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Week 2 Tutorial

The document presents a balance sheet and income statement for the years 2016 to 2018, detailing assets, liabilities, and equity changes over the period. Key financial metrics include revenue growth, net income increase, and changes in net operating assets (NOA) and net financial obligations (NFO). The effective tax rate decreased from 24% in 2016 to 18% in 2018, indicating improved profitability.

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Huy Nguyen Viet
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18 views3 pages

Week 2 Tutorial

The document presents a balance sheet and income statement for the years 2016 to 2018, detailing assets, liabilities, and equity changes over the period. Key financial metrics include revenue growth, net income increase, and changes in net operating assets (NOA) and net financial obligations (NFO). The effective tax rate decreased from 24% in 2016 to 18% in 2018, indicating improved profitability.

Uploaded by

Huy Nguyen Viet
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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Balance Sheet

2016 2017 2018


OA 35,457 39,166 61,312
Tangible 9,976 11,441 16,672
Intangible 12,505 12,828 26,909
Trade receivable 3,090 3,758 4,430
Inventory 2,187 2,354 2,650
Other 7,699 8,785 10,651
OL 10,652 11,370 18,089
Trade payables 1,370 1,410 1,887
Deferred taxes 794 1,484 4,163
Other 8,488 8,476 12,039
NOA 24,805 27,796 43,223
NFO 4,333 2,450 11,906
FO 9,312 11,859 23,417
Current debt 6,531 6,800 9,376
Non-current debt 2,781 5,059 14,041
FA 4,979 9,409 11,511
Cash & marketable securities 4,979 9,409 11,511
CSE 20,472 25,346 31,317
NFO+CSE 24,805 27,796 43,223

2017 2018
Change in NOA 2,991 15,427
Change in NFO (1,883) 9,456
Change in CSE 4,874 5,971
Income Statement
2016 2017 2018
Revenue 31,944 31,006 35,200
COGS 10,146 9,864 11,234
Gross profit 21,798 21,142 23,966
Operating expenses 13,057 12,724 14,882
Other income 53 92 5,312
Other expenses 1,976 253 887
Net exceptional items 726 781 1,025
Operating income 7,544 9,038 14,534
Tax on operating income 1,658 2,063 2,436
OIAT 5,886 6,975 12,098
NFEAT 79 69 239
Net income 5,807 6,906 11,859

2016 2017 2018


Effective tax rate 24% 25% 18%
Tax shield 26 23 52
Payments to debtholders (F) 1,952 (9,217)
Payment to equity holders (D) 2,032 5,888
FCF 3,984 (3,329)
NFEAT-∆NFO
NI-∆CSE
F+D

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