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1、CHAPTER17FinancialPlanningandForecastingForecastingsalesProjectingtheassetsandinternallygeneratedfundsProjectingoutsidefundsneededDecidinghowtoraisefundsBalancesheet(2002), inmillionsofdollarsCash&sec.$20Accts.pay.&accruals$100Accountsrec.240Notespayable100Inventories240TotalCL$200TotalCA$500L-
2、Tdebt100Commonstock500NetfixedRetainedassets500earnings200Totalassets$1,000Totalclaims$1,000Incomestatement(2002), inmillionsofdollarsSales$2,000.00Less:Var.costs(60%)1,200.00Fixedcosts700.00EBIT$100.00Interest16.00EBT$84.00Taxes(40%)33.60Netincome$50.40Dividends(30%)$15.12Add’ntoRE$35.28Keyrat
3、iosNWCIndustryConditionBEP10.00%20.00%PoorProfitmargin2.52%4.00%”ROE7.20%15.60%”DSO43.80days32.00days”Inv.turnover8.33x11.00x”F.A.turnover4.00x5.00x”T.A.turnover2.00x2.50x”Debt/assets30.00%36.00%GoodTIE6.25x9.40xPoorCurrentratio2.50x3.00x”Payoutratio30.00%30.00%O.K.KeyassumptionsOperatingatfull
4、capacityin2002.Eachtypeofassetgrowsproportionallywithsales.Payablesandaccrualsgrowproportionallywithsales.2002profitmargin(2.52%)andpayout(30%)willbemaintained.Salesareexpectedtoincreaseby$500million.(%DS=25%)Determiningadditionalfundsneeded,usingtheAFNequationAFN=(A*/S0)ΔS–(L*/S0)ΔS–M(S1)(RR)=
5、($1,000/$2,000)($500)–($100/$2,000)($500)–0.0252($2,500)(0.7)=$180.9million.HowshallAFNberaised?Thepayoutratiowillremainat30percent(d=30%;RR=70%).Nonewcommonstockwillbeissued.Anyexternalfundsneededwillberaisedasdebt,50%notespayableand50%L-Tdebt.ForecastedIncomeStatement(2003)Sales$2,0001.25$2,5
6、00Less:VC1,2000.601,500FC7000.35875EBIT$100$125Interest1616EBT$84$109Taxes(40%)3444Netincome$50$65Div.(30%)$15$19Add’ntoRE$35$46ForecastBasis2003Forecast200220031stPassForecastedBalanceSheet(2003) Assets2002ForecastBasisCash$200.01$25Accts.rec.2400.12300Inventories2400.12300TotalCA$500$625NetFA
7、5000.25625Totalassets$1,000$1,25020031stPass2002ForecastBasisForecastedBalanceSheet(2003) LiabilitiesandEquityAP/accruals$1000.05$125Notespayable100100TotalCL$200$225L-Tdebt100100Commonstk.500500Ret.earnings200+46*246Totalclaims$1
