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FINAL PROJECTTraining program: (To be fulfilled by the student) Subject: (To be fulfilled by the student) Send to: [email protected] Last Name/Surname: Name: ID/Passport: Address: Region: Country: Telephone: E-mail: Date: ENEB Business School Final Project Guidelines Please use this format to submit your final work. The paper must follow all the guidelines as instructed in order to obtain full credit. Remember that our team of tutors is available for any questions regarding your final work. You must present the final version of your work as no previous corrections will be carried out. To submit the final project, students must use the template below, with their answers written after each statement. Please present your final paper according to these requirements: · Arial 12 Font. · Margin: 2,5. · Line spacing: 1,5. · All fields on the cover page must be completed. · The document needs to be properly paged. Your final project must be authentic and individual. Any work that has been plagiarized or papers written by others or with the help of others are likely to be failed. If this occurs for the second time, you will not be permitted to obtain your degree. Be aware that you are permitted a maximum of two submissions per subject. If both projects do not meet the standards and fail, the student must pay the corresponding fee to be evaluated again. When writing your final project please use Microsoft Office, Adobe or Apache's Open Office Writer tools (DOC, DOCX, ODT, PDF, etc.). Please consult your tutor when using a different format. Additional information about the software will be needed. Please use the following format: ddmmyyyy_Subject_LastNameandName.pdf Example: 11052019_StrategicManagement_ElsaMoore.pdf The project should not exceed more than 18 pages, excluding the cover page, bibliography and the appendix. Evaluation Guidelines The final work will be evaluated based on the following criteria: · Acquired knowledge (25%): the knowledge acquired throughout the course of the subject will be evaluated through the analysis of the theoretical data shown in the project presented by the student. · Development of the Subject (25 %): the interpretation of the thesis subject by the student and its development will be evaluated in a coherent and analytical manner. · Final result (25%): the final evaluation is based on coherent solutions applied to solve objectives set out in the paper. The presentation must be conclusive and formatting must meet established parameters. · Additional information and bibliography (25%): additional information regarding the research and subject matter will be evaluated and taken into consideration as a bonus. This consist of: bibliography, visual graphics, charts, independent studies carried out by the student, external academic sources, articles of opinion, etc. All sources, both printed and online, must be referenced according to the APA regulations. BACKGROUND The company ABC, L.C. manufactures some products with an average sales price of € 25/unit, with fixed annual costs of € 110,000. The average unit variable costs are € 5. DEVELOP a) At what volume of production will the threshold of profitability be reached? b) Assuming that annual sales are estimated at 20,000 units, being the distribution evenly over a year, on what date will the break-even point be reached? c) What would be the sales value or turnover corresponding to the threshold of profitability? 2. The company Derabel, S.A. is considering buying a new machine for its production process. This project means an initial cost of € 200,000 and the machine is estimated to have a useful life of 5 years. The maximum productive capacity of the machine is 200,000 units per year. However, the first year it is expected that the activity will be 70% of the maximum installed capacity, reaching 100% from the second year. During the first year, the unit sales price will be € 2.50, the unit variable cost € 1.50 and the fixed annual cost € 60,000, resulting in cumulative yearly increases of 4% in the price of the product sale, 3% on variable costs and 2% on fixed costs. Also, it is assumed that: · The company uses a linear depreciation system, and the residual value of the machine is € 25,000. Besides, the sale value of the machine at the end of its physical life will be € 30,000 that will be charged in cash. · The nominal discount rate (kN) used by the company is 8% per year and constant for the planned period. · The tax rate that taxes the benefits is 25%. Taxes are paid in the period following their accrual. · All production is sold in the reference period. · All income and expenses are charged and paid in cash. With the above data, determine the Net Cash Flows after taxes of the project described above. Calculate the net absolute return. 3. The person in charge of the finances of the company MGT, S.A. wants to know the company's situation concerning the industrial sector to which it belongs. For this, it has the following information regarding the industry: a) General liquidity ratio is 1.55; the acid test is 1.20, and the ratio between the available and the current liabilities is 0.95. b) The debt ratio stands at 1.25. The margin on sales is 21%. The investment rotation is 1.45 times. c) Economic profitability is around 23%, and financial profitability is 29% The data referred to the company (in thousands of €) are the following: Assets Liability and Net Equity Non-current asset (net) 170 Equity 125 Stocks of finished products 45 Reservations 25 Clients 65 External Resources 105 Banks 70 Loans 65 Supplier 30 Total Assets 350 Total Net Equity 350 In addition, it is known that: · Sales are € 250,000 and its direct cost of € 105,000. · Amortization of € 70,000. · Long-term debt generates interest at 5%, short-term bank loans at 7%, and the departure of suppliers does not accrue any interest. · The Corporation Tax is 25%. Calculate the liquidity, acid test and debt ratios, and compare them with the sector data. It also calculates the economic and financial returns, and the margin on sales and investment rotation, even making a comparison between the company and sector. 4. An investment requires an initial disbursement of € 2,500,000 and the duration of the project is 3 years, in the first of which it generates a cash flow of € 1,500,000, in the second € 3,700,000 and the third € 4,100,000. a) Calculate the Net Present Value of the investment, knowing that inflation is 3% cumulative annually and that the required profitability in the absence of inflation is 8%. b) Calculate the actual internal rate of return of the previous investment. 5. We know the following data of the company Perfilados, S.A: a) It bought and consumed € 105,000 in raw materials for the manufacture of its product and, on average, maintained a stock level of them in the stock of € 9,250. Calculate the average storage period. Calculate the average storage period. b) The cost of its annual production is € 198,000, and the average value of the products under development is € 11,000. Calculate the average manufacturing period. c) Taking into account that the company exclusively sold all its annual production and that the average value of its stock in finished goods warehouse was € 18,500, it calculates its average sales period. d) Assuming that the company sold its products for an amount of € 290,000 and that the customers had on average a debt with the company of € 17,000, it calculates the average collection period. e) With the data obtained in the previous points, it calculates the average period of economic maturity of Perfilados, S.A. 6. We know the following data of an investment that the company has made: · An initial disbursement of € 2,000,000 and generates the collections and payments in the successive years of its duration that are shown in the following table: Years Collection (€) Payments (€) 1 Year 2 Year 3 Year 4 Year 4.500.000 5.500.000 6.000.000 4.000.000 3.800.000 4.500.000 5.000.000 3.200.000 Calculate the IRR of the previous project. Justify for what type of discount this investment will be made. Page 7
Answered 12 days AfterAug 25, 2021

Answer To: FINAL PROJECTTraining program: (To be fulfilled by the student) Subject: (To be fulfilled by the...

Khushboo answered on Sep 07 2021
149 Votes
Solution 1
Given is the following information
Average sales price = € 25/unit
Average unit variable price = € 5
Annual fixed costs = € 110,000
a) Level of volume production to reach the threshold of profitability
Break-even point = Fixed costs/ Contribution margin per unit (Gaffney, Cynthia 2021)
Break-even point = 110,000/ 20
Break-even poin
t = 5500 units
At 5500 unit of level of production the entity will reach the threshold of profitability.
b) Calculation of date at which the break-even point will be reached
    Particulars
    Value
    Annual sales
    20000 units
    Daily sales (20000/365)
    55
    Break-even point in units
    5500 units
    Days to achieve break-even point
    100 days
c) Calculation of sales value at the threshold of profitability
    Particulars
    Value
    Break-even point in units
    5500 units
    Selling price per unit
    € 25
    Break-even sales volume
    € 137,500
    
    
Solution 2
Calculation of net cash flows (Amount in Euros)
    Particulars
    Year 1
    Year 2
    Year 3
    Year 4
    Year 5
    Production in units
    140000
    200000
    200000
    200000
    200000
    Unit Sale Price
    2.50
    2.60
    2.70
    2.81
    2.92
    Revenues
    350000
    520000
    540800
    562432
    584929.3
    
    
    
    
    
    
    Costs:
    
    
    
    
    
    Variable cost per unit
    1.50
    1.55
    1.59
    1.64
    1.69
    Production in units
    140000
    200000
    200000
    200000
    200000
    Total variable cost
    210000
    309000
    318270
    327818.1
    337652.6
    Fixed cost per year
    60000
    61200
    62424
    63672.48
    64945.93
    Gross income
    80000
    149800
    160106
    170941.4
    182330.7
    Less: Depreciation
    35000
    35000
    35000
    35000
    35000
    Net income before taxes
    45000
    114800
    125106
    135941.4
    147330.7
    Tax rate 25%
    11250
    28700
    31276.5
    33985.36
    36832.68
    Net income after tax
    33750
    86100
    93829.5
    101956.1
    110498
    +Depreciation
    35000
    35000
    35000
    35000
    35000
    Annual cash flows
    68750
    121100
    128829.5
    136956.1
    145498
    Terminal cash flow on sale of machine
    
    
    
    
    30000
    Cash flows in each Year
    68750
    121100
    128829.5
    136956.1
    175498
Working Note:
Calculation of depreciation
Depreciation expense = (Cost-residual value)/ Useful life
= (200000-25000)/5
= 35,000
Calculation of net absolute return
Total return from the project = 33750 + 86100 + 93829.5+ 101956.10+110498
= 426,133.50
Net absolute return = (426133.50-200000)/200000
= 113.07%
Solution 3
Calculation of ratios
    Ratios
    Formula
    Calculation
    Result
    Industry
    General liquidity ratio
    Current assets
    180
    1.89
    1.55
     
    Current liabilities
    95
     
     
     
     
     
     
     
    Acid test ratio
    Quick assets
    135
    1.42
    1.2
     
    Current liabilities
    95
     
     
     
     
     
     
     
    Cash to liquidity ratios
    Cash
    70
    0.74
    0.93
     
    Current liabilities
    95
     
     
     
     
     
     
     
    Debt ratio
    Total liabilities
    200
    1.6
    1.25
     
    Total equity
    125
     
     
     
     
     
     
     
    Margin on sales
    Sales-direct costs
    145
    58%
    21%
     
    Sales
    250
     
     
     
     
     
     
     
    Investment rotation
    Net sales
    250
    0.85
    1.45
     
    Equity + Debt
    295
     
     
     
     
     
     
     
    Economic profitability
    Net income
    48.9
    16.58%
    23%
     
    Equity + Debt
    295
     
     
     
     
     
     
     
    Financial...
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