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5 a. Britton String Corp. manufactures specialty strings for musical instruments and tennis racquets. Its most recent sales 6 were $880 million; operating costs (excluding depreciation) were equal to 85% of sales; net fixed assets were $300 million; 7 depreciation amounted to 10% of net fixed assets; interest expenses were $22 million; the state-plus-federal corporate tax 8 rate was 25%; and it paid 40% of its net income out in dividends. Given this information, construct its income statement. 9 Also calculate total dividends and the addition to retained earnings. Report all dollar figures in millions. 10 11 12 13 14 15 Key Input Data for Britton String Corp. 2020 16 (Millions of dollars) 17 Sales Revenue $880 18 Expenses (excluding depreciation) as a percent of sales 85.0% 19 Net fixed assets $300 20 Depr. as a % of net fixed assets 10.0% 21 Tax rate 25.0% 22 Interest expense $22 23 Dividend Payout Ratio 40% 24 25 Britton String Corp.: Income Statement 2020 26 (Millions of dollars) 27 Sales $880 $880 [+] Revenues 28 Operating costs excluding depreciation 748 -748 (-) Operating expenses excluding depreciation 29 EBITDA $132 $132 (-) Depreciation 30 Depreciation (Cumberland has no amortization charges) 30 -30 (-) Depreciation 31 EBIT $102 [+] Operating Income 32 Interest expense 22 -22 (-) Interest expenses 33 EBT $80 $80 [+] Earnings before taxes 34 Taxes (25%) $20 $20 (-) Taxes 35 Net income $60 $60 [+] Net income 36 37 Common dividends $24 -$24 (-) Dividends paid 38 Addition to retained earnings $36 $36 [+] Addition to retained earnings $102 40 b. Britton String's partial balance sheets follow. Britton issued $36 million of new common stock in the most recent year. 41 Using this information and the results from part a, fill in the missing values for common stock, retained earnings, total 42 common equity, and total liabilities and equity. 43 $36 2020 2019 $70 $46 $120 $264 $500 $300 $800 $60 -$10 $42-$4 $140 $20 $196 -$68 $438 -$62 $262 -$38 $700 44 Dollar value of common stock issued (in millions of dollars) 45 46 Britton String Corp: December 31 Balance Sheets 47 (Millions of dollars) 48 49 Assets 50 Cash and cash equivalents 51 Short-term investments 52 Accounts Receivable 53 Inventories 54 Total current assets 55 Net fixed assets 56 Total assets 57 58 Liabilities and equity 59 Accounts payable 60 Accruals 61 Notes payable 62 Total current liabilities 63 Long-term debt 64 Total liabilities 65 Common stock 66 Retained earnings 67 Total common equity 68 Total liabilities and equity 69 70 Always check for balancing (these should be zero): $73 $49 $30 $152 $217 $369 $285 $146 $431 $800 $64 $60 $39 $163 $178 $341 $249 $110 $359 $700 $0.0000 $0.0000 2020 $60 $30 $20 ($68) $9 ($11) $40 72 C. Construct the statement of cash flows for the most recent year. 73 74 Statement of Cash Flows 75 (in thousands of dollars) 76 77 Operating Activities 78 Net Income 79 Adjustments: 80 Noncash adjustment: 81 Depreciation 82 Due to changes in working capital: 83 Due to change in accounts receivable 84 Due to change in inventories 85 Due to change in accounts payable 86 Due to change in accruals 87 Net cash provided (used) by operating activities 88 89 Investing Activities 90 Cash used to acquire gross fixed assets 91 Due to change in short-term investments 92 Net cash provided (used) by investing activities 93 94 Financing Activities 95 Due to change in notes payable 96 Due to change in long-term debt 97 Due to change in common stock 98 Payment of common dividends 99 Net cash provided (used) by financing activities 100 101 Net increase/decrease in cash 102 Add: Cash balance at the beginning of the year 103 Cash balance at the end of the year 104 105 Check: cash balance in statement of cash flows should equal the cash on 106 balance sheets; this value should be zero: ($68) ($4) ($72) ($9) $39 $36 ($24) $42 $10 $60 $70 $0.000 X + 108 Free Cash Flow (required) 109 A company's Free Cash Flow calculation is the cash flow actually availabe for distribution to investors after the company has made all necessary investments in fixed assets and working capital to sustain ongoing operations. Include cells and formulas used to get 110 results for all variables. 111 112 FCF 20 = EBIT (1 -T) Depreciation [Capital Expenditures + ANOWC] 1131 114 Calculation 115 116 AT operating incomezo = EBIT (1-T) 117 AT operating income20 = 118 AT operating incomezo - Include cells and formulas used to get results 119 120 121 NOWC20 = (Current assets - Excess cash) (Current liabilities - Notes payable) 122 NOWC20 = -$1,900 123 NOWC20 = Include cells and formulas used to get results 124 125 NOWC19 = $1,879 126 NOWC19= Include cells and formulas used to get results 127 128 Change in NOWC NOWC20 NOWC19 129 Change in NOWC 130 Change in NOWC Include cells and formulas used to get results 131 132 Capital Expenditures20 = Net Fixed Assets 20 Net Fixed Assets 19 Depreciation 133 Capital Expenditures20 = $196 0 134 Capital Expenditures, Include cells and formulas used to get results 135 136 FCF20 = EBIT (1 -T) Depreciation [Capital Expenditures + ANOWC] 137 138 FCF 20 = 139 140 141 142 143 Use the extended DuPont equation to provide a summary and overview of the company's projected financial condition. 144 145 DuPont Analysis 146 ROE = Profit margin x Total asset turnover x Equity multiplier 147 2020 ROE = X 148 149 Include cells and formulas used to get results = + FCF 20 =