Financial Planning and Forecasting参考.ppt

* * * ? 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part. ? 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part. ? 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part. Financial Planning and Forecasting Forecasting Sales Projecting the Assets and Internally Generated Funds Projecting Outside Funds Needed Deciding How to Raise Funds Chapter 17 17-* Preliminary Financial Forecast:Balance Sheets (Assets) 2012 2013E Cash and equivalents $ 20 $ 25 Accounts receivable 240 300 Inventories 240 300 Total current assets $ 500 $ 625 Net fixed assets 500 625 Total assets $1,000 $1,250 17-* 2012 2013E A/P accrued liabilities $ 100 $ 125 Notes payable 100 190 Total current liabilities $ 200 $ 315 Long-term debt 100 190 Common stock 500 500 Retained earnings 200 245 Total liabilities equity $1,000 $1,250 Preliminary Financial Forecast: Balance Sheets (Liabilities and Equity) 17-* Preliminary Financial Forecast: Income Statements 17-* 2012 2013E Sales $2,000.0 $2,500.0 Variable costs 1,200.0 1,500.0 Fixed costs 700.0 875.0 EBIT $ 100.0 $ 125.0 Interest 16.0 16.0 EBT $ 84.0 $ 109.0 Taxes (40%) 33.6 43.6 Net income $ 50.4 $ 65.4 Dividends (30% of NI) $15.12 $19.62 Addition to retained earnings $35.28 $45.78 Key Financial Ratios 2012 2013E Ind Avg Comment Basic earning power 10.00% 10.00% 20.00% Poor Profit margin 2.52% 2.62% 4.00% Poor Return on equity 7.20% 8.77% 15.60% Poor Days sales outstanding 43.8 days 43.8 days 32.0 days Poor Inventory turnover 8.33x 8.33x 11.00x Poor Fixed assets tu