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Free Cash Flows Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2012 2011 Sales $6,600.0 $5,500.0 Operating costs excluding depreciation 5,445.0 4,675.0 Depreciation 151.0 138.0 Earnings before interest and taxes $1,004.0 $687.0 Less: Interest 142.0 118.0 Earnings before taxes $862.0 $569.0 Taxes (40%) 227.6 344.8 Net income available to common stockholders $517.2 $341.4 Common dividends $273.0 $465.0 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2012 2011 Assets $86.0 $72.0 Cash Short-term investments Accounts receivable 34.0 28.0 696.0 605.0 1,100.0 880.0 Inventories Total current assets $1,916.0 $1,585.0 1,375.0 1,513.0 Net plant and equipment $2,960.0 $3,429.0 Total assets Liabilities and Equity Accounts payable $619.0 $495.0 Accruals 484.0 440.0 Notes payable 132.0 110.0 Total current liabilities $1,235.0 $1,045.0 Long-term bonds 1,320.0 1,100.0 Total liabilities $2,555.0 $2,145.0 Common stock Retained earnings 718.8 712.0 155.2 103.0 Total common equity $874.0 $815.0 Total liabilities and equity $3,429.0 $2,960.0 Using Rhodes Corporation's financial statements (shown above), answer the following questions. a. What is the net operating profit after taxes (NOPAT) for 2012? Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answer to one decimal place. million b. What are the amounts of net operating working capital for both years? Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answers to one decimal place. million 2012 $ 2011 $ million c. What are the amounts of total net operating capital for both years? Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answers to one decimal place. million 2012 $ million 2011 $ d. What is the free cash flow for 2012? Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answer to one decimal place. %24 million e. What is the ROIC for 2012? Round your answer to two decimal places. f. How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.) Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answers to one decimal place. After-tax interest payment million Reduction (increase) in debt million $4 million %24 Payment of dividends million Repurchase (Issue) stock million 24 Purchase (Sale) of short-term investments
