The Walt Disney Company

Published: 2021-09-11 10:35:10
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Category: Business

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The Walt Disney Company (DIS)Financial Accounting (Data source Annual Report and not Yahoo Finance).1.Cash Flow from Assets = Cash Flow to Creditors + Cash Flow to Stockholders   *All numbers in millionsCash Flow from Assets  2015($)Cash Flow to Investors 2015($)Operating Cash Flow11,089 Cash Flow Paid to Creditors-25   EBIT13,751   Interest117   Depreciation2,354   Net new borrowing142   Tax5,016 Capital Spending4,806Cash Flow to Stockholders8,337   Ending Net Fixed asset71,424  Dividends Paid3,063   Begging Net Fixed asset68,972  Repurchase of stock6,095   Depreciation2,354   Common stock821 Additions to NWC-1,453 Total7,736Total8,312*CFFA = Operating cash flow – net capital spending – changes in net working capital Net capital spending = ending fixed assets – beginning fixed assets +depreciationChanges in NWC = ending NWC – beginning NWC*Cash flow to creditors = interest paid – net new borrowing = interest paid – (ending long-term debt – beginning long-term debt) Du Pont IdentityROE = Profit Margin (Profit/Sales) * Total Asset Turnover (Sales/Assets) * Equity Multiplier (Assets/Equity)Year 201520142013Profit Margin0.160.150.14Profit8,3827,5016,136Sales52,46548,81345,041Total Asset Turnover0.590.580.55Sales52,46548,81345,041Assets88,18284,14181,241Equity Multiplier 1.811.751.69Assets88,18284,14181,241Equity48,65548,17848,150ROE0.170.160.13Comment on the changes in each DuPont identity:

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