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Balance Sheet

Pide A.Ş.
Case I Case II Case III Case IV Case V Case VI Case VII Case VIII Case IX Case X Case I Case II Case III Case IV Case V Case VI Case VII Case VIII Case IX Case X
Assets 100,000 100,000 101,000 151,000 151,800 167,000 303,600 299,880 242,440 692,440 Liabilities 100,000 100,000 101,000 151,000 151,800 167,000 303,600 299,880 242,440 692,440
Current Assets 100,000 50,000 51,000 81,000 81,800 97,300 238,200 234,480 177,040 627,040 Short Term Liabilities 0 0 1,000 1,000 1,160 4,200 44,720 78,440 21,000 21,000
Cash 100,000 20,000 6,600 6,600 6,400 24,600 145,200 141,480 84,040 534,040 Bank Debt 0 0 0 0 0 11,000 11,000 11,000 11,000
Banks 0 10,000 10,000 11,000 11,000 13,000 13,000 13,000 13,000 Trade Payables 0 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000
Marketable Securities 0 0 30,000 30,000 30,000 30,000 30,000 30,000 30,000 Taxes Payable 0 0 0 160 3,200 28,720 5,000 5,000 5,000
Trade Receivables 0 0 0 1,000 1,000 30,000 30,000 30,000 30,000 Dividends Payable 0 0 0 0 0 0 57,440 0 0
Inventory 0 2,000 2,000 1,000 1,000 20,000 20,000 20,000 20,000 Long Term Liabilities 0 0 0 50,000 50,000 50,000 44,000 44,000 44,000 44,000
Prepaid Expenses 30,000 32,400 32,400 32,400 29,700 0 0 0 0 Bank Debt 0 0 50,000 50,000 50,000 44,000 44,000 44,000 44,000
Fixed Assets 0 50,000 50,000 70,000 70,000 69,700 65,400 65,400 65,400 65,400 Provision for severance pmts 0 0 0 0 0 0 0 0 0
Tangible Fixed Assets 0 30,000 30,000 30,000 30,000 29,700 26,400 26,400 26,400 26,400 Owners’ Equity 100,000 100,000 100,000 100,000 100,640 112,800 214,880 177,440 177,440 627,440
Gross Fixed Assets 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 Paid-in Capital 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 150,000 300,000
Acc. Depreciation (-) 0 0 0 0 300 3,600 3,600 3,600 3,600 Treasury Stock (-) 0 0 0 0 0 0 0 0 0
Intangible Fixed Assets 0 20,000 20,000 20,000 20,000 20,000 19,000 19,000 19,000 19,000 Capital Surplus 0 0 0 0 0 0 0 0 300,000
Gross Intangible Assets 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 Reserves=Retained earnings 0 0 0 0 0 0 57,440 7,440 7,440
Acc. Amortisation (-) 0 0 0 0 0 1,000 1,000 1,000 1,000 Term Profit 0 0 0 640 12,800 114,880 20,000 20,000 20,000
Financial Assets 0 0 20,000 20,000 20,000 20,000 20,000 20,000 20,000

P&L

Pide A.Ş.
Case V Case VI Case VII Case VIII
Net Sales 2000 50000 500000
COGS (-) 1200 30000 300000
Gross Profit 800 20000 200000
Operating Expenses (-) 1000 5000 50000
Operating Profit (EBIT) -200 15000 150000
Other Income 1000 1000 3000
Other Expenses (-)
Financial Expenses (-) 9400
Earnings Before Tax (EBT) 800 16000 143600
Provision for taxes (-) 160 3200 28720
Earnings After Tax (EAT) 640 12800 114880

Alternative projects

(x1.000)
Year Project A Project B Project C Project D Project E Project F
0 -$1000 -$1000 -$1000 -$1000 -$1000 -$1000
1 600 100 250 250 325 325
2 300 300 250 250 325 325
3 100 600 250 250 325 325
4 200 200 250 250 325 325
5 300 300 250 250 325 975
Total cash flow $1500 $1500 $1250 $1250 $1625 $2275
Cost of capital 10% 10% 5% 10% 10% 10%
Payback period (years)
NPV
IRR

Toy Co.

Year CF
0 -$18,000
1 5200
2 5200
3 5200
4 5200
5 7200
Total cash flow $28,000
Cost of capital 10%
Payback period
NPV
IRR

Time value of money

Future value (FV) 1082.97 Present Value (PV) 0.00 # of periods ERROR:#DIV/0!
# of periods 10.00 # of periods Present value
Interest per period 26.90% Interest per period Interest per period
Present value -100.00 Future value Future value
Interim payments Interim payments Interim payments
Interim payments ERROR:#NUM! Interest rate ERROR:#NUM! Effective rate ERROR:#NUM!
Nominal rate
Present value Present value # of periods
Interest per period # of periods
Future value Future value Nominal rate ERROR:#NUM!
# of periods Interim payments Effective rate
# of periods

Lamb Project

Now Year 1 Year 2 Year 3 Year 4 Year 5
Expected unit sales
Price per unit
Revenues
Raw material, labor & energy costs
Total variable costs
Loss of rental income
Depreciation expense
Total expenses
EBIT
Tax (40%)
EBIT - tax
Depreciation expense (+)
WCR
Change in WCR (-)
Capex (-)
Resale value (+)
Free Cash Flows
Cost of Capital
NPV
IRR
EBIT margin
EBITDA margin
New EBITDA margin
New EBITDA
New EBIT
New EBIT - Tax
New FCF
NPV
IRR

Inefficient Co.

2008 2009 2010 Profitability Analysis
Cash 600 350 300 Managerial Balance Sheet 2008 2009 2010 Cash Flow Statement 2009 2010 Change Sector Current Cash Flow Statement 2009 2010 Change 2008 2009 2010 Proforma 2008 2009 2010 Proforma
Accounts Receivable 2,730 3,100 4,200 Cash 600 350 300 Net Sales Collection period 30 T.Receiv. 4200 Net Sales Cash 600 350 300 Operating profit margin
Inventories 2,800 3,200 4,300 WCR 3,930 4,440 6,100 -COGS Inventory turnover 8 Inventory 4300 -COGS WCR 3930 4440 6100 Capital turnover
Prepaid Expenses - 0 - 0 - 0 Fixed Assets 1,200 1,300 1,450 -Opex Payment period 33 T.Payables 2050 -Opex Fixed Assets 1200 1300 1450 ROIC
Net Fixed Assets 1,200 1,300 1,450 Invested Capital 5,730 6,090 7,850 +Depreciation Prepaid E. - +Depreciation Invested Capital 5730 6090 7850 Financial cost ratio
Total Assets 7,330 7,950 10,250 -Tax Accrued E. 350 -Tax Financial leverage
Short Term Debt 300 500 1,900 Margin Component Margin Component Short Term Debt 300 500 1900 Tax effect
Short-term Debt 300 500 1,900 Long- Term Financing 5,430 5,590 5,950 - Change in WCR WCR 6,100 - Change in WCR Long- Term Financing 5430 5590 5950 ROE
Accounts Payable 1,400 1,600 2,050 Long-term Debt 1,300 1,200 1,100 Investment component Investment component Long-term Debt 1300 1200 1100
Accrued Expenses 200 260 350 OE 4,130 4,390 4,850 NOCF NOCF OE 4130 4390 4850
Long-term Debt 1,300 1,200 1,100 Capital Employed 5,730 6,090 7,850 Capital Employed 5730 6090 7850
Owners' Equity 4,130 4,390 4,850 NICF
Total Liabilities & OE 7,330 7,950 10,250
Liquidity Analysis 2008 2009 2010 ST Debt
Net Sales 22,100 24,300 31,600 Net LT Financing (NLF) 4,230 4,290 4,500 >0? LT Debt
COGS 17,700 19,400 25,250 WCR 3,930 4,440 6,100 Interest Exp
Gross Profit 4,400 4,900 6,350 Liquidity Ratio = NLF/WCR 108% 97% 74% Dividend
SG&A 3,750 4,000 5,000 Conservative Balanced Aggressive Capital Increase
EBIT 650 900 1,350 Current Ratio NFCF
Net Interest Expense 110 130 260 Acid Test Ratio
EBT 540 770 1,090 N.Cash flow
Tax Expense 220 310 430 Operational Efficiency 2008 2009 2010 Change in cash
EAT 320 460 660 WCR
Sales
Dividends 180 200 200 WCR/Sales
Depreciation 100 100 150

Printer project

Now Year 1 Year 2 Year 3 Year 4 Year 5
Expected unit sales 5,000 10,000 20,000 20,000 20,000
Price per unit 800 800 800 800 800
Revenues 4,000,000 8,000,000 16,000,000 16,000,000 16,000,000
Overhead costs -150,000 -300,000 -600,000 -600,000 -600,000
Operating costs -2,500,000 -5,000,000 -10,000,000 -10,000,000 -10,000,000
Depreciation expense -600,000 -600,000 -600,000 -600,000 -600,000
EBIT 750,000 2,100,000 4,800,000 4,800,000 4,800,000
EBIT*(1-tax rate) 450,000 1,260,000 2,880,000 2,880,000 2,880,000
Depreciation expense (+) 600,000 600,000 600,000 600,000 600,000
Capital expenditure -6,000,000
Inventories -1,500,000
R&D expenses -1,000,000
Net cash flow -8,500,000 1,050,000 1,860,000 3,480,000 3,480,000 3,480,000
Discount rate 8%
Net present value 1,755,742
EBIT margin
EBITDA margin
New EBITDA margin
New EBITDA
New EBIT
New EBIT - Tax
New FCF
NPV
IRR