Commercial Banking Virtual Experience Programme.xlsx

	A	B	C	D	F	G	H	I
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2	Participant name:	Adrian, Ridho
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4	Davis Industries - Financial Summary
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6		FYE July 31,				FYE July 31,
7	$ in millions	2015	2016	2017	$ in millions	2015	2016	2017
8	Income Statement:				Cash Flow Statement:
9	Revenue	$353.1	$415.8	$480.3	Cash flow from operations	$39.1	$49.0	$59.9
10	% growth		17.7%	15.5%	Capital expenditures	(7.9)	(11.4)	(16.8)
11					Free Cash Flow	31.1	37.5	43.1
12	Cost of Goods Sold	188.0	215.2	242.5
13	Gross Profit	165.1	200.6	237.7	Acquisitions	(20.4)	(65.0)	(43.8)
14	Gross margin	46.8%	48.3%	49.5%
15					Dividends paid	(2.6)	(3.1)	(3.6)
16	Total operating expenses	116.3	142.6	172.9
17	Operating income	48.8	58.0	64.8	EBITDA calculation:
18	Operating margin	13.8%	14.0%	13.5%	Adjusted EBITDA	$70.2	$86.3	$99.8
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20	Net income	27.8	34.9	40.8	Credit ratios:
21	Net profit margin	7.9%	8.4%	8.5%	Total Debt / EBITDA	1.1x	1.3x	1.3x
22					Debt to total capitalization	25.9%	31.7%	30.3%
23	Balance Sheet:				FCF / Total Debt	39.7%	32.4%	34.2%
24	Cash and cash equivalents	$19.8	$26.8	$32.5
25	Accounts receivable	43.5	58.4	69.1
26	Inventory	45.1	57.3	61.8
27	Total assets	365.0	443.3	501.1
28	Accounts payable	10.1	16.4	17.2
29	Total debt	78.5	116.0	126.0
30	Equity	224.6	249.7	289.8
31	Liabilities and equity	365.0	443.3	501.1
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