Interpretation Of Financial Statements Warren Buffett Pdf 190
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I will use the most recent seven years of financial statements because, as you might guess, Microsoft often makes changes to their accounting and financial reporting in the future. So I'll make an assumption that they have already done this for the past seven years.
Now, I will use Microsoft's actual Sales and PP&E (total CapEx) numbers from their past seven financial statements, so that I can calculate their maintenance CapEx (which is not given on their annual reports).
From what we can find out from their annual reports and their financial statements, Microsoft's Maintenance CapEx has ranged from $2.4 billion in 2006 to $20.6 billion in 2011. This is a huge increase. So, their maintenance CapEx has gone up more than 40% since 2006, or double-digit growth every year. Not bad!
A simple approach to calculating maintenance CapEx is to look at the depreciation and amortization figure on each company's financial statements and to figure how much of this you would need to be doing today in order to have the same maintenance CapEx as the company's actual maintenance CapEx.
So there you have it! If you're like me, this can be very useful for keeping track of maintenance costs. I probably won't bother calculating maintenance CapEx for my own projects or companies, but I enjoy the math and just find it interesting. (Plus I can take pride in knowing that my math is better than Microsoft's financials!)
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