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1、企业集团财务管理计算分析题（Calculation and analysis of financial management in Enterprise Group）Four. Calculation and analysis1. that a group has its subsidiary company 60% of the shares, the total assets of the subsidiary company is 10 million yuan, the return on assets (also known as the rate of return on inve
2、stment, defined as the ratio of EBIT and total assets) 20%, debt interest rate is 8%, the income tax rate of 40%. Suppose that the proportion of the debt and equity of the subsidiary has two situations: one is conservative 30/70, and the other two is radical type 7. /30. For the two different capita
3、l structure and debt scale, please calculate the capital return rate of the parent companys subsidiary investment step by step, and analyze the rights and interests of the two parties.Indicator conservative aggressive typeEBIT (EBIT) 200 = (1000*20%) 200 (1000*20%)Interest (I=8%) 24 = (1000*30%*8%)
4、56 = (1000*70*8%)Pre tax profit 176 = (200-24) 144 = (200-56)Income tax (40%) 70.4 = (176*40%) 57.6 = (144*40%)Net income (17670.4) = 105.6 = 86.4 (144-57.6)After tax net profit, parent companys equity (60%) 63.36 = (105.6*60%) 51.84 = (86.4*60%)The rate of return on capital invested by parent compa
5、nies to subsidiaries (15.08%=63.36/1000*70%*60%) 28.8%= (51.84/1000*30%*60%)Two different financing strategies, the subsidiary companys contribution to the parent company is completely different, the conservative strategy subsidiary companys contribution to the parent company is lower, while the rad
6、ical strategy subsidiary companys contribution to the parent company is higher. The financial risks of the two strategic orientations are also quite different. The financial risk under the conservative strategy is lower, while the financial risk under the radical strategy is higher. This kind of hig
7、h risk and high profit condition is the balance of enterprise group headquarters when determining the whole risk of enterprise group.By the end of 2.2009 A company intends to B company for the acquisition, according to the forecast analysis, get the increment of free cash flow after mergers and acqu
8、isitions of Target Corp B company during 20102019 were -700 million, -500 million, -100 million yuan, 2 million yuan, 5 million yuan, 5 million 800 thousand yuan, 6 million yuan, 6 million 200 thousand yuan, 6 million 300 thousand yuan, 6 million 500 thousand yuan. The incremental free cash flow is
9、assumed to be 6 million 500 thousand yuan in 2020 and beyond. At the same time, according to more reliable data, we know that the weighted average capital cost of B company after mergers and acquisitions is 9.3%, considering the other uncertain factors in the future, the discount rate should be 10%.
10、 In addition, Bs current book assets amounted to 42 million yuan, and the book debt was 16 million 600 thousand yuan.Requirements: using the discounted cash flow model to estimate the equity value of B company.Table of present value of compound interestN 1234567891010%, 0.909, 0.826, 0.753, 0.683, 0
11、.621, 0.565, 0.513, 0.467, 0.424, 0.386Incremental free cash flow of Target Corp B company after 1. reorganization in 20102019N 12345678910-700 -500 -100 200500580600620630 6502. target B enterprise cash flow value during the forecast period= + + + + + + + + +=-700*0.909+-500*0.826+-100*0.753+200*0.
12、683+500*0.621+580*0.565+600*0513+620*0.467+630*0.424+650*0.386=-636.30 +-413.00 +-75.30 +136.60 +310.50 +327.70 +307.80 +289.54 +267.12 +250.90=765.56Present value of expected cash flow of target B enterprises in 3.2020 years and beyond=25094. target B enterprise overall value= target B the expected
13、 value of the enterprise + the value after the forecast period=765.56+2509=3274.565. target B firms equity value=3274.56-1660=33583.A suit company has successfully entered the end of the eighth business year, and all shares were allowed to list, the annual average price earnings ratio was 15. The co
14、mpanys December 31, 2009 balance sheet data are as follows: the total assets of 200 million yuan, the total debt of 45 million yuan. Net profit was 37 million yuan.A is now preparing to offer a takeover intent to B (B remains legal after merger),B is a casual wear manufacturer, whose product and mar
15、ket range can make up for deficiencies in A related aspects. In December 31, 2009, the main data of B companys balance sheet were as follows: the total assets amounted to 52 million yuan, and the total debt was 13 million yuan. The net profit was 4 million 800 thousand yuan, and the average net prof
16、it was 4 million 400 thousand yuan in the first three years. The average earnings ratio of listed companies with the same scope of operation and risk characteristics of B company is 11.The reason for As acquisition of B is that it can achieve a certain degree of synergy, and believe that the future
17、efficiency and efficiency of B company will be improved to the same level as A company.Requirements: Using P / E ratio method, we estimate the equity value of Target Corp according to the following conditions.The Target Corp Bs recent earnings levels and earnings based on industry;The Target Corp B
18、for nearly three years, the average profit level and earnings based on industry.It assumes that the target company B was acquired after the level of profitability can be rapidly increased to A companys current asset returns and corporate earnings level A.The Target Corp Bs recent earnings levels and
19、 earnings based on industry;=480*11=5280 (10000 yuan)The Target Corp B for nearly three years, the average profit level and earnings based on industry.=440*11=4840 (10000 yuan)It assumes that the target company B was acquired after the level of profitability can be rapidly increased to A companys cu
20、rrent asset returns and corporate earnings level A.=14430 (10000 yuan)4. a company intends to acquire a 55% stake in a company with a certain degree of cooperation in the business and market aspects. The relevant financial information is as follows:B has 100 million ordinary shares of the company, 2
21、007, 2008, 2009 pre tax profits were 11 million yuan, 13 million yuan, 12 million yuan, the income tax rate of 25%; a company decided to make its value evaluation according to company B three years average profit level, evaluation methods and the price earnings ratio, to a companys earnings ratio of
22、 16 as a parameter.Requirements: calculate the expected value per share of the company, the total value of the enterprise and the purchase price that the company expects to pay.1. value per share=900Earnings per share =900/10000=0.09 yuan / shareEarnings per share = earnings per share * earnings rat
23、io =0.09*16=1.44 yuan / share=1.44 yuan / share *10000*55%=7920 million yuanor=900*16*55%=7920 million yuanThe first step is the average after tax profit5. Orient Corps balance sheet in December 31, 2009 (short form) is as follows.Statement of assets and liabilities: unit of December 31, 2009: 10000
24、 yuanAssets, amount, liabilities and owners equity itemsCurrent assets 50000 short term debt 40000Fixed assets 100000 long term debt 10000Paid in capital 70000Retained earnings 30000Total assets 150000 liabilities and owner equity total 150000Suppose Orient Corps sales revenue was 1 billion yuan in
25、2009, net sales rate was I0%, cash dividend payout rate was 40%. The companys marketing department forecast 2010 sales will increase 12%, and the assets and liabilities will be with the scale of growth and sales growth. At the same time, in order to maintain the continuity of the dividend policy, th
26、e company does not change its existing cash dividend payment rate of this policyRequirements: calculate the external financing requirements of the company in 2010.1. increasing the amount of sales increased by =150000/100000* (100000*12%) =18000 million yuan2. increase the sale of increased debt cap
27、ital sources = (40000+10000) /100000* (100000*12%) =6000 million3. the source of funds accumulated by internal accumulation is 100000* (1+12%) *10%* (1-40%) =6720 yuan4. additional external financing needs =18000-6000-6720=5280 million yuan to increase sales6. the balance sheet of Southwest Company
28、in December 31, 2009 (short form) is as follows. Statement of assets and liabilities (brief form)December 31, 2009 unit: 100 million yuanAssets, amount, liabilities and owners equity itemsCash 5 short term debt 40Accounts receivable 25 long term debt 10Inventory 30 real capital 4040 retained earning
29、s of fixed assets 10Total assets 100 liabilities and owner equity total 100Southwest Company in 2009 sales revenue of 1 billion 200 million yuan, net sales rate of 12%, cash dividend payout rate of 50%, the companys existing production capacity is not saturated, increase sales without additional fix
30、ed asset investment. By the marketing department forecast, the companys 2010 annual sales revenue will rise to 1 billion 350 million yuan, the companys net sales rate and profit distribution policy unchanged.Requirements: calculate the external financing requirements of the company in 2010.1. increa
31、se the amount of sales increased capital = = (100-40) /12* (13.5-12) =7.5 billion2. increase the increase in sales of debt capital sources = (40+10) /12* (13.5-12) = 625 million yuan3. the source of funds accumulated by internal accumulation is 13.5*12%* (1 - 50%) = 81 million yuanThe 4. increase in
32、 sales to additional external financing needs 7.56.250.81 = = 44 million yuanThe 7. enterprise group is a capital enterprise group, and subordinates have three subsidiaries, namely A, B and C.A subsidiary in 2009 sales revenue was 200 million yuan, net sales interest rate was 10%, cash dividend payo
33、ut rate was 50%. The balance sheet (short form) of December 31, 2009 is as follows. Planned sales revenue of A subsidiary increased by 20% over the previous year in 2010. Management believes that the companys net sales interest rate is maintained at 10%, while its assets and liabilities will increas
34、e with the scale of sales growth. At the same time, in order to maintain the continuity of policy, the company does not change its current cash payout ratio policy of 50%. A subsidiary plans to withdraw depreciation of 40 million yuan in 2010.December 31, 2009 assets and liabilities statement unit:
35、100 million yuanAssets, amount, liabilities and owners equity itemsCash 1 short term debt 3Accounts receivable 3 long term debt 9Inventory 6 real capital 48 retained earnings of fixed assets 2Total assets 18 liabilities and owners equity 18The calculation data of B and C subsidiarys financing in 201
36、0 have been given in the tableThe total amount of external financing of a group enterprise in 2010 is RMB 100 million yuanNew investment, internal retained new loans, external financing gap depreciation, net financing gap, total amount of external financingSubsidiaries A 3.6, 2.4, 1.08, 0.4, 0.68, 0
37、.12, 3.08Subsidiaries B 210.2, 0.5, 0.3, 0.8, 0.5Subsidiary C 0.8 0.90 -0.1 0.2 -0.3 -0.3The group totals 6.4, 2.02, 2.6, 1.78, 1.1, 3.28, 0.68Requirement:1. calculate the external financing requirements of A subsidiary in 2010 and fill in the results in the table;2. summarize and calculate the tota
38、l amount of external financing of a group enterprise in 20101.A subsidiary increased sales revenue = 2*20% = 40 million yuan2.A subsidiarys new investment = 18/2*0.4=3.6 billion yuan3.A subsidiaries retain =2* (1+20%) *10%* (1-50%) =0.124.A subsidiarys new loan = (9+3) /2*0.4=2.45.A subsidiary exter
39、nal financing gap =3.6-0.12-2.4=1.086.A subsidiary plans to withdraw depreciation of 40 million yuan in 20107.A subsidiary net financing gap =3.6-0.12-2.4-0.4=0.68 billion8.A subsidiary external financing =2.4+0.68=3.08 billion yuan9.A subsidiary internal financing =0.4+0.12=0.52 billion yuan8. a gr
40、oup is an investment holding company, its total assets of 20 million yuan, asset liability ratio is 30%, the company has a, B and C three subsidiaries, the parent company of three subsidiaries, the total investment is 10 million yuan, to the corporations investment and accounting for the shares. Tab
41、le:The amount of investment in parent company of a subsidiary (10000 yuan) is the share of parent companyA company 400100B company 30080C company 30065It is assumed that the equity capital return rate required by the parent company is 15%, and 80% of the income of the parent company comes from the i
42、nvestment income of the subsidiary company, and the asset return rate and tax burden of the subsidiary companies are the same.Requirement:(1) calculate the after tax profit of the parent company;(2) calculate the contribution share of the subsidiary to the parent company;(3) suppose the minority sha
43、reholders have the same earnings expectation as the large shareholders, and try to determine the after tax profits of the two subsidiaries.(1) calculate the after tax profit of the parent company;According to the problem to consider the net assets of the group company = 2000* (1 - 30%) = 14 million
44、yuanAccording to the groups net assets yield target = 1400*15% = 2 million 100 thousand yuan(2) calculate the contribution share of the subsidiary to the parent company;According to the problem, the 80% group company income from subsidiaries.= 210*80% = 1 million 680 thousand yuanThe subsidiary corp
45、oration should be turned over to the amount of profit (have no special requirement, according to the actual amount of investment allocation, but also consider the factors of the strategic work group and subsidiaries of the stage, the quality of assets etc.1. a company = 168*400/ (400+300+300) =67.2
46、million yuan2. B = 168*300/ (400+300+300) =50.4 million yuan3. propylene company = 168*300/ (400+300+300) =50.4 million yuan(3) suppose the minority shareholders have the same earnings expectation as the large shareholders, and try to determine the after tax profits of the two subsidiaries.A company
47、, because the parent company accounts for 100% of the company, no other shareholders, so its profits turned over to the parent company is its full profit,B company, because the parent company accounts for 80% of the company, there are other shareholders, so the total net profit of the company should be =50.4/80%=63 million yuan;Similarly, the net profit of the company should be =50.4/65%=77.54 billion yuan9. an enterprise at the end of 2006 cash and bank deposits 800 thousand yuan, short-term investment 400 thousand yuan, accounts receivable 1 million 200 thousand yuan, inventor