2010 2009 2008 2007 2006

Period End Date 31/12/2010 31/12/2009 31/12/2008 31/12/2007 31/12/2006

Period Length 52 Weeks 52 Weeks 52 Weeks 52 Weeks 52 Weeks
Stmt Source ARS ARS ARS ARS ARS
Stmt Source Date 40,631.00 40,274.00 39,855.00 39,538.00 39,174.00
Stmt Update Type Updated Updated Updated Updated Updated

Revenue 8,453.00 7,753.00 6,563.00 5,269.00 4,922.00

Total Revenue 8,453.00 7,753.00 6,563.00 5,269.00 4,922.00

Cost of Revenue, Total 3,332.00 3,089.00 2,673.00 2,197.00 2,133.00

Gross Profit 5,121.00 4,664.00 3,890.00 3,072.00 2,789.00

Selling/General/Administrative Expenses, Total 2,768.00 2,627.00 2,244.00 1,785.00 1,601.00

Research & Development 120.00 122.00 105.00 88.00 82.00
Depreciation/Amortisation 40.00 29.00 27.00 26.00 88.00
Interest Expense (Income), Net Operating 0.00 0.00 0.00 0.00 0.00
Unusual Expense (Income) 101.00 13.00 32.00 -43.00 149.00
Other Operating Expenses, Total -38.00 -18.00 -23.00 -17.00 -41.00
Operating Income 2,130.00 1,891.00 1,505.00 1,233.00 910.00

Interest Income (Expense), Net Non-Operating 0.00 0.00 0.00 0.00 0.00
Gain (Loss) on Sale of Assets 0.00 0.00 0.00 0.00 0.00
Other, Net 0.00 0.00 0.00 0.00 0.00
Income Before Tax 2,136.00 1,892.00 1,474.00 1,209.00 874.00

Income Tax - Total 566.00 474.00 354.00 271.00 200.00

Income After Tax 1,570.00 1,418.00 1,120.00 938.00 674.00

Minority Interest -2.00 0.00 0.00 0.00 0.00

Equity In Affiliates 0.00 0.00 0.00 0.00 0.00
U.S. GAAP Adjustment 0.00 0.00 0.00 0.00 0.00
Net Income Before Extra. Items 1,568.00 1,418.00 1,120.00 938.00 674.00

Total Extraordinary Items 0.00 0.00 0.00 0.00 0.00

Net Income 1,568.00 1,418.00 1,120.00 938.00 674.00

Total Adjustments to Net Income 0.00 0.00 0.00 0.00 0.00

Preferred Dividends 0.00 0.00 0.00 0.00 0.00
General Partners' Distributions 0.00 0.00 0.00 0.00 0.00

Basic Weighted Average Shares 724.19 713.00 710.57 715.04 720.69

Basic EPS Excluding Extraordinary Items 2.17 1.99 1.58 1.31 0.94
Basic EPS Including Extraordinary Items 2.17 1.99 1.58 1.31 0.94

Diluted Weighted Average Shares 733.30 728.17 724.11 733.63 734.20

Diluted EPS Excluding Extrordinary Items 2.14 1.95 1.55 1.28 0.92
Diluted EPS Including Extraordinary Items 2.14 1.95 1.55 1.28 0.92

Dividends per Share - Common Stock Primary Issue 1.15 1.00 0.80 0.55 0.46
Gross Dividends - Common Stock 834.00 718.00 568.00 393.00 327.00
Interest Expense, Supplemental 15.00 16.00 62.00 46.00 54.00
Depreciation, Supplemental 127.00 118.00 100.00 84.00 88.00

Normalised EBITDA 2,375.00 2,030.00 1,645.00 1,283.00 1,156.00

Normalised EBIT 2,231.00 1,904.00 1,537.00 1,190.00 1,059.00
Normalised Income Before Tax 2,237.00 1,905.00 1,506.00 1,166.00 1,023.00
Normalised Income After Taxes 1,644.24 1,427.74 1,144.32 904.64 788.90
Normalised Income Available to Common 1,642.24 1,427.74 1,144.32 904.64 788.90

Basic Normalised EPS 2.27 2.00 1.61 1.27 1.09

Diluted Normalised EPS 2.24 1.96 1.58 1.23 1.07
Amortisation of Intangibles 17.00 8.00 8.00 9.00 9.00

Investment Ratios 2010 2009 2008 2007 2006

Gross Profit Margin 60.58% 60.16% 59.27% 58.30% 56.66%
Net Profit Margin 18.55% 18.29% 17.07% 17.80% 13.69%
SGA% to Gross Profit 54% 56% 58% 58% 57%
R&D% to Gross Profit 2.3% 2.6% 2.7% 2.9% 2.9%
Interest% to Gross Profit 0.0% 0.0% 0.0% 0.0% 0.0%
Divident Payout Ratio 54% 51% 52% 43% 50%
Retained Earnings Ratio 46% 49% 48% 57% 50%
Earnings Growth Rate 10.58% 26.61% 19.40% 39.17%
EPS Growth Rate 9.74% 25.81% 21.09% 39.13%
 2010 2009 2008 2007 2006
Period End Date 12/31/2010 12/31/2009 12/31/2008 12/31/2007 12/31/2006
Stmt Source ARS ARS ARS ARS ARS
Stmt Source Date 3/29/2011 4/6/2010 4/6/2010 3/31/2009 4/2/2007
Stmt Update Type Updated Updated Reclassified Reclassified Updated

Assets
Cash and Short Term Investments 599.00 355.00 423.00 367.00 324.00
Cash 256.00 145.00 213.00 130.00 107.00
Short Term Investments 343.00 210.00 210.00 237.00 217.00
Total Receivables, Net 1,309.00 893.00 861.00 661.00 652.00
Accounts Receivable - Trade, Net 1,202.00 812.00 791.00 585.00 572.00
Accounts Receivable - Trade, Gross 1,243.00 834.00 804.00 596.00 588.00
Provision for Doubtful Accounts -41.00 -22.00 -13.00 -11.00 -16.00
Receivables - Other 107.00 81.00 70.00 76.00 80.00
Total Inventory 646.00 486.00 556.00 382.00 322.00
Prepaid Expenses 51.00 32.00 29.00 21.00 18.00
Other Current Assets, Total 37.00 4.00 85.00 11.00 0.00
Total Current Assets 2,642.00 1,770.00 1,954.00 1,442.00 1,316.00

Property/Plant/Equipment, Total - Net 740.00 639.00 637.00 479.00 425.00

Goodwill, Net 2,766.00 1,654.00 1,712.00 830.00 834.00
Intangibles, Net 7,012.00 4,436.00 4,742.00 2,981.00 3,008.00
Long Term Investments 12.00 16.00 25.00 0.00 0.00
Note Receivable - Long Term 29.00 25.00 19.00 30.00 10.00
Other Long Term Assets, Total 141.00 121.00 93.00 106.00 144.00
Other Assets, Total 0.00 0.00 0.00 0.00 0.00
Total Assets 13,342.00 8,661.00 9,182.00 5,868.00 5,737.00

Liabilities and Shareholders' Equity

Accounts Payable 943.00 790.00 882.00 658.00 646.00
Payable/Accrued 0.00 0.00 0.00 0.00 0.00
Accrued Expenses 1,630.00 1,385.00 1,240.00 914.00 765.00
Notes Payable/Short Term Debt 2,639.00 130.00 1,566.00 483.00 969.00
Current Port. of LT Debt/Capital Leases 2.00 2.00 5.00 4.00 4.00
Other Current Liabilities, Total 502.00 584.00 523.00 365.00 356.00
Total Current Liabilities 5,716.00 2,891.00 4,216.00 2,424.00 2,740.00

Total Long Term Debt 3.00 4.00 4.00 5.00 11.00

Long Term Debt 0.00 0.00 0.00 0.00 5.00
Capital Lease Obligations 3.00 4.00 4.00 5.00 6.00
Deferred Income Tax 1,735.00 1,145.00 1,172.00 705.00 766.00
Minority Interest 72.00 2.00 2.00 2.00 3.00
Other Liabilities, Total 758.00 607.00 496.00 349.00 354.00
Total Liabilities 8,284.00 4,649.00 5,890.00 3,485.00 3,874.00

Redeemable Preferred Stock 0.00 0.00 0.00 0.00 0.00

Preferred Stock - Non Redeemable, Net 0.00 0.00 0.00 0.00 0.00
Common Stock 73.00 72.00 72.00 72.00 76.00
Additional Paid-In Capital 59.00 0.00 0.00 0.00 527.00
Retained Earnings (Accumulated Deficit) 4,595.00 3,711.00 2,800.00 2,370.00 1,412.00
Other Equity, Total 331.00 229.00 420.00 -59.00 -152.00
Total Equity 5,058.00 4,012.00 3,292.00 2,383.00 1,863.00

Total Liabilities & Shareholders’ Equity 13,342.00 8,661.00 9,182.00 5,868.00 5,737.00

Total Common Shares Outstanding 725.85 719.93 708.95 711.98 716.03

Total Preferred Shares Outstanding 0.00 0.00 0.00 0.00 4.50

Net Income 1,568.00 1,418.00 1,120.00 938.00 674.00

Investment Ratios 2010 2009 2008 2007 2006

Current Ratio 46% 61% 46% 59% 48%
Debt to Equity Ratio 1.64 1.16 1.79 1.46 2.08
Cash Position to Total Asset 4% 4% 5% 6% 6%
Short Term Debt Coverage 0.23 2.69 0.27 0.75 0.33
Long Term Debt Coverage (years) 0.00 0.00 0.00 0.01 0.02
Return on Asset 12% 16% 12% 16% 12%
Return on Equity 31% 35% 34% 39% 36%
Cash Per Share 0.83 0.49 0.60 0.52 0.45
Book Value/Share 6.97 5.57 4.64 3.35 2.60
 2010 2009 2008 2007 2006
Period End Date 12/31/2010 12/31/2009 12/31/2008 12/31/2007 12/31/2006
Period Length 52 Weeks 52 Weeks 52 Weeks 52 Weeks 52 Weeks
Stmt Source ARS ARS ARS ARS ARS
Stmt Source Date 3/29/2011 4/6/2010 4/6/2010 3/31/2008 4/2/2007
Stmt Update Type Updated Updated Reclassified Updated Updated

Net Income/Starting Line 2,130.00 1,891.00 1,505.00 1,233.00 910.00

Depreciation/Depletion 144.00 139.00 107.00 84.00 88.00
Amortisation 0.00 0.00 0.00 9.00 9.00
Non-Cash Items 31.00 46.00 64.00 -46.00 128.00
Unusual Items -32.00 0.00 5.00 -96.00 88.00
Other Non-Cash Items 63.00 46.00 59.00 50.00 40.00
Changes in Working Capital -761.00 -128.00 -343.00 -305.00 -118.00
Accounts Receivable -243.00 -12.00 -32.00 -13.00 -23.00
Inventories -50.00 39.00 -65.00 -39.00 -28.00
Accounts Payable 203.00 220.00 61.00 3.00 144.00
Other Operating Cash Flow -671.00 -375.00 -307.00 -256.00 -211.00
Cash from Operating Activities 1,544.00 1,948.00 1,333.00 975.00 1,017.00

Capital Expenditures -367.00 -158.00 -216.00 -134.00 -88.00

Purchase of Fixed Assets -170.00 -158.00 -216.00 -134.00 -88.00
Purchase/Acquisition of Intangibles -197.00 0.00 0.00 0.00 0.00
Other Investing Cash Flow Items, Total -2,423.00 30.00 -1,038.00 262.00 -1,817.00
Acquisition of Business -2,466.00 0.00 -1,081.00 0.00 -1,893.00
Sale of Business 0.00 0.00 0.00 260.00 0.00
Sale of Fixed Assets 12.00 11.00 9.00 19.00 19.00
Sale/Maturity of Investment 8.00 18.00 0.00 0.00 0.00
Investment, Net -7.00 1.00 34.00 -17.00 57.00
Sale of Intangible Assets 30.00 0.00 0.00 0.00 0.00
Cash from Investing Activities -2,790.00 -128.00 -1,254.00 128.00 -1,905.00

Financing Cash Flow Items 0.00 0.00 0.00 0.00 0.00

Other Financing Cash Flow 0.00 0.00 0.00 0.00 0.00
Total Cash Dividends Paid -773.00 -648.00 -441.00 -300.00 -300.00
Issuance (Retirement) of Stock, Net 80.00 131.00 -237.00 -306.00 -244.00
Issuance (Retirement) of Debt, Net 2,164.00 -1,359.00 640.00 -503.00 777.00
Cash from Financing Activities 1,471.00 -1,876.00 -38.00 -1,109.00 233.00

Foreign Exchange Effects 9.00 -8.00 46.00 19.00 -16.00

Net Change in Cash 234.00 -64.00 87.00 13.00 -671.00

Net Cash - Beginning Balance 334.00 398.00 311.00 298.00 969.00

Net Cash - Ending Balance 568.00 334.00 398.00 311.00 298.00

Net Income 1,568.00 1,418.00 1,120.00 938.00 674.00

Total Common Shares Outstanding 725.85 719.93 708.95 711.98 716.03

Investment Ratios 2010 2009 2008 2007 2006

Capital Expenditure to Net Income 17% 8% 14% 11% 10%
Free Cash Flow 1,177.00 1,820.00 79.00 1,103.00 -888.00
 Investment Ratio
Year
Ending Net Profit Book Debt/ Return on Return on
Avg P/E Price/ Sales Price/ Book
Margin (%) Value/Share Equity Equity (%) Assets (%)
Dec-10 15.80 3.06 5.06 18.50 6.97 0.52 31.00 11.80
Dec-09 14.60 3.15 6.02 18.30 5.57 0.03 35.30 16.40
Dec-08 17.50 2.82 5.50 17.10 4.64 0.48 34.00 12.20
Dec-07 21.20 4.06 8.71 17.80 3.35 0.21 39.40 16.00
Dec-06 22.80 3.48 8.97 13.70 2.60 0.53 36.20 11.70
Dec-05 18.90 3.42 7.48 16.00 2.57 0.09 36.10 15.90
Dec-04 18.90 3.07 7.23 14.90 2.18 0.16 36.60 15.00
Dec-03 17.40 2.58 6.09 13.20 2.08 0.33 33.30 12.80
Dec-02 20.60 2.64 7.07 11.80 1.70 0.44 34.00 11.60
Dec-01 20.80 2.18 6.14 9.70 1.63 0.62 32.10 9.80
 Income Statement Balance Sheet
Interest Total Net Tax Rate Current Current
Sales EBIT Depreciation EPS
Coverage Income (%) Assets Liabilities
142.00 8,453.00 2,136.00 144.00 1,568.00 2.14 26.50 13,342.00 8,284.00
118.20 7,753.00 1,892.00 126.00 1,418.00 1.95 25.05 8,661.00 4,649.00
24.30 6,563.00 1,474.00 108.00 1,120.00 1.55 24.02 9,182.00 5,890.00
26.80 5,269.00 1,209.00 93.00 938.00 1.28 22.42 5,868.00 3,485.00
16.90 4,922.00 874.00 97.00 674.00 0.92 22.88 5,737.00 3,874.00
60.00 4,179.00 876.00 91.00 669.00 0.90 23.63 4,213.00 2,358.00
25.80 3,871.00 758.00 97.00 577.00 0.76 23.88 3,852.00 2,275.00
27.20 3,713.00 660.00 89.00 489.00 0.66 25.91 3,820.00 2,350.00
17.00 3,454.00 545.00 82.00 408.00 0.56 25.14 3,512.00 2,311.00
11.20 3,439.00 498.00 74.00 332.00 0.46 33.13 3,400.00 2,366.00

Years Growth Rate

1 9.03% 10.58% 9.74%
3 8.80% 11.87% 11.35%
5 11.42% 18.40% 18.39%
10 9.41% 16.79% 16.62%
Balance Sheet Price Valuation Analysis
Long-Term Shares Highest Lowest Highest Lowest
Debt Outstanding Price Price PE PE
3.00 725.9 Mil 36.78 30.20 18.86 15.49
4.00 719.9 Mil 33.64 24.03 21.70 15.50
4.00 708.9 Mil 30.45 20.97 23.79 16.38
5.00 712.0 Mil 30.22 23.34 32.85 25.37
11.00 716.0 Mil 24.25 18.13 26.94 20.14
80.00 722.2 Mil 19.4 14.97 25.53 19.70
129.00 724.5 Mil 16.16 12.35 24.48 18.71
319.00 707.7 Mil 12.92 9.17 23.07 16.38
418.00 705.5 Mil 12.94 9.88 28.13 21.48
460.00 634.1 Mil 10.8 8.03

Target PE PB
30.00 14.02 4.31
31.00 14.49 4.45
31.60 14.77 4.53
32.00 14.95 4.59
32.50 15.19 4.66
33.00 15.42 4.74
 Criteria Score 0 1 2
EPS Growth Rate (10 yrs) 3 <5% 5-10% 10-15%
FCF to Net Income Ratio 2 <0.25 0.26-0.50 0.5-1
Gross Margin 4 0-10% 11-20% 21-30%
SGA 1 >60% 51-60% 41-50%
R&D 4 >20% 16-20% 11-15%
Interest Expense 4 >0.31 0.26-0.30 0.20-0.25
Cash Position to Total Asset 0 <0.15 0.16-0.20 0.21-0.25
Short Term Debt Coverage by Cash 2 0.61-0.70 0.71-0.80 0.81-0.90
Long Term Debt Coverage by Net Income 4 >4 3.1-4.0 2.1-3.0
Return on Equity 4 <5% 5-10% 10-15%
Debt to Equity Ratio 1 >2 1.6-2.0 1.0-1.5
Retirement of Stock 2 No Somewhat
CAPEX to Net Income 3 >0.50 0.31-0.40 0.21-0.30
Investment Score 65%
 3 4
16-20% >20%
1-1.5 >1.5
31-40% >40%
31-40% <30%
6-10% 0-5%
0.16-0.20 <0.15
0.26-0.30 >0.3
0.91-1 >1
1.1-2.0 0-1.0
16-20% >20%
0.81-1.0 <0.8
Somewhat Yes
0.11-0.20 <0.10
 Earnings Per Dividends Retained
Investment Parameters Year Share Paid Out Earnings
Share Price 31.60 Baseline 2.14 1.15 0.99
Quantity 30.00 2011 2.46 1.23 1.23
Consideration 948.00 2012 2.83 1.41 1.42
Stamp Duty 4.74 2013 3.25 1.62 1.63
Commission 14.95 2014 3.74 1.87 1.87
Total Investment 967.69 2015 4.30 2.15 2.16
Actual Investment Per Share 32.26 2016 4.95 2.47 2.48
2017 5.69 2.84 2.85
2018 6.55 3.27 3.28
Projection Parameters 2019 7.53 3.76 3.77
Divident Payout Ratio 50% 2020 8.66 4.32 4.34
Retained Earnings Ratio 50%
EPS Growth Rate 15%
Average PE 18.85

Margin of Safety
Fair Value of Share Price 40.34
Margin of Safety 22%
Equity Value Per Expanding Coupon Projected Price per Projected Cumulative
Share Rate of Return Share Dividend Dividend
6.97 6.6%
8.20 7.6% 46.39 36.86 36.86
9.62 8.8% 53.35 42.38 79.24
11.25 10.1% 61.35 48.74 127.98
13.12 11.6% 70.55 56.05 184.04
15.28 13.3% 81.14 64.46 248.50
17.76 15.3% 93.31 74.13 322.63
20.61 17.6% 107.30 85.25 407.88
23.89 20.3% 123.40 98.04 505.92
27.66 23.3% 141.91 112.74 618.66
31.99 26.8% 163.19 129.66 748.32
17.84%
 Total Returns (inc. Projected Total
Total Returns cum dividends) Returns
0.00 0.00
1,428.55 1,428.55 48%
1,642.83 1,679.69 74%
1,889.26 1,968.50 103%
2,172.65 2,300.63 138%
2,498.55 2,682.58 177%
2,873.33 3,121.83 223%
3,304.33 3,626.96 275%
3,799.98 4,207.86 335%
4,369.97 4,875.89 404%
5,025.47 5,644.13 483%
19.29%