Estimate the next four years FCF using 2015 actual data. Assume operating ratios remain unchanged from values in most recent year and sales will grow by 10%, 8%, 5%, and 5% for the next four years (Using excel)

2015 $945,000 812.700 $132.300 33.100 $99,200 10.470 $88.730 35.492 $53,238 2014 $900,000 774,000 $126,000 31.500 $94,500 8,600 $85.900 34,360 $51,540 $43,300 $9.938 $41,230 $10,310 Lan & Chen Technologies: Income Statements for Year Ending December 31 (Thousands of Dollars) Sales Operating costs excluding depreciation and amortization EBITDA Depreciation EBIT Interest Expense EBT Taxes (40%) Net income Common dividends Addition to retained earnings Lan & Chen Technologies: December 31 Balance Sheets (Thousands of Dollars) Assets Cash Short-term investments Accounts Receivable Inventories Total current assets Net fixed assets Total assets Liabilities and equity Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained Earnings Total common equity Total liabilities and equity 2015 $47.250 3.800 283,500 141.750 $476,300 330.750 $807,050 2014 $45.000 3,600 270.000 135,000 $453,600 315.000 $768,600 $94,500 47.250 26.262 $168,012 94,500 $262,512 444,600 99.938 $544,538 $807,050 $90.000 45.000 9,000 $144,000 90.000 $234,000 444,600 90.000 $534,600 $768,600 2015 $945,000 812.700 $132.300 33.100 $99,200 10.470 $88.730 35.492 $53,238 2014 $900,000 774,000 $126,000 31.500 $94,500 8,600 $85.900 34,360 $51,540 $43,300 $9.938 $41,230 $10,310 Lan & Chen Technologies: Income Statements for Year Ending December 31 (Thousands of Dollars) Sales Operating costs excluding depreciation and amortization EBITDA Depreciation EBIT Interest Expense EBT Taxes (40%) Net income Common dividends Addition to retained earnings Lan & Chen Technologies: December 31 Balance Sheets (Thousands of Dollars) Assets Cash Short-term investments Accounts Receivable Inventories Total current assets Net fixed assets Total assets Liabilities and equity Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained Earnings Total common equity Total liabilities and equity 2015 $47.250 3.800 283,500 141.750 $476,300 330.750 $807,050 2014 $45.000 3,600 270.000 135,000 $453,600 315.000 $768,600 $94,500 47.250 26.262 $168,012 94,500 $262,512 444,600 99.938 $544,538 $807,050 $90.000 45.000 9,000 $144,000 90.000 $234,000 444,600 90.000 $534,600 $768,600