Additional Funds Needed Campbell wants to increase its sales/revenue after year 2021. A. What are the additional funds needed (AFN) if the company wants to grow sales/revenue by 4.5% after year 2021? B. What is the Internal Growth Rate? C. What is the Sustainable Growth Rate? For the Fiscal Period Ending Reclassified 12 months Jul-30-2017 USD Reclassified 12 months Jul-29-2018 USD Currency 12 months Jul-28-2019 USD 12 months Aug-02-2020 USD 12 months Aug-01-2021 USD Revenue Other Revenue Total Revenue 5.8370 6,8150 81070 8.691.0 8,4760 5,837.0 6,615.0 8.107.0 8.691.0 8,476,0 Cost of Goods Sold Gross Profit 33910 2.446.0 41540 2.461.0 5,3960 2,711,0 56830 3,0080 58620 2,814.0 Selling General & Admin Exp R&D Exp Depreciation & Amort Other Operating Expense/income) 10900 930 1,1770 91.0 13830 BRO 1,5190 920 13860 840 (2400) (2110) 123.0 106.0 (2860) Other Operating Exp. Total 943.0 1,057.0 1,594,0 1,7170 1,204.0 Operating Income 1.603.0 1,404.0 1.117.0 1.291.0 1,610.0 (1150) 3 Interest Expense 4 Interest and Invest Income 5 Net Interest Exp (1830) 3.0 (1800) (3560) 20 (354.0) (3450) 4.0 (341.0) (2100) 10 (209.0) (115.0) (150) 10 (120) (10) 1,373.0 1.225.0 763.0 948.0 1.400.0 (480) (2020) (1070) (1210) (690) 7 Currency Exchange Ons (Loss) 8 Other Non Operating Inc (Exp) 9 EBT Excl. Unusual Items 0 1 Restructuring Charges 2 Merger & Related Restruct Charges -3 Impairment of Goodwill 14 Gain (Loss) On Sale Of Invest 35 Gan (Loss) On Sale Of Assets 56 Asset Whitedown 7 Legal Settlements the interne Income Statement (530) (90) (100) (10) - (160) (490) (540) (110) (540) (220) Balance Sheet Cash Flow B D E F Currency Exchange Gains (Loss) Other Non-Operating Inc (Exp.) EBT Excl. Unusual Items (150) 10 (20) (10) 1,373.0 1.2250 763.0 948.0 1,400.0 (480) (2020) (1070) (1210) (690) (530) Restructuring Charges Merger & Related Restruct Charges Impairment of Goodwill Gain (Loss) On Sale Of Invest Gain (Loss) On Sale Of Assets Asset Writedown Legal Settlements Other Unusual items EBT Incl. Unusual Items (9.0) (100) (10) (490) (840) (110) (540) (220) (160) 1,316.0 830.0 625.0 766.0 1.336.0 Income Tax Expense Earnings from Cont. Ops. 3920 9240 1000 724.0 151.0 4740 1740 592.0 3280 1.008.0 Earnings of Discontinued Ops Extraord. Item & Account Change Net Income to Company (370) (4630) (2630) 10360 (60) 8870 251.0 211.0 1,628.0 1,002.0 Minority Int in Earnings Net Income 8870 251.0 211.0 1.628.0 1.002.0 Income Statement Balance Sheet Cash Flow Jul 30 2017 USD Reclassified Jul 29 2018 USD Jul 28 2019 USD Aug 02 2020 USD Aug 01 2021 USD Salance Sheet Balance Sheet as of 1 5 Currency BASSETS 7 Cash And Equivalents 6 Total Cash A ST Investments 9 0 Accounts Receivable 1 Other Recewable 2 Total Receivables 3190 319,0 49.0 49.0 310 31.0 8590 853.0 69 0 69.0 5500 550 605.0 5100 53.0 563.0 5250 490 574.0 5300 45 0 575.0 5440 510 595.0 9020 74.0 1,900.0 8870 7970 2.296.0 8630 499 0 1,967.0 871.0 80.0 2,385.0 933 0 980 1,695.0 6.043.0 (3.5890) 2,454,0 52390 2.773.0) 2.466.0 5,2150 12.7600) 2,455.0 5,539.0 129170) 2,622,0 5.724 0 13.119.0) 2,605.0 3.9860 3.350.0 690 2,1150 1.1180 360 340 7.726,0 920 3,8640 3.6640 20 2.145.0 14.529.0 3,9810 3.239.0 1.2170 11.140.0 29 0 12.172.0 214.0 11.744.0 4 Inventory 5 Other Current Auves 0 Total Current Assets 7 -8 Gross Property. Plant & Equipment & 9 Accumulated Depreciation Net Property, Plant & Equipment 1 2. Long term investments 3 Goodwill Other intangibles Dented Tax Assets, LT 6. Other Long Term Assets 7 Total Assets 3 9 LIABILITIES Accounts Payable Accrued Exp 2 Short form Borrowings 3 Curt Port of LT Debt Curr Port of Leases 5 Curt Income Taxes Payable 8. Other Current Liabilities 7 Total Current Liabilities 3 9. Long Term Debt 0 Long Term Leases 1 Pension & Other Post-Retire Benefits 2 Del Tax Liability. Non Cum Income Statement 7050 4940 1,135.0 390.0 1.070.0 513.0 370 6660 4940 1,0360 220 1.0 20.0 1560 2.395.0 8140 5720 850.0 5000 210 150 6130 3,385.0 1,0490 6030 278 0 9210 700 24.0 130 0 3,075.0 100 8600 3,594.0 650 50 1240 1.814.0 7.9910 24920 70 5080 4900 7,1010 20 3890 9240 4,990.0 1880 4620 9140 3470 9600 5.0020 1880 341.0 1,0510 Balance Sheet Cash Flow 7050 494.0 1.1350 390 0 1,070,0 5130 370 6660 4940 1.036 0 220 10 20.0 1560 2.395.0 8140 5720 8500 500.0 210 150 6130 3,385.0 1,049.0 6030 278 0 9210 700 240 1300 3,075.0 100 8600 3,594.0 65.0 5.0 1240 1.814.0 7 991 0 24920 70 508 4900 1890 6,0810 3470 9600 2540 13,156.0 7.1010 20 3890 9240 2350 12,036,0 4,990.0 1880 4620 9140 1740 9,803.0 5,0020 1880 3410 10510 1840 8.580.0 40 Accounts Payal 41 Accrued Exp 12 Short-term Barangs 43 Cur Port of LT Dett 144 Cu Port of Los 45 Curt Income Tax Payable 46 Other Current abilities 47 Total Current Liabilities 48 49 Long Term De 50 Long Terme 51 Pension & Other Post Retre Bents 52 Du Tax Litty, Mon Cun 63 Other Ion Current List 54 Total Liabilities 55 56. Common Stock 57 M Padin Capital 58 Retained aming 59 Treasury Stock O Comprehentine and Other 01 Total Common Equity 02 63 Minority interest 65 Total Equity 00 07 Total Liabilities And Equity 60 69 Supplemental im 70 Total Shares Out on Balance Sheet Date 71 72 Market Price of Stock 13 74 12.0 3590 2305.0 (1.0660) (530) 1,637.0 120 3490 2.2240 (1.1030) (1100) 1,364.0 12.0 3720 1,9930 (1.076.00 (1900) 1,1010 120 3940 3.1900 020) CO) 50 120 4140 3.7420 (10210) 50 3.152.0 80 90 90 60 20 1.6450 1.0.0 1.1120 2.569.0 3.154.0 7.726.0 14..22.0 13.148.0 1221220 11.734.0 3010 3010 3010 3020 3020 $46 20 $39 45 $4500 $5261 54173 77 78 79 80 Income Statement Balance Sheet Cash Flow For the Fiscal Period Ending Restated 12 months Jul 30 2017 USD Restated 12 months Jul 29 2018 USD Rostated 12 months Jul 28 2019 USD Restated 12 months Aug 02 2020 USO 5 Currency 12 months Aug 01 2021 USD 887.0 1920 10 193.0 261.0 259.0 200 279,0 211,0 3150 480 363.0 1,628.0 2850 430 328.0 1.002.0 2750 420 317.0 110 7 Net Income Depreciation Amort 9 Amort of Goodwill and intangibles Depreciation & Amort, Total 2 Los From Sale Of Assets 3 Can Love On Sale or in Ass Whitedown & Restructuring Costs 5 Stock-Based Compensation + Net Cash From Discontinued Ops Other Operating Active Change in Acc Receivable Change in inventorius Change in Ace Payable 1 Change in Other Net Opreting Assets Cash from Ops 1975) 49.0 90 61 0 21.0 54 0 180 60.0 2850 (2060) 28.0 46.0 (480) (270 1,236.0 100 1160 610 9140 (3080) 560 (840) 780 270 1.410.0 32.0 10 47 0 580 3120 770 (110) 360 1250 (10) 1,250.0 2040 (300) (200) 1450 03.0) 1,396.0 (91.0) (20.0) 170) (1640) (280) 1,035.0 (3380) (407) (5.781.0) 100 (3840) (470) 31.0 Capital Expenditure Cash Acquisitions Distures Invest in Marketable & Equity Securt Net (Inc) Dec in Loans Onginated/Sold Other investing Activities Cash from investing (299.0) (110) 2,548 0 30.0 1275 03 (20) 1110 30.0 (368.0) (190 (1.1970) 5530 1530 40 2.272.0 8.0 (158.0) 5,839.0 3200 Short Term Debt issued Long Term Debt issued Total Debt Issued Short Term Debt Repad Long Term Debt Repaid Total Debt Repaid 8 2470 2110 8,458,0 (80020) (4900) (8,492.0) 10 2220 6.2240 16,446,0 (9.9440) (630) (10,007.0) 5,839.0 (6.296.0) (7020) (6,998.0) 5,6170 1 000.0 6,617,0 (6 909 ) (2.268.0) 9.177.0) 320.0 (5800) 9210) 11.501.0) Issuance of Common Stock Repurchase of Common Stock 20 (459.0) (1090) (80) 23.0 (120) 20 (51.0) Income Statement Balance Sheet Cash Flow 270) 1.236.0 270 1,410,0 (10) 1.250,00 3.0) 1,396.0 280 1,035,0 (3380) (407) (6,7810) 100 (3840) (470) 310 (299.0) (110) 2,5480 300 (2750) (20) 1110 30.01 0368.01 (190) (1.1970) 5530 153.0 40 2.212.0 8.0 (1580) 5,8390 3200 12470 2010 8,458.0 (8.0020) (4900 (8.492.0) 10,2220 6,2240 16,446.0 (9.944) (630) (10,007.0) 5,839.0 (6,2960) (7020) (6,998.0) 56170 10000 6,617.0 (6.90902 22680) (9.177.0) 320,0 (5000) 19210) 11.501.09 2.0 (4590) (1090) 23.0 (120) (80) 20 (510) 31 Change Other Net Operating Assets U2 Cash from Ops 33 34 Capital Expenditut 35 Cash Acquation 36 Destitures 37 West in Marketable & Equity Securt 30 Net (Inc.) Dee in Loans OnginatedSold 39 Other Inwesting Acties 40 Cash from Investing 41 42. Short Term Doll issued 43 Long Term Date lued 44 Total Debe issued 45 Short Term Date Repaid 40 Long Term Debt Repaid 47 Total Debt Repaid 48 49 Issuance of Common Stock SO Repurchase of Common Stock 51 52 Common Dividends Paid 53 Total Dividends Paid 54 55 Special Dividend Paid 56 Other Financing Activities 57 Cash from Financing 58 59 Foreign Exchange Rate Adi B0 Net Change in Cash 61 62 63 34 315 16 37 58 59 0 1 Income Statement Balance Sheet (4220) (4200) (420.0) (4260 (1260) 4260) (426.0) (4390) (4390) (423.0) 10) 30 (908.0) 19 5,8070 ols 120 (2,987.0) (1,669.0) 18.0) 110 129.01 12.0 0 15.00 (10) 680,0 20 790.01 Cash Flow + Additional Funds Needed Campbell wants to increase its sales/revenue after year 2021. A. What are the additional funds needed (AFN) if the company wants to grow sales/revenue by 4.5% after year 2021? B. What is the Internal Growth Rate? C. What is the Sustainable Growth Rate? For the Fiscal Period Ending Reclassified 12 months Jul-30-2017 USD Reclassified 12 months Jul-29-2018 USD Currency 12 months Jul-28-2019 USD 12 months Aug-02-2020 USD 12 months Aug-01-2021 USD Revenue Other Revenue Total Revenue 5.8370 6,8150 81070 8.691.0 8,4760 5,837.0 6,615.0 8.107.0 8.691.0 8,476,0 Cost of Goods Sold Gross Profit 33910 2.446.0 41540 2.461.0 5,3960 2,711,0 56830 3,0080 58620 2,814.0 Selling General & Admin Exp R&D Exp Depreciation & Amort Other Operating Expense/income) 10900 930 1,1770 91.0 13830 BRO 1,5190 920 13860 840 (2400) (2110) 123.0 106.0 (2860) Other Operating Exp. Total 943.0 1,057.0 1,594,0 1,7170 1,204.0 Operating Income 1.603.0 1,404.0 1.117.0 1.291.0 1,610.0 (1150) 3 Interest Expense 4 Interest and Invest Income 5 Net Interest Exp (1830) 3.0 (1800) (3560) 20 (354.0) (3450) 4.0 (341.0) (2100) 10 (209.0) (115.0) (150) 10 (120) (10) 1,373.0 1.225.0 763.0 948.0 1.400.0 (480) (2020) (1070) (1210) (690) 7 Currency Exchange Ons (Loss) 8 Other Non Operating Inc (Exp) 9 EBT Excl. Unusual Items 0 1 Restructuring Charges 2 Merger & Related Restruct Charges -3 Impairment of Goodwill 14 Gain (Loss) On Sale Of Invest 35 Gan (Loss) On Sale Of Assets 56 Asset Whitedown 7 Legal Settlements the interne Income Statement (530) (90) (100) (10) - (160) (490) (540) (110) (540) (220) Balance Sheet Cash Flow B D E F Currency Exchange Gains (Loss) Other Non-Operating Inc (Exp.) EBT Excl. Unusual Items (150) 10 (20) (10) 1,373.0 1.2250 763.0 948.0 1,400.0 (480) (2020) (1070) (1210) (690) (530) Restructuring Charges Merger & Related Restruct Charges Impairment of Goodwill Gain (Loss) On Sale Of Invest Gain (Loss) On Sale Of Assets Asset Writedown Legal Settlements Other Unusual items EBT Incl. Unusual Items (9.0) (100) (10) (490) (840) (110) (540) (220) (160) 1,316.0 830.0 625.0 766.0 1.336.0 Income Tax Expense Earnings from Cont. Ops. 3920 9240 1000 724.0 151.0 4740 1740 592.0 3280 1.008.0 Earnings of Discontinued Ops Extraord. Item & Account Change Net Income to Company (370) (4630) (2630) 10360 (60) 8870 251.0 211.0 1,628.0 1,002.0 Minority Int in Earnings Net Income 8870 251.0 211.0 1.628.0 1.002.0 Income Statement Balance Sheet Cash Flow Jul 30 2017 USD Reclassified Jul 29 2018 USD Jul 28 2019 USD Aug 02 2020 USD Aug 01 2021 USD Salance Sheet Balance Sheet as of 1 5 Currency BASSETS 7 Cash And Equivalents 6 Total Cash A ST Investments 9 0 Accounts Receivable 1 Other Recewable 2 Total Receivables 3190 319,0 49.0 49.0 310 31.0 8590 853.0 69 0 69.0 5500 550 605.0 5100 53.0 563.0 5250 490 574.0 5300 45 0 575.0 5440 510 595.0 9020 74.0 1,900.0 8870 7970 2.296.0 8630 499 0 1,967.0 871.0 80.0 2,385.0 933 0 980 1,695.0 6.043.0 (3.5890) 2,454,0 52390 2.773.0) 2.466.0 5,2150 12.7600) 2,455.0 5,539.0 129170) 2,622,0 5.724 0 13.119.0) 2,605.0 3.9860 3.350.0 690 2,1150 1.1180 360 340 7.726,0 920 3,8640 3.6640 20 2.145.0 14.529.0 3,9810 3.239.0 1.2170 11.140.0 29 0 12.172.0 214.0 11.744.0 4 Inventory 5 Other Current Auves 0 Total Current Assets 7 -8 Gross Property. Plant & Equipment & 9 Accumulated Depreciation Net Property, Plant & Equipment 1 2. Long term investments 3 Goodwill Other intangibles Dented Tax Assets, LT 6. Other Long Term Assets 7 Total Assets 3 9 LIABILITIES Accounts Payable Accrued Exp 2 Short form Borrowings 3 Curt Port of LT Debt Curr Port of Leases 5 Curt Income Taxes Payable 8. Other Current Liabilities 7 Total Current Liabilities 3 9. Long Term Debt 0 Long Term Leases 1 Pension & Other Post-Retire Benefits 2 Del Tax Liability. Non Cum Income Statement 7050 4940 1,135.0 390.0 1.070.0 513.0 370 6660 4940 1,0360 220 1.0 20.0 1560 2.395.0 8140 5720 850.0 5000 210 150 6130 3,385.0 1,0490 6030 278 0 9210 700 24.0 130 0 3,075.0 100 8600 3,594.0 650 50 1240 1.814.0 7.9910 24920 70 5080 4900 7,1010 20 3890 9240 4,990.0 1880 4620 9140 3470 9600 5.0020 1880 341.0 1,0510 Balance Sheet Cash Flow 7050 494.0 1.1350 390 0 1,070,0 5130 370 6660 4940 1.036 0 220 10 20.0 1560 2.395.0 8140 5720 8500 500.0 210 150 6130 3,385.0 1,049.0 6030 278 0 9210 700 240 1300 3,075.0 100 8600 3,594.0 65.0 5.0 1240 1.814.0 7 991 0 24920 70 508 4900 1890 6,0810 3470 9600 2540 13,156.0 7.1010 20 3890 9240 2350 12,036,0 4,990.0 1880 4620 9140 1740 9,803.0 5,0020 1880 3410 10510 1840 8.580.0 40 Accounts Payal 41 Accrued Exp 12 Short-term Barangs 43 Cur Port of LT Dett 144 Cu Port of Los 45 Curt Income Tax Payable 46 Other Current abilities 47 Total Current Liabilities 48 49 Long Term De 50 Long Terme 51 Pension & Other Post Retre Bents 52 Du Tax Litty, Mon Cun 63 Other Ion Current List 54 Total Liabilities 55 56. Common Stock 57 M Padin Capital 58 Retained aming 59 Treasury Stock O Comprehentine and Other 01 Total Common Equity 02 63 Minority interest 65 Total Equity 00 07 Total Liabilities And Equity 60 69 Supplemental im 70 Total Shares Out on Balance Sheet Date 71 72 Market Price of Stock 13 74 12.0 3590 2305.0 (1.0660) (530) 1,637.0 120 3490 2.2240 (1.1030) (1100) 1,364.0 12.0 3720 1,9930 (1.076.00 (1900) 1,1010 120 3940 3.1900 020) CO) 50 120 4140 3.7420 (10210) 50 3.152.0 80 90 90 60 20 1.6450 1.0.0 1.1120 2.569.0 3.154.0 7.726.0 14..22.0 13.148.0 1221220 11.734.0 3010 3010 3010 3020 3020 $46 20 $39 45 $4500 $5261 54173 77 78 79 80 Income Statement Balance Sheet Cash Flow For the Fiscal Period Ending Restated 12 months Jul 30 2017 USD Restated 12 months Jul 29 2018 USD Rostated 12 months Jul 28 2019 USD Restated 12 months Aug 02 2020 USO 5 Currency 12 months Aug 01 2021 USD 887.0 1920 10 193.0 261.0 259.0 200 279,0 211,0 3150 480 363.0 1,628.0 2850 430 328.0 1.002.0 2750 420 317.0 110 7 Net Income Depreciation Amort 9 Amort of Goodwill and intangibles Depreciation & Amort, Total 2 Los From Sale Of Assets 3 Can Love On Sale or in Ass Whitedown & Restructuring Costs 5 Stock-Based Compensation + Net Cash From Discontinued Ops Other Operating Active Change in Acc Receivable Change in inventorius Change in Ace Payable 1 Change in Other Net Opreting Assets Cash from Ops 1975) 49.0 90 61 0 21.0 54 0 180 60.0 2850 (2060) 28.0 46.0 (480) (270 1,236.0 100 1160 610 9140 (3080) 560 (840) 780 270 1.410.0 32.0 10 47 0 580 3120 770 (110) 360 1250 (10) 1,250.0 2040 (300) (200) 1450 03.0) 1,396.0 (91.0) (20.0) 170) (1640) (280) 1,035.0 (3380) (407) (5.781.0) 100 (3840) (470) 31.0 Capital Expenditure Cash Acquisitions Distures Invest in Marketable & Equity Securt Net (Inc) Dec in Loans Onginated/Sold Other investing Activities Cash from investing (299.0) (110) 2,548 0 30.0 1275 03 (20) 1110 30.0 (368.0) (190 (1.1970) 5530 1530 40 2.272.0 8.0 (158.0) 5,839.0 3200 Short Term Debt issued Long Term Debt issued Total Debt Issued Short Term Debt Repad Long Term Debt Repaid Total Debt Repaid 8 2470 2110 8,458,0 (80020) (4900) (8,492.0) 10 2220 6.2240 16,446,0 (9.9440) (630) (10,007.0) 5,839.0 (6.296.0) (7020) (6,998.0) 5,6170 1 000.0 6,617,0 (6 909 ) (2.268.0) 9.177.0) 320.0 (5800) 9210) 11.501.0) Issuance of Common Stock Repurchase of Common Stock 20 (459.0) (1090) (80) 23.0 (120) 20 (51.0) Income Statement Balance Sheet Cash Flow 270) 1.236.0 270 1,410,0 (10) 1.250,00 3.0) 1,396.0 280 1,035,0 (3380) (407) (6,7810) 100 (3840) (470) 310 (299.0) (110) 2,5480 300 (2750) (20) 1110 30.01 0368.01 (190) (1.1970) 5530 153.0 40 2.212.0 8.0 (1580) 5,8390 3200 12470 2010 8,458.0 (8.0020) (4900 (8.492.0) 10,2220 6,2240 16,446.0 (9.944) (630) (10,007.0) 5,839.0 (6,2960) (7020) (6,998.0) 56170 10000 6,617.0 (6.90902 22680) (9.177.0) 320,0 (5000) 19210) 11.501.09 2.0 (4590) (1090) 23.0 (120) (80) 20 (510) 31 Change Other Net Operating Assets U2 Cash from Ops 33 34 Capital Expenditut 35 Cash Acquation 36 Destitures 37 West in Marketable & Equity Securt 30 Net (Inc.) Dee in Loans OnginatedSold 39 Other Inwesting Acties 40 Cash from Investing 41 42. Short Term Doll issued 43 Long Term Date lued 44 Total Debe issued 45 Short Term Date Repaid 40 Long Term Debt Repaid 47 Total Debt Repaid 48 49 Issuance of Common Stock SO Repurchase of Common Stock 51 52 Common Dividends Paid 53 Total Dividends Paid 54 55 Special Dividend Paid 56 Other Financing Activities 57 Cash from Financing 58 59 Foreign Exchange Rate Adi B0 Net Change in Cash 61 62 63 34 315 16 37 58 59 0 1 Income Statement Balance Sheet (4220) (4200) (420.0) (4260 (1260) 4260) (426.0) (4390) (4390) (423.0) 10) 30 (908.0) 19 5,8070 ols 120 (2,987.0) (1,669.0) 18.0) 110 129.01 12.0 0 15.00 (10) 680,0 20 790.01 Cash Flow +
