Assume that it is at the end of 2016. You are given the income statement and balance sheet for 2016 as well as projected ones for 2017 and 2018. (Refer to the attached pdf and excel files below this problem set.)

Use the information provided in the financial statements to calculate the following values.

1. EBITDA in 2017

2. EBIT in 2017

3. EBT in 2017

4. Income tax in 2017 - Hint: first calculate income before taxes. Then use that and the Net Income to figure out how much went to tax payments.

5. Tax rate in 2017 (answer in percentage)

6. NOPLAT in 2017

7. Depreciation in 2017

8. Net PPE in 2016

9. Net PPE in 2017

10.CAPEX in 2017 - Hint: remember to take depreciation into account.

11.Operating CA (Current Assets) in 2016

12.Operating CA (Current Assets) in 2017

13.Operating CL (Current Liabilities) in 2016

14.Operating CL (Current Liabilities) in 2017

15.NWC in 2016

16.NWC in 2017

17.Increase in NWC in 2017 18.FCF in 2017

\begin{tabular}{|lccc|} \hline & Income statement & & \\ \hline & 2016 & 2017 & 2018 \\ \hline Sales & 5510 & 6040 & 6530 \\ \hline Cost of goods sold & 4542 & 5051 & 5366 \\ \hline SG\&A expense & 425 & 435 & 485 \\ \hline Depreciation & 82 & 74 & 69 \\ \hline Interest expense & 65 & 42 & 53 \\ \hline Interest income & 4 & 2 & 3 \\ \hline Income before taxes & ??? & ??? & ??? \\ \hline Income tax & ??? & ??? & ??? \\ \hline Net Income/(loss) & 240 & 264 & 336 \\ \hline \end{tabular}