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Chapter Two -- Spreadsheet Assignment
Using the financial statements shown below, calculate net operating working capital(NOWC), total net operating capital (OC), net operating profit after taxes (NOPAT), operating cash flow (OCF), free cash flow (FCF), and return on invested capital (ROIC).
Charleston Enterprises: Income Statements for Year Ending December 31
(Thousands of Dollars)				2017	2016
Sales				$1,458,956	$1,289,560
Expenses excluding depreciation and amortization				$1,094,217	$967,170
EBITDA				$364,739	$322,390
Depreciation and amortization				$67,179	$59,708
EBIT				$297,560	$262,682
Interest Expense				$32,188	$31,320
EBT				$265,372	$231,362
Taxes (35%)				$92,880	$80,977
Net income				$172,492	$150,385
Common dividends				$25,874	$22,558
Addition to retained earnings				$146,618	$127,828
Charleston Enterprises: December 31 Balance Sheets
(Thousands of Dollars)
				2017	2016
Assets
Cash and cash equivalents				$112,980	$91,950
Short-term investments				$179,000	$90,450
Accounts Receivable				$295,700	$225,785
Inventories				$561,820	$475,790
Total current assets				$1,049,500	$803,975
Net fixed assets				$247,573	$298,540
Total assets				$1,397,073	$1,182,515
				2017	2016
Liabilities and equity
Accounts payable				$164,890	$145,980
Accruals				$140,503	$118,136
Notes payable				$165,500	$115,850
Total current liabilities				$470,893	$299,966
Long-term debt				$272,473	$276,670
Total liabilities				$743,366	$576,636
Common Stock				$125,000	$125,000
Retained Earnings				$528,707	$400,879
Total common equity				$653,707	$525,879
Total liabilities and equity				$1,397,073	$1,182,515
Key Input Data:
Tax rate				35%
WORKZONE BELOW
Net operating working capital -- NOWC
2017	NOWC =	Operating current assets	-	Operating current liabilities
2017	NOWC =	$970,500.00	-	$305,393.00
2017	NOWC =	$665,107.00
2016	NOWC =	Operating current assets	-	Operating current liabilities
2016	NOWC =	$793,525.00	-	$264,116.00
2016	NOWC =	$529,409.00
Total net operating capital -- OC
2017	OC =	NOWC	+	Net Fixed assets
2017	OC =	$665,107	+	$247,573
2017	OC =	$912,680.00
2016	OC =	NOWC	+	Net Fixed assets
2016	OC =	$529,409.00	+	$298,540.00
2016	OC =	$827,949.00
Net operating profit after taxes
2017	NOPAT =	EBIT	x	( 1 - Tax rate )	NOTE: Do NOT type-in the
2017	NOPAT =	$297,560.00	x	0.650000	tax rate -- cell reference!
2017	NOPAT =	$193,414.00
Operating Cash Flow (OCF)					NOTE:
2017	OCF=	NOPAT	+	Depreciation	The OCF equation is on the
2017	OCF=	$193,414.00	+	$67,179.00	BLUE concept sheet.
2017	OCF=	$260,593.00
Free cash flow
2017	FCF =	NOPAT	-	Net investment in operating capital
2017	FCF =	$193,414.00	-	$84,731.00
2017	FCF =	$108,683.00
Return on invested capital
2017	ROIC =	NOPAT	/	Total net operating capital -- 2017 OC
2017	ROIC =	$193,414	/	$912,680.00
2017	ROIC =	21.1919%
Assume that there were 29 million shares outstanding at the end of the year, the year-end closing stock price was $35.65 per share, and the after-tax cost of capital was 12.5000%. Calculate EVA and MVA for the most recent year.
Additional Input Data:
Stock price per share		$35.65
# of shares (in thousands)		29,000
After-tax cost of capital		12.5000%
Market Value Added
MVA =	[ Stock Price	x	# of shares ]	-	Total common equity
	$35.65	x	29,000
		$1,033,850.00		-	$653,706.52
MVA =	$380,143.48
Economic Value Added
EVA =	NOPAT	-	[ After-tax cost of capital	x	Operating Capital -- 2017 OC ]
		-	12.5000%	x	$912,680.00
	$193,414	-		$114,085.00
EVA =	$79,329.00