Financial Statements for Lorillard Inc.

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Lorillard Inc. financials

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Income Statement

Balance Sheet

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In Millions of USD (except for per-share items)	3 months ending 2013-03-31	3 months ending 2012-12-31	3 months ending 2012-09-30	3 months ending 2012-06-30	3 months ending 2012-03-31
Revenue	1,577.00	1,705.00	1,661.00	1,731.00	1,526.00
Other Revenue, Total	-	-	-	-	-
Total Revenue	1,577.00	1,705.00	1,661.00	1,731.00	1,526.00
Cost of Revenue, Total	864.00	1,060.00	1,059.00	1,119.00	1,003.00
Gross Profit	713.00	645.00	602.00	612.00	523.00
Selling/General/Admin. Expenses, Total	152.00	129.00	121.00	123.00	131.00
Research & Development	-	-	-	-	-
Depreciation/Amortisation	-	-	-	-	-
Interest Expense (Income) - Net Operating	-	-	-	-	-
Unusual Expense (Income)	-	-6.00	1.00	5.00	-
Other Operating Expenses, Total	-	-	-	-	-
Total Operating Expense	1,016.00	1,183.00	1,181.00	1,247.00	1,134.00
Operating Income	561.00	522.00	480.00	484.00	392.00
Interest Income (Expense), Net Non-Operating	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-
Other, Net	-	-	-	-	-
Income Before Tax	521.00	484.00	443.00	447.00	354.00
Income After Tax	328.00	309.00	283.00	284.00	223.00
Minority Interest	-	-	-	-	-
Equity In Affiliates	-	-	-	-	-
Net Income Before Extra. Items	328.00	309.00	283.00	284.00	223.00
Accounting Change	-	-	-	-	-
Discontinued Operations	-	-	-	-	-
Extraordinary Item	-	-	-	-	-
Net Income	328.00	309.00	283.00	284.00	223.00
Preferred Dividends	-	-	-	-	-
Income Available to Common Excl. Extra Items	327.00	309.00	282.00	283.00	222.00
Income Available to Common Incl. Extra Items	327.00	309.00	282.00	283.00	222.00
Basic Weighted Average Shares	-	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-	-
Dilution Adjustment	0.00	-	-	-	-
Diluted Weighted Average Shares	379.42	385.51	391.05	391.47	392.49
Diluted EPS Excluding Extraordinary Items	0.86	0.80	0.72	0.72	0.57
Diluted EPS Including Extraordinary Items	-	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.55	0.52	0.52	0.52	0.52
Gross Dividends - Common Stock	-	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-	-
Depreciation, Supplemental	-	-	-	-	-
Total Special Items	-	-	-	-	-
Normalised Income Before Taxes	-	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-	-
Normalised Income After Taxes	-	-	-	-	-
Normalised Income Avail. to Common	-	-	-	-	-
Basic Normalised EPS	-	-	-	-	-
Diluted Normalised EPS	0.86	1.06	0.72	0.73	0.57

In Millions of USD (except for per-share items)	12 months ending 2012-12-31	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31
Revenue	6,623.00	6,466.00	5,932.00	5,233.00
Other Revenue, Total	-	-	-	-
Total Revenue	6,623.00	6,466.00	5,932.00	5,233.00
Cost of Revenue, Total	4,241.00	4,123.00	3,809.00	3,327.00
Gross Profit	2,382.00	2,343.00	2,123.00	1,906.00
Selling/General/Admin. Expenses, Total	504.00	451.00	398.00	365.00
Research & Development	-	-	-	-
Depreciation/Amortisation	-	-	-	-
Interest Expense (Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	-	-	-	-
Other Operating Expenses, Total	-	-	-	-
Total Operating Expense	4,745.00	4,574.00	4,207.00	3,692.00
Operating Income	1,878.00	1,892.00	1,725.00	1,541.00
Interest Income (Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	-	-	-	-
Income Before Tax	1,728.00	1,770.00	1,635.00	1,519.00
Income After Tax	1,099.00	1,116.00	1,029.00	948.00
Minority Interest	-	-	-	-
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	1,099.00	1,116.00	1,029.00	948.00
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	1,099.00	1,116.00	1,029.00	948.00
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	1,096.00	1,113.00	1,029.00	948.00
Income Available to Common Incl. Extra Items	1,096.00	1,113.00	1,029.00	948.00
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	-	-	0.00	0.00
Diluted Weighted Average Shares	390.13	418.05	455.37	493.86
Diluted EPS Excluding Extraordinary Items	2.81	2.66	2.26	1.92
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	2.07	1.73	1.42	1.28
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalised Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalised Income After Taxes	-	-	-	-
Normalised Income Avail. to Common	-	-	-	-
Basic Normalised EPS	-	-	-	-
Diluted Normalised EPS	3.07	4.84	4.10	3.47

In Millions of USD (except for per-share items)	As of 2013-03-31	As of 2012-12-31	As of 2012-09-30	As of 2012-06-30	As of 2012-03-31
Cash & Equivalents	2,057.00	1,720.00	1,715.00	946.00	1,929.00
Short Term Investments	-	-	-	-	-
Cash and Short Term Investments	2,057.00	1,720.00	1,715.00	946.00	1,929.00
Accounts Receivable - Trade, Net	23.00	18.00	16.00	14.00	10.00
Receivables - Other	-	-	-	-	-
Total Receivables, Net	54.00	70.00	44.00	28.00	77.00
Total Inventory	446.00	410.00	416.00	365.00	342.00
Prepaid Expenses	14.00	-	88.00	92.00	8.00
Other Current Assets, Total	574.00	577.00	557.00	551.00	554.00
Total Current Assets	3,145.00	2,777.00	2,820.00	1,982.00	2,910.00
Property/Plant/Equipment, Total - Gross	759.00	755.00	733.00	719.00	702.00
Accumulated Depreciation, Total	-465.00	-457.00	-450.00	-441.00	-434.00
Goodwill, Net	64.00	64.00	64.00	64.00	-
Intangibles, Net	57.00	57.00	58.00	58.00	-
Long Term Investments	-	-	-	-	-
Other Long Term Assets, Total	189.00	200.00	199.00	194.00	173.00
Total Assets	3,749.00	3,396.00	3,424.00	2,576.00	3,351.00
Accounts Payable	23.00	39.00	33.00	31.00	27.00
Accrued Expenses	419.00	356.00	355.00	321.00	366.00
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	-	-	-	-	-
Other Current liabilities, Total	1,545.00	1,206.00	1,068.00	749.00	1,598.00
Total Current Liabilities	1,987.00	1,601.00	1,456.00	1,101.00	1,991.00
Long Term Debt	3,101.00	3,111.00	3,116.00	2,610.00	2,586.00
Capital Lease Obligations	-	-	-	-	-
Total Long Term Debt	3,101.00	3,111.00	3,116.00	2,610.00	2,586.00
Total Debt	3,101.00	3,111.00	3,116.00	2,610.00	2,586.00
Deferred Income Tax	-	-	-	-	-
Minority Interest	-	-	-	-	-
Other Liabilities, Total	457.00	461.00	416.00	433.00	440.00
Total Liabilities	5,545.00	5,173.00	4,988.00	4,144.00	5,017.00
Redeemable Preferred Stock, Total	-	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-	-
Common Stock, Total	4.00	5.00	2.00	2.00	2.00
Additional Paid-In Capital	223.00	298.00	294.00	288.00	276.00
Retained Earnings (Accumulated Deficit)	-1,676.00	2,351.00	2,241.00	2,161.00	2,080.00
Treasury Stock - Common	-110.00	-4,190.00	-3,886.00	-3,800.00	-3,800.00
Other Equity, Total	-237.00	-241.00	-215.00	-219.00	-224.00
Total Equity	-1,796.00	-1,777.00	-1,564.00	-1,568.00	-1,666.00
Total Liabilities & Shareholders' Equity	3,749.00	3,396.00	3,424.00	2,576.00	3,351.00
Shares Outs - Common Stock Primary Issue	-	-	-	-	-
Total Common Shares Outstanding	378.00	382.00	390.00	393.00	393.00

In Millions of USD (except for per-share items)	As of 2012-12-31	As of 2011-12-31	As of 2010-12-31	As of 2009-12-31
Cash & Equivalents	1,720.00	1,634.00	2,063.00	1,384.00
Short Term Investments	-	-	-	-
Cash and Short Term Investments	1,720.00	1,634.00	2,063.00	1,384.00
Accounts Receivable - Trade, Net	18.00	10.00	9.00	9.00
Receivables - Other	-	-	-	-
Total Receivables, Net	70.00	93.00	77.00	50.00
Total Inventory	410.00	277.00	277.00	281.00
Prepaid Expenses	-	-	-	-
Other Current Assets, Total	577.00	560.00	518.00	466.00
Total Current Assets	2,777.00	2,564.00	2,935.00	2,181.00
Property/Plant/Equipment, Total - Gross	755.00	690.00	665.00	653.00
Accumulated Depreciation, Total	-457.00	-428.00	-422.00	-416.00
Goodwill, Net	64.00	-	-	-
Intangibles, Net	57.00	-	-	-
Long Term Investments	-	-	0.00	15.00
Other Long Term Assets, Total	200.00	182.00	118.00	142.00
Total Assets	3,396.00	3,008.00	3,296.00	2,575.00
Accounts Payable	39.00	32.00	27.00	23.00
Accrued Expenses	356.00	296.00	333.00	318.00
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	-	-	-	-
Other Current liabilities, Total	1,206.00	1,157.00	1,066.00	996.00
Total Current Liabilities	1,601.00	1,485.00	1,426.00	1,337.00
Long Term Debt	3,111.00	2,595.00	1,769.00	722.00
Capital Lease Obligations	-	-	-	-
Total Long Term Debt	3,111.00	2,595.00	1,769.00	722.00
Total Debt	3,111.00	2,595.00	1,769.00	722.00
Deferred Income Tax	-	-	-	-
Minority Interest	-	-	-	-
Other Liabilities, Total	461.00	441.00	326.00	429.00
Total Liabilities	5,173.00	4,521.00	3,521.00	2,488.00
Redeemable Preferred Stock, Total	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-
Common Stock, Total	5.00	2.00	2.00	2.00
Additional Paid-In Capital	298.00	266.00	242.00	234.00
Retained Earnings (Accumulated Deficit)	2,351.00	2,059.00	1,666.00	1,282.00
Treasury Stock - Common	-4,190.00	-3,612.00	-2,026.00	-1,310.00
Other Equity, Total	-241.00	-228.00	-109.00	-121.00
Total Equity	-1,777.00	-1,513.00	-225.00	87.00
Total Liabilities & Shareholders' Equity	3,396.00	3,008.00	3,296.00	2,575.00
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	382.00	396.00	441.00	468.00

In Millions of USD (except for per-share items)	3 months ending 2013-03-31	12 months ending 2012-12-31	9 months ending 2012-09-30	6 months ending 2012-06-30	3 months ending 2012-03-31
Net Income/Starting Line	328.00	1,099.00	790.00	507.00	223.00
Depreciation/Depletion	11.00	39.00	30.00	20.00	10.00
Amortisation	-	-	-	-	-
Deferred Taxes	-	-11.00	-1.00	-1.00	0.00
Non-Cash Items	-2.00	10.00	-2.00	3.00	1.00
Changes in Working Capital	362.00	33.00	-176.00	-466.00	456.00
Cash from Operating Activities	699.00	1,170.00	641.00	63.00	690.00
Capital Expenditures	-7.00	-74.00	-51.00	-36.00	-16.00
Other Investing Cash Flow Items, Total	-	-135.00	-135.00	-135.00	-
Cash from Investing Activities	-7.00	-209.00	-186.00	-171.00	-16.00
Financing Cash Flow Items	3.00	5.00	3.00	8.00	5.00
Total Cash Dividends Paid	-209.00	-807.00	-608.00	-405.00	-202.00
Issuance (Retirement) of Stock, Net	-149.00	-573.00	-269.00	-183.00	-182.00
Issuance (Retirement) of Debt, Net	-	500.00	500.00	-	-
Cash from Financing Activities	-355.00	-875.00	-374.00	-580.00	-379.00
Foreign Exchange Effects	-	-	-	-	-
Net Change in Cash	337.00	86.00	81.00	-688.00	295.00
Cash Interest Paid, Supplemental	17.00	144.00	102.00	72.00	18.00
Cash Taxes Paid, Supplemental	14.00	580.00	471.00	315.00	10.00

In Millions of USD (except for per-share items)	12 months ending 2012-12-31	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31
Net Income/Starting Line	1,099.00	1,116.00	1,029.00	948.00
Depreciation/Depletion	39.00	37.00	35.00	32.00
Amortisation	-	-	-	-
Deferred Taxes	-11.00	-15.00	1.00	-9.00
Non-Cash Items	10.00	-2.00	4.00	13.00
Changes in Working Capital	33.00	47.00	22.00	53.00
Cash from Operating Activities	1,170.00	1,183.00	1,091.00	1,037.00
Capital Expenditures	-74.00	-56.00	-40.00	-51.00
Other Investing Cash Flow Items, Total	-135.00	0.00	0.00	0.00
Cash from Investing Activities	-209.00	-56.00	-40.00	-51.00
Financing Cash Flow Items	5.00	-5.00	-11.00	-4.00
Total Cash Dividends Paid	-807.00	-723.00	-645.00	-631.00
Issuance (Retirement) of Stock, Net	-573.00	-1,578.00	-716.00	-908.00
Issuance (Retirement) of Debt, Net	500.00	750.00	1,000.00	750.00
Cash from Financing Activities	-875.00	-1,556.00	-372.00	-793.00
Foreign Exchange Effects	-	-	-	-
Net Change in Cash	86.00	-429.00	679.00	193.00
Cash Interest Paid, Supplemental	144.00	109.00	79.00	34.00
Cash Taxes Paid, Supplemental	580.00	671.00	637.00	563.00