Mac an der University Of South Africa | Karteikarten & Zusammenfassungen

# Lernmaterialien für mac an der University of South Africa

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TESTE DEIN WISSEN

WC of wholeseller

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TESTE DEIN WISSEN

-> Short term borrowing to manage cash

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TESTE DEIN WISSEN

WC of supermarket:

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TESTE DEIN WISSEN

Sales in cash

Purchase on credit

-> Significant cash holding

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TESTE DEIN WISSEN

What are the objectives of working capital managemetn?

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TESTE DEIN WISSEN

Profitability

- Low inventory- > lost sales

- Low receivables -> credit terms overly strict -> lost sale

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TESTE DEIN WISSEN

Formula of EAC

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TESTE DEIN WISSEN

EAC = NPV of cost over the replacement cycle/Annuity facor

Equivalent annual cost, which is lowest, should be optimal

 Every 1y Every 2y Year DF Acc DF CF PV CF PV 0 1 2 3
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TESTE DEIN WISSEN

Uncertainty

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TESTE DEIN WISSEN

Several possible outcomes,

No information upon which to create probabilities

Degree of uncertainty cant be quantified

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TESTE DEIN WISSEN

NPV Layout

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TESTE DEIN WISSEN
 Sales Cost Operating Cash flow Taxation Capital expenditure Scrap value Tax benefit of TAD Working capital changes Net cash flow Discount factor Post tax cost of capital Present value Net present value
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TESTE DEIN WISSEN

Fisher-formular

(if only inflation rate, ignore)

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TESTE DEIN WISSEN

(1+i)=(1+r)(1+h)

h = inflation

r = real

i = nominal

real term = current price

deflate nominal cash flows so it become real cash flow

Real CF = nominal CF/ (1+ inflation)^n

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TESTE DEIN WISSEN

When to use WACC?

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TESTE DEIN WISSEN

- Long term same financial risk (maintain existing capital structutre)

- Project has same risk with company (business risk(

- Marginal in size, not for major projects

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TESTE DEIN WISSEN

Methods of raising equity finance

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TESTE DEIN WISSEN

Internal

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TESTE DEIN WISSEN

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TESTE DEIN WISSEN

1/ 2 NPVs

 Should use post-tax cost of debt 0 1-5 Lease Tax saved (Lease payment) Total DF PV NPV Purchase with loan 0 1-5 Outlay Tax saved on TAD Total DF PV NPV

2/ Single NPV

 0 1-5 Cost saved (positive, asset value) Tax benefit of TAD Lease (payment-negative) Tax saved on lease Total DF PV NPV
Lösung ausblenden
TESTE DEIN WISSEN

WC of smaller companies

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TESTE DEIN WISSEN

Squeeze:

- difficult credit from supplier

- longer credit term for customers

Acid test should be used for slow turnover inventory (as inventory can not be turned quickly into cash)

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TESTE DEIN WISSEN

Risk

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TESTE DEIN WISSEN

Several possible outcomes, past relevant experience, probabilities can be assigned to the possible outcomes

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## Beispielhafte Karteikarten für deinen mac Kurs an der University of South Africa - von Kommilitonen auf StudySmarter erstellt!

Q:

WC of wholeseller

A:

-> Short term borrowing to manage cash

Q:

WC of supermarket:

A:

Sales in cash

Purchase on credit

-> Significant cash holding

Q:

What are the objectives of working capital managemetn?

A:

Profitability

- Low inventory- > lost sales

- Low receivables -> credit terms overly strict -> lost sale

Q:

Formula of EAC

A:

EAC = NPV of cost over the replacement cycle/Annuity facor

Equivalent annual cost, which is lowest, should be optimal

 Every 1y Every 2y Year DF Acc DF CF PV CF PV 0 1 2 3
Q:

Uncertainty

A:

Several possible outcomes,

No information upon which to create probabilities

Degree of uncertainty cant be quantified

Q:

NPV Layout

A:
 Sales Cost Operating Cash flow Taxation Capital expenditure Scrap value Tax benefit of TAD Working capital changes Net cash flow Discount factor Post tax cost of capital Present value Net present value
Q:

Fisher-formular

(if only inflation rate, ignore)

A:

(1+i)=(1+r)(1+h)

h = inflation

r = real

i = nominal

real term = current price

deflate nominal cash flows so it become real cash flow

Real CF = nominal CF/ (1+ inflation)^n

Q:

When to use WACC?

A:

- Long term same financial risk (maintain existing capital structutre)

- Project has same risk with company (business risk(

- Marginal in size, not for major projects

Q:

Methods of raising equity finance

A:

Internal

Q:

A:

1/ 2 NPVs

 Should use post-tax cost of debt 0 1-5 Lease Tax saved (Lease payment) Total DF PV NPV Purchase with loan 0 1-5 Outlay Tax saved on TAD Total DF PV NPV

2/ Single NPV

 0 1-5 Cost saved (positive, asset value) Tax benefit of TAD Lease (payment-negative) Tax saved on lease Total DF PV NPV
Q:

WC of smaller companies

A:

Squeeze:

- difficult credit from supplier

- longer credit term for customers

Acid test should be used for slow turnover inventory (as inventory can not be turned quickly into cash)

Q:

Risk

A:

Several possible outcomes, past relevant experience, probabilities can be assigned to the possible outcomes

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##### MAT1

ZHAW - Zürcher Hochschule für Angewandte Wissenschaften