TROPIGALA Inc

Using the following data, (i) calculate the Cashflow from Assets, CF(A)
for TROPIGALA Inc for 2021; (ii) explain the change in Equity for 2021.

Balance Sheet 2020 2021

EXCESS cash 70 14
Accounts Receivable 200 250
Inventory 400 500
Net Fixed Assets 4,000 4,800
Total Assets 4,670 5,564

Accounts Payable 180 210

Long Term Financial Debt - -
Equity 4,490 5,354
Total Liabilities & Equity 4,670 5,564
check - -

Profit and Loss Account 2021

Sales 5,500.00
Cost of Goods Sold 2,600.00
Gross Profit 2,900.00
Selling, General & Admin. Expenses 980.00
Depreciation, depletion & amortization 400.00
EBIT 1,520.00
Interest expense -
Earnings before tax 1,520.00
Taxes at 30% 30% 456.00
Net Income 1,064.00
Dividends 300.00
Retained Earnings 764.00

(i)
EBIT 1,520.00
Depreciation 400.00
Taxes (456.00)
GROSS CASH FLOW 1,464.00
Change in Op NWC (120)
OCF or FFO 1,344
CAPEX (1,200)
(i) CF from Assets or CFC 144

(ii)
Equity 2021 5,354
Equity 2020 4,490
 Retained Earnings 764.00

(ii) Change in Equity (CF(S)) 100.00

A capital increase must have happened

CF(D) = Debt Issued - Debt Repay - Interest 0

Excess cash (56)
CCF 156.00
 Operating NWC 2020 Operating NWC 2021
420 540

Change in Op NWC 120

CAPEX
1,200.00
Increase in Equity
864

watch if it balances or it is a part of the total Balance

=+D35+D36+D37

=+D38+D39

=+D40+D41
CORLEONE SpA

Using the following data, calculate the Free Cashflow, FCF

for CORLEONE SpA for 2021.

Balance Sheet 2020 2021

Accounts Receivable 200 250
Inventory 400 500
Net Fixed Assets 4,000 4,800
Total Assets 4,600 5,550

Accounts Payable 180 210

Long Term Financial Debt 3,250 3,390
Equity 1,170 1,950
Total Liabilities & Equity 4,600 5,550
check - -

Profit and Loss Account 2021

Sales 4,500.00
Cost of Goods Sold 1,800.00
Gross Profit 2,700.00
Selling, General & Admin. Expenses 750.00
Depreciation, depletion & amortization 250.00
EBIT 1,700.00
Interest expense 225.00
Earnings before tax 1,475.00
Taxes at 20% 20% 295.00
Net Income 1,180.00
Dividends 400.00
Retained Earnings 780.00

FREE CASH FLOW

EBIT 1,700.00
t+EBIT (340)
NOPAT 1,360
Change in Op NWC (120)
CAPEX (1,050)
FREE CASH FLOW 190
Operating NWC 2020 Operating NWC 2021
420 540

Change in Op NWC 120

CAPEX
1,050.00
Camella OLIVE OIL

Using the following data, calculate the maximum repayment of debt

(or minumum issue of new debt if it is negative) the company can make in 2021,
if it does not issue nor buy-back any shares.

Balance Sheet 2020 2021

Accounts Receivable 300 250
Inventory 400 500
Net Fixed Assets 5,000 6,000
Total Assets 5,700 6,750
Suppliers 180 210

Profit and Loss Account 2021

Sales 5,500.00
Cost of Goods Sold 2,600.00
Gross Profit 2,900.00
Selling, General & Admin. Expenses 980.00
Depreciation, depletion & amortization 400.00
EBIT 1,520.00
Interest expense 175.00
Earnings before tax 1,345.00
Taxes at 30% 30% 403.50
Net Income 941.50
Dividends 300.00
Retained Earnings 641.50

EBIT 1,520.00
Depreciation 400.00
Taxes (403.50)
GROSS CASH FLOW 1,516.50
Change in Op NWC (20)
OCF or FFO 1,497
CAPEX (1,400)
CF from Assets or CFC 97

CF from Financing activities before debt repayment/new debt

Interest expense (175.00)

Dividends (300.00)
(475.00)

New debt (378.50)

can make in 2021,

Operating NWC 2020 Operating NWC 2021

520 540

Change in Op NWC 20

CAPEX
1,400.00
Roth Enterprises

Using the following data, calculate the maximum dividend

that Roth can afford in 2021. Tax rate: 30%

Increase/(decrease) in:
Accounts Receivable (35)
Inventory 15
Excess Cash (5)
Accounts Payable 10
Investments in Fixed Assets (capex) 75

Gross Cash Flow 500

Interest expense 85
Dividends promised to shareholders 75
Mandatory repayment of debt 200

Gross Cash Flow 500

Change in Op NWC (30) =C7+C8-C10
CAPEX 75
FCF 455 =+C19-C20-C21
Tax effect 25.5
CCF 481

Interest expense (85)

Change in excess cash 5
Mandatory repayment of debt (200)
Promised dividend (75)

Excess dividend 126 =+C24+C26+C27+C28+C29

Maximum dividend 201 =+C31-C29