Quiz 1

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Temple University *

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3512

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Finance

Date

Feb 20, 2024

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xlsx

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16

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FIN 3512 – FALL 2023 QUIZ #1 Lion Corp. is a manufacturer of smart phone batteries. It is upgrading the machinery for its GEN4 b You are a financial analyst in Lion’s Financial Planning and Analysis Department. You have been ask which will be part of the presentation made to Lion’s Capital Projects Committee to obtain approva The following are the assumptions developed by the sales and production departments which shou 1) net present value, 2) internal rate of return, 3) payback and 4) profitability index. The analysis sh this new battery technology will be obsolete and the industry will be transitioning to the newest te Working capital assumptions Other Lease vs. Buy For the committee you are to determine if it is more economical to lease or buy the production ma Lion’s incremental borrowing rate is 7.0%. The production machinery can be leased for 7 years at $ MACRS Depreciation rates * New production machinery purchases: o $28,500,000 – 5 year MACRS tax life * Pricing and volume projections for GEN4: o $28.00 per battery in year 1 with 3% annual price increases through year 8 o 1,500,000 units sold in year 1 and increases of 5% in years 2 – 5, a 15% decrease in year o Cost of goods sold: § Materials cost of $11.50 per battery in year 1 and will increase 2% per year § Manufacturing labor and overhead expense is expected to be 35% of revenue o Selling, general and administrative expenses will be 8.0% of revenue * Initial working capital investment of $1,000,000 which will be recovered in year 8. Working ca * Average tax rate is 23% and the marginal tax rate 25% * Required rate of return for project is 1% above Lion’s WACC * Lion’s WACC is 12.0%
battery manufacturing line which will allow it to sell the next generation battery to its smart phone customers, ked to a develop a capital project analysis al to move forward with the machinery upgrade. uld be used to prepare a capital project analysis. The committee will want to see the following analyses: hould be prepared over an eight-year period. It is assumed by the end of eight years echnology. achinery. $460,000 per month and can be purchased at the end of the lease for $500,000. r 6, a 30% decrease in year 7 and a 50% decrease in year 8. apital investments of $500,000 in each of years 1 – 7.
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Apple and Samsung.
93749
FIN 3512 - QUIZ #1 - September, 2023 Be sure to use formulas in Cash Flow Projection section linking to Assumptions Section Lion Corp. CASH FLOW PROJECTION Period 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Revenue $ 42,000,000 $ 45,423,000 $ 49,124,975 $ 53,128,660 $ 57,458,646 $ 50,305,044 $ 36,269,937 $ 18,679,018 Cost of goods sold Material costs 17,250,000 18,655,875 20,176,329 21,820,700 23,599,087 20,661,000 14,896,581 7,671,739 Manufacturing labor & overhead 14,700,000 15,898,050 17,193,741 18,595,031 20,110,526 17,606,766 12,694,478 6,537,656 Total Cost of Goods Sold 31,950,000 34,553,925 37,370,070 40,415,731 43,709,613 38,267,766 27,591,059 14,209,395 Gross Profit 10,050,000 10,869,075 11,754,905 12,712,929 13,749,033 12,037,278 8,678,878 4,469,622 Gross Profit % 23.9% 23.9% 23.9% 23.9% 23.9% 23.9% 23.9% 23.9% Depreciation expense (from depreciation schedule) 5,700,000 9,120,000 5,472,000 3,283,200 3,283,200 1,641,600 - - Selling, general & Admin expenses 3,360,000 3,633,840 3,929,998 4,250,293 4,596,692 4,024,404 2,901,595 1,494,321 Pre-Tax Income/(Loss) 990,000 (1,884,765) 2,352,907 5,179,437 5,869,141 6,371,275 5,777,283 2,975,301 Income Tax Expense/(Savings) 247,500 (471,191) 588,227 1,294,859 1,467,285 1,592,819 1,444,321 743,825 After-Tax Income/(Loss) 742,500 (1,413,574) 1,764,680 3,884,577 4,401,856 4,778,456 4,332,962 2,231,475 Depreciation 5,700,000 9,120,000 5,472,000 3,283,200 3,283,200 1,641,600 - - Increment Working Capital 500,000 500,000 500,000 500,000 500,000 500,000 500,000 (1,000,000) Project Cash Flow $ (28,500,000) $ 5,942,500 $ 7,206,426 $ 6,736,680 $ 6,667,777 $ 7,185,056 $ 5,920,056 $ 3,832,962 $ 3,231,475 Cumulative cash flow $ 5,942,500 $ 13,148,926 $ 19,885,606 $ 26,553,384 $ 33,738,440 $ 39,658,496 $ 43,491,458 $ 46,722,933 NPV $748,934 5,238,440 OCF in year 5 not needed IRR 13.8% 0.73 Percentage not needed Payback period 4.27 0.27 Percentage needed Profitability index 1.03 plus first 5 years ASSUMPTIONS SECTION Price per unit $ 28.00 $ 28.84 $ 29.71 $ 30.60 $ 31.51 $ 32.46 $ 33.43 $ 34.44 Annual price increase n/a 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Units sold 1,500,000 1,575,000 1,653,750 1,736,438 1,823,259 1,549,770 1,084,839 542,420 Units sold annual growth rate n/a 5.0% 5.0% 5.0% 5.0% -15.0% -30.0% -50.0% Cost of Goods Sold: Material cost per battery $ 11.50 $ 11.85 $ 12.20 $ 12.57 $ 12.94 $ 13.33 $ 13.73 $ 14.14 Annual material cost increase n/a 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Manufacturing labor and overhead as a % of revenue 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% Selling, general & admin expense as a % of revenue 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% Tax Rate 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0%
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Annual working capital investment/Year 8 recovery $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 1,000,000 Initial working capital investment $ (1,000,000) Required Rate of Return 13.0%
FIN 3512 - QUIZ #1 - September, 2023 Lion Corp. MACRS Depreciation Schedule Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Capital Expenditures Manufacturing equipment (5 year MACRS) 28,500,000 Depreciation MACRS rates 5 year MACRS rates 20.00% 32.00% 19.20% 11.52% 11.52% 5.76% Depreciation expense 5 year property $ 5,700,000 $ 9,120,000 $ 5,472,000 $ 3,283,200 $ 3,283,200 $ 1,641,600
FIN 3512 - QUIZ #1 - September, 2023 Buy Analysis MACRS Rates 1 20.00% Machinery Total Cost $ 28,500,000 2 32.00% Lion's incremental Borrowing rate 7.0% 3 19.20% Marginal tax rate 25.0% 4 11.52% 5 11.52% 6 5.76% NPV $ (22,416,004) months Depreciation Cash Flow 0 $ (28,500,000) 1 $ 475,000 $ 118,750 2 $ 475,000 $ 118,750 3 $ 475,000 $ 118,750 4 $ 475,000 $ 118,750 5 $ 475,000 $ 118,750 6 $ 475,000 $ 118,750 7 $ 475,000 $ 118,750 8 $ 475,000 $ 118,750 9 $ 475,000 $ 118,750 10 $ 475,000 $ 118,750 11 $ 475,000 $ 118,750
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12 $ 475,000 $ 118,750 13 760,000 $ 190,000 14 760,000 $ 190,000 15 760,000 $ 190,000 16 760,000 $ 190,000 17 760,000 $ 190,000 18 760,000 $ 190,000 19 760,000 $ 190,000 20 760,000 $ 190,000 21 760,000 $ 190,000 22 760,000 $ 190,000 23 760,000 $ 190,000 24 760,000 $ 190,000 25 456,000 $ 114,000 26 456,000 $ 114,000 27 456,000 $ 114,000 28 456,000 $ 114,000 29 456,000 $ 114,000 30 456,000 $ 114,000 31 456,000 $ 114,000 32 456,000 $ 114,000 33 456,000 $ 114,000 34 456,000 $ 114,000 35 456,000 $ 114,000
36 456,000 $ 114,000 37 273,600 $ 68,400 38 273,600 $ 68,400 39 273,600 $ 68,400 40 273,600 $ 68,400 41 273,600 $ 68,400 42 273,600 $ 68,400 43 273,600 $ 68,400 44 273,600 $ 68,400 45 273,600 $ 68,400 46 273,600 $ 68,400 47 273,600 $ 68,400 48 273,600 $ 68,400 49 273,600 $ 68,400 50 273,600 $ 68,400 51 273,600 $ 68,400 52 273,600 $ 68,400 53 273,600 $ 68,400 54 273,600 $ 68,400 55 273,600 $ 68,400 56 273,600 $ 68,400 57 273,600 $ 68,400 58 273,600 $ 68,400 59 273,600 $ 68,400
60 273,600 $ 68,400 61 136,800 $ 34,200 62 136,800 $ 34,200 63 136,800 $ 34,200 64 136,800 $ 34,200 65 136,800 $ 34,200 66 136,800 $ 34,200 67 136,800 $ 34,200 68 136,800 $ 34,200 69 136,800 $ 34,200 70 136,800 $ 34,200 71 136,800 $ 34,200 72 136,800 $ 34,200
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FIN 3512 - QUIZ #1 - September, 2023 Lease Analysis Monthly lease rate $ 460,000 Buyout end of lease (year 8) $ 500,000 Lion's incremental Borrowing rate 7.0% Incremental tax rate 25.0% NPV $ (23,165,513) months Lease payment Tax Savings After-Tax Buyout Cash Flow 1 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 2 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 3 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 4 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 5 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 6 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 7 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 8 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 9 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 10 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 11 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 12 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 13 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 14 $ (460,000) $ 115,000 $ (345,000) $ (345,000)
15 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 16 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 17 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 18 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 19 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 20 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 21 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 22 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 23 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 24 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 25 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 26 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 27 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 28 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 29 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 30 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 31 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 32 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 33 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 34 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 35 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 36 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 37 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 38 $ (460,000) $ 115,000 $ (345,000) $ (345,000)
39 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 40 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 41 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 42 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 43 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 44 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 45 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 46 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 47 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 48 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 49 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 50 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 51 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 52 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 53 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 54 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 55 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 56 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 57 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 58 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 59 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 60 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 61 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 62 $ (460,000) $ 115,000 $ (345,000) $ (345,000)
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63 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 64 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 65 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 66 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 67 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 68 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 69 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 70 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 71 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 72 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 73 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 74 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 75 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 76 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 77 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 78 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 79 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 80 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 81 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 82 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 83 $ (460,000) $ 115,000 $ (345,000) $ (345,000) 84 $ (460,000) $ 115,000 $ (345,000) $ (500,000) $ (845,000)