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By: Allie Leon

By: Allie Leon. Reformulation. Operations. 3900 lodging properties in 72 countries Controls about 10 % of US hotel market and 1% worldwide Made up of 19 brands Adds hotels to system through franchising Minimizes financial leverage and risk **key in understanding their cash balance

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By: Allie Leon

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  1. By: Allie Leon Reformulation

  2. Operations • 3900 lodging properties in 72 countries • Controls about 10 % of US hotel market and 1% worldwide • Made up of 19 brands • Adds hotels to system through franchising • Minimizes financial leverage and risk • **key in understanding their cash balance • Marriott credit card

  3. 2012 2011 2010 Split 

  4. Net Enterprise Assets (NEA)

  5. Special considerations - Cash • Cash classification • All cash included in enterprise activities in 2012 and 2011 • Don’t need a large amount of cash on hand due to franchising system • Large line of revolving credit, if necessary • Still generating positive cash flows year after year • Split in 2010 • Why the split in 2010? • For comparability

  6. 2012 2011 2010 Split 

  7. Net Financial Liabilities

  8. Split 

  9. Enterprise Profit After Tax (EPAT)

  10. Split 

  11. Financing Expense After Tax (FEAT)

  12. Sources • Marriott International, Inc. 2012 Annual Report

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