《金融学教学课件》bodie2e_chapter03复习课程.pptVIP

Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall Constructing a Financial Planning Model Assumptions: Interest rate on long-term debt is 8%, and on short-term debt is 15% To avoid complexity, we assume that interest is computed on the yearend long- and short-term balances (we can re-address this later) interest = 0.08*501.72 + 0.15*150 = 87.26 Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall Constructing a Financial Planning Model The income statement may now be constructed given the dividend pay-out ratio and tax rate (30% and 40%) The change in equity is added to the equity for year xxx3, to give the new balance for year xxx4 “Total assets” is available, so the “Total liabilities” may now be computed Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall GPC Financial Statements, Years xxx1 - xxx3 (Nearest $ Million) (Percent of Years Sales) Year xxx0 xxx1 xxx2 xxx3 xxx1 xxx2 xxx3 F(sales)? xxx4 Income Statement Sales 200 240 288 100.0% 100.0% 100.0% N/A 346 Cost of goods sold 110 132 158 55.0% 55.0% 55.0% Yes 190 Gross margin 90 108 130 45.0% 45.0% 45.0% N/A(Yes) 156 Selling, general admin. expenses 30 36 43 15.0% 15.0% 15.0% Yes 52 EBIT 60 72 86 30.0% 30.0% 30.0% N/A 104 Interest expenses 30 45 64 15.0% 18.8% 22.2% No 87 Taxes 12 11 9 6.0% 4.5% 3.1% N/A 7 Net income 18 16 13 9.0% 6.7% 4.7% N/A 10 Dividends 5 5 4 2.7% 2.0% 1.4% N/A 3 Change in shareholders equity 13 11 9 6.3% 4.7% 3.3% 7 Balance Sheet Assets: Cash equivalents 10 12 14 17 6.0% 6.0% 6.0% Yes 21 Receivables 40 48 58 69 24.0% 24.0% 24.0% Yes 83 Inventories 50 60 72 86 30.0% 30.0% 30.0% Yes 104 Property, Plant equipment 500 600 720 864 300.0% 300.0% 300.0% Yes 1037 Total Assets 600 720 864 1037 360.0% 360.0% 360.0% N/A(Yes) 1244 Liabilities: Payables 30 36 43 52 18.0% 18.0% 18.0% Yes 62 Short-term debt 120 221 347 502 110.7% 144.6%