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Question 2 (25 marks) NVIDIA Berhad financial statements are presented below. Analysts forecast that its 2021 sales will be RM8,260. The expected 2021 tax rate will be 17.35%. Assume the firm pays 5% interest on short-term debt and 7% on long term debt. Sales Cost of Goods Sold Gross Income Research & Development Other SG&A Depreciation Expense Other Operating Expense EBIT (Operating Income) Nonoperating Income - Net Interest Expense Unusual Expense - Net Pretax Income Income Taxes Net Income NVIDIA Corporation Income Statement (RM in Millions) For the Years 2015 to 2020 Jan-20 Jan-19 Jan-18 Jan-17 6,910 5,010 4.682 4,130 2,648 2,002 1.862 1,623 4.262 3,008 2.820 2,507 1.463 1.331 1.360 1.336 641 532 443 436 187 197 220 239 2 0 0 0 1,969 948 796 496 50 43 42 58 46 10 56 201 37 0 1,905 743 755 510 239 129 124 70 1,666 614 631 440 Jan-16 4.280 1,828 2,453 1.147 431 226 0 648 17 Jan-15 3,998 1,743 2,255 984 398 204 0 669 7 3 9 0 662 100 563 663 82 581 Dividends per Share Shares Outstanding Tax Rate 0.49 0.40 0.34 0.31 0.08 0.00 649.00 569.00 563.07594.52 624.96 616.37 12.55% 17.36% 16.46% 13.77% 15.03% 12.41% NVIDIA Corporation Balance Sheet (RM in Millions) For the Years 2015 to 2020 Jan-20 Jan-19 Jan-18 Jan-17 Jan 16 Jan 15 Assets Cash Short-Term Investments Accounts Receivable Inventories Other Current Assets Total Current Assets Gross Plant & Equipment Accumulated Depreciation Net Plant & Equipment Other Assets Total Assets Liabilities & Shareholders' Equity ST Debt & Current Portion LT Debt Accounts Payable Other Current Liabilities Total Current Liabilities Long-Term Debt Other Liabilities Total Liabilities Common Equity Total Liabilities & Shareholders' Equity 1.766 5,032 826 794 118 8,536 1.191 670 527 784 9,841 596 4.441 SOS 418 93 6,053 1.100) 634 466 851 7,370 497 4.122 474 483 133 5,713 1.179 1.151 3,521 426 388 139 5,625 1,283 700 583 1,043 7,251 431 3,297 454 420 173 4.775 1.289 713 576 1.061 6,412 253 2.876 336 340 99 3,905 1.157 596 560 1,087 5,553 557 931 7,201 800.0 485.0 503,0 1,788.0 2,020 271 4,079 5,762 9,841 1,413.0 296.0 642.0 2.351.0 97 453 2,901 4.469 7,370 0,0 293.2 602.8 896.0 1.398 489 2,783 4,418 7,201 2.9 3244 621.1 948.4 1.371 475 2,794 4,456 7,251 00 356.4 619.8 976.2 19 589 1,585 4,828 0.0 335.1 $94.9 930.0 21 1,407 4,146 5,553 a) Use your judgement to forecast the items on the income statement and balance sheet with the percent of sales method. What is the discretionary financing needed in 2021? Is this a surplus or deficit? Assume that the dividends per share will be RM0.54 and the number of shares will be the same as in 2020. (20 marks) b) Assume that DFN will be absorbed by long-term debt and that the interest rate is 2.5% of the sum of LTD and short-term debt. Set up an iterative worksheet to eliminate it. (5 marks) Question 2 (25 marks) NVIDIA Berhad financial statements are presented below. Analysts forecast that its 2021 sales will be RM8,260. The expected 2021 tax rate will be 17.35%. Assume the firm pays 5% interest on short-term debt and 7% on long term debt. Sales Cost of Goods Sold Gross Income Research & Development Other SG&A Depreciation Expense Other Operating Expense EBIT (Operating Income) Nonoperating Income - Net Interest Expense Unusual Expense - Net Pretax Income Income Taxes Net Income NVIDIA Corporation Income Statement (RM in Millions) For the Years 2015 to 2020 Jan-20 Jan-19 Jan-18 Jan-17 6,910 5,010 4.682 4,130 2,648 2,002 1.862 1,623 4.262 3,008 2.820 2,507 1.463 1.331 1.360 1.336 641 532 443 436 187 197 220 239 2 0 0 0 1,969 948 796 496 50 43 42 58 46 10 56 201 37 0 1,905 743 755 510 239 129 124 70 1,666 614 631 440 Jan-16 4.280 1,828 2,453 1.147 431 226 0 648 17 Jan-15 3,998 1,743 2,255 984 398 204 0 669 7 3 9 0 662 100 563 663 82 581 Dividends per Share Shares Outstanding Tax Rate 0.49 0.40 0.34 0.31 0.08 0.00 649.00 569.00 563.07594.52 624.96 616.37 12.55% 17.36% 16.46% 13.77% 15.03% 12.41% NVIDIA Corporation Balance Sheet (RM in Millions) For the Years 2015 to 2020 Jan-20 Jan-19 Jan-18 Jan-17 Jan 16 Jan 15 Assets Cash Short-Term Investments Accounts Receivable Inventories Other Current Assets Total Current Assets Gross Plant & Equipment Accumulated Depreciation Net Plant & Equipment Other Assets Total Assets Liabilities & Shareholders' Equity ST Debt & Current Portion LT Debt Accounts Payable Other Current Liabilities Total Current Liabilities Long-Term Debt Other Liabilities Total Liabilities Common Equity Total Liabilities & Shareholders' Equity 1.766 5,032 826 794 118 8,536 1.191 670 527 784 9,841 596 4.441 SOS 418 93 6,053 1.100) 634 466 851 7,370 497 4.122 474 483 133 5,713 1.179 1.151 3,521 426 388 139 5,625 1,283 700 583 1,043 7,251 431 3,297 454 420 173 4.775 1.289 713 576 1.061 6,412 253 2.876 336 340 99 3,905 1.157 596 560 1,087 5,553 557 931 7,201 800.0 485.0 503,0 1,788.0 2,020 271 4,079 5,762 9,841 1,413.0 296.0 642.0 2.351.0 97 453 2,901 4.469 7,370 0,0 293.2 602.8 896.0 1.398 489 2,783 4,418 7,201 2.9 3244 621.1 948.4 1.371 475 2,794 4,456 7,251 00 356.4 619.8 976.2 19 589 1,585 4,828 0.0 335.1 $94.9 930.0 21 1,407 4,146 5,553 a) Use your judgement to forecast the items on the income statement and balance sheet with the percent of sales method. What is the discretionary financing needed in 2021? Is this a surplus or deficit? Assume that the dividends per share will be RM0.54 and the number of shares will be the same as in 2020. (20 marks) b) Assume that DFN will be absorbed by long-term debt and that the interest rate is 2.5% of the sum of LTD and short-term debt. Set up an iterative worksheet to eliminate it