Financial Management Case

Fonderia
Sensitivity Factors
Inflation Rate Labor Retention

Tax Rate
0%
Vulcan Molding-Machine Cashflow

Semi-Automatic Cash Flow
IRR
Production Capacity
43%
90%
813,296
119,320
119,320
119,320
119,320
119,320
119,320
351,410
351,410
351,410
351,410
351,410
351,410
255,371
232,090
232,090
232,090
232,090
232,090
Net Cashflow
NPV
0%
$173,475
Err:523
Estimates of Vulcan Cash Flow

Revenue
All in cost Vulcan MM less Sale S/A
Labor Cost
Retention Semi Auto Labor
280,000,000
###
###
###
###
280,000,000
38,170
38,170
38,170
38,170
38,170
38,170
Power Cost
26,850
26,850
26,850
26,850
26,850
26,850
Maintenance
59,500
59,500
59,500
59,500
59,500
59,500
Depreciation
101,662
101,662
101,662
101,662
101,662
101,662
Labor Saving
5,200
5,200
5,200
5,200
5,200
5,200
220,982
220,982
220,982
220,982
220,982
220,982
95,022
95,022
95,022
95,022
95,022
95,022
After Tax Cost
125,960
125,960
125,960
125,960
125,960
125,960
Depreciation
101,662
101,622
101,622
101,622
101,622
101,622
After Tax Cost + Depreciation
227,622
119,320
119,320
119,320
119,320
119,320
119,320
280,000,000
280,000,000
Pretax Cost
Taxes
Salvage
Vulcan Net Cashflow
Semiautomatic Cash Flows

Revenue
Cost, ship, install new equip
Labor
813,296
###
###
###
###
295,546
295,546
295,546
295,546
295,546
295,546
Maintenance Labor
Maintenance Supplies
Power Cost
39,564
39,564
39,564
39,564
39,564
4,000
4,000
4,000
4,000
4,000
39,564
4,000
12,300
12,300
12,300
12,300
12,300
12,300
Depreciation
47,520
47,520
47,520
47,520
47,520
47,520
Pretax Cost
398,930
398,930
398,930
398,930
398,930
398,930
Taxes
188,552
188,552
188,552
188,552
188,552
188,552
47,520
47,520
47,520
47,520
47,520
47,520
297,462
297,462
297,462
297,462
297,462
297,462
Depreciation
Salvage
Semi-automatic Net Cashflow
351,410
PV CF
1,265,710
351,410
351,410
351,410
351,410
351,410
232,451
192,299
175,040
159,330
255,371
487,461
719,551
951,641
FALSE
FALSE
FALSE
NPV
IRR
Cum CF
Payback
PV CF
-232451
-192299
-175040
-159330
Cum PV CF
-232451
-424750
-599791
-759121
FALSE
FALSE
FALSE
Disc. Paybk
Data Table two variable
NPV in Euros
{=TABLE(i2,j2)}
PV formula top lhcorner
Datawhat if
i2
Retention
j2
Unskilled
enter values
Labor
Inflation Rates
82
86,251
74,924
Shifts/Day
2
WACC
9.860% w
Equity
8.580%
67% 12.80%
1-t
Debt
1.280%
33%
6.80%
57%
119,320
119,320
Sale Six S/Auto Machines
351,410
351,410
Original Cost
415,807
Price
Cum. Deprec.
130,682
Shipping
5,000
Book Value
285,125
Electrical
155,000
Market Value
130,000
Sale Proceeds S/A Mach

130,000
Loss
155,125
Tax Shield
232,090
232,090
Reduction in Taxes
Purchase Vulcan Mold-Maker
66,704
Total Labor
VMM
S/Auto
S/Auto Main
###
###
38,170
38,170
38,170
Net Investment
196,704
813,296
# Operators/shift
Euro/Hr Hrs/shift Shifts/Day Day/yr
8
210
12
7.33
210
39,564
7.85
210
813,296
Labor Cost
38,170
Retain Semi
295,545
26,850
26,850
Power Cost
26,850
59,500
59,500
Maintenance
59,500
101,662
101,662
Depreciation
5,200
5,200
Labor Saving
220,982
220,982
95,022
95,022
125,960
125,960
101,622
101,622
119,320
119,320
###
###
295,546
295,546
5,200
43%
Revenue
Labor
66,704
###
295,545
Revenue
Tax Rate
850,000
295,545
1 11.36
39,564
39,564
4,000
4,000
12,300
12,300
Power Cost
12,300
Depreciation
47,520
47,520
47,520
398,930
398,930
188,552
188,552
47,520
47,520
297,462
297,462
Maintenance Labor
Tax Rate
39,564
4,000
Depreciation
47,520
351,410
351,410
145,030
132,014
###
109,380
1,183,731
1,415,821
###
1,880,001
FALSE
FALSE
###
FALSE
-145030
-132014
###
-109380
-904151
-1036165
###
-1265710
FALSE
FALSE
###
FALSE
Fonderia
Sensitivity Factors

Tax Rate
0%
0%
Production Capacity
43%
90%

813,296
119,320
119,320
119,320
119,320
119,320
119,320
351,410
351,410
351,410
351,410
351,410
351,410
Net Cashflow
813,296
166,145
166,145
166,145
166,145
166,145
166,145
813,296.00
###
NPV
$77,611
IRR
12.420%

Revenue
Labor Cost
280,000,000
###
###
###
###
280,000,000
38,170
38,170
38,170
38,170
38,170
38,170
Power Cost
26,850
26,850
26,850
26,850
26,850
26,850
Maintenance
59,500
59,500
59,500
59,500
59,500
59,500
Depreciation
126,250
126,250
126,250
126,250
126,250
126,250
Labor Saving
5,200
5,200
5,200
5,200
5,200
5,200
119,320
119,320
119,320
119,320
119,320
119,320
51,308
51,308
51,308
51,308
51,308
51,308
Pretax Cost
Taxes
After Tax Cost
68,012
68,012
68,012
68,012
68,012
68,012
Depreciation
126,250
126,250
126,250
126,250
126,250
126,250
194,262
194,262
194,262
194,262
194,262
194,262
119,320
119,320
119,320
119,320
119,320
119,320
280,000,000
280,000,000
Salvage
Vulcan Net Cashflow

Revenue
Labor
813,296
###
###
###
###
295,545
295,545
295,645
295,545
295,545
295,545
Maintenance Labor
Power Cost
39,564
39,564
39,564
39,564
39,564
4,000
4,000
4,000
4,000
4,000
39,564
4,000
12,300
12,300
12,300
12,300
12,300
12,300
Depreciation
47,520
47,520
47,520
47,520
47,520
47,520
Pretax Cost
351,409
351,409
351,509
351,409
351,409
351,409
Taxes
151,106
151,106
151,106
151,106
151,106
151,106
47,520
47,520
47,520
47,520
47,520
47,520
550,035
550,035
550,135
550,035
550,035
550,035
Depreciation
Salvage
351,410
PV CF
NPV
$77,611
IRR
12.420%
2,220,067
Cum CF
Payback
Disc. Paybk
4.90
351,410
351,410
351,410
351,410
351,410
1,329,160
151,234
137,660
125,305
114,059
1,329,160
1,495,305
1,661,450
1,827,595
1,993,740
10
12
14
#VALUE!
PV CF
1329160
151234
137660
125305
114059
Cum PV CF
1329160
1480394
1618054
1743359
1857418
12
15
18
7.01
#VALUE!
NPV in Euros
{=TABLE(i2,j2)}
Inflation Rates
77,611
0%
3%
8%
349,041

Datawhat if
0%
77,611
168,695
i2
Retention
50%
176,875
118,464
2,817
j2
Unskilled
100%
431,356
405,624
354,674
enter values
Labor
82
86,251
74,924
Shifts/Day
2
WACC
9.860% w
Equity
8.580%
67%
r
12.80%
1-t
Debt
1.280%
33%
6.80%
57%
119,320
119,320
351,410
351,410
Original Cost
415,807
Price
Cum. Deprec.
130,682
Shipping
5,000
Book Value
285,125
Electrical
155,000
Market Value
130,000
130,000
Loss
155,125
Tax Shield
166,145
166,145
Reduction in Taxes
66,704
Total Labor
VMM
S/Auto
S/Auto Main
###
###
38,170
38,170
210
7.33
210
39,564
7.85
210
813,296
26,850
Power Cost
26,850
59,500
59,500
Maintenance
59,500
126,250
126,250
Depreciation
126,250
5,200
5,200
Labor Saving
5,200
119,320
119,320
51,308
51,308
119,320
119,320
###
###
295,545
295,545
43%
Revenue
Labor
Day/yr
24
26,850
194,262
Shifts/Day
295,545
38,170
194,262
Hrs/shift
295,545
68,012
Euro/Hr
Retain Semi
126,250
# Operators/shift
813,296
11.36
68,012
Net Investment
196,704
Labor Cost
126,250
66,704
###
38,170
Revenue
Tax Rate
850,000
295,545
39,564
39,564
4,000
4,000
12,300
12,300
Power Cost
12,300
Depreciation
47,520
47,520
47,520
351,409
351,409
151,106
151,106
47,520
47,520
550,035
550,035
351,410
Maintenance Labor
39,564
4,000
Tax Rate
Depreciation
47,520
351,410
103,822
94,504
###
78,302
2,159,885
2,326,030
###
2,658,320
16
18
###
22
103822
94504
###
78302
1961240
2055744
###
2220067
22
26
###
34
Fonderia
Sensitivity Factors

Tax Rate
0%

IRR
Production Capacity
43%
90%
813,296
128,866
139,175
150,309
162,334
175,320
189,346
379,523
409,885
442,675
478,089
516,337
557,644
176,729
188,158
200,503
213,835
228,233
243,784
813,296.00
###
Net Cashflow
NPV
0%
$349,041
12.420%

Revenue
280,000,000
###
###
###
###
280,000,000
38,170
41,224
44,521
48,083
51,930
56,084
60,571
Power Cost
26,850
28,998
31,318
33,823
36,529
39,451
42,608
Maintenance
59,500
64,260
69,401
74,953
80,949
87,425
94,419
126,250
126,250
126,250
126,250
126,250
126,250
5,616
6,065
6,551
7,075
7,641
8,252
128,866
139,175
150,309
162,334
175,320
189,346
55,412
59,845
64,633
69,803
75,388
81,419
Labor Cost
Depreciation
Labor Saving
5,200
Pretax Cost
Taxes
After Tax Cost
73,453
79,330
85,676
92,530
99,933
107,927
Depreciation
126,250
126,250
126,250
126,250
126,250
126,250
199,703
205,580
211,926
218,780
226,183
234,177
128,866
139,175
150,309
162,334
175,320
189,346
280,000,000
280,000,000
Salvage
Vulcan Net Cashflow
813,296

Revenue
Labor
295,546
###
###
###
###
319,190
344,725
372,303
402,087
434,254
468,994
Maintenance Labor
Power Cost
39,564
42,729
46,147
49,839
53,826
58,132
4,000
4,320
4,666
5,039
5,442
5,877
62,783
6,347
12,300
13,284
14,347
15,494
16,734
18,073
19,519
Depreciation
47,520
47,520
47,520
47,520
47,520
47,520
Pretax Cost
379,523
409,885
442,675
478,089
516,337
557,644
Taxes
151,106
151,106
151,106
151,106
151,106
151,106
47,520
47,520
47,520
47,520
47,520
47,520
578,149
608,511
641,301
676,715
714,963
756,270
Depreciation
Salvage
379,523
PV CF
NPV
$77,611
IRR
12.420%
1,162,337
Cum CF
Payback
Disc. Paybk
478,089
516,337
557,644
160,867
155,899
151,217
146,798
176,729
364,887
565,390
779,225
PV CF
160867
155899
151217
146798
Cum PV CF
160867
316766
467984
614782
NPV in Euros
Inflation Rates
77,611
Datawhat if
i2
Retention
j2
Unskilled
enter values
Labor
442,675
7.01
409,885
4.90
{=TABLE(i2,j2)}
82
86,251
74,924
Shifts/Day
2
WACC
9.860% w
Equity
8.580%
67% 12.80%
1-t
Debt
1.280%
33%
6.80%
57%
204,494
220,853
602,255
650,435
Original Cost
415,807
Price
Cum. Deprec.
130,682
Shipping
5,000
285,125
Electrical
155,000
Market Value
130,000

130,000
Loss
155,125
Tax Shield
260,578
278,716
### Book Value
Reduction in Taxes
66,704
Total Labor
VMM
S/Auto
S/Auto Main
###
###
65,417
70,650
38,170
196,704
Net Investment 813,296*

# Operators/shift
Euro/Hr Hrs/shiftShifts/Day Day/yr
8
2.000
210
24
7.33
210
39,564
7.85
210
813,296*
Labor Cost
38,170
Retain Semi
295,545
46,016
49,697
Power Cost
26,850
101,973
110,130
Maintenance
59,500
126,250
126,250
Depreciation
126,250
8,912
9,625
Labor Saving
5,200
204,494
220,853
87,932
94,967
116,561
125,886
126,250
126,250
242,811
252,136
204,494
220,853
###
###
506,514
547,035
43%
Revenue
Labor
66,704
###
295,545
Revenue
Tax Rate
850,000
295,545
1 11.36
67,806
73,230
6,855
7,404
21,080
39,564
4,000
22,766
### Power Cost
12,300
47,520
47,520
47,520
602,255
650,435
151,106
151,106
47,520
47,520
800,881
849,061
Maintenance Labor
Depreciation
Tax Rate
Depreciation
47,520
602,255
650,435
142,620
138,665
###
131,354
1,007,458
1,251,241
###
1,790,535
###
9
12
142620
138665
###
131354
757402
896067
###
1162337
10
###
15

Financial Management Case

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Fonderia

Inflation Rate Labor Retention

Vulcan Molding-Machine Cashflow

Estimates of Vulcan Cash Flow

After Tax Cost

After Tax Cost + Depreciation

Semiautomatic Cash Flows

Data Table two variable

Sale Six S/Auto Machines

Sale Proceeds S/A Mach

Purchase Vulcan Mold-Maker

Inflation Rate Labor Retention

Vulcan Molding-Machine Cashflow

Estimates of Vulcan Cash Flow

After Tax Cost + Depreciation

Semiautomatic Cash Flows

Data Table two variable

PV formula top lhcorner

Sale Six S/Auto Machines

Sale Proceeds S/A Mach

Purchase Vulcan Mold-Maker

Inflation Rate Labor Retention

Vulcan Molding-Machine Cashflow

Estimates of Vulcan Cash Flow

After Tax Cost + Depreciation

Semiautomatic Cash Flows

Data Table two variable

PV formula top lhcorner

Sale Six S/Auto Machines

Sale Proceeds S/A Mach

Purchase Vulcan Mold-Maker

Net Investment 813,296*

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