Question 1 (50 points) FCF items from income and cash flow statements(millions NOK) 2017 2018E 560.0 588.0 Sales Operating expenses (excl. depr. and amort.) Depreciation 323.4 85.0 3.0 Amortization 336.0 76.5 5.0 52.0 10.0 10.0 Interest expenses 54.6 15.0 Interest income 15.0 Dividends One time Capex on new plant construction Capital expenditure (Capex) 400.0 0.0 116.5 125.0 Consolidated Balance Sheet (millions NOK) Cash and marketable securities 4.0 Accounts receivable 15.0 75.0 95.0 80.0 102.5 Inventory Goodwill and intangible assets Cumulative amortization and impairment 100.0 150.0 225.0 228.0 PPE 890.0 850.0 7.5 Operating deferred tax assets 5.0 TOTAL ASSETS 1367.5 1459.5 Accounts payable 130.0 145.0 Book value of debt 1000.0 92.5 1050.0 104.5 Common equity Taxes payable Operating deferred tax liabilities 125.0 145.0 20.0 15.0 TOTAL LIABILITIES and EQUITY 1367.5 1459.5 Quazi-equity calculated net def tax liab) 12.5 10.0 Invested capital 1230.00 1309.50 Necessary cash as percent of sales 1.5% 1.5% Corporate tax rate 23% A. (10 pts] Compute the NOPLAT for 2018 with direct method. B. (20 pts] Compute the following variables for 2018: a. EBITA b. CASH TAX c. FCF d. NET INCOME e. Invested Capital 2017 consistently with FCF calculation