莲勇哈餐多产孝 公司理财 4.No investment in new technology will be required (i.e.the Technical Director's judgement is correct). 5.All international phone calls are made by customers in the income range AN$50,000+. 6.There will be no benefits accruing after the five-year period of the licence. (10 marks) NPV calculations 2003 2004 2005 2006 2007 2008 AN$000's AN$000's AN$000's AN$000's AN$000's AN$000's Rental charges 2.960-0 6,6288 18232.4 31,888-0 42,156-0 Airtime charge 7.4184 70.9047 470.622-7 1.440.0233 1.992.8303 10.3784 77.5335 488.8551 1.471.9113 2.034.9863 Cell sites (1,800-0) Phones (22,200-0) (49,716-0) (136,743-0) (239,160-0) (316,170-0) Buildings (950-0) 850-0 Marketing (1,037-8) (7,7534) (48,885-6) (147,191-1) (203,4986) (10%sales) Variable costs (4,1514) (31,0134) (195,5420) (588,764-5) (813,9945) (40%sales) Fixed costs (2.000-0) (4,100-0) (12,800-0) (23.000-0) (30.800-0) Working capital (8303) (53724) (32.9057 (78.644:5 (45.046-0 162.798-9 (32.9695) (97,9552) (426.876-3) (1,076,760-1) (1,409,509-1) 163,6489 Net cash flows (22,591-1) (20,421-7) 61,9788 395,151-2 625,477-2 163,6489 Disc.Rate 12% 0-89 0-80 0-71 0-64 0-57 0-51 PV (20,106-1) (163374) 44.004.9 252.8968 356,522-0 83.4609 NPV 700.441-1 The NPV figure above represents the maximum amount that should be paid.Candidates may suggest a lower price supported by reasons.However,if the views of investment analysts are to be believed,a figure close to the NPV figure may have to be paid for the bid to stand a chance of success.(23 marks) Workings The workings necessary for the above NPV analysis will include the following: 1.The predicted population numbers falling within each income range are: Population within each income range 2003 2004 2005 2006 2007 Income range (AN$) 50,000+ 200.000 240.000 300.000 360.000 400.000 30.000-49.999 520.000 580.000 640.000 700.000 780.000 <30.000 1,280.000 1.180.000 1,060.000 940.000 820.000 2.The predicted population numbers owning a cellular telephone are: 第5页共8页公司理财 4. No investment in new technology will be required (i.e. the Technical Director’s judgement is correct). 5. All international phone calls are made by customers in the income range AN$50,000+. 6. There will be no benefits accruing after the five-year period of the licence. (10 marks) NPV calculations 2003 AN$000’s 2004 AN$000’s 2005 AN$000’s 2006 AN$000’s 2007 AN$000’s 2008 AN$000’s Rental charges Airtime charge Cell sites Phones Buildings Marketing (10% sales) Variable costs (40% sales) Fixed costs Working capital Net cash flows Disc. Rate 12% PV NPV 2,960·0 7,418·4 10,378·4 (1,800·0) (22,200·0) (950·0) (1,037·8) (4,151·4) (2,000·0) (830·3) (32,969·5) (22,591·1) 0·89 (20,106·1) 700,441·1 6,628·8 70,904·7 77,533·5 (49,716·0) (7,753·4) (31,013·4) (4,100·0) (5,372·4) (97,955·2) (20,421·7) 0·80 (16,337·4) 18,232.4 470,622·7 488,855·1 (136,743·0) (48,885·6) (195,542·0) (12,800·0) (32,905·7) (426,876·3) 61,978·8 0·71 44,004·9 31,888·0 1,440,023·3 1,471,911·3 (239,160·0) (147,191·1) (588,764·5) (23,000·0) (78,644·5) (1,076,760·1) 395,151·2 0·64 252,896·8 42,156·0 1,992,830·3 2,034,986·3 (316,170·0) (203,498·6) (813,994·5) (30,800·0) (45,046·0) (1,409,509·1) 625,477·2 0·57 356,522·0 850·0 162,798·9 163,648·9 163,648·9 0·51 83,460·9 The NPV figure above represents the maximum amount that should be paid. Candidates may suggest a lower price supported by reasons. However, if the views of investment analysts are to be believed, a figure close to the NPV figure may have to be paid for the bid to stand a chance of success. (23 marks) Workings The workings necessary for the above NPV analysis will include the following: 1. The predicted population numbers falling within each income range are: Population within each income range 2003 2004 2005 2006 2007 Income range (AN$) 50,000+ 200,000 240,000 300,000 360,000 400,000 30,000 – 49,999 520,000 580,000 640,000 700,000 780,000 <30,000 1,280,000 1,180,000 1,060,000 940,000 820,000 2. The predicted population numbers owning a cellular telephone are: 第 5 页 共 8 页