Question: Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars)
2016- Top value 2015- Bottom value
Sales $5,400.0 $4,500.0
Operating costs excluding depreciation 4,455.0 3,825.0
Depreciation and amortization 149.0 135.0
Earnings before interest and taxes $796.0 $540.0
Less Interest 116.0 97.0
Pre-tax income $680.0 $443.0
Taxes (40%) 272.0 177.2
Net income available to common stockholders $408.0 $265.8
Common dividends $367.0 $213.0
Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)
2016- Top value 2015- Bottom value
Assets Cash $82.0 $63.0
Short-term investments 28.0 23.0
Accounts receivable 743.0 675.0
Inventories 743.0 675.0
Total current assets $1,596.0 $1,436.0
Net plant and equipment 1,485.0 1,350.0
Total assets $3,081.0 $2,786.0
Liabilities and Equity
Accounts payable $338.0 $270.0
Accruals 149.0 135.0Notes payable 108.0 90.0
Total current liabilities $595.0 $495.0
Long-term debt 1,080.0 900.0
Total liabilities $1,675.0 $1,395.0
Common stock 1,286.0 1,312.0
Retained earnings 120.0 79.0
Total common equity $1,406.0 $1,391.0
Total liabilities and equity $3,081.0 $2,786.0
Required: Using Rhodes Corporation's financial statements (shown above), answer the following questions.
What is the net operating profit after taxes (NOPAT) for 2016? Enter your answer in millions.
What are the amounts of net operating working capital for both years? Enter your answer in millions.
What are the amounts of total net operating capital for both years? Enter your answer in millions.
What is the free cash flow for 2016? Enter your answer in millions.
What is the ROIC for 2016? Round your answer to two decimal places.
How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments?
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