Contabilidade

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CASE NEW HERITAGE DOLL COMPANY

        De acordo com os dados fornecidos, existem dois projetos de investimento distintos, a saber: o Match My Doll Clothing Line Extension e Design Your Own Doll. Vale apregoar, in limine, que a taxa de imposto de renda (taxes) aplicada aos EBIT’s dos dois projetos foi de 40%. Por isso, em ambos, os valores lançados em NOPAT representam o EBIT menos as TAXES, lançados, portanto, de forma direta.

Realizando o orçamento de capital do primeiro projeto é possível estimar os seguintes valores, até o ano de 2020:

			2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Revenue		4.500	6.860	8.409	9.082	9.808	10.593	11.440	12.355	13.344	14.411
Revenue Growth		NA	52,4%	22,6%	8,0%	8,0%	8,0%	8,0%	8,0%	8,0%	8,0%
Production Costs
Fixed Production Expense (excl depreciation)		575	575	587	598	610	622	635	648	660	674
Variable Production Costs		2.035	3.404	4.291	4.669	5.078	5.521	6.000	6.519	7.079	7.685
Depreciation		152	152	152	152	164	178	192	207	224	242
Total Production Costs	0	2.762	4.131	5.029	5.419	5.853	6.321	6.827	7.373	7.963	8.600
Selling, General & Administrative	1.250	1.155	1.735	2.102	2.270	2.452	2.648	2.860	3.089	3.336	3.603
Total Operating Expenses	1.250	3.917	5.866	7.132	7.690	8.305	8.969	9.687	10.462	11.299	12.203
Operating Profit	-1.250	583	994	1.277	1.392	1.503	1.623	1.753	1.893	2.045	2.209
Working Capital Assumptions:
Minimum Cash Balance as % of Sales			3,0%	3,0%	3,0%	3,0%	3,0%	3,0%	3,0%	3,0%	3,0%	3,0%
Days Sales Outstanding			59,2x	59,2x	59,2x	59,2x	59,2x	59,2x	59,2x	59,2x	59,2x	59,2x
Inventory Turnover (prod. cost/ending inv.)		7,7x	8,3x	12,7x	12,7x	12,7x	12,7x	12,7x	12,7x	12,7x	12,7x
Days Payable Outstanding (based on tot. op. exp.)		30,8x	30,9x	31,0x	31,0x	31,0x	31,0x	31,0x	31,0x	31,0x	31,0x
Capital Expenditures	1.470	952	152	152	334	361	389	421	454	491	530
Growth in capex		-35,2%	-84,0%	0,0%	119,3%	8,0%	8,0%	8,0%	8,0%	8,0%	8,0%
Ending PP&E											3.890
Net Working Capital Accounts	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Cash		135	206	252	272	294	318	343	371	400	432
Accounts Receivable		729	1112	1363	1472	1590	1717	1855	2003	2163	2336
Inventory		360	500	396	427	461	498	538	581	627	677
Accounts Payable		317	484	593	640	692	747	807	871	941	1016
Net Working Capital	800	907	1334	1418	1531	1653	1786	1929	2083	2250	2429
ΔNWC		107	427	84	113	122	132	143	154	167	180
NWC/Sales		0,202	0,195	0,169	0,169	0,169	0,169	0,169	0,169	0,169	0,169
Ending Capital		6.320

        

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