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銆€銆€Description of typical business arrangements

銆€銆€Sales terms - 10% dowri payment upon the signing of the contract;30% schedule payment during the production ( or service provision);30% payment upon the completion of product ( or service) delivery ( when sales are recognized);20% payment within three months from the completion of product or service delivery;10% retention payment to be paid at the end of the retention period.

銆€銆€Retention period - 1 to 3 years ( after product delivery) for General Machinery and Special Machinery businesses. 6 to 12 months ( after component or service delivery) for the Components and Services business.

銆€銆€Sales backlog - Sales backlog is analyzed on a weekly basis by tracking the signing of sales contracts and the contract delivery status. As at the end of 2010, H Group had sales backlog of Euro 58 million.

銆€銆€Purchase terms - Framework contracts are negotiated and signed annually with major suppliers for major raw materials.

銆€銆€Production arrangement - Production volume plan is prepared on a monthly basis. Raw materials are usually purchased 3 - 6 months ahead of production. General Machinery is made to stock, while the Special Machinery is made to order. Finished products of Machinery normally stay in the warehouse no longer than 1 year;Components normally stay in the warehouse no longer than 2 years.Any inventory older than 2 years is subject to obsolescence review.

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銆€銆€6. Based on the information provided in Table 5 - 1, (1) advise the most appropriate strategy for the General Machinery business acquired from H Group: cost leadership strategy (鎴愭湰闋�(l菒ng)鍏堟埌(zh脿n)鐣�)锛宒ifferentiation strategy(宸暟鍖栨埌(zh脿n)鐣�)锛宱r focus strategy(闆嗕腑鍖栨埌(zh脿n)鐣�.Please prvide reasons to support your answer. (2)Suggest possible ways to create synergies (鍗�(xi茅)鍚屾晥鎳�(y墨ng)) in the General Machinery business post acquisition, given that L Group has cost advantage in the General Machinery business. (3) Describe the type of information that L Group should obtain in order to assess, from financial perspective, the cost cutting plan for the General Machinery business acquired from H Group.

銆€銆€7. Based on the financial information of the machinery business (Table 5-1, Table 5-2, Table 5-3 and Table 5-4) and the description of business arrangements(Table 5-5) provided by H Group in the due diligence data room, (1) identify the three balance sheet items that had significant (over 20%) fluctuation and calculate the percentage of each fluctuation;(2) calculate the turnover days of trade receivables and inventory for both 2009 and 2010 with their year-end balances and the corresponding sales and cost amounts; (3) draft a list of questions to H Group regarding (i) the significant fluctuations in balance sheet items and (ii) the inconsistencies between the financial data (Table 5-2锛孴able 5-3 and Table 5-4) and the description of typical business arrangements (Table 5-5). (娉�:绗�(2)灏忛涓竴骞存寜365澶╄▓(j矛)绠�锛岀瓟妗堝洓鑸嶄簲鍏ヨ嚦鏁村ぉ銆傛簴(zh菙n)鍌欑(3)灏忛瑕佹眰鐨勫晱椤屾竻鍠檪(sh铆)锛屾噳(y墨ng)鍏堟寚鍑烘湁闂�(gu膩n)鐨勯噸澶ф尝鍕�(d貌ng)鍙婁俊鎭笉涓€鑷寸殑鎯呮硜锛岀劧鍚庢彁鍑哄晱椤�銆�)

銆€銆€8. Mr. B needs to report to the management of L Group.regarding the value analysis (鍍�(ji脿)鍊煎垎) of Company Y. As the assistant of Mr.B, you have been required by Mr.B to prepare a draft of the analysis. Mr.B has asked you to follow the following steps in drafting the analysis锛�(1) what does WACC(鍔犳瑠(qu谩n)骞冲潎璩囨湰鎴愭湰) stand for and what are the factors that would increase or decrease WACC;(2) calculate the equity value (鑲℃瑠(qu谩n)鍍�(ji脿)鍊�)of Company Y with the information provided in Table 6-1;showing the step-by-step calculation process;(3) compare the calculated equity value and the stock price (value is over-or under-estimated (鑲″児(ji脿)) to conclude whether the calculated equity assuming that the stock price represents a fair value);(4) what are the reasons that may cause the over-or under-estimation in equity value.

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銆€銆€2.鏍规摎(j霉)璩囨枡涓€鍜岃硣鏂欎簩绲﹀嚭鐨勪俊鎭紝(1)璀�(sh铆)鍒ュ皬鐜嬫墍绶ㄥ埗鐨勮病(c谩i)鍕�(w霉)闋�(y霉)娓腑鍝簺闋�(xi脿ng)鐩瓨鍦ㄩ尟(cu貌)瑾�锛岃В閲嬪畠鍊戦尟(cu貌)鍦ㄥ摢閲�锛屽苟绲﹀皬鐜嬬啊瑕佹彁鍑烘敼姝ｅ缓璀�;(2)鏍规摎(j霉)璩囨枡浜屼腑璨�(c谩i)鍕�(w霉)缍�(j墨ng)鐞嗗憡瑷村皬鐜嬬殑淇℃伅鍙婂亣瑷�(sh猫)锛屼及绠楀閮ㄨ瀺璩囬;(3)绲﹀嚭鑷冲皯涓夌ó瑙ｆ焙浼佹キ(y猫)璩囬噾闇€姹傜殑閫斿緫锛屽苟绨¤瑙ｉ噵浠€涔堟槸鍏�(n猫i)鍚闀风巼銆�

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銆€銆€(1)鈶犻姺鍞敹鍏�(鎴栭姺鍞闀风巼)鐨勯爯(y霉)娓瓨鍦ㄩ尟(cu貌)瑾ゃ€傞姺鍞敹鍏ラ洊鐒剁附椤嶉爯(y霉)鏈熷闀�20%锛屼絾鍚勬キ(y猫)鍕�(w霉)鏉垮鐨勯姺鍞闀风巼鎳�(y墨ng)瑭叉槸涓嶅悓鐨勶紝鑰屼笉鎳�(y墨ng)閮芥槸20%鐨勫闀�銆傚皬鐜嬫噳(y墨ng)鐣�(d膩ng)鎸夌収鍚勬キ(y猫)鍕�(w霉)鏉垮鐨勫叿楂旀儏娉佷締闋�(y霉)娓畠鍊戝悇鑷殑閵峰敭澧為暦锛屾瘮濡傞€氱敤姗�(j墨)姊版澘濉婂闀风巼杓冧綆鑰屽皥鐢ㄦ(j墨)姊版澘濉婄殑澧為暦鐜囧墖杓冮珮銆�

銆€?銆侀槨N鍞噲鍒╂饯(鎴栭姺鍞噲鍒╃巼)鐨勯爯(y霉)娓瓨鍦ㄩ尟(cu貌)瑾�?锛熷倷N鍞噲鍒╃巼姘村钩鑸囦笂骞存寔骞�锛屼絾鍚勬キ(y猫)鍕�(w霉)鏉垮鐨勫埄娼ゆ按骞虫噳(y墨ng)瑭叉槸涓嶅悓鐨�锛岃€屼笉鎳�(y墨ng)瑭查兘鏄�7.9%鐨勫噲鍒╃巼銆傚皬鐜嬫噳(y墨ng)鐣�(d膩ng)鎸夌収鍚勬キ(y猫)鍕�(w霉)鏉垮鐨勭壒榛�(di菐n)渚嗛爯(y霉)娓畠鍊戝悇鑷殑鍒╂饯姘村钩锛屾瘮濡傚皥鐢ㄦ(j墨)姊扮殑鍒╂饯鐜囨噳(y墨ng)楂樹簬閫氱敤姗�(j墨)姊�銆�

銆€?銆佽箿?y墨ng)鏀惰超娆剧殑闋�(y霉)娓瓨鍦ㄩ尟(cu貌)瑾�銆傚皬鐜嬪亣瑷�(sh猫)鎳�(y墨ng)鏀惰超娆句繚鎸佷笂骞寸殑浣欓姘村钩涓嶈畩锛岃┎鍋囪ō(sh猫)鏄己涔忎緷鎿�(j霉)鐨�銆傚皬鐜嬫噳(y墨ng)鎸夌収閵峰敭鐧惧垎姣斾締闋�(y霉)娓噳(y墨ng)鏀惰超娆句綑椤�銆�

銆€?銆佽妱娼剻Y鐢�(ch菐n)鐨勯爯(y霉)娓瓨鍦ㄩ尟(cu貌)瑾ゃ€傚皬鐜嬪亣瑷�(sh猫)鍥哄畾璩囩敘(ch菐n)涓嶅涓嶆笡锛屼綑椤嶆笡灏戝儏鐐烘姌鑸婃墍鑷�锛岄€欎竴鍋囪ō(sh猫)娌掓湁鑰冩叜鍒扮敓鐢�(ch菐n)銆傜窔宸茬稉(j墨ng)婊胯矤(f霉)鑽烽亱(y霉n)琛岄€欎竴浜嬪(sh铆)锛岀敱浜�20%鐨勯姺鍞闀蜂富瑕佷締鑷簬閵烽噺澧為暦锛岄偅涔堢敘(ch菐n)閲忎篃鏈�(hu矛)鐩告噳(y墨ng)澧為暦锛屽鏋滅敓鐢�(ch菐n)绶氱洰鍓嶅凡缍�(j墨ng)婊胯矤(f霉)鑽烽亱(y霉n)琛�锛岄偅涔堟柊澧炲浐瀹氳硣鐢�(ch菐n)鏈�(hu矛)鏄洿鍚堢悊鐨勫亣瑷�(sh猫)銆�

銆€銆€(2)澶栭儴铻嶈硣椤�=缍�(j墨ng)鐕熻硣鐢�(ch菐n)閵峰敭鐧惧垎姣斆楅姺鍞敹鍏ュ鍔�-缍�(j墨ng)鐕熻矤(f霉)鍌电櫨鍒嗘瘮脳閵峰敭鏀跺叆澧炲姞-闋�(y霉)瑷�(j矛)閵峰敭鏀跺叆脳闋�(y霉)瑷�(j矛)閵峰敭鍑堝埄鐜嚸�(1-鑲″埄鏀粯鐜�)= 60%脳(59 520 -49 600) - 20%脳(59 520-49 600) - 59 520脳7.9%脳(1-40%)=1 146. 75(钀厓)

銆€銆€鎴栬€咃細澶栭儴铻嶈硣椤�=(29760 -9920)脳20%- 59 520脳7.9%脳(1-40%)=1 146. 75(钀厓)

銆€銆€鎴栬€咃細澶栭儴铻嶈硣椤�=[(35 712-11 904)-(29 760 -9 920)]-59 520 脳7.9%脳(1-40%)=1 146. 75(钀厓)

銆€銆€(3)瑙ｆ焙浼佹キ(y猫)璩囬噾闇€姹傛湁涓夌ó閫斿緫锛氫竴鏄嫊(d貌ng)鐢ㄩ噾铻嶈硣鐢�(ch菐n);浜屾槸澧炲姞鍏�(n猫i)閮ㄧ暀瀛樻敹鐩�;涓夋槸澶栭儴铻嶈硣銆傚鏋滀紒妤�(y猫)娌掓湁鍙嫊(d貌ng)鐢ㄧ殑閲戣瀺璩囩敘(ch菐n)锛屼笖涓嶈兘鎴栦笉鎵撶畻寰炲閮ㄨ瀺璩�锛屽墖鍙兘闈犲収(n猫i)閮ㄧ⿳绱�锛屾鏅�(sh铆)鐨勯姺鍞闀风巼绋辩偤鍏�(n猫i)鍚闀风巼銆�

銆€銆€3.濡傛灉浣犱綔鐐哄彈閭€鍙冨姞L闆嗗湗(tu谩n)鐧�(f膩)灞曟埌(zh脿n)鐣ョ爺瑷庢渻(hu矛)鐨勫閮ㄥ挩瑭㈤¨鍟�锛岃珛灏嶄笅鍒楀晱椤屼綔鍑虹啊瑕佸洖绛旓細(1)閫氬父涓€鍊�(g猫)浼佹キ(y猫)瀵�(sh铆)鏂界櫦(f膩)灞曟埌(zh脿n)鐣ユ檪(sh铆)閬告搰骞惰臣鎴�(zh脿n)鐣ョ殑鍕�(d貌ng)姗�(j墨)鏈夊摢浜�;(2)骞惰臣澶辨晽鐨勫師鍥犳湁鍝簺;(3)鐣�(d膩ng)涓€鍊�(g猫)浼佹キ(y猫)閬告搰閲囧彇鍏�(n猫i)閮ㄧ櫦(f膩)灞曟檪(sh铆)鍙堟槸鍑轰簬鍝簺鍕�(d貌ng)鍥�;(4)绲�(ji茅)鍚圠闆嗗湗(tu谩n)鐨勫叿楂旀儏娉�锛屽垎鏋怢闆嗗湗(tu谩n)閬告搰娴峰骞惰臣鎴�(zh脿n)鐣ュ叿楂旀湁鍝簺鍕�(d貌ng)姗�(j墨)銆�

銆€銆€绛旓細

銆€銆€(1)閫氬父浼佹キ(y猫)閬告搰骞惰臣鎴�(zh脿n)鐣ョ殑鍕�(d貌ng)姗�(j墨)鍖呮嫭锛�

銆€?銆佷喀鑽沖閫�(j矛n)鍏ュ澹�锛岃繀閫熼€�(j矛n)鍏ワ紝鐖彇甯傚牬姗�(j墨)鏈�(hu矛)锛岃(gu墨)閬垮悇绋ⅷ(f膿ng)闅�(xi菐n);

銆€銆€鈶＄嵅寰楀崝(xi茅)鍚屾晥鎳�(y墨ng);

銆€?銆佽龚p灏戠鐖紝澧炲挤(qi谩ng)灏嶅競鍫寸殑鎺у埗鍔�銆�

銆€銆€(2)骞惰臣澶辨晽鐨勫師鍥犲寘鎷細

銆€銆€鈶�?z猫ng)Q绛栦笉鐣�(d膩ng)?sh霉)鐗熲憼?

銆€?銆佽瘬鈶犲緧锜涜崚鑺庤妿鐜墶M(j矛n)琛屼紒妤�(y猫)鏁村悎;

銆€銆€鈶㈡敮浠橀亷楂樼殑骞惰臣璨�(f猫i)鐢�銆�

銆€銆€(3)浼佹キ(y猫)閬告搰鍏�(n猫i)閮ㄧ櫦(f膩)灞曠殑鍕�(d貌ng)鍥犲寘鎷細

銆€?銆佸實_鐧�(f膩)鏂扮敘(ch菐n)鍝佺殑閬庣▼浣夸紒妤�(y猫)鑳芥渶娣卞埢鍦颁簡瑙ｅ競鍫村強鐢�(ch菐n)鍝�;

銆€?銆佽瘬娣瑬璇ょ嚎m鐨勬敹璩煎皪璞�;

銆€?銆侀兙锛撴粸鐟嫢澧撹娋鐩筁(f膿ng)鏍煎拰浼佹キ(y猫)鏂囧寲锛屽緸鑰屾笡杓曟贩浜傜▼搴�;

銆€?銆佽虎妤ｈ娋纰氬挍宄佲敒娈琁(y猫)鐧�(f膩)灞曟(j墨)鏈�(hu矛);

銆€銆€鈶ゅ彲鑳介渶瑕佺殑浠ｅ児(ji脿)杓冧綆锛屽洜?y脿n)妤侤寰楄硣鐢�(ch菐n)鏅�(sh铆)鐒￠渶鐐哄晢璀�(y霉)鏀粯椤嶅鐨勯噾椤�;

銆€?銆佸鍙絾?hu矛)鐢�(ch菐n)鐢熼毐钘忕殑鎴栫劇娉曢爯(y霉)娓殑鎼嶅け锛屽収(n猫i)閮ㄧ櫦(f膩)灞曚笉澶ф渻(hu矛)鐢�(ch菐n)鐢熼€欑ó鎯呮硜;

銆€?銆佸搶@鍙兘鏄敮涓€鍚堢悊鐨勩€佸(sh铆)鐝�(xi脿n)鐪熸鎶€琛�(sh霉)鍓�(chu脿ng)鏂扮殑鏂规硶;

銆€?銆佸棲姊㈡潅鏉�?j矛)鍔冨湴閫�(j矛n)琛�锛屽鏄撳緸浼佹キ(y猫)璩囨簮鐛插緱璨�(c谩i)鍕�(w霉)鏀寔锛屽苟涓旀垚鏈彲浠ユ寜鏅�(sh铆)闁撳垎?j菒n)?

銆€?銆佺姼L(f膿ng)闅�(xi菐n)杓冧綆锛岃€屽湪鏀惰臣涓臣璨疯€呭彲鑳介倓闇€瑕佹壙鎿�(d膩n)浠ュ墠妤�(y猫)涓绘墍鍋氭焙绛栬€岀敘(ch菐n)鐢熺殑銆佸悗鏋�銆�

銆€銆€(4)L闆嗗湗(tu谩n)閬告搰娴峰骞惰臣鐨勫嫊(d貌ng)姗�(j墨)涓昏鏄皨姹傜従(xi脿n)鎴愯硣鐢�(ch菐n)銆傞€氶亷娴峰骞惰臣锛孡闆嗗湗(tu谩n)鍙互鐛插緱鍏堥€�(j矛n)鐨勬妧琛�(sh霉)锛屾彁鍗囩爺鐧�(f膩)鑳藉姏锛岀嵅寰楁瓙缇庣瓑鐧�(f膩)閬�(d谩)鍦嬪姗�(j墨)姊板埗閫犱紒妤�(y猫)鐨勫搧鐗�锛岀嵅鍙栧叏鐞冪稉(j墨ng)閵峰晢缍�(w菐ng)绲�(lu貌)锛屼互鍙婂厛閫�(j矛n)鐨勪紒妤�(y猫)绠＄悊缍�(j墨ng)椹�(y脿n)銆�

銆€銆€4.鍦↙闆嗗湗(tu谩n)鐨勭櫦(f膩)灞曟埌(zh脿n)鐣ョ爺瑷庢渻(hu矛)涓�锛屽皪浜庡湅闅涘競鍫寸殑閫�(j矛n)鍏ユā寮忥紝涓昏闆嗕腑鎺㈣◣浜嗗皪澶栬偂娆�(qu谩n)鎶曡硣閫欎竴閫�(j矛n)鍏ユā寮�锛岃珛鍒嗘瀽灏嶅鑲℃瑠(qu谩n)鎶曡硣涓紝鍏ㄨ硣瀛愬叕鍙歌垏鍚堣硣浼佹キ(y猫)閫欏叐绋舰寮忓悇鑷殑鍎�(y艒u)榛�(di菐n)(鎴栬€呰鏄嫊(d貌ng)鍥�)鍜屽悇鑷殑缂洪櫡銆�

銆€銆€绛旓細

銆€銆€(1)閲囩敤鍏ㄨ硣瀛愬叕鍙稿舰寮忛€�(j矛n)鍏ュ湅闅涘競鍫寸殑鍎�(y艒u)榛�(di菐n)鍖呮嫭锛�

銆€銆€鈶犵鐞嗚€呭彲浠ュ畬鍏ㄦ帶鍒跺瓙鍏徃鐨勬棩甯哥稉(j墨ng)鐕熸椿鍕�(d貌ng)锛岀⒑淇濇湁鍍�(ji脿)鍊肩殑鎶€琛�(sh霉)宸ヨ棟鍝佺墝绛夌劇褰㈣硣鐢�(ch菐n)閮界暀鍦ㄥ瓙鍏徃锛岀鐞嗚€呭彲浠ュ皪鐢�(ch菐n)閲忓児(ji脿)鏍肩瓑淇濇寔鎺у埗锛屽瓙鍏徃鍓�(chu脿ng)閫犵殑鎵€鏈夊埄娼や篃闋堜笂浜ょ郸姣嶅叕鍙�;

銆€?銆佽姊㈠憳鑻婂鑵篩缍�(j墨ng)鐕熶腑瀹规槗鐢�(ch菐n)鐢熺殑鍒╃泭銆佺洰妯�(bi膩o)绛夋柟闈㈢殑娌栫獊锛屽緸鑰屼娇鍦嬪瀛愬叕鍙哥殑缍�(j墨ng)鐕熸埌(zh脿n)鐣ヨ垏浼佹キ(y猫)绺介珨鎴�(zh脿n)鐣ヨ瀺鐐轰竴楂旓紝浼佹キ(y猫)鍙互寰炲叏鐞冩埌(zh脿n)鐣ョ殑楂樺害鍑虹櫦(f膩)锛屾妸姣忓€�(g猫)鍦嬪垾甯傚牬浣滅偤鐩镐簰鑱�(li谩n)绯荤殑鍏ㄧ悆甯傚牬鐨勪竴閮ㄥ垎銆�

銆€銆€(2)鍏ㄨ硣瀛愬叕鍙哥殑涓昏缂洪櫡鍖呮嫭锛�

銆€?銆佸€忚怠杌�?hu矛)鑰楄不(f猫i)澶ч噺璩囬噾锛岃鐛插緱瓒冲鐨勮硣閲戝彲鑳芥渻(hu矛)閬囧埌鍥伴洠;

銆€?銆佽濯綬鐨勯ⅷ(f膿ng)闅�(xi菐n)鍙兘鏈�(hu矛)鏇撮珮锛屽彲鑳芥渻(hu矛)闈㈣嚚鐩(bi膩o)甯傚牬涓婃斂娈嗘垨绀炬渻(hu矛)鏂归潰鐨勪笉纰哄畾鎬ф垨涓嶇┅(w臎n)瀹氭€�;

銆€?銆佸姯璧¤粰?hu矛)闆ｄ互寰楀埌鐣�(d膩ng)?sh霉)姘愭伡顟瑰惒c鍚勭ó缍�(j墨ng)鐕熻硣婧愮殑鏀寔锛岃(gu墨)閬挎斂娌婚ⅷ(f膿ng)闅�(xi菐n)鐨勮兘鍔涙渻(hu矛)鏄庨’灏忎簬鍚堣硣浼佹キ(y猫)銆�

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銆€銆€6. Based on the information provided in Table 5-1,(1)advise the most appropriate strategy for the General Machinery business acquired from H Group: cost leadership strategy(鎴愭湰闋�(l菒ng)鍏堟埌(zh脿n)鐣�)锛宒ifferentiation strategy(宸暟鍖栨埌(zh脿n)鐣�)锛宱r focus strategy(闆嗕腑鍖栨埌(zh脿n)鐣�).Please provide reasons to support your answers.(2)Suggest possible ways to create synergies(鍗�(xi茅)鍚屾晥鎳�(y墨ng))in the General Maehinery business post acquisition, given that L Group has cost -advantage in the General Machinery business. (3) Describe the type of information that L Group should obtain in order to assess, from financial perspective: the cost cutting plan for the General Machinery business .acquired from H Group.

銆€銆€Answers锛�

銆€銆€(1) The cost leadership strategy would be the most appropriate for the General Machinery business. Because the customers in this sector are price sensitive;The products are standard;and hard to differentiate from one to the other; The customers are less likely to have brand loyalty.

銆€銆€(2)L Group may consider moving the entire production of general machinery from Europe to China and export the products to the rest of the world, or may consider making the machine components in China and only doing the final assembling in Europe.

銆€銆€(3) Detailed cost breakdown of the General Machinery business should be obtained, in particular details of labor costs and other operational costs,so that L Group can know what exactly are the high cost items. An estimation of the transportation costs should also be obtained, so that L Group can compare the decrease of production cost against the increase of transportation cost in the case of moving the manufacturing to China.

銆€銆€7. Based on the financial information of the machinery business (Table 5-1, Table 5-2, Table 5-3 and Table 5-4) and the description of business arrangements(Table 5-5) provided by H Group in the due diligence data room, (1) identify the three balance sheet items that had significant (over 20%) fluctuation and calculate the percentage of each fluctuation;(2) calculate the turnover days of trade receivables and inventory for both 2009 and 2010 with their year-end balances and the corresponding sales and cost amounts; (3) draft a list of questions to H Group regarding (i) the significant fluctuations in balance sheet items and (ii) the inconsistencies between the financial data (Table 5-2锛孴able 5-3 and Table 5-4) and the description of typical business arrangements (Table 5-5). (娉�:绗�(2)灏忛涓竴骞存寜365澶╄▓(j矛)绠楋紝绛旀鍥涜垗浜斿叆鑷虫暣澶�銆傛簴(zh菙n)鍌欑(3)灏忛瑕佹眰鐨勫晱椤屾竻鍠檪(sh铆)锛屾噳(y墨ng)鍏堟寚鍑烘湁闂�(gu膩n)鐨勯噸澶ф尝鍕�(d貌ng)鍙婁俊鎭笉涓€鑷寸殑鎯呮硜锛岀劧鍚庢彁鍑哄晱椤屻€�)

銆€銆€Answers锛�

銆€銆€(1)Balance sheet items with significant fluctuation:

銆€?銆佽硞rade receivables.It increased by 50.85%.

銆€?銆佽磸dvance from customers.It decreased by 47.10%.

銆€銆€鈶rade payables.It increased by 41.53%.

銆€銆€(2) Calculations:

銆€?銆佽硞rade receivable turnover days = 365梅 (Sales梅 Trade receivables)

銆€銆€2009 trade receivable turnover days = 365 梅 (69 470 梅 13 002) = 68 days

銆€銆€2010 trade receivable turnover days = 365 梅 (65 380 梅 19 614) = 110 days

銆€?銆�?/P>

銆€銆€Inventory turnover days=365梅 (Cost of sales梅Inventory)

銆€銆€2009 inventory turnover days = 365梅 (49 324梅25 665) = 190 days

銆€銆€2010 inventory turnover days = 365 梅 (47 074梅25 416) = 197 days

銆€銆€(3) Draft list of questions:

銆€?銆佽硞rade receivables increased by 50.85%.Please explain the reason for the significant increase in trade receivables. Whether there has been any major changes in sales terms or accounting treatment. According to the description of the business arrangements, normally the aging of trade receivables related to General and Special Machinery should be no longer than 3 years, and the aging of trade receivables related to Components and Services should be no longer than-l year. However, the aging analysis show.s that Euro 1 288 thousands of trade receivables related to Special Machinery were over 3 years, and Euro 900 thousands of trade receivables related to Components and Services were over l year. Please explain the reasoris for the

銆€銆€longoverdue, and confirm whether sufficient bad debt provision has been provided.

銆€?銆佽礂nventory. According to the description of the business arrangements;inventory aging should not be longer than 2 years. However, the aging analysis shows that Euro 3.09 million of inventory were over 2 years. Please explain the reasons for the long aging, and confirm whether proper obsolescence review has been performed.

銆€銆€According to the description of the-business arrangements, raw materials are usually purchased 3-6 months ahead of production. This indicates that usually the aging of raw materials should be within 6 months. However, the inventory aging analysis shows that more than Euro 1 million of raw materials were over 6 months. Please explain the reasons for the long aging, and confirm whether proper obsolescence review has been performed.

銆€?銆佽窐dvance from customers decreased by 47.10%.Please explain the reason for the significant decrease in advance from customers. Whether there has been any major changes in sales terms or accounting treatment. According to the description of the business arrangements, 10% down payments are made upon the signing of the contract, and as at the end of 2010, H Group had sales backlog of Euro 58 million. So the advance from customer should be Euro 5.8 million (58脳10%). However, the advance from customers shown on the balance sheet at the end of 2010 was only Euro 3.65 million, significantly less than 5.8 million. Please explain the reason for the inconsistency.

銆€?銆佽簬rade payables increased by 41.53%. Please explain the reason for the significant.increase in trade payables. Whether there has been any major changes in purchase terms or accounting treatment. According to the sales, cost and inventory data, there seems no indication of significant purchase volume increase, which might in turn cause the increase in trade payables. Please explain the inconsistency.

銆€銆€8. Mr. B needs to report to the management of L Group regarding the value analysis (鍍�(ji脿)鍊煎垎鏋�) of Company Y. As the assistant of Mr.B, you have been required by Mr. B to prepare a draft of the analysis. Mr.B has asked you to follow the following steps in drafting the analysis:(1) what does WACC (鍔犳瑠(qu谩n)骞冲潎璩囨湰鎴愭湰) stand for and what are the factors that would increase or decrease WACC;(2) calculate the equity value (鑲℃瑠(qu谩n)鍍�(ji脿)鍊�)of Company Y with the information provided in Table 6-1, showing the step-by-step calculation process;(3) compare the calculated equity value and the stock price (鑲″児(ji脿)) to-conclude whether the calculated equity value is over-or under-estimated ( assuming that the stock price represents a fair value);(4) what are the reasons that may cause the over-or under-estimation in equity value.

銆€銆€Answers :

銆€銆€(1) WACC stands for Weighted Average Cost of Capital. It may be affected by the following factors: the interest.rate on the market, market risk premium, tax rate, capital structure, dividend policy and investment policy.

銆€銆€(2) Present value of the forecast period =10脳0.8929 +12脳0.7972 +14.4脳0.7118 +17.28脳0.6355 +20.74脳0.5674 = Euro 51.49 million

銆€銆€Present value of the terminal cash flow= 20.74脳(1+5% )/(12%- 5% ) 脳0.5674 =Euro 176.52 million

銆€銆€Enterprise value = 51.49+176. 52 = Euro 228.01 million

銆€銆€Equity value.= 228.01-30 = Euro 198.01 million

銆€銆€(3) Calculated equity value per share =198.01梅10 =19.80 Euro/share

銆€銆€As it is higher than the stock price (15 Euro/share),the calculated equity value is over-estimated.

銆€銆€(4) The over-estimation of the equity value might be a result of the following reasons: over-stated cash flow forecast, over-estimated growth rate for terminal cash flow, a WACC that is too low, under-stated net debt.

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