BWFF 2023

CONFIDENTIAL

UNIVERSITI UTARA MALAYSIA FINAL EXAM FIRST SEMESTER SESSION 2010/2011

COURSE CODE 1 NAME DATE TIME VENUE : BWFF 2023 FINANCIAL MANAGEMENT : 27 NOVEMBER 2010 (SATURDAY) : 8.30 PM - 11.00 PM (2112 HOURS) & MKM : DMS, DTSO, KYM,PMI,IKIP,KTB.KIA II

INSTRUCTIONS:
1. This examination paper contains FIVE (5) questions in FIFTEEN (15) printed pages excluding the cover page. 2. 3. This examination paper also contains FOUR (4) printed pages as attachment. Answer ALL question in the space provided.

MATRIC No:

----------------------------( in word)
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( in number)

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TAB LE No :1

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DO NOT OPEN THIS EXAMINATION PAPER UNTIL INSTRUCTED

CONFIDENTIAL

BWFF2023
Matric No: ~ _

QUESTION 1 (20 MARKS A. WME Electric Sdn Bhd (WME) has just developed a solar panel capable of generating 200 percent more than any solar panel currently in the market. As a result, WME is expected to experience a 15 percent annual growth rate for the next four years and after that the growth expected to be 5 percent per year indefinitely. Shareholders require a return of 12 percent on WME stock. The most recent annual dividends for 2010 are RMl.75 per share. Calculate WME's expected dividends from 2011 until 2015. (4 marks)

1.

ii. What is the current value of stock WME's? (4 marks)

BWFF2023 Matric No: ~

B.

1.

Stock C's Berhad currently been sold in market for RM25. The expected dividend for next year is RMl.50 and the stock have a constant growth rate at 4 percent. If the required rate of return on the similar stock is 7 percent, given the current price, should you buy or sell more stock? Why? (4 marks)

11.

Although preferred stock does not have a set maturity associated with, issuing firm have some method of retirement. Explain ONE of the methods. (2 marks)

B WFF 2023
Matric No: _

C.

Encik Zamani is considering TWO investment alternative. The following information is given: Alternative 1 CD Berhad Bonds Par Value : RM1,000 Market Price Interest Maturity : RM945.80 : 9 percent (semiannually) : 8 years Alternative 2 DC Berhad Bonds Par Value : RMl,OOO Market Price : RM980AO Interest : 8 percent (annually) Maturity : 10 years

If Encik Zamani' s required rate of return is 10 percent, which of these bonds should he buy? (6 marks)

BWFF 2023 Matric No:

QUESTION 2 (15 MARKS) A. Last year, Million Dollar Company had RM70 million III total assets. Management desires to increase its plant and equipment during the coming year by RM18 million. The company plans to finance 40 percent of the expansion with debt and the remaining 60 percent with equity capital. Bond financing will be at 12 percent before tax. Internal equity available is RM3.5 million. Any additional equity can be raise through the issuance of common stock. The common stock currently sold for RM65 per share and has a flotation cost of RM5 per share. The expected dividend next year for Million Dollar Company is RM7.60. Investors expect dividends to grow at an annual rate of 10 percent in the future. The marginal corporate tax rate is 28 percent.
1.

Calculate the after tax cost of debt. (2 marks)

ii.

Calculate the cost of internal and external equity. (6 marks)

BWFF2023 Matrie No:

Ill.

Compute the weighted average cost of capital (WACC) at an investment of RM18 million. (5 marks)

IV.

"Financing with new common stock is generally more costly than financing with retained earning". Explain your answer. (2 marks)

BWFF 2023 Matric No:

QUESTION 3 (25 MARKS) A. You have two investment projects under consideration. The required rate of return on both projects is 15 percent. The after tax cash flows for the projects are listed below: Year 0
1

2 3

Project A (40,000) 20,300 20,300 20,300

Project B (40,000) 0 0 71,500

1.

Calculate the net present value (NPV) of each of the above projects. (4 marks)

BWFF2023 Matric No:

11.

What is the internal rate of return (IRR) for each of the above projects? (Use interpolation method. Choose rate above 15 percent) (6 marks)

111.

Discuss the ranking conflict base on your answer in (i) and (ii). (2 marks)

IV.

If the projects are mutually exclusive projects, which project should you choose? Why? (2 marks)

BWFF2023 Matric No:

B.

R-fiber COrp is considering buying a new production machine. The proposed machine would cost the company RM85,000 and require an installation and modification cost of RM1,500 to be installed properly. In addition, the new machine would require an increase of inventory and account payable of RM 3 000 and RM1 700 respectively. The new machine will be depreciated over its five year life using the simplified straight line method. By using the new machine, sales is expected to increase by RM25 000 and annual maintenance cost for the new machine would be 10 percent of the incremental sales over the life of the asset. At the end of its life the firm expect to be able to sell the machine for RM1 a 000. The firm's tax rate is 28 percent and its required rate of return is 12 percent.

1.

Calculate the initial outlay associated with the new machine. (2 marks)

11.

Calculate the annual cash flow. (3 marks)

BWFF2023 Matrie No:

lll.

Calculate the terminal cash flow. (3 marks)

IV.

Should the finn buy the machine? Justify your answer. (3 marks)

BWFF2023
Matric No: _

QUESTION 4 (25 MARKS) A. En. KaKa intends to open a hand phone factory in Changloon. he needs to estimate the amount of one unit hand phone that generate the profits. As an investment officer, En Kaka needs financial planning for the company. Details of the information Before started the business need to be sold in order to help from you in doing the are given as follows:

Interest Expense Output level Degree of Operating Leverage (DOL) Tax rate Total Asset Total Asset Turnover Operating Income on Total Asset Operating Income

RM240,000 18,000 unit 3 times 28% RM1,800,000 7 times 35% RM630,000

Based on the information given, En KaKa request to calculate

1.

The selling price for a unit of hand phone? (4 marks)

10

BWFF2023 Matrie No:

11.

Variable and fixed costs. (4 marks)

111.

If the degree of Combine leverage (DCL) is 1.62, what is DFL? (2 marks)

IV.

What does it means with company's Degree of Combine leverage (DCL) is equal to
2.0?

(2 marks)

11

BWFF 2023 Matric No:

B.

Syarikat Silang Kata Berhad intends to invest in one piping projects in Sintok worth RMI 000,000. To finance this investment project, the company is considering two financing alternative to generate the capital worth RMI 000,000. Alternative 1: The company can issue 20 000 new common stocks at market price of RM50 per share. Alternative 2: The company can issue 10 000 new common stocks at market price RM50 per share. The balance will be finance through debt with Bank B at the rate of 11 percent.

If the investment is success, the company projected the investment will generate an operating income amounting to RM500 000. At this moment, the company already have an outstanding debt with Bank A amounting to RM75 000 at the rate of 9 percent The existing number of common stocks issued for the company is 25 000 and the tax rate is 30 percent.
1.

Calculate the indifferent point of EBIT -EPS between two financing plans. (8 marks)

12

BWFF 2023 Matrie No:

11

If the project can generate an operating income RM500 000, which financing plan should company adopted? Why? (5 marks)

13

BWFF 2023 Matrie No:

QUESTIONS A.

(15 MARKS)

Describe THREE (3) types of dividend policies. (6 marks)

B.

TNC Corporation (TNC) is planned to implement a stock split two-for-one. Before the split, there are 35,000 shares of common stock outstanding and you currently own 8 percent ofTNC's Corporation common stock. The stock now traded at a price ofRMl15 prior to stock split planned.
1.

Given that information, what will be your stock position before and after the stock split? (5 marks)

14

BWFF2023 Matrie No:

11.

The Chief Financial Officer believed the price will only fall 30% from the initial price after the stock split because she feels the price is above the optimal price range. If the CFO forecast is correct, what is your capital gain? (4 marks)

END OF EXAMINATION PAPER

15

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0.)505,,· 0.3173 o.za75 0.)116 0.28S1 Q.2567 0.lIt7 0.2515 o.zm O.a33 O.ZllII 0.21146 0.2J9< 0.20'10 0.1127

0._ 0.8051 0._ O.89fl

0.8916

0.7284 0.61]1 o.62JZ 0.1521 0.7180 0.8807 0..... 0.7764 0.7142 0.6572 OAOSO 0.7149 0.70D2 0.6412 o.SI14 0.8742 0.1360 o.J676 o~n 0.6255 0.5703 0."" O.JUS unCI 0.6101 0.S537 0.8612 0.111S

d.m,

0.""

O.'~S D.4511 0.31)6 O.]J17 0.5134 0.4112 0.4361 0.3114 O.Jl66 0.... 16 0.4528 o.4t!.~ 0.350) 0.Z959 0.2765 0.4'46 0.4J1J 0.)957 o.nos 0.A564 0.A>&6 .0.17'" 0.3n8 0.2514
0.0)81 O.40S7

0.25111' 0.2176 0.2311 um o.2no 0.1799 UN! 0.1615 0.1'" 0.1486

0.1631 D.1415 0.1229 UNI 0.1069 0.1696 0.1456 0.1252 D.l071 o.ot29 USZI 0.1100 (1.1101 0_1 o.nn 0.1161 0.11981 O.DIIZ! o.om O.lZ40 0.1037 0.08611 0.D7111 0."'11

0_
0._
0.0691

0.16111 0.1346 IUI93II 0.1122 0.0757 o.m2 D.otJ! O.GIIO 0.1163 0.0M5 0.G779 Cl.D4fI 0_7 0.11135 0.... G.OlOI 0._
0.0501

0.05" 0.051'

0.11541 O.l)l~1 o.oZ5I 0.037' 0.0201 O.l)lJl O.OlU 0.0168 0.0365 o.Dl61 o.oU5

uno

o.02S4 CIIOU5 11.11195txCIOP'

o.ouo 0_

1I.0I5O .l1li71 G.0116 .uICI8!I 0:0061 o.oo2f' 0.G051 ~I 0.0D60

0.GDJl, 0.DG24:

29
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JZ

~========~========~==========
2<
2$

o.86tl O~ UII' 0.7315 US.. 0.1640 0.8484 0.1034 0.7201 0._

D.I58J 0..8421 o.7tS4 0.7100

0-"54 05375 OAB.. 0.5109 O.521t 0."'2

O.56il 0.5061

0... 72 0.1S26 0.8158 0.7176 MiltS O.BIZ. 0.1470 0.8296 0.7.,. 0.1192

0.6341

0.6217 0.51l9 CL.609~ oSl'94

U91. 0.4776

OA~n

0.. _ DAU1

II.l!6I O..l5l' 0.4220 0.)797 0.3411 D.l63.1 o...3Di o.l9OI D.loI77 0.1101 unt o.J~ O..l9S]

0.2618

0.294.' D;241S UJI81 0.1637 o.USl 0.1117 0.D926 8.0768 0.2775 0.2l57 0.1139 o.~ 0.1Z2lI 0.1007 o.DIl6. 0.0680 D.Z1D9 0..170) o.U7a 0.1117 O.DIKI7 0.G118 0.01501. 0.2470 0.1971 0.15n 0.1264 0.1015 0.0817 11-0659 OJl5JZ 0.2330 0.1142' 0.1460 0.1160 O.D92J 0.0736 O.OSII .Q.J)471

0._ D.II5OO

o..ot9t

o.ll<n 0.0378

0JK41 0'0.D3112OM62 Q.ont Utz:22 0.0J4t 0.02" 0.11111 O.ll)O4 o.OUS O.QliO
0.G4I2
Q~

o.GSn

o.ozl7 0.0209 0.0181 D.ODII8

O.o1S1

0.0126 0.G057 0._ ~ amos 0.0041 O.OQ1, D.CIJCI5

o..ocnt

.1I.iIot .. o.oou
D.GOOI

0.1197 D.8)02 0.8112 0.7561 D.f59. 0.57" 0.5DO!I Cl.4311 0.3&17 0.JJlS Q.Z9l, 0.165) 0.1247 c.eos. 0.7"3 0.64&4 0.5611 "'887 0.4241 0.3687 0.3207 0.Zl90 G.l610 0.1'9] 0.1992 0.741' D.6,. O.5Sn 0.4767 0.4120 O,JSS O.J(8) uno 0.8085 0.7'78 0.1173 0.7169 0.7666 D.7ln 0.7757 0.7641 G.75ZB 0.7-41' 0.72n 0.7130 0.6989 D.6852 0.67]7 D.6210 0.6DIII 0.5151 G.S679 ~13 0.5)06 0.5100 0.•902 0.4712 0.4529 U~38 0.4J19 0.4111 0.391) 0.3724 O.SIID 0.>660 0.)450 0.l252 0.)066 0.'<20 O.WI 0.1697 0.0288 0.3,,6 0.)105 0.21118 D.2706
D.Z~6

0.H51 0.1956 D.1S04 0.1159 o.~ 0.0693 0.0538 0.2421 0.18<6 o.tM16 0.1(7) 0.0822 0.0fJ0 0._5 D.lJS" o.J741 0.13J4 D.Dt94 0.0754 0.D57) O.NJ7 o.mo 0.1)79 0.1227 0.1092 o.U47 0.1002 o.o8n 0.Gl'5 0.0i6I 0"'52 0.Gl30 O.ll6H US17 0.0460 OM34 0:_ 0._ 0.0178 0.03.11 0.0474 0.0"1 o.03D 0.D217 O.OUI

8.0<1. 0.Ol7' 0.4)14

o.ma
o.oz89

o..DZS6

0.0255 0.0200 0.0157 0.D097 OJlO6I IJ.OOZ.I G.OOO6 0.0214 0.017. G.DII5 0JI0I2 o.oosl 0JI020 o.ooos 0.0216 O.DJSl UU6 0..0010 o..oou o.DOl6 O~ 0.0151 0.0116 0.0089 0._ 0.0053 0.01.. 0.Il0l6 OJlOli5 0:004' 0.0011 'G.0050 0.D0Z9 0.006< D.OOJI o.oozo 0._ OJlO26 0.D014 D.8OJ6 o.tIII1, OJlOlD OJlO26 O.OOtJ 0.0001 1IJIOl0 0.0001 0._ 0.0003 0.0001

ro..aoo. O.Dl101 D..tl'ICn 0.0001 0.0000 0.0000 o.lIOOO 0.0000

34
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J8 40 48 so 60 120

0.8440 0.1)56 0.827' 0.8191

.~

0."51 G.Z634 0.'437 0.225) 0.2083

0.2<45 0.2099 D.2231 0.1J04 O.2O!oO 0.1727 una 0.1566 0.17\9 0.,420 O.IZOI 0.1107 0.0713 o.DOSI

o.Dtn

0.0!55 ••0211 0.QD4 0.0190 O.01S4,

0.02&6 0.11212 0.0169 0.0135 0.0107

0.0200 0.0157 0.0123 0.0096 0.00}5

0._ o.oool OJll101 0.0000

0..00]7

o..aooo

~~~~~~~~~~G.OOO\>~~o.ooooo.ooooo.ooooo.ooaoo.ooooo.ooooo.ooooo.ooooo.ooooo.ooaoo.ooaoo.ooooD.«ltlOo.oooo~O'OOOO

0.71171 0.7269 G.69f6 0.6?O) 0.77'3 0.7173 0.6813 D.6OIO 0.7414 0.6712 0.1387 05S04 0.5496 0.'505 0.4079 0.3030

0.4194 0.J165 ••3051 D.47~ 0.3715 o.not 0.4093 Q.3048 0.2271 0.!615 0.0929 o.oS17

iii

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G.!911 0.15U 0.1111 0.14117 G.!269 0.0951 0.0161 \)JI09O

0.0911 0.0172 0.0S)5 0.0029

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0.1131, 0.03)' 0.0173 .0.oOD)

O.oz41 0.0211 0.D09, 0.0001

0.11160 0.0134 0.0057 0.0000

0.010) 0_5 0..... 3 0.0000

0.0061 0.D054 0.0019 0.0000

is ::5J5

= ::= = ~= =: ~.= ~=
o.ooao

0.0041 0.00)5 0:0In1 0.0000

0.0028 0JI0Zl 0.0007 D.«ItlO

O.OOU 0.0014 0.000< 0.0000

0.0012 0._ O.coot 0.0006 0.G002 o.oocn O.ODOO

0JI004 o.oooz 0.0000 o.ooeiI 0._ o.ooOJ 0.0001 0.0000 .... 0.0008 D.«ItlO CUIOOO o.CIOOO _ 0.0000 0.0000 0.0000 0_

11;_ a._

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3.IIlOI

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TABLE 1:.-3

i=l

2:

(l

+ k)n-i

12 ,. 14 IS

J========~===============~===
6 7 • L0755 6.UIOI 6.11" Ll52D UlN UDa UI17 L46I4 7.lOS9 7.1416 7.1595 7.ZllS 7.J2JD 7.A341 7.5474 7-"25 1.1'1' &.1m 1.2157 ... 321 I.5IlO &.7311 I.I9t3

I 2 3 • 5

UiJoo ~ 1_ !.01150 UI067 UlD15 J.D15O 3_ J.0226 4.0301 4.0lI02 oL1MU 5.050) 5.D671 5.Jm6

UIOOO 1_ Z.G1SII ~ l.GfOl .._ ~ 4..!Z16 5.1010 5.152l 5.2000

~

1_ 1_ %.025D z..o3OO 3.G7S6 3._ 4.11J6 5.2569 5.JOP1

'.t525

1_ UD50 3.1062 4.21" 5.1Q5

1-l1OOO l.CNOO 3.ln6 4.NIi5 UUI 7.191] 9.21'2

t.IJDOO UM50 J.1170 4.27112 5A101

1.-. UIOOO 1.0000 1_ I.DODD 1.-' UlOOO 2.asao 2.0100 2moo 2.2.I191III 2.1000 2.1100 3.1525 1.1136 .l.2149 3.2464 3.2711 l..Ill1O '-"21 '.3101 4.3146 4.4l99 ~4.5061 •• 5751 4.6410 •• 7097 5.S256 5.6311 5.7507 5.l1l6I 5._7 6.1051 urn

1.0000 2.12110 3.]144 '.7793 6.35>1

1_ Z.1lOO 1A069 '.I4M 6.-,

1.0000 1.0000 I.000O 2.WIO 2.1500 ;!'1600 3A)f6 U725 J.51156 '.9211 4.9'34 5_ 6.6101 6.142' 6.8711

J.ODOO 2.1100

urn

UICIOO 1_ 1_ ._ 2.1Il00 2.z.o11O l.lIIIO 1.6<00 ).1176 3._ OlIN UI54 5.l6IIO 5.18&l uno L7251 1.154Z 1... 16 __ 9.11431tlLM61

1._

a.zm

"5502 7.779' 9.0517

uno

'.lIM &'OUZ 9.3100

uot.

U7U 7.1533 7.Jl51 1.5l.l3 1.14211 1.l9l8 1.6540 1.92ZI .. _ 95491 9.8975 1O.zsR JO.6366 lum

lum

7.7151 1.9129 I.II~ 1.l2Z7 '.53SS 1.7<;37 1.9775 9.A4Z0 9.im 10._1 14.11Ia 9.A172 9.7I3l 10.oatll 10_7 10.730S 1U1661 11"<139 12."15 12.9159 , ... 153 17.5lza 2Lt211 11..159< 12.2997 12.7573 IUJZI 13.7l6I 14.2401 15.3270 16.4191 19.1229 Zl ... 77 ·29.7311

tz.'"

11

11.2792 lU741 1l.421. 11.S161 U.Hl] 12.1611 lU.35 l2.J356 Iz..I.i99 12.5076 I2.6IZ5 1].0412 1l.4Ut 13.3972 1l.5lZ!I 13.601' 1~ 1'.2361 IUIDl 15.' .... 1' ..... lUnt 14._ '4.9474 ISASCM15.9119 JUlIO 15.5315515.7206 15.8ln 16.096t '''6121 17.2934 17••)1t

u.~

12.107. ,"'.ZO 15.6111 n.11163 1'._

1l.1-42O 1l.4164 1).IoU2 '4.1020 's.1I25I 15....... ,"1130 Il.6l61 11,'5tt 17.G/70 1&.2919 1&.t3Zt 19.ni7 Zo.ollO ZO.l141

14.)5.n71 11.7130 19.21.5116

14.9716 15.7136 lUH9 17.... 5 tU8Z, 2O.14CI6 21.111S1ZZ.!505 23.2nO ZS.IZ90

16.6455 17.S'03 11.9771 20.1407 Z1.A9532Z.9534 Z4.Z149 HJl192 27.1521 29.3609

1&.S312 "~14 20.6546 2U,U 2,..,45 2<.3493 15.7329 21.J141 22.7132 2.. WI 75.1502 21.2707 29.11OJ730.1502 24.m7 2'-211' 21.1129129_7 )Z-OIII7 1U519 36.1862 27."50 3O.ll949 lZ.J921i _1 37381140.SCM7 '3.6720 1'.77Z5 34.4054 37.2197 4OA175 47.5104 51.6595

'l.I42'

21.7551 32.1504 4O.Zl79 3U311 H.5I05 !iO.Jt5O '%.2111 .... ,.. 64.1091 SG.I11O 59.ltS. 10.'961 10._3 lZ.0151 100.115

7&._ 74.l27O '0&.4J7 91.6250 141.475 1Z1.9U 2Ot.9H 167.Z16 27U79 21un )1un 2J5.Ot,4 5U.MI I11.SU _9lt 413.973 954.211 '>0.165 1_

16 17 I. 20. 21
Z2 It

16.5142 16.8254 '7.697) 17.Jl76 11.7858 19.0572 i9.l797 zo..lMZ ZG.f191 n3ua

lU1Zl 11.0591 19."'7 zo.nI7 21.4.12

17.lS79 17.9lZ' ,UlIM 11.zo", 19.6147 2G.4I94 zo.at09 21.7967 lU110 Zl.lm

11.6393 19.J1OZ 20.1569 20JIUl ZO..l64721.1,16 22.l1P nAI44 22.1406 Zl.t460 25.11M u.zt74 25.5441 H.ll"

2l..m

zo.9710 U,1050 Z4.4m H.35n za.2m

2t.12'5 22.7191 23.M75 24.1417 25.6454 26.1551 21A1'% Zt.G636 Z!.17&1 113n, 3t.9692 n.ml
34.2410

21.6575 ,U12S n .... 1 311.3243D.OO34 25..8404 Zl.ZI29 lO.A402 31.7502 3U737 Zl.lll' 311.91157,13.9990 !1.<SOZ '1.lO1l SO~3to 1l.7600 )1.3790 ,U461 46JlJ85 n.066O 36.78Si .a.9nS ~.7629 51.\601

35.9497 39.1809 U.7513 40.54<7 41.8137 .5.5t9Z 50.3959 55.7497 51.1591 S6.93t5 61.''197 51.21311... 211Z1 1Ul52'

44.sooa

46.6717 5).7)'1 61.7751 711."" 10.9461

50.0110455.7175 59.1176 65.0151 6I.lM1 75.1364 Ja.!1692 a&.2U' 91.0>" 1112_

611.925012.93110.7_1 11.6130 17.0080 105.'31 84.1407 103.140 121.117 9I.6Olt JZ).414 154.740 115.380 14... 21 1l6.61li

126.01' 157.253 195.9" 244.O3l lO3.601

23 24
2S

UM40 n.46D9 2U5l' ~ Z4.47O!i 25.7IU 27.'133 23.1944 23.f1II7 D.I2D 1404716 ZS.ll76 27.299D ZU68 Z4.J104 2'.7l1li1 Zs.oOlO Z5.71e 21.2251 2&..14511 30._ ZSAi20 ZU132 Zf..'1115 H.973S aim 3O.AZ1J 32.3410 H.S591 21.1061 Z7.J149 za.z'32 lZAIlOl l.4.1S1I Z7.6"9 aI3CM lU1'5 31.1244 lZ._ 2I.ZI6I 29.4754 lV.m, 31.1763 33._ a5903 Z9.IOI1 n.0ZI2 lU60t ~ Z9.S2S6 )t.5'40 lG.IZO!I ll.9167 32.1ztl 3.... 15 3l.ASCM35.9,., 34.1149 375117 4O.6Ia 4l.,m 47.2160 so.l199 54.2619

2S 17 n 29
)0 II

_so

ZU76S lO.2I9S SO.5361 lO!.l2I9 lZ.A5Z9 34.4604 3... 255 36._ lOA5t3 la .....

)5.7193 H.fRl 36.JQ3.I l&SlSt 'l.JtZl )6.6119 38.Jl71J ,1.<305 "'_ lUIl6 41.61!l2 44.502D 5OJI'56 41.6459 44.~ 47.n71 54.1645 44.3117 47"'" 49."li ~.t663 56.... 9 47.5106 5O.711l Sl.99l3 57.42lO 61.0011

44~2 5O.A229 56.1645 64.0025 7U651 .I.6!IIl tz.A699 104.1l1li III.SlO 1)4.141 174.021 377.465 112D.21S 1767.)9 49.11057SM56I 6;!.aJ)l 11.40Z7 1t.2143 9O!.SOZI 105..<91120A36 m.llZ U7 A15 206.345 nUll 4M'1067.D .e 5Ul61 IOJI9)3 69.531' 79.5430 93.1'79 lOUOl I2O.2O!i 131.Z97 159.276 Ul.601 244.A17 l26.Zl7 5Il.6lIl UIIM JZ71.JJ 51.1761 ... _ 76.7198 lum 102.17' 111.155 1".&31 151.659 114.161 713.91' 21..... _.00 6U'1NI 7).,059 14.7009 9I.l471 nUll 1l3.3l.4 155..6Z0 U11.111 212.193 JU.603 "UII ... .ot2 Zl4I.IO Mm.oo

m.GZ'

2"'.n.

3n_ m .... 1

z.... _.00

lUlIl9 36.0117 31.55lO ,uln H.J449 31.91ZO4O.1Ot6 4).7591 37.0512 lUS" 42.9lOt 46.zt06 31.7922 'l.I561 ,UI19 ".91118 40.5N1 'l.JOZ7 47.5754 51.6227 44.ZZIO4I.1S01 52~ 4I.Ol31 52.6129 57.1lO2 51..... 57.3014 63.zm 56.1149 15Z.l211M.I594 1O.4OZD 67'75.4011 7t.J535 ~ 14.5194 97_3 114.Ml U5.Hl _251 134.325 1716"" "".17 104."
11Mt1

l.4 36 la 40

34_ 35.'lIIZ 36.9106 3I.IIZID ".l,.14CU351 41.7354" __ 44.1S11 .5.6675

JUt.<a 31.... 1 11.5646 4D.z5n 41.2521 '3.0169 43.7791 45.151' ... _ .......

51.3345 6Z.7015 611.6662 7S..2PII 90.8191 63ASlZ 69.1519 71.0303 15.0670 UI4.1J4 70.0016 17.59Il 16.1640 ts.n6l n,.121 .s.t71B ".1312 1111.7101)5.1104 14.ssm 95.D255 101.030 uo.aoo 154.762

n_

51.1135 59.1564 1165 54.... 1 6).7051 7 831 51..<026 1I.52It 80.6917 a2.l221 luna 87.3465 66A318 79J151Z.. .46OB 11o.z31 1%1.259 141.913 172.501 199.635

79.9544 17.JSOa 95.1311 IliUM IIl.ZIl 134.21' 151.627 Ja7.'OZ ZZO.31' ZSt.057

'l.ll40 102.123 112.961 12~.1l5 136'-'01 164J1Jl 196.912 216.125 2aUlO 337."2

'Ot.U2 121.100 134.210 14I.6:Jl 164.49. 245.'17 Zt9.l21 l64.O43 442.$93

101.13'

121.999 1'1.079 119.117 171.197 199.021

150.334 176.• SO ZIII.l31 169.374 200.&41 2la.,99 190.699 m.9SO 272.... t14.5111 256.513 312.ON 1'1.333 ztu .. 356.111
46SnD

245.712 _ 405.Z7Z 561.371 1114.63 lO54.44 1ll)'09 ZIl.569 ]37.502 '79.221 681.153 U11U5 "71.111 IUra.o 327.UM lt2.S01 J61; 1 81.9.tt) 1716.10 5164.31 1~lQ.3 m.l70 '56.303 441 _.061 2121.96 6114.60 m...z '34.745 5JO.l12 1to.... 1111.11 2640." I7zt.99 Zlln.3 5n.100 7l~741 165.365 965.210 '014.15 I)O'JIJ 1341.62 17~.12 '119.119 2J60.76 1I03.SO '531.M 2.... 65 2Ml.19 4163.21 1704.11 2'5'-12 35J'-D1 _11 1341.16 406Z.91 6Z49.l1 "IU' 14110.5 2212LS 14756.0 WH.9 42150.1 11237.0 •

247.124 104 .... 37'.516 lO6.B37 314.52' 4IZ.103 310.'64 "" .... , 611.149 470.511 609.&31 1JZ.211 511.126 161.ott 'O1l.1O

601.520 191.673 1031.00 1342.IlI

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52109.1

51.6'~ 60 • 69.noo 10.119 100. ZIO.I19

..

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56._

no
360

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ll1DL52

5t.1104 73Al69 '1U46 346JD1

51.lZ01 6um M.s652 IO.JMl 64.46lZ 13._ 75.AZ'1 11..6691 t6.2t47 '93.514 130.039 33l.Z11 311.4064'UIO t05.6Z5

12UII 1)U61 161.581 111.025 '1!06.565 »).210 .... m _ 960.172 U5Z.70 1911.59 2707.'1 314' .... 54~.OO 1753.1111566<.1 3159S.7 uo.... 'S2.661 17UOl Z09.341 Z9ClD6 _.529 571.170 115.014 1161.91 1668.77 2400.02 3459.51 ''''.52 1217.71 '0435.6 n.u.1 '5417.2 1'1.1153 IlIU'7 2J7_991 353.514 533.121 11l.520 t75l.zt 194-4.79 lOl4.B? 4755.07 1'11.64 11161.9 1851'.1 Z9Z20.o .60S7.S' • 11Zl.10 1144.69 2141.56 4350.AII 69S&.24 U1n9.1 47954.1' • ••• • ,"3.45 11"'" 2t071.2 61314.4· • • •

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3494.96 1'113.6

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TABLE A-4
1triodJ 0.510 0.0.0111. D.1510 Ufo

PVFAx.n
zoo
0._ 1"'11 2.1139 l.IIOn 4.7131 5.601. U710 1.32H 1.16Zl '.9126 Z.-'" 0.9756 U21. z._ ).7620 • .64S1 5.5011 6.34" 1.1101 7.9109 8.7521 '" 1.514 .. "

= 2:
i-I
... 5", 0._ 1.II1Z7 Z.l_ 1.5a75 4._ 5.1519 5J19Z1 '.5959 1.2Y8 7."21 I.S2a9 9.1116 9.6829 IG.2221 10.1m 5",

(1 + k)-i
Dn'EllES'l' UTES
,,,, 0."'34 U)34 uno 3.4651 4.211' ..,. D.9)46 1.1080 2.6243 usn '.1002 "' 0.1Z59 1.1133 Un! ).JUt 3.1927 '.6Z29 5.2064 5.1466 6.2419 '-7101 ". 0.9174 usn 2.5l1' 3.Zl97 3.... 7
',4859

J~

I.... O.ootl '.7355 2..... 1.1119 3.1908

II'" 0.900'1 1.71" 2.4437 3.102' 3.fi95'l

In.

In

J."

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,,,. 0.1475 1.5656 2.1143 2.6901 1.1272 3.497' !.III5 '.0176 '.3OlD "'''1 406S60 •• 1912 •. oot5 5.OD81 5.0016

1l1li

,.",

J.... o.lMZ 1._ 1.8161 2.1662 lAlS6 2.64Z1 UIIZI 1.12.1 UllN1 1.O9~ 3.1473 ).19Cll 3.2UJ 3.2-'17 3.lMl 1.113Z 3.Z94I. !.lGJ7 ].3105 1.11Y

~~ 0.1353 UHO 1.I7l5 1._ 2.J107 2.l3II LlSSO 2._ UGII 2."'5 1._ 2.1184 1.7_ 2.1403 '.1502 2.1575 2.7629 2.71511 2.7691 2.7711

1.9851 2.9102 l.~ '.92$9 ., 7 I , 10 11 12 Il " '5

J6

0.9934 0.99.6 0.9901 0.915Z 1.9102 Ul17 1.9704 t.t559 2._ 211656 U410 2.'122 l.9l4Z ).9l61 3.90Z0 3..... '.9015 4.8Sl4 4.1126 5 56 1.1~ 1.73611 1.6116 5.1t5S 6.7212 1.'517 1.56&0 9.471l ~6f12 6.5912 1-. I.lW5 U222

0.9709 0.9662 0."'5 1.9135 '.l9f7 1.1161 U2I6 2.10'6 '.175' 3.1171 3.6731 3.6299 45797 45151 4.4511 UI71 5.J216 6.2303 6.1145 1.0191 '-'140 7.116' 7.6017 85302 a.31i6 9.25Zi> 9.0016 '.9540 9.6611 Io.6)SO 10.lOZ7 11.2961 '0.9205 11.9371 11.5174 5.1421 l.oozl 6-1327 1.Al5l UI09 8.7605 9.3151 9._ '0.5611 11.1114

0.95l4 l.ISM 2.1ZlZ 3.S460 '.3295

0.1929 OJl85O urn 0_ U62' '.6901 1.6611 1.6461 t.6251 I.~ 2.401' Z.J6JZ 2.3116 UIJl ;!.2459 3.0313 1.91'S 2.9131 2.l5SO Z.7!11Z 3.6041 1.5172 3.. 131 l.J5lZ ).27'1 3.9915 1.... 1 4 •• m 4.ZIIl 4.1981 '.6)89 5.1l11 ••_ 5."" Son" 5..... 5.t176 6.ml 6.3025 6MZ4 uon 6.7zt1 6.1399 '.9380 7.0'UI U5Z1 5.66Ol 5.14:' "002' 6.14" UIi51 6.31%9 6.467. 6.5504 6.'2)1 6.6&70 6..742'1 6.."ll 6.IlSI 6.8729 3.714~ '.1604 .... 73 4.1116 S.011B 5.2117 5.4206 5.5131 5.11'S 5",'4 5.9!>4! 6.oQz 6.1280 6.ttl.2' 6.2S93 ••6141 4.0316 •• 34)6 4.6016 Ulll • .om 5.1911 5.)4:3 5.467& .5.5155

O.l3ll 1.527. 2.1065 2.5117 2._ 3.lZS5 3.~6 3.1ln '.OllO '.1125 • .3271 ' ..,91 <.5121 406106 406155

0.8015 1..<568 1.9,Il 2__ 3 u.s. 1.0705 J.2423 3.42'2 3.s655 1.611' 3.7757 3.151. 3.9124 3..... 4.0011

5..... 5.8625 6.16Z1 ",i10 1.1230 1.7052 8.7191 8.1072 9.7JO<'.6429 10.6110 11.6119 1Z.H62 'Ulll 14,4166 10.512' 1.... 958 12.'130 U.JZ42 14.2291

9.5,"

100lZ01 10.3616 'O.G'll1 l1A349 n.1ssl IO.I07~ 12.J4Zl 12.ll37 11.1115 1l.Z'1O 13J1Ol1 12~l4 1"U11l 1),1651 '3.1411

9.5142 10.51St 10.2578 11.1414 1•• tn2 U.1062 11.69Ot U .... I 12.3114

9.1""

5.0757 4.9113 '.168 5.1864 5.SI2' 5.J193 6.46lZ 6.ZIIII 5.'711 7.1071 6.1011 6.Stsz, 1.n17 1.3&01 7.8236 I.J064 8.1633 9.3936 9..... 111.3197 1..8169 l.JI3I a.a~1 9.2950 9.71n

5.0130 5.5348 5.99S2 6AI71

'.~3 '.ZlO5 4.111' ...... ".7122 '.5631 5.3349 5.1461 '.9676 S.'_ U370 5.3212 6.1446 S.l8tZ 5.6502 6.A9S1 UUl 1.1034 1.)661 7.6061 UZll a.oz16 L.2Ot4 1.JM9 s..5U6 U<l65 6.492' 6.7'" 6.9811 1.IOOt 7.)792 1._ 1.1(116 7JJ39J 7.96'3 5••srt U", UZl5 UZIZ U,Ot "'140 1.1196 7.2497 7.~ 7-'694

lAI8'I 1.1390 UIO!I% 7.9427 1.utl '.1607 US77 1.lOla 1.4169 1.7455 1.2442 1.JlI62 9.'071 1.55t5 8.0607 1.l126 1.54J6
1.)'S56

15:1399 1~1215 15.0Z43 14.1179 17 ILZSa 1"0217 15._ 15.5tZl sa 17.1721 1..... 16.nn 16.)913 It l~ 17.7tOJ n.Na 17.nlO 2G 11.9174 ll.6IS9 11.S08DlL04S6 21 22 21 24 lS
lJ 2:B 2t

lUlU U.5117 ll.ll'iSO 12.SUI 12""'1 1'.t076 14.1911 lUlU 13.166' ·12.65U 15..6726 14.9920 14.35)4 11.1535 U.11l7 16.£162 15.f715 14:9719tUn8 n.7098 11.1686 16.15U ts.s892 U.817S 14.2124

11.65Zl 11.Zl4O 10.a:J11I10.1059 9._ 1.1514 .Z.1651 11.1072 11.2741 1O..<11J 9.7632 un6 u..st) 12.1600 11.6896 10.827' 1O..D591 '.3719 U.U!I lZ.!t9J] l2'.08S311..1!lrf10.3)56 9.6(W: 1 13.5903 1).0079 JZ.46ZZ n..4699 _lO.!NO '.8181

LI50J "utS '..292% '.4424 9.5IOt '.7066 '...an6

5.M085 5.162. 4.1Z96 .. anl 5.1"7 5.nz3 '.1146 4.0591 'S.anl S.2.7~ 4.atU 4.0199 5.... 715 ~.)162 '.&US1 4.Dtf7 5.9* S..3S27 4.1696 ".n03

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2.m. 2.m.

2.7771

ii

'

BWFF2023 IFlNANCIAL MANAGEMENT

if

APP.ENDIX J
FV ,'= PV(l + 0",
II

PV

(1+;)"
1

FV

1
(1+ lj"

EAR=(l+ 'quot~ rate)- -J

FV" ::::!,PV(FYlF,,.)

CY=-y,
B

, PMI'

pv=PP
i

D P=.. "R

Po = Do (1 + g) = __!3_
R-g

R-g./'

D R p =-...,. p.
o

yrM
of
X % of debt fmoncing]

WACC

= [Ofier tax cost

debt

+ [coSl of ~

X %of equity financing]

'D PS CE WACC=-R .:4 (l-T)+-R +-R a ./V V Ps V

iii

BWFF2023IFlNANCIAL

MANAGEMENTII

.- \ .
... .. r. ..

..rj

APPENDIX 2 NPY:=

t(l+k] FCF,
1-)

[0

PI

= ,=-, (l+k[
10

i FCF,
=

./0=

t ~+1RRY FCF,
1=1

DFL
afT

EBrr-I

EBn-

DOL
s

S-VC-F

S-YC

r;;

- -::::

707lt-l
(EErr

~.4a'S
7lJ'!1tl ~~.
~~

-IXl-t)-

P = (EBn

-lXI-t)s"

ltJRNOVf'>/(

DCL.

= (l)OL

s)

x (DFLEBIT)

r l't

e-/)

. TlJlvJ I VW<

1}J-Jt1·

::-

Nt! 11xe-6

~7

~=L·"$1
.-J

(l+k ... Y

+...,,-.-

SM

(~+k...

iv