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Zara Financial Analysis

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Zara Financial Analysis
Economic Book Value (EBV) Capital Calculation – Operating Approach | Fluid Milk | Cultured | Ice Cream | Industrial | International | Asset | | | | | | Operating Cash | 1045 | 174 | 364 | 1225 | 136 | Accounts Receivable | 12568 | 2095 | 4380 | 14737 | 1637 | Inventory | 30988 | 10587 | 52338 | 74198 | 5003 | Prepaid Expenses | 4932 | 1822 | 2718 | 6782 | 2642 | Income and other taxes receivable | 1267 | 0 | 1236 | 2244 | 647 | Total Current Asset | 50800 | 14678 | 61036 | 99186 | 10065 | Less: Accounts Payable | (46977) | (7831) | (16372) | (55084) | (6118) | Net Working Capital | 3823 | 6847 | 44664 | 44102 | 3947 | Investment and other | 43896 | 7316 | 15297 | 51468 | 5719 | Accumulated Amortized Goodwill | 5480 | 913 | 1910 | 6426 | 714 | Net Property, Plant, and Equipment | 88656 | 14776 | 30895 | 103950 | 11551 | Accumulated R&D, Net | 8157 | 247 | 2276 | 6322 | 203 | EBV Capital | 150012 | 30099 | 95042 | 212268 | 22134 |

Net Operating Profit After Tax (NOPAT) Calculation – Operating Approach

| Fluid Milk | Cultured | Ice Cream | Industrial | International | Earnings before unusual items, Interest and Tax | (2808) | (47) | 7739 | 22570 | 5053 | Research and Development Add Back | 4384 | 133 | 1223 | 3398 | 109 | Less: Amortization of Acc. R&D Expenses | (3806) | (115) | (1062) | (2950) | (95) | Goodwill Amortization Add Back | 1035 | 172 | 360 | 1212 | 135 | Adjusted Net Operating Profit before the Undernoted | (1195) | 144 | 8260 | 24230 | 5202 | Unusual Items | 0 | 0 | 0 | 0 | 0 | Adjusted Net Operating Profit before Tax | (1195) | 144 | 8260 | 24230 | 5202 | Cash Operating Taxes | 1123 | 19 | (3096) | (9028) | (2021) | Adjusted Net Operating Profit after Tax (NOPAT) | (72) | 163 | 5164 | 15202 | 3181 |

Economic Value Added (Fluid Milk) = NOPAT – (EBV Capital x WACC) = (72) – (150012 x 0.1) = -15073.2
Economic Value Added (Cultured) = NOPAT –

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