杠杆收购财务分析模型

1、JB Hunt Transport Services, Inc.Assumptions PageModel SettingsCompany NameJB Hunt Transport Services, Inc.Fiscal Year EndDecember 31Financial Format (1=Millions, 0=Thousands)0First Year of Audited Financials1995Income Statement AssumptionsAssumptionInputCommentTax Rate (Effective)38.00%Fys 1996 &

2、; 1997 at both 38%Growth Rates for Net Sales:19982.00%19992.00%20002.00%20012.00%20022.00%Costs & Other Items as a % of SalesCost of Goods Sold199885.00%199885.00%199985.00%200085.00%200185.00%SG&A19982.75%Average of FY 1996 & 199719992.67%Decreasing Trend - 3%/Year20002.59%Decreasing Tr

3、end - 3%/Year20012.51%Decreasing Trend - 3%/Year20022.43%Decreasing Trend - 3%/YearInterest Expense as a % of LT Debt7.45%3 Year AverageInt inc4.00%Depreciation as % of Beginning Net PPE15.95%3 Year AverageBalance Sheet AssumptionsAssumptionInputCommentAssets Current AssetsCash & Equivalents0.27

4、%Percentage of Sales (3 Yr. Avg)Net Receivables10.88%Percentage of Sales (3 Yr. Avg)Inventories0.29%Percentage of Sales (3 Yr. Avg)Prepaid Expenses1.38%Percentage of Sales (3 Yr. Avg)Other Current Assets0.61%Percentage of Sales (3 Yr. Avg)Net PPE51.26%Percentage of Sales (Prior Year - 1997)Other Inv

5、estments0.28%Percentage of Sales (3 Yr. Avg)Other Assets1.35%Percentage of Sales (3 Yr. Avg)LiabilitiesCurrent LiabilitiesAccounts Payable7.07%Percentage of Sales (3 Yr. Avg)Accrued Payroll Expense0.91%Percentage of Sales (3 Yr. Avg)Other Current Liabilities3.13%Percentage of Sales (3 Yr. Avg)Non-Cu

6、rrent LiabilitiesLong-Term Debt35.45%Percentage of Total Assets (3 Yr. Avg) Deferred Taxes9.23%Percentage of Sales (3 Yr. Avg)Other Liabilities0.95%Percentage of Sales (3 Yr. Avg)JB Hunt Transport Services, Inc.Consolidated Statements of Income(Dollars in Thousands Except Per Share Data)199519961997

7、1998E1999E2000E2001E2002ENet Sales$1,352,2251,486,7481,554,2921,585,3781,617,0851,649,4271,682,4161,716,064Cost of Goods Sold1,135,5161,254,4971,344,5101,347,5711,374,5231,402,0131,430,0531,458,654Gross Profit216,709232,251209,782237,807242,563247,414252,362257,410Depreciation & Amortization130,

8、265124,931130,661127,091129,620132,212134,857137,554SG&A47,80346,95736,21143,59843,13642,67942,22641,779Total Operating Expenses178,068171,888166,872170,689172,756174,891177,083179,332Operating Income (EBIT)38,64160,36342,91067,11869,80772,52375,28078,077Int. Exp.24,79024,69424,57827,76628,32128

9、,88829,46630,055Other Income/(Expense)17,2960000000Total Other Expenses42,08624,69424,57827,76628,32128,88829,46630,055Income Before Taxes-3,44535,66918,33239,35241,48643,63545,81448,022Provision for Income Taxes-1,27513,5546,96614,95415,76516,58117,40918,248Net Income Before Extraordinary Items$-2,

10、17022,11511,36624,39825,72127,05428,40529,774Extraordinary Items & Discontinued Operations00000000Net Income$-2,17022,11511,36624,39825,72127,05428,40529,774JB Hunt Transport Services, Inc.Consolidated Balance Sheets(Dollars in Thousands Except Per Share Data)Year Ended December 31,Assets1995199

11、619971998E1999E2000E2001E2002ECurrent AssetsCash & Equivalents$4,2603,7863,7014,2814,3664,4534,5434,633Net Receivables148,983159,783169,198172,545175,996179,516183,106186,769Inventories06,7726,3394,5624,6544,7474,8424,938Prepaid Expenses23,66420,76615,66621,95622,39522,84323,30023,766Other Curre

12、nt Assets10,17111,0005,0489,6019,7939,98910,18910,393Total Current Assets187,078202,107199,952212,945217,204221,548225,979230,498Other Investments2,3154,6305,4084,3894,4774,5664,6584,751Net PP&E809,010813,253796,807812,665828,918845,496862,406879,654Other Assets18,37920,93519,75221,34021,76622,2

13、0222,64623,099Total Non-Current Assets829,704838,818821,967838,393855,161872,265889,710907,504Total Assets$1,016,7821,040,9251,021,9191,051,3381,072,3651,093,8121,115,6891,138,002Liabilities1995199619971998E1999E2000E2001E2002ECurrent LiabilitiesAccounts Payable$90,12783,846138,509112,118114,360116,

14、648118,981121,360Accrued Payroll Expense11,08312,85216,09614,37214,66014,95315,25215,557Other Current Liabilities53,07949,69232,98349,62150,61351,62552,65853,711Total Current Liabilities154,289146,390187,588176,111179,633183,226186,890190,628Non-Current LiabilitiesLong-Term Debt369,325382,321340,290

15、372,699380,153387,757395,512403,422Deferred Taxes122,729142,159140,909146,402149,330152,317155,363158,471Other Liabilities13,50012,80015,16814,98315,28215,58815,90016,218Total Non-Current Liabilities505,554537,280496,367534,085544,766555,662566,775578,110Total Liabilities659,843683,670683,955710,196

16、724,399738,887753,665768,738Shareholders Equity356,939357,255337,964341,143347,966354,925362,024369,264Total Liabilities and Shareholders Equity$1,016,7821,040,9251,021,9191,051,3381,072,3651,093,8121,115,6891,138,002Return on Equity6.19%3.27%7.19%7.47%7.70%7.92%8.14%Debt as a % of Total Assets36.73

17、%33.30%35.45%35.45%35.45%35.45%35.45%Common Size Balance Sheets(As a Percentage of Net Sales)Assets199519961997AverageCurrent AssetsCash & Equivalents0.32%0.25%0.24%0.27%Net Receivables11.02%10.75%10.89%10.88%Inventories0.00%0.46%0.41%0.29%Prepaid Expenses1.75%1.40%1.01%1.38%Other Current Assets

18、0.75%0.74%0.32%0.61%Total Current Assets13.83%13.59%12.86%13.43%Other Investments0.17%0.31%0.35%0.28%Net PP&E59.83%54.70%51.26%55.26%Other Assets1.36%1.41%1.27%1.35%Total Non-Current Assets61.36%56.42%52.88%56.89%Total Assets75.19%70.01%65.75%70.32%Liabilities199519961997AverageCurrent Liabiliti

19、esAccounts Payable6.67%5.64%8.91%7.07%Accrued Payroll Expense0.82%0.86%1.04%0.91%Other Current Liabilities3.93%3.34%2.12%3.13%Total Current Liabilities11.41%9.85%12.07%11.11%Non-Current LiabilitiesLong-Term Debt27.31%25.72%21.89%24.97%Deferred Taxes9.08%9.56%9.07%9.23%Other Liabilities1.00%0.86%0.98

20、%0.95%Total Non-Current Liabilities37.39%36.14%31.94%35.15%Total Liabilities48.80%45.98%44.00%46.26%Shareholders Equity26.40%24.03%21.74%24.06%Total Liabilities and Shareholders Equity75.19%70.01%65.75%70.32%Debt as % of Total Assets36.32%36.73%33.30%35.45%Depreciation as % of Beginning Net PPE16.10

21、%15.36%16.40%15.95%JB Hunt Transport Services, Inc.Consolidated Statements of Cash Flows(Dollars in Thousands Except Per Share Data)Year Ended December 31,1998E1999E2000E2001E2002ECash Flows From OperationsNet Income$24,39825,72127,05428,40529,774Depreciation & Amortization127,091129,620132,2121

22、34,857137,554(Increase) Decrease in Net Receivables-3,347-3,451-3,520-3,590-3,662(Increase) Decrease in Inventory1,777-91-93-95-97(Increase) Decrease in Prepaid Expenses-6,290-439-448-457-466(Increase) Decrease in Other Current Assets-4,553-192-196-200-204(Increase) Decrease in Other Investments1,019-88-90-91-93Increase (Decrease) in Current Liabilities-11,4773,5223,