FINANCIAL PLANNING
Sales growth rate Gross margin Depreciation rate Income Statement Sales EBITDA Depreciation EBIT Interest Expenses EBT Taxes Net Income Statement of Cash Flows Earnings Depreciation Var WCR Operating Cash Flow Var Net Fixed Assets Depreciation Cash Flow from Invest Dividends Var Book Equity Var Debt (plug-in) CF from Financing Var Cash Balance Sheet Fixed assets Working Capital Cash Book Equity Debt (Financial)
25% Cost of debt 30% Tax rate 10% Payout Year 0 2,000 Year 1
10% WC/Sales 28% NFA/Sales 50% Year 2 Year 3
20% 30% Year 4
600 400 0 1,000 600 400 1,000
Financial planning Sales growth rate Gross margin Depreciation rate Cost of debt Tax rate Payout WC/Sales NFA/Sales
25% 30% 10% 10% 28% 50% 20% 30% Year 0 Year 1 Year 2 Year 3
Income Statement Sales EBITDA Depreciation EBIT Interest Expenses EBT Taxes Net Income Statement of Cash Flows Earnings Depreciation Var WCR Operating Cash Flow Var Net Fixed Assets Depreciation Cash Flow from Invest Dividends Var Book Equity Var Debt (plug-in) CF from Financing Var Cash Balance Sheet Fixed assets Working Capital Cash Book Equity Debt (Financial)
2,000
600 400 0 1,000 600 400 1,000
Year 4
Cost of debt Tax Rate Balance sheet Total asset Book Equity Debt Income Statement EBIT Interest Taxes Net Income Return on Equity = Return on Invested Capital ROIC + [ROIC - rD(1-Tc)] X Debt / Book Equity
8% 28%
100,000 60,000 40,000