Kế toán quản trị MBA Phân tích cty Phân bón KFV

BẢNG 3: CHI TIẾT CÁC HỢP ĐỒNG THI CÔNG VÀ TIẾN ĐỘ THANH TOÁN Đvt: triệu đồng Số HĐ Ngày Nhà cung cấp Table 2: investment: Table 3: Long term Loan... BẢNG 3: CHI TIẾT CÁC HỢP ĐỒNG THI CÔN

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APPRAISE THE PROJECT OF KFV FACTORY PRODUCE

NPK FERTILIZER

MANAGERIAL ACCOUNTING

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TABLE OF CONTENTS

- -SUMMARY INFORMATION OF NPK FERTILIZER COMPANY I. Introduction 2

II. Investment Cost 2

III. Revenue 4

IV. Operating Cost 4

V. Working capital 6

VI. Macro parameters 6

APPRAISAL THE PROJECT 1. Project appraisal techniques 7

1.1 Net Present Value (NPV) 7

1.2 Internal Rate of Return 8

2 Conclusion 9

3 Reference 10

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SUMMARY INFORMATION OF NPK FERTILIZER COMPANY

I Introduction:

Our project is the fertilize company KVF, which joint venture between Taekwang Industrial Korea and Huchems chemical group also Korea that located HiepPhuoc industrial park

Huchems will take care operation the factory and Taekwang Industrial with 20years experience in Vietnam will take care distributing products

KVF invest 60mil USD for 5,7ha factory which has design capacity 360.000tons per year with variety NPK fertilize products have been produced on the latest technology All products meet to international standard about environment and quality

KVF focus on producing products with NPK contain 20-20-15 and have to be use

in local also export to Asian country, Japan and Korea

II Investment cost:

The NPK fertilizer factory has a capacity of 360,000 tons per year and the factory

is built on 87,897 m2 of land with a total investment cost of 1,196,253 million VND, including land rental, design, construction and other expenses The project life cycle is 25 years

Sponsor:

The Company borrows 73.6% from the bank at an interest rate of 8.5% in VND, With a loan term of 13 years, the principal repayment period is 10 years, the grace period is 3 years, and the principal and interest are paid monthly,

The rest - 26.4% is funded by equity

The details table is shown below as TABLE 1, TABLE 2 and TABLE 3:

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BẢNG 3: CHI TIẾT CÁC HỢP ĐỒNG THI CÔNG VÀ TIẾN ĐỘ THANH TOÁN Đvt: triệu đồng

Số HĐ Ngày Nhà cung cấp

Table 2: investment:

Table 3: Long term Loan

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BẢNG 3: CHI TIẾT CÁC HỢP ĐỒNG THI CÔNG VÀ TIẾN ĐỘ THANH TOÁN

Đvt: triệu đồng

Số HĐIII Revenue: Ngày Nhà cung cấp

NPK fertilizers sells for 9, 89 million VND/ton domestically, the export price is 9,4 million

VND/ton.

According to the plan of total consumption:

Year 1 is 108,000 tons

Year 2 is: 144,000 tons

Year 3 is 180,000 tons

Year 4 is: 216,000 tons

From year 5 to year 25: 252,000 tons / year.

The details table is shown below as TABLE 4:

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Số HĐ Ngày Nhà cung cấp

IV Operating costs:

The total cost of products sold domestically is VND 9,457,546/ton of product, the export

products are VND 9,211,916/ton including the cost of raw materials, depreciation, maintenance,

insurance, Management, cost of sales, logistics, etc are shown in the detail of Table 7 - TABLE

OF EXPENSES

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V Working Capital

The working capital cycle is estimated at 4 cycles/ year, the detailed of working capital

requirements are shown in Table 8.

The details table is shown below as TABLE 8:

VI Macro parameters:

The Exchange rate: 22,330 VND/ USD It is estimated that the annual rate of inflation in the

project life cycle is 10%.Income tax is waived within 3 years, from the 4th years to the 25th

years apply at 20%.

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1 Project appraisal techniques.

Project appraisal is the process of assessing and questioning proposals before resources are committed.It is a means by which partnerships can choose the best projects to help them achieve what they want for their community The most common techniques are Net present value (NPV), Internal Rate of Return (IRR)

1.1 Net Present value (NPV)

Net Present Value (NPV) According to Watson and Head (2009), Net present value method uses a cost of capital or target rate of return to discount all cash inflows and outflows to their present values, and then the present value of all cash inflows and the present value of all cash outflows will be compared to evaluate capital investment projects In the case of Yakisoba, the calculation of NPV will help its managers to evaluate whether the project to purchase the noodle producer and ramen manufacture in Hong Kong is feasible If the project has a positive NPV, the project is expected to give a return in excess of the cost of capital and will lead to an increase in shareholder wealth (Watson and Head, 2009) If the project has a negative NPV, it is likely that the project will be rejected To obtain the NPV, following formula is used:

NPV =−INV + C 1

(1+i )1+

C 1

(1+i )2+… … … + Cn

(1+i ) n

Where, C1…… Cn are net cash flow

i = the interest rate

n = project expected life

INV: initial investment

An investment project would be accepted if the NPV > 0 and rejected if NPV < 0 This is because the money being invested is greater than the present value of the net cash flow If NPV=0, the decision maker would be indifferent The NPV method assures that funds may be reinvested at the firm’s interest rate

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1.2 Internal Rate of Return (IRR)

Internal Rate of Return (IRR) The internal rate of return is the rate of return which

equates the present value of future cash flows with the outlay (Arnold, 2008) This

is the same as saying that it is the discount rate that causes an investment’s NPV to

be zero

According to Arnold, 2008:

If the opportunity cost of capital (k) > the internal rate of return (IRR) => reject the

project

If the opportunity cost of capital (k) ≤ the internal rate of return (IRR) => accept

the project

Based on the above information of the company and the NPV and IRR formula, we

have the cash flow table:

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WACC=%D x Rd + %E X rE = 8.90 %.

Where:

%D: percentage of financing that is

%E: percentage of financing that is

rD: cost of debt 8.5%

rE: cost of equity 10.0%

Following the Viewpoint total (TIPV)

NPV= 317,951

=NPV (rate; value 1; value 2)

=NPV(8.90%,71,328:290,368)+ (1,196,253)

IRR= 11.84%

= NPV (values; guess)

= NPV ((1,196,253); 290,368)

BC = 1.08 times.

NPV > 0, IRR>r (11,84 > 8,5), The benefit cost (B/C) = 1,08 => Project feasibility

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2 CONCLUSION:

To conclude, based on the calculation results of NPV, IRR and B/C, It shows that the project (NPK FERTILIZER MANUFACTURING FACTORY) is fesibility

3 REFERENCES:

Arnold, G., 2008 Corporate Financial Management 4th Ed London: Pearson Education Limited

Watson, D and Head, A., 2009 Corporate finance: principles and practice 5 th

Ed UK: Pearson Education

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