Beruflich Dokumente
Kultur Dokumente
126.3%
All Figures in USD Million
1997 Growth Rate
1997 1996
Current Assets:
Cash 83 66
Short Term Investments 591 484
Accounts Receivables, net 1089 820
Inventories 644 447
Other 234 171
Total Current Assets 2640 1987
P P & E, net 269 178
Other 18 11
Total Assets 2927 2176
Shareholders' Equity:
Preferred Stock (Note a) 6 120
Common Stock (Note a) 430 242
Retained Earnings 978 538
Other -33 -21
Total Stockholders' Equity 1381 879
Analysis
Projected
1997
Total Assets 2927
Operating Assets 2336
ST Investments 591
Total Liabilities 1409
Operating Liabilities 1706
Total Equity 1381
Funds (Debt+ Equity) 3087
Long Term Debt -48
1996
Operating Assets/Sales 29%
Notes
1. Sufficient Funds Available to Finance increase in Operating Assets and
2. Sufficient Funds Available to Finance increase in Operating Assets and
3. Sufficient Funds Available to Finance increase in Operating Assets and
50%
1996 1995
55 -11 1% 4 43 1% 39
591 107 11% 334 484 14% -484
726 -94 14% 497 538 15% -538
429 -18 8% 266 293 8% -293
156 -15 3% 97 112 3% -112
1957 -30 37% 1198 1470 42% -1470
179 1 3% 105 117 3% -117
12 1 0% 6 7 0% -7
2148 -28 41% 1309 1594 46% -1594
increase in Operating Assets and Short Term Investment in 1995. So Business is very efficient in WC management. So No External Invest
increase in Operating Assets and Short Term Investment in 1996. So Business is very efficient in WC management. So No External Invest
increase in Operating Assets and Short Term Investment in 1997. So Business is very efficient in WC management. So No External Invest
1994
%
Actual B/S Ratio(of Assumptions for Projections
Sales)
0 0% No change
324 11% No change
171 6% Retained Earnings+ Net Profit Projected
-23 -1% No change
471 16%
Note
454
304
0
113
273
137
410 Funds needed to Finance increase in Operating Assets+ ST investments
7
Low component inventory reduces obsolescence risk and lowers inventory cost.
Value of inventory reduces 30% p.a.
Risk of
1994 1995 Obscelence@30%
Dell 11% 9% 3%
Apple 16% 20% 6%
Compaq 23% 15% 4%
IBM
n USD Million
DSI(Dell)/DSI(Competition) Note
1.0
1.7
2.3 Competition maintains twice the inventory
1.5
92
47