5.

1. .

2012

2011

2012
2011

2012
2011

(
)

()
( )




:

( 1 )





2012

,

( %
) EBIT

(EBT)

( )

178
0
713

175
0
769

678

740

35
1,329
21
2,241
1,596
(857)
739
65
205
1,009
3,250

29
1,235
17
2,196
1,538
(791)
747
0
205
952
3,148

148
191
36
448
0
0
823
0
631
631
1,454

136
164
127
356
0
0
783
0
627
627
1,410

421
361
1,014
1,796
3,250
1.95

421
361
956
1,738
3,148
2.12

2012
2011
3,992
3,721
(2,680) (2,500)
1,312
1,221
(912)

(841)

400

380

(85)
315
(114)
201
(143)
58
112

(70)
310
(112)
198
(130)
68
114

 5.
2.
/
1.
( )
1
/
( )
2
( - ) /
()
3
/
( | )
4
-
2. -

1
/
( )
2
360 /

3
/

4
DSO = 360 /

5
/

6
360 /
3.
-
1
/
-
2
/
-
3
/

4
( + . )/ ( + )

5
(EBIT) / %
-
6
EBIT / (EBIT - %)
4. ()
-
1
/
-
2
/
(ROE)
3
/
- (ROA);
4
/
() (ROCE)
5
BIT/ (. + +)
- ( )
6
/
5.
(EPS)
1
/
" - "
2
/ (EPS)
-
3
(EPS) /

4
( - ) /

5
/

6
/
- (DEL)
7
/

2012

2011

 5.

3. .

100,000
50,000
100,000
250,000
150,000
150,000
400,000

:

:
:

(9)
(5)
(8)
(10)
(11)

:
:

100,000 (1)
100,000
200,000
100,000
100,000
200,000
400,000 (2)

1,000,000 (4)
(900,000) (7)
100,000 (6)

:
1. :
/ = 0.5 / 200,000 = 0.5 = 200,000 * 0.5 = 100,000

(1)

2. :
= + 200,000 + 200,000 = 400,000
= 400,000

(2)
(3)

3. :
/ = 2.5 = 400,000 * 2.5 = 1,000,000

(4)

4. :
360 / ( / ) = 18 360 / (1,000,000 / ) = 18 = 1,000,000 / (360 / 18) = 50,000

(5)

5. :
/ = 10% = 1,000,000 * 10% = 100,000
= - 1,000,000 - 100,000 = 900,000

(6)
(7)

6. :
/ = 9 900,000 / = 9 = 900,000 / 9 = 100,000

(8)

7. :
/ = 1 / 100,000 = 1 = 100,000 * 1 = 100,000

(9)

8. :
= + + = 100,000 + 50,000 + 100,000 = 250,000

(10)

9. :

= - 400,000 - 250,000 = 150,000

(11)

 5.

4.
1. :
= / = 420,000 / 190,000 = 2.21
= ( - ) / = ( 420,000 - 150,000) / 190,000 = 1.42
2. :
/ = 360,000 / 150,000 = 2.4
/ = 700,000 / 80,000 = 8.75
/ = 700,000 / 1,000,000 = 0.7
3. :
= / = 340,000 / 700,000 = 0.486 *100 = 48.6%

= / = 340,000 / 700,000 = 0.486 *100 = 48.6%

ROS = / ROS = 75,000 / 700,000 ROS = 0.107 *100 ROS = 10.7%

4. :
= / = 470,000 / 1,000,000 = 0.470 *100% = 47%

= / = 470,000 / 530,000 = 0.887 *100% = 88.7%

5. :
ROI = ROS * ROI = ( / ) * ( / ) ROI = / ROI = 75,000 /
1,000,000 ROI = 0.075 * 100% ROI = 7.5%

5.

170,000

810,000

1. :
= / 3 = 810,000 / = 810,000 / 3 TO = 270,000
2. :
= (-) / 2 = (810,000 - TM ) / 270,000 = 270,000
3. :
= / 6 = / 270,000 = 270,000 * 6 = 1,620,000
4. :
= 100% = 33.33% = 66.67% = (1,620,000 * 100%) / 67.77% =
2,429,879
5. :
= - - = 810,000 - 170,000 - 270,000 = 370,000
DSO = 365 / (2,394,325 / 370,000) DSO = 55.58

 5.

6.
1. :
= 500,000 * 10% = 50,000
2.
ROS = / 5% = / 2,000,000 = 100,000
3. :
= 30% = 70% = (100,000 * 30%) / 70% = 42,857
4. (EBIT):
EBIT = + + EBIT = 100,000 + 42,857 + 50,000 EBIT = 192,857
5. :
= EBIT / % 192,857 / 50,000 = 3.857

7. .
) :
(.)
1,000
1 (..)
5
()
20
DSO ()
40
()
30

) :
(.)
1 (..)
()
DSO ()
()

1,200
6
17
40
30

-1) = + DSO - = 20 + 40 - 30 = 30

-2) = * * = 1,000 * 5 * 30 = 150,000 ..

-3) = ((20 + 40 - 30) * (1,000 * 5)) - ((20 + 40 - 35) * (1,000 * 5)) = 25,000 ..

-1) = + DSO - = 17 + 40 - 30 = 27

-2) = * * = 1,200 * 6 * 27 NWC = 194,400 ..

 5.

8.
1. 1 :

= ( * 365) / = (103 * 365) / 750 = 50.13

= ( * 365) / = (247 * 365) / 1,000 = 90.16

= ( * 365) / = (62 * 365) / 750 = 30.17

() = + = 50.13 + 90.16 = 140.29

() = + - = 50.13 + 90.16 - 30.17 = 110.13

2. 2 :

= ( * 365) / = (216 * 365) / 1,125 = 70.08

= ( * 365) / = (452 * 365) / 1,500 = 109.99

= ( * 365) / = (185 * 365) / 1,125 = 60.02

() = + = 70.08 + 109.99 = 180.06

() = + - = 70.08 + 109.00 - 60.02 = 120.04

:

2 :
1. ;
2.

 5.

9.
1. :
= A / 2.2 = 1,146,200 / = 1,146,200 / 2.2 = 521,000

= A - = 1,146,200 - 521,000 = 625,200

2. :
) 135,000 :
.
.

= (1,146,200 - 135,000) / (521,000 - 135,000) = 1,011,200 / 386,000 = 2.62

= A - = 1,011,200 - 386,000 = 625,200

) 147,000 .. ROS - 33%:
.
.
.
.

() = (147,000 * 100%) / 67% = 219,403

= (1,146,200 - 147,000 + 219,403) / 521,000 = 1,218,603 / 521,000 = 2.34

= A - = 1,218,603 - 521,000 = 697,603

) 82,600 ..:
.
.

= (1,146,200 + 82,600) / (521,000 + 82,600) = 1,228,800 / 603,600 = 2.036

= A - =1,228,800 - 603,600 = 625,200

 5.

10.
1. :
= (2 * * / (2 * 10,000 * 500) / 1 100,000 = 3,162
2. :
= + = (10,000 / 3,162) * 500)) + ((3,162 +0) / 2) * 1) = 1,581 + 1,581 = 3,162 .
3. :
()
1,000 2,000 5,000 10,000
()
10
5
2
1
(.) 5,000 2,500 1,000
500
(Qmax + Qmin) / 2 ()
500 1,000 2,500 5,000
(.)
500 1,000 2,500
5,000
: 5,500 3,500 3,500 5,500

11.
1. :
= (2 * * 1 / 1 (2 * 25,000 * 5) / 1 250,000 = 500
2. :
= + = (25,000 / 500) * 5)) + ((500 +0) / 2) * 1) = 250 + 250 = 500 .

2. ():
= - * = (25,000 / 250) * 2 = 200

12.
1. :
= (2 * * 1 ) / 1 (2 * 50,000 * 100) / 0.4 25,000,000 = 5,000
2. :
= + (50,000 / 5,000) * 100 + ((5,000 + 0) / 2) * 0.4 1,000 + 1,000 = 2,000 .
3. 10,000 0.2$:
= + (50,000 / 10,000) * 100 + ((10,000 + 0) / 2) * 0.4 500 + 2,000 = 2,500 .
= 50,000 * 0.02 = 1,000 .
:
= 2,500 - 1,000 = 1,500 . < 2,000 .

13.
1/20, 30 (1% / 100% - 1%) * (365 / 30 -20)

36.87%

2/10, 30 (2% / 100% - 2%) * (365 / 30 -10)

37.24%

3/10, 30 (3% / 100% - 3%) * (365 / 30 -10)

56.44%

10/30, 60 (10% / 100% - 10%) * (365 / 60 -30)

12.29%

 5.

14.
1. :

(1)
:

100,000 DSO - 45
184,931 - 10,000,000 ..
284,931 % - 15%

1.. :
DSO = ( / ) * 365 45 = / 10,000,000 = (10,000,000 * 45) / 365 = 1,232,877 .
1.. :
% = * 15% % = 1,232,877 * 15% % = 184,932 . (1)
2. :
117,123 DSO - 30
(2)

50,000 - 10,000,000 - 5%
150,000 % - 15%
(3)
: 317,123
2.. :
DSO = ( / ) * 365 30 = / (10,000,000 - 5%) = (95,000,000 * 30) / 365 = 780,822 .
2.. :
% = * 15% % = 780,822 * 15% % = 117,123. (2)
2.. :
= (/)*5% * ( - ) ((10,000,000 / 20)*5%) * (20 - 14) =
150,000 . (3)
3. :
284,931 - 317,123 = (32,192)

15.
1. :

(1)
:

20,000 DSO - 60
92,055 - 4,000,000 ..
112,055 % - 14%

1.. :
DSO = ( / ) * 365 60 = / 4,000,000 = (4,000,000 *60) / 365 = 657,534 .
1.. :
% = * 14% % = 657,534 * 14% % = 92,055 . (1)
2. :
(2) 44,712 DS0- 40
80,000 - 85%
(3)
9,205 - 2%
(4)
.
(26,000) - 12%
: 107,917 . - 26,000 .
2.. ,
:
DSO = ( / ) * 365 40 = / (4,000,000 * 85%) = (3,400,000 * 40) / 365 = 372,603 .

 5.

2.. :
% = * 12% % = 372,603 * 12% % = 44,712 . (2)
2.. :
= * % = 4,000,000 * 2% = 80,000 .
2.D. :
% = (15% DSO) * % % = ((4,000,000 * 15%) * 40 )/ 365) * 14% % = 9,205 (4)
3. :
112,055 - 107,917 =
4,138 .

16.
()
()
()
- ()

16
(10)
6
(12,000)

1
32,000
(20,000)
12,000
(12,000)

2
3
36,800
27,000
(23,000) (15,000)
13,800
12,000
(13,800) (12,000)
0

4
38,400
(26,400)
12,000
(12,000)
0

5
35,486
(21,686)
13,800
(13,800)
0

0 0

1. () :
= / = 12,000 / (16-10) = 2,000
2. 15%:
= / = (12,000 + 15%) / (16-10) = 2,300
3. 2 ..
= / = 12,000 / (16 +2 - 10) = 12,000 / 8 = 1,500
4. 10%:
= / = 12,000 / (16 - (10 + 10%)) = 12,000 / 5 = 2,400
5. :
= / = (12,000 + 15%) / (16 + 2) - (10 + 10%)) = 13,800 / (18 - 11) = 1,971

17.
()
()
()
- ()

1
2
65 325,000 455,000
(55) (275,000) (385,000)
70,000
10 50,000
(50,000) (50,000) (70,000)
0
0

1. ():
= / = 50,000 / (65-55) = 5,000
2. 20,000 ..
= ( + EBIT) / = (50,000 + 20,000) / (65 - 55) = 7,000

CVP

10

 5.

18. . CVP
1. %:
(20,000 .) ()
()
():
- ():
(EBIT):

1,200,000
(900,000)
300,000
(240,000)
60,000

.
60
(45)
15

%
100%
-75%
25%

2. (; ):
) = / MD. = 240,000 /(60-45) = 16,000 .

) = / (MD / ) = 240,000 / (300,000 / 1,200,000) = 960,000 ..

) = = + * 1 = + ( * ) * 60 = 240,000 + (
*45) 240,000 = * (60 - 45) 240,000 = *15 = 240,000 / 15 = 16,000
3. 400,000 ..:
%
1,600,000
100%
(20,000 .) ()
1,200,000 + 400,000 = 1,600,000
75%
() (1,200,000)
1,600,000 * 75% = 1,200,00
400,000
25%
():
1,600,000 * 25% = 400,000
(240,000)
- ():
160,000
(EBIT):
4. () 90,000 ..:
e = ( + ) / e = ( 90,000 + 240,000) / 15 e = 22,000 . * 60 = 1,320,000 ..
5. ():

1,200,000
(20,000 .) ()
(900,000)
()
300,000
():
(240,000)
- ():
60,000
(EBIT):

./..
60
(45)
15

) . = - . . = 1,200,000 - 960,000 .. = 240,000 ..

) = - = 20,000 - 16,000 = 4,000

) % = ( /) * 100% % = (240,000/1,200,000) * 100% % = 20%

6. (Lops):
1) Lops = D / EBIT Lops = 300,000 / 60,000 Lops = 5
2) 8%:
Lops * 8% 5 *8% = 40%
BIT = 60,000 * 40% BIT = 24,000 + 60,000 BIT = 84,000
3) :
8%
(20,000 .) ()
()
():
- ():
(EBIT):

CVP

1,200,000
(900,000)
300,000
(240,000)
60,000

0
0
0

1,200,000
(900,000)
300,000
(240,000)
60,000

11

 5.
7.1. :
(20,000 .) ()
()
():
- ():
(EBIT):

./..
60
(45)
15

1,200,000
(900,000)
300,000
(240,000)
60,000

+ 20%
+ 3 ..
-30,000 ..

1,440,000
(1,152,000)
288,000
(210,000)
78,000

7.2. :
= / MD. = 210,000 /(60-48) = 17,500 .
= / (MD / ) = 210,000 / (288,000/1,440,000) = 1,050,000 ..
7.3. :
= - = 1,440,000 - 1,152,000 . = 288,000 ..
= - = 24,000 - 17,500 = 6,500
% = (. /Vs) * 100% % = (6,500 * 60)/1,440,000) % = 27.08%

19.

(EBIT)

(EBT)

12,500
(5,000)
7,500
(6,000)
1,500
(1,000)
500

+10%
13,750
(5,500)
8,250
(6,000)
2,250
(1,000)
1,250

1.
1 = M / EBIT 1 =7,500 / 1,500 1 = 5
2 = M / EBIT 2 =8,200 / 2,250 2 = 3.67
2.
1 = EBIT / EBT 1 = 1,500 / 500 = 1 = 3
2 = EBIT / EBT 2 = 2,250 / 1,250 2 = 1.8
21.
1. :
= MD / EBIT = 900 / 300 = 3
2. :

EBIT:

3,000
(2,100)
900
(600)
300

25%
3,750
(2,625)
1,125
(600)
525

%
25%
25%
25%
75%

2,250
-25%
(1,575)
-25%
675
-25%
(600)
75
-75%

-25%

3. % :
= % EBIT / % = 75% / 25% = 3

12

 5.
21.
:
()
2,500,000

15.01.12

15.03.12
%
30%

% :
1)
:
)

15.01
31.01
17

1.02
28.02
28

1.03
15.03
15
:
60
:
-1
:
59

% :

% = ((2,500,000 * 30%) / 365) * 59 % = 121,232.88

2)

% (365/360):

% = ((2,500,000 * 30%) / 360) * 59 % = 122,917.67

3)

% (360/360):

% = ((2,500,000 * 30%) / 360) * 60 % = 125,000.00

22.
1)

2,500,000 = (PD * 30%) / (360 * 180) PD = (2,500,000 / 2) * 30% PD = 375,000

2)

PE = PN - PD PE = 2,500,000 - 375,000 PE = 2,125,000

23.
:
REff = (1 + r / 2)n - 1 REff = (1 + 30% / 2)2 -1 REff = 0.3225 * 100% REff = 32.25%

24.
:
RNom = t * (21 + r - 1) Rnom = 2 * (21 + 30% - 1) Rnom = 0.2803 * 100% REff = 28.03%

25.
1)

Pm = P * (1 + r / m)n+t Pm = 5,000 * (1 + 20% / 2)(3 * 2 + 0.25 * 2) Pm = 5,000 * (1 + 10%)6.5 Pm = 9,290.14

1)

Pm = P * (1 + r / m)n * (1 + t * r / m) Pm = 5,000 * (1 + 20% / 2)6 * (1 + 20% / 2 * 0.5) Pm = 9,300.695

13

 5.

26.
FV = ((1,000 * 16%) / 365) * (365 - 31 - 28 - 31) FV = 120.55

27.
1)

PD = PN * (1 - r)n 2,500,000 * (1 - 30%)4 PD = 600,250

2)

PE = PN - PD PE = 2,500,000 - 600,250 PE = 1,899,750

28.

FVann = PV * ((1 + r / t)n*t - 1) / ((1 + r / t)t - 1) PV = 2,500,000 * ((1 + 15%) 8 - 1) / ((1 + 15%)2 -1)
PV = 2,500,000 * (2.0590 / 0.3225) PV = 15,961,240

14

 5.

29
. 40,000 ,
10%, 15%?
) PV = FV * FD(10%;4) PV = 40,000 * 0.6830 PV = 27,321;

) PV = FV * FD(15%;4) PV = 40,000 * 0.5718 PV = 22,870;

30
700,000 .. .
, 20
15% . ?

Pann = (PV * r) / (1- (1 + r)-n Pann = (700,000 * 15%) / (1 - (1 + 15%) -20 Pann = 111,833
31
6 1,000 .. .
10% . ?

FVann = PV * ((1 - (1 + r / t)n*t) / (r / t)) * (1 + r / t) FVann = 1,000 * ((1 - (1 + 5%)12) / 5%)) * (1 + 5%)
FVann = 16,712.98
32
50,000. .
50,000
8%. ?
FV = PV * FD(8%;3) FV = 50,000 *1.2597 FV = 62,986

33
10% .
, .
20 , 30,000 ?
1) 30,000 * 10% = 3,000;
2) FV = PV * FD(8%;20) FV ann = 3,000 * 45.7620 FV = 137,286

34
1,000 , 15%- .
?
FVann = PV * FD(15%;15) FV ann = 1,000 * 47.5804 FV ann = 47,580

35
200,000 20 .
,
.
8% .
Pann = FV / FDann(8%;20) Pann = 200,000 / 45.7620 Pann = 4,370

15

 5.

36
e , 6
8,000 . ,
5%. , pa
8,000 ?

PV = FV ann * FD(5%;4) PV = 8,000 * 3.5460 PV = 28,368

37
10,000 , 5- .
13,400 ?
FVFD = 13,400 / 10,000 FVFD = 1.3401 FVFD = (5%; 6)

38
1,409,870 .
800,000. 800,000
1,409,870 5 ?
FVFD = 1,409,870 / 800,000 FVFD = 1.7623 FVFD(12%;5)

39
, 14,000 5 .
8%, . ?
Pann = FV / FD ann(8/2;5*2) Pann = FD ann(4%;10) Pann = 14,000 / 12.0061 Pann = 1,166

40
18,000 .
10% , . ,
, , 4- ?
Pann = PV / FD ann(10/2;4*2) Pann = FD ann(5%;8) Pann = 18,000 / 6.4632 Pann = 2,785

41
10,000,000. 2 :
1) 1,000,000 10 ;
2) , 6,000,000.
10%. ?
PV ann = FV * FD(10%;10) PV ann = 1,000,000 * 6.1446 PV ann = 6,144,600 > 6,00,000

16

 5.

42.
1) :
1,000,000
INV 0
PP =
PP =
= 5
20,000
NCF
2) :
.

0
(100,000)
1
40,000
40,000
2
30,000
70,000
3
20,000
90,000
(10,000) = (10,000 / 35,000) * 12 = 0.3 * 12 = 3.4 = 3
4
35,000
35,000 4
43. ()
75,000 / 5
ARR = 0.15%

ARR =
100,000

44.
NPV = (CF * FDann(5;8%)) - Inv0 NPV = (100,000 * 3.9927) - 379,100 NPV = 399,270 - 379,100 NPV =
20,170
: NPV > 0 -
45. IRR
PVFDann = INV0 / NCF PVFDann = 379,100 / 100,000 PVFDann = 3.791 n = 5; IRR = 10%
46. IRR
1. :

1
2
3
4

1,000
2,000
2,000
1,500

FD(8%;4)

PVCF

FD(12%;4)

PVCF

0.9259
0.8573
0.7938
0.7350

926
0.8929
893
1,715
0.7972
1,594
1,588
0.7118
1,424
1,103
0.6355
953
5,331
4,864
2. NPV :

NPV = NCF - Inv0

) NPV8% = 5,331 - 5,000 NPV8% = 331
) NPV12% = 4,864 - 5,000 NPV12% = (136)
3. IRR:
IRR = R1 +

NPV1
NPV1 - NPV2

* (R2 - R1) IRR = 8% +

331
* (12% - 8%) IRR = 0.1083 IRR = 10.83%
331 - (-136)

: IRR = 10.83% > 8% -

17

 5.

47.
1) :

Inv0
1
2
3
4

0
11,500
13,500
18,700
18,200
2,000

0
(3,500)
(3,500)
(3,700)
(4,200)

FD(9%;4)

(35,000)
8,000
0.9174
10,000
0.8417
15,000
0.7722
16,000
0.7084

PVCF

FD(12%;4)

7,339
8,417
11,583
11,335

0.8929
0.7972
0.7118
0.6355

PVCF

Cumm
CF

7,143
7,972
10,677
10,168

7,339
15,756
27,339
11,335

DPP

(35,000)
7,339
8,417
11,583
11,335

1. :
CF 9% = 7,339 + 8,417 + 11,583 + 11,335 = 38,674
CF 12% = 7,143 + 7,972 +10,677 + 10,168 = 35,960
2. :
NPV1= 38,674 - 35,000 = 3,674
NPV2 = 35,960 - 35,000 = 960
3.
DPP = ((-35,000) + 7,339 + 8,417 + 11,583) / 11,335 = 7,661 / 11,335 = 0.68 + 3 DPP = 3 7 .

2) :

IRR = R1 + (NPV1 / (NPV1 - NPV2)) * (R2 - R1)

IRR = 9% + (3,674 / 3,674 - 960) * (12% - 9%) IRR = 0.1306 IRR = 13.1%

18

 5.

48
10- 1,000 ..
12%. ?
PVb = PVb * FD(12%;10) PVb = 1,000 * 0.322 PVb = 322

49
,
50 .. 12%. ?
PVb = Pc / r PVb = 50 / 12% PVb = 417

50
, 1,000 .. - 10%,
. 100 ..
- 12%.
PVb = PVc * FDann(12%;9) + PVn * FD(12%;9) PVb = 100 * 5.3282 + 1,000 * 0.3606 PVb = 893

51
1 2010 100,000 .. 2 .
10%. .
PVb = PVb * FD(10%;2) PVb = 100,000 * 0.8264 PVb = 82,640

52
1 2010 9% 100,000 .., 5 . 10%.
. .
PVb = PVc * FDann(5%;10) + PVn * FD(5%;10) PVb = 4,500 * 7.7217 + 100,000 * 0.6139 PVb = 96,138

53
1 2010 9% 100,000 .., 5 . 8%.
. .
PVb = PVc * FDann(4%;10) + PVn * FD(4%;10) PVb = 4,500 * 8.1109 + 100,000 * 0.6756 PVb = 104,059

54
1 2010 4% 10,000 3 .
2 - 1 1 .
6%. .
PVb = PVc * FDann(3%;6) + PVn * FD(3%;6) PVb = 200 * 5.4172 + 10,000 * 0.8375 PVb = 9,458

55
20,000 .. 20
500,000 .. 20- .
, 10% .
PVb = PVc * FDann(10%;20) + PVn * FD(10%;20) PVb = 20,000 * 8.5136 + 500,000 * 0.1486 PVb = 244,572

19

 5.

56.

R = Rf + (Rm - Rf) * R = 5% + (12% - 5%)* 1.4 R = 14.8%

57.

40%
30%
30%

1.2
1.4
1.6

0.48
0.42
0.48

1.38

58.

6,000
11,000
9,000
7,000
5,000
13,000
9,000

.R

AWR

0.100
0.183
0.150
0.117
0.083
0.217
0.150

14%
16%
17%
13%
20%
15%
18%

0.014
0.029
0.026
0.015
0.017
0.033
0.027

60,000 100%

16.02%

6,000
11,000
9,000
7,000
20,000
13,000
9,000

75,000

0.080
0.147
0.120
0.093
0.267
0.173
0.120

100%

.R

AWR

14%
16%
17%
13%
20%
15%
18%

0.011
0.023
0.020
0.012
0.053
0.026
0.022

16.81%

59.

PV = Div. / R PV = 2. 5/ 10% PV = 25 ..
60.

R = (D1 / (P0 * (1-fees))) + g R = (1.5 / (26 * (1-4%))) + 7% R = 13%

62.

PV = Div1/(r-g) PV = (3 + 10%) / (12% - 10%) PV = 165 ..

63.

R = Div0 / P0 - fees R = (8% * 100) / 85 R = 9.42%

64.

PV = Div0 / R PV = 4 / 16% R = 25 ..

20

 5.

65.

30
10
60
100

0.3
0.1
0.6

RM
6.60%
10.20%
14.00%

W*R
0.0198
0.0102
0.084
11.40%

WACC

66.

PV (y.e)

100,000

10

500,000
1,000,000
1,500,000

0.33
0.67

W*R
RM
9%
0.030
12.5%
0.083
WACC = 11.3%

:
R = RM - TAX R = 12% * (1 - 25%) R = 9%

67.
1. :

250,000
159,091 (250,000 * 7%) / 11% = 159,091
50,000
33,333 (50,000 * 6%) / 9% = 33,333
400,000
500,000 10,000 * 50 = 500,000
700,000
692,424

2.

250,000
159,091

50,000
33,333

400,000
500,000
700,000
692,424
:

3.78%
5.94%
6.00%
9.00%
14.70%
14.70%

R = Rf + (Rm - Rf) * 1.2 R = 7.5% + (13.5% - 7.5%) * 1.2 = 14.7%

)
- 7% * (1 - 46%) = 3.78%
) - 11% * (1 - 46%) = 5.94%
3-4. WACC:

250,000
50,000
400,000
700,000

0.3571
0.0714
0.5714

(r)
3.78%
6%
15%
WACC1

W*R
0.0135
0.0043
0.084
10.18%

159,091
33,333
500,000
692,424

0.2273
0.0476
0.7143

(r)
3.78%
6%
15%
WACC2

W*R
0.009
0.0029
0.105
11.64%

250,000
50,000
400,000
700,000

0.3571
0.0714
0.5714

(r)
5.94%
9%
15%
WACC3

W*R
0.0212
0.0064
0.084
11.16%

159,091
33,333
500,000
692,424

0.2273
0.0476
0.7143

(r)
5.94%
9%
15%
WACC4

W*R
0.014
0.0043
0.105
12.28%

21

 5.

68.
1

(g)
(r)

0
0
14%

A. (Div.):

Div. = 400,000 * (1-0%) Div. = 400,000

B. (PVCS):

PVCS = (Div0 + g) / (r -g) PVCS = (400,000 + 0%) / (14% - 0%) PVCS = 2,857,143
C. (MC):

MC = Div. + PVCS MC = 400,000 + 2,857,143 MC = 3,257,150

2

(g)
(r)

25%
5%
15%

A. (Div):

Div = 400,000 * (1 - 25%) Div = 400,000 * 0.75 = 300,000

B. (PVCS):

PVCS = (Div0 + g) / (r -g) PVCS = (300,000 + 5%) / (15% - 5%) PVCS = 3,150,000
C. (MC):

MC = Div + PVCS MC = 300,000 + 3,150,000 MC = 3,450,000

3

(g)
(r)

40%
7%
16%

A. (Div):

Div = 400,000 * (1 - 40%) Div = 400,000 * 0.6 = 240,000

B. (PVCS):

PVCS = (Div0 + g) / (r -g) PVCS = (240,000 + 7%) / (16% - 7%) PVCS = 2,853,333
C. (MC):

MC = Div + PVCS MC = 240,000 + 2,853,333 MC = 3,0930,333

B:

25%

22

 5.

69.
1

(g)
(r)

0%
0%
10%

A. (Div):

Div = 1,000,000 * (1-0%) Div = 1,000,000

B. (PVCS):

PVCS = (Div0 + g) / (r -g) PVCS = (1,000,000 + 0%) / (10% - 0%) PVCS = 10,000,000
C. (MC):

MC = Div + PVCS MC = 1,000,000 + 10,000,000 MC = 11,000,000

2

(g)
(r)

10%
6%
14%

A. (Div):

Div = 1,000,000 * (1-10%) Div = 1,000,000 * 0.9 Div = 900,000

B. (PVCS):

PVCS = (Div0 + g) / (r -g) PVCS = (900,000 + 6%) / (14% - 6%) PVCS = 11,925,000
C. (MC):

MC = Div + PVCS MC = 900,000 + 11,925,000 MC = 12,825,000

3

(g)
(r)

20%
9%
14%

A. (Div):

Div = 1,000,000 * (1-20%) Div = 1,000,000 * 0.8 Div = 800,000

B. (PVCS):

PVCS = (Div0 + g) / (r -g) PVCS = (800,000 + 9%) / (14% - 9%) PVCS = 17,440,000
C. (MC):

MC = Div + PVCS MC = 800,000 + 17,440,000 MC = 18,240,000

4

(g)
(r)

30%
11%
18%

A. (Div):

Div = 1,000,000 * (1-30%) Div = 1,000,000 * 0.7 Div = 700,000

23

 5.

B. (PVCS):

PVCS = (Div0 + g) / (r -g) PVCS = (700,000 + 11%) / (18% - 11%) PVCS = 11,100,000
C. (MC):

MC = Div + PVCS MC = 700,000 + 11,100,000 MC = 11,800,000

B:

20%

70.
: 1
500

500
2,100
(100,000 . 20 ..)
2,000
814

750
516

680
3,930
:
3,930
32.8 ..

% ,
5%

5,000
, 164,000
100,000
64,000

:
.
.
.

2
500
2,300
942
188
3,930

3
500
2,400
1,006
24
3,930

2 3
15%
20%
15,000 20,000 100,000 * % =
492,000 656,000 32.8 * -
300,000 400,000 20 * -
192,000 256,000 (32.8 - 20) * -

164,000 492,000 656,000

100,000 300,000 400,000
64,000 192,000 256,000

24