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92億ドルの節税など--アップル「史上最大の社債発行」にまつわる数字のあれこれ - (page 3)

三国大洋

2013-05-09 07:30


註1 Apple's Record Plunge Into Debt Pool

註2 The clever economics behind Apple's $17 billion bond offering

註3 Apple Avoids $9.2 Billion in Taxes With Debt Deal

註4 Investors Go Bananas for Apple Debt

註5 Apple will avoid a potential tax bill of up to $9bn by using the proceeds from its $17bn blockbuster bond issue to pay shareholders rather than bringing back cash from abroad.

Apple, which has $100bn worth of offshore cash compared with just $45bn in the US, last month announced it would partly fund a record-breaking $55bn share buyback programme by using money raised in the corporate bond market.

The company will also save around $100m a year from using the debt rather than straight cash. Although the company’s $17bn borrowing from the corporate bond market this week will cost it around $310m a year in interest payments, it will regain about a third of that due to tax deductions.

Apple avoids potential $9bn tax bill - FT

註6 Apple Reports Second Quarter Results

註7 Research In Motion Limited(BBRY) 15.57 Market Cap: 8.02B

註8 そのほかに、「Dellの時価総額(232億ドル)の約4割」「HPの時価総額(約400億ドル)の約2割強」といった比較も可能か。

註9 Apple currently is trading in the $447 range. Using the 1.85% interest rate from above, we see Apple will be paying back about $8.26 in interest for each $447 share that it repurchases. At the same time, each share that Apple repurchases will no longer be a share it has to pay a third-party dividend on. Given Apple's new quarterly dividend of $3.05, each repurchased share of Apple will free up $12.20(4 x $3.05)that Apple would otherwise be paying as an annual dividend.

"It's like Apple is paying $8 to save $12," Niu writes.

What's more, the $8/share Apple will repay as interest is completely tax deductible. In contrast, the $12.20 in annual dividend payments per share is not tax deductible.

註10 A warning for US multinationals: Apple sells tax reform short

註11 As Congress Votes to Avert One Fiscal Crisis, Boehner Moves On to Another

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