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Sales
COGS (70% of sales)
Operating expenses
EBIT
Interest expense
Taxable income
Tax (40% tax rate)
Net income
Dividend (1/3 of NI)
Addition to retained earnings
2012
6,000.0
4,200.0
500.0
1,300.0
150.0
1,150.0
460.0
690.0
230.0
460.0
20.0%
11.5%
20.3%
66.7%
8.3%
15.6%
Sales (+g%)
COGS (70% of sales)
Operating expenses (+ 5%)
EBIT
Interest expense (5% of beg. notes payable + LT debt)
Taxable income
Tax (40% tax rate)
Net income
Dividend (1/3 of NI)
Addition to retained earnings
2012
6,000.0
4,200.0
500.0
1,300.0
150.0
1,150.0
460.0
690.0
230.0
460.0
2013F
7,200.0
5,040.0
525.0
1,635.0
100.0
1,535.0
614.0
921.0
307.0
614.0
Sales (+g%)
COGS (70% of sales)
Operating expenses (+ g%)
EBIT
Interest expense (+ g%)
Taxable income
Tax (40% tax rate)
Net income
Dividend (1/3 of NI)
Addition to retained earnings
2012
6,000.0
4,200.0
500.0
1,300.0
150.0
1,150.0
460.0
690.0
230.0
460.0
2013F
7,200.0
5,040.0
600.0
1,560.0
180.0
1,380.0
552.0
828.0
276.0
552.0
2012
6,000.0
4,200.0
500.0
1,300.0
150.0
1,150.0
460.0
690.0
230.0
460.0
2013F
6,498.2
4,548.7
541.5
1,407.9
162.5
1,245.5
498.2
747.3
249.1
498.2
Sales (+g%)
COGS (70% of sales)
Operating expenses (+ g%)
EBIT
Interest expense (+ g%)
Taxable income
Tax (40% tax rate)
Net income
Dividend (1/3 of NI)
Addition to retained earnings
Sales (+g%)
COGS (70% of sales)
Operating expenses (+ g%)
EBIT
Interest expense (+ g%)
Taxable income
Tax (40% tax rate)
Net income
Dividend (1/3 of NI)
Addition to retained earnings
2012
6,000.0
4,200.0
500.0
1,300.0
150.0
1,150.0
460.0
690.0
230.0
460.0
2013F
6,938.8
4,857.1
578.2
1,503.4
173.5
1,329.9
532.0
798.0
266.0
532.0
2012
320.0
880.0
1,200.0
2,400.0
3,600.0
Total assets
6,000.0
Assets:
Cash (+g%)
Accounts receivable (+g%)
Inventory (+g%)
Current assets
2012
320.0
880.0
1,200.0
2,400.0
2013F
384
1056
1440
2,880.0
Change
64.0
176.0
240.0
480.0
3,600.0
4,320.0
720.0
6,000.0
EFN =
7,200.0
466
1,200.0
2012
320.0
880.0
1,200.0
2,400.0
2013F
384.0
1,056.0
1,440.0
2,880.0
Change
64.0
176.0
240.0
480.0
3,600.0
4,320.0
720.0
Total assets
6,000.0
EFN =
7,200.0
1,200.0
648
2012
320.0
880.0
1,200.0
2,400.0
2013F
346.6
953.1
1,299.6
2,599.3
Change
26.6
73.1
99.6
199.3
3,600.0
3,898.9
298.9
Total assets
6,000.0
EFN =
6,498.2
498.2
2012
320.0
880.0
1,200.0
2,400.0
2013F
370.1
1,017.7
1,387.8
2,775.5
Change
50.1
137.7
187.8
375.5
3,600.0
4,163.3
563.3
Total assets
6,000.0
EFN =
6,938.8
406.8
938.8
2012
600.0
200.0
800.0
1,800.0
1,400.0
2,000.0
3,400.0
6,000.0
Complete balance sheet - cover EFN with both LTD and Equity
2013F
720
200.0
920.0
1,800.0
1,800.0
1,400.0
2,000.0
3,400.0
1,400.0
2,614.00
4,014.0
6,000.0
6,734.0
Change
120.0
120.0
-
2012
600.0
200.0
800.0
2013F
720
200.0
920.0
Long-term debt
1,800.0
2,033.0
614.0
614.0
Common stock
Retained earnings
Total equity
1,400.0
2,000.0
3,400.0
1,633.0
2,614.00
4,247.0
734.0
6,000.0
7,200.0
2012
600.0
200.0
800.0
2013F
600.0
200.0
800.0
Change
-
1,800.0
1,800.0
1,400.0
2,000.0
3,400.0
1,400.0
2,552.00
3,952.0
552.0
552.0
6,000.0
6,552.0
552.0
2012
600.0
200.0
800.0
2013F
600.0
200.0
800.0
Change
-
1,800.0
1,800.0
1,400.0
2,000.0
3,400.0
1,400.0
2,498.19
3,898.2
498.2
498.2
6,000.0
6,498.2
498.2
406.8
2013F
600.0
200.0
800.0
1,800.0
1,800.0
1,400.0
2,000.0
3,400.0
1,400.0
2,532.0
3,932.0
6,000.0
6,532.0
Change
-
2012
600.0
200.0
800.0
2013F
600.0
200.0
800.0
1,800.0
2,206.8
532.0
532.0
1,400.0
2,000.0
3,400.0
1,400.0
2,532.0
3,932.0
532.0
6,000.0
6,938.8
D/E
76.5%
76.5%
as of December 2013
Change
120.0
120.0
233.0
233.0
614.0
847.0
1,200.0
issuing debt
Change
406.8
532.0
532.0
938.8
actual g
gi
g*
debt/assets
cash/assets
stock issuance
13.7%
15.8%
11.6%
64.7%
1,195.0
92.5%
16.6%
18.4%
8.3%
78.2%
4,372.3
2006
18,473.4
17,039.8
1,433.5
11,243.9
10,604.9
3,077.4
2,384.7
16.7%
18.1%
100.0%
7.8%
60.9%
72.7%
20.0%
22.0%
25.3%
72.7%
20.0%
22.0%
7.8%
60.9%
2,384.7
2007
25,335.8
22,689.7
2,646.1
14,218.6
16,594.0
4,203.7
23.9
16.6%
18.5%
100.0%
10.4%
56.1%
56.5%
19.9%
22.7%
0.1%
2008
31,767.6
28,238.9
3,528.7
15,845.8
21,795.6
4,226.9
71.5
13.3%
15.0%
100.0%
11.1%
49.9%
31.3%
15.3%
17.6%
-0.3%
56.5%
19.9%
22.7%
10.4%
56.1%
23.9 -
31.3%
15.3%
17.6%
11.1%
49.9%
71.5
5000
stock issuance
90%
4500
80%
70%
4000
3500
Growth rates
3000
60%
2500
50%
2000
40%
1500
30%
1000
20%
500
10%
0%
-500
2005
2006
2007
2008
2006
2007
2008