![](https://capedge.com/proxy/8-K/0001144204-10-028962/img001.jpg)
2010E as of May 19th
CAGR
% Change
Cash Flow
Flow *
Had Assumed Euro to USD Exchange Rate at 1.34, but Now It Has
Reduced to 1.25 – Will Hurt Sales in 2nd Half by ~$100M
![](https://capedge.com/proxy/8-K/0001144204-10-028962/img002.jpg)
Reconciliation of Non-GAAP Financial
Measures
The following reconciles each non-GAAP measure (denoted with an *) with the most directly comparable GAAP measure ($ M):
2007
2008
2009
Operating Profit*
$3,496
$4,082
$3,167
% of sales*
15.8%
16.5%
15.1%
Other Deductions,
net
$105
$229
$483
EBIT
$3,391
$3,853
$2,684
% of sales
15.3%
15.5%
12.8%
Interest Expense, net
$227
$187
$220
Pretax Earnings
$3,164
$3,666
$2,464
% of sales
14.3%
14.8%
11.8%
2010E
Operating Profit*
~$3,345-$3,530
% of sales*
~15.7-16.1%
Interest Expense and
Other Deductions, Net
~$685-$660
Pretax Earnings
~$2,660-$2,870
% of sales
~12.5-13.1%
2010E
Underlying Sales*
(3%)-0%
Currency & Acquisitions
+5 pts
Net Sales
+2% to +5%
2007
2008
2009
2010E
Operating Cash Flow
$3,016
$3,293
$3,086
~$2.9B-$3.1B
Capital Expenditures
$681
$714
$531
~$0.4B-$0.5B
Free Cash Flow*
$2,335
$2,579
$2,555
~$2.5B-$2.6B