Analysis Inc

2005 2006 2007 2008 2009
Particulars
OPERATING INCOME
Sales & other operating 3589 3654 3903 4595 3015

revenue 55 67 28 79 00
OPERATING
EXPENSES
Crude oil & other product 1852 1825 1994 2494 1528
purchase 19 46 98 54 06
Production & Other mfg 2681 2952 3188 3790 3302

expenses 9 8 5 5 7
Selling & other 1440 1427 1489 1587 1473

administrative expenses 2 3 0 3 5
Depreciation & depletion 1025 1141 1225 1237 1191

3 6 0 9 7
Exploration expense, 964 1181 1469 1451 2021

including dry holes
Sales based taxes 3074 3038 3172 3450 2593

2 1 8 8 6
Other taxes & duties 4155 3920 4095 4171 3481

4 3 3 9 9
OPERATING INCOME 4900 5693 5765 6629 2623

(LOSS) 2 9 5 0 9
Non-operating income
Income from equity 7583 6985 8901 1108 7143

affiliates 1
Other income 4142 5183 5323 6699 1943
EARNING BEFORE 6072 6910 7187 8407 3532

INTEREST & TAXES 7 7 9 0 5
Interest expenses 496 654 400 673 548

Income before income 6023 6845 7147 8339 3477
tax 1 3 9 7 7
Income tax 2330 2790 2986 3653 1511

2 2 4 0 9
Net income including 3692 4055 4161 4686 1965
non-controlling interest 9 1 5 7 8
Minority or non- 799 1051 1005 1647 378
controlling interest
Net income 3613 3950 4061 4522 1928

0 0 0 0 0
Net Income
50000
45000
40000
35000
30000 Net Income
25000
20000
15000
10000
5000
0
2005 2006 2007 2008 2009
Statement of financial position, assets
Assets 2005 2006 2007 2008 2009
Cash 28671 28244 33981 31437 10693
Cash & cash equivalent restricted 4604 4604
Marketable securities 519 570 169
Trade receivable & account receivables 23858 25076 30775 18707 22186
Other notes & accounts receivables 3626 3866 5675 5995 5459
Inventories 9321 10714 11089 11646 11553
Other current assets 3262 3273 3924 3911 5175
Total current assets 73342 75777 85963 72266 55235
Companies at equity in underlying 17696 20382 22053 22030 24411

assets
Companies carried at cost & stock 1732 1678 1647 1636 1577
investment at fair value
Long-term receivables 1164 1177 4494 4890 5677
Plant, property & equipment(net) 107010 113687 120869 121346 139116
Other assets including, intangible 7391 6314 7056 5884 7307

assets(net)
Total noncurrent assets 134993 143238 156119 155786 178088
Total assets 208335 219015 242082 228052 233323
Statement of financial position ,liabilities & stockholders’ equity

Liabilities & stock holders’ equity 2005 2006 2007 2008 2009
Notes payable & loans payable 1771 1702 2383 2400 2476
Trade payables 22788 25084 29239 21190 24236
Payable to equity companies 2451 2597 3556 3552 4979
Accrued taxes & other income taxes 5607 6052 6485 5866 5921
Other account payable & accrued 5274 5349 5995 6035 6139
liabilities
Income taxes payable 8416 8033 10654 10057 8310
Total current liabilities 46307 48817 58312 49100 52061
long-term debt 6220 6645 7183 7025 7129
Post retirement benefit reserve 10220 13931 13278 20729 17942
Accrued liabilities 6434 7116
Deferred income tax liabilities 20878 20851 22899 19726 23148
Other long term obligation 3563 4007 14366 13949 17651
Total noncurrent liabilities 47315 52550 57726 61429 65870
Liabilities & stock holders’ 2005 2006 2007 2008 2009

equity
Common stock with out par 4477 4786 4933 5314 5503
value
Earnings reinvested 163335 195207 228518 265680 276937
Cummalative foreign exchange 979 3733 7972 1146 4402

transaction
Post retirement benefits (2258) (6495) (5983) (11077) (9863)

reserves adjustment
Common stock held in treasury (55347) (83387) (113678) (148098) (166410)
EXXON MOBIL SHARE OF 111186 113844 121762 112965 110569

EQUITY
Non-controlling interests 3527 3804 4282 4558 4823
Total equity 114713 117648 126044 117523 115392
Total liabilities & equity 208335 219015 242082 228052 233323
Ratios
 Short term solvency(operating)

 Inventory turnover ratio
Particulars 2005 2006 2007 2008 2009
Sales 35895 365467 39032 459579 301500

5 8
Inventory 9321 10714 11089 11646 11553
Inventory turnover off Exxon 38.51 34.11 35.20 39.46 26.10
Inventory turnover
40
35
30
Inventory turnover
25
20
15
10
5
0
2005 2006 2007 2008 2009
Inventory turnover measures how quickly the company is moving merchandise through the
warehouse to customers. the smaller number of days, the more efficient a company - inventory is
held for less time and less money is tied up in inventory.
Inventory turnover ratio of Exxon Mobil. Improved in the year 2008 from 2007 as there
was increase in sales. but it has declined in the year in 2009 which is not good from the
companies point of view
 Receivable turnover ratio
Particulars 2005 2006 2007 2008 2009
Sales 358955 365467 390328 459579 301500
Trade receivables 23858 25076 30775 18707 22186
Receivable turnover of Exxon 15.05 14.57 12.68 24.57 13.59
Receivable turnover ratio

25
20
Receivable turnover ratio
15
10
5
0
2005 2006 2007 2008 2009
Accounts receivable is the money that is currently owed to a company by its customers. If a
company's collection period is growing longer, it could mean problems ahead. The quicker a
company gets its customers to make payments, the sooner it has cash to pay for salaries,
merchandise and equipment, loans and, best of all, dividends and growth opportunities.
 Payable turnover
Particulars 2005 2006 2007 2008 2009
Sales 358955 365467 390328 459579 301500
Trade payable 22788 25084 29239 21190 24236
payable turnover of Exxon 15.75 14.57 13.35 21.69 12.44
Payable turnover ratio

25
20
Payable turnover ratio
15
10
5
0
2005 2006 2007 2008 2009
 Working capital turnover
Particulars 2005 2006 2007 2008 2009
Sales 358955 365467 390328 459579 301500
Working capital 10391 10706 12625 9163 9503
Working capital turnover ratio 34.54 34.14 30.92 50.16 31.73

Of ExxonMobil
Working capital turnover ratio

60
50
40 Working capital turnover ratio
30
20
10
0
2005 2006 2007 2008 2009
 Average inventory processing
Particulars 2005 2006 2007 2008 2009
Inventory 38.51 34.11 35.20 39.46 26.10
Average inventory processing 9 11 10 9 14

period
Average inventory processing period

14
12
10 Average inventory processing
8 period
6
4
2
0
2005 2006 2007 2008 2009
 Average receivables collection period
Particulars 2005 2006 2007 2008 2009
Receivable 15.05 14.57 12.68 24.57 13.59
Average receivable collection 24 25 29 15 27

period
Average receivable collection period

30
25
Average receivable collection
20 period
15
10
5
0
2005 2006 2007 2008 2009
 Operating cycle
Particulars 2005 2006 2007 2008 2009

period
Average receivable collection 24 25 29 15 27

period
Operating cycle (no.of.days) 33 36 39 24 41
Operating cycle
45
40
35
30 Operating cycle
25
20
15
10
5
0
2005 2006 2007 2008 2009
 Average payables payment period
Particulars 2005 2006 2007 2008 2009
Payable turnover 15.75 14.57 13.35 21.69 12.44
Average payable 23 25 27 17 29
Average payable payment period

30
25
Average payable payment
20 period
15
10
5
0
2005 2006 2007 2008 2009
Ratio’s short term (operating)
Ratio (summary)
Ratios 2005 2006 2007 2008 2009
Turnover
Inventory turnover 38.51 34.11 35.20 39.46 26.10
Receivables turnover 15.05 14.57 12.68 24.57 13.59
Payables turnover 15.75 14.57 13.35 21.69 12.44
Working capital turnover 34.54 34.14 30.92 50.61 31.73
60
50
40
Inventory turnover
30 Receivable turnover
Payable turnover
20 Working capital turnover
10
0
2005 2006 2007 2008 2009
Cash conversion cycle
Particulars 2005 2006 2007 2008 2009

period
Add:-Average receivables 24 25 29 15 27
Operating cycle 34 36 39 24 41
Less:-Average payable 23 25 27 17 29
Cash conversion cycle 11 11 12 7 12
Cash conversion cycle

12
10
8 Cash conversion cycle
6
4
2
0
2005 2006 2007 2008 2009
 LONG TERM (INVESTMENT) ACTIVITY ANALYSIS
 Net fixed asset turnover
Particulars 2005 2006 2007 2008 2009
Sales 358955 365467 390328 459579 301500
Plant ,property & equipment 107010 113687 120869 121346 139116
Net fixed asset turnover ratio 3.35 3.21 3.23 3.79 2.17
Net fixed asset turnover ratio

4
3.5
3
Net fixed asset turnover ratio
2.5
2
1.5
1
0.5
0
2005 2006 2007 2008 2009
 Total asset turnover ratio
Particulars 2005 2006 2007 2008 2009
Sales 358955 365467 390328 459579 301500
Total assets 208335 219015 242082 228052 233323
Total asset turnover ratio 1.72 1.67 1.61 2.02 1.29
Total asset turnover ratio

2.5
2
Total asset turnover ratio
1.5
1
0.5
0
2005 2006 2007 2008 2009
 Equity turnover ratio = sales ÷ share holder equity
Particulars 2005 2006 2007 2008 2009
Sales 358955 365467 390328 459579 301500
ExxonMobil shares of equity 111186 113844 121762 112965 110569
Equity turnover ratio 3.23 3.21 3.21 4.07 2.73
Equity turnover ratio

4.5
4
3.5
3 Equity turnover ratio
2.5
2
1.5
1
0.5
0
2005 2006 2007 2008 2009
 Long term (investment) activity analysis
 Ratios summary:
Particulars 2005 2006 2007 2008 2009
Net fixed asset turnover 3.35 3.21 3.23 3.79 2.17
Total asset turnover 1.72 1.67 1.61 2.02 1.29
Equity turnover 3.23 3.21 3.21 4.07 2.73

 Liquidity ratios :
 Current ratio
Particulars 2005 2006 2007 2008 2009
Total current assets 73342 75777 85963 72266 55235
Current ratio of ExxonMobil 1.58 1.55 1.47 1.47 1.06
Current ratio
2
1.5 Current ratio
1
0.5
0
2005 2006 2007 2008 2009
Current ratio is defined as the relationship between the current assets & current liabilities. Thus
the two basic concept of current ratio are
 Current assets
 Current liabilities
Current assets include debtors, bill receivable, inventory pre-paid expenses etc
Current liabilities include creditors, bills payable, bank overdraft etc
An significant current ratio is 2:1 ratio. Thus this is also known as 2:1 ratio. The current ratio of
Exxon Mobil in the year 2005 was 1.58 which is less than the standard ratio.it has declined to
1.06 in the year 2009 which is very less. It indicates danger signal to the management
 Quick ratio = quick assets ÷ current liabilities

Particulars 2005 2006 2007 2008 2009
Cash & cash equivalents 28671 28244 33981 31437 10693
Cash & cash equivalents 4604 4604

restricted
Trade notes & accounts 23858 25076 30775 18707 22186

receivables
Other notes & accounts 3626 3866 5675 5995 5459

receivable
Total quick assets 60759 61790 70950 56709 38507
Quick ratio of ExxonMobil 1.31 1.27 1.22 1.15 0.74
Quick ratio
1.4
1.2
1 Quick ratio
0.8
0.6
0.4
0.2
0
2005 2006 2007 2008 2009
 Cash ratio: total cash assets ÷ current liabilities

Particulars 2005 2006 2007 2008 2009
Cash & cash equivalents 28671 28244 33981 31437 10693
Cash & cash equivalents 4604 4604

restricted
Total cash assets 33275 32848 34500 32007 10862
Cash ratio of ExxonMobil corp. 0.72 0.67 0.59 0.65 0.21
 Long-term debt & solvency analysis

 Debt to equity = debt ÷ equity
Particulars 2005 2006 2007 2008 2009
Notes & loans payable 1771 1702 2383 2400 2476
Long term debt 6220 6645 7183 7025 7139
Total debt 7991 8347 9566 9425 9605
ExxonMobil share of equity 111186 113844 121762 112965 110569
Debt to equity of ExxonMobil 0.07 0.07 0.08 0.08 0.09

corp.
Debt to equity ratio measures ultimate solvency of a concern. It provides a margin of safety to
the creditors. Thus the smaller the ratio the more secure is the creditors. an appropriate debt-
equity ratio is 0.33 . A ratio higher than this is an indication of risky financial policies.
In the year 2005 the Debt equity ratio was 0.07 & In the year 2009 it was 0.09.which is smaller
than the standard. It shows the positive signs for the company
 Debt to capital ratio = debt ÷ capital
Particulars 2005 2006 2007 2008 2009

Notes & loans payable 1771 1702 2383 2400 2476
Long term debt 6220 6645 7183 7025 7139
Total debt 7991 8347 9566 9425 9605
Total capital 119177 122191 131328 122390 120714
Debt to capital ratio of 0.07 0.07 0.07 0.08 0.08

ExxonMobil corp.
 Interest coverage ratio = EBIT ÷ interest expenses

Particulars 2005 2006 2007 2008 2009
EBIT 60727 69107 71879 84070 35325
Interest expenses 496 654 400 673 548
Interest coverage of ExxonMobil 122.43 105.67 179.70 124.92 64.46
Interest coverage ratio measures the number of times interest is covered by the profits available
to pay the charges. This ratio is used to test the debt servicing capacity of a concern. Generally
higher the ratio, the more safe are the long term creditors.
Interest coverage ratio of Exxon Mobil was 122.43 in the year 2005 & in the year 2007 it
reached to its maximum level at 179.70 as there was increase in profits & decline in interest
expenses. But it was detroted in the year 2009 declined up to 64.46. This is not sufficient for the
firm. It has to increase its Interest coverage ratio to be strong financial frim
Ratios (Summary)
Long-term debt & solvency analysis
Particulars 2005 2006 2007 2008 2009
Debt to equity 0.07 0.07 0.08 0.08 0.09
Debt to capital 0.07 0.07 0.07 0.08 0.08
Interest coverage 122.43 105.67 179.70 124.92 64.46

 Profitability ratios
Profitability is an indication of the efficiency with which the operations of the concern are
Carried on. Profit is what is left for shareholders after all the charges have been paid.
 Operating profit margin
Particulars 2005 2006 2007 2008 2009
Operating income 49002 56939 57655 66290 26239
Sales 358955 365467 390328 459579 301500
Operating profit margin (%) 13.65 15.58 14.77 14.42 8.70

 Net profit margin = net income ÷ sales
Particulars 2005 2006 2007 2008 2009
Net income 36130 39500 40610 45220 19280
Sales 358955 365467 390328 459579 301500
Net profit margin (%) 10.07 10.81 10.40 9.84 6.39

 Return on equity = net income ÷ shareholders equity
Particulars 2005 2006 2007 2008 2009
Net income 36130 39500 40610 45220 19280
Return on equity (%) 17.34 18.04 16.78 19.83 8.26

Ratios (summary)
Profitability ratios
Particulars 2005 2006 2007 2008 2009
Return on sales (%)
Operating profit margin 13.65 15.58 14.77 14.42 8.70
Net profit margin 10.07 10.81 10.40 9.84 6.39
Return on investment (%)
Return on equity 32.50 34.70 33.35 40.03 17.44
Return on assets 17.34 18.04 16.78 19.83 8.26

 Analysis
 Plant, property& equipment :
Depreciation, depletion and amortization, based on cost less estimated salvage value of the asset,
are primarily determined under either the unit-of-production method or the straight-line method,
which is based on estimated asset service life taking obsolescence into consideration.
Maintenance and repairs, including planned major maintenance, are expensed as incurred. Major
renewals and improvements are capitalized and the assets replaced are retired.
Exxon Mobil Corp. uses the “successful efforts” method to account for its exploration and
production activities. Under this method, costs are accumulated on a field-by-field basis with
certain exploratory expenditures and exploratory dry holes being expensed as incurred. Costs of
productive wells and development dry holes are capitalized and amortized on the unit-of-
production method.
Exxon Mobil Corp. carries as asset exploratory well costs when the well has found a sufficient
quantity of reserves to justify its completion as a producing well and where Exxon Mobil Corp.
is making sufficient progress assessing the reserves and the economic and operating viability of
the project. Exploratory well costs not meeting these criteria are charged to expense.
Statement of financial position, property, plant and equipment
Particulars 2005 2006 2007 2008 2009
Upstream 148844 163087 178712 168977 198036
Downstream 59338 62392 65841 64618 68092
Midstream 21055 22197 24081 25463 28464
Other 11057 11608 11706 11787 11314
Total P.P.E 240294 259284 280340 270845 305906
Accumulated (133284 (145597 (159471 (149499 (166790)

depreciation ) ) ) )
Plant, property & 107010 113687 120869 121346 139116

equipment (net)
 Average age (%) of PPE = depreciation ÷ PPE
Particulars 2005 2006 2007 2008 2009
Accumulated 133284 145597 159471 149499 166790

depreciation & depletion
Total P.P.E 240294 259284 280340 270845 305906
Average age (%) 55.47 56.15 56.88 55.20 54.52

 Analysis of debt
-Short term debt
Particulars 2005 2006 2007 2008 2009
Bank loans 790 753 1238 1139 1043
Commercial paper 291 274 205 172 201
Long term debt due 515 459 318 368 348

within one year
Other notes & loans 175 216 622 721 884

payable
Total notes & loans 1771 1702 2383 2400 2476

payable or short term
debt
long term debt
Particulars 2009 2008 2007 2006 2005

Total long term debt 7129 7025 7183 6645 6220
-total debt (summary)
Particulars 2009 2008 2007 2006 2005
Short term debt 2476 2400 2383 1702 1771
Total long term debt 7129 7025 7183 6645 6220
Total debt of ExxonMobil 9605 9425 9566 8347 7991

corp.
 valuation ratios
 Price to earnings ratio = market price per share ÷ E.P.S
Particulars 2009 2008 2007 2006 2005
Share price 65 67.90 89.38 71.68 59.37
E.P.S 4.08 9.15 7.59 6.94 5.92
Price to earnings ratio 15.92 7.42 11.78 10.33 10.03

 Price to operating profit = market price per share ÷ operating income
Particulars 2009 2008 2007 2006 2005
No. of 4721273113 494163049 5350027205 569339877 6106332510

common 0 4
share stock
outstandin
g
Operating 26239 66290 57655 56939 49002

income
Operating 5.56 13.41 10.78 10.00 8.02

profit per
share
Share price 65 67.90 89.38 71.68 59.37
Price to 11.70 5.06 8.29 7.17 7.40

operating
profit ratio
 Price to sales = market price per share ÷ sales per share
Particulars 2009 2008 2007 2006 2005
No. Of 4721273113 494163049 5350027205 569339877 6106332510

common 0 4
share stock
outstandin
g
Sales 301500 459579 390328 365467 358955
Sales per 63.86 93 72.96 64.19 58.78

share
Share price 65 67.90 89.38 71.68 59.37
Price to 1.02 0.73 1.23 1.12 1.01

sales
 Price to book value = market price per share ÷ book value
Particulars 2009 2008 2007 2006 2005
No. Of 4721273113 494163049 5350027205 569339877 6106332510

common 0 4
share stock
outstandin
g
EXXON 110569 112965 121762 113844 111186

MOBIL
SHARE OF
EQUITY
Book value 23.42 22.86 22.76 20.00 18.21
Share price 65 67.90 89.38 71.68 59.37
Price to 2.78 2.97 3.93 3.58 3.26

book value
 Valuation ratios summary :
Particulars 2009 2008 2007 2006 2005
Price to 15.92 7.42 11.78 10.33 10.03

earnings
ratio
Price to 11.70 5.06 8.29 7.17 7.40

operating
profit ratio
Price to 1.02 0.73 1.23 1.12 1.01

sales
Price to 2.78 2.97 3.93 3.58 3.26

book value

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2005 2006 2007 2008 2009

Sales & other operating 3589 3654 3903 4595 3015

Production & Other mfg 2681 2952 3188 3790 3302

Selling & other 1440 1427 1489 1587 1473

Depreciation & depletion 1025 1141 1225 1237 1191

Exploration expense, 964 1181 1469 1451 2021

Sales based taxes 3074 3038 3172 3450 2593

Other taxes & duties 4155 3920 4095 4171 3481

OPERATING INCOME 4900 5693 5765 6629 2623

Income from equity 7583 6985 8901 1108 7143

Other income 4142 5183 5323 6699 1943

EARNING BEFORE 6072 6910 7187 8407 3532

Interest expenses 496 654 400 673 548

Income tax 2330 2790 2986 3653 1511

Net income 3613 3950 4061 4522 1928

Assets 2005 2006 2007 2008 2009

Cash 28671 28244 33981 31437 10693

Cash & cash equivalent restricted 4604 4604

Marketable securities 519 570 169

Inventories 9321 10714 11089 11646 11553

Other current assets 3262 3273 3924 3911 5175

Total current assets 73342 75777 85963 72266 55235

Companies at equity in underlying 17696 20382 22053 22030 24411

Long-term receivables 1164 1177 4494 4890 5677

Plant, property & equipment(net) 107010 113687 120869 121346 139116

Other assets including, intangible 7391 6314 7056 5884 7307

Total assets 208335 219015 242082 228052 233323

Statement of financial position ,liabilities & stockholders’ equity

Trade payables 22788 25084 29239 21190 24236

Payable to equity companies 2451 2597 3556 3552 4979

Income taxes payable 8416 8033 10654 10057 8310

Total current liabilities 46307 48817 58312 49100 52061

long-term debt 6220 6645 7183 7025 7129

Post retirement benefit reserve 10220 13931 13278 20729 17942

Accrued liabilities 6434 7116

Deferred income tax liabilities 20878 20851 22899 19726 23148

Other long term obligation 3563 4007 14366 13949 17651

Total noncurrent liabilities 47315 52550 57726 61429 65870

Liabilities & stock holders’ 2005 2006 2007 2008 2009

Earnings reinvested 163335 195207 228518 265680 276937

Cummalative foreign exchange 979 3733 7972 1146 4402

Post retirement benefits (2258) (6495) (5983) (11077) (9863)

Common stock held in treasury (55347) (83387) (113678) (148098) (166410)

EXXON MOBIL SHARE OF 111186 113844 121762 112965 110569

Non-controlling interests 3527 3804 4282 4558 4823

Total equity 114713 117648 126044 117523 115392

Total liabilities & equity 208335 219015 242082 228052 233323

 Short term solvency(operating)

Particulars 2005 2006 2007 2008 2009

Sales 35895 365467 39032 459579 301500

Inventory 9321 10714 11089 11646 11553

Inventory turnover off Exxon 38.51 34.11 35.20 39.46 26.10

Particulars 2005 2006 2007 2008 2009

Sales 358955 365467 390328 459579 301500

Trade receivables 23858 25076 30775 18707 22186

Receivable turnover of Exxon 15.05 14.57 12.68 24.57 13.59

Receivable turnover ratio

Sales 358955 365467 390328 459579 301500

Trade payable 22788 25084 29239 21190 24236

payable turnover of Exxon 15.75 14.57 13.35 21.69 12.44

Payable turnover ratio

Particulars 2005 2006 2007 2008 2009