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a. Using the financial statements shown below, calculate net operating working capital, total net operating capital, net operating profit after taxes, free cash flow, and return on invested capital for the most recent year.
Lan & Chen Technologies: Income Statements for Year Ending December 31
(Thousands of Dollars)
2013
2012
Sales
$945,000
$900,000
Expenses excluding depreciation and amortization
812,700
774,000
EBITDA
$132,300
$126,000
Depreciation and amortization
33,100
31,500
EBIT
$99,200
$94,500
Interest Expense
10,470
8,600
EBT
$88,730
$85,900
Taxes (40%)
35,492
34,360
Net income
$53,238
$51,540
Common dividends
$43,300
$41,230
Addition to retained earnings
$9,938
$10,310
Lan & Chen Technologies: December 31 Balance Sheets
Assets
Cash and cash equivalents
$47,250
$45,000
Short-term investments
3,800
3,600
Accounts Receivable
283,500
270,000
Inventories
141,750
135,000
Total current assets
$476,300
$453,600
Net fixed assets
330,750
315,000
Total assets
$807,050
$768,600
Liabilities and equity
Accounts payable
$90,000
Accruals
47,250
45,000
Notes payable
26,262
9,000
Total current liabilities
$168,012
$144,000
Long-term debt
94,500
90,000
Total liabilities
$262,512
$234,000
Common stock
444,600
Retained Earnings
99,938
Total common equity
$544,538
$534,600
Total liabilities and equity
b. Assume that there were 15 million shares outstanding at the end of the year, the year-end closing stock price was $65 per share, and the after-tax cost of capital was 8%. Calculate EVA and MVA for the most recent year.
Additional Input Data
Stock price per share
$65.00
# of shares (in thousands)
15,000
After-tax cost of capital
8.0%
Attachment:- Assignment.rar
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