First Year Assignment Assumptions Hist. Proj. Proj. Proj. Proj. Proj. Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Income statement 12% 13% 1% 2% 11% 78.0% 70% 84% 55% 75% 2% 15% 2% 2% 15% 17% 2% 2% 10% 14% Sales growth COGS as % of sales Depreciation as % of beginning fixed assets SG&A as % of sales Tax rate as % of profit before tax Dividends as % of profit after tax Weighted average shares outstanding 124% 25% 25% 20% 27% 30% 25% 23% 20% 23% 6989 7000 7200 7200 7300 Assets Operating current assets as % of sales Capex as % of sales 20% 7% 20% 17% 16% 13% 18% 20% 10% 19% Liabilities Operating liabilities as % of COGS 30% 25% 30% 31% 20% Equity Shares issued in year 2006 h00 Debt Issuance of long-term debt 300 200 200 300 Repayment of long-term debt 50 hoo 100 100 100 Interest rates 3% 3% 3% 3% 3% Interest rate on revolver Interest rate on long-term debt 14% |4% First Year Assignment Hist. Proj. Proj. Proj. Proj. Proj. Year 1 Year 2 Year 3 Year 4 Year 5 BalSheet 0.0 Assets 3,408.0 Cash Operating current assets Total current assets 9,471.0 12,879.0 Property, plant and equipment Total assets 39,423.0 52,302.0 Liabilities & equity Operating current liabilities 17,927.0 Revolver Total current liabilities 17,927.0 0.0 Long-term debt Total liabilities 21,122.0 39,049.0 Equity 13,253.0 Total liabilities & equity 52,302.0 Balance check OK First Year Assignment Hist. Proj. Proj. Proj. Proj. Proj. Year Year 1 Year 2 Year 3 Year 4 Year 5 Debt Revolver Balance Interest rate Interest expense Long-term debt Beginning balance Issuance Repayment Ending balance Interest rate Interest expense Interest expense summary Revolver Long-term debt Total interest expense Interest income Cash balance Interest rate Interest income First Year Assignment Hist. Proj. Proj. Proj. Proj. Proj. Year Year 1 Year 2 Year 3 Year 4 Year 5 Debt Revolver Balance Interest rate Interest expense Long-term debt Beginning balance Issuance Repayment Ending balance Interest rate Interest expense Interest expense summary Revolver Long-term debt Total interest expense Interest income Cash balance Interest rate Interest income First Year Assignment Hist. Proj. Proj. Proj. Proj. Proj. Year Year Year Year Year 1 2 3 4 5 Inc Stat Year 0 Sales Cost of goods sold Depreciation Gross profit 64.760.0 57.714.0 2,157.0 4,889.0 SG&A Operating profit Interest income Interest expense Profit before tax 1,884.0 3,005.0 34.1 1,090.0 1,917.8 Tax expense Net Income 433.0 1,484.8 Dividends 656.0 Shareholder information Weighted average shares outstanding Earnings per share 6,989.0 0.2 Dividends per share 0.1 First Year Assignment CashFlow Hist. Proj Proj. Proj. Proj. Proj Year Year 1Year 2 Year 3 Year 4 Years Net Income + Depreciation (Inc) dec in Operating Working Capital Operating cash flow - Capital expenditure Investing cash flow Inc (dec) in long-term debt Dividends Financing cash flow NET CASH FLOW Cash analysis Beginning cash Net cash flow Ending cash
