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Профессиональный Документы
Культура Документы
0
0
0
1 GF1_rK0q
1 GF1_rK0q
1
1
$0.00
14560
14560
14560
14560
14560
0
0
6497.5
6497.5
6497.5
6497.5
6497.5
9440
9440
9440
9440
9440
0
0
0
0
0
10
0.95
1
0
10
0
GF1_Z0Cm>75%
>75%
<25%
<25%
>90%
>90%
1
2
1
1
0
0
Inputs
Market Size
$
Sales Year 1
Market Share Year 1
Sales Growth Years 2-6
Gross Margin Year 1
Gross Margin Year 2
Gross Margin Year 3+
CCA Manufactring Line Rate
SR&ED Rate
Loan Duration (year)
Salvage Value(Assume)
Taxable Income
Tax rate
Debt ratio (initially)
Equity portion
Debt portion
Ce
Cc
Cr
Po
g
D1
f
Ke
Kr
ie
MARR
Ks
Id
Loan Interst
Debt ratio (after lunch)
$
$
$
$
$
$
38,000,000
#NAME?
14%
6%
#NAME?
44%
46%
30%
25%
4
0
10,975,000
26.0%
50.17%
2,018,215
2,031,785
4,050,000
2,018,215
2,031,785
9.40
9.75%
0.64
10%
17.27%
16.52%
17.27%
16.52%
8.35%
6.18%
6.18%
50.17%
Option B
Option A
Manufacturing line installatio$
4,050,000 $
4,780,000
R&D expenses after lunch
7.5%
5%
Increase in SG&A After Lunch
15%
13%
Year
Gross Margin
Year
Revenue
0
0%
0
1
#NAME?
1
#NAME?
2
44%
2
#NAME?
COGS
#NAME?
Option B
Manufacturing line installatio $
R&D expenses after lunch
Increase in SG&A After Lunch
Depreciation Schedule (Ye
CCA
UCC
$
Debt Repayment Schedule
In
PPn
Bn
$
Year
Income Statement
Revenues
Expenses
COGS
SG&A
R&D
Debt Interest
CCA
Taxable Income
SR&ED tax rate
Income Taxes
Net Income
Year
Statement of Cash Flows
Operating Activities
Net Income
CCA
SR&ED
Investement Activities
Investement & Salvag
Disposal Tax Effect
Financing Activities
Debt Payments
Stock Issue Fee
Net Cash Flow
MARR
(4,050,000)
#NAME?
#NAME?
$ (1,287,750) $ (1,287,750)
0
$
4,050,000 $
0
$
$
2,031,785 $
1
607,500 $
3,442,500 $
2
1,032,750
2,409,750
1
125,562 $
507,946 $
1,523,839 $
2
94,171
507,946
1,015,892
0
$
$
$
$
$
$
$
$
$
$
#NAME?
#NAME?
#NAME?
#NAME?
$ (1,287,750) $ (1,287,750)
#NAME?
#NAME?
$
(125,562) $
(94,171)
$
(607,500) $ (1,032,750)
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
$
$
$
#NAME?
(4,050,000)
$
$
$
2,031,785 $
(224,246)
(2,242,461)
16.52%
#NAME?
607,500 $
#NAME?
1,032,750
#NAME?
(507,946) $
(507,946)
#NAME?
#NAME?
NPW
IRR
Firm Market Value
Net Proceeds
$
2,018,215
Flotation Cost per Share
$
0.94
Number of Shares
238,560
Total Flotation cost
$
224,246
Total Common Stock
$
1,686,560
New Stock Price
Discounted Payback Analysis
Year
0
Cumulative Investment
$
4,050,000 $
Cumulative Revenues
$
-
1
4,050,000 $
#NAME?
2
4,050,000
#NAME?
Cumulative Revenues
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$-
0
$
$
1
#NAME?
#NAME?
2
#NAME?
#NAME?
Net Revenues
$1
$1
$1
$1
$0
$0
$0
$0
$-
0
(2,242,461)
1
#NAME?
2
#NAME?
3
46%
3
#NAME?
4
46%
4
#NAME?
5
46%
5
#NAME?
6
46%
6
#NAME?
7
46%
7
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
$ (1,287,750) $ (1,287,750) $ (1,287,750) $
$
$
3
722,925 $
1,686,825 $
$
$
$
3
62,781 $
507,946 $
507,946 $
4
506,048 $
1,180,778 $
4
31,390
507,946
-
#NAME?
#NAME?
(1,287,750) $
#NAME?
(1,287,750)
5
354,233 $
826,544 $
6
247,963 $
578,581 $
7
173,574
405,007
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
$ (1,287,750) $ (1,287,750) $ (1,287,750) $
#NAME?
#NAME?
#NAME?
$
(62,781) $
(31,390) $
$
$
(722,925) $
(506,048) $
(354,233) $
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
(1,287,750) $
#NAME?
$
(247,963) $
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
(1,287,750)
#NAME?
(173,574)
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
722,925 $
#NAME?
#NAME?
506,048 $
#NAME?
#NAME?
354,233 $
#NAME?
#NAME?
247,963 $
#NAME?
#NAME?
173,574
#NAME?
(507,946) $
(507,946) $
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
3
4,050,000 $
#NAME?
4
4,050,000 $
#NAME?
5
4,050,000 $
#NAME?
6
4,050,000 $
#NAME?
7
4,050,000
#NAME?
ayback Analysis
nt
Cumulative Revenues
3
#NAME?
#NAME?
ow Diagram
nses
Net Revenues
10
4
#NAME?
#NAME?
12
5
#NAME?
#NAME?
6
#NAME?
#NAME?
7
#NAME?
#NAME?
3
#NAME?
10
4
#NAME?
5
#NAME?
11
6
#NAME?
Cash Flow
6
10
11
7
#NAME?
Liabilities
Long-term
debt
Shareholder's e qu ity
8
46%
8
#NAME?
9
46%
9
#NAME?
10
46%
10
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
(1,287,750) $
#NAME?
(1,287,750) $
#NAME?
(1,287,750)
$
$
8
121,502 $
283,505 $
9
85,051 $
198,453 $
10
59,536
138,917
10
$
$
$
10
#NAME?
#NAME?
#NAME?
#NAME?
(1,287,750) $
#NAME?
$
(121,502) $
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
(1,287,750) $
#NAME?
$
(85,051) $
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
121,502 $
#NAME?
#NAME?
85,051 $
#NAME?
10
$
$
$
#NAME?
#NAME?
(1,287,750)
#NAME?
(59,536)
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
59,536
#NAME?
36,125
#NAME?
8
4,050,000 $
#NAME?
9
4,050,000 $
#NAME?
8
#NAME?
#NAME?
9
#NAME?
#NAME?
10
4,050,000
#NAME?
10
#NAME?
#NAME?
8
#NAME?
9
#NAME?
10
#NAME?
$ 3,860,000
$
544,000
$ 3,922,000
$ 5,959,000
$ 14,285,000
Total assets
$ 18,244,000
$ 32,529,000
Accounts payable
Current portion of long term debt
Total current liabilities
$
$
$
Total liabilities
$ 12,414,000
$ 18,102,000
Capital stock
Retained earnings
Paid-in capital
Total equity
$ 8,636,000
$ 4,159,000
$ 1,632,000
$ 14,427,000
3,578,000
2,110,000
5,688,000
$ 56,648,000
$ 31,447,000
$ 25,201,000
44%
Selling, General and Administrative
Research and Development
Ammortization
Interest
Total Expenses
ore taxes
per share
g (100% common stock)
$ 8,585,000
$ 3,566,000
$
862,000
$ 1,213,000
$ 14,226,000
$ 10,975,000
$ 2,854,000
$ 8,122,000
$
5.61
$ 1,448,000
ash flows
erating activities
by operating activities
ancing activities
by financing activities
vesting activities
Acquisition of capital assets
Acquisition of short term investments
vesting activities
$
$
$
$
$
$
8,122,000
862,000
(255,000)
8,729,000
-
$ (2,444,000)
$
(121,000)
$ (2,565,000)
$
52,000
$ 6,216,000
Historical Dividends
$
0.40
$
0.43
$
0.48
$
0.52
$
0.58
ss Margin Error
4.87%
1.44%
Product
A
B
C
D
E
F
G
H
Year
2011
2011
2012
2013
2013
2014
2014
2015
Inputs
Market Size
$
Sales Year 1
Market Share Year 1
Sales Growth Years 2-6
Gross Margin Year 1
Gross Margin Year 2
Gross Margin Year 3+
CCA Manufactring Line Rat
SR&ED Rate
Loan Duration (year)
Salvage Value(Assume)
Taxable Income
Tax rate
Debt ratio (initially)
Equity portion
Debt portion
Ce
Cc
Cr
Po
g
D1
f
Ke
Kr
ie
MARR
Ks
Id
Loan Interst
Debt ratio (after lunch)
$
$
$
$
$
$
38,000,000
#NAME?
14%
6%
#NAME?
44%
46%
30%
25%
4
0
10,975,000
26.0%
50.17%
2,381,992
2,398,008
4,780,000
2,381,992
2,398,008
9.40
9.75%
0.64
10%
17.27%
16.52%
17.27%
16.52%
8.35%
6.18%
6.18%
50.17%
Option A
Option B
Manufacturing line installa $
4,780,000 $
4,050,000
R&D expenses after lunch
5%
7.5%
Increase in SG&A After Lun
13%
15%
Year
Gross Margin
Year
Revenue
0
0%
0
1
#NAME?
1
#NAME?
2
44%
2
#NAME?
COGS
#NAME?
Option A
Manufacturing line installa $
R&D expenses after lunch
Increase in SG&A After Lunch
Depreciation Schedule (
CCA
UCC
$
Debt Repayment Schedul
In
PPn
Bn
$
Year
Income Statement
Revenues
Expenses
COGS
SG&A
R&D
Debt Interest
CCA
Taxable Income
SR&ED tax rate
Income Taxes
Net Income
MARR
(4,780,000)
#NAME?
#NAME?
$ (1,116,050) $ (1,116,050)
0
$
4,780,000 $
0
$
$
2,398,008 $
1
717,000 $
4,063,000 $
2
1,218,900
2,844,100
1
148,194 $
599,502 $
1,798,506 $
2
111,145
599,502
1,199,004
0
$
$
$
$
$
$
$
$
$
$
Year
Statement of Cash Flows
Operating Activities
Net Income
$
CCA
$
SR&ED
$
Investement Activities
Investement & Salv $
Disposal Tax Effect
Financing Activities
Debt Payments
$
Stock Issue Fee
$
Net Cash Flow
$
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
$ (1,116,050) $ (1,116,050)
#NAME?
#NAME?
$
(148,194) $
(111,145)
$
(717,000) $ (1,218,900)
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
717,000 $
#NAME?
1,218,900
#NAME?
(599,502) $
(599,502)
(4,780,000)
2,398,008 $
(264,666)
(2,646,658)
16.52%
#NAME?
#NAME?
NPW
IRR
Firm Market Value
Net Proceeds
$
Flotation Cost per Share $
Number of Shares
Total Flotation cost
$
Total Common Stock
$
New Stock Price
Discounted Payback Analysis
Year
Cumulative Investment
$
Cumulative Revenues
$
2,381,992
0.94
281,559
264,666
1,729,559
0
4,780,000 $
-
1
4,780,000 $
#NAME?
2
4,780,000
#NAME?
Cumulative Revenues
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$-
0
$
$
1
#NAME?
#NAME?
2
#NAME?
#NAME?
Net Revenues
$1
$1
$1
$1
$0
$0
$0
$0
$-
0
(2,646,658)
1
#NAME?
2
#NAME?
3
46%
3
#NAME?
4
46%
4
#NAME?
5
46%
5
#NAME?
6
46%
6
#NAME?
7
46%
7
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
$ (1,116,050) $ (1,116,050) $ (1,116,050) $
$
$
3
853,230 $
1,990,870 $
$
$
$
3
74,097 $
599,502 $
599,502 $
4
597,261 $
1,393,609 $
4
37,048
599,502
-
#NAME?
#NAME?
(1,116,050) $
#NAME?
(1,116,050)
5
418,083 $
975,526 $
6
292,658 $
682,868 $
7
204,861
478,008
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
$ (1,116,050) $ (1,116,050) $ (1,116,050) $
#NAME?
#NAME?
#NAME?
$
(74,097) $
(37,048) $
$
$
(853,230) $
(597,261) $
(418,083) $
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
(1,116,050) $
#NAME?
$
(292,658) $
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
(1,116,050)
#NAME?
(204,861)
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
853,230 $
#NAME?
#NAME?
597,261 $
#NAME?
#NAME?
418,083 $
#NAME?
#NAME?
292,658 $
#NAME?
#NAME?
204,861
#NAME?
(599,502) $
(599,502) $
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
3
4,780,000 $
#NAME?
4
4,780,000 $
#NAME?
5
4,780,000 $
#NAME?
6
4,780,000 $
#NAME?
7
4,780,000
#NAME?
ayback Analysis
nt
Cumulative Revenues
3
#NAME?
#NAME?
ow Diagram
nses
Net Revenues
10
4
#NAME?
#NAME?
12
5
#NAME?
#NAME?
6
#NAME?
#NAME?
7
#NAME?
#NAME?
3
#NAME?
10
4
#NAME?
5
#NAME?
11
6
#NAME?
Cash Flow
6
10
11
7
#NAME?
Liabilities
Long-term
debt
Shareholder's e qu ity
8
46%
8
#NAME?
9
46%
9
#NAME?
10
46%
10
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
(1,116,050) $
#NAME?
(1,116,050) $
#NAME?
(1,116,050)
$
$
8
143,402 $
334,606 $
9
100,382 $
234,224 $
10
70,267
163,957
10
$
$
$
10
#NAME?
#NAME?
#NAME?
#NAME?
(1,116,050) $
#NAME?
$
(143,402) $
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
(1,116,050) $
#NAME?
$
(100,382) $
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
143,402 $
#NAME?
#NAME?
100,382 $
#NAME?
10
$
$
$
#NAME?
#NAME?
(1,116,050)
#NAME?
(70,267)
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
70,267
#NAME?
42,636
#NAME?
8
4,780,000 $
#NAME?
9
4,780,000 $
#NAME?
8
#NAME?
#NAME?
9
#NAME?
#NAME?
10
4,780,000
#NAME?
10
#NAME?
#NAME?
8
#NAME?
9
#NAME?
10
#NAME?
$ 3,860,000
$
544,000
$ 3,922,000
$ 5,959,000
$ 14,285,000
Total assets
$ 18,244,000
$ 32,529,000
Accounts payable
Current portion of long term debt
Total current liabilities
$
$
$
Total liabilities
$ 12,414,000
$ 18,102,000
Capital stock
Retained earnings
Paid-in capital
Total equity
$ 8,636,000
$ 4,159,000
$ 1,632,000
$ 14,427,000
3,578,000
2,110,000
5,688,000
$ 56,648,000
$ 31,447,000
$ 25,201,000
44%
Selling, General and Administrative
Research and Development
Ammortization
Interest
Total Expenses
ore taxes
per share
g (100% common stock)
$ 8,585,000
$ 3,566,000
$
862,000
$ 1,213,000
$ 14,226,000
$ 10,975,000
$ 2,854,000
$ 8,122,000
$
5.61
$ 1,448,000
ash flows
erating activities
by operating activities
ancing activities
by financing activities
vesting activities
Acquisition of capital assets
Acquisition of short term investments
vesting activities
$
$
$
$
$
$
8,122,000
862,000
(255,000)
8,729,000
-
$ (2,444,000)
$
(121,000)
$ (2,565,000)
$
52,000
$ 6,216,000
t Share Error
12.37%
1.06%
Margin Error
4.87%
1.44%
Product
A
B
C
D
E
F
G
H
Year
2011
2011
2012
2013
2013
2014
2014
2015