Colgate's Summary Financial Data

(In billions, except per share data)

Net Sales
Gross Profit
Operating Income
Net Income
Restructuring charge (after tax)
Net Income before restructuring
Op Income before restructuring

2011
16.73
9.59
3.84
2.43
0.00
2.43
3.84

2010
15.56
9.20
3.49
2.20
0.06
2.26
3.55

2009
15.33
9.01
3.62
2.29
0.00
2.29
3.62

2008
15.33
9.01
3.33
1.96
0.11
2.07
3.44

2007
13.79
8.22
2.96
1.74
0.18
1.92
3.14

2006
12.24
7.21
2.57
1.35
0.29
1.64
2.86

2005
11.40
6.62
2.37
1.35
0.15
1.50
2.52

2004
10.58
6.15
2.20
1.33
0.06
1.39
2.26

2003
9.90
5.75
2.14
1.42
0.04
1.46
2.18

2002
9.29
5.35
2.02
1.29
0.00
1.29
2.02

2001
9.43
5.46
1.86
1.15
0.00
1.15
1.86

Total Assets
Total Liabilities
Long Tern Debt
Sharehholder' Equity
Treasury Stock at cost

12.72
10.18
4.43
2.07
12.81

11.17
8.36
2.82
2.68
11.31

11.13
7.88
2.82
3.12
10.48

9.98
7.94
3.59
1.92
9.70

10.11
7.72
3.22
2.29
8.90

9.14
7.62
2.72
1.41
8.07

8.51
7.05
2.92
1.35
7.58

8.67
7.21
3.09
1.25
6.97

7.48
6.38
2.68
0.89
6.50

7.09
6.53
3.21
0.35
6.15

6.98
5.93
2.81
0.85
5.20

Basic Earnings per share

Cash Dividends per share
Closing Stock Price
Shares Outstanding (billions)

4.98
2.27
92.39
0.48

4.45
2.03
80.37
0.49

4.53
1.72
82.15
0.49

3.81
1.56
68.54
0.50

3.35
1.40
77.96
0.51

2.57
1.25
65.24
0.51

2.54
1.11
54.85
0.52

2.45
0.96
51.16
0.53

2.60
0.90
50.05
0.53

2.33
0.72
52.43
0.54

2.02
0.68
57.75
0.55

Kimberley Clark Summary Financial Data

(In billions, except per share data)
Net Sales
Gross Profit
Operating Income
Net Income
Restructuring charge (after tax)
Net Income before restructuring
Op Income before restructuring

2011
20.85
6.15
2.44
1.59
0.29
1.88
2.73

2010
19.75
7.38
2.90
1.84
0.00
1.84
2.90

2009
19.12
7.27
3.07
1.88
0.09
1.98
3.16

2008
19.42
6.68
2.64
1.69
0.05
1.74
2.69

2007
18.27
6.60
2.75
1.82
0.10
1.92
2.84

2006
16.75
6.36
2.61
1.50
0.31
1.81
2.92

2005
15.90
6.12
2.57
1.57
0.17
1.74
2.73

2004
15.08
5.91
2.59
1.80
0.01
1.81
2.60

2003
14.35
5.66
2.52
1.69
0.00
1.69
2.52

2002
13.57
5.55
2.58
1.67
0.00
1.67
2.58

2001
14.52
6.71
2.60
1.61
0.04
1.65
2.64

Total Assets
Total Liabilities
Long Tern Debt
Sharehholder' Equity
Treasury Stock at cost

19.37
13.84
5.43
5.53
2.11

19.86
13.12
5.12
5.92
4.73

19.21
12.47
4.79
5.41
4.09

18.09
12.80
4.88
3.88
4.29

18.44
11.73
4.39
5.22
3.81

17.07
9.75
2.28
6.10
1.39

16.30
9.59
2.59
5.56
6.38

17.02
9.30
2.30
6.63
5.05

16.78
9.15
2.73
6.77
3.82

15.59
9.13
2.84
5.65
3.35

15.01
8.51
2.42
5.65
2.75

Basic Earnings per share

Cash Dividends per share
Closing Stock Price

4.02
2.76
73.56

4.47
2.58
63.04

4.53
2.38
63.71

4.08
2.27
52.74

4.13
2.08
69.34

3.27
1.92
67.95

3.33
1.75
59.65

3.58
1.54
65.81

3.34
1.32
59.09

3.26
1.18
47.47

3.04
1.11
59.80

Shares Outstanding (billions)

0.40

0.41

0.42

0.41

0.42

0.46

0.46

0.48

0.50

0.51

0.52

Case 1-8: a and d:

Colgate's index-number trend analysis:
2011
177%
Net Sales
176%
Gross Profit
206%
Operating Income
212%
Net Income

2010
165%
169%
188%
192%

2009
163%
165%
194%
200%

2008
163%
165%
179%
171%

2007
146%
151%
159%
152%

2006
130%
132%
138%
118%

2005
121%
121%
127%
118%

2004
112%
113%
118%
116%

2003
105%
105%
115%
124%

212%
206%

197%
191%

200%
194%

180%
185%

168%
169%

143%
154%

131%
135%

121%
121%

127%
117%

182%
172%
158%
244%
246%

160%
141%
100%
316%
217%

159%
133%
100%
368%
201%

143%
134%
128%
227%
186%

145%
130%
115%
270%
171%

131%
128%
97%
167%
155%

122%
119%
104%
160%
146%

124%
122%
110%
147%
134%

107%
107%
95%
105%
125%

247%
336%
160%
87%

220%
301%
139%
90%

224%
255%
142%
90%

189%
231%
119%
91%

166%
207%
135%
92%

127%
185%
113%
93%

126%
164%
95%
94%

121%
142%
89%
96%

129%
133%
87%
97%

Before restructuring:
Net Income before restructuring
Op Income before restructuring
Total Assets
Total Liabilities
Long Term Debt
Sharehholder' Equity
Treasury Stock at cost
Basic Earnings per share
Cash Dividends per share
Closing Stock Price
Shares Outstanding (billions)

Kimberly-Clark's index-number trend analysis:

Net Sales
Gross Profit
Operating Income
Net Income

2011
144%
92%
94%
99%

2010
136%
110%
111%
114%

2009
132%
108%
118%
117%

2008
134%
99%
101%
105%

2007
126%
98%
106%
113%

2006
115%
95%
100%
93%

2005
109%
91%
99%
97%

2004
104%
88%
100%
112%

2003
99%
84%
97%
105%

114%
104%

112%
110%

120%
120%

106%
102%

117%
108%

110%
111%

105%
104%

110%
99%

103%
96%

129%
163%
224%
98%
77%

132%
154%
211%
105%
172%

128%
146%
198%
96%
149%

121%
150%
201%
69%
156%

123%
138%
181%
93%
139%

114%
115%
94%
108%
51%

109%
113%
107%
98%
232%

113%
109%
95%
117%
184%

112%
107%
113%
120%
139%

132%
249%
123%
76%

147%
232%
105%
78%

149%
214%
107%
80%

134%
205%
88%
79%

136%
187%
116%
81%

108%
173%
114%
87%

110%
158%
100%
89%

118%
139%
110%
93%

110%
119%
99%
96%

Before restructuring:
Net Income before restructuring
Op Income before restructuring
Total Assets
Total Liabilities
Long Tern Debt
Sharehholder' Equity
Treasury Stock at cost
Basic Earnings per share
Cash Dividends per share
Closing Stock Price
Shares Outstanding (billions)

2002 2001 (base)

99%
100%
98%
100%
109%
100%
112%
100%
112%
109%

100%
100%

101%
110%
114%
41%
118%

100%
100%
100%
100%
100%

115%
107%
91%
97%

100%
100%
100%
100%

2002
93%
83%
99%
104%

2001 (base)
100%
100%
100%
100%

102%
98%

100%
100%

104%
107%
117%
100%
122%

100%
100%
100%
100%
100%

107%
106%
79%
98%

100%
100%
100%
100%

Case 1-8: b and d:

Colgate's ratios:
Return on assets
Return on equity
Gross profit margin
Operating profit margin
Before restructuring:
Return on assets
Return on equity
Operating profit margin
Total asset turnover
Total debt to equity
Long-term debt to equity
Dividend payout
Price-to-earnings
Price-to-book

2011
32%
102%
57%
23%

2010
31%
76%
59%
22%

2009
34%
91%
59%
24%

2008
33%
93%
69%
22%

2007
31%
94%
60%
21%

2006
29%
98%
59%
21%

2005
28%
104%
58%
21%

2004
27%
124%
58%
21%

32%
102%
23%

32%
78%
23%

34%
91%
24%

34%
98%
22%

33%
104%
23%

32%
119%
23%

29%
115%
22%

28%
130%
21%

1.4
4.92
2.14
46%
18.55
21.43

1.4
3.12
1.05
46%
18.06
14.87

1.45
2.53
0.91
38%
18.13
13.03

1.53
4.13
1.87
41%
17.99
17.88

1.43
3.37
1.41
42%
23.27
17.36

1.39
5.4
1.93
49%
25.39
23.71

1.33
5.22
2.16
44%
21.59
20.97

1.31
5.79
2.48
39%
20.88
21.63

Kimberly-Clark's ratios:
Return on assets
Return on equity
Gross profit margin
Operating profit margin
Before restructuring:
Return on assets
Return on equity
Operating profit margin
Total asset turnover
Total debt to equity
Long-term debt to equity
Dividend payout
Price-to-earnings
Price-to-book

2011
12%
28%
30%
12%

2010
15%
33%
37%
15%

2009
16%
41%
38%
16%

2008
14%
37%
34%
14%

2007
15%
32%
36%
15%

2006
16%
26%
38%
16%

2005
15%
26%
38%
16%

2004
15%
27%
39%
17%

14%
33%
13%

15%
33%
15%

17%
43%
17%

15%
38%
14%

16%
34%
16%

17%
31%
17%

16%
28%
17%

15%
27%
17%

1.06
2.5
0.98
69%
18.3
5.26

1.01
2.22
0.87
58%
14.1
4.34

1.02
2.31
0.89
53%
14.06
4.91

1.06
3.3
1.26
56%
12.93
5.62

1.03
2.25
0.84
50%
16.79
5.59

1
1.6
0.37
59%
20.78
5.08

0.95
1.73
0.47
53%
17.91
4.95

0.89
1.4
0.35
43%
18.38
4.79

2003
29%
230%
58%
22%

2002
29%
215%
58%
22%

2001
27%
135%
58%
20%

30%
236%
22%

29%
215%
22%

27%
135%
20%

1.36
7.19
3.03
35%
19.25
30.11

1.32
18.63
9.17
31%
22.5
80.22

1.35
7.01
3.32
33%
28.59
37.58

2003
16%
27%
39%
18%

2002
17%
30%
41%
19%

2001
17%
29%
46%
18%

16%
27%
18%

17%
30%
19%

18%
29%
18%

0.89
1.35
0.4
40%
17.69
4.38

0.89
1.62
0.5
36%
14.56
4.29

0.97
1.51
0.43
37%
19.67
5.52

Case 1-8: c and d:

Colgate's index-number trend analysis:
2011
Return on assets
121%
Return on equity
76%
Gross profit margin
99%
Operating profit margin
116%
Before restructuring:
Return on assets
121%
Return on equity
76%
Operating profit margin
116%
Total asset turnover
Total debt to equity
Long-term debt to equity
Dividend payout
Price-to-earnings
Price-to-book

104%
70%
64%
136%
65%
57%

2010
117%
56%
102%
114%

2009
129%
67%
102%
120%

2008
124%
69%
102%
110%

2007
115%
69%
103%
109%

2006
109%
72%
102%
106%

2005
104%
77%
100%
105%

2004
102%
92%
100%
105%

119%
58%
116%

129%
67%
120%

128%
73%
114%

123%
77%
115%

122%
88%
118%

110%
85%
112%

105%
96%
108%

103%
45%
32%
137%
63%
40%

108%
36%
27%
114%
63%
35%

113%
59%
56%
123%
63%
48%

106%
48%
42%
125%
81%
46%

103%
77%
58%
146%
89%
63%

98%
75%
65%
131%
76%
56%

97%
83%
75%
117%
73%
58%

Kimberly-Clark's index-number trend analysis:

2011
2010
Return on assets
72%
86%
Return on equity
98%
114%
Gross profit margin
64%
81%
Operating profit margin
65%
82%
Before restructuring:
Return on assets
79%
84%
Return on equity
113%
112%
Operating profit margin
72%
81%
Total asset turnover
Total debt to equity
Long-term debt to equity
Dividend payout
Price-to-earnings
Price-to-book

110%
166%
229%
188%
93%
95%

104%
147%
202%
158%
72%
79%

2009
95%
142%
82%
90%

2008
83%
130%
74%
76%

2007
89%
113%
78%
84%

2006
90%
90%
82%
87%

2005
89%
90%
83%
90%

2004
89%
94%
85%
96%

96%
146%
91%

84%
131%
76%

91%
116%
86%

100%
107%
96%

93%
98%
95%

88%
93%
95%

106%
153%
206%
144%
71%
89%

110%
219%
293%
152%
66%
102%

106%
149%
196%
138%
85%
101%

104%
106%
87%
161%
106%
92%

99%
114%
109%
144%
91%
90%

92%
93%
81%
118%
93%
87%

2003
110%
170%
100%
109%

2002
108%
159%
99%
110%

2001
100%
100%
100%
100%

112%
174%
111%

108%
159%
110%

100%
100%
100%

101%
103%
91%
104%
67%
80%

98%
266%
276%
92%
79%
213%

100%
100%
100%
100%
100%
100%

2003
90%
96%
85%
98%

2002
97%
104%
89%
106%

2001
100%
100%
100%
100%

89%
94%
97%

96%
102%
105%

100%
100%
100%

92%
90%
94%
108%
90%
79%

92%
107%
117%
99%
74%
78%

100%
100%
100%
100%
100%
100%

Case 1-8: e:
Colgate's cum-dividend return:
2011
2010
1.18
1

2009
1.22

2008
0.9

2007
1.22

2006
1.21

2005
1.09

Kimberly-Clark's cum-dividend return:

2011
2010
2009
1.21
1.03
1.25

2008
0.79

2007
1.05

2006
1.17

2005
0.93

Overall

Overall

1.0692

1.05333

2004
1.04

2003
0.97

2002
0.92

2001

2004
1.14

2003
1.27

2002
0.81

2001