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EXAMPLE: Calculating FCFF Exhibit 1. Cane Distribution, Inc. Income Statement (In Thousands)

The document provides financial statements for Cane Distribution, Inc. for the years ending 31 December 2008, 2009, and 2010. It includes income statements, balance sheets, and calculations of working capital. The income statements show revenues, expenses, taxes, and net income. The balance sheets include assets, liabilities, and equity. Working capital is calculated as current assets excluding cash minus current liabilities excluding debt.

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Javier Solis
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130 views4 pages

EXAMPLE: Calculating FCFF Exhibit 1. Cane Distribution, Inc. Income Statement (In Thousands)

The document provides financial statements for Cane Distribution, Inc. for the years ending 31 December 2008, 2009, and 2010. It includes income statements, balance sheets, and calculations of working capital. The income statements show revenues, expenses, taxes, and net income. The balance sheets include assets, liabilities, and equity. Working capital is calculated as current assets excluding cash minus current liabilities excluding debt.

Uploaded by

Javier Solis
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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EXAMPLE: Calculating FCFF

EXHIBIT 1. Cane Distribution, Inc. Income Statement (in thousands)

Years Ending 31 December


2008
Earnings before interest , taxes ,
depreciation and amortization (EBITDA) $ 200.00

Depreciation expense $ 45.00

Operating income $ 155.00

Interest expense (at 7 percent) $ 15.68


Income before taxes $ 139.32

Income taxes (at 30 percent) $ 41.80

Net Income $ 97.52

EXHIBIT 2. Cane Distribution, Inc. Balance Sheet (in thousands)

Years Ending 31 December

2007 2008

Cash $ - $ 108.92
Accounts Receivable $ - $ 100.00

Inventory $ 60.00 $ 66.00


Current Assets $ 60.00 $ 274.92

Fixed Assets $ 500.00 $ 500.00

Less: Accumulated Depreciation $ - $ 45.00

Total Assets $ 560.00 $ 729.92

Accounts Payable $ - $ 50.00

Current portion of long-term debt $ - $ -


Current Liabilities $ - $ 50.00

Long-term debt $ 224.00 $ 246.40


Common Stock $ 336.00 $ 336.00
Retained earnings $ - $ 97.52

Total liabilities and equity $ 560.00 $ 729.92


EXHIBIT 3. Cane Distribution, Inc. Working Capital (in thousands)

Years Ending 31 December

2007 2008

Current assets excluding cash


Accounts Receivable $ - $ 100.00

Inventory $ 60.00 $ 66.00

Total current assets excluding cash $ 60.00 $ 166.00


Current liabilities excluding short-term debt

Accounts Payable $ - $ 50.00

Working Capital $ 60.00 $ 116.00

Increase in working capital $ 56.00


Years Ending 31 December
2009 2010

$ 220.00 $ 242.00

$ 49.50 $ 54.45

$ 170.50 $ 187.55

$ 17.25 $ 8.97
$ 153.25 $ 168.58

$ 45.97 $ 50.58

$ 107.28 $ 118.00

ears Ending 31 December


2009 2010

$ 228.74 $ 360.54
$ 110.00 $ 121.00

$ 72.60 $ 79.86
$ 411.34 $ 561.40

$ 550.00 $ 605.00

$ 94.50 $ 148.95

$ 866.84 $ 1,017.45

$ 55.00 $ 60.50

$ - $ -
$ 55.00 $ 60.50

$ 271.04 $ 298.14
$ 336.00 $ 336.00
$ 204.80 $ 322.80

$ 866.84 $ 1,017.45
ears Ending 31 December
2009 2010

$ 110.00 $ 121.00

$ 72.60 $ 79.86

$ 182.60 $ 200.86

$ 55.00 $ 60.50

$ 127.60 $ 140.36

$ 11.60 $ 12.76

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