Chỉ tiêu ngành công nghiệp là trung bình dựa trên hiệu suất của các công ty đại chúng hướng dẫn được trình bày trong trường hợp này cho năm tài chính gần nhất Triển lãm 16-6 xuất bản Đức Hồng Y: Tỷ lệ Tóm tắt thông tin tài chính của báo cáo tài chính lịch sử | 266 Exhibit 16-6 Cardinal Publishing Financial Ratio Summary of Historical Financial Statements Industry Nornf Year 1 Yea r 2 Yea r 3 Yea r 4 Year 5 Current Assets Current Liabilities Current Assets Less Inventory Current Liabilities Sales Receivables Cost of Sales Inventory Cost of Sales Accounts Payable Total Debt Total Debt and Equity EBIT Interest Expense Profit Before Taxes Totai Assets Profit Before Taxes Total Equity Sales Net Fixed Assets Sales Total Assets Sales to Working Capital The industry norm is averages based on a performance of the five guideline public companies presented in this case for the latest fiscal year. Computation of the Stand-Alone Fair Market Value 267 Exhibit 16-7 Normalized Net Income Years 1 through 5 Invested Capital Basis in thousands Year 1 Year 2 Year 3 Year 4 Year 5 Pretax Income to Invested Capital aka EBIT a 6 250 6 600 7 200 8 800 6 900 Adjustments0 Excess Officer s Compensation 600 750 800 750 750 Gain on Sale of Land 0 0 0 -1 500 0 Total Adjustments 600 750 800 -750 750 Adjusted Pretax Income to Invested Capitala aka adjusted EBIT 6 850 7 350 8 000 8 050 7 650 Normalized Pretax Income to Invested Capitalc 8 000 Income Taxes Federal and State estimated at 40 d 3 200 Normalized Net Income Applicable to Invested Capital 4 800 a Invested capital is income before the subtraction of interest expense so it is the return to debt and equity capital providers. b Adjustments The support and research related to the normalization adjustments are described in the narrative portion of the case. c This amount was judgmentally selected as representative of Cardinal s long-term operating performance as of the end of Year 5. .
