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Assumptions 2016 Complete a forecast fore 2017 for Chipotle. Indicate implications for External financing Needed (EFN) and the choice of financing form if the company will need one. Sales Growth Rentention ratio Taxes Payout ratio 100% 40.79% 0.00% 2017 20% 75% 21.00% 25.00% % of sales % of sales $78,363 $203,430 $281,793 $18,944 $322873 $341817 $623,610 CMG Income Statement (IS) as of 12/31/2016 Total Revenue Direct Costs Gross Profit $498,214 Selling General & Admin $276,240 Depreciation & Amortization $ 146,368 Other Operating Expense $41,039 Total Indirect Operating Costs $463,647 Operating Income $34,567 Total Non-Operating Income $4,172 Earnings Before Tax $38,739 Taxation Net Income Average Shares Basic 29,265 EPS Net Basic $0.000 Average Shares Diluted 29,770 EPS Net Diluted $0.000 Shares Outstanding 28,814 Chipotle Mexican Grill Inc. (CMG) Standardized Balance Sheet (B/S) as of 12/31/2016 Current Assets % of sales STOCKHOLDERS LIABILITY Cash & Equivalents $87,880 Accounts Payable Short Term Investments $329,836 Accrued Expenses Cash & Equivs & ST Investments $417,716 Total Current Liabilities Receivables (ST) $40,451 Deferred LT Liabilities Inventories $15,019 Other Liabilities Current Tax Assets $5,108 TotalLT liabilities Other Current Assets $44,080 Total Liabilities Total Current Assets $104,658 Stockholder's Equity Fixed Assets Common Share & Additional Paid-In Capital Gross Property Plant & Equip $2,149,027 Retained Earnings Accumulated Depreciation $845,469 Accum Other Comprehensive Income Net Property Plant & Equip $1,303,558 Total retained Earnings Long Term Investments $125,055 Treasury Stock Intangible Assets $21,939 For Curr Trans (BS) Other Assets $53,177 Other Equity Total Fixed Assets Total Equity Total Assets $1,503,729 Total Liabilities & Equity $1,239,233 $2,220,811 $8,162 $3,451,882 $2,049,389 $8,042 $8,042 $5,501,271 -$4,877,661 % of sales % of sales CMG Pro-Forma Income Statement (2017) Total Revenue Direct Costs Gross Profit Selling General & Admin Depreciation & Amortization Other Operating Expense Total Indirect Operating Costs Operating Income Total Non-Operating Income Earnings Before Tax Taxation Net Income Average Shares Basic 29,265 EPS Net Basic $0.000 Average Shares Diluted 29,770 EPS Net Diluted $0.000 Shares Outstanding 28,814 Current Assets Cash & Equivalents Short Term Investments Cash & Equivs & ST Investments Receivables (ST) Inventories Current Tax Assets Other Current Assets Total Current Assets Fixed Assets Gross Property Plant & Equip Accumulated Depreciation Net Property Plant & Equip Long Term Investments Intangible Assets Other Assets Total Fixed Assets Total Assets Chipotle Mexican Grill Inc. Pro-Forma Balance Sheet (2017) % of sales STOCKHOLDERS LIABILITY & EQUITY Accounts Payable Accrued Expenses Total Current Liabilities Deferred LT Liabilities Other Liabilities TotalLT liabilities Total Liabilities Stockholder's Equity Common Share & Additional Paid-In Capital Retained Earnings Accum Other Comprehensive Income Total retained Earnings Treasury Stock For Curr Trans (BS) Other Equity Total Equity Total Liabilities & Equity Will Chipotle need external Financing (EFN) from the pro-forma estimates? If so, how much EFN will chipotle need (account for addition of retained earnings) Assumptions 2016 Complete a forecast fore 2017 for Chipotle. Indicate implications for External financing Needed (EFN) and the choice of financing form if the company will need one. Sales Growth Rentention ratio Taxes Payout ratio 100% 40.79% 0.00% 2017 20% 75% 21.00% 25.00% % of sales % of sales $78,363 $203,430 $281,793 $18,944 $322873 $341817 $623,610 CMG Income Statement (IS) as of 12/31/2016 Total Revenue Direct Costs Gross Profit $498,214 Selling General & Admin $276,240 Depreciation & Amortization $ 146,368 Other Operating Expense $41,039 Total Indirect Operating Costs $463,647 Operating Income $34,567 Total Non-Operating Income $4,172 Earnings Before Tax $38,739 Taxation Net Income Average Shares Basic 29,265 EPS Net Basic $0.000 Average Shares Diluted 29,770 EPS Net Diluted $0.000 Shares Outstanding 28,814 Chipotle Mexican Grill Inc. (CMG) Standardized Balance Sheet (B/S) as of 12/31/2016 Current Assets % of sales STOCKHOLDERS LIABILITY Cash & Equivalents $87,880 Accounts Payable Short Term Investments $329,836 Accrued Expenses Cash & Equivs & ST Investments $417,716 Total Current Liabilities Receivables (ST) $40,451 Deferred LT Liabilities Inventories $15,019 Other Liabilities Current Tax Assets $5,108 TotalLT liabilities Other Current Assets $44,080 Total Liabilities Total Current Assets $104,658 Stockholder's Equity Fixed Assets Common Share & Additional Paid-In Capital Gross Property Plant & Equip $2,149,027 Retained Earnings Accumulated Depreciation $845,469 Accum Other Comprehensive Income Net Property Plant & Equip $1,303,558 Total retained Earnings Long Term Investments $125,055 Treasury Stock Intangible Assets $21,939 For Curr Trans (BS) Other Assets $53,177 Other Equity Total Fixed Assets Total Equity Total Assets $1,503,729 Total Liabilities & Equity $1,239,233 $2,220,811 $8,162 $3,451,882 $2,049,389 $8,042 $8,042 $5,501,271 -$4,877,661 % of sales % of sales CMG Pro-Forma Income Statement (2017) Total Revenue Direct Costs Gross Profit Selling General & Admin Depreciation & Amortization Other Operating Expense Total Indirect Operating Costs Operating Income Total Non-Operating Income Earnings Before Tax Taxation Net Income Average Shares Basic 29,265 EPS Net Basic $0.000 Average Shares Diluted 29,770 EPS Net Diluted $0.000 Shares Outstanding 28,814 Current Assets Cash & Equivalents Short Term Investments Cash & Equivs & ST Investments Receivables (ST) Inventories Current Tax Assets Other Current Assets Total Current Assets Fixed Assets Gross Property Plant & Equip Accumulated Depreciation Net Property Plant & Equip Long Term Investments Intangible Assets Other Assets Total Fixed Assets Total Assets Chipotle Mexican Grill Inc. Pro-Forma Balance Sheet (2017) % of sales STOCKHOLDERS LIABILITY & EQUITY Accounts Payable Accrued Expenses Total Current Liabilities Deferred LT Liabilities Other Liabilities TotalLT liabilities Total Liabilities Stockholder's Equity Common Share & Additional Paid-In Capital Retained Earnings Accum Other Comprehensive Income Total retained Earnings Treasury Stock For Curr Trans (BS) Other Equity Total Equity Total Liabilities & Equity Will Chipotle need external Financing (EFN) from the pro-forma estimates? If so, how much EFN will chipotle need (account for addition of retained earnings)