Free Cash Flow
Financial information for Powell Panther Corporation is shown below:
Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars)
?  2012  2011  
Sales  $2,500.0  $2,000.0  
Operating costs excluding depreciation and amortization  2,000.0  1,700.0  
EBITDA  $500.0  $300.0  
Depreciation and amortization  57.0  44.0  
Earnings before interest and taxes  $443.0  $256.0  
Interest  55.0  44.0  
Earnings before taxes  $388.0  $212.0  
Taxes (40%)  155.2  84.8  
Net income 



Common dividends 


Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars)
?  2012  2011  
Assets  
Cash and equivalents  $31.0  $26.0  
Accounts receivable  240.0  200.0  
Inventories  400.0  320.0  
Total current assets  $671.0  $546.0  
Net plant and equipment  572.0  440.0  
Total assets 



Liabilities and Equity  
Accounts payable  $225.0  $180.0  
Notes payable  50.0  40.0  
Accruals  120.0  100.0  
Total current liabilities  $395.0  $320.0  
Longterm bonds  500.0  400.0  
Total debt  $895.0  $720.0  
Common stock  287.2  228.0  
Retained earnings  60.8  38.0  
Common equity 



Total liabilities and equity 


Write out your answers completely. For example, 25 million should be entered as 25,000,000.
 What was net operating working capital for 2011 and 2012?
2011: $
2012: $
 What was the 2012 free cash flow?
$
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