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QUESTION 3 After pressure from some of its largest shareholders, the multinational technology conglomerate CESCO will pay dividend for the first time. CESCE develops, manufactures and sells networking hardware, telecommunications equipment and other high-technology services and products CESCO is headquarted from Sophie-Antipolis, France. In the previous year, CESCO had revenues of EUR 1 000 million, with a cost of goods sold of EUR 700 million (includes depreciation of EUR 80 million). The company's EBIT was EUR 300 million and it had Interest expenses of EUR 10 million. The capital expenditures was EUR 50 million and the non-cash Working Capital was EUR 200 million. Of the company's taxable income of EUR 290 million it paid Taxes of EUR 116 million to have a Net Income of EUR 174 million During the following two years, the revenues, operating income, the capital expenditures and depreciation are expected to have an annual grow of 10%. The non-cash working capital is expected to have the same WC/Revues ratio in the two following years as in the previous year In the first year, the company is going to pay of its sole loan (of EUR 100 million) and make an acquisition of EUR 10 million. In year two, the company will make two acquisitions to the amount of EUR 30 million. The company's tax rate is 40%. At the end of previous year, the company's cash balance was EUR 100 million You have been appointed to advice the board of directors of CESCO, if the company should pay divided and if so how much. The timespan you look at is the next two years. CESCO'S managers believe that the company needs a cash balance of EUR 150 million at the end of the second year. What percent of net income can the firm afford to pay out as dividends over the two years? QUESTION 3 After pressure from some of its largest shareholders, the multinational technology conglomerate CESCO will pay dividend for the first time. CESCE develops, manufactures and sells networking hardware, telecommunications equipment and other high-technology services and products CESCO is headquarted from Sophie-Antipolis, France. In the previous year, CESCO had revenues of EUR 1 000 million, with a cost of goods sold of EUR 700 million (includes depreciation of EUR 80 million). The company's EBIT was EUR 300 million and it had Interest expenses of EUR 10 million. The capital expenditures was EUR 50 million and the non-cash Working Capital was EUR 200 million. Of the company's taxable income of EUR 290 million it paid Taxes of EUR 116 million to have a Net Income of EUR 174 million During the following two years, the revenues, operating income, the capital expenditures and depreciation are expected to have an annual grow of 10%. The non-cash working capital is expected to have the same WC/Revues ratio in the two following years as in the previous year In the first year, the company is going to pay of its sole loan (of EUR 100 million) and make an acquisition of EUR 10 million. In year two, the company will make two acquisitions to the amount of EUR 30 million. The company's tax rate is 40%. At the end of previous year, the company's cash balance was EUR 100 million You have been appointed to advice the board of directors of CESCO, if the company should pay divided and if so how much. The timespan you look at is the next two years. CESCO'S managers believe that the company needs a cash balance of EUR 150 million at the end of the second year. What percent of net income can the firm afford to pay out as dividends over the two years