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  • The Unlevered FCF María Duque

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    Ricardo Puyol
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    The document provides financial information for a company in 2020 and 2021, including balance sheets, income statements, and cash flow calculations. The balance sheets show total assets of $1.035 billion in 2021, with property, plant, and equipment as the largest asset. The income statements show revenues of $778.5 million in 2020 and $1.087 billion in 2021, with a net loss of $3.6 million in 2021. Free cash flows were calculated to be positive in both years.

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    The document provides financial information for a company in 2020 and 2021, including balance sheets, income statements, and cash flow calculations. The balance sheets show total assets of $1.035 billion in 2021, with property, plant, and equipment as the largest asset. The income statements show revenues of $778.5 million in 2020 and $1.087 billion in 2021, with a net loss of $3.6 million in 2021. Free cash flows were calculated to be positive in both years.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    5 views9 pages

    The Unlevered FCF María Duque

    Uploaded by

    Ricardo Puyol
    The document provides financial information for a company in 2020 and 2021, including balance sheets, income statements, and cash flow calculations. The balance sheets show total assets of $1.035 billion in 2021, with property, plant, and equipment as the largest asset. The income statements show revenues of $778.5 million in 2020 and $1.087 billion in 2021, with a net loss of $3.6 million in 2021. Free cash flows were calculated to be positive in both years.

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    of 9

    THE UNLEVERED FCF

    0 (2020)

    BALANCE SHEET

    CAPEX
    Capital Investment 53,736
    PP&E,gross 1,571,884
    Accumulated depreciation -661,486
    PP&E,net 910,398

    NEED OF FUNDS
    Accounts Receivables 23,630
    Inventories 10,671
    Accounts Payable 37,770
    ∑ NOF -3,469

    0 (2020)

    P&L STATEMENT

    Sales 778,510
    COGS -722,090
    Gross margin 56,420

    SG&A Expenses -54,663


    EBITDA 1,757

    Depreciation 6 -261,981
    EBIT -260,224

    Tax at 21% 21% -54646.97


    NOPAT -205,577

    CALCULATION OF FCF
    EBIT -522,204
    Taxes 109662.91
    Net operating profit after taxes -412,541
    Depreciation 261,981
    Gross Operating Cash Flows -150,560

    Change in Need of Funds -3,469


    Change in CAPEX 53,736
    Taxes on disposal 179899.02
    Total investments 230,166

    OPERATING FREE CASH FLOW 79,606


    Cost of Capital 20%
    Present value of Operating Free Cash Flows 79605.5967

    NET PRESENT VALUE 152470.758


    1 (2021)

    72,996
    1,600,838
    -729,483
    871,355

    29,055
    11,579
    48,840
    -8,206

    1 (2021)

    1,087,038
    -957,406
    129,632

    -67,957
    61,675 Depreciated straight-line over six years.

    -266,806
    -205,131

    -43077.58
    -162,054
    -471,938
    99106.91
    -372,831
    266,806
    -106,025

    -4,737
    19,260
    178939.95
    193,463

    87,438
    20%
    72865.1611

    NPV>0: SO WE ACCEPT THE PROYECT


    BALANCE

    ASSETS 2021

    Property, plant and equipment, gross 1,600,838


    Less accumulated depreciation&amortization -729,483
    Goodwill 4,673
    Other investments 68,323

    Total non-current assets 944,351

    Inventory 11,579
    Accounts receivables, net 29,055
    Pre-paid operating expenses 11,654
    Cash and cash equivalents 38,527

    Total current assets 90,815

    TOTAL ASSETS 1,035,166


    BALANCE SHEET

    2020 EQUITY 2021

    1,571,884 Capital 72,513


    -661,486
    4,673 Retained earnings 261,258
    49,063
    Total shareholders' equity 333,771
    964,134
    LIABILITIES

    Total non-current liabilities 500,961


    10,671
    23,630 Current payables 39,240
    9,325 Accounts payables 48,840
    51,664 Accrued expenses 112,354

    95,290 Total current liabilities 200,434

    Total liabilities 701,395

    1,059,424 TOTAL EQUITY&LIABILITIES 1,035,166


    2020

    71,722

    222,066

    293,788

    587,737

    36,809
    37,770
    103,320

    177,899

    765,636

    1,059,424
    P&L

    2021

    Revenues 1,087,038
    COGS -957,406

    Gross Profit/Loss 129,632

    Sales, general and general expense -67,957


    Depreciation and amortization -74,236
    Loss on disposal and impairment of assets -3,946
    Non-usual expenses/income 0

    EBIT(operating profit) -16,507

    Financial income -2,675

    EBT( earnings before taxes) -19,182

    Income tax 15,576

    NET INCOME -3,606


    2020

    778,510
    -722,090

    56,420

    -54,663
    -74,325
    -17,141
    3,278

    -86,431

    -3,519

    -89,950

    32,065

    -57,885

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