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ABC Company

Assumptions
cash balanced
Spot Exchange Rate
Terranian Francs/ 1 36.85
Terranian Francs/ 1 23.32
Projected Inflation Rate Year 0 Year 1 Year 2 Year 3
UK & EU 2% 3% 3%
Terrania 20% 15% 10%
Exchange Rate
Terranian Francs/ 1 36.85 43.35 48.40 51.69
Terranian Francs/ 1 23.32 27.44 30.63 32.71
Year 0 Year 1 Year 2 Year 3
Capex 500.00 - - -
Debt financing % 25% 0% 50% 50%
Equity financing % 75% 100% 50% 50%
Trade days 90 90 90
Labor cost days 30 30 30
Sales and distribution days 60 60 60
Other payable days 90 90 90
Depreciation
Depreciation Method SL
Depreciation rate 20%
Unit Costs in year 1
Labour (based upon using 250 workers) T 3800
Local components T 1800
Component from Germany 30
Sales and distribution T 400
Production/ Sales 60000 per year
Selling price 400 Year 1
Local Workes 300
Labor capacity 250
Fixed Costs in Million T 50
Tax Rate 20%
CAPITAL STRUCTURE
Equity 75%
Total Debt
Long Term Debt 25%
Long Term Debt:
Life of loan 5 Years
Interest rate (% p.a.) 15%
Short Term Financing 5%
Click here for Cash Balancing
Valuation
Profit after Tax 27.77 45.29 53.92
Tax shield from Depraeciation - - -
Investment (500.00)
Working capital requirement #REF! #REF! #REF! #REF!
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Year 4
3%
10%
55.21
34.94
Year 4
-
50%
50%
90
30
60
90
58.44
-
#REF!
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ABC Company
Valuation
WACC 16.50%
Cost of debt on longterm loan 12.00%
Cost of equity 18.00%
Debt % based on book value 25.00%
Equity % based on book value 75.00%
Terminal growth rate 8.00%
Marketing discount 0%
Outstanding shares 12,000
Tax rate 20%
Year 0 Year 1 Year 2 Year 3 Year 4
Cashflow from Operating Activities - 30.7 116.2 112.7 104.2
Cashflow from Investing Activities (500.0) - - - -
Adj. Treasury - 15.0 14.3 13.4 12.4
Debt free cash Flow (500.0) 45.7 130.4 126.0 116.6
Discount factor 1.00 0.86 0.74 0.63 0.54
PV of Debt free cash flows (222)
PV of Terminal Value 804
583
Less: Marketability Discount 0%
Value of the Company 583
Add: Cash 24
Business Enterprise Value 607
Less: Debt (119)
Equity value of Company 488
Shares no. 12,000
Value per share 0.04
ABC Company
Longterm Financial Projection
INCOME STATEMENT
Year 0 Year 1 Year 2 Year 3 Year 4
Sales 658.4 735.2 785.1 838.5
Costs
Labor Cost 273.6 314.6 346.1 380.7
Local Component Cost 108.0 124.2 136.6 150.3
Component from Germany 49.4 56.8 60.7 64.8
Sales and distribution 24.0 27.6 30.4 33.4
Depreciation 100.0 80.0 64.0 51.2
Fixed Costs 50.0 57.5 63.3 69.6
Total Cost 605.0 660.7 701.0 749.9
Earning before interest and taxes 53.5 74.4 84.1 88.5
Interest 18.8 17.8 16.7 15.5
Earning before tax 34.7 56.6 67.4 73.0
Tax Amount 6.9 11.3 13.5 14.6
Profit afetr Tax 27.8 45.3 53.9 58.4
Accumulated Profit/ (loss) 27.8 73.1 127.0 185.4
ABC Company
Longterm Financial Projection
BALANCE SHEET
Equity and Liabilities Year 0 Year 1 Year 2 Year 3 Year 4
Equity
Equity Investement 375.00 375.0 375.0 375.0 375.0
Accumulated profit/ (loss) 27.8 73.1 127.0 185.4
Total Equity 375.0 402.8 448.1 502.0 560.4
Liabilities
Longterm Loan 125.0 118.8 111.6 103.3 93.8
Short term financing - - - - -
Payable - 65.2 75.0 82.1 89.8
Total Liabilities 125.0 184.0 186.6 185.4 183.6
Total Equity and Liabilities 500.0 586.8 634.7 687.4 744.0
Assets
Fixed Assets
Tangible Assets 500.0 400.0 320.0 256.0 204.8
Total Fixed Assets 500.0 400.0 320.0 256.0 204.8
Current Assets
Account Receivable - 162.4 181.3 193.6 206.7
Cash and Bank - 24.4 133.4 237.8 332.5
Total Current Assets - 186.8 314.7 431.4 539.2
Total Assets 500.0 586.8 634.7 687.4 744.0
- - - - -
ABC Company
Longterm Financial Projection
CASH FLOW STATEMENT
Operating Activities
Cash Receipt - 496.1 716.2 772.8 825.3
Cash Payment
Labor Cost (251.1) (311.3) (343.5) (377.9)
Local Component Cost - (81.4) (120.2) (133.6) (146.9)
Component from Germany - (37.2) (55.0) (59.7) (63.8)
Sales and distribution - (20.1) (27.0) (29.9) (32.9)
Tax Payment (6.9) (11.3) (13.5) (14.6)
Interest Payment (18.8) (17.8) (16.7) (15.5)
Fixed Costs (50.0) (57.5) (63.3) (69.6)
Total Cash Payment - (465.4) (600.1) (660.1) (721.1)
Total Operating Activities - 30.7 116.2 112.7 104.2
Investment Activities
Fixed Capital Investment (500.0) - - - -
Total Investment Activities (500.0) - - - -
Financing Activities
Euity Investment 375.0 - - - -
Increase / (decrease) of short term loan - - - - -
Increase / (decrease) of longterm loan 125.0 (6.3) (7.2) (8.3) (9.5)
Total Financing Activities 500.0 (6.3) (7.2) (8.3) (9.5)
Net Cashinflows/ (outflows) - 24.4 109.0 104.4 94.7
Opening Cash Balance - 24.4 133.4 237.8
Ending Cash Balance - 24.4 133.4 237.8 332.5
ABC Company
Statement of Revenue Projection
Year 1 Year 2 Year 3 Year 4
Sales (units) 60,000 60,000 60,000 60,000
Sales price () 400 400 400 400
Revenue in 24,000,000 24,000,000 24,000,000 24,000,000
Exchange Rate ( Terranian Francs/ 1) 27.44 30.63 32.71 34.94
Revenue in Terranian Francs in Million 658.45 735.16 785.12 838.48
ABC Company
NOTES:
Equity Year 0 Year 1 Year 2 Year 3 Year 4
Opening - 375 375 375 375
Addition 375 - - - -
Withdraw
Ending 375 375 375 375 375
Trade Debts
Opening - 162 181 194
Addition 658 735 785 838
Collection 496 716 773 825
Ending - 162 181 194 207
Days 90 90 90 90
Payable
Labor Cost 22.49 25.86 28.45 31.29
Local Component Cost 26.63 30.62 33.69 37.06
Component from Germany 12.18 14.00 14.95 15.97
Sales and distribution 3.95 4.54 4.99 5.49
Ending Payable 65.24 75.03 82.08 89.81
Payment
Labor Cost 251.11 311.27 343.52 377.87
Local Component Cost 81.37 120.21 133.56 146.91
Component from Germany 37.21 54.96 59.70 63.76
Sales and distribution 20.05 27.01 29.91 32.90
Total Payment 389.74 513.45 566.68 621.44
Labor Cost
Opening - 22 26 28
Addition 274 315 346 381
Payment 251 311 344 378
Ending - 22 26 28 31
Days 30 30 30 30
Local Component Cost
Opening - 27 31 34
Addition 108 124 137 150
Collection 81 120 134 147
Ending - 27 31 34 37
Days 90 90 90 90
Component from Germany
Opening - 12 14 15
Addition 49 57 61 65
Collection 37 55 60 64
Ending 12 14 15 16
Days 90 90 90 90
Sales and distribution
Opening - 4 5 5
Addition 24 28 30 33
Payment 20 27 30 33
Ending 4 5 5 5
Days 60 60 60 60
Fixed Assets
Opening Value 500 400 320 256
Addition 500 - - - -
Depreciation 20% 100 80 64 51
Ending Value 500 400 320 256 205
Longterm Financing Financing
Year 0 Year 1 Year 2 Year 3 Year 4
Opening - 125.0 118.8 111.6 103.3
Addition #### - - - -
Principal payment - 6.3 7.2 8.3 9.5
Outstanding 125.0 118.8 111.6 103.3 93.8
Financial Charges
6 months Kibor - 18.8 17.8 16.7 15.5
Premium
Payment 25.0 25.0 25.0 25.0
Short term Financing
Year 0 Year 1 Year 2 Year 3 Year 4
Opening - - - - -
Addition - - - - -
Principal payment - - - - -
Outstanding - - - - -
Financial Charges
6 months Kibor - - - - -
Premium
Payment - - - -
- - - -
Operating cash + debt repayment (24.4) (109.0) (104.4) (94.7)
Closing Balance 475.6 366.6 262.2 167.5
Cash requirement 500 - - - -
- - - - -