Create a Cash F

Historical Income Statements and Balance Sheets for Vitex Corp.

Income Statement ($ Million)
Year Ending Dec. 31,
2009
Sales
Cost of Sales
Gross Operating Income

$1,234.9
$679.1
$555.8

2010
$1,251.7
$659.0
$592.7

2011
$1,300.4
$681.3
$619.1

2012
$1,334.4
$667.0
$667.4

Selling, General & Admn. Expenses

Depreciation
Other net (Income)/Expenses
EBIT

$339.7
$47.5
($11.8)
$180.4

$348.6
$52.0
($7.6)
$199.7

$351.2
$55.9
($7.0)
$219.0

$373.3
$75.2
($8.2)
$227.1

Interest (Income)
Interest Expense
Pre-Tax Income

($1.3)
$16.2
$165.5

($1.4)
$15.1
$186.0

($1.7)
$20.5
$200.2

($2.0)
$23.7
$205.4

Income Taxes
Net Income

$56.8
$108.7

$64.2
$121.8

$67.5
$132.7

$72.6
$132.8

$38.3
$70.4

$38.7
$83.1

$39.8
$92.9

$40.1
$92.7

Assets
Cash and Marketable Securities
Accounts Receivable
Inventories
Other Current Assets
Total Current Assets

$25.6
$99.4
$109.6
$96.7
$331.3

$23.0
$102.9
$108.0
$91.4
$325.3

$32.1
$107.3
$114.9
$103.7
$358.0

$28.4
$120.1
$116.8
$97.5
$362.8

Property, Plant and Equipment, Gross

Accumulated Depreciation
Property, Plant and Equipment, Net

$680.9
$244.8
$436.1

$734.3
$296.8
$437.5

$820.8
$352.7
$468.1

$913.1
$427.9
$485.2

Other Non-Current Assets

Total Non-Current Assets

$203.2
$639.3

$205.1
$642.6

$407.0
$875.1

$456.3
$941.5

$970.6

$967.9

$1,233.1

$1,304.3

$82.8
$39.1
$152.0
$273.9

$77.1
$29.7
$123.8
$230.6

$71.8
$79.8
$172.1
$323.7

$80.5
$110.3
$111.3
$302.1

Dividends
Addition to Retained Earnings

Balance Sheet ($ Million)

Total Assets
Liabilities and Shareholders' Equity
Accounts Payable
Short-Term Debt
Other Current Liabilities
Total Current Liabilities

Long-Term Debt
Deferred Income Taxes
Other Non-Current Liabilities
Total Liabilities

$163.5
$22.3
$100.6
$560.3

$145.0
$19.6
$80.1
$475.3

$201.8
$15.0
$115.0
$655.5

$218.1
$12.7
$94.5
$627.4

Paid-In Capital
Retained Earnings
Total Shareholders' Equity

$46.9
$363.4
$410.3

$46.1
$446.5
$492.6

$38.2
$539.4
$577.6

$44.8
$632.1
$676.9

$970.6

$967.9

$1,233.1

$1,304.3

Total Liabilities and Shareholders' Equity

Other Data
Stock price (year-end)
Average number of shares outstanding (millions)

$55.50
48.0

$65.30
47.3

$55.70
46.8

$51.40
46.2

Create a Cash Flow Statement

Year Ending Dec. 31,

2010

2011

2012

Cash Flows from Operations

Net Income
Depreciation Expense
Decrease/(Increase) in Accounts Receivable
Decrease/(Increase) in Inventories
Decrease/(Increase) in Other Current Assets
Increase/(Decrease) in Accounts Payable
Increase/(Decrease) in Other Current Liabilities
Increase/(Decrease) in Deferred Income Taxes
Increase/(Decrease) in Other Non-Current Liabilities
Total Cash Flows from Operations

$121.8
$52.0
($3.5)
$1.6
$5.3
($5.7)
($28.2)
($2.7)
($20.5)
$120.1

$132.7
$55.9
($4.4)
($6.9)
($12.3)
($5.3)
$48.3
($4.6)
$34.9
$238.3

$132.8
$75.2
($12.8)
($1.9)
$6.2
$8.7
($60.8)
($2.3)
($20.5)
$124.6

Cash Flows from Investing

(Additions to) Property, Plant & Equipment
(Investment) in Other Non-Current Assets
Total Cash Flows from Investing

($53.4)
($1.9)
($55.3)

($86.5)
($201.9)
($288.4)

($92.3)
($49.3)
($141.6)

Cash Flows from Financing

From Issuance/(Repayment) of Short-Term Debt

($9.4)

$50.1

$30.5

From Issuance/(Repayment) of Long-Term Debt

From Sale/(Repurchase) of Equity
Cash Dividends Paid to Shareholders
Total Cash Flows from Financing

($18.5)
($0.8)
($38.7)
($67.4)

$56.8
($7.9)
($39.8)
$59.2

$16.3
$6.6
($40.1)
$13.3

Net Change in Cash & Marketable Securities

($2.6)

$9.1

($3.7)

Beginning Cash & Marketable Securities

Ending Cash & Marketable Securities
Net Change in Cash & Marketable Securities

$25.6
$23.0
($2.6)

$23.0
$32.1
$9.1

$32.1
$28.4
($3.7)

Historical Income Statements and Balance Sheets for Vitex Corp.

Income Statement ($ Million)
Year Ending Dec. 31,
2009
Sales
Cost of Sales
Gross Operating Income

$1,234.9
$679.1
$555.8

2010
$1,251.7
$659.0
$592.7

2011
$1,300.4
$681.3
$619.1

2012
$1,334.4
$667.0
$667.4

Selling, General & Admn. Expenses

Depreciation
Other net (Income)/Expenses
EBIT

$339.7
$47.5
($11.8)
$180.4

$348.6
$52.0
($7.6)
$199.7

$351.2
$55.9
($7.0)
$219.0

$373.3
$75.2
($8.2)
$227.1

Interest (Income)
Interest Expense
EBT

($1.3)
$16.2
$165.5

($1.4)
$15.1
$186.0

($1.7)
$20.5
$200.2

($2.0)
$23.7
$205.4

Income Taxes
Net Income

$56.8
$108.7

$64.2
$121.8

$67.5
$132.7

$72.6
$132.8

$38.3
$70.4

$38.7
$83.1

$39.8
$92.9

$40.1
$92.7

Assets
Cash and Marketable Securities
Accounts Receivable
Inventories
Other Current Assets
Total Current Assets

$25.6
$99.4
$109.6
$96.7
$331.3

$23.0
$102.9
$108.0
$91.4
$325.3

$32.1
$107.3
$114.9
$103.7
$358.0

$28.4
$120.1
$116.8
$97.5
$362.8

Property, Plant and Equipment, Gross

Accumulated Depreciation
Property, Plant and Equipment, Net

$680.9
$244.8
$436.1

$734.3
$296.8
$437.5

$820.8
$352.7
$468.1

$913.1
$427.9
$485.2

Other Non-Current Assets

Total Non-Current Assets

$203.2
$639.3

$205.1
$642.6

$407.0
$875.1

$456.3
$941.5

$970.6

$967.9

$1,233.1

$1,304.3

$82.8
$39.1
$152.0
$273.9

$77.1
$29.7
$123.8
$230.6

$71.8
$79.8
$172.1
$323.7

$80.5
$110.3
$111.3
$302.1

Dividends
Addition to Retained Earnings

Balance Sheet ($ Million)

Total Assets
Liabilities and Shareholders' Equity
Accounts Payable
Short-Term Debt
Other Current Liabilities
Total Current Liabilities

CREATE COMMON SIZE ST

CALCULATE THE 4 YEAR A

Long-Term Debt
Deferred Income Taxes
Other Non-Current Liabilities
Total Liabilities

$163.5
$22.3
$100.6
$560.3

$145.0
$19.6
$80.1
$475.3

$201.8
$15.0
$115.0
$655.5

$218.1
$12.7
$94.5
$627.4

Paid-In Capital
Retained Earnings
Total Shareholders' Equity

$46.9
$363.4
$410.3

$46.1
$446.5
$492.6

$38.2
$539.4
$577.6

$44.8
$632.1
$676.9

Total Liabilities and Shareholders' Equity$970.6

$967.9

$1,233.1

$1,304.3

Other Data
Stock price (year-end)
$55.50
Average number of shares outstanding (millions)48.0

$65.30
47.3

$55.70
46.8

$51.40
46.2

CREATE COMMON SIZE STATEMENTS AS A PERCENT OF SALES

CALCULATE THE 4 YEAR AVERAGES FOR EACH LINE ITEM AS A % OF SALES

2009

2010

2011

2012

100.00%
54.99%
45.01%

100.00%
52.65%
47.35%

100.00%
52.39%
47.61%

100.00%
49.99%
50.01%

AVG
100.00%
52.50%
47.50%

27.51%
3.85%
-0.96%
14.61%

27.85%
4.15%
-0.61%
15.95%

27.01%
4.30%
-0.54%
16.84%

27.98%
5.64%
-0.61%
17.02%

27.59%
4.48%
-0.68%
16.11%

-0.11%
1.31%
13.40%

-0.11%
1.21%
14.86%

-0.13%
1.58%
15.40%

-0.15%
1.78%
15.39%

-0.12%
1.47%
14.76%

4.60%
8.80%

5.13%
9.73%

5.19%
10.20%

5.44%
9.95%

5.09%
9.67%

3.10%
5.70%

3.09%
6.64%

3.06%
7.14%

3.01%
6.95%

3.06%
6.61%

2.64%
10.24%
11.29%
9.96%
34.13%

2.38%
10.63%
11.16%
9.44%
33.61%

2.60%
8.70%
9.32%
8.41%
29.03%

2.18%
9.21%
8.95%
7.48%
27.82%

2.45%
9.70%
10.18%
8.82%
31.15%

70.15%
25.22%
44.93%
0.00%
20.94%
65.87%

75.87%
30.66%
45.20%
0.00%
21.19%
66.39%

66.56%
28.60%
37.96%
0.00%
33.01%
70.97%

70.01%
32.81%
37.20%
0.00%
34.98%
72.18%

70.65%
29.32%
41.32%
0.00%
27.53%
68.85%

100.00%

100.00%

100.00%

100.00%

100.00%

0.00%
8.53%
4.03%
15.66%
28.22%

0.00%
7.97%
3.07%
12.79%
23.82%

0.00%
5.82%
6.47%
13.96%
26.25%

0.00%
6.17%
8.46%
8.53%
23.16%

0.00%
7.12%
5.51%
12.74%
25.36%

16.85%
2.30%
10.36%
57.73%

14.98%
2.03%
8.28%
49.11%

16.37%
1.22%
9.33%
53.16%

16.72%
0.97%
7.25%
48.10%

16.23%
1.63%
8.80%
52.02%

4.83%
37.44%
42.27%

4.76%
46.13%
50.89%

3.10%
43.74%
46.84%

3.43%
48.46%
51.90%

4.03%
43.94%
47.98%

100.00%

100.00%

100.00%

100.00%

100.00%

Historical Income Statements and Balance Sheets for Vitex Corp.

Income Statement ($ Million)
Year Ending Dec. 31,
2009
Sales
Cost of Sales
Gross Operating Income

$1,234.9
$679.1
$555.8

2010
$1,251.7
$659.0
$592.7

2011
$1,300.4
$681.3
$619.1

2012
$1,334.4
$667.0
$667.4

Selling, General & Admn. Expenses

Depreciation
Other net (Income)/Expenses
EBIT

$339.7
$47.5
($11.8)
$180.4

$348.6
$52.0
($7.6)
$199.7

$351.2
$55.9
($7.0)
$219.0

$373.3
$75.2
($8.2)
$227.1

Interest (Income)
Interest Expense
Pre-Tax Income

($1.3)
$16.2
$165.5

($1.4)
$15.1
$186.0

($1.7)
$20.5
$200.2

($2.0)
$23.7
$205.4

Income Taxes
Net Income

$56.8
$108.7

$64.2
$121.8

$67.5
$132.7

$72.6
$132.8

$38.3
$70.4

$38.7
$83.1

$39.8
$92.9

$40.1
$92.7

Assets
Cash and Marketable Securities
Accounts Receivable
Inventories
Other Current Assets
Total Current Assets

$25.6
$99.4
$109.6
$96.7
$331.3

$23.0
$102.9
$108.0
$91.4
$325.3

$32.1
$107.3
$114.9
$103.7
$358.0

$28.4
$120.1
$116.8
$97.5
$362.8

Property, Plant and Equipment, Gross

Accumulated Depreciation
Property, Plant and Equipment, Net

$680.9
$244.8
$436.1

$734.3
$296.8
$437.5

$820.8
$352.7
$468.1

$913.1
$427.9
$485.2

Other Non-Current Assets

Total Non-Current Assets

$203.2
$639.3

$205.1
$642.6

$407.0
$875.1

$456.3
$941.5

$970.6

$967.9

$1,233.1

$1,304.3

$82.8
$39.1
$152.0
$273.9

$77.1
$29.7
$123.8
$230.6

$71.8
$79.8
$172.1
$323.7

$80.5
$110.3
$111.3
$302.1

Dividends
Addition to Retained Earnings

Balance Sheet ($ Million)

Total Assets
Liabilities and Shareholders' Equity
Accounts Payable
Short-Term Debt
Other Current Liabilities
Total Current Liabilities

Long-Term Debt
Deferred Income Taxes
Other Non-Current Liabilities
Total Liabilities

$163.5
$22.3
$100.6
$560.3

$145.0
$19.6
$80.1
$475.3

$201.8
$15.0
$115.0
$655.5

$218.1
$12.7
$94.5
$627.4

Paid-In Capital
Retained Earnings
Total Shareholders' Equity

$46.9
$363.4
$410.3

$46.1
$446.5
$492.6

$38.2
$539.4
$577.6

$44.8
$632.1
$676.9

$970.6

$967.9

$1,233.1

$1,304.3

Total Liabilities and Shareholders' Equity

Other Data
Stock price (year-end)
Average number of shares outstanding (millions)

$55.50
48.0

$65.30
47.3

$55.70
46.8

$51.40
46.2

2009

2010

2011

2012

Valuation Ratios
EPS
Dividend per Share
P/E Ratio
book value
P/B (price to book) Ratio
Dividend Payout Ratio

$2.26
$0.80
24.5
8.5
6.5
35%

$2.58
$0.82
25.3
10.4
6.3
32%

$2.83
$0.85
19.6
12.3
4.5
30%

$2.87
$0.87
17.9
14.7
3.5
30%

Profitability Ratios
Return on Equity (ROE)
Return on Sales (ROS)

26.49%
8.8%

24.73%
9.7%

22.97%
10.2%

19.62%
10.0%

13.7%
2.6%
1.4%
10.7%
12.1%

10.0%
3.9%
3.9%
9.7%
8.9%

1.4%
2.1%
2.6%
3.7%
0.1%

1.41
0.55

1.11
0.43

1.20
0.49

6.1
12.4

6.1
12.4

5.8
11.7

Financial Indicators for Vitex Corp.

Growth Rates

EPS Growth Rate

Dividend Growth Rate
Sales Growth Rate
EBIT Growth Rate
Net Income Growth Rate
Liquidity Ratios

Current Ratio
Quick Ratio

1.21
0.46

Operating Efficiency Ratios

Inventory Turnover Ratio

Receivable Turnover Ratio
Leverage Ratios

Total Debt to Total Capitalization

Long-Term Debt to Total Capitalization
Total Debt to Equity
Coverage Ratios

Times Interest Earned (TIE)

Cash Coverage Ratio

33.1%

26.2%

32.8%

32.7%

Short term and long term/Short term and long term debt+total shh equity

EBIT+ depreciation/ Interest