Tài liệu Corporate finance Part 2- Chapter 2 pdf

Tài liệu Corporate finance Part 1- Chapter 2 ppt

... MARGIN 9,773 41.6 11, 023 45.6 7 ,23 6 28 .6 5,146 32. 3 4,763 37.1À Selling and marketing 3 ,27 6 13.9 2, 900 12. 0 3,367 13.3 2, 229 14.0 1,306 10 .2 costsÀ General and 1 ,23 1 5 .2 1,310 5.4 1,355 5.4 ... OPERATING PROFIT 1,893 8.1 2, 371 9.8 2, 911 11.5 2, 167 À13.6 À1,199 À9.3À Financial expense 324 1.4 534 2. 2 719 2. 8 6 32 4.0 530 4.1þ Financial income 24 8 1.1 404 1.7 526 2. 1 464 2. 9 436 3.4¼ PROFIT ... 7.7 2, 241 9.3 À3,105 12. 3 2, 335 À14.7 À1 ,29 4 À10.1AND NONRECURRINGITEMSþ Income from associates 27 0.1 À1,756 À7.3 À78 0.3 À158 À1.0 28 À0 .2 À Corporate income tax 519 2. 2 983 4.1 531 2. 1...

Tài liệu Corporate finance Part 3- Chapter 2 pdf

... endafter after earnings oftax tax period1 100 100 20 0 20 8 12 2 10 110 2 110 140 25 0 25 12 13 1 12 122 3 122 190 3 12 28 17 11 0 11 1334 133 25 8 391 31 26 5 0 5 1385 138 350 488 34 35 À10À1 1376 ... period equity of period1 100 15 15.0% 5 10 110(þ10.0%) 2 110 18 16.4% 6 12 122 ( 20 %) ( 20 %) (þ10.9%)3 122 21 .6 17.7% 7 .2 14.4 136.4( 20 %) ( 20 %) (þ11.8%)Although the rate of growth of book equity ... 15% 20 % 25 %Operating income 120 ,000 120 ,000 120 ,000 120 ,000 120 ,000 120 ,000Interest expenses 0 (4,000) (8,000) ( 12, 000) (16,000) (20 ,000)Operating income beforetaxes 120 ,000 116,000 1 12, 000...

Tài liệu Corporate finance Part 4- Chapter 2 pptx

... Association of Corporate Treasurers:www.treasurers.orgGeneral:J. Graham, C. Harvey, The theory and practice of corporate finance: Evidence from the field, Journalof Financial Economics, 60 (2 3), 179–185, ... implications of corporate cashholdings, Journal of Financial Economics, 52, 3–46, 1999.955 Chapter 46 Managing cash flowsSUMMARY@downloadBIBLIOGRAPHYWe will also cover a particular aspect ... integral part of its business. If we were to reintegrate them into the consolidatedbalance sheet, Coca-Cola’s restated, after-tax ROCE would be 12% , not 23 %, andits debt would be c. 1 .2 times...

Tài liệu Corporate finance Part 4- Chapter 1 pdf

... of Corporate Finance, 7, 341–366, December 20 01.M. Faccio, L. Lang, The ultimate ownership of Western European corporations, Journal of FinancialEconomics, 65(¯3), 365–395, September 20 03.D. ... Policy, 8, 45–57, 19 92. On IPO:A. Subrahmanyam, S. Titman, The going public decision and the development of financial markets,Journal of Finance, 54(3), 1045–10 82, June 1999.8 72 Valuation and ﬁnancial ... resaleprices.For this reason, the sum-of-the-parts method is useful for valuing smallcompanies with no particular strategic value. The sum-of-the-parts method isparticularly applicable for companies,...

Tài liệu Corporate finance Part 1- Chapter 1 ppt

... Shipping 22 222 222 22 222 2 424 À Interest expense 1 0.9 1.9 1.5 1.1À Capital expenditure 30 30þ New borrowings 20 20 À Repayment of 2 2 4 4 4borrowingsChange in cash À16 À6 À6 À1 42 1 022 221 .1 29 .9 ... Aug Sep Oct Nov Dec 20 05 20 06 20 07 20 05 20 05 20 05 20 05 20 05 20 05 20 05 20 05 20 05 20 05 20 05 20 05Operating inflowsSales 12 12 12 12 12 12 12 12 96 144 144Operating outflowsÀ Purchases 84444444 ... flow 20 .1 22 .5 22 .9À Change in working capital 36 0 0¼ Cash flow from operating activities À15.9 22 .5 22 .9À Capital expenditure 30 0 0¼ Net decrease in debt À45.9 22 .5 22 .9New borrowings 20 ...

Tài liệu Corporate finance Part 3- Chapter 1 ppt

... 1984–1997 1 02 þ9.9France 1984–1995 22 8 20 .9(Second Marche´)19 92 1998 26 4 þ13 .2 Germany 1970–1993 180 þ9 .2 Greece 1987–1994 129 þ51.7Hong Kong 1980–1996 334 þ15.9India 19 92 1994 386 þ 72. 3Indonesia ... 1984–1990 28 þ10.1Brazil 1979–19 92 66 þ74.1Canada 1971–19 92 258 þ5.4Chile 19 82 1997 55 þ8.8China 1990–1996 22 6 þ388.0(A-shares)1987–1995 57 þ37.1(B-shares)Denmark 1989–1997 29 þ8.01984–19 92 ... for 5, 10 and 20 years:Present value of a cash flow of 10 for 5 years 10 years 20 years To perpetuityAt 15% 33.5 50 .2 62. 6 66.7At 10% 37.9 61.4 85.1 100At 5% 43.3 77 .2 124 .6 20 0We see that...

Tài liệu Corporate finance Part 2- Chapter 1 pdf

... (%)Nokia 68Ericsson 29 Royal Bank of Scotland 28 Telefo´nica 27 BBV Argentaria 24 Banco Santander 24 Vodafone 23 ING 22 ENI 21 Roche 20 HSBC 20 BNP Paribas 19Total 19UBS 17Siemens 17Credit ... 3 ,23 4,000 2, 593,080 1,976,503 1,660 ,26 3EBIT 570,000 704,000 518,580 306,178 21 2,855Interest expenses ( 120 ,000) (79,800) (14,964) — —Earnings before tax 450,000 624 ,20 0 503,616 306,178 21 2,855Tax ... 21 2,855Tax (148,500) (20 5,986) (166,193) (101,039) (70 ,24 2)Earnings After Tax (EAT) 301,500 418 ,21 4 337, 423 20 5,139 1 42, 613Earnings Per Share (EPS) 30.15 41. 82 33.74 20 .51 14 .26 Operating leverageChange...

Tài liệu Corporate finance Part 2- Chapter 2 pdf

... follow:@EðrPÞ@a¼ EðriÞÀEðrMÞ@ðrPÞ@a¼1 2 ½a 2  2 iþð1 À aÞ 2  2 Mþ 2að1 À aÞimÀ1 =2 Â½2a 2 iÀ 2 2 Mþ 2a 2 Mþ 2 iMÀ 4aiMSharpe and Treynor’s insight is that ... April 20 00 to April 20 05 (% values):Ericsson 37.14 Roche 25 .25 Novartis 33.37 Vodafone 43.49Nestle´ 27 . 02 ENI 26 .70Total 27 .05 GlaxoSmithKline 29 .05UBS 30. 62 Telefo´nica 36.43Royal Dutch 27 .27 ... Financial Economics, 17, 22 3 24 9, December 1986.H. Mendelson, Y. Amihud, The liquidity route to a lower cost of capital, Journal of Applied Corporate Finance, 17, 22 3 24 9, Winter 20 00.For a comprehensive...

Tài liệu Corporate Finance handbook Chapter 2 docx

... trade finance and documentation,consult: Curmi, G. (20 01): International Trade Finance and Documentation,in Reuvid, J. (ed): A Handbook of World Trade, Kogan Page, London. 62 Debt Finance 2. 4Legal ... against payment. Assuming that full sets Finance for Foreign Trade 57 2. 1Structured Finance John BagleyNMB-HellerIntroductionTraditionally, corporate finance was the domain of a company’sbankers, ... conditions on corporate size, cangenerally claim a first-year allowance of 40%, but if they lease the assets, thelessor can claim 25 % writing-down allowances.54 Debt Finance 2. 3 Finance for...

Tài liệu Corporate Finance handbook Chapter 1 ppt

... SunAlliance ProFin Part Two: Debt Finance 37 2. 1 Structured Finance 39John Bagley, NMB-Heller 2. 2 Asset-based Finance 45Forward Trust 2. 3 Finance for Foreign Trade 55Jonathan Reuvid 2. 4 Legal Issues ... small business service3rd edition corporate finance handbook theforewords byjonathan reuvidconsultant editor Corporate Finance HDbk 3rd 28 /04 /20 04 10 :22 Page 1These investigations and the ... Management Issues in Generating Investment 22 36.1 The Business Plan – Making it Fly 22 5Shiju Varghese, Tenon Corporate Transactions 6 .2 Building the Management Team 23 5Charles Russam, Russam GMS Limited6.3...

Xem thêm