EXCELL CORPORATION

Income Statement
For years ended December 31, year 8 and 9

($ in thousands) Year 8

Net sales 1,636,298

Costs and expenses 1,473,293
Operating income 163,005
Other income, net 2,971
Income before interest and taxes 165,976
Interest expense 16,310
Income before taxes 149,666
Less federal and other income and taxes 71,770
Net income 77,896

Less cash dividends :

Preferred stock 2,908
Common stock 39,209
Net income reinvested in the business 35,779

$ 64,569 + $ 20,382 (1 – 0.40) + $ 0

(1,333,982 + 1,371,621) : 2

$ 64,569 - $ 2,908
( $ 674,363 + $ 698,917) : 2
Menganalisis Leverage atas Ekuitas Saham Biasa

ROA
Sumber Pendanaan Modal Rata-rata
5.677%

Current Liabilities 176,677 10,030

Long term liabilities 353,985 20,096
Deferred tax on income 93,962 5,334
Preffered share 41,538 2,358

sisa laba setelah return

Common share 686,640 38,981

Return bagi investor 1,352,802 76,799

Keterangan : ROCE =
ROA =

SELISIH =

ROE = Net income + Interest expense (1 – tax rate) + minority interest in income
(beginning total assets + ending total assets) : 2

64.569 + 20.382 (1 – 0,40) + 0

(1.333.982 + 1.371.621) : 2

76,798.2
1,352,801.5

0.05676974782

5.677
5.677%
ROCE = Net income – Preferred dividends
Average common shareholders’ equity

64.569 - 2.908
{(715.901-41.538) + {(740.455-41.538)} : 2

61,661
(674.363 + 698.917) : 2

61,661
686,640

0.08980106024

8.980
8.980%
EXCELL CORPORATION
Balance Sheet

Year 8 Year 9

25,425 25,580
38,008 28,910
163,870 176,911
264,882 277,795
492,185 509,196

33,728 41,652
5,931 6,997
6,110 -
773,361 790,774
16,117 16,452
6,550 6,550
1,333,982 1,371,621

7,850 13,734
128,258 144,999
10,404 10,483
24,370 13,256
9,853 11,606
180,735 194,078
350,565 335,945
86,781 101,143
618,081 631,166

41,538 41,538

222,245 222,796
19,208 20,448
436,752 459,515
 3,842 3,842
715,901 740,455
1,333,982 1,371,621

Return utk kreditur

dan investor

494 9,536
11,735 8,361
0 5,334
2908 - 550

22,681

0 38,981

15,137 61,661

61.661/686.640 8.980 %
38.981/686.640 5.677 %

22.681/686.640 3.303 &

(Total Current Liabilities Y8- Long term indebtedness

rate) + minority interest in income
nding total assets) : 2
(Total Current Liabilities Y8- Long term indebtedness

(Total Long Term Liabilities Y8- Long term indebtedness

 D

(Total Equit

Notes payable to banks

Interest Rate
Tax Rate

Sebelum Pajak
Setelah Pajak

Interest expense
Interest expense for
Current Liabilities
Tax Rate

Interest expense for

Long term liabilities
Setelah Pajak

Preffered Stock
*di Income State pada Less Cash dividends

2,908
bilities Y8- Long term indebtedness payable within 1 year Y8) + (Total Current Liabilities Y9- Long term indebtedness payable within 1 year
2

bilities Y8- Long term indebtedness payable within 1 year Y8) + (Total Current Liabilities Y9- Long term indebtedness payable within 1 year
2

(180.735-9.853)+(194.078-11.606)
2

176,677

bilities Y8- Long term indebtedness payable within 1 year Y8) + (Total Long Term liabilities Y9- Long term indebtedness payable within 1 y
 2

(350.565+9.853)+(335.945+11.606)
2

353,985
Deffered tax on income Y8 + Deffered tax on income Y9
2

86.781+101.143
2

93,962

Preferred share Y8 + Preferred share Y9

2

41.538+41.538
2

41,538

(Total Equity Y8 - Preferred Share Y8) + (Total Equity Y9- Preferred Share Y9)
2

(715.901-41.538)+(740.455-41.538)
2

686,640

13,734
6% 0.06
 40% 0.4

824.04
494.424

20382
824.04

40% 0.4

19,557.96

11,734.776

Cash dividends
ss payable within 1 year Y9)

ss payable within 1 year Y9)

353,354

ness payable within 1 year Y9)

 707,969

1,373,280