3, 2011 375Nov. 1, 2010 279 Nov. 2, 2011 369Oct. 29, 2010 276 Nov. 1, 2011 369

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Oct. 28, 2010 280 Oct. 31, 2011 376Oct. 27, 2010 282 Oct. 28, 2011 376Oct. 26, 2010 283 Oct. 27, 2011 376Oct. 25, 2010 283 Oct. 26, 2011 372Oct. 22, 2010 282 Oct. 25, 2011 370Oct. 21, 2010 284 Oct. 24, 2011 377Oct. 20, 2010 285 Oct. 21, 2011 365Oct. 19, 2010 284 Oct. 20, 2011 367Oct. 18, 2010 292 Oct. 19, 2011 370Oct. 15, 2010 289 Oct. 18, 2011 392Oct. 14, 2010 277 Oct. 17, 2011 390Oct. 13, 2010 275 Oct. 14, 2011 392Oct. 12, 2010 273 Oct. 13, 2011 380Oct. 11, 2010 271 Oct. 12, 2011 374Oct. 8, 2010 269 Oct. 11, 2011 372

235 Oct. 10, 2011 361

336

297.09 377.52

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Data for this Date Range 2012 Data for this Date Range5-Mar-12 497 7-Mar-132-Mar-12 508 6-Mar-131-Mar-12 508 5-Mar-13Feb. 29, 2012 506 4-Mar-13Feb. 28, 2012 499 1-Mar-13Feb. 27, 2012 490 Feb. 28, 2013Feb. 24, 2012 487 Feb. 27, 2013Feb. 23, 2012 481 Feb. 26, 2013Feb. 22, 2012 478 Feb. 25, 2013Feb. 21, 2012 480 Feb. 22, 2013Feb. 17, 2012 468 Feb. 21, 2013Feb. 16, 2012 468 Feb. 20, 2013Feb. 15, 2012 464 Feb. 19, 2013Feb. 14, 2012 475 Feb. 15, 2013Feb. 13, 2012 469 Feb. 14, 2013Feb. 10, 2012 460 Feb. 13, 2013Feb. 9, 2012 460 Feb. 12, 2013Feb. 8, 2012 444 Feb. 11, 2013Feb. 7, 2012 437 Feb. 8, 2013Feb. 6, 2012 433 Feb. 7, 2013Feb. 3, 2012 429 Feb. 6, 2013Feb. 2, 2012 424 Feb. 5, 2013Feb. 1, 2012 425 Feb. 4, 2013Jan. 31, 2012 426 Feb. 1, 2013Jan. 30, 2012 422 Jan. 31, 2013Jan. 27, 2012 417 Jan. 30, 2013Jan. 26, 2012 415 Jan. 29, 2013Jan. 25, 2012 416 Jan. 28, 2013Jan. 24, 2012 392 Jan. 25, 2013Jan. 23, 2012 399 Jan. 24, 2013Jan. 20, 2012 392 Jan. 23, 2013Jan. 19, 2012 399 Jan. 22, 2013Jan. 18, 2012 400 Jan. 18, 2013Jan. 17, 2012 396 Jan. 17, 2013Jan. 13, 2012 391 Jan. 16, 2013Jan. 12, 2012 393 Jan. 15, 2013Jan. 11, 2012 394 Jan. 14, 2013Jan. 10, 2012 395 Jan. 11, 2013Jan. 9, 2012 393 Jan. 10, 2013Jan. 6, 2012 394 Jan. 9, 2013Jan. 5, 2012 390 Jan. 8, 2013Jan. 4, 2012 385 Jan. 7, 2013Jan. 3, 2012 383 Jan. 4, 201315-May-12 517 Jan. 3, 2013

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14-May-12 522 Jan. 2, 201311-May-12 530 17-May-1310-May-12 533 16-May-139-May-12 532 15-May-138-May-12 531 14-May-137-May-12 533 13-May-134-May-12 529 10-May-133-May-12 544 9-May-132-May-12 548 8-May-131-May-12 544 7-May-1330-Apr-12 546 6-May-1327-Apr-12 564 3-May-1326-Apr-12 568 2-May-1325-Apr-12 570 1-May-1324-Apr-12 524 30-Apr-1323-Apr-12 535 29-Apr-1320-Apr-12 536 26-Apr-1319-Apr-12 549 25-Apr-1318-Apr-12 569 24-Apr-1317-Apr-12 570 23-Apr-1316-Apr-12 542 22-Apr-1313-Apr-12 566 19-Apr-1312-Apr-12 582 18-Apr-1311-Apr-12 585 17-Apr-1310-Apr-12 588 16-Apr-139-Apr-12 595 15-Apr-135-Apr-12 592 12-Apr-134-Apr-12 584 11-Apr-133-Apr-12 588 10-Apr-132-Apr-12 578 9-Apr-1330-Mar-12 559 8-Apr-1329-Mar-12 569 5-Apr-1328-Mar-12 576 4-Apr-1327-Mar-12 573 3-Apr-1326-Mar-12 566 2-Apr-1323-Mar-12 556 1-Apr-1322-Mar-12 559 28-Mar-1321-Mar-12 562 27-Mar-1320-Mar-12 565 26-Mar-1319-Mar-12 560 25-Mar-1316-Mar-12 546 22-Mar-1315-Mar-12 546 21-Mar-1314-Mar-12 550 20-Mar-1313-Mar-12 530 19-Mar-1312-Mar-12 515 18-Mar-139-Mar-12 508 15-Mar-13

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8-Mar-12 505 14-Mar-137-Mar-12 495 13-Mar-136-Mar-12 494 12-Mar-1326-Jul-12 539 11-Mar-1325-Jul-12 539 8-Mar-1324-Jul-12 563 30-Jul-1323-Jul-12 566 29-Jul-1320-Jul-12 566 26-Jul-1319-Jul-12 576 25-Jul-1318-Jul-12 568 24-Jul-1317-Jul-12 569 23-Jul-1316-Jul-12 569 22-Jul-1313-Jul-12 567 19-Jul-1312-Jul-12 561 18-Jul-1311-Jul-12 567 17-Jul-1310-Jul-12 570 16-Jul-139-Jul-12 575 15-Jul-136-Jul-12 568 12-Jul-135-Jul-12 572 11-Jul-133-Jul-12 562 10-Jul-132-Jul-12 555 9-Jul-1329-Jun-12 546 8-Jul-1328-Jun-12 532 5-Jul-1327-Jun-12 537 3-Jul-1326-Jun-12 535 2-Jul-1325-Jun-12 534 1-Jul-1322-Jun-12 544 28-Jun-1321-Jun-12 540 27-Jun-1320-Jun-12 548 26-Jun-1319-Jun-12 549 25-Jun-1318-Jun-12 548 24-Jun-1315-Jun-12 537 21-Jun-1314-Jun-12 534 20-Jun-1313-Jun-12 535 19-Jun-1312-Jun-12 539 18-Jun-1311-Jun-12 534 17-Jun-138-Jun-12 543 14-Jun-137-Jun-12 535 13-Jun-136-Jun-12 534 12-Jun-135-Jun-12 526 11-Jun-134-Jun-12 528 10-Jun-131-Jun-12 525 7-Jun-1331-May-12 540 6-Jun-1330-May-12 542 5-Jun-1329-May-12 535 4-Jun-1325-May-12 526 3-Jun-13

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24-May-12 529 31-May-1323-May-12 534 30-May-1322-May-12 521 29-May-1321-May-12 525 28-May-1318-May-12 496 24-May-1317-May-12 496 23-May-1316-May-12 511 22-May-13Oct. 5, 2012 613 21-May-13Oct. 4, 2012 626 20-May-13Oct. 3, 2012 631 Oct. 9, 2013Oct. 2, 2012 621 Oct. 8, 2013Oct. 1, 2012 619 Oct. 7, 2013Sept. 28, 2012 625 Oct. 4, 2013Sept. 27, 2012 639 Oct. 3, 2013Sept. 26, 2012 624 Oct. 2, 2013Sept. 25, 2012 631 Oct. 1, 2013Sept. 24, 2012 648 Sept. 30, 2013Sept. 21, 2012 656 Sept. 27, 2013Sept. 20, 2012 655 Sept. 26, 2013Sept. 19, 2012 658 Sept. 25, 2013Sept. 18, 2012 658 Sept. 24, 2013Sept. 17, 2012 656 Sept. 23, 2013Sept. 14, 2012 648 Sept. 20, 2013Sept. 13, 2012 640 Sept. 19, 2013Sept. 12, 2012 628 Sept. 18, 2013Sept. 11, 2012 619 Sept. 17, 2013Sept. 10, 2012 621 Sept. 16, 2013Sept. 7, 2012 638 Sept. 13, 2013Sept. 6, 2012 634 Sept. 12, 2013Sept. 5, 2012 628 Sept. 11, 2013Sept. 4, 2012 633 Sept. 10, 2013Aug. 31, 2012 624 Sept. 9, 2013Aug. 30, 2012 622 Sept. 6, 2013Aug. 29, 2012 631 Sept. 5, 2013Aug. 28, 2012 633 Sept. 4, 2013Aug. 27, 2012 633 Sept. 3, 2013Aug. 24, 2012 622 Aug. 30, 2013Aug. 23, 2012 621 Aug. 29, 2013Aug. 22, 2012 627 Aug. 28, 2013Aug. 21, 2012 615 Aug. 27, 2013Aug. 20, 2012 624 Aug. 26, 2013Aug. 17, 2012 608 Aug. 23, 2013Aug. 16, 2012 597 Aug. 22, 2013Aug. 15, 2012 591 Aug. 21, 2013Aug. 14, 2012 592 Aug. 20, 2013Aug. 13, 2012 591 Aug. 19, 2013

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Aug. 10, 2012 583 Aug. 16, 2013Aug. 9, 2012 582 Aug. 15, 2013Aug. 8, 2012 581 Aug. 14, 2013Aug. 7, 2012 582 Aug. 13, 2013Aug. 6, 2012 584 Aug. 12, 2013Aug. 3, 2012 577 Aug. 9, 2013Aug. 2, 2012 570 Aug. 8, 2013Aug. 1, 2012 569 Aug. 7, 201331-Jul-12 573 Aug. 6, 201330-Jul-12 558 Aug. 5, 201327-Jul-12 549 Aug. 2, 2013Dec. 19, 2012 495 Aug. 1, 2013Dec. 18, 2012 502 31-Jul-13Dec. 17, 2012 488 Dec. 19, 2013Dec. 14, 2012 480 Dec. 18, 2013Dec. 13, 2012 498 Dec. 17, 2013Dec. 12, 2012 507 Dec. 16, 2013Dec. 11, 2012 509 Dec. 13, 2013Dec. 10, 2012 498 Dec. 12, 2013Dec. 7, 2012 502 Dec. 11, 2013Dec. 6, 2012 515 Dec. 10, 2013Dec. 5, 2012 507 Dec. 9, 2013Dec. 4, 2012 542 Dec. 6, 2013Dec. 3, 2012 551 Dec. 5, 2013Nov. 30, 2012 551 Dec. 4, 2013Nov. 29, 2012 554 Dec. 3, 2013Nov. 28, 2012 548 Dec. 2, 2013Nov. 27, 2012 550 Nov. 29, 2013Nov. 26, 2012 555 Nov. 27, 2013Nov. 23, 2012 538 Nov. 26, 2013Nov. 21, 2012 528 Nov. 25, 2013Nov. 20, 2012 528 Nov. 22, 2013Nov. 19, 2012 532 Nov. 21, 2013Nov. 16, 2012 496 Nov. 20, 2013Nov. 15, 2012 494 Nov. 19, 2013Nov. 14, 2012 505 Nov. 18, 2013Nov. 13, 2012 511 Nov. 15, 2013Nov. 12, 2012 511 Nov. 14, 2013Nov. 9, 2012 515 Nov. 13, 2013Nov. 8, 2012 506 Nov. 12, 2013Nov. 7, 2012 525 Nov. 11, 2013Nov. 6, 2012 548 Nov. 8, 2013Nov. 5, 2012 550 Nov. 7, 2013Nov. 2, 2012 543 Nov. 6, 2013Nov. 1, 2012 561 Nov. 5, 2013Oct. 31, 2012 560 Nov. 4, 2013

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Oct. 26, 2012 568 Nov. 1, 2013Oct. 25, 2012 573 Oct. 31, 2013Oct. 24, 2012 580 Oct. 30, 2013Oct. 23, 2012 577 Oct. 29, 2013Oct. 22, 2012 596 Oct. 28, 2013Oct. 19, 2012 574 Oct. 25, 2013Oct. 18, 2012 594 Oct. 24, 2013Oct. 17, 2012 605 Oct. 23, 2013Oct. 16, 2012 610 Oct. 22, 2013Oct. 15, 2012 596 Oct. 21, 2013Oct. 12, 2012 591 Oct. 18, 2013Oct. 11, 2012 590 Oct. 17, 2013Oct. 10, 2012 602 Oct. 16, 2013Oct. 9, 2012 597 Oct. 15, 2013Oct. 8, 2012 599 Oct. 14, 2013

541 Oct. 11, 2013Oct. 10, 2013

499.7

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2013404400405394404415417422416423419422432432438439439451446440429430415426428429430422413423483474470472475456471489492486493492495509

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516407408403417427425429435431432422418412416404392383381381374367368378400394403408410401401398402406404403416425433435434425425427428417

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406402402411405412407401398400381387386392391391388387388382384377379382380372372370374378378388391397405406404409406411412415412418422423

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422424418414418415414413416438432439434435440439429439442437444446425429422414409422429425449460453450453444443447446444457455457456455461

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456452453445425413419422423426420415411490496499502499504505509510504511508510496500491480471468469463467467472475468468467468461469473474

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468470472465477473479472468469458454451448446443440

433500.74

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Date Open High Low Close Volume Adj Close12/2/2013 1,500,000 1,503,000 1,360,000 1,372,000 185,400 1,372,00011/1/2013 1,490,000 1,502,000 1,407,000 1,494,000 195,200 1,482,28610/1/2013 1,380,000 1,502,000 1,360,000 1,465,000 202,100 1,453,513

9/2/2013 1,368,000 1,425,000 1,321,000 1,367,000 269,500 1,356,2828/1/2013 1,285,000 1,368,000 1,213,000 1,368,000 260,900 1,357,2747/1/2013 1,334,000 1,352,000 1,209,000 1,280,000 290,400 1,269,9646/3/2013 1,536,000 1,559,000 1,245,000 1,342,000 436,500 1,331,4785/1/2013 1,520,000 1,559,000 1,462,000 1,538,000 229,900 1,525,4204/1/2013 1,535,000 1,566,000 1,455,000 1,520,000 246,800 1,507,5683/1/2013 1,544,000 1,575,000 1,434,000 1,527,000 277,600 1,514,5102/1/2013 1,460,000 1,559,000 1,414,000 1,544,000 209,400 1,531,3711/1/2013 1,522,000 1,584,000 1,371,000 1,448,000 301,100 1,436,157

1,438,750 258,733 0.000914 1,314.54

12/3/2012 1,420,000 1,536,000 1,408,000 1,522,000 259,600 1,509,55111/1/2012 1,295,000 1,443,000 1,290,000 1,406,000 265,000 1,388,38110/1/2012 1,346,000 1,390,000 1,276,000 1,310,000 240,600 1,293,584

9/3/2012 1,220,000 1,360,000 1,189,000 1,346,000 321,900 1,329,1338/1/2012 1,292,000 1,355,000 1,173,000 1,233,000 396,200 1,217,5497/2/2012 1,208,000 1,334,000 1,091,000 1,309,000 403,400 1,292,5976/1/2012 1,213,000 1,275,000 1,128,000 1,201,000 365,200 1,185,9505/1/2012 1,390,000 1,418,000 1,165,000 1,211,000 355,200 1,195,3844/2/2012 1,275,000 1,409,000 1,241,000 1,390,000 301,600 1,372,0763/1/2012 1,206,000 1,311,000 1,165,000 1,275,000 272,100 1,258,5592/1/2012 1,107,000 1,209,000 1,056,000 1,206,000 351,500 1,190,4491/2/2012 1,070,000 1,130,000 1,011,000 1,107,000 345,600 1,092,725

1,293,000 0.000888 1,148.51

12/1/2011 1,035,000 1,084,000 984,000 1,058,000 307,200 1,044,35711/1/2011 968,000 1,010,000 921,000 1,004,000 389,200 987,14710/4/2011 805,000 970,000 796,000 968,000 438,500 951,751

9/1/2011 759,000 848,000 710,000 840,000 437,400 825,9008/1/2011 855,000 875,000 672,000 744,000 509,500 731,5117/1/2011 843,000 899,000 806,000 844,000 319,500 829,8326/1/2011 902,000 912,000 795,000 826,000 347,600 812,1355/2/2011 910,000 940,000 853,000 902,000 416,900 886,4084/1/2011 936,000 948,000 853,000 893,000 455,900 877,5633/2/2011 914,000 945,000 853,000 932,000 518,200 915,8892/1/2011 982,000 1,004,000 913,000 923,000 391,400 907,0451/3/2011 955,000 1,014,000 908,000 981,000 401,700 964,042

909,583 0.000904 821.81

12/1/2010 824,000 953,000 814,000 949,000 358,500 932,59511/1/2010 753,000 853,000 737,000 826,000 477,700 808,06110/1/2010 772,000 794,000 735,000 745,000 412,400 728,820

9/1/2010 762,000 790,000 745,000 777,000 363,700 760,1258/2/2010 817,000 822,000 756,000 756,000 276,500 739,581

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7/1/2010 779,000 840,000 755,000 810,000 343,800 792,4096/1/2010 776,000 839,000 765,000 774,000 309,500 757,1905/3/2010 845,000 845,000 736,000 776,000 369,500 759,1474/1/2010 826,000 875,000 815,000 849,000 352,100 830,5623/1/2010 744,000 834,000 744,000 818,000 279,600 800,2352/1/2010 784,000 790,000 733,000 744,000 315,600 727,8421/4/2010 803,000 850,000 780,000 784,000 387,900 766,973

800,667 0.000865 692.91

12/1/2009 720,000 799,000 718,000 799,000 311,700 781,64711/2/2009 711,000 765,000 708,000 720,000 381,100 704,36310/1/2009 811,000 815,000 701,000 723,000 522,000 707,298

9/1/2009 780,000 829,000 760,000 815,000 471,900 797,3008/3/2009 732,000 785,000 691,000 771,000 462,700 754,2567/1/2009 594,000 729,000 590,000 724,000 474,400 708,2766/1/2009 552,000 609,000 544,000 592,000 511,500 579,1435/1/2009 592,000 597,000 520,000 558,000 544,300 545,8814/1/2009 570,000 632,000 555,000 592,000 590,400 579,1433/2/2009 475,500 590,000 454,500 568,000 465,100 555,6642/2/2009 488,000 548,000 461,000 477,000 536,400 466,6411/1/2009 451,000 524,000 438,500 488,000 486,100 477,402

652,250 0.000788 513.76

Page 59: Copy of Apple Inc_Financial Analysis.xlsx

Date Open High Low Close Volume Adj Close12/1/2009 720,000 799,000 718,000 799,000 311,700 781,647

Date Open High Low Close Volume Adj Close12/1/2010 824,000 953,000 814,000 949,000 358,500 932,595

Date Open High Low Close Volume Adj Close12/1/2011 1,035,000 1,084,000 984,000 1,058,000 307,200 1,044,357

Date Open High Low Close Volume Adj Close12/3/2012 1,420,000 1,536,000 1,408,000 1,522,000 259,600 1,509,551

Date Open High Low Close Volume Adj Close12/2/2013 1,500,000 1,503,000 1,360,000 1,372,000 185,400 1,372,000

Page 60: Copy of Apple Inc_Financial Analysis.xlsx

0.000788 629.34566667 196,167,044.30 196.16704

0.000865417 821.28041667 294,429,029.38 294.42903

0.0009035 955.903 293,653,401.60 293.6534

0.00088825 1351.9165 350,957,523.40 350.95752

0.000913667 1253.5506667 232,408,293.60 232.40829

Page 61: Copy of Apple Inc_Financial Analysis.xlsx

YEAR 2009 YEAR 2010 YEAR 2011 YEAR 2012

0.000739 0.000876 0.000894 0.0008750.000695 0.000865 0.000894 0.0008910.000688 0.000880 0.000893 0.0008880.000750 0.000896 0.000923 0.0008810.000796 0.000859 0.000922 0.0008640.000791 0.000823 0.000925 0.0008590.000793 0.000830 0.000945 0.0008750.000807 0.000847 0.000930 0.0008830.000824 0.000860 0.000896 0.0008900.000852 0.000891 0.000868 0.0009040.000859 0.000885 0.000881 0.000919

KRW to USD 0.000858 0.000873 0.000871 0.000930Average 0.000788 0.000865 0.000904 0.000888

Page 62: Copy of Apple Inc_Financial Analysis.xlsx

YEAR 2013

0.0009380.0009190.0009060.0008920.0008990.0008800.0008880.0008960.0009220.0009370.0009410.0009460.000914

Page 63: Copy of Apple Inc_Financial Analysis.xlsx

2009

2010

2011

2012

2013

Page 64: Copy of Apple Inc_Financial Analysis.xlsx

2009 2010 2011 2012Apple 0.00% 0.00% 0.00% 0.00%Samsung 12.08% 8.02% 9.41% 8.23%

AppleTotal Debt 0 0 0 0Total Assets 53,851 75,183 116,371 176,064Debt to Total Assets Ratio 0.00% 0.00% 0.00% 0.00%

SamsungTotal Debt 12,242,098 9,461,211 12,699,739 13,906,418Total Assets 101,355,174 117,910,918 134,944,294 169,051,975Debt to Total Assets Ratio 12.08% 8.02% 9.41% 8.23%

During 2012, 2011,2010 and 2009 the Company had no debt outstanding and accordingly did not incur any related interest expense.

2009 2010 2011 2012 2013

Apple 0.00% 0.00% 0.00% 0.00% 8.19%

Samsung 12.08% 8.02% 9.41% 8.23% 5.21%

1.00%

3.00%

5.00%

7.00%

9.00%

11.00%

13.00%

Debt to Total Assets RatioPe

rcen

tage

(%)

Page 65: Copy of Apple Inc_Financial Analysis.xlsx

20138.19%5.21%

16,960207,000

8.19%

10,575,697202,857,025

5.21%

During 2012, 2011,2010 and 2009 the Company had no debt outstanding and accordingly did not incur any related interest expense.

2009 2010 2011 2012 2013

Apple 0.00% 0.00% 0.00% 0.00% 8.19%

Samsung 12.08% 8.02% 9.41% 8.23% 5.21%

1.00%

3.00%

5.00%

7.00%

9.00%

11.00%

13.00%

Debt to Total Assets Ratio

Perc

enta

ge(%

)