Assume there was no disposal of property, plant, and equipment in 2017. Use the income statement and balance sheet below to calculate unlevered free cash flow for 2017.

Looking at the I.S. and B.S. above, are there any things that make you think that these financial statements are INCORRECT? How has the firms performance changed over the past 3 years?

Income Statement Year Sales Cost of Goods Sold Selling and Administrative Depreciation EBIT Taxes Interest Net Income 2016 587.1 358.1 64.6 88.1 76.3 25.9 0 50.4 2017 610.2 378.3 67.1 91.5 73.2 24.9 0 48.3 2018 650 409.5 71.5 97.5 71.5 24.3 0 47.2 Balance Sheet Assets Accounts Receivable Inventory Prop, Plant and Equip, Gross Accumulated Depreciation Prop, Plant and Equip, Net Total Assets 58.7 17.9 851.5 440.5 411 487.6 61 18.9 959.1 532.0 427.1 507.1 65 20.5 1,084.5 629.5 455 540.5 Liabilities and Equity Accounts Payable Short-term Debt Long-term Debt Shareholders' Equity Total Liabilities and Equity 48.9 35.1 140.4 263.2 487.6 50.9 36.5 146.0 273.7 507.1 54.2 38.9 155.6 291.8 540.5