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I need a excel sheet completed well attach the file just need the blanks fill in. 12/7/2012 Chapter: Problem: 2 15 a. Using the financial
I need a excel sheet completed well attach the file just need the blanks fill in.
12/7/2012 Chapter: Problem: 2 15 a. Using the financial statements shown below, calculate net operating working capital, total net operating capital, net operating profit after taxes, free cash flow, and return on invested capital for the most recent year. Lan & Chen Technologies: Income Statements for Year Ending December 31 (Thousands of Dollars) 2013 Sales $945,000 Expenses excluding depreciation and amortization 812,700 EBITDA $132,300 Depreciation and amortization 33,100 EBIT $99,200 Interest Expense 10,470 EBT $88,730 Taxes (40%) 35,492 Net income $53,238 Common dividends Addition to retained earnings 2012 $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: December 31 Balance Sheets (Thousands of Dollars) Assets Cash and cash equivalents Short-term investments Accounts Receivable Inventories Total current assets Net fixed assets Total assets 2013 $47,250 3,800 283,500 141,750 $476,300 330,750 $807,050 2012 $45,000 3,600 270,000 135,000 $453,600 315,000 $768,600 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 $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 Key Input Data Tax rate Net operating working capital 40% 2013 2013 2013 Operating NOWC = current assets NOWC = NOWC = - 2012 2012 2012 Operating NOWC = current assets NOWC = NOWC = - Total net operating capital 2013 TOC = 2013 TOC = 2013 TOC = 2012 2012 2012 TOC = TOC = TOC = Operating current liabilities Operating current liabilities NOWC + + Fixed assets NOWC + + Fixed assets Investment in total net operating capital 2013 2013 Inv. In TOC = TOC 2013 Inv. In TOC = 2013 Inv. In TOC = - 2012 TOC Net operating profit after taxes 2013 NOPAT = EBIT 2013 NOPAT = 2013 NOPAT = x x Free cash flow 2013 2013 2013 NOPAT - Net investment in operating capital NOPAT / / Total net operating capital FCF = FCF = FCF = Return on invested capital 2013 ROIC = 2013 ROIC = 2013 ROIC = (1-T) b. Assume that there were 15 million shares outstanding at the end of the year, the year-end closing stock price was $65 per share, and the after-tax cost of capital was 8%. Calculate EVA and MVA for the most recent year. Additional Input Data Stock price per share # of shares (in thousands) After-tax cost of capital $65.00 15,000 8.0% Market Value Added MVA = Stock price MVA = MVA = MVA = Economic Value Added EVA = NOPAT EVA = EVA = EVA = x x # of shares - Total common equity - (Operating Capital x x After-tax cost of capital)Step by Step Solution
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