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3:18 c Merkel and Markle Technologies: Income Statements for Year Ending December 31 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 (Thousands of Dollars) Sales Expenses excluding depreciation and amortization EBITDA Depreciation and amortization EBIT Interest Expense EBT Taxes (40%) Net income Common dividends Addition to retained earnings Merkel and Markle Technologies: December 31 (Thousands of Dollars) Assets Cash and cash equivalents 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 Key Input Data Tax rate Net operating working capital Balance Sheets 2023 $946,000 $132,300 33,10Q $99,200 10,4Z-Q $88, 730 35,492 $43,300 $9,938 2023 $47,250 3,800 283,500 141,750 $476,300 33Q,L5Q $3QZ,Q5Q $94,500 47,250 26,262 $168,012 94,500 $262,512 444 , 600 99,938 $544,530 40% 66 2022 $900,000 $126,000 3.1,5QQ $94,500 a,QQ $85,900 34,360 $51,540 $41,230 $10,310 2022 $45,000 3,600 270,000 135,QQQ $453,600 315,QQQ $1N,Q.Q $90,000 45,000 $144,000 QQ,Q.QQ $234,000 444,600 QQ,QQQ $534,000 $768,000 2023 2023 2023 2022 2022 2022 NOWC = 2rating current as, $476,300 NOWC = NOWC = 308 288 NOWC = current as, NOWC = NOWC = Total net operating capital 2023 2023 2023 2022 2022 2022 TOC = -roc = TOC = TOC = -roc = TOC = $453,600 309 600 NOWC $308,288 639,03 NOWC $309,600 624,60 Investment in total net operating capital 2023 2023 2023 Inv. Inv. Inv. In TOC = In TOC = In TOC = Net operating profit after taxes 2023 TOC $639,038 144 EBIT $99,200 $59,520 NOPAT $59,520 45 082 NOPAT $59,520 .300/ #ERROR! #ERROR! #ERROR! #ERROR! x x 2023 2023 2023 Free cash flow 2023 2023 2023 NOPAT = NOPAT = NOPAT = FCF = FCF = FCF = Return on invested capital 2023 2023 2023 ROIC = ROC = ROIC = -ating current liabilities 168,01 ating current liabilities 144,00 Fixed assets $330 750 Fixed assets $315 ooo 2022 TOC $624,600 600 Net investment in operating capital $14,43 Total net operating capital 639 038 b Assume that there were 15 mijlon shares outstanding at the end of the year the year-end ciosng sto Additional Input Data Stock price per share # of shares (in thousands) After-tax cost of capital Market Value Added MVA= Stock price MVA= MVA= MVA= Economic Value Added $60.00 15,000 8.00% x x # of shares (Operating Capi Total common equity After-tax cost of capital) EVA = EVA = EVA = EVA = NOPAT x x