Goldman Sachs Investment Banking Pitch Book
Goldman
Sachs
> Management Financial Projections
(US$ in millions)
■Management's revisions to the July 2012 Board Strategy Plan to formulate the 9/21 Case financial projections reflect
lower revenue growth rates and operating margins across most of the business
■ The reduction in operating margins impact EUC, Enterprise and S&P most significantly
Revenue Dollars
EUC
Enterprise
Services
Software
S&P
WholeCo
Revenue Growth
EUC
Enterprise
Services
Software
S&P
WholeCo
Operating Margins
EUC
Enterprise
Services
Software
S&P
WholeCo
July 2012 Board Strategy Plan
FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
$32,784 $34,252 $36,013 $38,141 $39,206 $40,382
$11,897 $12.920 $14,033 $15,203 $15.992 $16.855
$8,713 $9,268 $9,964 $10,810 $11,281 $11,768
$ 430
$1,566 $2,063 $2.379 $2,576 $2.803
$ 10,018 $10.465 $10,973 $11,490 $11,777 $12,072
$ 63,021 $65.972 $69,546 $74,022 $76,831 $79,880
(1)%
16%
5%
NA
(23%
2%
5%
7%
PRELIMINARY CONFIDENTIAL DRAFT-SUBJECT TO CHANGE AFTER FURTHER DILIGENCE AND REVIEW
INVESTMENT BANKING
DIVISION
27%
(2)%
10%
5%
9%
8%
264 %
5%
5%
5%
10 %
29 %
(2)%
11%
9%
5%
9%
32 %
5%
5%
6%
10%
29%
12%
11%
6%
8%
9%
15%
5%
6%
6%
11%
30 %
17%
12%
9%
3%
5%
4%
8%
3%
8%
32%
21 %
14 %
12%
3%
5%
4%
9%
3%
8%
11 %
32 %
23 %
14%
12%
FY2013 FY2014
$28,656 $28,915 $30,096 $31,299 $31,612 $31,929
$ 10,559 $11,392 $12,298 $ 13,278 $ 13,832 $ 14,425
$8,511 $8,863 $9,355 $10,047 $10.399 $10,770
$ 557 $1,371 $1,809
$ 1,979 $2,162 $ 2.375
$9,208 $9,392 $9.674
$9,964 $10,014 $10,054
$ 57,490 $59,933 $63,232 $66,567 $68,019 $69.562
Source: Management and IBES
Highlighted figures represent operating margin declines of 25% of greater.
(14) %
3%
NA
(10)%
(77%
3%
28%
(97%
8%
1%
8%
4%
146 %
2%
9/21 Case
FY2015 FY2016 FY2017 FY2018
3%
5%
29 %
(2)%
8%
7%
4%
6%
32 %
3%
6%
3%
6%
29 %
16 %
8%
8%
4%
8%
7%
9%
3%
5%
2%
6%
30 %
18%
8%
8%
1%
4%
8%
5%
2%
2%
7%
30 %
19 %
7%
8%
1%
4%
4%
10%
5%
2%
7%
30%
18 %
6%
8%
FY2013 FY2014
(13)
(11)%
(2)%
29 %
(8)%
(9)%
(12)%
(13)%
(2)%
NM
(8)%
(9)%
(30%
(56)%
5%
(16)%
(12)%
(16)% (18)% (19) %
(12)% (13)%
(57% (77% (8)%
(12)% (12)% (17)% (16)%
(12)% (13)% (15)%
(10)%
(9)%
(9)% (10)% (11)% (13)%
(4)%
% Difference
FY2015 FY2016 FY2017 FY2018
(1)%
(27% (2)%
(118)%
0%
(12)%
(3)%
(1)%
0%
NM
(17)% (25)%
(15)% (18)%
(27%
(2)%
(0)% (1)%
(1)%
(6)%
(2)%
(53)% (55)% (58)%
(51)% (46)%
-%
NM
-%
34 %
0%
3%
(2)%
(75)%
(35)%
(0)%
(7)%
2% (12)%
(29)% (35)% (49)%
(13)% (16)% (35)%
(21%
(14)%
(87%
(15)%
(17)%
(2)%
(13%
3%
(2)%
(75)%
(35)%
(87%
(20y%
(55)%
(367%View entire presentation