2. The Greece Company

You are asked to help the Greece company . The company is listed on the Athens Stock Exchange.

You found the following information for the most recent year

Income Statement Euro			Balance Sheet Euro
Revenues	500		Fixed Assets	500	Debt	200
EBITDA	150		Non-cash WC	125	Equity	550
Depreciation	50		Cash	125
EBIT	100		Total	750	Total	750
Interest Expense	20
EBT	80
Taxes	20
Net Income	60

Events	Year 1	Year 2	Year 3	Year 4	Year 5
Take new loans	50	20	0	50	0
Repay loans	0	0	100	0	50
	Year 1	Year 2	Year 3	Year 4	Year 5
Acquisition	0	100	120	120	200
Divesture	50	50	30	40	30

Revenue, growth	10%
EBIT, growth	10%
Depr, growth	10%
Tax rate	25%
Cap Exp	50
Non-cash Working Capital	same percentage of revenues as in the most recent year. For the next 5 years
Assume that the interest rate do not change over the 5 years

What is the maximum payout ratio for the 5 years, assuming that the company wants a Cash Balance of 250 at the end of year 5?

13:14 Klar Question 2 T Tad 109 To se 13:14 Klar Question 2 T Tad 109 To se