Annual Balance Sheets - Excel

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(Amounts in millions) January 31, Assets Current Assets: Cash and cash equivalents Receivables Inventories At replacement cost Less LIFO reserve Inventories at LIFO cost Prepaid expenses and other Total Current Assets Property, Plant and Equipment, at Cost: Land Building and improvements Fixtures and equipment Transportation equipment Less accumulated depreciation Net property, plant and equipment Property Under Capital Lease: Property under capital lease Less accumulated amortization Net property under capital leases Other Assets and Deferred Charges: Goodwill Other assets and deferred charges Total Assets Liabilities and Shareholders’ Equity Current Liabilities: Commercial paper Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Obligations under capital leases due within Total Current Liabilities Long-Term Debt Long-Term Obligations Under Capital Deferred Income Taxes and Other Minority Interests Total Obligations Shareholders’ Equity: Preferred stock ($0.10 par value; 100 Common stock ($0.10 par value; 11,000 and 4,131 issued and outstanding in Capital in excess of par value Retained earnings Other accumulated comprehensive income Total Shareholders’ Equity Total Liabilities and Shareholders’ ANALYSIS: Quick Ratio Current Ratio Total Liabilities to Total Equities Return on Average Equity
Return on Average Assets (EBIT/Ave(Assets))

2008 $5,569 3,654

2007 $7,373 2,840

2006 $6,414 2,662

2005

2004

$5,488 1,715

$5,199 1,254

35,180 3,182 47,585 19,879 72,533 28,026 2,210 122,648 28,773 93,875 5,736 2,594 3,142 16,071 2,841 $163,514

33,685 2,690 46,588 18,612 64,052 25,168 1,966 109,798 24,408 85,390 5,392 2,342 3,050 13,759 2,406 $151,193

32,191 2,557 43,824 16,643 56,163 22,750 1,746 97,302 21,427 75,875 5,578 2,163 3,415 12,188 2,885 $138,187

29,447 1,841 38,491 14,472 46,582 21,461 1,530 84,045 18,637 65,408 4,997 1,838 3,159 10,803 2,362 $120,223

26,612 1,356 34,421 12,699 38,966 17,861 1,269 70,795 15,594 55,201 5,092 1,763 3,329 9,882 2,079 $104,912

$5,040 30,370 15,799 1,016 5,913 316 58,454 29,799 3,603 5,111 1,939 98,906

$2,570 28,090 14,675 706 5,428 285 51,754 27,222 3,513 4,971 2,160 89,620

$3,754 25,373 13,465 1,340 4,595 299 48,826 26,429 3,742 4,552 1,467 85,016

$3,812 21,671 12,155 1,281 3,759 210 42,888 20,087 3,582 2,947 1,323 70,827

$3,267 19,332 10,342 1,377 2,904 196 37,418 17,102 2,997 2,288 1,484 61,289

397 3,028 57,319 3,864 64,608 $163,514

413 2,834 55,818 2,508 61,573 $151,193

417 2,596 49,105 1,053 53,171 $138,187

423 2,425 43,854 2,694 49,396 $120,223

431 2,135 40,206 851 43,623 $104,912

Market Value of Common Equity Market to Book

0.16 0.81 0.60 20.2% 14.0% $229,450 3.55

0.20 0.90 0.59 19.7% 14.2% $186,380 3.03

0.19 0.90 0.62 22.0% 14.4%

0.17 0.90 0.59 22.1% 15.2%

0.17 0.92 0.58 21.8% 15.1%

INCOME STATEMENTS

Fiscal years ended January 31, Revenues: Net sales Other income Costs and Expenses: Cost of sales Operating, selling and general and Operating Profit Interest: Debt Capital leases Interest income

2008 $374,526 98.9% 4,273 1.1% 378,799 100.0% 286,515 75.6% 70,288 18.6% 21,996 5.8%

2007 $344,992 99.0% 3,658 1.0% 348,650 100.0% 264,152 75.8% 64,001 18.4% 20,497 5.9%

2006 $312,472 99.0% 3,227 1.0% 315,699 100.0% 240,391 76.1% 56,733 18.0% 18,575 5.9%

2005 $285,222 99.0% 2,767 1.0% 287,989 100.0% 219,793 76.3% 51,105 17.7% 17,091 5.9%

2004 $256,329 2,352 258,681 198,747 44,909 15,025

1,863 240 -305 1,798

0.5% 0.1% -0.1% 0.5%

1,549 260 -280 1,529

0.4% 0.1% -0.1% 0.4%

1,171 249 -248 1,172

0.4% 0.1% -0.1% 0.4%

934 253 -201 986

0.3% 0.1% -0.1% 0.3%

729 267 -164 832 14,193

Income Before Income Taxes and Provision for Income Taxes Current Deferred

20,198 5.3%

18,968 5.4%

17,403 5.5%

16,105 5.6%

6,916 1.8% -8 0.0% 6,908 1.8% 13,290 -406 12,884 -153 3.5% -0.1% 3.4% 0.0%

6,276 1.8% 89 0.0% 6,365 1.8% 12,603 -425 12,178 -894 3.6% -0.1% 3.5% -0.3%

5,932 1.9% -129 0.0% 5,803 1.8% 11,600 -324 11,276 0 3.7% -0.1% 3.6% 0.0%

5,326 1.8% 263 0.1% 5,589 1.9% 10,516 -249 10,267 0 3.7% -0.1% 3.6% 0.0%

4,941 177 5,118 9,075 -214 8,861 193 $9,054 2.03 0.05 2.08

Income Before Minority Interest Minority Interests Income from Continuing Discontinued Operations Net Income Net Income Per Common Share: Discontinued Operations Net Income Per Common Share Cumulative effect of accounting Average Number of Common Shares Diluted Net Income Per Common Net Income Per Common Share Discontinued Operations Cumulative effect of accounting Average Number of Common Shares Analysis: Average Total Square Footage of Stores Revenue per Sq Ft. Cost of Sales per Sq. Ft. Gross Profit per Sq. Ft. Selling Administrative & Gen. Exp. Per Sq. Ft. Operating Income per Sq. Ft. Assets per Sq. Ft. Gross Profit Rate Square Footage by Store type: Supercenters Discount Stores Neghborhood Markets Wal-Mart Stores Sam's Club's International Total

$12,731 3.4% 3.17 -0.04 3.13

$11,284 3.2% 2.92 -0.21 2.71

$11,276 3.6% 2.68 2.68

$10,267 3.6% 2.41 2.41

4066

4164

4183

4259

4363

3.16 -0.03

2.92 -0.21

2.68

2.41

2.07

4072 838,198 $446.82 341.82 $105.00 83.86 $21.14 $195.08 23.5%

4168 774,459 $445.46 341.08 $104.38 82.64 $21.74 $195.22 23.4%

4183 694,431 $449.97 346.17 $103.80 81.70 $22.10 $198.99 23.1%

5266 618,633 $461.05 355.29 $105.76 82.61 $23.15 $194.34 22.9%

4373 567,524 $451.66 350.20 $101.46 79.13 $22.33 $184.86 22.5%

456,516 104,561 5,552 566,629 78,270 224,476 869,375

421,211 114,507 4,704 540,422 76,270 190,328 807,020

370,711 123,607 4,219 498,537 73,391 169,970 741,898

320,056 135,481 3,621 459,158 70,677 117,128 646,963

275,067 145,064 2,778 422,910 68,144 99,248 590,302

STATEMENT OF CASH FLOWS (Amounts in millions) Fiscal years ended January 31, Cash flows from operating activities Net Income Loss from discontinued operations Income from Continuing operations Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Deferred inocme taxes Other Operating Activities Increase in accounts receivable Increase in inventories Increase in accounts payable Increase in accrued liabilities Deferred income taxes Other Net cash provided by continuing operating activities Net cash used by discontinued operations Net cash provided by operating activities Cash flows from investing activities Payments for property, plant and equipment Investment in international operations Proceeds from the disposal of fixed assets Proceeds from termination or sale of net investment Other investing activities Net cash used in investing activities in continuing oper. Investment in discontinued operations Net cash used in investing activities Cash flows from financing activities Increase/(decrease) in commercial paper Proceeds from issuance of long-term debt Purchase of Company stock Dividends paid Payment of long-term debt Payment of capital lease obligations Proceeds from issuance of Company stock Other financing activities Net cash used in financing activities Effect of exchange rate changes on cash Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Supplemental disclosure of cash flow information Income tax paid Interest paid Capital lease obligations incurred

As Reported

2008 12,731 153 12,884

2007 11,284 894 12,178

2006 11,231 177 11,408

2005 10,267

2004 8,861

6,317 -8 601 -564 -775 865 1,034

5,459 89 1,039 -214 -1,274 2,344 588

4,645 -129 613

4,405

3,852

20,354 0 20,354

20,209 -45 20,164

-466 -1,761 2,425 1,002 17,737 -102 17,635

-304 -2,635 1,694 976 263 378

373 -1,973 2,658 1,800 177 198

15,044

15,948

-14,937 -1,338 957 -257 -95 -15,670 0 -15,670

-15,666 -68 394 610 223 -14,507 44 -14,463

-14,530 -601 1,042 —   -67 -14,156 -30 -14,186

-12,893 -315 953 0 -96

-10,308 -38 481 1,500 78

-12,351

-8,312

2,376 11,167 -8,723 -3,586 -7,691 -343 -334 -7,134 252 -2,198 7,767 5,569 6,299 1,622 447

-1,193 7,199 -1,718 -2,802 -5,758 -340 -227 -4,839 97 959 6,414 7,373 6,665 1,553 159

-704 7,691 -3,580 -2,511 -2,724 -245 -349 -2,422 -122 926 5,488 6,414 5,962 1,390 286

544 5,832 -4,549 -2,214 -2,131 -204 0 113 -2,609 205 289 5,199 5,488 5,593 1,163 377

688 4,099 -5,046 -1,569 -3,541 305 0 111 -5,563 320 2,441 2,758 5,199 4,358 1,024 252

Wal Mart Corp. Analysis Based on Ch. 4 of Easton…
ANALYSIS for Year Ending RETURN ON EQUITY Tax Rates Revenues Expenses (not interest) Earnings before interest and taxes (EBIT) Taxes Net Operating Profits After Taxes (NOPAT) Average Net Operating Assets Return on Net Operating Assets (RNOA) Return on Non-Operating Activities Average Equity Return on Average Equity (ROE) Net Financial Expense (NFE) Average Net Financial Obligations (NFO) Net Financial Rate (NFR=NFE/NFO) Spread (RNOA - NFR) Financial Leverage (FLEV=NFO/Equity) FLEV * Spread RNOA + FLEV*Spread MARGIN AND TURNOVER Net Operating Profit Margin (NOPM) Average Assets Asset Turnover (S/A) Average Accounts Receivable Accounts Receivable Turnover (ART=S/INV) Average Inventory Inventory Turnover (CGS/INV) Average Long-Term Operating Assets Long-term Asset Turnover (S/LTA) Average Accounts Payable Accounts Payable turnover (CGS/AP) Average Net Operating Working Capital Net Operating Working Capital Turnover LIQUIDITY, SOLVENCY, AND CREDIT Average Collection Period (365/ART) +Modified Inventory Days -Modified Payable Days Cash Cycle in Days Current Ratio Quick Ratio Debt-to-Equity Long-term Debt to Equity Times Interest Earned Operating Cash Flow to Liabilities Backruptcy Prediction (Altman Z score) Working Capital/Total Assets *.717 Retained Earnings/Total Assets * .847 EBIT/Total Assets*3.107 Shareholders Equity/Total Libailities*.420 Sales/Total Assets*.998 Total Altman Z Score Jan 31 2008 34.20% 378,799 356,803 21,996 7,523 14,473 $111,218 13.01% 6.69% $64,608 19.70% 1,742 $46,610 $111,218 3.74% 9.28% 72.14% 6.69% 19.70% 3.82% $157,354 2.41 $3,247 116.66 $34,433 8.32 $105,226 3.60 $29,230 9.80 $1,759 215.41 Jan 31 2007 33.56% 348,650 328,153 20,497 6,878 13,619 $98,104 13.88% 5.79% $57,372 19.67% 2,335 $40,732 $98,104 5.73% 8.15% 71.00% 5.79% 19.67% 3.91% $144,690 2.41 $2,751 126.74 $32,938 8.02 $94,723 3.68 $26,732 9.88 $3,382 103.11

$ $ $

$ $ $

$

$

3.1 33.2 -28.2 8.1 0.81 0.16 1.531 0.517 12.23 0.22

2.9 34.5 -28.0 9.4 0.90 0.20 1.456 0.499 13.41 0.23

0.717 0.847 3.107 0.42 0.998

(0.048) 0.020 0.434 0.274 2.402 3.084

(0.024) 0.014 0.440 0.289 2.405 3.123

Based on Ch. 4 of Easton…
Jan 31 2006 33.34% 315,699 297,124 18,575 6,194 12,381 $87,813 14.10% 7.89% $51,284 21.99% 1,105 $36,530 $87,813 3.03% 11.07% 71.23% 7.89% 21.99% 3.92% $129,205 2.44 $2,189 144.25 $30,819 7.80 $84,298 3.75 $23,522 10.22 $3,515 89.81 Jan 31 2005 34.70% 287,989 270,898 17,091 5,931 11,160 $76,871 14.52% 7.56% $46,510 22.08% 893 $30,362 $76,871 2.94% 11.58% 65.28% 7.56% 22.08% 3.88% $112,568 2.56 $1,485 194.00 $28,030 7.84 $73,494 3.92 $20,502 10.72 $3,377 85.28 Jan 31 2004 36.06% 258,681 243,656 15,025 5,418 9,607 $68,837 13.96% 7.87% $41,480 21.83% 553 $27,357 $68,837 2.02% 11.93% 65.95% 7.87% 21.83% 3.71% $99,799 2.59 $1,681 153.89 $25,752 7.72 $65,322 3.96 $18,236 10.90 $3,515 73.60

$ $ $

$ $ $

$ $ $

$

$

$

2.5 35.6 -27.2 11.0 0.90 0.19 1.599 0.567 15.85 0.23

1.9 35.5 -26.0 11.4 0.90 0.17 1.434 0.479 17.33 0.23

2.4 36.3 -25.7 13.0 0.92 0.17 1.405 0.461 18.06 0.27

(0.026) 0.301 0.447 0.263 2.439 3.423

(0.026) 0.309 0.472 0.293 2.553 3.601

(0.020) 0.325 0.468 0.299 2.587 3.658

0.717