Final project

Assignment 1 – Sizing up your firm (be guided by the methodology in chapter 2) – Due February 11 2024

• Compute the common-sized income statements for past 3 years (2022, 2021, 2020)
• Compute the financial ratios needed to evaluate the firm’s financial performance using the Dupont decomposition (Figure 2.3 page 62) for the past 3 years.
• Analyze the firm’s performance using the Dupont methodology. Your analysis will include the computations of the ratios and the common-sized income statements and a discussion of the elements that significantly impacted (positively and negatively) the firm’s performance (ROE).

You can download the firm’s financial statements from the library’s database Mergent On-line (use the standardized format, this is simpler than the as reported format) or from the SEC filings (10K).

Assignment 2- Projecting your firm’s future performance – Due March 17 2024.

• Create proforma income statements and balance sheets for the next year (use the spreadsheet from the Proforma Statement assignment)
• Perform appropriate sensitivity analysis and alternate scenarios, by varying the growth rate in sales and working capital variables (Accounts Receivables, Inventory and Accounts Payable percentages).

Your analysis will include a comparison between the debt level from the base case (i) and those in the sensitivity/scenarios cases.

Assignment 3 – Cost of Capital – Due March 31 2024

• Compute the cost of equity for your firm (use CAPM; Assume the risk-free rate is 4% and the market risk premium is 5%; obtain the beta from any finance website eg Yahoo Finance)
• Estimate the after-tax cost of debt [ interest rate =InterestExpenseLongterm+shortterm(current)debt ; tax rate = taxexpenseEarningsbeforetaxes ]
• Compute the weighted average cost of capital using the book value of debt and the market value of equity.

Final Project Due: April 21 2024

The final project should be a formal report including references– typed double spaced 12 point font. The final report should include the content of assignments 1&2 and be no more than 7 pages. However, you can use an unlimited number of appendices which will include spreadsheets, graphs etc.

Connect the analysis in Part 1 & 2 together. In Part 1 you would have evaluated the past performance based on profitability, financial leverage and efficiency; in Part 2 you would have projected the required financing to support future growth rates. Based on the projected financing required and past financial performance discuss whether or not you think the firm should proceed with the desired level of growth . In other words, are the results from Part 2 consistent with the evaluation from Part 1.

Powered by Clearbit
Delta Air Lines Inc (DE) (NYS: DAL)
Exchange rate used is that of the Year End reported date
Standardized Annual Balance Sheet
Report Date
Currency
Audit Status
Consolidated
Scale
Cash & Equivalents
Short Term Investments
Cash & Equivs & ST Investments
Receivables (ST)
Inventories
Other Current Assets
Total Current Assets
Gross Property Plant & Equip
Accumulated Depreciation
Net Property Plant & Equip
Long Term Investments
Intangible Assets
Deferred LT Assets
Other Assets
Total Assets
Accounts Payable & Accrued Exps
Accounts Payable
Accrued Expenses
Current Debt
Other Current Liabilities
Total Current Liabilities
LT Debt & Leases
Pensions & OPEB
Deferred LT Liabilities
Minority Interests
Other Liabilities
Total Liabilities
Additional Paid-In Capital
Retained Earnings
Accum Other Comprehensive Income
Treasury Stock
Other Equity
Total Equity
Total Liabilities & Equity
12/31/2022
USD
Not Qualified
Yes
Thousands
3266000
3268000
6534000
3176000
1424000
1877000
13011000
53479000
20370000
33109000
2128000
15745000
325000
7970000
72288000
11273000
5106000
6167000
2359000
12308000
25940000
20671000
3707000
4448000
0
10940000
65706000
11526000
1170000
-5801000
313000
0
6582000
72288000
12/31/2021
USD
Not Qualified
Yes
Thousands
7933000
3386000
11319000
2404000
1098000
1119000
15940000
47420000
18671000
28749000
1712000
15754000
1294000
9010000
72459000
9543000
4240000
5303000
1782000
9641000
20966000
25138000
6035000
4849000
0
11584000
68572000
11447000
-148000
-7130000
282000
0
3887000
72459000
12/31/2020
USD
Not Qualified
Yes
Thousands
8307000
5789000
14096000
1396000
732000
1180000
17404000
44040000
17511000
26529000
1665000
15764000
1988000
8646000
71996000
7696000
2840000
4856000
1732000
6499000
15927000
27425000
10630000
5405000
0
11075000
70462000
11259000
-428000
-9038000
259000
0
1534000
71996000
Standardized Annual Income Statement
Report Date
Currency
Audit Status
Consolidated
Scale
Sales Revenue
Other Revenue
Total Revenue
Direct Costs
Gross Profit
Selling General & Admin
Depreciation & Amortization
Restruct Remediation & Impair
Other Operating Expense
Total Indirect Operating Costs
Operating Income
Interest Income
Gains on Sale of Assets
Other Non-Operating Income
Total Non-Operating Income
Earnings Before Tax
Taxation
Extraordinary Items
Accounting Changes
Net Income
Preference Dividends & Similar
Net Income to Common
Average Shares Basic
EPS Net Basic
EPS Continuing Basic
Average Shares Diluted
EPS Net Diluted
EPS Continuing Diluted
Shares Outstanding
12/31/2022
USD
Not Qualified
Yes
Thousands
41268000
9314000
50582000
23002000
27580000
14356000
2107000
-124000
7580000
23919000
3661000
-1029000
-783000
65000
-1747000
1914000
596000
0
0
1318000
0
1318000
638000
2.07
2.07
641000
2.06
2.06
641265.753
12/31/2021
USD
Not Qualified
Yes
Thousands
23551000
6348000
29899000
14395000
15504000
10789000
1998000
-19000
850000
13618000
1886000
-1279000
56000
-265000
-1488000
398000
118000
0
0
280000
0
280000
636000
0.44
0.44
641000
0.44
0.44
639967.515
12/31/2020
USD
Not Qualified
Yes
Thousands
13491000
3604000
17095000
10695000
6400000
9336000
2312000
8219000
-998000
18869000
-12469000
-929000
-105000
-2084000
-3118000
-15587000
-3202000
0
0
-12385000
0
-12385000
636000
-19.49
-19.49
636000
-19.49
-19.49
638182.52
Standardized Annual Retained Earnings
Report Date
Currency
Audit Status
Consolidated
Scale
Retained Earnings at Start
Retained Earnings at End
12/31/2022
USD
Not Qualified
Yes
Thousands
-148000
1170000
12/31/2021
USD
Not Qualified
Yes
Thousands
-428000
-148000
12/31/2020
USD
Not Qualified
Yes
Thousands
12454000
-428000
Standardized Annual Cash Flows
Report Date
Currency
Audit Status
Consolidated
Scale
Net Income
Adjustments from Inc to Cash
Change in Working Capital
Other Operating Cash Flows
Cash Flow from Operations
Purchase of Pty Plant & Equip
Purchase of Investments
Disposal of Investments
Other Investing Cash Flows
Cash Flow from Investing
Change in ST Debt
Change in LT Debt
Change in Equity
Payment of Dividends
Other Financing Cash Flows
Cash Flow from Financing
Change in Cash
Opening Cash
Closing Cash
Depn & Amortn (CF)
Net Purch of Pty Plant & Equip
12/31/2022
USD
Not Qualified
Yes
Thousands
1318000
3093000
1806000
146000
6363000
-6366000
-3574000
2804000
212000
-6924000
-4475000
-60000
-4535000
-5096000
8569000
3473000
2107000
-6366000
12/31/2021
USD
Not Qualified
Yes
Thousands
280000
417000
2510000
57000
3264000
-3247000
-12655000
15036000
-32000
-898000
-3932000
80000
-3852000
-1486000
10055000
8569000
1998000
-3247000
12/31/2020
USD
Not Qualified
Yes
Thousands
-12385000
6643000
1390000
559000
-3793000
-1899000
-15499000
7608000
552000
-9238000
3261000
14231000
-344000
-260000
2468000
19356000
6325000
3730000
10055000
2312000
-1899000
Standardized Annual CS Balance Sheet
Report Date
Currency
Audit Status
Consolidated
Scale
Cash & Equivalents %TA
Short Term Investments %TA
Cash & Equivs & ST Investments %TA
Receivables (ST) %TA
Inventories %TA
Other Current Assets %TA
Total Current Assets %TA
Gross Property Plant & Equip %TA
Accumulated Depreciation %TA
Net Property Plant & Equip %TA
LT Investments %TA
Intangible Assets %TA
Deferred LT Assets %TA
Other Assets %TA
Total Assets as 100%
Accounts Payable & Accrued Exps %TA
Accounts Payable %TA
Accrued Expenses %TA
Current Debt %TA
Other Current Liabilities %TA
Total Current Liabilities %TA
LT Debt & Lease %TA
Pensions & OPEB %TA
Deferred LT Liabilities %TA
Minority Interests %TA
Other Liabilities %TA
Total Liabilities %TA
Additional Paid-In Capital %TA
Retained Earnings %TA
Accum Other Comprehens Income %TA
Other Equity %TA
Total Equity %TA
Total Liabilities & Equity %TA
12/31/2022
USD
Not Qualified
Yes
Thousands
4.518
4.521
9.039
4.394
1.970
2.597
17.999
73.980
28.179
45.802
2.944
21.781
0.450
11.025
100
15.595
7.063
8.531
3.263
17.026
35.884
28.595
5.128
6.153
0
15.134
90.895
15.945
1.619
-8.025
0
9.105
100
12/31/2021
USD
Not Qualified
Yes
Thousands
10.948
4.673
15.621
3.318
1.515
1.544
21.999
65.444
25.768
39.676
2.363
21.742
1.786
12.435
100
13.170
5.852
7.319
2.459
13.305
28.935
34.693
8.329
6.692
0
15.987
94.636
15.798
-0.204
-9.840
0
5.364
100
12/31/2020
USD
Not Qualified
Yes
Thousands
11.538
8.041
19.579
1.939
1.017
1.639
24.174
61.170
24.322
36.848
2.313
21.896
2.761
12.009
100
10.689
3.945
6.745
2.406
9.027
22.122
38.092
14.765
7.507
0
15.383
97.869
15.638
-0.594
-12.553
0
2.131
100
Standardized Annual CS Income Statement
Report Date
Currency
Audit Status
Consolidated
Scale
Sales Revenue %TR
Other Revenue %TR
Total Revenue (100% TR)
Direct Costs %TR
Gross Profit %TR
Selling General & Admin %TR
Depreciation & Amortization %TR
Restruct Remediation & Impair %TR
Other Operating Expense %TR
Total Indirect Operating Costs %TR
Operating Income %TR
Interest Income %TR
Gains on Sale of Assets %TR
Other Non-Operating Income %TR
Total Non-Operating Income %TR
Earnings Before Tax %TR
Taxation %TR
Extraordinary Items %TR
Accounting Changes %TR
Net Income %TR
Preference Dividends & Similar %TR
Net Income to Common %TR
12/31/2022
USD
Not Qualified
Yes
Thousands
81.586
18.414
100
45.475
54.525
28.382
4.166
-0.245
14.986
47.288
7.238
-2.034
-1.548
0.129
-3.454
3.784
1.178
0
0
2.606
0
2.606
12/31/2021
USD
Not Qualified
Yes
Thousands
78.769
21.231
100
48.145
51.855
36.085
6.682
-0.064
2.843
45.547
6.308
-4.278
0.187
-0.886
-4.977
1.331
0.395
0
0
0.936
0
0.936
12/31/2020
USD
Not Qualified
Yes
Thousands
78.918
21.082
100
62.562
37.438
54.612
13.524
48.078
-5.838
110.377
-72.939
-5.434
-0.614
-12.191
-18.239
-91.179
-18.731
0
0
-72.448
0
-72.448
Pollo
Pro forma financial statements
2021
2022
2023
2024
Assumed
Actual
Actual
Actual
Pro forma
% of Sales
Assumptions
Sales growth rate
Tax rate
Dividend payout rate
Interest rate
8.42%
-6.74%
0.00%
78.32%
10.00%
16.85%
0.00%
7.00%
($10.211)
$357.277
281.284
60.031
20.574
1.538
0.478
($6.628)
$0.37
($7.002)
1.083
18.455
$10.370
$387.351
313.819
67.013
20.053
1.414
(0.591)
($14.357)
$0.34
($14.693)
0.968
1.102
($14.559)
$426.086
341.368
67.483
25.312
3.469
(0.443)
($11.103)
1.971
(0.318)
($10.785)
(1.817)
9.817
$0.849
$0.000
($10.211)
$0.000
$10.370
($14.559)
$0.000
$0.849
73.63%
0.00%
6.48%
-35.60%
-16.34%
0.00%
74.65%
Income Statement ($ millions)
Sales
Cost of goods sold
SG&A expense
Depreciation expense
Restruct Remediation & Impairment
Other operating Expenses
EBIT
Interest expense
Other non operating income
Pre-tax income
Taxes
Discounted Operations
Net income
Allocation of net income:
Dividends
Addition to retained earnings
$554.803
447.199
74.403
38.206
9.139
(1.628)
($12.516)
$4.76
(1.241)
($18.513)
(8.302)
2017
2018
2019
80.1% 0.8061 0.7872995 0.810167
15.8% 0.1341 0.1680237 0.1730033
5.9% 0.0689 0.0575856 0.0517696
0.8% 0.0165
0.00 0.0036504
-0.1% -0.0029 0.0013379 -0.001526
-0.1% -0.0022
0
0
2.3%
0 0.0656098 0.0035116
0.0902 0.1029929 0.0830435
0.016 0.0174179 0.0136052
0.0076 0.0070645 0.0050652
0.0169 0.0107648 0.0099935
0.0002 0.012794 0.0118239
0.0205 0.0142215 0.0124977
Balance Sheet ($ millions)
ASSETS
Current assets
Cash and marketable securities
Accounts receivable
Inventory
Current tax assets
Prepayments S/T
Other current assets
Total current assets
$50.035
8.884
4.205
9.399
0.115
11.388
$84.026
$36.797
6.223
2.524
3.846
4.571
5.081
$59.042
$32.167
5.270
1.962
3.871
4.580
4.841
$52.691
$39.231
$6.680
$2.799
$5.354
$3.526
$6.710
$64.302
9.2%
1.6%
0.7%
1.3%
0.8%
1.6%
Gross PPE
Accumulated depreciation
Net PPE
Intangible assets
Other Assets
Total assets
436.262
275.181
$161.081
$56.307
$267.33
$568.743
251.143
161.259
$89.884
$56.307
$161.88
$367.113
255.684
168.578
$87.106
$56.307
$152.59
$348.691
$305.270
193.890
$111.380
$57.444
$188.737
$421.863
71.6% 0.7863 0.7029364 0.6600835
LIABILITIES AND EQUITY
Current liabilities
Accounts payable &Accured Exp
Other Current liabilities
Short-term debt
Total current liabilities
$40.471
$23.423
1.015
$64.909
$26.678
$13.801
0.063
$40.542
$26.164
$14.076
0.062
$40.302
$30.559
$16.644
$0.308
$47.511
7.2% 0.0729 0.0746704 0.067546
3.9% 0.0422 0.0386283 0.0363391
0.1% 0.0018 0.0001763 0.0001601
Other Liabilites
Deferred LT liabilities
Long-term debt (PLUG)
Total liabilities
$276.61
$7.11
72.328
$420.962
$171.03
$0.23
0.438
$212.242
$162.56
$0.20
0.367
$203.434
$198.410
$1.986
27.850
$275.756
46.6% 0.4986 0.4787126 0.4196788
0.5% 0.0128 0.000641 0.0005215
Shareholders’ equity
Common share capital
Paid-in capital
Retained earnings
Treasury Stock
Total shareholders’ equity
0.273
176.614
(8.327)
20.779
$147.781
0.277
182.686
2.043
30.135
$154.871
0.282
0.282
188.528
188.528
(12.516) -11.666884
31.037
31.037
$145.257 $146.106
Total liabilities and shareholders’ equity
$568.743
$367.113
$348.691
13.5% 0.1015 0.1576004 0.1453643
44.3% 0.4818 0.4530938 0.3939244
$421.863
Sales
create a what if table using sales and long term debt
Account Receivables
create a what if table using accounts payable percentage and long term debt
Inventory
create a what if table using inventory percentage and long term debt
Account payable
Marriott International
Pro forma financial statements
2020
2021
2022
2023
Assumed
Actual
Actual
Actual
Pro forma
% of Sales
Assumptions
Sales growth rate
Tax rate
Dividend payout rate
Interest rate
31.09%
4.25%
0.00%
3.87%
49.91%
21.91%
-13.61%
3.75%
40.50%
-79.72%
14.94%
7.00%
$10,571
9,112
762
346
267
$84
$418
9
($325)
(199)
(141)
($267)
$13,857
11,056
823
220
8
$1,750
$392
(154)
$1,204
81
(24)
$1,099
$20,773
16,215
891
193
12
$3,462
$377
11
$3,096
756
18
$2,358
$29,186
23,742
1,696
563
257
$2,927
1,120.215
(94.684)
$3,022
(2,409)
(160.859)
$5,270
($156)
($111)
$1,099
($321)
$2,679
$787
$4,483
$877
$1,768
$8
$1,393
$1,982
$507
$2,571
$172
$2,825
$251
$3,626
$235
$3,313
$2,023
$4,223
$7
$0
$0
$445
$6,697
6.9% 0.083 0.1005268 0.0244067
14.5% 0.1673 0.1430324 0.1237664
0.0% 0.0008
0
0
0.0%
0
0
0
0.0%
0
0
0
1.5% 0.0163 0.0181136 0.0113128
Gross PPE
Accumulated depreciation
Net PPE
Intangible assets
Other Assets
Total assets
2,402
888
$1,514
$18,164
$1,368
$23,871
2,353
850
$1,503
$17,999
$1,666
$24,794
2,459
$5,014
874
1,437
$1,585
$3,577
$17,619
$37,604
$1,571 $3,164.351
$24,088
$51,043
17.2% 0.2272 0.1698059 0.1183748
LIABILITIES AND EQUITY
Current liabilities
Accounts payable &Accured Exp
Other Current liabilities
Short-term debt
Total current liabilities
$1,358
$3,221
$1,173
$5,752
$1,913
$3,689
$805
$6,407
$2,045
$4,610
$684
$7,339
$3,551
$7,713
$1,965
$13,229
12.2% 0.1285 0.138053 0.0984451
26.4% 0.3047 0.2662192 0.2219227
6.7% 0.111 0.0580934 0.0329274
Other Liabilites
Deferred LT liabilities
Long-term debt (PLUG)
Total liabilities
$7,691
$1,625
$9,203
$24,271
$7,049
$1,350
$9,333
$24,139
$6,156
$1,372
$9,380
$24,247
$14,910
$3,086
14,038
$45,263
51.1% 0.7276 0.508696 0.2963462
10.6% 0.1537 0.0974237 0.0660473
Shareholders’ equity
Common share capital
Paid-in capital
Retained earnings
Treasury Stock
Total shareholders’ equity
5
5,851
9,206
14,497
$565
5
5,892
10,305
14,446
$1,756
5
5,965
12,342
17,015
$1,297
5
5,965
16825
17,015
$5,780
Total liabilities and shareholders’ equity
$24,836
$25,895
$25,544
$51,043
-265.33%
58.43%
4.03%
Income Statement ($ millions)
Sales
Cost of goods sold
SG&A expense
Depreciation expense
Restruct Remediation & Impairment
Other operating Expenses
EBIT
Interest expense
Other non operating income
Pre-tax income
Taxes
Discounted Operations
Net income
Allocation of net income:
Dividends
Addition to retained earnings
2017
2018
2019
81.3% 0.862 0.7978639 0.7805806
5.8% 0.0721 0.0593924 0.0428922
1.9% 0.0327 0.0158765 0.0092909
0.9% 0.0253
0.00 0.0005777
0.0%
0
0
0
-0.3% 0.0009 -0.011114 0.0005295
-0.6% -0.0155 -0.002171 0.0011101
Balance Sheet ($ millions)
ASSETS
Current assets
Cash and marketable securities
Accounts receivable
Inventory
Current tax assets
Prepayments S/T
Other current assets
Total current assets
128.8% 1.7183 1.2989103 0.8481683
10.8% 0.1294 0.120228 0.075627
Sales
create a what if table using sales and long term debt
Account Receivables
create a what if table using accounts payable percentage and long term debt
Inventory
create a what if table using inventory percentage and long term debt
Account payable
Marriott International
Pro forma financial statements
2020
2021
2022
2023
Assumed
Actual
Actual
Actual
Pro forma
% of Sales
Assumptions
Sales growth rate
Tax rate
Dividend payout rate
Interest rate
31.09%
4.25%
0.00%
3.87%
49.91%
21.91%
-13.61%
3.75%
50.00%
-79.72%
14.94%
7.00%
$10,571
9,112
762
346
267
$84
$418
9
($325)
(199)
(141)
($267)
$13,857
11,056
823
220
8
$1,750
$392
(154)
$1,204
81
(24)
$1,099
$20,773
16,215
891
193
12
$3,462
$377
11
$3,096
756
18
$2,358
$31,160
25,347
1,402
601
274
$3,534
1,049.513
(101.088)
$3,635
(2,898)
(171.739)
$6,362
($156)
($111)
$1,099
($321)
$2,679
$950
$5,411
$877
$1,768
$8
$1,393
$1,982
$507
$2,571
$172
$2,825
$251
$3,626
$235
$3,313
$2,159
$4,508
$8
$0
$0
$475
$7,150
6.9% 0.083
14.5% 0.1673
0.0% 0.0008
0.0%
0
0.0%
0
1.5% 0.0163
0.100527
0.143032
0
0
0
0.018114
0.024407
0.123766
0
0
0
0.011313
Gross PPE
Accumulated depreciation
Net PPE
Intangible assets
Other Assets
Total assets
2,402
888
$1,514
$18,164
$1,368
$23,871
2,353
850
$1,503
$17,999
$1,666
$24,794
2,459
$3,739
874
1,475
$1,585
$2,264
$17,619
$40,148
$1,571 #########
$24,088
$52,940
12.0% 0.2272
0.169806
0.118375
128.8% 1.7183
10.8% 0.1294
1.29891
0.120228
0.848168
0.075627
LIABILITIES AND EQUITY
Current liabilities
Accounts payable &Accured Exp
Other Current liabilities
Short-term debt
Total current liabilities
$1,358
$3,221
$1,173
$5,752
$1,913
$3,689
$805
$6,407
$2,045
$4,610
$684
$7,339
$3,791
$8,235
$2,098
$14,123
12.2% 0.1285
26.4% 0.3047
6.7% 0.111
0.138053
0.266219
0.058093
0.098445
0.221923
0.032927
Other Liabilites
Deferred LT liabilities
Long-term debt (PLUG)
Total liabilities
$7,691
$1,625
$9,203
$24,271
$7,049
$1,350
$9,333
$24,139
$6,156
$1,372
$9,380
$24,247
$15,918
$3,295
12,895
$46,231
51.1% 0.7276
10.6% 0.1537
0.508696
0.097424
0.296346
0.066047
Shareholders’ equity
Common share capital
Paid-in capital
Retained earnings
Treasury Stock
Total shareholders’ equity
5
5,851
9,206
14,497
$565
5
5,892
10,305
14,446
$1,756
5
5,965
12,342
17,015
$1,297
5
5,965
17753
17,015
$6,708
Total liabilities and shareholders’ equity
$24,836
$25,895
$25,544
$52,940
-265.33%
58.43%
4.03%
Income Statement ($ millions)
Sales
Cost of goods sold
SG&A expense
Depreciation expense
Restruct Remediation & Impairment
Other operating Expenses
EBIT
Interest expense
Other non operating income
Pre-tax income
Taxes
Discounted Operations
Net income
Allocation of net income:
Dividends
Addition to retained earnings
2017
2018
2019
0.797864
0.059392
0.015876
0.00
0
0.780581
0.042892
0.009291
0.000578
0
-0.3% 0.0009 -0.011114
0.00053
-0.6%
0.00111
81.3% 0.862
4.5% 0.0721
1.9% 0.0327
0.9% 0.0253
0.0%
0
-0.015 -0.002171
Balance Sheet ($ millions)
ASSETS
Current assets
Cash and marketable securities
Accounts receivable
Inventory
Current tax assets
Prepayments S/T
Other current assets
Total current assets
Sales
create a what if table using sales and long term debt
Account Receivables
create a what if table using accounts payable percentage and long term debt
Inventory
create a what if table using inventory percentage and long term debt
Account payable
Since the growth rate went up by almost 20% from 2021 to 2022, we estimate that it will go up by at least 10% from 2022 to 2023.
Marriott International
Pro forma financial statements
2020
2021
2022
2023
Assumed
Actual
Actual
Actual
Pro forma
% of Sales
Assumptions
Sales growth rate
Tax rate
Dividend payout rate
Interest rate
31.09%
4.25%
0.00%
3.87%
49.91%
21.91%
-13.61%
3.75%
40.50%
-79.72%
14.94%
7.00%
$10,571
9,112
762
346
267
$84
$418
9
($325)
(199)
(141)
($267)
$13,857
11,056
823
220
8
$1,750
$392
(154)
$1,204
81
(24)
$1,099
$20,773
16,215
891
193
12
$3,462
$377
11
$3,096
756
18
$2,358
$29,186
23,742
1,696
563
257
$2,927
1,120.215
(94.684)
$3,022
(2,409)
(160.859)
$5,270
($156)
($111)
$1,099
($321)
$2,679
$787
$4,483
$877
$1,768
$8
$1,393
$1,982
$507
$2,571
$172
$2,825
$251
$3,626
Gross PPE
Accumulated depreciation
Net PPE
Intangible assets
Other Assets
Total assets
2,402
888
$1,514
$18,164
$1,368
$23,871
LIABILITIES AND EQUITY
Current liabilities
Accounts payable &Accured Exp
Other Current liabilities
Short-term debt
Total current liabilities
-265.33%
58.43%
4.03%
Income Statement ($ millions)
2018
2019
81.3% 0.8619809
5.8% 0.072084
1.9% 0.0327311
0.9% 0.0252578
0.0%
0
0.797864
0.059392
0.015876
0.00
0
0.780581
0.042892
0.009291
0.000578
0
-0.3% 0.0008514
-0.01111
0.00053
-0.6% -0.015474
-0.00217
0.00111
$235
$3,313
$2,023
$4,223
$7
$0
$0
$445
$6,697
6.9% 0.0829628
14.5%
0.16725
0.0252% 0.0007568
0.0%
0
0.0%
0
1.5% 0.0162709
0.100527
0.143032
0
0
0
0.018114
0.024407
0.123766
0
0
0
0.011313
2,353
850
$1,503
$17,999
$1,666
$24,794
2,459
874
$1,585
$17,619
$1,571
$24,088
$5,014
1,437
$3,577
$37,604
$3,164.351
$51,043
17.2% 0.2272254
0.169806
0.118375
128.8% 1.7182859
10.8% 0.1294107
1.29891
0.120228
0.848168
0.075627
$1,358
$3,221
$1,173
$5,752
$1,913
$3,689
$805
$6,407
$2,045
$4,610
$684
$7,339
$3,551
$7,713
$1,965
$13,229
12.2% 0.1284647
26.4% 0.3047015
6.7% 0.110964
0.138053
0.266219
0.058093
0.098445
0.221923
0.032927
Other Liabilites
Deferred LT liabilities
Long-term debt (PLUG)
Total liabilities
$7,691
$1,625
$9,203
$24,271
$7,049
$1,350
$9,333
$24,139
$6,156
$1,372
$9,380
$24,247
$14,910
$3,086
14,038
$45,263
51.1% 0.7275565
10.6% 0.1537224
0.508696
0.097424
0.296346
0.066047
Shareholders’ equity
Common share capital
Paid-in capital
Retained earnings
Treasury Stock
Total shareholders’ equity
5
5,851
9,206
14,497
$565
5
5,892
10,305
14,446
$1,756
5
5,965
12,342
17,015
$1,297
5
5,965
16825
17,015
$5,780
Total liabilities and shareholders’ equity
$24,836
$25,895
$25,544
$51,043
Sales
Cost of goods sold
SG&A expense
Depreciation expense
Restruct Remediation & Impairment
Other operating Expenses
EBIT
Interest expense
Other non operating income
Pre-tax income
Taxes
Discounted Operations
Net income
Allocation of net income:
Dividends
Addition to retained earnings
2017
Balance Sheet ($ millions)
ASSETS
Current assets
Cash and marketable securities
Accounts receivable
Inventory
Current tax assets
Prepayments S/T
Other current assets
Total current assets
Sales
create a what if table using sales and long term debt
Account Receivables
create a what if table using accounts payable percentage and long term debt
Inventory
create a what if table using inventory percentage and long term debt
Account payable
Sales
14,038
5%
9942.759
10%
10519.604
14,038
5%
9815.4666
10%
14.5%
9815.5166 9815.561637
14,038
0.015%
0.020%
14030.7028 14030.70285
14,038
10.20%
11.20%
12.20%
17588.5065 17588.49652 17588.48652
Account Receivable
Inventory
Accounts Payable
15%
20%
25%
30%
11096.450 11673.296 12250.141 12826.987
0.025%
14030.7029
20%
25%
30%
9815.617 9815.667 9815.7166
0.030%
14030.7
0.035%
0.040%
14030.7 14030.703
13.20%
14.20%
15.20%
17588.48 17588.47 17588.457