BTC Inc. has the following financial statements: $m 2018 2017 Current Assets $ 245 $ 210...
BTC Inc. has the following financial statements:
| $m | 2018 | 2017 |
| Current Assets | $ 245 | $ 210 |
| Net Fixed Assets | $ 67 | $ 42 |
| Total Assets | $ 312 | $ 252 |
| Current Liabilities | $ 78 | $ 60 |
| LT Debt | $ 76 | $ 64 |
| Total Liabilities | $ 154 | $ 124 |
| Common Equity & Ret. Earn | $ 158 | $ 128 |
| Total Liab. And Equity | $ 312 | $ 252 |
Revenue in 2018 was $455m and EBITDA was 15% of revenue. Depreciation was 11% of Net Fixed Assets and Corp. Tax was 35%. Free Cash Flow (FCF) for 2018 was:
Select one:
a. $45m
b. $28m
c. None of the Above
d. $64m
e. $32m
Homework Answers
FCF = (1-TAX)*(EBITDA+Depreciation-Change in Net working capital - capital expenditures
EBITDA = 15% of revenue = 15%*455 = 68.25
Depreciation = 11% of net fixed assets in 2018 = 11%*67 = 7.37
change in net working capital = net working capital in 2018 - net working capital in 2017
= CA-CL in 2018 - CA-CL in 2017
= (245-78)-(210-60) = 17
capital expenditure = change in net fixed assets
=67-42 = 25
FCF = (68.25+7.37-17-25)*(1-35%) = 21.853
aNS: None of the above
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BTC Inc. has the
following financial statements:
$m
2018
2017
Current Assets
$ 245
$ 210...
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