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Mariott Excel Workbook

Marriott Corporation projected financials if it did not spin off Marriott International. Annual sales growth through existing units was projected at 6.0% with general inflation of 3% annually. EBIT as a percentage of sales was projected to increase from 5.0% in 1992 to 6.0% in 1995. Assets available for sale were projected to increase from $100 million in 1992 to $300 million in 1995. Common stock dividends were projected to remain at $0.28 per share through 1995. Interest bearing debt was projected to decline from $2.9 billion in 1992 to $1.9 billion in 1995 as debt was repaid, while owner's equity was projected to increase from $774

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Mariott Excel Workbook

Marriott Corporation projected financials if it did not spin off Marriott International. Annual sales growth through existing units was projected at 6.0% with general inflation of 3% annually. EBIT as a percentage of sales was projected to increase from 5.0% in 1992 to 6.0% in 1995. Assets available for sale were projected to increase from $100 million in 1992 to $300 million in 1995. Common stock dividends were projected to remain at $0.28 per share through 1995. Interest bearing debt was projected to decline from $2.9 billion in 1992 to $1.9 billion in 1995 as debt was repaid, while owner's equity was projected to increase from $774

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vasantha
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Marriott Corporation

Based on No Spin-out of Marriott International


Financial Projections

Change the highlighted numbers only


Annual growth of $ sales through existing units 6.0%
(assuming general inflation of 3% per year)
Forecast
1982-1989
Average 1992 1993 1994 1995
EBIT % Sales 7.6% 5.0% 5.5% 6.0% 6.0%

Available for sale


at Dec. 1991 1992 1993 1994 1995
Assets Sales ($ millions) $ 1,524 $ 100 $ 150 $ 200 $ 300
Common Dividend Per Share $ 0.28 $ 0.28 $ 0.28 $ 0.28

1991 1992 1993 1994 1995


Sales $ 8,331 $ 8,831 $ 9,361 $ 9,922 $ 10,518
EBIT 367 442 515 595 631
Interest (net) 222 206 197 180 154
Pre-tax profits 145 235 318 415 477
Tax @ 41% 63 96 130 170 195
Net income 82 139 187 245 281
Preferred dividend 6 17 17 17 17
Net income, common 76 122 170 228 264
Shares outstanding (millions) 94.5 93.6 93.6 93.6 93.6
Earnings per share $ 0.80 $ 1.30 $ 1.82 $ 2.44 $ 2.82
Times Interest earned 1.7 2.1 2.6 3.3 4.1

Statement of Cash Flows: 1992 1993 1994 1995


Cash Flow from Operating Activities
Net income $ 139 $ 187 $ 245 $ 281
Depreciation 270 270 270 270
Change in net working capital 0 0 0 0
Total from Operating Activities 409 457 515 551
Cash Flow from Investing Activities
Capital expenditures (350) (350) (350) (350)
Sale of assets 100 150 200 300
Total from Investing Activities (250) (200) (150) (50)
Cash Flow from Financing Activities
Preferred dividend (17) (17) (17) (17)
Common dividend (26) (26) (26) (26)
Total (43) (43) (43) (43)
Cash Available for Debt Repayment 115 214 322 458
Cumulative Debt Repayment 115 330 651 1,109

Partial Balance Sheet 12/31/1991 1992 1993 1994 1995


Interest bearing debt $ 3,031 $ 2,916 $ 2,701 $ 2,380 $ 1,922
Owner's equity 679 774 919 1,120 1,358
Total Capital $ 3,710 $ 3,690 $ 3,620 $ 3,500 $ 3,280

Debt as % capital 82% 79% 75% 68% 59%

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