Bạn đang học MBA nước ngoài, đang vất vả hoàn thiện final môn tài chính doanh nghiệp bằng tiếng anh, đang không biết viết như thế nào để hoàn thành một trong những môn khó nhất về tài chính, mà lại viết bằng tiếng anh nữa chứ. Và đương nhiên cũng muốn điểm A. Kèm theo đây là bài final môn corporate finance đạt điểm A của tôi. Chúc quý vị nhanh hoàn thành chương trình học một cách tuyệt vời.
Trang 1COURSE CODE:
FIN 601
COURSE TITLE:
CORPORATE FINANCE
Students:
ID :
Lecturer:
UBIS INTAKE 5: 2013– 2014
JANUARY 2014
Trang 2Final assignment
A Financial Model (40 points)
1 Prepare a brief introduction of the project (maximum 200 words)
ANS joint stock company, establish soon, the company sells mobile phone installment payment The expected parameters are as follows:
First year sales volume of 500 products, of which 20% is at sight, the rest is deferred payment The annual growth rate of approximately 30%, operating time of the project is 5 years
Time installment payment sales average is 6 months
The average sale price at sight is 3.5 million USD, the price of installment payment =120% of at sight price Growth rate of 7% / year, the cost = 90% of at sight price
Inflation rate of 7% / year.4% Operating costs / revenues.installment payment costs 5% loss / revenue, VAT 10%, 20% corporate income tax, license tax: VND 1,000,000 / year
The cost of fixed assets and working tools VND 30,000,000, advertising and marketing costs 0.5% of revenue Borrowing VND 300 million, five-year loan term, fixed interest rate of 12%, the equity of
500 million VND, the discount rate is 15% / year
2 Prepare a table of assumptions for your financial model
The average sale price at sight
3,500,00
0 VND
Trang 3The rate of loss installment payment 5% Revenue
The cost of fixed assets and working
tools
30,000,00
0 VND
Equity investment
500,000,00
0 VND
Loans
300,000,00
0 VND Loan period
5 Year
3 Prepare the financial model including: Projected Income Statement, Projected Discounted Cash Flow and the funding schedules
a) Projected Income Statement
Income statement
Revenue 1,946,000,000 2,706,886,000 3,765,278,426 5,239,766,170 7,290,083,765 - 20,948,014,361 Cost 1,575,000,000 2,190,825,000 3,047,437,575 4,240,914,615 5,900,351,003 16,954,528,193
Gorss profit 371,000,000 516,061,000 717,840,851 998,851,555 1,389,732,762 3,993,486,168
Operation expenses 138,030,001 149,878,732 208,090,316 289,187,143 401,954,612 1,187,140,805 Interest expenses 36,000,000 28,800,000 21,600,000 14,400,000 7,200,000 108,000,000
Profit before tax 196,969,999 337,382,268 488,150,535 695,264,412 980,578,150 - 2,698,345,363
Corporate taxe 39,394,000 67,476,454 97,630,107 139,052,882 196,115,630 539,669,073
Net profit 157,575,999 269,905,814 390,520,428 556,211,530 784,462,520 2,158,676,290
Profit before tax = profit from sales - operating expenses - interest expenses
Corporate income tax = 20% x earnings before tax
Profit after tax = profit before tax - corporate income tax
Trang 4Table business results in the table are based on the following parameters:
Revenue Table
Sales volumes at sight 100 130 169 220 286 905 Price at sight
3,500,0
00
3,745,0
00
4,007,
150
4,287,6
51
4,587,78
6 20,127,587 Revenue at sight 350,000,000 486,850,000 677,208,350 943,283,110 1,312,106,806 3,769,448,266
Sales volumes
installment payment 400 520 676 879 1143 3,618 Price installment
payment
4,200,0
00
4,494,0
00
4,808,
580
5,145,1
81
5,505,34
3 24,153,104 Revenue installment
payment 1,680,000,000 2,336,880,000 3,250,600,080 4,522,613,747 6,292,607,326 18,082,701,153
Cash flow from Revenue
installment payment
840,000,0
00
2,008,440,0
00
2,793,740,
040
3,886,606,9
14
5,407,610,53
7
3,146,303,
663 18,082,701,153
The loss installment
payment
84,000,0
00
116,844,0
00
162,530,
004
226,130,6
87
314,630,36
6 - 904,135,058
Revenue installment
payment after the loss
1,596,000,0
00
2,220,036,0
00
3,088,070,
076
4,296,483,0
60
5,977,976,95
9 - 17,178,566,095
Total sales volumes 500 650 845 1099 1429 4,523 Total revenue
1,946,000,0
00
2,706,886,0
00
3,765,278,
426
5,239,766,1
70
7,290,083,76
5 20,948,014,361
Cash flow from sales
1,190,000,0
00
2,495,290,0
00
3,470,948,
390
4,829,890,0
24
6,719,717,34
3
2,242,168,
605 20,948,014,361
COGS table
volumes purchased 500 650 845
1,0
99
1,42
9
4,52
3 Cost 3,150,000
3,370,5
00
3,606,4
35
3,858,8
85
4,129,00
7
18,114,82
7
Cost of goods sold 1,575,000,000
2,190,825,0
00
3,047,437,5
75
4,240,914,6
15
5,900,351,00
3
16,954,528,19
3
Cash flow from Cost of
goods sold 1,575,000,000
2,190,825,0
00
3,047,437,5
75
4,240,914,6
15
5,900,351,00
3
16,954,528,19
3
Operation expenses table
Operation expense
77,840,000
108,275,440
150,611,137
209,590,647
291,603,351 837,920,574 Ads and marketing enpense
9,730,000
13,534,430
18,826,392
26,198,831
36,450,419 104,740,072 The cost of fixed assets and
working tools
30,000,000 30,000,000 License tax expense
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000 5,000,000 Other expense
19,460,000
27,068,860
37,652,784
52,397,662
72,900,838 209,480,144
Total operation expenses
138,030,001
149,878,732
208,090,316
289,187,143
401,954,612 1,187,140,805
Trang 5Cash flow from Total
operation expenses
138,030,001
149,878,732
208,090,316
289,187,143
401,954,612 1,187,140,805
b) Projected Discounted Cash Flow
Cash flow from
ravenue 1,309,000,000 2,744,819,000
3,818,043,22
9
5,312,879,02
6
7,391,689,07
7
2,466,385,4
66
23,042,815,
798 Cash flow from COGS 1,732,500,000 2,409,907,500 3,352,181,333 4,665,006,077 6,490,386,103 - 18,649,981,012 Cash flow from
operation expenses 150,733,001 163,766,605
227,799,34
8
317,005,85
8
441,050,07
3 -
1,300,354,
885 Corporate rax 39,394,000 67,476,454 97,630,107 139,052,882 196,115,630 539,669,073 Cash flow from VAT 23,397,000 36,718,227
51,075,05
3
71,066,44
1
98,877,81
5 -
281,134,
536 Interest expense 36,000,000 28,800,000
21,600,00
0
14,400,00
0
7,200,00
0 License tax 1,000,000 1,000,000
1,000,00
0
1,000,00
0
1,000,00
0 Net cash flow (674,024,001) 37,150,214 66,757,388 105,347,769 157,059,455 2,466,385,466 2,158,676,290
Operating cash flow
Beginning net cash flow 800,000,000 65,975,999 43,126,213 49,883,601 95,231,370 192,290,825 1,246,508,007 The cash flow from
investors
500,000,000
500,000
,000 The cash flow from the
loan
300,000,000
300,000
,000 The cash flow from
business
(674,024,0 01)
37,150,
214
66,757,
388
105,347,
769
157,059,4
55
2,466,385,46
6
2,158,67 6,290 Cash flow to pay debt
60,000,0
00
60,000,0
00
60,000,
000
60,000,
000
60,000,0
00 -
300,000
,000 Ending net cash flow
800,000,000
65,975,9
99
43,126,
213
49,883 ,601
95,231 ,370
192,290,8
25
2,658,676,29
0
3,905,18 4,298
c) The funding schedules
Item 0 1
2
3
4
Total outstanding
loans 300,000,000 300,000,000
240,000,00
0
180,000,00
0
120,000,0
00
60,000,
000 900,000,000 Principal payable 60,000,000
60,000,00
0
60,000,00
0
60,000,0
00
60,000,
000 300,000,000
Interest payable 36,000,000
28,800,00
0
21,600,00
0
14,400,0
00
7,200,
000 108,000,000
Total Liabilities 96,000,000
88,800,00
0
81,600,00
0
74,400,0
00 67,200,
000 408,000,000
Trang 6Principal payable annually amount = 300,000,000 : 5 = 60,000,000
The annual interest payable = outstanding principal x rate loan early this year
B Financial Analysis (60 points)
1 Using financial ratios and additional information revealed in the Audited Report write a short
overview on the company’s financial status
Analysis:
Current Assets:
Total Current Assets 15,372 14,520 106%
Less Accumulated Depreciation and
Net Property and Equipment 24,069 24,448 98%
Comment:
specific, in which short-term assets increased 6%, fixed assets decreased by 2%, details typical items as follows:
LIABILITIES AND STOCKHOLDERS’ EQUITY 2012 2011 Change 2012/2011 Current Liabilities:
Trang 7Accounts Payable $5,376 $4,856 111%
Total Current Liabilities 11,462 9,376 122%
Total Liabilities 23,307 22,620 103%
STOCKHOLDERS’ EQUITY #DIV/0! Common Stock, par value $0.05; authorized: 10 billion
shares; issued: 1.754 billion shares at February 3, 2013 and
1.733 billion shares at January 29, 2012; outstanding:
1.484 billion shares at February 3, 2013 and 1.537 billion
shares at January 29, 2012
Treasury Stock, at cost, 270 million shares at February 3,
Total Stockholders’ Equity 17,777 17,898 99%
Comment:
103% debt, equity decreased by 1%, the largest item changes as follows:
occupiesmore than the previous year, this can be seen as a positive signal
- Business tax liabilities in 2012 increased by 121% compared with 2011, # $ 81 million
- Long-term liabilities in 2012 sudden increase compared to 2011, with a 4,403% # $ 1,291 million This is an enormous pressure on companies
CONSOLIDATED STATEMENTS OF EARNINGS
NET SALES 74,75 70,39 67,99 106%
Trang 84 5 7
12
46,1
33
44,6
GROSS PROFIT 25,84 2 24,26 2 23,30 4 107%
Operating Expenses:
08
16,0
28
15,8
68
1,5
73
1,6
Total Operating Expenses 18,07 6 17,60 1 17,46 5 103% OPERATING INCOME 7,76 6 6,66 1 5,83 9 117%
Interest and Other (Income) Expense:
20)
(1
3)
(1
2
6
06
5
EARNINGS BEFORE PROVISION FOR
NET EARNINGS 4,53
5
3,88
3
3,33
8 117%
99
1,5
62
1,6
BASIC EARNINGS PER SHARE 3.0 3 2.4 9 2.0 3 122%
Diluted Weighted Average Common Shares 1,511 1,570 1,658 96% DILUTED EARNINGS PER SHARE 3 2 2 121%
Comment:
- Net sales increased by 106% in 2012 compared with 2011, # $4,359 million, this is a good sign of the company, could this be the successful sales of deferred policy as stated in the receivables
policies should cost well COGS decreased 1% in 2012 compared to 2011
Trang 9- Net earnings in 2012 is$4,535 million, up 117% compared to 2011 I see, net sales increased by 106%, but net profits increased by 117%, difference 11%, as can be seen in this year the company has policies to manage costs effectively, helps companies greatly reduce costs
CASH FLOWS FROM OPERATING
ACTIVITIES:
2012/2011
Net Earnings $4,535 $3,883 $3,338 117%
Reconciliation of Net Earnings to Net Cash
Provided by Operating Activities:
Changes in Assets and Liabilities, net of the
effects of acquisitions and
disposition:
CASH FLOWS FROM INVESTING
ACTIVITIES:
Capital Expenditures, net of $98, $25 and $62 of
non-cash capital expenditures in fiscal 2012, 2011
and 2010, respectively
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from Long-Term Borrowings, net of
Trang 10Cash Dividends Paid to Stockholders -1,743 -1,632 -1,569 107%
Effect of Exchange Rate Changes on Cash and
SUPPLEMENTAL DISCLOSURE OF CASH
PAYMENTS MADE FOR:
Comment:
$324 million
investment company added $303 million
- The amount of cash at the beginning of 2012 is quite large, to use effectively, in the company has increased investment and financial activities for effective use of this Sources money ending stocks fell to U.S $ 509 million
To better understand the operations of the company, we analyze the indicators, detailed as follows:
a) Group index payments
Cash flow from operations to current
Comment:
Trang 11The quick ratio and current ratio in 2012 fell sharply compared to the previous year, respectively at 91% and 87% This is because the company has long-term debt to pay quite large in 2012 However, based on industry data, the average of the index remained safe, the company has enough liquidity and debt maturity, notably the ability to pay in cash by 2012 higher than in 2011
Working capital in 2012 although fell sharply compared to 2011, 76% of # $1,234 million, but still at high levels ($3,910 million), which suggests that the company is capable of greater financial autonomy, not imbalance
Net cash flow from operating activities from 2012 increased 105% compared with 2011, # $324 million, this shows the cash flow from operating activities likely pay the majority of costs for companies, 2012 was 61%
b) Group of performance indicators
Comment:
50% This could be a business strategy to increase the company's revenue and market share
Trang 12Compared to competitors in the industry, the average number of days to collect a debt of about
100 days, a desirable figure in Vietnam
which suggests that consumer demand from the U.S and several countries around the world is still very slow, the cause may be due to economic the world has yet to recover significantly However, the average number of days inventory is about 2.5 months # 78.49 days This is not the disappointing numbers, and those in Vietnam (approximately 100-180 days), it remains a dream
the advantage of his size has raised occupancy time from suppliers to offset receivables and inventory Time payables 50.87 per day, an increase of 209% compared to 2011
copper assets in 2012 is higher than 2011
c) Group index of leverage and asset structure and capital
Measure of long-term credit risk
Comment:
industry average and in comparison with Vietnam is moderate The company has financial autonomy relatively
- Rate debt / equity at 1:31 in 2012, an increase of 104% compared to 2011 The ability to fend for corporate debt is not high
2011 but has decreased compared with the trend of 2011-2010 This shows that the situation tends
to collect money not well developed
Trang 13- The index Interest coverage ratio and cash coverage ratio increased compared with 2011, and respectivelyat 12:29; 14.77 The company has the ability to pay great interest
d) Group profitability index
Comment:
- In 2012, the rate Gross Profit and Operating Expense ratio is done better than the 2011, Namely Gross Profit rate increase 1% and Operating Expense ratio down 1% => profit making company's EBITDA will increase more than 2% of revenue, which is demonstrated is the ratio of net income on sales in 2012 increased by 110% compared to 2011
2011 In the time of the current economic crisis that ROE of 25% is a desirable thing most businesses in the world (Warren Buffett Legendary yielding 20-30% / year)
Summation:
The financial situation of the company in 2012 pretty good company, namely: increased revenue, increased profitability, asset growth, cost reduction, inventory and accounts receivable have increased but were offset by liabilities returns and remains within safe ranges, plus cash flow from operations also increased, increasing the ability to pay interest, ROA, ROE increased and higher This demonstrates why the share price is the average closing 64.235USD 2012, an increase of 159% compared to 2011
2 Make decision whether you would or would not invest into the company Explain your decision.
If i’m a investor, I will invest in to the company Because of 3 reason below: