碰肖经降贸多大是 公司理财 International 5 14 18 21 23 Nearly all of the international calls are expected to be made by customers within the AN$50,000+income range. The following costs of establishing a new cellular network have been estimated: 1.Eight cell sites each costing between AN$200,000 and AN$250,000 will be required.The cost of these cell sites will be incurred during the first year of operations. 2.The cost of a cellular phone is AN$300,which will be borne by the company rather than the customer. 3.The cost of offices and other buildings will be AN$950,000 and will be incurred during the first year of operations.These offices will be sold soon after the end of the licence period for between AN$800,000 and AN$900,000. 4.Marketing and promotional operations will have a budget equal to 10%of sales revenue. 5.The variable costs of operating the system(excluding the marketing costs mentioned above) are expected to be 40%of sales revenue. 6.The annual fixed costs of operating the system are expected to be AN$2 million.However, this figure will rise in steps of AN$300,000 for every 10,000 customers (or part of this figure) above a customer base of 100,000. 7.Working capital is estimated at 8%of sales revenue.The working capital investment will be released soon after the end of the licence period. The Board of Directors of Heracles telecommunications plc met recently to consider the licence bid and three key issues arose.FIrstly,it became apparent that the above figures do not really take account of the possibility that Geryon plc will respond to the new competition by cutting its own charges.However,the continuing problems with the reliability of the network, high operating costs and a poor reputation among customers was likely or prevent Geryon plc from responding effectively within the first three years of the new licence period.Thereafter, Geryon plc could respond by matching the prices of Heracles telecommunications plc and this could result in Geryon plc obtaining a market share of up to 50%of those customers within the AN$50,000+range,although a more likely figure would be around 40%. Secondly,it was by no means certain that Heracles telecommunications plc could avoid the technical problems that have dogged Geryon plc.Although the Technical Director was confident that the problems could be solved using technology developed by the company, some of his key staff did not agree.If the technology owned by the company is inadequate, new technology costing between AN$5 million and AN$6 million in the first year will have to be purchased. Thirdly,the company has recently been approached by Antaeus Telephone Inc,which also has an interest in the forthcoming licence bid.Antaeus Telephones Inc was formed in 1997 as part of the government's privatization programme.Although owned by private shareholders, the company enjoys a monopoly over the fixed line network that was formerly under state control.Antaeus Telephones Inc has proposed a joint bid with Heracles telecommunications plc for the new licence and,assuming the bid is successful,would expect the revenues and costs of the cellular network to be shared equally.Antaeus Telephones Inc has a reputation for being overstaffed and inefficient,however,it is trying to shed this image and now wishes to 第3页共8页公司理财 International 5 14 18 21 23 Nearly all of the international calls are expected to be made by customers within the AN$50,000+ income range. The following costs of establishing a new cellular network have been estimated: 1. Eight cell sites each costing between AN$200,000 and AN$250,000 will be required. The cost of these cell sites will be incurred during the first year of operations. 2. The cost of a cellular phone is AN$300, which will be borne by the company rather than the customer. 3. The cost of offices and other buildings will be AN$950,000 and will be incurred during the first year of operations. These offices will be sold soon after the end of the licence period for between AN$800,000 and AN$900,000. 4. Marketing and promotional operations will have a budget equal to 10% of sales revenue. 5. The variable costs of operating the system (excluding the marketing costs mentioned above) are expected to be 40% of sales revenue. 6. The annual fixed costs of operating the system are expected to be AN$2 million. However, this figure will rise in steps of AN$300,000 for every 10,000 customers (or part of this figure) above a customer base of 100,000. 7. Working capital is estimated at 8% of sales revenue. The working capital investment will be released soon after the end of the licence period. The Board of Directors of Heracles telecommunications plc met recently to consider the licence bid and three key issues arose. FIrstly, it became apparent that the above figures do not really take account of the possibility that Geryon plc will respond to the new competition by cutting its own charges. However, the continuing problems with the reliability of the network, high operating costs and a poor reputation among customers was likely or prevent Geryon plc from responding effectively within the first three years of the new licence period. Thereafter, Geryon plc could respond by matching the prices of Heracles telecommunications plc and this could result in Geryon plc obtaining a market share of up to 50% of those customers within the AN$50,000+ range, although a more likely figure would be around 40%. Secondly, it was by no means certain that Heracles telecommunications plc could avoid the technical problems that have dogged Geryon plc. Although the Technical Director was confident that the problems could be solved using technology developed by the company, some of his key staff did not agree. If the technology owned by the company is inadequate, new technology costing between AN$5 million and AN$6 million in the first year will have to be purchased. Thirdly, the company has recently been approached by Antaeus Telephone Inc, which also has an interest in the forthcoming licence bid. Antaeus Telephones Inc was formed in 1997 as part of the government’s privatization programme. Although owned by private shareholders, the company enjoys a monopoly over the fixed line network that was formerly under state control. Antaeus Telephones Inc has proposed a joint bid with Heracles telecommunications plc for the new licence and, assuming the bid is successful, would expect the revenues and costs of the cellular network to be shared equally. Antaeus Telephones Inc has a reputation for being overstaffed and inefficient, however, it is trying to shed this image and now wishes to 第 3 页 共 8 页