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1 Assignment brief
2 1 Select any manufacturingl firm listed in Pakistan stock market.
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4 2 Latest annual report But not less then 2022 financial year of your company to calculate the
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6 3 Information of the company can be obtained from www.Investing.com
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8 4 Company name must be share to the CR till 11:55 P.M. 20-03-2024 after that no company
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10 5 Once the company is selected by the individual will not change and neither anyone else can
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12 6 No excuse will be entertain who fail to compliance with above guidelince
 H I J K L M N O P
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of your company
4 to calculate the excel sheet.from1 to 3
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0-03-2024 after
8 that no company name will be accepted and assignment will be awarded "0" marks
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ange and neither
10 anyone else can select it. Moreover, company name will be given on first come basis.
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warded "0" marks
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on first come
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 A B C D E
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3 STUDENT NAME Syed Hasan
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5 ENROLEMENT # 02-112221-089
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7 COMPANY NAME GlaxoSmithKline Pakistan Ltd (GLAX)
 A B C D E F
1 SETTING UP THE FINANCIAL STATEMENT MODEL
2 Sales growth 10%
3 Current assets/Sales 15%
4 Current liabilities/Sales 8%
5 Net fixed assets/Sales 77%
6 Costs of goods sold/Sales 50%
7 Depreciation rate 10%
8 Interest rate on debt 10.00%
9 Interest earned on cash and marketable securities 8.00%
10 Tax rate 40%
11 Dividend payout ratio 40%
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13 Year 0 1 2 3 4
14 Income statement
15 Sales 11,747 12,922 14,214 15,635 17,199
16 Costs of goods sold 5,874 6,461 7,107 7,818 8,599
17 Interest payments on debt (375) 299 1,060 1,915 2,875
18 Interest earned on cash and marketable securities 17 (69) (165) (269) (384)
19 Depreciation (935) (1,139) (1,376) (1,650) (1,968)
20 Profit before tax 16,328 18,473 20,840 23,449 26,322
21 Taxes (6,531) (7,389) (8,336) (9,379) (10,529)
22 Profit after tax 9,797 11,084 12,504 14,069 15,793
23 Dividends (3,919) (4,434) (5,002) (5,628) (6,317)
24 Retained earnings 5,878 6,650 7,502 8,442 9,476
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26 Balance sheet 0 1 2 3 4
27 Cash and marketable securities 212 (868) (2,057) (3,365) (4,803)
28 Current assets 1,762 1,938 2,132 2,345 2,580
29 Fixed assets
30 At cost 9,345 11,389 13,759 16,504 19,676
31 Depreciation (300) (1,439) (2,815) (4,465) (6,433)
32 Net fixed assets 9,045 9,950 10,945 12,039 13,243
33 Total assets 11,020 11,020 11,020 11,020 11,020
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35 Current liabilities 940 1,034 1,137 1,251 1,376
36 Debt 3,752 (2,992) (10,598) (19,154) (28,754)
37 Stock 450 450 450 450 450
38 Accumulated retained earnings 5,878 12,528 20,031 28,472 37,948
39 Total liabilities and equity 11,020 11,020 11,020 11,020 11,020
 G
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15 18,919
16 9,459
17 3,951
18 (511)
19 (2,333)
20 29,484
21 (11,794)
22 17,691
23 (7,076)
24 10,614
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26 5
27 (6,385)
28 2,838
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30 23,334
31 (8,766)
32 14,567
33 11,020
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35 1,513
36 (39,506)
37 450
38 48,563
39 11,020
 A B C D E
1 FIRST FINANCIAL MODEL
2 Sales growth 10%
3 Current assets/Sales 15%
4 Current liabilities/Sales 8%
5 Net fixed assets/Sales 77%
6 Costs of goods sold/Sales 50%
7 Depreciation rate 10%
8 Interest rate on debt 10.00%
9 Interest earned on cash and marketable securities 8.00%
10 Tax rate 40%
11 Dividend payout ratio 40%
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13 Year 0 1 2 3
14 Income statement
15 Sales 11,747 12,922 14,214 15,635
16 Costs of goods sold 5,874 6,461 7,107 7,818
17 Interest payments on debt (375) 189 827 1,548
18 Interest earned on cash and marketable securities 17 18 19 21
19 Depreciation (935) (1,139) (1,376) (1,650)
20 Profit before tax 16,328 18,451 20,792 23,371
21 Taxes (6,531) (7,380) (8,317) (9,348)
22 Profit after tax 9,797 11,070 12,475 14,022
23 Dividends (3,919) (4,428) (4,990) (5,609)
24 Retained earnings 5,878 6,642 7,485 8,413
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26 Balance sheet 0 1 2 3
27 Cash and marketable securities 212 227 242 259
28 Current assets 1,762 1,938 2,132 2,345
29 Fixed assets
30 At cost 9,345 11,389 13,759 16,504
31 Depreciation (300) (1,439) (2,815) (4,465)
32 Net fixed assets 9,045 9,950 10,945 12,039
33 Total assets 11,020 12,115 13,319 14,644
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35 Current liabilities 940 1,034 1,137 1,251
36 Debt 3,752 (1,889) (8,273) (15,476)
37 Stock 450 450 450 450
38 Accumulated retained earnings 5,878 12,520 20,005 28,419
39 Total liabilities and equity 11,020 12,115 13,319 14,644
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42 Year 0 1 2 3
43 Free cash flow calculation
44 Profit after tax 9,797 11,070 12,475 14,022
45 Add back depreciation 935 1,139 1,376 1,650
46 Subtract increase in current assets - (176) (194) (213)
47 Add back increase in current liabilities - 94 103 114
48 Subtract increase in fixed assets at cost - (2,043) (2,371) (2,745)
49 Add back after-tax interest on debt 375 (189) (827) (1,548)
 A B C D E
50 Subtract after-tax interest on cash and mkt. securities (17) (18) (19) (21)
51 Free cash flow 11,089 9,877 10,543 11,260
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53 CONSOLIDATED STATEMENT OF CASH FLOWS: RECONCILING THE CASH
54 Cash flow from operating activities
55 Profit after tax 9,797 11,070 12,475 14,022
56 Add back depreciation 935 1,139 1,376 1,650
57 Adjust for changes in net working capital:
58 Subtract increase in current assets - (176) (194) (213)
59 Add back increase in current liabilities - 94 103 114
60 Net cash from operating activities 10,731 12,127 13,760 15,573
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62 Cash flow from investing activities
63 Aquisitions of fixed assets--capital expenditures
64 Purchases of investment securities 0 0 0
65 Proceeds from sales of investment securities 0 0 0
66 Net cash used in investing activities
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68 Cash flow from financing activities
69 Net proceeds from borrowing activities 0 0 0
70 Net proceeds from stock issues, repurchases 0 0 0
71 Dividends paid
72 Net cash from financing activities
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74 Net increase in cash and cash equivalents
75 Check: changes in cash and mkt. securities
 F G H
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15 17,199 18,919
16 8,599 9,459
17 2,358 3,268
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19 (1,968) (2,333)
20 26,211 29,336
21 (10,484) (11,734)
22 15,726 17,602
23 (6,291) (7,041)
24 9,436 10,561
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26 4 5
27 278 298
28 2,580 2,838
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30 19,676 23,334
31 (6,433) (8,766)
32 13,243 14,567
33 16,101 17,704
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35 1,376 1,513
36 (23,580) (32,676)
37 450 450
38 37,855 48,416
39 16,101 17,704
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42 4 5
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44 15,726 17,602
45 1,968 2,333
46 (235) (258)
47 125 138
48 (3,172) (3,658)
49 (2,358) (3,268)
 F G H
50 (22) (24)
51 12,033 12,866
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: RECONCILING
53 THE CASH BALANCES
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55 15,726 17,602
56 1,968 2,333
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58 (235) (258)
59 125 138
60 17,585 19,815
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64 0 0
65 0 0
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69 0 0
70 0 0
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 A B C D E F G H

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COMPUTING THE BETA FOR COMPANY
monthly returns for company and PSX100, JAN-2018 TO DEC-2022
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3 Beta 0.5694
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9 Prices Returns
10 Date Company PSX-100 Company PSX-100
11 12/1/2022 109.56 111.75 - -
12 11/1/2022 110.89 113 1.21% 1.11%
13 10/1/2022 113 115.49 1.88% 2.18%
14 9/1/2022 117.52 117.55 3.92% 1.77%
15 8/1/2022 118 128.5 0.41% 8.91%
16 7/1/2022 123.6 123.6 4.64% -3.89%
17 6/1/2022 123 127.8 -0.49% 3.34%
18 5/1/2022 128.9 128.9 4.69% 0.86%
19 4/1/2022 136.99 144.7 6.09% 11.56%
20 3/1/2022 137.5 139 0.37% -4.02%
21 2/1/2022 133 140 -3.33% 0.72%
22 1/1/2022 134 142.5 0.75% 1.77%
23 12/1/2021 140 142.36 4.38% -0.10%
24 11/1/2021 147.01 150.95 4.89% 5.86%
25 10/1/2021 147.55 152.9 0.37% 1.28%
26 9/1/2021 159.99 161.39 8.09% 5.40%
27 8/1/2021 161.9 163.5 1.19% 1.30%
28 7/1/2021 166.2 171 2.62% 4.49%
29 6/1/2021 149.3 173.5 -10.72% 1.45%
30 5/1/2021 149 153 -0.20% -12.57%
31 4/1/2021 156 162 4.59% 5.72%
32 3/1/2021 178.2 184 13.31% 12.73%
33 2/1/2021 185 193.9 3.74% 5.24%
34 1/1/2021 193 195 4.23% 0.57%
35 12/1/2020 180 199.7 -6.97% 2.38%
36 11/1/2020 160.35 196.5 -11.56% -1.62%
37 10/1/2020 184 190.45 13.76% -3.13%
38 9/1/2020 182.8 192.01 -0.65% 0.82%
39 8/1/2020 188.98 194.35 3.32% 1.21%
40 7/1/2020 174 203.8 -8.26% 4.75%
41 6/1/2020 182.25 185.99 4.63% -9.14%
42 5/1/2020 174 186.1 -4.63% 0.06%
43 4/1/2020 169 186 -2.92% -0.05%
44 3/1/2020 164 193 -3.00% 3.69%
45 2/1/2020 177.15 182 7.71% -5.87%
46 1/1/2020 161.98 187 -8.95% 2.71%
47 12/1/2019 187.73 189.8 14.75% 1.49%
48 11/1/2019 122.25 187.86 -42.89% -1.03%
 A B C D E F G H
49 10/1/2019 97.25 124.58 -22.88% -41.07%
50 9/1/2019 84 101.65 -14.65% -20.34%
51 8/1/2019 91 97.5 8.00% -4.17%
52 7/1/2019 93.05 100.6 2.23% 3.13%
53 6/1/2019 106 106 13.03% 5.23%
54 5/1/2019 116.02 117 9.03% 9.87%
55 4/1/2019 143.58 146 21.31% 22.14%
56 3/1/2019 129.82 151.93 -10.07% 3.98%
57 2/1/2019 143 152 9.67% 0.05%
58 1/1/2019 111.55 142.6 -24.84% -6.38%
59 12/1/2018 131 131 16.07% -8.48%
60 11/1/2018 137 150.63 4.48% 13.96%
61 10/1/2018 146 146 6.36% -3.12%
62 9/1/2018 160 161 9.16% 9.78%
63 8/1/2018 168.42 171 5.13% 6.03%
64 7/1/2018 165.25 174.01 -1.90% 1.74%
65 6/1/2018 186 189.9 11.83% 8.74%
66 5/1/2018 191.99 192.89 3.17% 1.56%
67 4/1/2018 190.5 201 -0.78% 4.12%
68 3/1/2018 190 194.4 -0.26% -3.34%
69 2/1/2018 214.5 219.8 12.13% 12.28%
70 1/1/2018 167.5 215.7 -24.73% -1.88%
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