ratios.txt

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Growth Profitability and Financial Ratios for The Hershey CompanyFinancials

2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-122012-12 TTMRevenue USD Mil "4,173" "4,429" "4,836" "4,944" "4,947" "5,133" "5,299" "5,671""6,081" "6,644" "6,941"Gross Margin % 39 39.5 38.7 37.8 33 34.2 38.7 42.641.6 43 45.8Operating Income USD Mil 796 902 861 993 459 590762 905 "1,055" "1,111" "1,284"Operating Margin % 19.1 20.4 17.8 20.1 9.3 11.5 14.416 17.4 16.7 18.5Net Income USD Mil 458 591 493 559 214 311 436510 629 661 784Earnings Per Share USD 1.73 2.3 1.99 2.34 0.93 1.36 1.92.21 2.74 2.9 3.45Dividends USD 0.72 0.84 0.93 1.03 1.14 1.19 1.19 1.281.38 1.56 1.75Payout Ratio % 41.1 36.3 46.7 44 122 87.4 62.5 57.850.4 53.9 50.6Shares Mil 264 257 248 239 230 229 229 230230 228 227Book Value Per Share USD 4.92 6.14 5.63 4 3.57 1.913.16 3.97 3.81 4.63 5.99

Operating Cash Flow USD Mil 593 797 462 723 779 520"1,066" 901 581 "1,095" "1,113"Cap Spending USD Mil -219 -196 -194 -199 -204 -283 -145-201 -348 -278 -292Free Cash Flow USD Mil 374 602 267 525 575 237 920700 233 817 820Free Cash Flow Per Share USD 1.42 2.34 1.08 2.2 2.5 1.034.02 3.04 1.01 3.58Working Capital USD Mil 546 -103 -109 -36 -192 75 475706 873 642

Key Ratios -> ProfitabilityMargins % of Sales 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12

2010-12 2011-12 2012-12 TTMRevenue 100 100 100 100 100 100 100 100 100100 100COGS 60.99 60.5 61.32 62.23 67.02 65.75 61.25 57.41 58.3656.96 54.2Gross Margin 39.01 39.5 38.68 37.77 32.98 34.25 38.75 42.5941.64 43.04 45.8SG&A 19.57 19.14 18.88 17.4 18.11 20.91 22.81 25.15 24.325.64 26.86R&DOther 0.36 2 0.29 5.6 1.85 1.56 1.47 -0.010.68 0.43Operating Margin 19.09 20.37 17.8 20.08 9.28 11.49 14.37

15.96 17.35 16.72 18.5Net Int Inc & Other -1.52 -1.5 -1.82 -2.35 -2.4 -1.91 -1.71-1.7 -1.52 -1.44 -1.28EBT Margin 17.56 18.87 15.98 17.73 6.88 9.59 12.67 14.2615.83 15.29 17.21

Profitability 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-122011-12 2012-12 TTMTax Rate % 36.55 29.29 36.18 36.22 37.06 36.71 35.04 36.9734.68 34.92 34.36



Net Margin % 10.97 13.34 10.2 11.31 4.33 6.07 8.23 8.9910.34 9.95 11.3Asset Turnover (Average) 1.18 1.2 1.2 1.17 1.18 1.31.45 1.43 1.4 1.45 1.41Return on Assets % 12.96 16.01 12.19 13.23 5.1 7.9 11.9312.83 14.48 14.42 15.98Financial Leverage (Average) 2.8 3.49 4.21 6.08 7.16 11.425.1 4.74 5.2 4.59 3.79Return on Equity % 34.51 49.88 46.74 65.6 33.56 68.36 83.9562.83 71.83 70.1 67.6Return on Invested Capital % 18.45 23.33 16.86 17.41 5.01 9.8216.42 17.96 20.75 21.01 23.34Interest Coverage 5.94 8.359.28 11.16 11.31 13.95

Key Ratios -> Growth2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12

2012-12 Latest QtrRevenue %Year over Year 1.27 6.15 9.18 2.24 0.05 3.76 3.23 7.037.23 9.27 6.143-Year Average -0.38 -0.95 5.48 5.82 3.75 2.01 2.33 4.665.81 7.845-Year Average -1.22 2.21 2.76 1.64 3.72 4.23 3.65 3.24

4.23 6.0810-Year Average 1.81 2.08 2.74 2.17 1.41 1.47 2.93 32.93 4.89Operating Income %Year over Year 14.04 13.29 -4.57 15.29 -53.77 28.57 29.11 18.8716.54 5.32 22.843-Year Average 8.55 13.21 7.23 7.62 -20.18 -11.84 -8.45 25.4221.38 13.425-Year Average 4.38 10.07 6.69 9.81 -8.06 -5.83 -3.33 1.011.23 19.3510-Year Average 5.71 6.63 5.36 5.83 -3.12 -0.85 3.15 3.815.43 4.75Net Income %

Year over Year 13.38 29.13 -16.52 13.34 -61.69 45.41 40.01 16.9323.37 5.083-Year Average 11 41.82 6.92 6.9 -28.7 -14.21 -7.95 33.5226.41 14.875-Year Average 6.06 5.12 8.07 21.96 -11.9 -7.41 -5.9 0.662.38 25.2810-Year Average 9 12.36 5.75 7.42 -4.41 -0.9 -0.54 4.311.75 5.06EPS %Year over Year 18.09 32.95 -13.48 17.59 -60.26 46.24 39.71 16.3223.98 5.84 35.533-Year Average 12.66 45.29 10.75 10.59 -26.05 -11.92 -6.71 33.4526.3 15.14

5-Year Average 8.14 7.13 10.46 25.55 -8.69 -4.7 -3.75 2.123.21 25.5410-Year Average 12.45 15.81 8.88 10.21 -1.8 1.52 1.54 6.2113.83 7.07

Key Ratios -> Cash FlowCash Flow Ratios 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-122010-12 2011-12 2012-12 TTMOperating Cash Flow Growth % YOY -5.18 34.49 -42.1 56.62 7.69-33.29 105.12 -15.42 -35.56 88.48



Free Cash Flow Growth % YOY -24.02 60.72 -55.54 96.17 9.58 -58.85288.99 -23.94 -66.67 250.13Cap Ex as a % of Sales 5.24 4.42 4.02 4.02 4.12 5.51 2.753.55 5.72 4.18 4.21Free Cash Flow/Sales % 8.97 13.58 5.53 10.61 11.62 4.61 17.3712.34 3.84 12.29 11.82Free Cash Flow/Net Income 0.82 1.02 0.54 0.94 2.68 0.762.11 1.37 0.37 1.24 1.05

Key Ratios -> Financial HealthBalance Sheet Items (in %) 2003-12 2004-12 2005-12 2006-12 2007-12 2008-122009-12 2010-12 2011-12 2012-12 Latest QtrCash & Short-Term Investments 3.2 1.44 1.56 2.34 3.04 1.026.9 20.7 15.72 15.32 13.81Accounts Receivable 11.38 10.77 13.02 12.57 11.47 12.52 11.179.13 9.05 9.7 12.99Inventory 13.76 14.67 14.21 15.61 14.13 16.3 14.14 12.4914.71 13.32 15.02Other Current Assets 3.25 4.25 4.01 3.59 4.94 7.16 5.494.61 6.9 6.11 4.96Total Current Assets 31.59 31.14 32.8 34.1 33.59 37 37.746.93 46.38 44.45 46.78Net PP&E 46.39 44.31 38.63 39.72 36.25 40.14 38.22 33.6535.35 35.21 33.87

Intangibles 11.93 15.51 14.67 15.45 17.44 18.31 18.97 15.1514.25 16.88 15.39Other Long-Term Assets 10.09 9.04 13.9 10.73 12.72 4.55 5.114.27 4.02 3.46 3.96Total Assets 100 100 100 100 100 100 100 100100 100 100Accounts Payable 3.69 3.92 3.91 3.74 5.25 6.86 7.839.61 9.52 9.3 9.48Short-Term Debt 0.35 16.39 19.07 20.3 20.16 13.8 1.07 6.683.17 7.91 2.17Taxes Payable0.04 0.05 0.76Accrued Liabilities 12.31 13.55 11.82 10.92 12.7 14.29 15.87

14.11 13.87 11.06 12.41Other Short-Term Liabilities 0.552.63Total Current Liabilities 16.35 33.85 35.35 34.96 38.11 34.9524.78 30.4 26.6 30.94 24.83Long-Term Debt 27.03 18.19 21.95 30.02 30.14 41.43 40.89 36.0939.63 32.2 35.37Other Long-Term Liabilities 20.89 19.28 18.93 18.58 17.79 14.8714.73 12.4 14.53 15.06 13.43Total Liabilities 64.27 71.32 76.23 83.56 86.04 91.25 80.478.88 80.76 78.2 73.63Total Stockholders' Equity 35.73 28.68 23.77 16.44 13.96 8.7519.6 21.12 19.24 21.8 26.37

Total Liabilities & Equity 100 100 100 100 100 100100 100 100 100 100

Liquidity/Financial Health 2003-12 2004-12 2005-12 2006-12 2007-12 2008-122009-12 2010-12 2011-12 2012-12 Latest QtrCurrent Ratio 1.93 0.92 0.93 0.98 0.88 1.06 1.52 1.541.74 1.44 1.88Quick Ratio 0.89 0.36 0.41 0.43 0.38 0.39 0.73 0.980.93 0.81 1.08Financial Leverage 2.8 3.49 4.21 6.08 7.16 11.42 5.1



4.74 5.2 4.59 3.79Debt/Equity 0.76 0.63 0.92 1.83 2.16 4.73 2.09 1.712.06 1.48 1.34

Key Ratios -> Efficiency RatiosEfficiency 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-122011-12 2012-12 TTMDays Sales Outstanding 34.05 33.64 36.54 39.94 37.26 33.51 29.8125.76 23.7 23.65 34.42Days Inventory 71.44 71.52 71.85 74.69 68.76 64.49 62.54 59.0460.81 61.83 72.24Payables Period 18.41 19.13 19.48 19.18 20.84 25.55 30.22 39.1642.72 41.57 44.48Cash Conversion Cycle 87.08 86.03 88.91 95.44 85.18 72.46 62.1445.64 41.79 43.91 62.18Receivables Turnover 10.72 10.85 9.99 9.14 9.8 10.89 12.2414.17 15.4 15.44 10.6Inventory Turnover 5.11 5.1 5.08 4.89 5.31 5.66 5.846.18 6 5.9 5.05Fixed Assets Turnover 2.65 2.65 2.89 2.99 3.1 3.42 3.73.99 4.06 4.11 4.16Asset Turnover 1.18 1.2 1.2 1.17 1.18 1.3 1.45 1.431.4 1.45 1.41

ratios.txt

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