project

	A	B	C	D	E	F	H	I	J	K	L	M
1	Avon Products, Inc. (NYS: AVP)
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3	Exchange rate used is that of the Year End reported date
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6	As Reported Annual Balance Sheet						Ratios for Avon 2007-2011
7								2011	2010	2009	2008	2007
8	Report Date	12/31/2011	12/31/2010	12/31/2009	12/31/2008	12/31/2007	Profitablity Ratios
9	Currency	USD	USD	USD	USD	USD	ROE	32.66%	36.43%	47.86%	NA	NA
10	Audit Status	Not Qualified	Not Qualified	Not Qualified	Not Qualified	Not Qualified	ROA	6.69%	7.74%	9.19%	14.41%	9.28%
11	Consolidated	Yes	Yes	Yes	Yes	Yes	Profit Margin	4.66%	5.68%	6.11%	8.27%	5.39%
12	Scale	Thousands	Thousands	Thousands	Thousands	Thousands
13	Cash	1,245,100	1,179,900	1,311,600	1,104,700	963,400	Liquidity Ratios
14	Accounts receivable, gross	936,000	1,058,300	945,200	815,700	981,500	Current	1.418	1.415	1.842	1.221	1.151
15	Less allowance	174,500	232,000	165,500	127,900	141,100	Quick	1.016	1.025	1.372	0.875	0.810
16	Accounts receivable, net	761,500	826,300	779,700	687,800	840,400	Cash	0.431	0.399	0.577	0.379	0.316
17	Raw materials	361,700	371,600	335,900	292,700	337,800	Operating Cash Flow
18	Finished goods	799,600	781,300	731,600	715,200	704,000
19	Inventories	1,161,300	1,152,900	1,067,500	1,007,900	1,041,800	Leverage Ratios
20	Deferred tax assets	319,000	347,400	303,200	194,600	-	Debt/Equity	0.155	0.131	0.146	NA	NA
21	Receivables other than trade	142,800	145,900	143,300	127,100	-	Interest Coverage	8.816	11.693	9.648	12.964	7.719
22	Prepaid taxes & tax refunds receivables	192,000	247,100	296,900	156,500	-	Debt	0.795	0.788	0.808	0.889	0.876
23	Prepaid brochure costs, paper & other literature	126,900	121,400	122,800	126,000	-
24	Short-term investments	18,000	17,100	26,800	40,100	-	Efficiency Ratios
25	Property held for sale	4,700	12,800	8,200	-	-	Total Asset Turnover	1.437	1.363	1.505	1.743	1.722
26	Interest-rate swap agreements interest	18,800	-	-	-	-	Inventory Turnover	9.569	9.308	9.634	10.506	9.450
27	Deferred charge	-	-	36,900	-	-
28	Other prepaid expenses & other current assets	108,700	133,500	92,400	112,200	-	Market Value Ratios
29	Prepaid expenses & other current assets	930,900	1,025,200	1,030,500	756,500	-	EPS	1.203	1.421	1.472	2.053	1.224
30	Prepaid expenses & other current assets	-	-	-	-	669,800	P/E	13.261	11.224	10.839	7.769	13.0278
31	Total current assets	4,098,800	4,184,300	4,189,300	3,556,900	3,515,400	DividendPayout	0.765	0.619	0.571	0.39	0.6044
32	Land	65,400	69,200	144,300	85,300	71,800	Price-to-Book	0.0000102	0.00000963	0.0000125	0.0000236	0.0000224
33	Buildings & improvements	1,150,400	1,140,200	1,048,100	1,000,700	972,700	Dividend Yield	0.0577	0.0552	0.0527	0.0501	0.0464
34	Equipment	1,493,000	1,541,500	1,506,900	1,353,900	1,317,900
35	Property, plant & equipment, gross	2,708,800	2,750,900	2,699,300	2,439,900	2,362,400
36	Less: accumulated depreciation	1,137,300	1,123,500	1,169,700	1,096,000	1,084,200
37	Property, plant & equipment, net	1,571,500	1,627,400	1,529,600	1,343,900	1,278,200
38	Goodwill	473,100	675,100	-	-	-
39	Other intangible assets, net	279,900	368,300	-	-	-
40	Deferred tax assets	759,500	544,300	527,300	502,500	-
41	Goodwill	-	-	224,800	224,500	-
42	Intangible assets	-	-	13,800	28,600	-
43	Pension assets	-	-	-	2,200	-
44	Investments	44,400	47,600	49,800	108,900	-
45	Deferred software	176,700	140,600	112,000	98,300	-
46	Interest rate swap agreements	153,600	124,800	54,900	103,700	-
47	Other assets	177,500	161,300	131,200	104,500	-
48	Total other assets	1,311,700	1,018,600	1,113,800	1,173,200	-
49	Other assets	-	-	-	-	922,600
50	Total assets	7,735,000	7,873,700	6,832,700	6,074,000	5,716,200
51	Notes payable	-	214,100	122,800	125,400	76,000
52	Commercial paper	-	-	-	499,700	701,600
53	Yen credit facility	-	-	-	102,000	96,300
54	Euro credit facility	-	-	-	-	32,800
55	7.15% notes	-	-	-	300,000	-
56	Current portion of long-term debt	-	513,500	15,300	4,300	22,800
57	Debt maturing within one year	849,300	727,600	138,100	1,031,400	929,500
58	Accounts payable	850,200	809,800	754,700	724,300	800,300
59	Accrued compensation	217,100	293,200	291,000	234,400	285,800
60	Other accrued liabilities	663,600	771,600	697,100	581,900	713,200
61	Sales & taxes other than income	212,400	207,600	259,200	212,200	222,300
62	Income taxes	98,400	146,500	134,700	128,000	102,300
63	Total current liabilities	2,891,000	2,956,300	2,274,800	2,912,200	3,053,400
64	Unsecured notes	1,715,900	2,354,000	2,208,100	1,361,900	1,160,700
65	Senior notes	535,000	393,000	-	-	-
66	Other long term debt	77,500	80,700	87,400	14,700	31,000
67	Total long-term debt	2,328,400	2,827,700	2,295,500	1,376,600	1,191,700
68	Adjustments for debt with fair value hedges	147,600	94,400	27,600	83,900	(1,000)
69	Less current portion	16,900	513,500	15,300	4,300	22,800
70	Long-term debt	2,459,100	2,408,600	2,307,800	1,456,200	1,167,900
71	Employee benefit plans	603,000	561,300	588,900	665,400	388,700
72	Long-term income taxes	67,000	128,900	173,800	168,900	208,700
73	Other liabilities	129,700	146,000	174,800	196,400	185,900
74	Total liabilities	6,149,800	6,201,100	5,520,100	5,399,100	5,004,600
75	Common stock	187,300	186,600	186,100	185,600	184,700
76	Additional paid-in capital	2,077,700	2,024,200	1,941,000	1,874,100	1,724,600
77	Retained earnings	4,726,100	4,610,800	4,383,900	4,118,900	3,586,500
78	Foreign currency translation adjustments	(325,000)	(147,400)	(198,600)	(406,200)	(62,500)
79	Unrealized gains (loss) on available-for-sale securities, net	-	-	-	(300)	400
80	Pension & postretirement adjustment, net	(515,900)	(443,800)	(475,200)	-	-
81	Unrecognized actuarial losses, prior service credit & transition obligation	-	-	-	(532,200)	(337,200)
82	Net derivative gain (loss) on cash flow hedges, net	(13,500)	(14,600)	(18,800)	(27,200)	(17,700)
83	Accumulated other comprehensive income (loss)	(854,400)	(605,800)	(692,600)	(965,900)	(417,000)
84	Treasury stock, at cost	4,566,300	4,559,300	4,545,800	4,537,800	4,367,200
85	Total Avon shareholders' equity	1,570,400	1,656,500	1,272,600	674,900	711,600
86	Noncontrolling interest	14,800	16,100	40,000	-	-
87	Total shareholders' equity	1,585,200	1,672,600	1,312,600	-	-
88
89	As Reported Annual Income Statement
90
91	Report Date	12/31/2011	12/31/2010	12/31/2009	12/31/2008	12/31/2007
92	Currency	USD	USD	USD	USD	USD
93	Audit Status	Not Qualified	Not Qualified	Not Qualified	Not Qualified	Not Qualified
94	Consolidated	Yes	Yes	Yes	Yes	Yes
95	Scale	Thousands	Thousands	Thousands	Thousands	Thousands
96	Net sales	11,112,000	10,731,300	10,284,700	10,588,900	9,845,200
97	Other revenue	179,600	131,500	98,100	101,200	93,500
98	Total revenue	11,291,600	10,862,800	10,382,800	10,690,100	9,938,700
99	Cost of sales	4,148,600	4,041,300	3,888,300	3,949,100	3,941,200
100	Selling, general & administrative expenses	6,025,400	5,748,400	5,476,300	5,401,700	5,124,800