1) Compute the NOPLAT for 2017 with direct method. 2) Compute the following variables for 2017

EBT

EBITA

CASH TAX

FCF

NET INCOME

Invested Capital 2016 consistently with FCF calculation

3) Write down the formula and answer to the following ratios from the above calculations. The answers should be consistent with the value driver formula.

GROWTH of SALES

Net investment Formula

INVESTMENT RATE

ROIC

Growth

items from income and cash flow statements (millions NOK) Sales Operating expenses (excl. depr. and amort.) Depreciation and Amortization Interest expenses Interest income Dividends One time Capex on new plant construction Capital expenditure (Capex) 2016 110.0 54.5 17.0 12.4 2.0 2.0 80.0 17.0 2017 (pro forma) 121.0 57.5 17.5 13.0 3.0 3.0 0.0 18.7 Consolidated Balance Sheet (millions NOK) Cash and marketable securities Accounts receivable Inventory Goodwill and intangible assets Cummulative amortization and impairment PPE 2.0 15.0 19.0 10.0 225.0 170.0 0.5 13.0 20.5 14.0 226.0 172.2 1.0 447.2 29.0 210.0 deferred tax assets TOTAL ASSETS Accounts payable Book value of debt Common equity Taxes payable 442.5 26.0 200.0 187.5 25.0 34.0 deferred tax liabilities TOTAL LIABILITIES and EQUITY 442.5 447.2 Necessary cash as t of sales 2.5% 2.5% ate tax rate 2016 10.0 2.0 2017 Goodwill and intangible assets Goodwill and intangible assets Amortization 14.0