Best Buy 2003 Annual Report Download - page 156
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Forward−Looking Statements
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, provide
a “safe harbor” for forward−looking statements to encourage companies to provide prospective information about their companies.
With the exception of historical information, the matters discussed in this annual report are forward−looking statements and may be
identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “intend” and “potential.” Such statements
reflect our current view with respect to future events and are subject to certain risks, uncertainties and assumptions. A variety of
factors could cause our actual results to differ materially from the anticipated results expressed in such forward−looking statements,
including, among other things, general economic conditions, acquisitions and development of new businesses, product availability,
sales volumes, profit margins, weather, foreign currency fluctuation, availability of suitable real estate locations, and the impact of
labor markets and new product introductions on our overall profitability. Readers should review our Current Report on Form 8−K
filed January 10, 2003, that describes additional important factors that could cause actual results to differ materially from those
contemplated by the forward−looking statements made in this annual report.
41
Consolidated Balance Sheets
$ in millions, except per share amounts
Assets March 1,
2003 March 2,
2002
Current Assets
Cash and cash equivalents $ 1,914 $ 1,861
Receivables 312 221
Recoverable costs from developed properties 10 79
Merchandise inventories 2,046 1,875
Other current assets 188 116
Current assets of discontinued operations 397 448
Total current assets 4,867 4,600
Property and Equipment
Land and buildings 208 205
Leasehold improvements 719 540
Fixtures and equipment 2,108 1,649
Property under capital lease 54 39
3,089 2,433
Less accumulated depreciation and amortization 1,027 772
Net property and equipment 2,062 1,661
Goodwill, Net 429 465
Intangible Assets 33 —
Other Assets 115 80
Noncurrent Assets of Discontinued Operations 157 561
Total Assets $ 7,663 $ 7,367
See Notes to Consolidated Financial Statements.
42
$ in millions, except per share amounts