IM Assignment (CWS)

Balance Sheet
$ million
2013 2012
Cash and equivalents 149 83
Acc recievable 295 265
inventory 275 285
Total Current Assets 719 633

Gross fixed assets 9350 8900

accumulated depriciation 6160 5677
Net fixed assets 3190 3233
Total Assets 3909 3856

Acc payable 228 220

Notes payable 0 0
Accrued taxes and expenses 0 0
Total Current liabilities 228 220

Long term debt 1650 1800

Common stock 50 50
Additional paid-in capital 0 0
Retained earnings 1981 1786
Total shareholder' equity 2031 1836
Total liabilities and shareholders' equity 3909 3856
Income Statement
2013 2012
Total revenues 3425 3300
Operating Costs and expenses 2379 2319
Earnings before interest, taxes, depriciation
and amortization (EBIDTA) 1049 981
Depriciation and amortization 483 454
Operating Income 563 527
Interest expense 104 107
Income before taxes 459 420
Taxes (40%) 184 168
Net Income 275 252
Dividends 80 80
Change in retained earnings 195 172
EPS 2.75 2.52
DPS 0.8 0.8
Number of share outstanding (millions) 100 100
Finacial Statement data
2011 2010 2009
Total revenues 3175 3075 3000
Operating Income (EBIT) 495 448 433
Interest expense 104 101 99
Net Income 235 208 200
DPS 0.8 0.8 0.8
Total assets 3625 3414 3230
Long term debt 1750 1700 1650
Total Shareholders' equity 1664 1509 1380
Number od shares outstanding (mn) 100 100 100

Sustainable Growth rate

2010 2013 Change
ROE 0.150725 0.149782 -1%
Retention rate 0.615385 0.709091 15%
G* 0.092754 0.106209 15%

Financial leverage 1.231884 0.898693 -27%

IM Assignment (CWS)