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COURSE TITLE: CORPORATE FINANCE Students: ID : Lecturer: UBIS INTAKE 5: 2013– 2014 COURSE CODE: FIN 601 COURSE CODE: MGT 601 JANUARY 2014 Final assignment A Financial Model (40 points) 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 years Time installment payment sales average is 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 Prepare a table of assumptions for your financial model Product sales 1st year Growth rate / year Sales volumes at sight Sales volumes installment payment Operating time period The average repayment period The average sale price at sight Price of installment payment Price Growth rate Cost inflation rate Operating Expenses The rate of loss installment payment 500 30% 20% 80% 3,500,00 120% 7% 90% 7% 4% 5% units Years Month VND Price at sight Year Price at sight Year Revenue Revenue VAT Corporate tax 10% 20% 1,000,00 1% 30,000,00 0.50% 500,000,00 15% 300,000,00 License tax Other expenses The cost of fixed assets and working tools Advertising and marketingcosts Equity investment Discount rate of investors Loans Loan period Fixed interest rate loans VND Revenue VND Revenue VND Year VND Year 12% Year Prepare the financial model including: Projected Income Statement, Projected Discounted Cash Flow and the funding schedules a) Projected Income Statement Income statement Item Revenue Cost Gorss profit Operation expenses Interest expenses Profit before tax Corporate taxe Net profit 1,946,000,000 1,575,000,000 371,000,000 138,030,001 36,000,000 196,969,999 39,394,000 157,575,999 2,706,886,000 2,190,825,000 516,061,000 149,878,732 28,800,000 337,382,268 67,476,454 269,905,814 3,765,278,426 3,047,437,575 717,840,851 208,090,316 21,600,000 488,150,535 97,630,107 390,520,428 5,239,766,170 4,240,914,615 998,851,555 289,187,143 14,400,000 695,264,412 139,052,882 556,211,530 7,290,083,765 5,900,351,003 1,389,732,762 401,954,612 7,200,000 980,578,150 196,115,630 784,462,520 - - Sum 20,948,014,361 16,954,528,193 3,993,486,168 1,187,140,805 108,000,000 2,698,345,363 539,669,073 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 Table business results in the table are based on the following parameters: Revenue Table Item Sales volumes at sight Price at sight Revenue at sight Sales volumes 100 3,500,0 00 350,000,0 00 400 130 3,745,0 00 486,850,0 00 520 169 4,007, 150 677,208, 350 676 220 4,287,6 51 943,283,1 10 879 286 4,587,78 1,312,106,80 1143 Sum 905 20,127,587 3,769,448,266 3,618 installment payment Price installment payment Revenue installment payment Cash flow from Revenue installment payment 4,200,0 00 1,680,000,0 00 840,000,0 00 4,494,0 00 2,336,880,0 00 2,008,440,0 00 4,808, 580 3,250,600, 080 2,793,740, 040 5,145,1 81 4,522,613,7 47 3,886,606,9 14 5,505,34 6,292,607,32 5,407,610,53 84,000,0 00 116,844,0 00 162,530, 004 226,130,6 87 314,630,36 1,596,000,0 00 500 1,946,000,0 00 1,190,000,0 00 2,220,036,0 00 650 2,706,886,0 00 2,495,290,0 00 3,088,070, 076 845 3,765,278, 426 3,470,948, 390 4,296,483,0 60 1099 5,239,766,1 70 4,829,890,0 24 5,977,976,95 1429 7,290,083,76 6,719,717,34 The loss installment payment Revenue installment payment after the loss Total sales volumes Total revenue Cash flow from sales 24,153,104 18,082,701,153 3,146,303, 663 18,082,701,153 - 904,135,058 - 17,178,566,095 4,523 20,948,014,361 2,242,168, 605 20,948,014,361 COGS table Item volumes purchased Cost 500 650 3,370,5 00 2,190,825,0 00 2,190,825,0 00 845 3,606,4 35 3,047,437,5 75 3,047,437,5 75 3,150,000 Cost of goods sold Cash flow from Cost of goods sold 1,575,000,000 1,575,000,000 1,0 99 3,858,8 85 4,240,914,6 15 4,240,914,6 15 1,42 4,129,00 5,900,351,00 5,900,351,00 Sum 4,52 18,114,82 16,954,528,19 16,954,528,19 Operation expenses table Item Sum 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 License tax expense 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Other expense 19,460,000 27,068,860 37,652,784 52,397,662 72,900,838 Total operation expenses 138,030,001 149,878,732 208,090,316 289,187,143 401,954,612 1,187,140,805 Cash flow from Total operation expenses 138,030,001 149,878,732 208,090,316 289,187,143 401,954,612 1,187,140,805 5,312,879,02 4,665,006,07 7,391,689,07 6,490,386,10 30,000,000 5,000,000 209,480,144 b) Projected Discounted Cash Flow Item Cash flow from ravenue Cash flow from COGS 1,309,000,000 1,732,500,000 2,744,819,000 2,409,907,500 3,818,043,22 3,352,181,33 2,466,385,4 66 Sum 23,042,815, 798 18,649,981, Cash flow from operation expenses 150,733,001 163,766,605 Corporate rax 39,394,000 67,476,454 Cash flow from VAT 23,397,000 36,718,227 Interest expense 36,000,000 28,800,000 1,000,000 (674,024,001 ) 1,000,000 License tax Net cash flow 37,150,214 227,799,34 97,630,10 317,005,85 139,052,88 441,050,07 196,115,63 - 51,075,05 21,600,00 1,000,00 66,757,38 71,066,44 14,400,00 1,000,00 105,347,76 98,877,81 7,200,00 1,000,00 157,059,45 2,466,385,4 66 2,158,676, 290 95,231, 370 192,290,8 25 Sum 1,246,50 8,007 - 012 1,300,354, 885 539,669, 073 281,134, 536 - Operating cash flow Item Beginning net cash flow 800,000,0 00 65,975, 999 43,12 6,213 49,88 3,601 The cash flow from investors 500,000,00 500,000 ,000 The cash flow from the loan The cash flow from business 300,000,00 300,000 ,000 2,158,67 6,290 Cash flow to pay debt Ending net cash flow 800,000,00 (674,024,0 01) 37,150 ,214 66,757, 388 105,347 ,769 157,059, 455 60,000,0 00 60,000, 000 60,000, 000 60,000 ,000 60,000,0 00 65,975,9 99 43,126 ,213 49,883 ,601 95,23 1,370 192,290, 825 2,466,385,46 300,000 ,000 2,658,676,29 3,905,18 4,298 c) The funding schedules Item Total outstanding loans 300,000,000 300,000,000 Principal payable 60,000,000 Interest payable 36,000,000 Total Liabilities 96,000,000 240,000,00 60,000,00 28,800,00 88,800,00 180,000,00 60,000,00 21,600,00 81,600,00 120,000,0 00 60,000,0 00 14,400,0 00 74,400,0 00 Principal payable annually amount = 300,000,000 : = 60,000,000 The annual interest payable = outstanding principal x rate loan early this year Example: interest payable 1styear= 300,000,000 x 12% = 36,000,000 VND 60,000, 000 60,000, 000 7,200, 000 67,200, 000 Sum 900,000,000 300,000,000 108,000,000 408,000,000 B Financial Analysis (60 points) Using financial ratios and additional information revealed in the Audited Report write a short overview on the company’s financial status Analysis: ASSETS Current Assets: Cash and Cash Equivalents Receivables, net Merchandise Inventories Other Current Assets Total Current Assets Property and Equipment, at cost Less Accumulated Depreciation and Amortization Net Property and Equipment Notes Receivable Goodwill Other Assets Total Assets Change 2012/2011 2012 2011 $2,494 1,395 10,710 773 15,372 38,491 $1,987 1,245 10,325 963 14,520 38,975 126% 112% 104% 80% 106% 99% 14,422 14,527 99% 24,069 140 1,170 333 $41,084 24,448 135 1,120 295 $40,518 98% 104% 104% 113% 101% Comment: - Total assets in 2012 did not change much compared to the previous year, increased by only 101% specific, in which short-term assets increased 6%, fixed assets decreased by 2%, details typical - items as follows: Cash and Cash Equivalents Items 2012 increased 126% over 2011 # $ 507 million Accounts receivable increased by 112% from 2012 to 2011 # $150 million Fixed assets in 2012 decreased 98% compared to previous year # $379 million LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts Payable Accrued Salaries and Related Expenses Sales Taxes Payable Deferred Revenue Income Taxes Payable Current Installments of Long-Term Debt Other Accrued Expenses Total Current Liabilities Long-Term Debt, excluding current installments 2012 $5,376 1,414 472 1,270 22 1,321 1,587 11,462 9,475 2011 $4,856 1,372 391 1,147 23 30 1,557 9,376 10,758 Change 2012/2011 111% 103% 121% 111% 96% 4403% 102% 122% 88% Other Long-Term Liabilities Deferred Income Taxes Total Liabilities STOCKHOLDERS’ EQUITY 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 Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock, at cost, 270 million shares at February 3, 2013 and 196 million shares at January 29, 2012 Total Stockholders’ Equity Total Liabilities and Stockholders’ Equity 2,051 319 23,307 2,146 340 22,620 96% 94% 103% #DIV/0! 88 87 101% 7,948 20,038 397 6,966 17,246 293 114% 116% 135% -10,694 -6,694 160% 17,777 $41,084 17,898 $40,518 99% 101% Comment: - Debt and Equity 2012 is not significantly changed compared with 2011 (101%), which increased - 103% debt, equity decreased by 1%, the largest item changes as follows: Accounts payable increased by 111% compared with 2011 # $ 520 million, i.e the company - 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 2012 NET SALES Cost of Sales GROSS PROFIT 2011 2010 74,75 48,9 12 25,84 70,39 46,1 33 24,26 67,99 44,6 93 23,30 16,5 08 1,5 68 18,07 16,0 28 1,5 73 17,60 15,8 49 1,6 16 17,46 Change 2012/2011 106% 106% 107% Operating Expenses: Selling, General and Administrative Depreciation and Amortization Total Operating Expenses 103% 100% 103% OPERATING INCOME 7,76 6,66 5,83 ( 20) 63 ( 67) 54 7,22 2,6 86 4,53 1,4 99 3.0 1,5 11 (1 3) 06 (1 5) 30 59 6,06 2,1 85 3,88 1,5 62 2.4 1,5 70 51 56 5,27 1,9 35 3,33 1,6 48 2.0 1,6 58 2 117% Interest and Other (Income) Expense: Interest and Investment Income Interest Expense Other Interest and Other, net EARNINGS BEFORE PROVISION FOR INCOME TAXES Provision for Income Taxes NET EARNINGS Weighted Average Common Shares BASIC EARNINGS PER SHARE Diluted Weighted Average Common Shares DILUTED EARNINGS PER SHARE - 154% 104% 92% 119% 123% 117% 96% 122% 96% 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 Gross profit increased 107% in 2012 compared with 2011, as a result, because of management - policies should cost well COGS decreased 1% in 2012 compared to 2011 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 Net Earnings Reconciliation of Net Earnings to Net Cash Provided by Operating Activities: $4,535 2011 2010 $3,883 $3,338 Change 2012/2011 117% Depreciation and Amortization Stock-Based Compensation Expense Goodwill Impairment Changes in Assets and Liabilities, net of the effects of acquisitions and disposition: Receivables, net Merchandise Inventories Other Current Assets Accounts Payable and Accrued Expenses Deferred Revenue Income Taxes Payable Deferred Income Taxes Other Long-Term Liabilities Other Net Cash Provided by Operating Activities 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 Proceeds from Sale of Business, net Payments for Businesses Acquired, net Proceeds from Sales of Property and Equipment Net Cash Used in Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Long-Term Borrowings, net of discount Repayments of Long-Term Debt Repurchases of Common Stock Proceeds from Sales of Common Stock Cash Dividends Paid to Stockholders Other Financing Activities Net Cash Used in Financing Activities Change in Cash and Cash Equivalents Effect of Exchange Rate Changes on Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Year Cash and Cash Equivalents at End of Year SUPPLEMENTAL DISCLOSURE OF CASH PAYMENTS MADE FOR: Interest, net of interest capitalized Income Taxes 1,684 218 97 1,682 215 1,718 214 100% 101% -143 -350 93 698 121 87 107 -180 6,975 -170 256 159 422 -29 14 170 -2 51 6,651 -102 -355 12 -133 10 -85 104 -61 -75 4,585 84% -137% 58% 165% -417% 621% 63% 9000% 16% 105% -1,312 -1,221 -1,096 107% -170 50 -1,432 101 -65 56 -1,129 0 84 -1,012 0% 262% 89% 127% 1,994 998 0% -32 -3,984 784 -1,743 -59 -5,034 509 -1,028 -3,470 306 -1,632 -218 -4,048 1,474 -1,029 -2,608 104 -1,569 -347 -4,451 -878 3% 115% 256% 107% 27% 124% 35% -2 -32 6% 1,987 $2,494 545 $1,987 1,421 $545 365% 126% $617 $2,482 $580 $1,865 $579 $2,067 106% 133% Comment: - Net Cash Provided by Operating Activities increased by 105% in 2012 compared with 2011, # - $324 million Net Cash Used in Investing Activities increased by 127% in 2012 compared to 2011, ie increased - investment company added $303 million Net Cash Used in Financing Activities 2012 - $5,034 million, up 124% compared to 2011 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 2012 2011 Change 2012/2011 Current ratio 1.34 1.55 87% Quick Ratio 0.41 0.45 91% Cash Ratio 0.22 0.21 103% Working capital 3,910 5,144 76% Net cash flow from operating activities Cash flow from operations to current liabilities 6,975 6,651 105% 0.61 0.71 86% Comment: The 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 2012 Receivables turnover rate 2011 Change 2012/2011 56.63 112.98 50% Debtor days 6.45 3.23 200% Inventory turnover rate 4.65 8.94 52% Days to sell average inventory 78.49 40.85 192% Operating cycles 84.93 44.08 193% 7.17 15.01 48% 50.87 24.31 209% 1.82 1.74 105% 3,800 3,890 98% Current liabilities turnover rate Day to current liabilities average Total Asset Turnover Free cashflow Comment: - Receivables Turnover in 2012 fell sharply compared to 2011, the right half, respectivelydown to 50% This could be a business strategy to increase the company's revenue and market share Compared to competitors in the industry, the average number of days to collect a debt of about - 100 days, a desirable figure in Vietnam Inventory Turnover also fell by nearly half in 2012, corresponding to 52% compared to 2011, 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 Payables Turnover in 2012 fell sharply compared to 2011, 48% As such, the company, thanks to 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 Total Asset Turnover increased by 105% in 2012 compared to 2011, ie the profitability of copper assets in 2012 is higher than 2011 c) Group index of leverage and asset structure and capital Ratios 2012 2011 Change 2012/2011 Measure of long-term credit risk Debt ratio 0.57 0.56 102% Debt -Equity ratio 1.31 1.26 104% Equity Multiplier 2.31 2.26 102% Trend in net cash flow from operating activities 324 2,066 16% Interest coverage ratio 12.29 10.99 112% Cash coverage ratio 14.77 13.59 109% Comment: - Debt ratio increased in 2013 compared to 2011, the 121% However, with the debt ratio 0.57% vs 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 Trend in net cash flow from operating activities from 2012 although still increased compared to 2011 but has decreased compared with the trend of 2011-2010 This shows that the situation tends - to collect money not well developed 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 Gross Profit rate Operating Expense ratio Operating income 0.35 0.24 7,766 0.34 0.25 6,661 Change 2012/2011 100.30% 96.71% 117% Net income on sales 0.0607 0.0552 110% Earning per share (EPS) 3.03 Return on asset (ROA) 0.11 2.49 0.10 122% 116% Return on equity (ROE) 0.25 0.22 117% Ratios Comment: 2012 2011 - 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 ROA and ROE in 2012 were 11% and 25%, respectively increased 116% and 117% compared to 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 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 reason below: - Years 2010, 2011 and 2012 is a serious crisis of the world economy, especially in the U.S but the financial indicators: total assets, revenue, profit growth is good, especially ROE 2012 is 25% Since quarter 2/2013, the U.S economy is recovering and as a result, business activities of the - company will be better The company has a global market (about 2,256 stores), available in major markets such as the - U.S., Canada, Mexico, China so that can share risk country and risk areas The high liquidity of stock: preferred by the market and appreciated company stock However, when investing in this company, I will invest in short-term and will use technology to cut losses when the stock price dropped 20% over the closing price of 2012 reason: Ratios Market-to-book ratio Price per earnings ratio (P/E ratio) Dividend yield 2012 2011 Change 2012/2011 5.42 3.53 153% 16.28 130% 1.23 0.61% According to the table above, we see, - Index market-to-book ratio has increased by 153% from 2012 to 2011, and the difference value was 5.42 times, ie the value of the company has been pushing the market up 5.42 times the book - value The Price per earnings ratio (P / E ratio) increased by 130% in 2012 compared with 2011, and is - at times very high 21.23 Also, if only to get dividend, investors must take 164.7 years to recoup the principal spent closing prices in 2012 (not including the value of cash flow over time) Thanks for see [...]... 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 Trend in net cash flow from operating activities from 2012 although still increased compared to 2011 but has decreased compared with the trend of 2011-2010 This shows that the