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# Due: 25 April 2016

Assignment No. 2 (Group Assignment)
1.

A project will produce an operating cash flow of \$14,600 a year for 8 years. The initia
be \$48,900. The net aftertax salvage value is estimated at \$11,000 and will be receiv
What is the net present value of the project if the required rate of return is 12 percen

Basic Information
Fixed asset investment
Operating Cash Flow (OCF)
The project's life (Y)
After Tax Salvage
Required rate of return
TOTAL Projected Cash Flow
Year
Operating Cash Flow (OCF)
Salvage value
Net capital spending (NCS)
CFFA

NPV
IRR

\$48,900
\$14,600
8
\$11,000
12%

0

-48,900
-48,900

28,070
26%

1
14,600.00

2
14,600.00

14,600

14,600

or 8 years. The initial fixed asset investment in the project will
00 and will be received during the last year of the project's life.
f return is 12 percent?

3
14,600.00

4
14,600.00

5
14,600.00

6
14,600.00

7
14,600.00

8
14,600.00
11,000.00

14,600

14,600

14,600

14,600

14,600

25,600

Due: 25 April 2016

Assignment No. 2 (Group Assignment)
2.

You are working on a bid to build two city parks a year for the next three years. T
over the 3-year project life. The equipment can be sold at the end of the project f
variable costs will be \$168,000 per park. Your required rate of return is 15 percen
A. \$72,500
B. \$128,600
C. \$154,300
D. \$189,100
E. \$217,600
Please show the entire calculations too!

Basic Information
AF (equipment)
Salvage value
NWC
The fixed costs FC
Variable costs VC
Rate of Return
Tax Rate

\$180,000
\$34,000
\$20,000
\$16,000
\$168,000
15%
34%

Market value
Book Value
Dif
TAX
After Tax Salvage

\$34,000
\$34,000
\$11,560
\$22,440

Año
1
2
3

Depreciation
60,000
60,000
60,000

TOTAL Projected Cash Flow
Year
Operating Cash Flow (OCF)
Changes in NWC
Capital Spending
CFFA Cash Flow from Assets

0

OCF

-20,000
-180,000
-200,000
27,905
-172,095
Annuity

OCF = NI + Dep
75,374 (=) NI + 60.000
NI=
15,374

Sales
TOTAL Annual Costs FC + VC
Depreciación
Tax Rate (34%)
Net Income

?
352,000
60,000
?
15,374

NI = (Sales – costs – depreciation
Sales =
435,293.41

Price per Park

217,600

ssignment)

s a year for the next three years. This project requires the purchase of \$180,000 of equipment that will be de
be sold at the end of the project for \$34,000. You will also need \$20,000 in net working capital for the durati
equired rate of return is 15 percent and your tax rate is 34 percent. What is the minimal amount you should b

Book value = initial cost – accumulated depreciation
After-tax salvage = salvage – T(salvage – book value)

Accumulated
60,000
120,000
180,000

OCF
-75,374

Book Value
120,000
60,000
-

1
OCF

2
OCF

OCF

OCF
OCF
-75,374

3
OCF
20,000
22,440
"OCF"+ 42.440
OCF
-75,374

NI = (Sales – costs – depreciation)(1 – T)
15,374 = (Sales – 352,000 – 60,000)(1 - .34)
15,374 = Sales(.66) – (412,000)(.66)
15,374 = Sales(.66) - 271,920
Sales =287,294 / .66 = 435,293

000)(.374 = Sales(.NI = (Sales – costs – depreciation)(1 – T) 15.271.66) .000 – 60.66 = 435.374 = Sales(.000)(1 .920 Sales =287.34) 15.374 = (Sales – 352.66) – (412..293 NI = (Sales – costs – depreciation)(1 – T) .66) 15.294 / .

The fixed costs will be \$16.DETERMINACIÓN DE PRECIO DE LICITACIÓN .000 a year and the the minimal amount you should bid per park? (Round your answer to the nearest \$100)  – accumulated depreciation age – T(salvage – book value) .000 of equipment that will be depreciated using straight-line depreciation to a zero book value net working capital for the duration of the project.

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E LICITACIÓN o a zero book value 6.000 a year and the arest \$100)  .

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\$16. and has a 5-year life. B. \$16.000.300 -22. B.500.404 E. B.300 -26.  A.870 . A.300 4 \$223. annual op \$19. \$17. \$17.965 0 1 -26. \$17. A. Precision Tool is analyzing two machines to determine which one it should purcha value over the life of its equipment. Machine A has a cost of \$892.Due: 25 April 2016 Assignment No.000 -892.000 PV OCF EAC -967. 2 (Group Assignment) 3.000 TOTAL Projected Cash Flow Year Operating Cash Flow (OCF) Net capital spending (NCS) CFFA -892. Whichever machine is purchased will be replaced annual cost by approximately _______ as compared to the other machine.965 D.000 -\$26.086 -338.965. B.737 Reduced Costs 16.521 Please show your calculations.404 C. Precision Tool Rate of Return Basic Information MACHINE A COST Annual operating costs Year life (Y) Depreciation 15% \$892.

037 TOTAL Projected Cash Flow Year Operating Cash Flow (OCF) Net capital spending (NCS) CFFA PV OCF EAC .887 -26.gnment) REPLACEMENT PROBLEM / E e which one it should purchase.300 -15. The company requires a 15 percent rate of return and uses straight-line depr cost of \$892.293 -26.300.300 -26.  Basic Information MACHINE B COST Annual operating costs Year life (Y) Depreciation 2 3 4 -26. and a 4-year life. Machine B costs \$1. has ann purchased will be replaced at the end of its useful life.300 -17.000.300 -26. annual operating costs of \$26.300 -19.127. Precision Tool should purchase Machine _____ because the other machine.000.300 -26.

500) (16.000) (1.400 0 (1.000) (1.500) 2 (19.500) (12.702) 1 (19.500) (19.127.500) (11. has annual operating costs of Machine _____ because it lowers the firm's \$1.PROBLEM / Equivalent Annual Costs ses straight-line depreciation to a zero book \$1.500) 4 (19.149) .500 5 \$225.127.127.000.367) (355.127.192.957) (19.000 -\$19.500) 3 (19.822) (19.500) (14.745) (19.

500) (19.5 (19.500) (9.695) .

000.000.48 C.447 59.09 D. 68.680.000) Annuity Cash Flow per UNIT Financial Break . Hiro Airplanes invested \$12.680.715.000) (12.68 billion even when 246 B490s were sold.17 B. 52. 2 (Group Assignment) 4.000.000.40 Please show your calculations… Investment Capacity Price OCF Break-even () Sales Sales (Years) ROI Cash Break-Even Financiero Break-Even 12.000 9 19% OCF = 0 NPV = 0 TOTAL Projected Cash Flow Year Operating Cash Flow (OCF) Net capital spending (NCS) CFFA 0 (12. In an effort to capture the large jet market.000 800 275.Due: 25 April 2016 Assignment No.09 .000 246 67.000.Even 51.680.544. Assume the break-even sales figure given is the this investment?  A. 63.650.000.10 E.000.000. 59. 47.

124. How m Qc Qf 246 ? 1 OCF 2 OCF 3 OCF OCF (3.124.907) OCF (3.637.68 billion developing its B490.907) .045.124.637. Suppose the sales of the B490 last for only 9 years.045. which is capable of carrying 800 passengers.637. The plane has ven sales figure given is the cash flow break-even.045.gnment) anes invested \$12.907) OCF (3.

045.124. In discussing the plane. How many airplanes must Hiro Airplanes sell per year to provide its shareholders 4 OCF 5 OCF 6 OCF OCF (3.124.637.g 800 passengers.124.637. The plane has a list price of \$275 million.907) .907) OCF (3.907) OCF (3. Hiro Airplanes stated th B490 last for only 9 years.045.637.045.

Hiro Airplanes stated that the company would breakr year to provide its shareholders a 19 percent rate of return on 7 OCF 8 OCF 9 OCF OCF (3.637.045.124.he plane.637.637.045.907) OCF (3.124.045.907) .124.907) OCF (3.

\$3.000 \$283.Due: 25 April 2016 Assignment No.740 997.000.920.907 B.000.417.654.000 1.000 513. \$3.134 E.000 1.241 C.102.000 283.000) 3.458. and fixed cost projections given here are probably accurate to withi A.000) .521.511.000.260 0 (630.920. \$888.000) (630.000 11% 34% Base CASE 3.618 D.020 Basic Information Project Cost Salvage value Depreciation (Q) Units (per year) Year life (Y) Price per Unit P Variable Cost VC Fixed Costs FC Rate of Return Tax Rate Income Statement Sales Variable Costs Gross profit Fixed costs Depreciation EBIT / UAII Taxes (34%) Net Income TOTAL Cash Flow BASE CASE Year Operating Cash Flow (OCF) Net capital spending (NCS) CFFA NPV1 TOTAL Cash Flow WORST CASE Year Operating Cash Flow (OCF) Net capital spending (NCS) \$630. variable cost per unit will be \$12. have a be \$24.453 0 (630.000 \$12.00 variable cost. 2 (Group Assignment) 5.000 \$0 \$126.000 126. The project will cost \$630. \$2. and fixed costs will be \$283. \$3.000 1.000 160 5 \$24.840. You are considering a new product launch.

000) 2.241 .CFFA NPV2 (630.654.

123.618 5 888.260 1.260 4 1.470 126.494.000 \$0 \$126.ignment) ect will cost \$630.080 (+) \$308.123.000 1.260 1 888.470 (+) 11% 34% Projections 9% 3.123.448 1. and have no salvage value.000.618 1 1.260 1.589.618 2 888.618 . The required return is 11 percent and the relevant tax rate is 34 p are probably accurate to within 9 percent.260 5 1.123.482 392.123.000 \$13.618 4 888. Sa and fixed costs will be \$283.260 1.260 1.260 3 1.864 762.904.155.260 1. What is the worst case NPV?  Projections \$630.123.123.260 2 1.000 145.123.123. depreciation is straight-line to zero. have a 5-year life.618 3 888.400 1.952 308.000 per year.123.6 (-) 5 \$24.

618 888.618 888.618 888.618 888.888.618 .

raight-line to zero. Sales are projected at 160 units per year. Based on your experience. . price per unit will evant tax rate is 34 percent. you think the unit sales.

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80 C.850 2.2 \$460 2.21 D.310 in interest and \$1.Due: 25 April 2016 Assignment No. 2. Interest = Dividends = TIE = Depreciation = Cash Coverage Ratio \$2.40 veces contando con la depreciación. The Bike Shop paid \$2. 2.52 Please show your calculations. 2.40 E. 1. se trata . 1. 2 (Group Assignment) 6.850 in dividends last year.40 La cuenta de intereses se cubrió 2.67 B.310 \$1. The time value of the cash coverage ratio?  A.

W Times s contando con la depreciación.up Assignment) d \$1.2 and the depreciation expense is \$460.850 in dividends last year. The times interest earned ratio is 2. se trata de una medida básica para generar efectivo .

What is the .on expense is \$460.

18 0.03 Profit Margin = Net Income / Sales 22% -88% Return on Assets (ROA) = Net Income / Total Assets 0.90 Return on Equity (ROE) = Net Income / Total Equity 14% -15% Receivables Ratios Receivables Turnover = Sales / Accounts Receivable Days’ Sales in Receivables = 365 / Receivables Turnover Total Asset Turnover Total Asset Turnover = Sales / Total Assets Profitability Measures RTA: Si bien laz razones de liquidez.08 152.84 2.02 0.66 2. En general Yahoo viene con variaciones negativas en sus negativas.05 1. cuentas por cobrar son equipa gran diferencia en las razones de utilidad en especial en el año 2015 Yahoo tiene 88 centav utilidad por cada dolar en ventas.88 Cash Ratio = Cash / CL (times) Long-term Solvency Ratios Total Debt Ratio = (TA – TE) / TA (times) 3.39 137.23 0.64 3.RATIO Liquidity Ratios NUMERIC RATIO´S 2015 GOOGLE YAHOO Current Ratio = CA / CL (times) 4.95 53. Google Finance Summary Information: .67 5. solvencia a largo plazo.04 Times Interest Earned = EBIT / Interest 5.78 4.36 Debt/Equity = TD / TE (times) Equity Multiplier = TA / TE = 1 + D/E (times) Long-term debt ratio = LTD / (LTD + TE) (times) Coverage Ratios 0.04 1.56 0.82 -1.59 0.83 0.

30% Operating margin 25.12% -12.82% -95.48 -0.86% Employees - - CDP Score 99 A 98 B .56% Return on average assets 11.82% -8.58% EBITD margin 32.Company name Price YHOO GOOGL Change 37.57% 9.80% -95.86% Return on average equity 14.77 -42.23 Key stats and ratios 2015 Google Yahoo Net profit margin 21.19 737.

9% -1.8% 0.56 2.0% 4.62 0.96 0.74 2.0% 0.69 2.08 144.1% -2.2% 50.82 0.17 118.74 0.1% -4.08 0.0% 0.05 1.75 4.39 3.59 105.61 3.1% 0.22 0.2% -1.72 0.24 0.0% 0.03 0.17 0.5% 0.0% 3.47 2.31 0.22 4.24 0.8% 0.1% -0.09 4.99 102.69 2.0% 0.84 1.16 0.23 136.0% -2.15 0.2% 51.1% 2.24 0.54 3.09 1.0% 0.96 2.4% 0.59 0.0% ntas por cobrar son equiparables o semejantes para las 2 compañias entre el año 2012 y 2015.60 5.29 0.03 0.44 3.77 3.80 2.00 0.06 1.37 0.6% 0.04 4.2% -34. miestras que Google genera 22 riaciones negativas en sus razones de ganancia desde el año 2013 siendo el año 2014 el de mayore .0% 0.61 3.08 1.0% 0.68 3.35 3.38 3.03 1.76 14% 19% 15% 10% 15% 27% 0.80 4.0% 0.27 0.0% 0.00 1.0% 0.1% 3.0% 0.52 139.02 0.0% 0.3% 21% 163% 23% 29% 23% 79% 0.58 3.69 1.0% 0. se s 2015 Yahoo tiene 88 centavos de perdida por cada dolar en ventas.18 0.0% 0.NUMERIC RATIO´S CALCULATIONS 2014 2013 2012 GOOGLE YAHOO GOOGLE YAHOO GOOGLE YAHOO 4.21 0.0% -1.20 0.5% 0.0% -1.49 7.13 2.0% 0.82 ANUAL VARIATION 2014 2015 GOOGLE YAHOO GOOGLE 0.

Chg % Mkt Cap -0.41% 474.12B .50% 35.31B -5.

3% 0.6% -0.5% 1.0% 0.3% -0. se se denota una e Google genera 22 centavos de o 2014 el de mayores variaciones .4% 0.4% -0.0% 0.4% -16.2% -0.7% 0.4% -13.1% -2.0% 0.3% -1.1% -0.4% 0.5% 0.3% 6.8% 1.8% 0.0% 0.7% 0.1% 0.0% 0.4% 9.1% -1.0% 0.6% -0.2% 8.4% -0.4% 1.NUAL VARIATION 2014 2013 YAHOO GOOGLE YAHOO -1.4% -7.6% o 2012 y 2015.1% 0.0% 0.1% 0.0% 0.1% 0.

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00 628. Net Intangibles.Google In Millions of USD (except for per share items) 2015 GOOGLE Cash & Equivalents Short Term Investments Cash and Short Term Investments Accounts Receivable .517.169.066.00 11.00 13.00 5.146.00 2. Total Total Current Assets Property/Plant/Equipment.00 56.000.00 90. Net Receivables .00 73.556.130.461.00 -11.00 2.00 147. Total Goodwill. Net Long Term Investments Other Long Term Assets.Gross Accumulated Depreciation.114 40. Total .432.909. Total Total Assets Accounts Payable Accrued Expenses Notes Payable/Short Term Debt 9.00 15.Other Total Receivables.00 3.Trade.293.00 1.847.00 3.931.00 .00 8.183.869. Net Total Inventory Prepaid Expenses Other Current Assets.511.

861.130.995. Total Additional Paid-In Capital Retained Earnings (Accumulated Deficit) Treasury Stock .220.00 147. Total Total Current Liabilities Long Term Debt Capital Lease Obligations Total Long Term Debt Total Debt Deferred Income Tax Minority Interest Other Liabilities.00 -1.225.223.00 19.00 1.00 120.31 89.331. Net Common Stock.00 5. of LT Debt/Capital Leases Other Current liabilities.310 1.00 5.Current Port.Common Stock Primary Issue Total Common Shares Outstanding 1. Total Preferred Stock .788.69 32.636.Non Redeemable.461.00 0.00 27.00 5.00 189.981.00 0. Total Total Liabilities Redeemable Preferred Stock.35 Google .00 687.995.Common Other Equity. Total Total Equity Total Liabilities & Shareholders' Equity Shares Outs .

183.00 12.989.651 16.989. Total Research & Development Depreciation/Amortization Interest Expense(Income) .348. Net Non-Operating Gain (Loss) on Sale of Assets Other.825.Net Operating Unusual Expense (Income) Other Operating Expenses. Expenses.282.00 28.00 15.00 74. Total Total Revenue Cost of Revenue. Total Total Operating Expense Operating Income Interest Income(Expense). Total Gross Profit Selling/General/Admin.00 - .164 46.00 0 256 19.360.00 55.629 19.Yahoo In Millions of USD (except for per share items) 2015 GOOGLE Revenue Other Revenue. Net Income Before Tax Income After Tax Minority Interest 74.

84 .348.348. Supplemental Total Special Items Normalized Income Before Taxes Effect of Special Items on Income Taxes Income Taxes Ex.00 16. Expense Depreciation. Items Accounting Change Discontinued Operations Extraordinary Item Net Income Preferred Dividends Income Available to Common Excl.Equity In Affiliates Net Income Before Extra.Common Stock Net Income after Stock Based Comp. Expense Basic EPS after Stock Based Comp.Common Stock Primary Issue Gross Dividends . Extra Items Income Available to Common Incl.00 0 693 23 0 22. Expense Diluted EPS after Stock Based Comp. Impact of Special Items Normalized Income After Taxes Normalized Income Avail to Common Basic Normalized EPS Diluted Normalized EPS 16. Extra Items Basic Weighted Average Shares Basic EPS Excluding Extraordinary Items Basic EPS Including Extraordinary Items Dilution Adjustment Diluted Weighted Average Shares Diluted EPS Excluding Extraordinary Items Diluted EPS Including Extraordinary Items Dividends per Share .826 15.00 15.826.

21 61.00 7.50 1.00 11.00 .00 1.717.313.000.363.390.032.00 852.187.24 808.41 7.97 208.00 3.00 2.69 684.00 2013 YAHOO 2.96 5.00 6.976.91 4.16 259.383.484.758.066.00 39.00 1.73 9.417.473.75 4.079.65 -2.631.707.882.00 10.11 5.00 -7.02 1.327.991.00 3.989.70 1.00 32.51 1.863.00 64.253.78 45.718.656.265.507 78.203.BALANCE Yahoo 2015 2014 YAHOO 1.152.00 -8.886.664.56 -2.819.607.715.00 2.80 0.10 5.225.021.00 46.560.976.492.00 GOOGLE 8.00 8.00 9.837.61 481.395.70 87.11 347.31 190.00 GOOGLE 8.734.34 238.27 34.920.00 6.047.00 15.048.00 2.00 9.00 110.00 1.453.444.02 660.00 58.857.57 470.84 126.87 132.599.00 3.670.905.00 \$7.00 1.746.849.09 0.435.00 129.00 72.00 0.84 44.42 3.129.00 4.00 23.

066.00 129.50 0.33 61.34 936.237.00 0.160.69 1.81 -911.520.68 28.00 5.741.00 3.00 680.00 \$1.88 27.00 0.965.203.46 -67.352.766.84 INCOME STATEMENT 3.00 1.00 3.00 87.707.32 75.43 0.313.00 246.236.582.53 -342.77 22.87 4.48 118.17 13.99 29.616.277 16.94 8.043.24 -712.00 75.09 1.170.54 45.327.52 1.00 672.990.00 25.562.00 4.00 2.00 103.187.383.97 945.009.908.921.00 236.52 17.00 -394.00 2.611.807.934.00 23.00 15.59 .352.48 8.19 38.860.245.00 1.467.570.00 5.992.96 8.85 9.27 4.98 1.499.17 1.00 758.947.84 61.228.80 16.19 35.76 20.67 25.514.00 0.920.00 5.17 3.42 143.47 43.313.779.309.262.89 1.072.193.00 4.00 110.233.

824 -4.97 - 4.505 16.313 40.474.00 9.986.207.2015 2014 2014 2013 YAHOO GOOGLE YAHOO GOOGLE 4.28 -10.688.56 \$9.001.01 1.993 33.00 \$25.519.15 66.613.04 4.00 55.00 7.00 378 \$49.519.00 \$21.968.00 - 4.809.298 3.001.160.30 - - - 66.00 \$40.00 0 \$178 \$17.259 13.00 .44 \$93 \$10.748.496.618.13 - 66.30 \$2.899 13.52 1.832.00 10.890.078 2.968.526.92 79.982.734.618.97 \$4.82 1.94 10.116 15.403.768.319.475 142.55 1.41 - 55.00 -57 \$252 \$15.717 -4.00 13.75 93.68 -7.137.319.13 \$1.00 - 4.512 6.177.620.49 0 -\$16 -\$4.

058 7.- - - \$384 -4.73 \$7.620 14.26 \$1.08 -\$4.92 .00 12.160.733.004 \$7 - 0 1.00 \$13.00 0\$687 \$20 020.66 - 13.08 0 \$939 -\$5 -1.00 14.733.521.45 13.08 -4.160 12.136.359.359 -4.22 17.521.00 \$13.136.359.00 0 \$737 \$18 \$1.620.522 7.521.73 7.359.

804.183.78 1.06 261.00 33.497.56 1.016.667.2013 2012 YAHOO 2.011.00 .89 979.96 103.81 5.652.050.537.00 60.91 17.03 572.00 2.92 152.22 -2.454.20 74.516.885.469.00 2.90 5.27 344.59 1.310.00 1.10 497.20 0.20 16.96 138.25 184.00 GOOGLE 6.00 5.00 YAHOO 2.612.077.00 0.65 417.679.843.008.088.00 48.00 505.951.103.10 -2.025.132.040.38 3.00 7.71 3.83 767.00 7.798.17 0.712.00 -5.123.97 5.473.00 2.17 4.00 17.00 93.697.86 3.330.522.144.00 10.00 1.30 3.585.407.75 153.45 1.58 4.30 5.00 8.265.826.012.95 1.

00 -66.00 0.23 1.33 22.00 14.103.69 331.014.25 1.00 93.05 1.715.00 37.886.342.730.31 1.290.00 4.34 2.804.05 1.630.834.872.368.51 3.337.00 71.46 -1.537.154.59 1.67 48.988.279.96 1.00 22.110.96 338.549.00 5.41 13.154.340.00 659.23 37.91 16.35 5.01 8.00 37.00 0.19 9.00 1.074.59 847.00 2.20 17.27 45.083.23 .30 4.798.267.00 1.15 2.00 2.59 44.00 675.688.08 1.543.96 55.04 14.00 2.23 1.563.792.40 495.560.115.988.43 -200.

16 -5.38 1.63 \$4.00 4.00 \$4.00 - 4.12 .38 - - - 46.89 -10.00 6.349 3.214 3.57 \$1.039.32 \$3 \$5.680.38 \$1.986.57 - 46.008.205 13.621 3.090 589.00 \$17.37 - 188 \$592 \$14.00 4.366.603.00 8.00 1.700.331.553.2013 2012 2012 YAHOO GOOGLE YAHOO 4.176 28.00 1.49 44.420 566.29 - 4.274.82 236.469 11.82 885.680.93 0 \$0 \$633 479.82 35.083.863.84 -12.17 - \$32.946.834.641.039.986.

- - \$897 1.00 10.27 \$3.28 1.945 3.16 1 .945.737.945.366.00 \$11.366.366 1.553.945.071 \$1 - \$676 3.28 \$1.553 10.737.48 0 \$665 \$17 \$1.42 - - - 3.203 \$3 - 0 - 1.92 \$1.00 0 -4.366.25 - 11.48 0 - 17.

RATIO Liquidity Ratios Current Ratio = CA / CL Cash Ratio = Cash / CL Long-term Solvency Ratios Total Debt Ratio = (TA – TE) / TA Debt/Equity = TD / TE Equity Multiplier = TA / TE = 1 + D/E Long-term debt ratio = LTD / (LTD + TE) Coverage Ratios Times Interest Earned = EBIT / Interest Receivables Ratios Receivables Turnover = Sales / Accounts Receivable Days’ Sales in Receivables = 365 / Receivables Turnover Total Asset Turnover Total Asset Turnover = Sales / Total Assets Profitability Measures Profit Margin = Net Income / Sales Return on Assets (ROA) = Net Income / Total Assets Return on Equity (ROE) = Net Income / Total Equity Market Value Measures .

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82 14% 1.37 0.79 0.29 0.16 10% 0.09 4.08 0.83 14% -0.21 0.17 3.31 0.59 0.03 0.27 0.54 3.08 118.78 4.47 105.00 5.61 2.20 0.49 7.63 0.82 0.17 0.23 0.96 2.44 3.99 3.03 1.22 4.NUMERIC RATIO´S CALCULATIONS 2015 2014 2013 2012 GOOGLE YAHOO GOOGLE YAHOO GOOGLE YAHOO GOOGLE YAHOO 4.60 5.84 1.88 0.64 2.39 3.72 19% 0.03 3.61 139.90 -15% 0.56 0.08 2.18 0.76 27% .23 0.69 2.05 1.09 1.00 1.36 0.04 0.13 4.22 0.77 3.02 0.80 15% 0.52 144.59 3.67 5.22 0.69 2.06 1.39 152.23 0.15 0.05 1.03 0.62 3.24 0.56 102.02 0.82 -1.21 0.38 3.35 3.08 1.80 4.04 0.74 2.24 0.69 2.84 4.18 0.04 1.66 137.95 53.24 0.68 136.96 0.75 4.58 3.59 3.29 2.88 4.74 15% 0.23 2.

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02% -0.43% 0.60% 0.01% -0.33% -6.01% -0.11% 0.21% 51.24% -1.44% 0.05% -0.15% YAHOO -1.53% 0.51% 0.00% 0.39% -0.16% 8.90% -1.11% -0.17% 50.02% 3.44% 8.42% 0.ANUAL VARIATION 2015 2014 GOOGLE YAHOO GOOGLE -0.01% 0.01% -0.63% 0.84% 1.39% -0.31% -0.08% -4.65% .66% -0.07% 0.97% 1.15% -0.95% 0.06% -1.01% -0.02% -0.05% 2.70% -0.09% -2.00% 0.06% -2.50% 1.77% 2013 GOOGLE YAHOO 0.04% -0.62% -0.03% 0.79% 0.40% -16.02% -0.05% 0.39% -13.01% -0.01% -0.97% 0.02% -2.03% 0.02% -0.37% -0.31% 6.19% -34.02% 0.01% 0.01% -0.34% -0.06% -0.09% 0.47% 0.02% 0.82% 0.04% 0.01% -1.42% -0.08% 1.02% -0.34% -1.