Dividend 7
	You have been asked to assess the dividend policy of re Bjrnen LOL AB, a fun park company that was started as a business on January 1, 2011.
	You have been provided with the information from its operating history:
		2011	2012	2013
	Revenues	SEK 500	SEK 600	SEK 700
	Net Income	SEK 50	SEK 60	SEK 70
	Depreciation	SEK 25	SEK 30	SEK 35
	CAPEX	SEK 40	SEK 40	SEK 60
	Non-cash WC (end of year)	SEK 5	SEK 10	SEK 60
	Total Debt (end of year)	SEK 10	SEK 15	SEK 30
	Dividend payout ratio	0%	20%	20%
A.	Assuming that the company started operations on January 1, 2011, with no cash and no debt, how much cash did the company
	have at the end of each year from 2011 to 2013.
B.	Now assume that the company plans to double its non-cash working capital as a percent of revenues and believes that doing so will allow it to grow revenues
	20% a year for the next three years, while maintaining the net margin and payout ratio it had in the most recent year. If capital expenditures and depreciation are expected
	to grow 10% a year and the company intends to repay its existing debt in three equal annual installments, estimate the cash balance three years from now.
	(You can assume that you are the start of 2014)
		2011	2012	2013		2014	2015	2016
	Revenues			700		840	1008	1209,6		20%
	Net Income	50	60	70		84	100,8	120,96				Net margin (2013) =		10,00%
	+Depr	25	30	35		38,5	42,35	46,585		10%
	-CAPEX	-40	-40	-60		-66	-72,6	-79,86		10%
	-Ch WC	-5	-5	-50	Debt	-84	-28,8	-34,56
	+Increase in debt	10	5	15	30	-10	-10	-10			2013
	FCFE	40	50	10		-37,5	31,75	43,125		WC	60	144	172,8	207,36
	Dividend payout ratio	0%	20%	20%		20%	20%	20%		Rev	700	840	1008	1209,6
	Dividend	0	12	14		16,8	20,16	24,192		WC/Rev	8,57%	17,14%	17,14%	17,14%
	Effect on CB	40	38	-4		-54,3	11,59	18,933		Ch WC		84	28,8	34,56
	Cash balance	40	78	74		19,7	31,29	50,223
	0	2011	2012	2013
WC	0	5	10	60
Ch WC		-5	-5	-50
Debt	0	10	15	30
		10	5	15