Scribd
Upload
39 views5 pages

Add Dep Less Tax OCF Change in Capex Change in NWC FCF

This document summarizes financial information for a company from 2002-2005 and provides projections for 2006-2010. Key points include: - Net sales declined from 2002-2004 but increased in 2005 and are projected to grow at 15% annually from 2006-2010. - Gross profit margins averaged 63.4% from 2002-2005 and COGS are projected at 50% of sales for projections. - R&D expenses averaged 9.14% of sales for 2002-2005 and are projected at that rate for projections. - Operating profits fluctuated from losses to gains from 2002-2005 but are projected to increase each year from 2006-2010.

Uploaded by

Gullible Khan
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
39 views5 pages

Add Dep Less Tax OCF Change in Capex Change in NWC FCF

This document summarizes financial information for a company from 2002-2005 and provides projections for 2006-2010. Key points include: - Net sales declined from 2002-2004 but increased in 2005 and are projected to grow at 15% annually from 2006-2010. - Gross profit margins averaged 63.4% from 2002-2005 and COGS are projected at 50% of sales for projections. - R&D expenses averaged 9.14% of sales for 2002-2005 and are projected at that rate for projections. - Operating profits fluctuated from losses to gains from 2002-2005 but are projected to increase each year from 2006-2010.

Uploaded by

Gullible Khan
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 5

Income Statement 2002 2003 2004 2005 Average 2005

Net Sales 858,263 815,979 756,638 870,000


-4.93% -11.84% 6.62% -3.38%
COGS 540,747 501,458 498,879 549,750
63.00% 61.45% 65.93% 63.19% 63.40%
Gross Profit 317,516 314,521 257,759 320,250
R&D 77,678 70,545 75,417 77,250
9.05% 8.65% 9.97% 8.88% 9.14%
Selling & Adm Cost 229,971 223,634 231,008 211,500
26.79% 27.41% 30.53% 24.31% 27.26%
Restructuring Cost 65,448 - 89,411
7.63% 11.82% 0.00% 6.48%
Operating Profit/ Loss (55,581) 20,342 (138,077) 31,500
Other Income/ Expense (4,500) 1,065 (3,458) (4,200)
-123.67% -23.16% -494.37% -213.73%
EBT (60,081) 21,407 (141,535) 27,300
Taxes 1,241 8,415 (750) 9,282
-2.07% 39.31% 0.53% 34.00%
Net Income (61,322) 12,992 (140,785) 18,018
EPS (3) 1 (8) 1
DPS 1 0 0 0

Add dep
less tax
OCF
Change in capex
change in NWC
FCF
2006 2007 2008 2009
2003 2004 2005E
Cash & Equivalents 13,917 22,230 25,665
A/C Receiveable 208,541 187,235 217,510
Inventories 230,342 203,888 217,221
Prepaid Expenses 14,259 13,016 15,011
Others 22,184 20,714 21,000
Total Current Assets 489,243 447,083 496,407
475,326 424,853 470,742

Property, Plant & Equipment 327,603 358,841 410,988


Less: Depreciation 167,414 183,486 205,530
Net Property 160,189 175,355 205,458
Intangible Asset 9429 2099 1515
Other Assets 15,723 17,688 17,969
Total Assets 674,584 642,225 721,349

Bank Loans 34,196 71,345 74,981


A/C Payable 36,449 34,239 37,527
Current Portion of LTD 300 150 1,515
Accruesd & Others 129,374 161,633 183,014
Total Current Liabilities 200,319 267,367 297,037
165,823 195,872 220,541
NWC 309,503 228,981 250,201 Average
CNWC (80,522) 21,220
CNWC as a % of sales -9.87% 2.44% -3.71%

Deferred Taxes 16,986 13,769 16,526


LTD 9,000 8,775 30,021
Deferred pension cost 44,790 64,329 70,134
Other Liabilities 2,318 5,444 7,505
Total Liabilities 273,413 359,684 421,223
Common Sock 18,855 18,855 18,835
Capital In Excess 107,874 107,907 107,889
Cumulative translation adjustment (6,566) 20,208 26,990
Reatained Earnings 291,498 146,065 156,876
Less: Treasury Stock (10,490) (10,494) (10,464)
Total Shareholders Equity 401,171 282,541 300,126
Total Liabilities & Equity 674,584 642,225 721,349
Assumptions Average
Sales Growth 15% -3.38%
COGS 50.00% 63.40%
R&D 9.14% 9.14%
Selling & Adm Cost 27.00% 27.26%
Tax Rate 40% 2.24%
CNWC as a % of sales 2.25% -3.71%
Terminal Growth 1.50%

Cost of Debt 8%
Cost of Equity 12%
Debt 8775
Equity 282541
Wd 0.0301219295
We 0.9698780705
WACC 11.78%

Average Risk Premium


2001 2002 2003 2004
Ten year Treasury notes 5% 4.60% 4% 4.30% 4.48% 7.53%
2006E 2007E 2008E 2009E 2010E
Net Sales 1000500 1150575 1323161 1521635 1749881

COGS 500250 575287.5 661580.6 760817.7 874940.4

Gross Profit 500250 575287.5 661580.6 760817.7 874940.4


R&D 91402.53 105112.9 120879.8 139011.8 159863.6

Selling & Adm Cost 270135 310655.3 357253.5 410841.6 472467.8

Operating Profit/ Loss 138712.5 159519.3 183447.2 210964.3 242609


Taxes 55484.99 63807.74 73378.9 84385.73 97043.59

Net Income 83227.48 95711.6 110068.3 126578.6 145565.4

Add: Deprication 22500 25500 30000 34500 40500


CNWC 22511.25 25887.94 29771.13 34236.8 39372.32
Less: Capex 43800 50400 57500 66200 68500 Terminal
FCF 39416.23 44923.67 52797.22 60641.8 78193.07 760632.95601
Discounted FCF 35262.33 35953.98 37802.34 38843.26 44807.19 435867.62473
Enterprise Value 628536.7
Add: Cash 22230
Less: Debt 30,021
Equity Value 620745.7
No. of share 18597.75
Equity Value per Share 33.38
1 2 3 4 5 5

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy