CASH FLOW FROM OPERATIONS 3,2

interest expensse

Tax rate
 Profit before tax
income tax expense

NET INCOME

NCC/Depreciation

Working Capital

Stores, spare parts

and loose tools

Stock in trade
trade debts
Advances
Pre payments
reciveables

Trade and payables

Working capital
NWCinv
 Name FAIZAN MOAZZAM

SAP ID 70071190

SECTION B

FINANCIAL MANAGEMENT

PROJECT

COMPANY: FAUJI CEMENT

Ca

property, plant and equipment

 Sale proceeds from sale of
property, plant and equipment

FCInv

When no sale of ppe g

property, plant and equi

Depreciation expen

FCInv

3,219,300,000

147,813,000.000

16%
 4,098,149,000.000
668,685,000.000

3,429,464,000.000

1,417,274,000.000

ng Capital
2,018 2,017

(873,233,000) (17,084,000)

(172,835,000) (531,382,000)
(19,725,000) (579,517,000)
45,073,000 135,046,000
(13,295,000) 36,781,000
(100,249,000) (307,199,000)

300,393,000 23,367,000

(1,286,722,000)
(1,434,657,000)
(147,935,000)
 Calculating FCInv

y, plant and equipment 2,038,195,000

proceeds from sale of
22,676,000
y, plant and equipment

FCInv
2,015,519,000

When no sale of ppe given Ending (2018)

property, plant and equipment 22,624,413

Depreciation expense 1,417,274

FCInv 2,037,744

EBIT
NET INCOME 3,429,464,000

interest expensse 147,813,000

TAX 1,341,111,000

EBIT 4,918,388,000
 EBITDA
EBIT 4,918,388,000

Derpreciation 1,417,274,000

EBITDA 6,335,662,000
 FCFF from Net Income Approach

Net
income+NCC+Interest
Rate(1-tax)-FCInv- 3,10
WCInv
 FCFF from EBIT Approach

EBIT(1-TAX)+depreciaion-FCIn-WCInv

beginning (2017)

FCFF OF EBITDA
22,003,943
EBITDA(1-tax)+
(depreciation*Tax) 3,665,984,678
-FCInv-WCInv

FCFF OF CFO

CFO+Interest
1,327,475,712.474
Rate(1-Tax)-FCInv
Finding Net Borrow
ending 2018 short term+long

beginning 2017 short term+lon

come Approach

3,102,848,712
IT Approach

3,369,686,598

EBITDA

F CFO
g Net Borrowing to use in FCFE
formulas
2018 short term+long term

2,275,754,000
900,268,000
g 2017 short term+long term

1,375,486,000
 FCFE from FCFF approach

FCFF-INT(1-tax)+Net Borrowing 2,104,049,000

 FCFE from Net INCOME approach

NI+DEP-FCInv-WCInv+net borrowing

FCFE from CFO approach

CFO-FCInv+net borrowing
COME approach

5,744,968,256

FO approach

2,104,049,000
Capital structure
 No fo shares

long term debt

short term debt

Po share value of june 30,2018

RD (cost of Debt)
6-month
KLD KIBOR+0.75%
3-month
KSD
KIBOR+0.25
Cost of Long
KLD 7.790
term debt
Cost of short
KSD 7.170
term debt

Cost of equity

Constant growth method

Dividend per
dividend/no of shares
share

1.839
 D1 1.910

0.084

Cost of Equity 12%

WACC = ws*rs+wld*rld(1-tax)+wsd*rsd(1-ta

FCFF/WACC-g
Valure of the firm
2,714,343,826
pital structure
 1,379,815,025

636,868,000

1,638,886,000
22.850

f Debt)
7.040 7.790

6.920 7.170

od
 12%

wsd*rsd(1-tax) 53%

Value of the firm equity

market value
 equity 31,528,773,321
long term 636,868,000
short term 1,638,886,000

Total 33,804,527,321

Finding the value of '

dividend
Return on Equity 

Net income

Dps

EPS

Payout ratio
 Payout ratio
Retention ratio

RR

g'

FCFF/Rs-g

25,173,995,554
Weights
 Ws 93%

Wld 2%

Wsd 5%

ng the value of ''g''

2,537,172,000.000
14.850

3,429,464,000

1.839

2.485

DPS/EPS
 0.740
1-payout ratio

0.260

ROE*(RR)

3.864

4%