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Published by: vav_ag on Aug 27, 2011
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03/11/2015

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Debt paydown/increase .Dividend Payments +/-Change in Equity Ending Debt Balance (calculate interest expense on average) = Change in Cash Ending Cash Balance (calculate interest income on average) Note: (1) Depreciation of factory-related items can be found in Cost of Goods Sold. inflation) + PP&E + Synergies (if any) = Total Assets + Accounts Payable + Debt + Shareholders’ Equity = Gross Profit (driver: margin) = EBIT . The following graph illustrates the necessary links for the underlying dynamic business model including a full balance sheet: Balance Sheet Income Statement Sales (driver: growth) Cash .Operating Expenses (driver: margin.Interest = EBT .Tax = = Net Income Total Liabilities and Shareholders’ Equity Working Capital Schedule Cash Flow Statement + Change in Inventory (driver: turns/sales) Net Income + Change in Accounts Receivable (driver: days/sales) + Depreciation (1) - Change in Accounts Payable (driver: days/COGS) = Operating Cash Flow = . Depreciation on everything else (headquarters. copiers in corporate offices) can be found in SG&A.Capital Expenditures Beginning Debt Balance = Free Cash Flow +/. )RUPXOD 33 ( /DVW<HDU33 (&DSLWDO([SHQGLWXUHV'HSUHFLDWLRQ A dynamic model links the three statements together.Cost of Goods Sold + Inventory + Accounts Receivable .Investment in WC Investment in WC Debt and Cash Schedule Beginning Cash Balance .Change in Cash +/-Change in Debt +/. ** .

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