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Laiho Industries Financial Statement

Laiho December 31 Balance Sheets

2012 2011
Assets
Cash and cash equivalents 102,850 89,725
Accounts receivable 103,365 85,527
Inventories 38,444 34,982
Total current assets 244,659 210,234
Net fixed assets 67,165 42,436
Total assets 311,824 252,670

Liabilities and equity


Accounts payable 30,761 23,109
Accruals 30,477 22,656
Notes payable 16,717 14,217
Total current liabilities 77,955 59,982
Long-term debt 76,263 63,914
Total liabilities 154,218 123,896
Common stock 100,000 90,000
Retained Earnings 57,605 38,774
Total common equity 157,605 128,774
Total liabilities and equity 311,823 252,670

a. Sales for 2012 were $455,150, and EBITDA was 15% of sales. Furthermore, depreciation and
amortization amounted to 11% of net fixed assets, interest was $8,575 the corporate tax
rate was 40%, and Laiho pays 40% of its net income in dividends. Given this information,
the firms 2012 income statement.

Sales 455,150
EBITDA as a percentage of sales 15%
Depr. as a % of fixed assets 11%
Tax rate 40%
Interest expense 8,575
Dividend payout ratio 40%

Laiho Income Statement

2012
Sales 455,150
COGS 386,878
EBITDA 68,273
Depreciation and amortization 7,388
EBIT 60,884
Interest expense 8,575
EBT 52,309
Taxes (40%) 20,924
Net Income 31,386

Common dividends 12,554


Addition to retained earnings 18,831

b. Construct the statement of stockholders' equity for the year ending December 31, 2012,
and the 2012 statement of cash flows.

Statement of Stockholders' Equity


(in thousands of dollars)

Common Retained
Stock Earnings
Balances, December 31, 2011 90,000 38,774
Common stock issue 10,000
2012 net income 31,386
Cash dividens (12,554)
Addition to retained earning
Balances, December 31, 2012 100,000 57,605

Operating Activities
Net Income 31,386
Depreciation and amortization 7,388
Increase in accounts payable 7,652
Increase in accruals 7,821
Increase in accounts receivable (17,838)
Increase in inventories (3,462)
Net cash provided by operating activities 32,947

Investing Activities
2012 2011
Nett FA 67,165 42,436
DA 7,388
Gross FA 74,553 42,436

Investing in FA (32,117)

Financing Activities
Increase in notes payable 2,500
Increase in long-term debt 12,349
Increase in common stock 10,000
Payment of common dividends (12,554)
Net cash provided by financing activities 12,295

Summary
Net increase/decrease in cash 13,124
Cash balance at the beginning of the year 89,725
Cash balance at the end of the year 102,849

c. Calculate 2011 and 2012 NOWC and 2012 free cash flow.
Net Operating Working Capital
NWOC11 = Current Asset - (Current Liabilities - Notes Payable)
NWOC11 = 210,234 - 45,765
NWOC11 = 164,469

NWOC12 = Current Asset - (Current Liabilities - Notes Payable)


NWOC12 = 244,659 - 61,238
NWOC12 = 183,421

NOWC 18,952

Free Cash Flow


FCF12 = (EBIT (1 - Tax) + DA) - (CE +
FCF12 = 36,531 + 7,388 - 32,117 +
FCF12 = 43,919
FCF12 = (7,150)

d. FS Analysis
Current Ratio 2011 2012 Status
CA/CL 3.5 3.1 decrease

Quick Ratio 2011 2012 Status


CA-Inv/CL 2.9 2.6 decrease
Total
Stokeholders
Equity
128,774
10,000

18,831
157,605

keluarnya kas akibat pembelian komoditas yang berimbas pula pada kenaikan inventories
disebabkan adanya pembelian aset dan penambahan biaya atas tenaga kerja yang terlihat dari naiknya jumlah Lo
kredit macet oleh pembeli
penambahan stok komoditas dikarenakan tingkat penjulan yang bertambah

Asumsi DA tahun 2011 adalah 0%

akibat pembelian aset tetap di tahun 2012


adanya investasi dalam bentuk pembelian aset dimana diakui dalam skema accrual
akibat kenaikan nilai saham perusahaansehingga menambah modal
untuk menghitung likuiditas perusahaan, jika nilainya semakin tinggi maka semakin baik

NWOC)
18,952
51,069
FCF minus mengindikasikan potensi tidak terkendalinya investasi yang dilakukan oleh perusahaan akibat proses e

jika pada tahun 2011, 1 dollar utang jangka pendek perusahaan dapat dijamin oleh 3,5 dollar total current asset, m
namun justru menandakan kemampuan untuk membayar kewajiban semakin meningkat.

Sebaliknya angka yang ditunjukkan pada quick ratioterjadi penurunan nilai dari tahun 2012 ke tahun 20
dikarenakan inventories dianggap kurang liquid sehingga mempengaruhi kemampuan membayar kewa

Secara umum dapat disimpulkan Balance Sheet dari tahun 2011 ke tahun 2012 mengalami kenaikan w
n inventories
a yang terlihat dari naiknya jumlah Long Term Debt
ukan oleh perusahaan akibat proses ekspansi

n oleh 3,5 dollar total current asset, maka pada tahun 2012 meskipun secara angka turun menjadi 3,1 dollar

nilai dari tahun 2012 ke tahun 2011. Hal ini dikarenakan


uhi kemampuan membayar kewajiban jangka pendek yang terlihat menurun dari tahun 2011

ahun 2012 mengalami kenaikan walaupun tidak signifikan.


Component Formula
Total Asset Total CA + Net FA
Total Liabilities Total CA + Long Term Debt
Total Common Equity Common Stock + Retained Earning
Income Statement
Sales
COGS Biaya Operasional
EBITDA Sales - COGS
Depreciation and amortization
EBIT EBITDA - DA
Interest expense
EBT EBIT - Interest Expense
Taxes (40%)
Net Income

Common Deviden NI * Dev. Payout Ratio


Add. To Retained Earning NI - Common Dev

Common Retained
Stock Earnings
Balances, December 31, 2011
Common stock issue (Pengurangan Common Stock BS)
2012 net income
Cash dividens minus common dev
Addition to retained earning
Balances, December 31, 2012

Operating Activities
Net Income
Depreciation and amortization
Increase in accounts payable
Increase in accruals
Increase in accounts receivable (-)
Increase in inventories (-)
(1)Net cash provided by operating activities

Investing Activities
Nett FA
DA
Gross FA

(2)Investing in FA (pengurangan ke depan nilai minus)


Financing Activities
Increase in notes payable
Increase in long-term debt
Increase in common stock
Payment of common dividends (-)
(3)Net cash provided by financing activities

Summary
(4)Net increase/decrease in cash (1+2+3)
(5)Cash balance at the beginning of the year
Cash balance at the end of the year (4+5)

NWOC CA - (CL-Notes Payable)


NWOC selisih depan belakang

Free Cash Flow EBIT(1-%Tax)+DA-(CE+NWOC)


Capex (DA Invest Activ+DA depan)-DAbelakang
Total Stokeholders
Equity

(Pengurangan Common Stock BS)