9/5/2018 Harvard Business School | Balanced Scorecard Game…

9/5/2018 Harvard Business School | Balanced Scorecard Game
https://forio.com/simulate/harvard/balanced-scorecard/simulation/#metrics 1/2
Period 0 Period 1 Period 2 Period 3 Period 4 Period 5 Period 6 Period 7 P
Income Statement
Sales $480,000,000 $496,112,527 $548,663,780 $619,665,795 $675,282,789 $707,272,712 $736,957,843 $773,423,965 $8
Cost of Sales $384,000,000 $405,548,158 $443,391,424 $497,888,446 $540,821,174 $566,129,399 $588,013,824 $613,270,831 $6
Gross Margin $96,000,000 $90,564,369 $105,272,356 $121,777,350 $134,461,614 $141,143,314 $148,944,020 $160,153,134 $1
SG&A and R&D $70,800,000 $86,457,703 $93,094,023 $96,815,683 $100,541,614 $102,771,647 $104,555,686 $108,114,801 $1
Operating Income $25,200,000 $4,106,667 $12,178,333 $24,961,667 $33,920,000 $38,371,667 $44,388,333 $52,038,333 $
Interest Expense (Income) $10,080,000 $10,080,000 $10,196,480 $10,206,171 $10,076,093 $10,034,041 $10,113,265 $9,730,121
Pre-Tax Income $15,120,000 ($5,973,333) $1,981,853 $14,755,495 $23,843,907 $28,337,625 $34,275,069 $42,308,212 $
Income Tax Expense $5,292,000 ($2,090,667) $693,649 $5,164,423 $8,345,367 $9,918,169 $11,996,274 $14,807,874 $
Net Income $9,828,000 ($3,882,667) $1,288,205 $9,591,072 $15,498,540 $18,419,457 $22,278,795 $27,500,338 $
Depreciation & Amortization $27,840,000 $27,840,000 $27,840,000 $27,840,000 $27,840,000 $27,840,000 $27,840,000 $27,840,000 $
EBITDA $53,040,000 $31,946,667 $40,018,333 $52,801,667 $61,760,000 $66,211,667 $72,228,333 $79,878,333 $
NOPAT $16,380,000 $2,669,333 $7,915,917 $16,225,083 $22,048,000 $24,941,583 $28,852,417 $33,824,917 $
Balance Sheet
Operating Assets $1,008,000,000 $1,008,000,000 $1,009,611,253 $1,014,866,378 $1,021,966,580 $1,027,528,279 $1,018,616,160 $1,009,473,562 $1,0
Net Debt $336,000,000 $339,882,667 $340,205,715 $335,869,768 $334,468,040 $337,108,822 $324,337,365 $309,973,224 $3
Equity $672,000,000 $668,117,333 $669,405,538 $678,996,610 $687,498,540 $690,419,457 $694,278,795 $699,500,338 $7
Net Debt / Equity 50.00% 50.87% 50.82% 49.47% 48.65% 48.83% 46.72% 44.31%
Performance Metrics
Cost of Sales (% of Sales) 80.00% 81.75% 80.81% 80.35% 80.09% 80.04% 79.79% 79.29%
Gross Margin (% of Sales) 20.00% 18.25% 19.19% 19.65% 19.91% 19.96% 20.21% 20.71%
SG&A and R&D (% of Sales) 14.75% 17.43% 16.97% 15.62% 14.89% 14.53% 14.19% 13.98%
Operating Income (% of Sales) 5.25% 0.83% 2.22% 4.03% 5.02% 5.43% 6.02% 6.73%
EBITDA (% of Sales) 11.05% 6.44% 7.29% 8.52% 9.15% 9.36% 9.80% 10.33%
NOPAT (% of Sales) 3.41% 0.54% 1.44% 2.62% 3.27% 3.53% 3.92% 4.37%
Net Income (% of Sales) 2.05% -0.78% 0.23% 1.55% 2.30% 2.60% 3.02% 3.56%
NOPAT (% of Assets) 3.28% 0.53% 1.58% 3.24% 4.39% 4.94% 5.69% 6.75%
ROE 2.95% -1.15% 0.39% 2.89% 4.62% 5.43% 6.56% 8.08%
Owners Value
9/5/2018 Harvard Business School | Balanced Scorecard Game
https://forio.com/simulate/harvard/balanced-scorecard/simulation/#metrics 2/2
Stock Market Value per Share $40.00 $38.18 $39.15 $57.40 $67.01 $61.99 $71.95 $73.10
Dividends $0 $0 $0 $0 $6,996,610 $15,498,540 $18,419,457 $22,278,795 $
Dividends per Share $0.00 $0.00 $0.00 $0.00 $0.70 $1.55 $1.84 $2.23