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财务建模和商业计划代写 Financial Statement Analysis代写

Financial Modelling and Business Plan

Final Test/Exam

财务建模和商业计划代写 Case Piece of Pie, PLC Pro-forma Data is presented on the annexed pages, regarding an investment project that led to the constitution

Time Lenght: 120 (90+30) m

Case Piece of Pie, PLC

Pro-forma Data is presented on the annexed pages, regarding an investment project that led to the constitution of “Piece of Pie, PLC” in Year 0. On that same year there was no business activity. In the project’s analysis 3 Years are going to be considered (Years 1, 2 , and 3), therefore on the following year (Year 4) there will be the respective divesture, that should be made at book value, so no capital gains or losses are expected from that operation. 财务建模和商业计划代写

Capital Expenditures (CAPEX) are going to be depreciated in 5 years (i.e. at a 20% depreciation rate). That depreciation will only take place in the operating years (i.e. 1, 2 and 3) and during that period for the CAPEX that will occur within those years, even in the years when those expenses are incurred. However, you are only asked to present the accounts for the first two years of operation of the project i.e. Years 1 and 2).

In the annexed tables Year 0 CAPEX, as well as working capital needs are already determined, the impact of VAT is also included (average VAT rate = 23%). The income statements and the balance sheets presented are incomplete (you must

complete them), they were made using escalated prices (i.e. including inflation). The income tax rate is 25%, and income taxes are paid on the following year. The company is not expected to pay any dividends.

For the funding of the project a mix of debt and equity is going to be used. 财务建模和商业计划代写

The Bank loan contracted at year 0 and the Equity Capital (provided by the shareholders) are already reflected on that year balance sheet. Additional Equity Capital or Medium Term Debt is not expected for the following years. However, if the company has additional financial needs there is a banking credit short term line available with a 5% interest rate (stamp duty tax included), this loan must be repaid in the following year.

While possible excess of funds may be invested in short term instruments with a 1% rate of return.

The medium term bank loan amounts to 240.000€ and is going to be repaid by 3 equal principal repayment annuities, of 80.000€ each, in Years1, 2 and 3 of the project. The interest payments will be paid annually at a 4% rate, these payments are determined according to the usual rule of calculating interest on the amount of capital that is still owed at the beginning of each period. Therefore, this loan will be entirely repaid within the operation stage of the project.

a) 财务建模和商业计划代写

Please prepare a Repayment Schedule/Cash flow Table for the before mentioned Medium Term Bank Loan (not forgetting the tax shields from the interest payments) and determine the respective Present Value of the Loan, assuming that the 4% interest rate on this loan is not a normal on-going market rate, which is rather 5%. You may use the following table form for that purpose.

Years123
Principal at BOY (Beginning of Year)   
Interest Rate4%4%4%
Interest Payments   
Repayment of Principal   
Installment = Interest + Repayment   
Principal at EOY (End of Year)   
Tax Shield from Interest Payments (t=25%)   
Net Debt Service (after taxes)   

(PV of Loan Calculation and other auxiliary calculations:)

b)

Please present the Financing Plan just for Years 1 and 2 of the Project. For that purpose you must use the information already presented in the projected proforma income statements and balance sheets. Liquidity (Cash and Banking Accounts balances) should correspond to 2% of Sales and 5% of Capex. You should present your answer in the annexed tables of the following pages. (Note: as you know you are only able to determine the financing plan for the Year 2 after having completed the Income Statement for Year 1 – please see next question).

You should answer this question using page 3 of the Annexes.

c) 财务建模和商业计划代写

Then you should complete the Income statements also just for years 1 and 2 of the project. You should use for that purpose the income statements provided on page 4, by completing them.

d)

Finally you should also complete the Annexed Balance Sheets just for year 1 and 2, using the table provided in page 5, by completing it.

Solution to b)
Years12
Financial Needs:  
CAPEX (VAT not included)  
Investments in Working Capital  
Principal Repayments of Medium Term Loans  
Repayment of Short Term Loans  
Interests of Medium Term Loans  
Interests of Short Term Loans  
Income Taxes Payments  
Dividends Payments  
Total Financial Needs =  
Financial Sources:  
EBITDA  
Working Capital Divestures  
New Equity Capital  
New Medium Term Loans  
Recovery of Financial Instruments  
Income from Financial Instruments  
Total Financial Sources =  
Yearly Balance = Total Sources – Total Needs  
Liquidity BOY (Cash and Banks)  
Potencial Liquidity (Proforma)  
Desired Liquidity (Cash and Banks)  
Financing Need  
Balancing Short Term Loan  
Interest on Balancing Loan  
Or Financial Surplus  
Investment in Financial Instruments  
Income from Financial Instruments  
Liquidity EOY (Cash and Banks)  
Solution to c) 财务建模和商业计划代写

Pro-Forma Income Statements

Years123
Net Sales600.000700.000600.000
COGS180.000210.000180.000
Gross profit420.000490.000420.000
Variable External Supplies and Services120.000140.000120.000
Contribution Margin300.000350.000300.000
Fixed External Supplies and Services70.00075.00080.000
Staff Costs70.00075.00080.000
Total Cash Fixed Charges140.000150.000160.000
EBITDA160.000200.000140.000
Depreciation and Amortization   
Operating Profit = EBIT   
Income from Financial Instruments   
Interest on Medium Term Loans   
Interest on Short Term (Balancing) loans   
Financial Result   
Earnings Before Taxes = EBT   
Income taxes (t= 25%)   
Net profit   
Solution to d) 财务建模和商业计划代写

Pro-Forma Balance Sheets:

Years0123
Fixed Assets400.000450.000450.000450.000
Acumulated Depreciations and Amortizations0   
Net Fixed Assets (Non-Current Assets)400.000   
Inventories015.00017.50015.000
Accounts Receivable (VAT included)0123.000143.500123.000
VAT to be received92.00054.05000
Financial Instruments0   
Liquidity (Cash and Banks)20.000   
Current Assets112.000   
TOTAL ASSETS512.000   
Share Capital272.000   
Reserves and Retained Earnings0   
Net Profit (Current year)0   
Total Equity272.000   
Medium Term Loans160.000   
Short Term Loans80.000   
Accounts Payable059.19465.72858.041
Other Accounts Payable (VAT, etc.)02.0423.05010.192
Income Taxes to be paid next year0   
Current Liabilities80.000   
Total Liabilities240.000   
TOTAL SOURCES OF FUNDS512.000   
Control (Difference)0   

Notes/Remarks:

e) 财务建模和商业计划代写

Please present a brief Financial Statement Analysis just for Years 1 and 2, calculating the most relevant indicators for that purpose. You should assume that the shareholders require a 15% return on their investment. (this benchmark is already adjusted according to the debt/equity ratio of the company). And that the cost of capital is 11% (after taxes). (this question is only for the students that having done the mid-term are now taking the Final test)

f)

Please analyze the profitability of the whole project (for the whole 3 years, and considering the divesture in Year 4) assuming that the shareholders require a 10% return if there was no debt.. (Only for those students that have not done the mid-term or that have decided to give up of their mid-term grades and are now doing the final exam)

财务建模和商业计划代写
财务建模和商业计划代写

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