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? Reclassified 12 months Jul 30 2017 USD Reclassified 12 months Jul 29 2018 12 months Jul 28 2019 USD 12 months Aug 02 2020 USD 12 months Aug 01 2025 USD USD 5,8370 6,6150 8,1070 86910 34760 5,837.0 6,615.0 8.107.0 8,691,0 8.476.0 33910 2.446,0 41540 2.461.0 5.3960 2,711,0 5,6830 3,000.0 5,6620 2,814.0 10900 330 1.1770 910 1,3830 860 1,5190 920 1.3860 40 (2400) (2110) 123.0 1060 (266.0 $43.0 1.057.0 1,594.0 1,717,0 1,204.0 1,500 1.404.0 1,117,0 1.291.0 1.610.0 For the Fiscal Period Ending 14 15 Currency 16 17 Revenue 18 Other Rew 19 Total Revenue 20 21 Cost Of Goods Sold 22 Gross Profit 23 24 Selling General Admin Exp 25 RD Exp 20 Depreciation & Anion 27 Other Operating Expense/income 28 29 Other Operating Exp. Total 30 31 Operating Income 32 33 Interest Expense 34 interest and invest income 35 Net Interest Exp. 36 37 Currency Exchange Gains (Loss) 38 Other Non Operating Inc (Exp) 39 EBT Excl. Unusual Items 40 41 Restructuring Charges 42 Merger & Related Restrul Charges 43 Impairment of Goodwill 44 Gain (Loss) On Sale Of Invest 45 Gan (Loss) On Sale Of Assets 46 Asset Whitedown 47 Legal Settlements 48 Other Unusual 49 EBT Incl. Unusual items 50 Income Statement (1150) (1830) (3560) 20 (354.0) 30 (180.00 (345.0) 4.0 (341.0) (2100) 10 (209.07 (115.0) (150) 10 (2.0) (10) 1.370 1,225.0 6. 763.0 948.0 1.400.0 (480) (2020) (1070) (1210) (690) {530) (90) (100) (10) (490) (540) (11.09 (160) (540) (220) 1,316,0 830.0 525.0 766.0 1,336.0 Balance Sheet Cash Flow B D E 1,373.0 1,225,0 763.0 948.0 1,400.0 (480) (2020) (1070) (1210) (690) (530) (90) (100) (10) (490) 1640) (110) (16.0) (540) (22.01 38 Omar Hion Operating Inc (Exp) 39 TOT Excl. Unusual Items 40 41 Restructuring Charges 42. Merger & Related Restruct Charges 43 impairment of Goodwill 44 Gan (Los On Sale Of Invest 45 Guin (104) On Sale Of Assets 46 Ass Wiedown 47 Legal Settlements 48 Other Umnual items 49 EBT Incl. Unusual hers 50 51 income Tax Expense 52 Earnings from Cont. Ops 53 54 Earnings of Discontinued Ope 56 Extraord Hem & Account Change 56 Net Income to Company 58 Mmonty Int in Earnings 59 Net Income 60 1.316.0 830.0 625.0 756.0 1,336.0 3920 9240 1060 124.0 151.0 4740 174.0 592.0 328.0 1.008.0 (370) (4630) (263.0) 1,036 0 (6.0) 887.0 261.0 211.0 1.628.0 1.002.0 Beze 251.0 211.0 1.5280 1.0027 Jul 30 2017 USD Reclassified Jul 29 2018 USD Jul 28 2019 USD Aug 02.2020 USD Aug 01 2021 USD 3190 319,0 49.0 49.0 310 31.0 69 0 8590 859.0 59.0 550.0 55.0 605.0 5100 53.0 563.0 5250 49.0 574.0 5300 45.0 575.0 544.0 510 595.0 + 8870 902.0 14.0 1,900.0 7970 2.296.0 863.0 4990 1.967.0 8710 800 2.385.0 9330 98.0 1,695.0 6,0430 (2.589,0) 2454.0 5.239.0 12.773.0) 2.466.0 52150 2.7600) 2,455.0 5.539.0 (2.9170) 2,622.0 5,7240 (3.119.0 2.605.0 13 Balance Sheet Balance Sheet as of: 14 15 Currency 16 ASSETS 17 Cash And Equivalents 18 Total Cash & ST Investments 19 20 Accounts Receivable 21 Other Receivables 22 Total Receivables 23 24 Inventory 25 Other Current Assets 26 Total Current Assets 27 28 Gross Property. Plant & Equipment 29 Accumulated Depreciation 30 Not Property, Plant & Equipment 31 32 Long term Investments 33 Goodwill 34 Other intangibles 35 Defened Tax Assets, LT 38 Other Long-Term Assets 37 Total Assets 38 39 LIABILITIES 40 Accounts Payable 41 Accrued Exp 42 Short-term Borrowings 43 Curr. Port of LT Debt 44 Cum Port of Londes 45 Cum Income Taxes Payable 46 Other Current Liabilities 47 Total Current Liabilities 48 49 Long Term Debt 50 Long-Term Leases 51 Pension & Other Post Retie Benefits 52 Del Tax Liability. Non-Curr Income Statement 690 21150 1.118 0 36.0 340 7./26.0 770 4,017.0 34150 920 3,8540 3,6640 20 2.145.0 14.529.0 3.986.0 3.350 0 3,9810 3,239.0 12170 13.148.0 290 12,372.0 214,0 11.74.0 7050 4940 11350 3900 1,0700 5130 370 6660 4940 1,036 0 220 10 200 1560 2,395.0 8140 5720 850.0 5000 210 15.0 613.0 3,385.0 1049.0 6030 278 0 9210 700 24.0 1300 3,075.0 10.0 8600 3,594.0 65.0 5.0 1240 1.814.0 7.9910 2.4920 7.0 5080 490.0 3470 7. 1010 20 389.0 9240 4.990.0 188 0 4620 9140 5,0020 1880 3410 1.051.0 960.0 Balance Sheet Cacho 7050 4940 1.1350 390 0 1,0700 5130 370 6660 4940 10360 220 1.0 20.0 1560 2,395.0 8140 5720 850.0 5000 210 15.0 6130 3,385.0 1,049.0 5030 2780 9210 70.0 240 130 0 3,075,0 100 8600 3,52.0 650 50 1240 1,814.0 7,991.0 2,4920 70 5080 4900 1890 6,081.0 347.0 960 0 2640 13,156,0 7.101.0 20 3890 9240 235.0 12,036.0 4.9900 1880 4620 9140 174.0 9,803.0 5,0020 1880 3410 10510 1840 8,580.0 39 LIABILITIES 40 Accounts Payable 41 Accred Exp 42 Short-term Bonowings 43 Curt Port of LT Debt 44 Curr Port of Leases 45 Curt Income Taxes Payable 46 Other Current Liabilities 47 Total Current Liabilities 48 49 Long Term Debt 50 Long Term Leases 51 Pension & Other Post-Retire. Benefits 52 Del Tax Liability, Non Cune 53 Other Non Current Liabilities 54 Total Liabilities 55 56 Common Stock 57 Additional Paid In Capital 58 Retained Earnings 59 Treasury Stock 60 Comprehensive Inc and Other 61 Total Common Equity 82 63 Minonty Interest 64 65 Total Equity 66 67 Total Liabilities And Equity ELS 69 Supplemental Items 70 Total Shares Out on Balance Sheet Date 71 72 Market Price of Stock 73 74 120 3590 23850 (1.0660) (530) 1.637.0 120 1190 2.224.0 (1.1030) (11180) 1,3640 120 3720 1.993 0 (1.076.0) (1980) 1,100.0 120 3940 3.1900 (1023.0) (10,0) 2,563.0 120 4140 3.742.0 (10210) 5.0 3.152.0 80 90 90 50 20 1.545.0 1.373.0 1.1120 2.569.0 3.1540 7.726.0 14,529,0 13.148.0 12.372.0 11.744.0 301.0 3010 3010 3020 302.0 $46 20 $39.45 545.00 55261 $41.73 13 Cash Flow Restated 12 months Jul 30 2017 USD Restated 12 months Jul 29 2018 USD Restated 12 months Jul 28 2019 USD Restated 12 months Aug 02 2020 USD 12 months Aug-01-7071 USD 387.0 1920 10 251.0 2590 200 279.0 211.0 315 0 480 363.0 1,620,0 285.0 4310 1,0020 2750 120 3170 193.0 328.0 110 (975) 490 90 610 210 640 180 60.0 2050 (205) For the Fiscal Period Ending 14 15. Currency 16 17 Net Income 18 Depreciation & Amort 19 Amort of Goodwill and intangibles 20 Depreciation & Amort, Total 21 22 Gain) LONs From Sain of Assets 23 am) Cous On Sale Of Invest 24 Aoe Wintedown & Restructuring Costs 25 Stock Lased Compensation 26 et Cash From Discontinued Ops 27 Other Operating Acties 28 Change A Rocuivati 29 Change in Inventones 30 Changem Ace Payabile 31 Change in the Net Operating Assets 32 Cash from Ops 33 34 Capital Expenditure 35 Cash Acquisitions 36 Divestitures 37 Invest in Marketable & Equity Securt 38 Net Inc.) Decin Loans Onginated/Sold 19 Other Investing Activities 40 Cash from Investing 41 42 Short Term Date issued 43 Long Term Debelasued 44 Total Debt issued 45 Short Term Debt Repaid 46 Long Terin Debt Repaid 47 Total Debt Repaid 4 49 Issuance of Common Stock 50 Repurchase of Common Stock 51 28 320 10 470 580 3120 770 (110) 360 1250 10 1.250.0 100 1160 510 9140 (3080) 560 (840) 1780 270 1/410.0 46,0 (480) 270 1,236,0 2040 (100) (20.0) 145 0 (30) 1.396.0 (910) (200) (TTO) (1580) (230) 1,005.0 (338,9) (4070) (6,7010 100 (3340) (470) 310 1299.0) (110) 25480 300 2750 2.0) 1110 (300) [368.0) 19.0 (7.197.0) 6530 153.0 40 2,272.0 3.0 (151) ola 5,8390 3200 8.2470 211.0 8.458.0 18.002.0) (490.0 (8,492.0) 10.2220 6 2240 16.446.0 (9.540) 1630) (10,007,0) 5,839.0 (6.2960) (7020) 16,990.0) 5,6170 1.000.0 6,617.0 5,909.0) (2.268.0) 19.177.0) 3200 (580,0) (9210) 11.501.0 20 (459.0) (1090) (80) 23.0 (120) 20 (510 B C D (3300) (407) (6,7810) 100 (3840) (470) 310 1299.0) (110) 25480 300 12750 00) 1110 (300) (368.0) (190) (1.197.0) 5530 153.0 40 22/20 80 (158.0) 5,8390 3200 8.2470 2110 31.450.0 (8.0020) (490.0) (8.492.09 10 2220 6.2240 16,446,0 19,9440) 630) (10,0070) 5,8390 16.296 0) 7020) 16,998.01 56170 1.000 0 6,617.0 (6.900.0) 12.2580) (3.177.01 320.0 15800) 192102 (1,501,0) 33 34 Capital Expenditure 35 Cash Acquisitions 36 Divestitures 37 Invest in Marketable & Equity Securt 38 Net (Inc. ) Dec in Loans Onginated/Sold 39 Other Investing Activities 40 Cash from Investing 41 42 Short Term Debt issued 43 Long Term Debt issued 44 Total Debt Issund 45 Short Term Debt Repaid 46 Long-Term Debt Ropard 47 Total Debt Repaid 48 49 Issuance of Common Stock 50 Repurchase of Common Stock 51 52 Common Didends Paid 53 Total Dividends Paid 54 55 Special Didend Paid 56 Other Financing Activities 57 Cash from Financing 58 59 Foreign Exchange Rate Adj 80 Net Change in Cash 61 62 63 64 20 (4590) (109.01 (80) 230 (12.09 20 (510) (4200) (4200) (4260) (426.0) 14230) (423.0) (4260) (426.0) (4.3901 (439.01 30 1908.0) (970) 5,807.0 (10) 11,591.0) (120) 2,987.0) (1,669.07 20 110 129.02 BO 120 10 CO 1195.01 7190.01 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? Reclassified 12 months Jul 30 2017 USD Reclassified 12 months Jul 29 2018 12 months Jul 28 2019 USD 12 months Aug 02 2020 USD 12 months Aug 01 2025 USD USD 5,8370 6,6150 8,1070 86910 34760 5,837.0 6,615.0 8.107.0 8,691,0 8.476.0 33910 2.446,0 41540 2.461.0 5.3960 2,711,0 5,6830 3,000.0 5,6620 2,814.0 10900 330 1.1770 910 1,3830 860 1,5190 920 1.3860 40 (2400) (2110) 123.0 1060 (266.0 $43.0 1.057.0 1,594.0 1,717,0 1,204.0 1,500 1.404.0 1,117,0 1.291.0 1.610.0 For the Fiscal Period Ending 14 15 Currency 16 17 Revenue 18 Other Rew 19 Total Revenue 20 21 Cost Of Goods Sold 22 Gross Profit 23 24 Selling General Admin Exp 25 RD Exp 20 Depreciation & Anion 27 Other Operating Expense/income 28 29 Other Operating Exp. Total 30 31 Operating Income 32 33 Interest Expense 34 interest and invest income 35 Net Interest Exp. 36 37 Currency Exchange Gains (Loss) 38 Other Non Operating Inc (Exp) 39 EBT Excl. Unusual Items 40 41 Restructuring Charges 42 Merger & Related Restrul Charges 43 Impairment of Goodwill 44 Gain (Loss) On Sale Of Invest 45 Gan (Loss) On Sale Of Assets 46 Asset Whitedown 47 Legal Settlements 48 Other Unusual 49 EBT Incl. Unusual items 50 Income Statement (1150) (1830) (3560) 20 (354.0) 30 (180.00 (345.0) 4.0 (341.0) (2100) 10 (209.07 (115.0) (150) 10 (2.0) (10) 1.370 1,225.0 6. 763.0 948.0 1.400.0 (480) (2020) (1070) (1210) (690) {530) (90) (100) (10) (490) (540) (11.09 (160) (540) (220) 1,316,0 830.0 525.0 766.0 1,336.0 Balance Sheet Cash Flow B D E 1,373.0 1,225,0 763.0 948.0 1,400.0 (480) (2020) (1070) (1210) (690) (530) (90) (100) (10) (490) 1640) (110) (16.0) (540) (22.01 38 Omar Hion Operating Inc (Exp) 39 TOT Excl. Unusual Items 40 41 Restructuring Charges 42. Merger & Related Restruct Charges 43 impairment of Goodwill 44 Gan (Los On Sale Of Invest 45 Guin (104) On Sale Of Assets 46 Ass Wiedown 47 Legal Settlements 48 Other Umnual items 49 EBT Incl. Unusual hers 50 51 income Tax Expense 52 Earnings from Cont. Ops 53 54 Earnings of Discontinued Ope 56 Extraord Hem & Account Change 56 Net Income to Company 58 Mmonty Int in Earnings 59 Net Income 60 1.316.0 830.0 625.0 756.0 1,336.0 3920 9240 1060 124.0 151.0 4740 174.0 592.0 328.0 1.008.0 (370) (4630) (263.0) 1,036 0 (6.0) 887.0 261.0 211.0 1.628.0 1.002.0 Beze 251.0 211.0 1.5280 1.0027 Jul 30 2017 USD Reclassified Jul 29 2018 USD Jul 28 2019 USD Aug 02.2020 USD Aug 01 2021 USD 3190 319,0 49.0 49.0 310 31.0 69 0 8590 859.0 59.0 550.0 55.0 605.0 5100 53.0 563.0 5250 49.0 574.0 5300 45.0 575.0 544.0 510 595.0 + 8870 902.0 14.0 1,900.0 7970 2.296.0 863.0 4990 1.967.0 8710 800 2.385.0 9330 98.0 1,695.0 6,0430 (2.589,0) 2454.0 5.239.0 12.773.0) 2.466.0 52150 2.7600) 2,455.0 5.539.0 (2.9170) 2,622.0 5,7240 (3.119.0 2.605.0 13 Balance Sheet Balance Sheet as of: 14 15 Currency 16 ASSETS 17 Cash And Equivalents 18 Total Cash & ST Investments 19 20 Accounts Receivable 21 Other Receivables 22 Total Receivables 23 24 Inventory 25 Other Current Assets 26 Total Current Assets 27 28 Gross Property. Plant & Equipment 29 Accumulated Depreciation 30 Not Property, Plant & Equipment 31 32 Long term Investments 33 Goodwill 34 Other intangibles 35 Defened Tax Assets, LT 38 Other Long-Term Assets 37 Total Assets 38 39 LIABILITIES 40 Accounts Payable 41 Accrued Exp 42 Short-term Borrowings 43 Curr. Port of LT Debt 44 Cum Port of Londes 45 Cum Income Taxes Payable 46 Other Current Liabilities 47 Total Current Liabilities 48 49 Long Term Debt 50 Long-Term Leases 51 Pension & Other Post Retie Benefits 52 Del Tax Liability. Non-Curr Income Statement 690 21150 1.118 0 36.0 340 7./26.0 770 4,017.0 34150 920 3,8540 3,6640 20 2.145.0 14.529.0 3.986.0 3.350 0 3,9810 3,239.0 12170 13.148.0 290 12,372.0 214,0 11.74.0 7050 4940 11350 3900 1,0700 5130 370 6660 4940 1,036 0 220 10 200 1560 2,395.0 8140 5720 850.0 5000 210 15.0 613.0 3,385.0 1049.0 6030 278 0 9210 700 24.0 1300 3,075.0 10.0 8600 3,594.0 65.0 5.0 1240 1.814.0 7.9910 2.4920 7.0 5080 490.0 3470 7. 1010 20 389.0 9240 4.990.0 188 0 4620 9140 5,0020 1880 3410 1.051.0 960.0 Balance Sheet Cacho 7050 4940 1.1350 390 0 1,0700 5130 370 6660 4940 10360 220 1.0 20.0 1560 2,395.0 8140 5720 850.0 5000 210 15.0 6130 3,385.0 1,049.0 5030 2780 9210 70.0 240 130 0 3,075,0 100 8600 3,52.0 650 50 1240 1,814.0 7,991.0 2,4920 70 5080 4900 1890 6,081.0 347.0 960 0 2640 13,156,0 7.101.0 20 3890 9240 235.0 12,036.0 4.9900 1880 4620 9140 174.0 9,803.0 5,0020 1880 3410 10510 1840 8,580.0 39 LIABILITIES 40 Accounts Payable 41 Accred Exp 42 Short-term Bonowings 43 Curt Port of LT Debt 44 Curr Port of Leases 45 Curt Income Taxes Payable 46 Other Current Liabilities 47 Total Current Liabilities 48 49 Long Term Debt 50 Long Term Leases 51 Pension & Other Post-Retire. Benefits 52 Del Tax Liability, Non Cune 53 Other Non Current Liabilities 54 Total Liabilities 55 56 Common Stock 57 Additional Paid In Capital 58 Retained Earnings 59 Treasury Stock 60 Comprehensive Inc and Other 61 Total Common Equity 82 63 Minonty Interest 64 65 Total Equity 66 67 Total Liabilities And Equity ELS 69 Supplemental Items 70 Total Shares Out on Balance Sheet Date 71 72 Market Price of Stock 73 74 120 3590 23850 (1.0660) (530) 1.637.0 120 1190 2.224.0 (1.1030) (11180) 1,3640 120 3720 1.993 0 (1.076.0) (1980) 1,100.0 120 3940 3.1900 (1023.0) (10,0) 2,563.0 120 4140 3.742.0 (10210) 5.0 3.152.0 80 90 90 50 20 1.545.0 1.373.0 1.1120 2.569.0 3.1540 7.726.0 14,529,0 13.148.0 12.372.0 11.744.0 301.0 3010 3010 3020 302.0 $46 20 $39.45 545.00 55261 $41.73 13 Cash Flow Restated 12 months Jul 30 2017 USD Restated 12 months Jul 29 2018 USD Restated 12 months Jul 28 2019 USD Restated 12 months Aug 02 2020 USD 12 months Aug-01-7071 USD 387.0 1920 10 251.0 2590 200 279.0 211.0 315 0 480 363.0 1,620,0 285.0 4310 1,0020 2750 120 3170 193.0 328.0 110 (975) 490 90 610 210 640 180 60.0 2050 (205) For the Fiscal Period Ending 14 15. Currency 16 17 Net Income 18 Depreciation & Amort 19 Amort of Goodwill and intangibles 20 Depreciation & Amort, Total 21 22 Gain) LONs From Sain of Assets 23 am) Cous On Sale Of Invest 24 Aoe Wintedown & Restructuring Costs 25 Stock Lased Compensation 26 et Cash From Discontinued Ops 27 Other Operating Acties 28 Change A Rocuivati 29 Change in Inventones 30 Changem Ace Payabile 31 Change in the Net Operating Assets 32 Cash from Ops 33 34 Capital Expenditure 35 Cash Acquisitions 36 Divestitures 37 Invest in Marketable & Equity Securt 38 Net Inc.) Decin Loans Onginated/Sold 19 Other Investing Activities 40 Cash from Investing 41 42 Short Term Date issued 43 Long Term Debelasued 44 Total Debt issued 45 Short Term Debt Repaid 46 Long Terin Debt Repaid 47 Total Debt Repaid 4 49 Issuance of Common Stock 50 Repurchase of Common Stock 51 28 320 10 470 580 3120 770 (110) 360 1250 10 1.250.0 100 1160 510 9140 (3080) 560 (840) 1780 270 1/410.0 46,0 (480) 270 1,236,0 2040 (100) (20.0) 145 0 (30) 1.396.0 (910) (200) (TTO) (1580) (230) 1,005.0 (338,9) (4070) (6,7010 100 (3340) (470) 310 1299.0) (110) 25480 300 2750 2.0) 1110 (300) [368.0) 19.0 (7.197.0) 6530 153.0 40 2,272.0 3.0 (151) ola 5,8390 3200 8.2470 211.0 8.458.0 18.002.0) (490.0 (8,492.0) 10.2220 6 2240 16.446.0 (9.540) 1630) (10,007,0) 5,839.0 (6.2960) (7020) 16,990.0) 5,6170 1.000.0 6,617.0 5,909.0) (2.268.0) 19.177.0) 3200 (580,0) (9210) 11.501.0 20 (459.0) (1090) (80) 23.0 (120) 20 (510 B C D (3300) (407) (6,7810) 100 (3840) (470) 310 1299.0) (110) 25480 300 12750 00) 1110 (300) (368.0) (190) (1.197.0) 5530 153.0 40 22/20 80 (158.0) 5,8390 3200 8.2470 2110 31.450.0 (8.0020) (490.0) (8.492.09 10 2220 6.2240 16,446,0 19,9440) 630) (10,0070) 5,8390 16.296 0) 7020) 16,998.01 56170 1.000 0 6,617.0 (6.900.0) 12.2580) (3.177.01 320.0 15800) 192102 (1,501,0) 33 34 Capital Expenditure 35 Cash Acquisitions 36 Divestitures 37 Invest in Marketable & Equity Securt 38 Net (Inc. ) Dec in Loans Onginated/Sold 39 Other Investing Activities 40 Cash from Investing 41 42 Short Term Debt issued 43 Long Term Debt issued 44 Total Debt Issund 45 Short Term Debt Repaid 46 Long-Term Debt Ropard 47 Total Debt Repaid 48 49 Issuance of Common Stock 50 Repurchase of Common Stock 51 52 Common Didends Paid 53 Total Dividends Paid 54 55 Special Didend Paid 56 Other Financing Activities 57 Cash from Financing 58 59 Foreign Exchange Rate Adj 80 Net Change in Cash 61 62 63 64 20 (4590) (109.01 (80) 230 (12.09 20 (510) (4200) (4200) (4260) (426.0) 14230) (423.0) (4260) (426.0) (4.3901 (439.01 30 1908.0) (970) 5,807.0 (10) 11,591.0) (120) 2,987.0) (1,669.07 20 110 129.02 BO 120 10 CO 1195.01 7190.01
