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fm3_chapter04 - A 1 2 3 4 5 6 7 8 9 ASSETS Cash and...

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PPG CORP. BALANCE SHEETS, 1991-2000 ASSETS 2000 1999 1998 1997 1996 Cash and Short-Term Investments 111 158 128 129 70 Receivables 1,563 1,594 1,366 1,353 1,226 Inventories - Total 1,121 1,016 917 863 797 Other Current Assets 298 294 249 239 205 Total Current Assets 3,093 3,062 2,660 2,584 2,296 Property, Plant, and Equipment, Gross 7,089 6,859 6,739 6,758 6,688 4,148 3,926 3,834 3,903 3,775 Property, Plant, and Equipment, Net 2,941 2,933 2,905 2,855 2,914 Intangibles 1,700 1,685 632 370 23 Other Assets 1,391 1,234 1,190 1,059 1,208 TOTAL ASSETS 9,125 8,914 7,387 6,868 6,441 LIABILITIES Accounts Payable 764 755 630 646 602 Accrued Expense 606 649 634 564 504 Other Current Liabilities 12 26 11 8 15 Debt 2,971 2,790 1,718 1,701 1,482 Deferred Taxes 543 520 440 406 419 Minority Interest 128 98 87 82 76 Other Liabilities 1,004 970 987 952 861 EQUITY Common Stock 484 484 484 484 484 Capital Surplus 102 104 105 99 97 Retained Earnings 6,019 5,786 5,489 4,916 4,569 Less: Treasury Stock - Total Dollar Amount 3,508 3,268 3,198 2,990 2,667 Total stockholders equity 3,097 3,106 2,880 2,509 2,483 TOTAL LIABILITIES AND EQUITY 9,125 8,914 7,387 6,868 6,441 168 174 175 178 183 Balance sheet--historical ratios ASSETS 2000 1999 1998 1997 1996 Cash and Short-Term Investments Receivables/Sales 18.11% 20.55% 18.19% 18.34% 16.98% Inventories/Sales 12.99% 13.10% 12.21% 11.70% 11.03% Other Current Assets/Sales 3.45% 3.79% 3.32% 3.24% 2.84% Operating CA/Sales 35.84% 39.47% 35.42% 35.02% 31.81% Property, Plant, Equipment, Gross/Sales 82.15% 88.42% 89.73% 91.58% 92.66% Depreciation, Depletion, and Amortization (Accumulated) COMMON SHARES OUTSTANDING (million) A B C D E F 1 2 3 4 5 6 7 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
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Annual depreciation/PPE 6.31% 6.05% 5.25% 5.15% 5.09% Property, Plant, Equipment, Net/Sales 34.08% 37.81% 38.68% 38.69% 40.36% Other Assets/Sales 16.12% 15.91% 15.85% 14.35% 16.74% Other Assets, growth rate since 1991 7.93% #MACRO? LIABILITIES Accounts Payable/Sales 8.85% 9.73% 8.39% 8.75% 8.34% Accrued Expense/Sales 7.02% 8.37% 8.44% 7.64% 6.98% Other Current Liabilities/Sales 0.14% 0.34% 0.15% 0.11% 0.21% Operating CL/Sales 16.02% 18.43% 16.98% 16.51% 15.52% Debt Debt/equity 95.93% 89.83% 59.65% 67.80% 59.70% Debt/assets 32.56% 31.30% 23.26% 24.77% 23.01% Other Liabilities/Sales 11.64% 12.50% 13.14% 12.90% 11.92% Other Liabilities, growth rate since 1991 12.53% #MACRO? Balance sheet--model parameters ASSETS Cash and Short-Term Investments constant Receivables/Sales 18.28% #MACRO? Inventories/Sales 12.24% #MACRO? Other Current Assets/Sales 3.21% #MACRO? Operating CA/Sales 35.11% #MACRO? Property, Plant, Equipment, Gross =accrued depreciation + net plant, property, equipment Accrued depreciation =previous year's accrued + this year's depreciation from incom Property, Plant, Equipment, Net/Sales 34.08% #MACRO? Other Assets, annual growth rate 7.93% #MACRO? LIABILITIES Accounts Payable/Sales 8.50% Accrued Expense/Sales 7.25% Other Current Liabilities/Sales 12 <-- constant at current level Debt/Assets 32% <-- approximately current level Deferred taxes grows at sales growth Minority Interest 128 <-- constant at current level Other Liabilities, annual growth rate 12.53% #MACRO? EQUITY Common Stock 484 Capital Surplus 102 Retained Earnings =previous year's retained + this year's retentions from income Treasury Stock - Total Dollar Amount PLUG A B C D E F 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
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Payout to equity 2000 1999 1998 1997 1996 Cash dividends 276 264 252 239 237 2 1 -6 -2 -15 240 70 208 323 608 Total paid out to equity 518 335 454 560 829 Minus increase in common stock and capital surplus Plus increase in treasury stock at cost A B C D E F 98 99 100 101 102
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0 (Million $) 1995 1994 1993 1992 1991 106 62 112 61 38 1,245 1,229 997 1,023 1,058 738 686 683 742 875 187 191 234 124 203 2,276 2,168 2,026 1,951 2,173 6,464 6,163 6,042 6,158 6,212 3,629 3,420 3,255 3,186 3,029 2,835 2,742 2,787 2,972 3,183 0 0 0 0 0 1,084 983 838 739 700 6,194 5,894 5,652 5,662 6,056 583 518 436 447 520 520
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