fm3_problems04 - A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16...

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PPG, FINANCIAL MODEL, 2001-2005 Profit and loss assumptions 2001 2002 2003 2004 Sales growth 11% 8% -2% 4% COGS/Sales 61.39% 18.38% Depreciation/Gross fixed assets 6.31% Interest rate 6.70% Minority interest as % of PAT 4.32% Growth rate of total dividends 4.13% Tax rate 36.28% Balance sheet assumptions Assets Cash and short-term investments constant Receivables/Sales 18.28% Inventories/Sales 12.24% Other Current Assets/Sales 3.21% Property, Plant, Equipment, Net/Sales 34.08% Investments and advances constant Other Assets/Sales 7.93% Liabilities Accounts Payable/Sales 8.50% Accrued Expense/Sales 7.25% Other Current Liabilities/Sales constant Debt/Assets 32.00% Deferred Taxes growth at sales growth Minority Interest assumed constant Other liabilities, annual growth 12.53% Treasury stock plug PROFIT AND LOSS 2000 2001 2002 2003 2004 Sales 8,629 9,578 10,344 10,138 10,543 Cost of Goods Sold 5,334 5,880 6,351 6,224 6,472 1,646 1,761 1,902 1,863 1,938 Operating Income Before Depreciation 1,649 1,937 2,092 2,051 2,133 Depreciation and Amortization 447 472 522 562 601 Interest Expense 193 204 216 222 226 8 8 8 8 8 Pretax Income 1,017 1,253 1,346 1,258 1,298 Income Taxes - Total 369 455 488 456 471 Minority Interest 28 20 21 20 20 Net Income 620 779 837 782 806 Dividend 276 287 299 312 324 Accrued 344 491 537 470 482 ASSETS 2000 2001 2002 2003 2004 Selling, General, and Administrative Expense Nonoperating Income (Expense) and Special Items 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 48 49
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Cash and Short-Term Investments 111 111 111 111 111 Receivables 1,563 1,751 1,891 1,853 1,927 Inventories - Total 1,121 1,172 1,266 1,241 1,290 Other Current Assets 298 307 332 325 338 Total Current Assets 3,093 3,341 3,600 3,530 3,667 Property, Plant, and Equipment, Gross 7,089 7,885 8,668 9,159 9,898 4,148 4,620 5,142 5,704 6,305 Property, Plant, and Equipment, Net 2,941 3,265 3,526 3,455 3,593 Investments and Advances 320 320 320 320 320 Intangibles 1,700 1,700 1,700 1,700 1,700 Other Assets 1,071 1,156 1,248 1,347 1,454 TOTAL ASSETS 9,125 9,782 10,393 10,352 10,734 LIABILITIES 2000 2001 2002 2003 2004 Accounts Payable 764 814 879 861 896 Accrued Expense 606 694 750 735 764 Other Current Liabilities 12 12 12 12 12 Debt 2,971 3,130 3,326 3,313 3,435 Deferred Taxes 543 603 651 638 663 Minority Interest 128 128 128 128 128 Other Liabilities 1,004 1,130 1,271 1,431 1,610 EQUITY Common Stock 484 484 484 484 484 Capital Surplus 102 102 102 102 102 Retained Earnings 6,019 6,510 7,048 7,518 8,000 Less: Treasury Stock 3,508 3,825 4,257 4,869 5,360 Total stockholders equity 3,097 3,271 3,377 3,235 3,226 TOTAL LIABILITIES AND EQUITY 9,125 9,782 10,393 10,352 10,734 FREE CASH FLOW (FCF) 2001 2002 2003 2004 Profit after tax 779 837 782 806 Add back depreciation 472 522 562 601 Change in net working capital Increase in operating current assets -248 -258 70 -137 Add increase in operating current liabilities
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This note was uploaded on 01/23/2011 for the course FGB 780 taught by Professor Edwardchang during the Spring '09 term at Missouri State University-Springfield.

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fm3_problems04 - A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16...

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