Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Income Statement
Period End: May 31st
Values in this worksheet are in thousands, except where noted.
Data Input
Assumption
Output
1994
1995
1996
1997
1998
1999
2000
2,001,147.0
499,213.0
1,501,934.0
75.1%
2,966,878.0
779,012.0
2,187,866.0
73.7%
4,223,300.0
1,096,013.0
3,127,287.0
74.0%
5,684,336.0
1,550,466.0
4,133,870.0
72.7%
397,789,163.0
8,827,252.0
3,064,148.0
5,763,104.0
65.3%
10,130,128.0
2,942,679.0
7,187,449.0
71.0%
749,796.0
197,086.0
135,099.0
1,103,345.0
260,597.0
174,203.0
1,549,231.0
389,093.0
233,141.0
1,970,394.0
555,476.0
308,215.0
2,622,379.0
841,406.0
426,438.0
2,616,749.0
1,009,882.0
480,658.0
1,081,981.0
1,538,145.0
2,171,465.0
2,834,085.0
0.0
3,890,223.0
4,107,289.0
419,953.0
21.0%
649,721.0
21.9%
955,822.0
22.6%
1,299,785.0
22.9%
0.0
0.0%
1,872,881.0
21.2%
3,080,160.0
30.4%
0.0
0.0
0.0
0.0
0.0
0.0
0.0
50,931.0
0.0
0.0
36,800.0
0.0
0.0
167,054.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
17,943.0
-7,562.0
6,871.0
423,463.0
139,743.0
21,095.0
-4,864.0
6,970.0
658,982.0
217,464.0
30,235.0
-8,984.0
6,632.0
919,510.0
316,231.0
47,381.0
-20,033.0
6,806.0
1,283,527.0
462,070.0
85,986.0
14,291.0
16,658.0
-83,435.0
514,124.0
118,486.0
12,135.0
21,424.0
1,982,078.0
692,320.0
6,936,955.0
125,213.0
18,894.0
10,123,434.0
3,826,631.0
283,720.0
283,720.0
14.2%
441,518.0
441,518.0
14.9%
603,279.0
654,210.0
15.5%
821,457.0
858,257.0
15.1%
-597,559.0
-430,505.0
-0.1%
1,289,758.0
1,289,758.0
14.6%
6,296,803.0
6,296,803.0
62.2%
283,720.0
197,086.0
749,796.0
3,425.7
6,871.0
0.0
0.0
0.0
39,417.2
249,932.0
10,381.0
2,267.4
0.0
938,901.1
46.92%
NOPAT
441,518.0
603,279.0
260,597.0
440,024.0
1,103,345.0
1,549,231.0
5,356.2
7,308.5
6,970.0
6,632.0
(11,426.0)
(18,283.0)
0.0
0.0
0.0
0.0
91,536.6
179,541.4
617,713.7
1,134,124.0
16,231.0
21,251.0
2,300.1
2,280.8
0.0
0.0
1,078,578.9
1,250,994.3
36.35%
29.62%
821,457.0
592,276.0
1,970,394.0
9,845.3
6,806.0
(1,805.0)
0.0
0.0
297,996.6
1,540,990.0
27,348.0
2,450.2
0.0
1,530,188.5
26.92%
(597,559.0)
167,054.0
0.0
(617,903.9)
16,658.0
8,454.0
0.0
0.0
331,407.4
1,173,208.3
100,277.0
(102,646.1)
0.0
70,062,845.0
17.61%
1,289,758.0
841,406.0
2,622,379.0
45,624.6
21,424.0
120,031.0
0.0
0.0
460,271.4
1,530,924.3
130,621.0
7,483.2
0.0
2,811,322.7
31.85%
6,296,803.0
1,009,882.0
2,616,749.0
2,669,480.6
18,894.0
130,243.0
0.0
0.0
610,128.4
1,746,376.0
7,062,168.0
7,141.9
0.0
3,316,237.4
32.74%
1997
36.0%
1998
-616.2%
1999
34.9%
2000
37.8%
Net revenues
Cost of revenues
Gross profit
Gross margins
Operating expenses:
Sales and marketing
R&D
General and administrative
Other
Total operating expenses
Income (loss) from operations
Operating margin
Non-recurring costs
Acquired in-process R&D
Amortization of goodwill
1994
33.0%
1995
33.0%
1996
34.4%
Oracle
Balance Sheet
Data Input
1994
1995
1996
1997
1998
1999
Current assets:
Cash and cash equivalents
Short-term investments in marketable securities
Accounts receivable
Prepaid and refundable income taxes
Prepaid expenses and other current assets
Total current assets
404,810.0
59,948.0
515,669.0
53,765.0
41,420.0
1,075,612.0
480,158.0
105,660.0
846,342.0
135,491.0
49,543.0
1,617,194.0
715,742.0
125,166.0
1,203,976.0
171,560.0
68,021.0
2,284,465.0
890,162.0
323,028.0
1,708,939.0
274,366.0
74,601.0
3,271,096.0
1,273,681.0
645,518.0
2,065,024.0
260,624.0
78,203.0
4,323,050.0
1,785,715.0
777,049.0
2,478,996.0
299,670.0
105,844.0
5,447,274.0
7,429,206.0
332,792.0
2,790,167.0
212,829.0
118,340.0
10,883,334.0
378,483.0
100,329.0
40,560.0
157,668.8
499,864.0
535,034.0
99,855.0
172,434.0
326,729.2
985,495.3
41,963.0
685,754.0
99,072.0
245,989.0
587,211.8
1,400,602.3
116,337.0
868,948.0
98,981.0
268,953.0
881,491.2
1,830,006.3
186,511.0
934,350.0
99,012.0
276,088.0
717,137.8
656,798.0
249,547.0
987,482.0
98,870.0
476,481.0
1,098,272.4
1,748,252.7
110,000.0
934,455.0
94,609.0
1,054,381.0
1,498,026.0
2,618,625.7
1,176,904.8
263,116,000.0
2,119,547.5
3,736,741.5
3,060,592.1
5,345,057.1
4,064,716.5
7,335,812.5
2,869,896.8
7,192,946.8
4,658,905.1
10,106,179.1
6,310,096.7
17,193,430.7
6,898.0
95,799.0
62,591.0
136,488.0
227,118.0
44,781.0
108,426.0
9,599.0
124,773.0
134,121.0
211,643.0
316,273.0
67,449.0
191,291.0
1,055,149.0
5,623.0
169,895.0
181,999.0
295,048.0
434,435.0
99,409.0
268,555.0
1,454,964.0
3,361.0
185,444.0
203,646.0
394,153.0
602,862.0
121,914.0
410,759.0
1,922,139.0
2,924.0
239,698.0
181,354.0
541,809.0
877,087.0
119,600.0
521,693.0
2,484,165.0
3,638.0
283,896.0
277,700.0
693,525.0
1,007,149.0
128,774.0
651,741.0
3,046,423.0
2,691.0
287,495.0
2,821,776.0
725,860.0
1,133,482.0
165,304.0
725,630.0
5,862,238.0
82,845.0
12,139.0
38,916.0
133,900.0
49,210,000.0
81,721.0
10,361.0
27,490.0
119,572.0
1,174,721.0
897.0
21,726.0
9,207.0
31,830.0
1,486,794.0
300,836.0
24,226.0
7,402.0
332,464.0
2,254,603.0
304,337.0
57,095.0
15,856.0
377,288.0
2,861,453.0
304,140.0
77,937.0
135,887.0
517,964.0
3,564,387.0
300,770.0
186,178.0
266,130.0
753,078.0
6,615,316.0
38,430.0
38,438.0
657,532.8
1,312,224.5
1,987,814.1
2,711,497.5
1,373,935.8
2,846,525.1
4,116,651.7
740,553.0
263,906,000.0
1,211,358.0
3,736,741.5
1,870,449.0
5,345,057.1
2,369,712.0
7,335,812.5
2,957,558.0
7,192,946.8
3,695,267.0
10,106,179.1
6,461,463.0
17,193,430.7
139,128.0
868,948.0
367,934.0
2,711,497.5
17,803.2
4,105,310.8
3,566,235.4
3,027,160.0
1,078,150.8
(77,390.0)
934,350.0
375,100.0
1,373,935.8
25,473.6
2,631,469.4
3,368,390.1
4,105,310.8
(1,473,841.4)
(158,275.0)
987,482.0
575,351.0
2,846,525.1
35,714.3
4,286,797.4
3,459,133.4
2,631,469.4
1,655,327.9
(2,738,211.0)
934,455.0
1,148,990.0
4,116,651.7
148,584.1
3,610,469.8
3,948,633.6
4,286,797.4
(676,327.6)
Fixed assets:
Long-term investments in marketable securities
Property and equipment, net
Computer software development costs, net
Intangibles and other assets
R&D expenditures, net
Marketing expenditures, net
Cumulative non-recurring costs
Total fixed assets
Total assets
2000
Invested Capital
Net working capital
Net property plant & equipment
Other assets
Equity equivalents
Operating cash (2% of cash and cash equivalents)
Total invested capital
Average capital
Beginning capital
Increase in capital
(64,349.0)
378,483.0
140,889.0
657,532.8
8,096.2
1,120,652.0
(14,174.0)
535,034.0
272,289.0
1,312,224.5
9,603.2
2,114,976.7
1,617,814.3
1,120,652.0
994,324.7
(5,784.0)
685,754.0
345,061.0
1,987,814.1
14,314.8
3,027,160.0
2,571,068.3
2,114,976.7
912,183.3
1994
1995
1996
1997
1998
1999
2000
197,086.0
39,417.2
260,597.0
39,417.2
52,119.4
440,024.0
39,417.2
52,119.4
88,004.8
592,276.0
39,417.2
52,119.4
88,004.8
118,455.2
167,054.0
39,417.2
52,119.4
88,004.8
118,455.2
33,410.8
841,406.0
1,009,882.0
88,004.8
118,455.2
33,410.8
168,281.2
201,976.4
118,455.2
33,410.8
168,281.2
201,976.4
33,410.8
168,281.2
201,976.4
168,281.2
201,976.4
201,976.4
52,119.4
88,004.8
118,455.2
33,410.8
168,281.2
2001
2002
2003
2004
2005
2006
2007
39,417.2
157,668.8
91,536.6
326,729.2
179,541.4
587,211.8
297,996.6
881,491.2
331,407.4
717,137.8
460,271.4
1,098,272.4
610,128.4
1,498,026.0
522,123.6
975,902.4
403,668.4
572,234.0
370,257.6
201,976.4
201,976.4
-
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
749,796.0
249,932.0
1,103,345.0
249,932.0
367,781.7
1,549,231.0
249,932.0
367,781.7
516,410.3
1,970,394.0
2,622,379.0
2,616,749.0
874,126.3
872,249.7
874,126.3
872,249.7
872,249.7
367,781.7
516,410.3
656,798.0
516,410.3
656,798.0
-
656,798.0
874,126.3
2005
2006
2007
249,932.0
499,864.0
617,713.7
985,495.3
1,134,124.0
1,400,602.3
1,540,990.0
1,830,006.3
1,173,208.3
656,798.0
1,530,924.3
1,748,252.7
1,746,376.0
2,618,625.7
1,746,376.0
872,249.7
872,249.7
872,249.7
872,249.7
872,249.7
872,249.7
872,249.7
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
50,931
50,931.0
36,800
87,731.0
167,054
254,785.0
254,785.0
254,785.0
254,785.0
254,785.0
254,785.0
254,785.0
254,785.0
254,785.0
254,785.0
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
1994
-
1995
-
AVG capital
NOPAT
ROIC
EVA
1998
213,906,000.0
70,062,845.0
32.8%
38,100,582.7
1999
-210,446,866.6
-67,251,522.3
32.0%
Incremental capital
Incremental NOPAT
Return on incremental capital
Beginning capital
NOPAT
ROIC
EVA
1998
4,105,310.8
70,062,845.0
1706.6%
69,449,421.3
EV (minus cash)
IC
EV/IC Ratio
1999
2,631,469.4
2,811,322.7
106.8%
2,418,123.3
2000
3,948,633.6
3,316,237.4
84.0%
2,726,224.6
2000
489,500.2
504,914.7
103.1%
2000
4,286,797.4
3,316,237.4
77.4%
2,675,695.5
1999
2000
-1,473,841.4 1,655,327.9
-67,251,522.3 504,914.7
4563.0%
30.5%
Incremental capital
Incremental NOPAT
Return on incremental capital
ROIC-WACC Spread
ROIC-to-WACC Ratio
1999
3,459,133.4
2,811,322.7
81.3%
2,294,452.1
69.04%
5.62
222,838,002
3,610,470
61.72
15-Aug-00
Inventory turnover
Days in inventory
1995
0.0
0.0
1996
0.0
0.0
1997
0.0
0.0
A/R turnover
Days in receivables
4.4
83.8
4.1
88.6
3.9
93.5
A/P turnover
Days in payables
7.1
51.7
7.4
49.1
8.7
41.8
CCC
32.1
39.5
51.7
Flow ratio
0.99
1.00
1.07
1998
1,416,227.0
198,352.0
-328,358.0
1,614,579.0
0.4%
1,286,221.0
0.3%
1999
1,737,674.0
69,425.0
-346,592.0
1,807,099.0
20.5%
1,460,507.0
16.5%
###
###
###
18.0%
2,811,322.7
1,655,327.9
1,155,994.7
13.1%
Cash earnings
Cash from change in NWC
CAPEX
CFO
Operating CF margin
Free cash flow
Cash king margin
1997
1,215,665.0
-185,161.0
-390,741.0
1,030,504.0
18.1%
639,763.0
11.3%
1,530,188.5
1,078,150.8
452,037.7
8.0%
1998
0.0
0.0
1999
0.0
0.0
2000
0.0
0.0
210.8
1.7
3.9
93.9
3.8
94.9
0.0
#DIV/0!
11.7
31.2
10.3
35.4
#DIV/0!
62.8
59.5
0.97
0.95
0.53
2000
-113,915.0
3,037,479.0
-263,443.0
2,923,564.0
28.9%
2,660,121.0
26.3%
3,316,237.4
-676,327.6
3,992,564.9
39.4%
1.46
5.72%
6.32%
14.94%
Cost of Debt
Average interest rate
Effective tax rate
After-tax cost of debt
Capital Structure (Market Values)
Total debt-to-equity & debt
Total equity to (equity + debt)
WACC
6.90%
37.80%
4.29%
0.00
1.00
14.94%
arket Guide)
Return
Operating Income
Operating Cost
Capital
$4,000,000
4000000
Number of Video
Streamed per day
200000
$0.05
0.05
$0.55
0.55
365
0.6
Revenue
43800000
OPEX
36500000
4000000
40500000
$0.50
$2,000,000
PROFIT
ROIC
3300000
0.825
$Millions
$150.00
$800.00
$2,000.00
$1,900.00
-$100.00
$250.00
$5,000.00
Value
$400.00
$2,000.00
$1,900.00
$250.00
$4,550.00
Amount
$52.00
$180.00
$190.00
$422.00
Rate
Interest Expense
Rate
Asset
3.00%
$1,800.00
5.50%
$1,300.00
4.50%
$680.00
Total
Pre-Tax Income
Taxes at
40.00%
Net Income
Rate
C. Profitability Measures
### Return on Equity (ROE)
Net Income
Equity Capital
ROE:
### Return on Assets (ROA)
Net Income
Assets
ROA
$66.54
$320.00
20.79%
$66.54
$5,000.00
1.33%
=($66.54) $320.00
=($66.54)
Provision for Lo
$5,000.00
3.
###
$74.90
12.00%
$550.00
$8.90
=($74.90) -
Example
$Millions
$800.00
$1,800.00
$1,300.00
$680.00
$100.00
$320.00
$5,000.00
ll Time Deposits
erred Tax Credits
1 Equity Capital
Reserve Ratio
Rate
3.00%
5.50%
4.50%
$320.00
$420.00
7.03%
9.23%
=($320.00)
=($420.00)
$422.00
$156.10
$265.90
-$25.00
$60.00
-$190.00
$4,550.00
$4,550.00
$110.90
$44.36
$66.54
(12.00%)X $550.00
The conclusions regarding the company's ability to generate economic value added are
presented on page 6.
EVA Example
- 15 -
Cost of Sales
Gross Profit
Gross Margin
S, G & A
Depreciation & Amortization
Operating Profit
Operating Margin
130,984
14.4%
124,530
-4.9%
134,801
8.2%
100,293
111,953
137,567
34,509
40,374
43,606
26.9%
25.0%
25.6%
24.1%
16,258
9,225
16,173
9,016
17,487
8,995
19,291
8,322
10,377
5,622
9,320
13,892
15,993
8,414
3,863
Tax Expense
2,861
Net Profit
5,554
EVA Example
26.5%
15,256
9,602
1,802
(39)
EBITDA
10.0%
31,105
1,823
(65)
EBITDA Margin
181,173
93,425
1,813
150
13.0%
35,235
6.9%
Pre-tax Profit
152,327
95,749
4.5%
Interest Expense
Other (Income) Expense
7.9%
4.2%
19,830
15.1%
9.1%
8.8%
1,869
215
2,064
1,395
7,557
11,808
12,534
1,314
2,569
4,015
4,262
2,550
4,988
7,794
8,272
2.0%
14,912
12.0%
3.7%
18,375
13.6%
5.1%
22,672
14.9%
- 16 -
4.6%
22,920
12.7%
XYZ Consolidated
Unadjusted Annual Balance Sheet
($ in Thousands)
7,084
14,072
9,208
12,472
10,071
13,262
14,428
18,028
5,190
19,358
21,156
21,681
23,333
32,457
24,548
95,430
(45,169)
103,596
(54,180)
113,045
(60,283)
122,537
(68,120)
136,762
(72,286)
50,261
49,416
52,763
54,417
64,476
1,074
-
1,964
-
1,472
-
1,398
-
3,623
-
72,491
73,061
77,568
88,272
92,647
3,892
11,195
1,177
3,574
12,093
1,198
3,846
12,805
62
5,950
19,056
3,679
4,759
14,706
3,638
16,263
16,865
16,713
28,685
23,103
34,072
724
33,215
929
33,077
1,065
29,395
1,522
25,408
1,865
21,432
22,052
26,712
28,670
42,270
72,491
73,061
77,568
88,272
92,647
Cash
Trading Assets
Total Current Assets
EVA Example
- 17 -
XYZ Consolidated
Operating Profit
10,377
5,622
9,320
(150)
-
65
-
39
-
Comments
13,892
15,993
Adjustments:
Depreciation
Other Expense
LIFO Adjustment
Research & Development
335
3,257
Miscellaneous
Taxes
NOPAT
EVA Example
(150)
3,224
-
(215)
1,041
(89)
3,412
18
3,471
(1,395)
(376)
(80)
3,218
-
(4,699)
(2,979)
(4,312)
(6,190)
(5,902)
9,121
5,782
8,370
12,017
11,458
- 18 -
XYZ Consolidated
Comments
35,249
21,432
34,413
22,052
33,139
26,712
33,074
28,670
29,046
36,942
56,681
56,465
59,851
61,744
65,989
6,901
6,751
6,662
6,680
6,600
Capital Employed:
Debt
Equity
Book Value of Capital
Adjustments:
Capitalized R&D
Depreciation
No adjustment necessary
Goodwill
10,558
12,645
11,678
9,700
7,400
74,140
75,860
78,191
78,123
79,988
Cost of Capital:
Pre-Tax
Debt (Kd)
Equity
Weighted Average (Kw)
6.5%
20.0%
Tax Rate
34.0%
EVA Example
12.6%
After-Tax Weighting
4.3%
20.0%
11.4%
55%
45%
- 19 -
XYZ Consolidated
Annual EVA Summary
($ in Thousands)
NOPAT
9,121
5,782
8,370
12,017
11,458
Capital Cost
8,441
8,636
8,902
8,894
9,106
681
(2,854)
(532)
3,123
2,351
442
(1,623)
(2,052)
751
3,103
12.3%
7.6%
10.7%
15.4%
14.3%
11.4%
11.4%
11.4%
11.4%
11.4%
0.9%
-3.8%
-0.7%
4.0%
2.9%
EBIT
10,228
5,687
9,359
13,677
14,598
EBITDA
19,979
14,847
18,336
22,887
24,315
Sales Growth
14.4%
-4.9%
8.2%
13.0%
18.9%
50.3%
-45.8%
65.8%
49.1%
15.1%
-21.4%
-54.1%
95.6%
56.3%
6.1%
Operating Margin
7.9%
4.5%
6.9%
9.1%
8.8%
4.2%
2.0%
3.7%
5.1%
4.6%
EBITDA Margin
15.1%
12.0%
13.6%
14.9%
12.7%
Return on Equity(ROE)
25.9%
11.6%
18.7%
27.2%
19.6%
9.7%
4.4%
8.2%
12.3%
11.3%
Annual EVA
- 20 -
EVA Example
1.4
1.2
1.2
1.2
- 21 -
1.3
EVA Template
Subject Company:
This worksheet is intended as a simple template for calculating economic value added (EVA) from annual
financial statement inputs provided by the user. Depending on the circumstances of the subject company, it
may not provide all of the adjustments that would be appropriate for a technically precise EVA calculation. A
more detailed explanation of the calculation of EVA and the underlying financial theory can be found in "The
Quest for Value" by G. Bennett Stewart III, published by HarperBusiness.
EVA is a trademark of Stern Stewart & Co.
Insert assumptions
100,000
-12.7%
110,000
10.0%
121,000
133,100
10.0%
10.0%
146,410
10.0%
Cost of Sales
75,000
82,500
90,750
99,825
109,808
Gross Profit
25,000
27,500
30,250
33,275
36,603
Gross Margin
S, G & A
Depreciation & Amortization
Operating Profit
Operating Margin
Interest Expense
Other (Income) Expense
Pre-tax Profit
Tax Expense
Net Profit
Net Profit Margin
EVA Template
25.0%
25.0%
25.0%
25.0%
25.0%
12,000
13,200
14,520
15,972
8,500
9,000
9,000
9,000
9,000
4,500
5,300
6,730
8,303
10,033
4.5%
4.8%
5.6%
1,813
150
1,823
(65)
1,802
(39)
1,869
215
2,064
1,395
2,537
3,541
4,967
6,219
6,574
863
1,204
1,689
2,114
2,235
1,674
2,337
3,278
4,105
4,339
1.7%
2.1%
6.2%
17,569
2.7%
3.1%
- 22 -
6.9%
3.0%
EBITDA
EBITDA Margin
EVA Template
12,850
12.9%
14,365
13.1%
15,769
17,088
13.0%
12.8%
- 23 -
17,638
12.0%
Insert assumptions
EVA Template
7,300
14,000
9,000
12,500
10,100
13,000
14,700
18,000
5,400
19,300
21,300
21,500
23,100
32,700
24,700
95,000
103,500
113,000
122,000
136,700
(45,200)
(54,200)
(60,300)
(68,100)
(72,300)
49,800
49,300
52,700
53,900
64,400
1,000
-
2,000
-
1,500
-
1,400
-
3,600
-
72,100
72,800
77,300
88,000
92,700
3,900
3,700
3,800
5,950
4,750
11,200
12,100
12,800
19,000
14,700
1,200
1,200
50
3,700
3,600
16,300
17,000
16,650
28,650
23,050
34,100
700
32,900
900
32,850
1,100
29,150
1,500
25,550
1,900
21,000
22,000
26,700
28,700
42,200
72,100
72,800
77,300
88,000
92,700
- 24 -
Operating Profit
4,500
5,300
6,730
8,303
Comments
5
10,033
Adjustments:
Depreciation
(150)
65
39
335
(150)
(89)
3,257
Miscellaneous
Taxes
NOPAT
EVA Template
3,224
-
(215)
3,412
-
(1,395)
1,041
(376)
18
(80)
3,471
3,218
(2,700)
(2,869)
(3,431)
(4,290)
(3,876)
5,242
5,569
6,660
8,328
7,524
- 25 -
Insert assumptions
Comments
Capital Employed:
Debt
Equity
Book Value of Capital
35,300
21,000
34,100
22,000
32,900
26,700
32,850
28,700
29,150
33,039
56,300
56,100
59,600
61,550
62,189
6,901
6,751
6,662
6,680
6,600
Adjustments:
Capitalized R&D
Depreciation
Goodwill
Cost of Capital:
Debt (Kd)
Equity
Weighted Average (Kw)
Tax Rate
EVA Template
10,558
12,645
11,678
9,700
7,400
73,759
75,495
77,940
77,929
76,188
Pre-Tax
After-Tax
Weighting
6.5%
4.3%
55%
20.0%
20.0%
45%
12.6%
11.4%
34.0%
- 26 -
NOPAT
5,242
5,569
6,660
8,328
7,524
Capital Cost
8,379
8,576
8,854
8,852
8,655
Annual EVA
(3,137)
(3,006)
(2,193)
(525)
(1,130)
(2,040)
(4,217)
(5,985)
(6,457)
(7,587)
7.1%
7.4%
8.5%
10.7%
9.9%
11.4%
11.4%
11.4%
11.4%
11.4%
-4.3%
-4.0%
-2.8%
-0.7%
-1.5%
4,350
5,365
6,769
8,088
8,638
EBITDA
13,000
14,300
15,730
17,303
19,033
Sales Growth
-12.7%
10.0%
10.0%
10.0%
10.0%
-34.8%
17.8%
27.0%
23.4%
20.8%
-76.3%
39.6%
40.2%
25.2%
5.7%
Operating Margin
4.5%
4.8%
5.6%
6.2%
6.9%
1.7%
2.1%
2.7%
3.1%
3.0%
12.9%
13.1%
13.0%
12.8%
12.0%
8.0%
10.6%
12.3%
14.3%
10.3%
2.9%
4.1%
5.4%
6.5%
5.9%
1.1
1.1
1.1
1.1
1.1
EBITDA Margin
EVA Template
- 27 -
Average # trucks
Total # of Lifts
Trucks Unit Lift
Total m3 collected
Truck unit Volume
Average KM travelled per truck per year
Total Tonnes disposed
Total working days per year
Number of Lifts per day
# customers
Customer per Unit Volume
Volume of waste per day
Truck Metrics
Average waste density before compacting (tonnes /m3)
Campactor Capacity increased by 10%
Average truck capacity (m3 pertruck)
Average truck fuel economy (KM per Litre)
Fuel Economy
Electric
LNG
Average fuel cost per L
Fuel Type
Electric
LNG
Diesel
Average repairs & maintenance cost / truck / year
Labour Metrics
Labour metrics Truck driver labour cost per hour
Hours pershift
Revenue
Price Average
Disposal Cost
Disposal Quantity
Disposal Average
Trucks Average km
Truck Total Km
Truck km/liters
Truck liters
Truck liters cost
Truck Fuel Cost
Truck Unit R&M
Truck R&M Cost
Truck Driver Hourly
Truck Hour Shift
Labor Shift Per Day
other income and Exxpense
Management Fees
Padding
Truck Labor Cost
Depreciation
Intangibles Amortization
Adjustments
Taxations
NPAT
Current Asset
Current Liability
Working Capital
PPE
Goodwill
Fixed Asset
Inversed Capital
NPAT
ROIC
KPI
Revenue Lift per truck no days
ionalData FY2013
Existing
782
3,755,287
4,802
10,787,872
13,795
42,971
979,288
330
11379.6575757576
225,191
46.89
32,690.52
0.091
45
1.19
0.952
$1.95
$27,764
$15.21
10
What if
789.82
3,792,840
4,850
10,895,751
13,933
%
1.00%
1.00%
1.00%
1.00%
1.00%
7.82
37,553
48
107,879
138
327
-1.00%
-3
225,191
47
33,017
0.00%
1.00%
1.00%
0
0
327
397,789,163
36.87
64,851,954
979,288
66.22
42,971
33,603,322.00
1.19
28,238,085.71
$1.95
59,885,500
27,764
21,711,448
15.21
10
3
-3,206,425
15,360,750
#REF!
117,752,778.00
46,853,756
795,912
#REF!
18,624,300
32,816,000
37,207,000
-4,391,000
122,446,000
107,854,000
230,300,000
225,909,000
70,062,845
0.3101
Old ROIC
31.01%
401,767,055
37
65,500,474
989,081
67
43,401
33,939,355
28,520,467
60,484,355
28,042
21,928,562
15.36
10.10
3.00
-3,238,489.25
15,514,357.50
#REF!
120,107,596.88
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
0.00%
1.00%
1.00%
1.00%
3,977,892
0.37
648,520
9,793
1
430
336,033
0
282,381
0
598,855
278
217,114
0.15
0.10
401,767,055
-32,064.25
153,607.50
#REF!
2,354,819
-3,238,489.25
15,514,357.50
#REF!
120,107,596.88
#REF!
47,322,293.56
803,871.12
1.00%
1.00%
468,537.56
7,959.12
#REF!
1.00%
#REF!
18,810,543.00
1.00%
186,243.00
33,144,160
37,579,070
-4,434,910
123,670,460
108,932,540
232,603,000
228,168,090
#REF!
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
328,160
372,070
-43,910
1,224,460
1,078,540
2,303,000
2,259,090
#REF!
New ROIC
32.19%
65,500,474
60,484,355
21,928,562
#REF!
47,322,293.56
803,871.12
#REF!
#REF!
18,810,543.00
#REF!
31.00%
31.00%
30.90%
30.40%
cal components varies according to seasonality and demand in the home electronics
ng equipment investment with this changing demand, adding equipment too late,
.
agement Resources (N) , relay or switch production equipment in this case, to the
nt, we limited investment, floor space requirements, and the energy required to run
397,789,163
64,851,954
59,885,500
21,711,448
-3,206,425
15,360,750
3,822,798
117,752,778.00
280,178,803
117,610,360
46,853,756
795,912
69,960,692
#REF!
18,624,300
#REF!
#REF!
Return
Operating Income
Operating Cost
Capital
$4,000,000
4000000
Number of Video
Streamed per day
200000
$0.05
0.05
$0.55
0.55
330
0.6
Revenue
39600000
OPEX
33000000
4000000
37000000
$0.50
$2,000,000
PROFIT
ROIC
2600000
0.65
Based on the same research, and considering the variable brewing, packing an
margin for barrels is $63, while the contribution margin for cases is $12 due to t
Sweet and Sour Tea leases 3 resources: a brewing machine, a packing and filli
filling machine for cans. The lease depends on the capacity of the machine: the
be used to brew the tea for either products) is $10 per lbs of tea per month. The
per month for the barrels line and $5/lbs per month for the cans line.
Josh has a few days to sign a contract leasing the brewing, filling and packing e
contract, and thus has to take all costs and forecasts into consideration.
Whats the monthly value (Profit minus the month leasing cost) if Josh contracts
1
Whats the monthly value (profit minus leasing cost) associated with your optim
5
(Hint: To identify the optimal capacity, consider the initial capacity starting from
product do you choose? What is the optimal capacity? Now consider the second
Given the capacity for product 1, what is the optimal capacity for product 2? No
able brewing, packing and filling costs, Josh determined that the contribution
for cases is $12 due to the more intense competition.
chine, a packing and filling machine for barrels, and another packing and
acity of the machine: the leasing cost for the brewing resources (which can
bs of tea per month. The leasing cost of the packing and filling is $7.2/lbs
the cans line.
ng cost) if Josh contracts packing equipment for the capacity of 4,050 lbs of barrels of tea per month, 22,000 lbs of cans of te
arrels of tea?
ans of tea?
ial capacity starting from (0,0,0). Image that you only sell one product, which
Now consider the second product. Is it ever profitable to sell product 2? Why?
pacity for product 2? Now try to optimize the entire portfolio.)
Based on the same research, and considering the variable brewing, packing and fi
contribution margin for cases is $12 due to the more intense competition.
Sweet and Sour Tea leases 3 resources: a brewing machine, a packing and filling m
depends on the capacity of the machine: the leasing cost for the brewing resources
month. The leasing cost of the packing and filling is $7.2/lbs per month for the barr
Josh has a few days to sign a contract leasing the brewing, filling and packing equi
and forecasts into consideration.
Whats the monthly value (Profit minus the month leasing cost) if Josh contracts pac
1 cans of tea, and brewing capacity of 26,050. State the result in $
Variables
Contribution Margin
Brewing
Packing
Filling
Low
Medium
High
Likelihood
20%
40%
40%
Type of Resources
Leasing Cost $/Ibs per Month
brewing machine
10
packing and filling machine for barrels
7.2
packing and filling machine for cans.
5
4,050 lbs of barrels of tea per month, 22,000 lbs of cans of tea, and brewing capacit
brewing, packing and filling costs, Josh determined that the contribution margin for barrels is $63, while the
se competition.
ne, a packing and filling machine for barrels, and another packing and filling machine for cans. The lease
or the brewing resources (which can be used to brew the tea for either products) is $10 per lbs of tea per
s per month for the barrels line and $5/lbs per month for the cans line.
, filling and packing equipment. He will have to commit to a long-term contract, and thus has to take all costs
cost) if Josh contracts packing equipment for the capacity of 4,050 lbs of barrels of tea per month, 22,000 lbs of
t in $
90984
207660
279810
578454
648
1620
2430
4698
63
295974
Equipment Contracting (Leasing) Cost
Brewing
Barrels of Tea
Cans of Tea
260500
29160
110000
$151,525.60
-169516
178500
169810
$399,660.00
$426,928.40
$178,794.00
Lets go consider the follow vector of capacity contract: (Packing Equipment for Barrels, Packing Equipment for Cans, Brew
If we need to seel 1 barrel of tea per month, which should vector resource contract choose?
Profit of (1, 0, 0) = 63 - 7.2 = $ 55.8
Profit of (0, 1, 0) = 0 - 5 = $ -5
Profit of (0, 0, 1) = 63 - 10 = $ 53
If we need to seel 1 can of tea per month, which should vector resource contract choose?
Profit of (1, 0, 0) = 0 - 7.2 = $ -7.2
Profit of (0, 1, 0) = 12 - 5 = $ 7
Profit of (0, 0, 1) = 12 - 10 = $ 2
Now with a second product:
If we need to seel 1 barrel and 1 can of tea per month, which should vector resource contract choose?
Profit of (1, 1, 0) = 63 - 7.2 + 12 - 5 = $ 62.8
Profit of (1, 0, 1) = 63 - 7.2 + 12 - 10 = $ 57.8
Profit of (0, 1, 1) = 12 - 5 + 63 - 10 = $ 60
Profit of (2, 0, 0) = - 7.2 + 63 - 7.2 = $ 48.6
Profit of (0, 2, 0) = - 5 + 12 - 5 = $ 48.6
Profit of (0, 0, 2) = 63 - 10 + 12 - 10 = $ 55
Therefore, as expected the best choice in all of cases is to contract Packing Equipments for the each
demand expectation.
4180
8800
10560
23540
12
282480
648
1540
2188
g Equipment for Cans, Brewing Resources), and that this vector start in root (0, 0, 0). The first important thing to stand out is that the
Packing Equipment
PBT = P1
PCT = P2
1
0
0
1
0
0
$7.20
$5.00
Packing Equipment
PBT = P1
PCT = P2
1
0
0
1
0
0
$7.20
$5.00
Packing Equipment
PBT = P1
PCT = P2
1
1
1
0
0
1
12
12
12
0
0
12
$7.20
$5.00
BRR = P3
0
0
1
Contribution Margin
PBT
PCT
BRR
$63
$0
$55.80
($5.00)
$53.00
$10.00
BRR = P3
0
0
1
Contribution Margin
PBT
PCT
BRR
$0
$12
($7.20)
$7.00
$2.00
$10.00
BRR = P3
0
1
1
0
12
12
$10.00
Contribution Margin
PBT
PCT
BRR
$63
$12
$62.80
$57.80
$60.00
$48.94
$53.00
$55.00
nt thing to stand out is that the margim profit of barrels or cans is independent of the resource to be used in production. So, we can an
in production. So, we can analyze the marginal profit only by using optics to minimize the cost.
Based on the same research, and considering the variable brewing, packing an
the contribution margin for cases is $12 due to the more intense competition.
Sweet and Sour Tea leases 3 resources: a brewing machine, a packing and filli
depends on the capacity of the machine: the leasing cost for the brewing resou
month. The leasing cost of the packing and filling is $7.2/lbs per month for the b
Josh has a few days to sign a contract leasing the brewing, filling and packing e
costs and forecasts into consideration.
Whats the monthly value (Profit minus the month leasing cost) if Josh contracts
1 lbs of cans of tea, and brewing capacity of 26,050. State the result in $
Processes
Contribution Margin
Brewing
Packing
Filling
Low
Medium
High
Likelihood
20%
40%
40%
Type of Resources
brewing machine
packing and filling machine for barrels
packing and filling machine for cans.
260500
29160
110000
-219676
72900
43090
ng the variable brewing, packing and filling costs, Josh determined that the contribution margin for barrels is $63, while
to the more intense competition.
brewing machine, a packing and filling machine for barrels, and another packing and filling machine for cans. The lease
e leasing cost for the brewing resources (which can be used to brew the tea for either products) is $10 per lbs of tea per
filling is $7.2/lbs per month for the barrels line and $5/lbs per month for the cans line.
ng the brewing, filling and packing equipment. He will have to commit to a long-term contract, and thus has to take all
month leasing cost) if Josh contracts packing equipment for the capacity of 4,050 lbs of barrels of tea per month, 22,000
6,050. State the result in $
Monthly Demand for Barrels ($)
63
40824
102060
153090
Monthly Demand for Barrels (in Ibs)Monthly Demand for Cases (in Ibs)
3240
20900
4050
22000
6075
26400
10125
48400
Leasing Cost $/Ibs per Month
10
7.2
5
-210340
76440
16720
Equipment Categories
Brewing
Barrels of Tea
Cans of Tea
Equipment Contracting (Leasing) Cost
260500
29160
110000
Brewing
-$219,676.00
Barrels of Tea
Cans of Tea
$72,900.00
$43,090.00
Brewing
Barrels of Tea
Cans of Tea
-$210,340.00
$76,440.00
$16,720.00
648
1620
2430
4698
63
295974
20%
40%
40%
4180
8800
10560
23540
12
282480
648
5210
1620
8800
1540
2188