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Investor supplied operating capital

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Chapter

Tool Kit Chapter 2 10/27/15

Financial Statements, Cash Flow, and Taxes

2-1 Financial Statements and Reports

The annual report contains a verbal section plus four key statements: the balance sheet, income statement, statement of stockholders' equity, and statement of cash flows.

Our spreadsheets use formulas rather than fixed numbers. For example, the cell for Total assets for the most recent year contains the Sum formula rather than just a fixed number. That way, if the data for any inputs (cash, for instance) change, the spreadsheet will automatically recalculate and provide the correct new value for Total assets.

In financial modeling, it is helpful to users when input data is grouped together, so you should follow this practice in your own models, too.

2-2 The Balance Sheet

INPUT DATA SECTION: Historical Data Used in the Analysis

2016 2015

Year-end common stock price $27.00 $40.00

Year-end shares outstanding (in millions) 50 50

Tax rate 40% 40%

Weighted average cost of captal (WACC) 11.0% 10.5%

Figure 2-1

MicroDrive Inc. December 31 Balance Sheets

(Millions of Dollars)

Assets 2016 2015

Cash and equivalents $ 50 $ 60

Short-term investments - 40

Accounts receivable 500 380

Inventories 1,000 820

Total current assets $ 1,550 $ 1,300

Net plant and equipment 2,000 1,700 Note: Net plant and equipment is equal to cumulative purchases of fixed assets less cumulative depreciation and cumulative disposed assets.

Total assets $ 3,550 $ 3,000

Liabilities and Equity

Accounts payable $ 200 $ 190

Notes payable 280 130

Accruals 300 280

Total current liabilities $ 780 $ 600

Long-term bonds 1,200 1,000

Total liabilities $ 1,980 $ 1,600

Preferred stock (1,000,000 shares) 100 100

Common stock (50,000,000 shares) 500 500

Retained earnings 970 800

Total common equity $ 1,470 $ 1,300

Total liabilities and equity $ 3,550 $ 3,000

2-2 The Income Statement

Figure 2-2

MicroDrive Income Statements for Years Ending December 31

(Millions of Dollars, Except for Per Share Data)

2016 2015

Net sales $ 5,000 $ 4,760

Costs of goods sold except depreciation 3,800 3,560

Depreciation and amortizationa 200 170

Other operating expenses 500 480

Earnings before interest and taxes (EBIT) $ 500 $ 550

Less interest 120 100

Pre-tax earnings $ 380 $ 450

Taxes 152 180

Net Income before preferred dividends $ 228 $ 270

Preferred dividends 8 8

Net Income available to common stockholders $ 220 $ 262

Additional Information

Common dividends $50 $48

Addition to retained earnings $170 $214

Number of common shares 50 50

Stock price per share $27 $40

Per Share Data

Earnings per share, EPSb $4.40 $5.24

Dividends per share, DPSc $1.00 $0.96

Book value per share, BVPSd $29.40 $26.00

Notes:

a MicroDrive has no amortization charges.

b EPS = Net income available to common stockholders Common shares outstanding

c DPS = Dividends paid to common stockholders Common shares outstanding

d BVPS = Total common equity Common shares outstanding

2-4 Statement of Stockholders’ Equity

The statement of stockholders' equity takes the previous year's balance of common stock, retained earnings, and stockholders' equity and then adds the current year's net income and subtracts dividends paid to common stockholders. The end result is the new balance of common stock, retained earnings, and stockholders' equity.

Figure 2-3

MicroDrive Inc. Statement of Stockholders' Equity

(Millions of Dollars, Millions of Shares)

Preferred Stock Common Shares Common Stock Retained Earnings Total Equity

Balances, Dec. 31, 2015 $100 50 $500 $800 $1,400

Changes during year:

Net income $220 $220

Cash dividends (50) (50)

Issuance/repurchase of stock 0 0 0

Balances, Dec. 31, 2016 $100 50 $500 $970 $1,570

Note: In financial statements, parentheses and red colors denote a negative number.

2-5 Statement of Cash Flows

Information from the balance sheet and income statement can be used to construct the Statement of Cash Flows, which is shown below for MicroDrive, in millions of dollars.

Figure 2-4

MicroDrive Statement of Cash Flows for Year Ending Dec. 31

(Millions of Dollars)

Operating Activities 2016

Net Income before preferred dividends $ 228

Noncash adjustments

Depreciationa 200

Working capital adjustments

Increase in accounts receivableb (120)

Increase in inventories (180)

Increase in accounts payable 10

Increase in accruals 20

Net cash provided (used) by operating activities $ 158

Investing Activities

Cash used to acquire fixed assetsc $ (500)

Sale of short-term investments 40

Net cash provided (used) by investing activities $ (460)

Financing Activities

Increase in notes payable $ 150

Increase in bonds 200

Payment of common and preferred dividends (58)

Net cash provided (used) by financing activities $ 292

Summary

Net change in cash and equivalents $ (10)

Cash and securities at beginning of the year 60

Cash and securities at end of the year $ 50

Notes:

aDepreciation is a noncash expense that was deducted when calculating net income. It must be added back to show the correct cash flow from operations.

bAn increase in a current asset decreases cash. An increase in a current liability increases cash. For example, inventories increased by $180 million and therefore reduced cash by the same amount.

cThe net increase in fixed assets is $300 million; however, this net amount is after a deduction for the year’s depreciation expense. Depreciation expense must be added back to find the increase in gross fixed assets. From the company’s income statement, we see that the year's depreciation expense is $200 million; thus, expenditures on fixed assets were actually $500 million.

2-6 Net Cash Flow

2016 2015

Net income $220.0 $262.0

Depreciation $500.0 $480.0

Net cash flow $720.0 $742.0

2-7 Free Cash Flow: The Cash Flow Available for Distribution to Investors

Net Operating Profit After Taxes

NOPAT is the amount of profit MicroDrive would generate if it had no debt and held no financial assets.

NOPAT = EBIT x (1-T)

2016 2015

Tax rate 40% 40%

Earnings before interest and taxes (EBIT) $500 $550

x (1-T) 60% 60%

NOPAT $300 $330

Net Operating Working Capital

The current assets (CA) used in operations are called operating current assets. Operating CA include the cash needed for operations, accounts receivable and inventories. The current liabilities (CL) that are due to operations are called operating current liabilities. Operating CL include accounts payable and accruals. Net operating working capital (NOWC) is equal to operating CA minus operating CL. NOWC is the net amount that a company's operations tie up in current assets and current liabilities.

Calculating Operating Current Assets

2016 2015

Cash and equivalents $50 $60

+ Accounts receivable $500 $380

+Inventories $1,000 $820

Operating current assets $1,550 $1,260

Calculating Operating Current Liabilities

2016 2015

Accounts payable $200 $190

+ Accruals $300 $280

Operating current liabilities $500 $470

Calculating Net Operating Working Capital

2016 2015

Operating current assets $1,550 $1,260

− Operating current liabilities $500 $470

Net operating working capital $1,050 $790

Total Net Operating Capital (also just called Operating Capital or just Capital)

The Total Net Operating Capital is Net Operating Working Capital plus any long-term fixed assets or net plant, property, and equipment used in operations.

Calculating Total Net Operating Capital

2016 2015

Net operating working capital $1,050 $790

+ Net plant and equipment $2,000 $1,700

Total net operating capital $3,050 $2,490

Alternative Calculation of Total Net Operating Capital (also just called Operating Capital)

Total Funds Provided by Investors

2016 2015

Notes payable $280 $130

Long-term bonds $1,200 $1,000

Preferred stock $100 $100

Total common equity $1,470 $1,300

Total investor supplied funds $3,050 $2,530

Total Funds Provided by Investors for Operations

2016 2015

Total investor supplied capital $3,050 $2,530

Less short-term investments $0 $40

Total investor-supplied operating capital $3,050 $2,490

Free Cash Flow

MicroDrive's Free Cash Flow calculation is the cash flow actually availabe for distribution to investors after the company has made all necessary investments in fixed assets and working capital to sustain ongoing operations. Free cash flow is equal to NOPAT minus the investment made in total net operating capital. The investment in total net operating capital is equal to the current year's total net operating capital minus the previous year's total net operating capital.

Calculating the Investment in Total Net Operating Capital

2016 2015

Total net operating capital $3,050 $2,490

Investment in total net operating capital $560

Calculating Free Cash Flow

2016

NOPAT $300

− Investment in total net operating capital $560

Free cash flow -$260

Here is an alternative calculation of FCF that is sometimes used in the financial press.

2016 FCF = NOPAT + Depreciation − Gross investment in fixed assets − Investment in NOWC

= $500.0 − $500 − $260

2016 FCF = -$260.0

Uses of Free Cash Flow

1. After-tax interest payments

2016 After-tax interest expense = (Pre-tax interest expense) x (1-T)

= $120.0 x 60%

= $72.0

2. Net repayment of debt

The amount of debt that is repaid is equal to the amount at the beginning of the year minus the amount at the end of the year. This includes notes payable and long-term debt. If the amount of ending debt is less than the beginning debt, the company paid of some of its debt. But if the ending debt is greater than the beginning debt, the company actually borrowed additional funds from creditors. In that case, it would be a negative use of FCF.

2016 Repayment to debtholders = All debt at beginning of year - all debt at end of year

= $1,130.0 - $1,480.0

= -$350.0

3. Total dividend payments

This includes all dividends to preferred stockholders and dividends to common stockholders.

2016 Dividends = Prefered dividends + common dividends

= $8.0 + $50.0

= $58.0

4. Net repurchase of stock

The amount of stock that is repurchased is equal to the amount at the beginning of the year minus the amount at the end of the year. This includes preferred stock and common stock. If the amount of ending stock is less than the beginning stock, the company made net repurchases. But if the ending stock is greater than the beginning stock, the company actually made net issuances. In that case, it would be a negative use of FCF.

2016 Repurchase stock = Preferred stock and common stock at beginning of year - Preferred stock and common stock at end of year

= $600.0 - $600.0

= $0.0

5. Net purchase of short-term investments

The amount of net purchases of ST investments is equal to the amount at the end of the year minus the amount at the beginning of the year. If the amount of ending investments is greater than the beginning investments, the company made net purchases. But if the ending investments are less than the beginning investments, the company actually sold investments. In that case, it would be a negative use of FCF.

2016 Purchase ST investments = ST investents at end of year - ST investments at beginning of year

= $0.0 - $40.0

= -$40.0

Summary of uses of FCF

2016

1. After-tax interest payments $72.0

2. Net repayment of debt -$350.0

3. Total dividend payments $58.0

4. Net repurchase of stock $0.0

5. Net purchase of short-term investments -$40.0

Total uses of FCF = -$260.0

Notice that the total uses of FCF equals the previously calculated value of FCF.

2-8 Performance Evaluation

The Return on Invested Capital (ROIC)

The Return on Invested Capital tells us the amount of NOPAT per dollar of operating capital.

2016 ROIC = NOPAT ÷ Total net operating capital

$300.00 ÷ $3,050

2016 ROIC = 9.84%

2015 ROIC = NOPAT ÷ Total net operating capital

$330.00 ÷ $2,490

2015 ROIC = 13.25%

The Operating Profitability Ratio (OP)

The operating profitability ratio show the amount of NOPAT per dollar of sales.

2016 OP = NOPAT ÷ Sales

$300.00 ÷ $5,000

2016 OP = 6.00%

2015 OP = NOPAT ÷ Sales

$330.00 ÷ $4,760

2015 OP = 6.93%

The Capital Requirement Ratio (CR)

The capital requirement ratio show the amount of operating capital that is needed to generate a dollar of sales.

2016 CR = Total net operating capital ÷ Sales

$3,050 ÷ $5,000

2016 CR = 61.00%

2015 CR = Total net operating capital ÷ Sales

$2,490 ÷ $4,760

2015 CR = 52.31%

Market Value Added

Market Value Added is the difference between the market value of MicroDrive's stock and the amount of equity capital supplied by shareholders.

2016 MVA = Stock price x # of shares - Total common equity

= $27.00 x 50 - $1,470

= $1,350 - $1,470

2016 MVA = -$120

2015 MVA = Stock price x # of shares - Total common equity

= $40.00 x 50 - $1,300

= $2,000 - $1,300

2015 MVA = $700

Economic Value Added

Economic Value Added represents MicroDrive's residual income that remains after the cost of all capital, including equity capital, has been deducted.

2016 EVA = NOPAT - Operating Capital x Weighted average cost of capital

= $300.00 - $3,050 x 11%

= $300.0 - $335.5

2016 EVA = -$35.5

2015 EVA = NOPAT - Operating Capital x Weighted average cost of capital

= $330.00 - $2,490 x 11%

= $330.0 - $261.5

2015 EVA = $68.6

Figure 2-6

Calculating Performance Measures for MicroDrive

(Millions of Dollars)

2016 2015

Calculating NOPAT

EBIT $500 $550

x (1 − Tax rate) 60% 60%

NOPAT = EBIT(1 − T) $300 $330

Calculating Net Operating Working Capital (NOWC)

Operating current assets $1,550 $1,260

− Operating current liabilities $500 $470

NOWC $1,050 $790

Calculating Total Net Operating Capital

NOWC $1,050 $790

+ Net plant and equipment $2,000 $1,700

Total net operating capital $3,050 $2,490

Calculating Return on Invested Capital (ROIC)

NOPAT $300 $330

÷ Total net operating capital $3,050 $2,490

ROIC = NOPAT/Total net operating capital 9.84% 13.25%

Weighted average cost of capital (WACC) 11.00% 10.50%

Calculating the Operating Profitability Ratio (OP)

NOPAT $300 $330

÷ Sales $5,000 $4,760

OP = NOPAT/Sales 6.00% 6.93%

Calculating Capital Requirement Ratio (CR)

Total net operating capital $3,050 $2,490

÷ Sales $5,000 $4,760

CR = Total net operating capital/Sales 61.00% 52.31%

Calculating Market Value Added (MVA)

Price per share $27 $40

x Number of shares (millions) 50 50

Market value of equity = P x (# of shares) $1,350 $2,000

− Book value of equity $1,470 $1,300

MVA = Market value − Book value −$120 $700

Calculating Economic Value Added (EVA)

Total net operating capital $3,050.0 $2,490.0

x Weighted average cost of capital (WACC) 11.0% 10.5%

Dollar cost of capital $335.5 $261.5

NOPAT $300.0 $330.0

− Dollar cost of capital $335.5 $261.5

EVA = NOPAT – Dollar cost of capital −$35.5 $68.6

2-9 The Federal Income Tax System

This worksheet explores the calculation of corporate income taxes under the federal tax system. By using special Excel functions, we can input a corporate tax schedule into a spreadsheet and then have a cell automatically display a company's tax liability. Either of two procedures can be used, the IF function or the VLOOKUP function. Both functions are explained below, using the data shown in the following tax table.

LOOKUP

There are actually two lookup functions, VLOOKUP for looking up items in vertical columns, and HLOOKUP for looking up things in horizontal rows. Since our tax table is arranged in columns, we use VLOOKUP.

When we use VLOOKUP, Excel first looks down the Column (1) of Table 2-1 below and finds the largest value that does not exceed the firm's taxable income. Next, it looks for the corresponding value in Column (3) of Table 2-1, which is the base amount of the tax. Then, it again looks down Column (1) and finds the corresponding marginal tax rate as shown in Column (4). Then it multiplies the tax rate times the difference between the firm's taxable income and the bottom tax bracket to get the incremental tax. Then it adds the base tax to the incremental tax to get the firm's total tax liability.

We will explain how to use VLOOKUP here, and then we will use it for the calculations below Table 2-1. To get the VLOOKUP formula, click the function wizard, fx, select "Lookup & Reference," and then select VLOOKUP. You will then get a dialog box like the one shown here.

For example, suppose we have taxable income of $65,000. We first need to identify the bracket that this is in, then find the amount of tax on the bracket. We can do that by filling out the dialog box for the function arguments. In particular, we set the Lookup_value to $65,000, we set the Table_array to Fedtaxtable, and set the Col_index_num to 3, which is the column in the table that has the amount paid on the base. See the calculations below Table 2-1 for applications of the VLOOKUP function.

Table 2-1

Corporate Tax Rates for 2015

If a corporation's taxable income is between It pays this amount on the base of the bracket Plus this percentage on the excess over the base Average tax rate at top of bracket

(1) (2) (3) (4) (5)

$0 $50,000 $0 15.0% 15.0%

$50,000 $75,000 $7,500 25.0% 18.3%

$75,000 $100,000 $13,750 34.0% 22.3%

$100,000 $335,000 $22,250 39.0% 34.0%

$335,000 $10,000,000 $113,900 34.0% 34.0%

$10,000,000 $15,000,000 $3,400,000 35.0% 34.3%

$15,000,000 $18,333,333 $5,150,000 38.0% 35.0%

$18,333,333 and up $6,416,667 35.0% 35.0%

Taxable Income: $65,000

1st VLOOKUP to find the base amount of tax: $ 7,500

2nd VLOOKUP to find the marginal tax rate: 25.0%

3rd VLOOKUP to find the marginal income to be taxed: $ 15,000

Tax on marginal income above the base: $ 3,750

Total tax liability: $11,250

Table 2-2

Apex Corporation: Calculation of $12 million Loss Carry-Back and Amount Available for Carry-Forward

Past Year Past Year Curent Year

2014 2015 2016

Original taxable income $2,000,000 $2,000,000 -$12,000,000

Carry-back loss 2,000,000 2,000,000

Adjusted profit $0 $0

Taxes previously paid (40%) 800,000 800,000

Difference = Tax refund due $800,000 $800,000

Total tax refund received $1,600,000

Amount of loss carry forward available

Current loss -$12,000,000

Carry-back losses used 4,000,000

Carry-forward losses still available -$8,000,000

2-2

SECTION 2-2

SOLUTIONS TO SELF-TEST

A firm has $8 million in total assets. It has $3 million in current liabilities, $2 million in long-term debt, and $1 million in preferred stock. What is the reported net worth (i.e., the reported common equity)?

Total assets $8,000,000

Current liabilities $3,000,000

Long-term debt $2,000,000

Preferred stock $1,000,000

The net worth of shareholders, also called common equity, is equal to the total assets less all liabilities and preferred stock.

Net worth = common equity = $2,000,000

2-3

SECTION 2-3

SOLUTIONS TO SELF-TEST

A firm has $2,000,000 million in earnings before taxes. The firm has an interest expense of $300,000 and depreciation of $200,000; it has no amortization. What is its EBITDA?

Earnings before taxes $2,000,000

Interest $300,000

Depreciation $200,000

Amortization $0

EBITDA stands for earnings before interest, taxes, and depreciation. To calculate EBITDA using the given information, start with earnings before taxes and add back interest, depreciation, and amortization.

EBITDA $2,500,000

Now suppose a firm has the following information: $7 million in sales, $4 million of costs of goods sold excluding depreciation & amortization, $500,000 of other operating expenses. What is its EBITDA?

Sales $7,000,000

Costs of goods sold excluding depreciation and amortization $4,000,000

Other operating expenses $500,000

EBITDA stands for earnings before interest, taxes, and depreciation. To calculate EBITDA using the given information, start with sales and subtract costs of goods sold (excluding depreciation) and other operating costs:

EBITDA $2,500,000

2-4

SECTION 2-4

SOLUTIONS TO SELF-TEST

A firm had a retained earnings balance of $3 million in the previous year. In the current year, its net income is $2.5 million. If it pays $1 million in common dividends in the current year, what it its resulting retained earnings balance?

Previous retained earnings balance $3,000,000

Current net income $2,500,000

Common dividends $1,000,000

This year's addition to retained earnings is the amount of net income not paid out in dividends:

Addition to retained earnings $1,500,000

The new balance of retained earnings is the previous year's balance plus this year's addition to retained earnings:

Current retained earnings balance $4,500,000

2-5

SECTION 2-5

SOLUTIONS TO SELF-TEST

A firm has inventories of $2 million for the previous year and $1.5 million for the current year. What impact does this have on net cash provided by operations?

Previous year's inventories $2,000,000

Current year's inventories $1,500,000

Inventories are assets that a company owns. When inventories increase (perhaps because the company bought more goods than it sold), cash goes down due to the increase in assets owned by the company. When inventories decrease (perhaps because the company sold more goods than it purchased), cash goes up due to the decrease in assets owned by the company. Therefore the cash flow due to a change in inventories is equal to the previous year's inventories minus the current year's inventories:

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