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FAUJI CEMENT
SUMITTED TO: CH. MAZHAR HUSSAIN
2013
SUBMITTED BY:
TARIQ FAROOQ
ACKNOWLEDGEMENTS
All Praise to Allah. First and foremost I thank Allah, the Generous, for having finally made this
effort a reality. I praise Him because if it were not for His Graciousness, it would never
materialize.
I’m extremely grateful to SIR CH. MAZHAR HUSSAIN who spent a lot of valuable time with us
and gave all the related information and expertise very generously about related course.
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TABLE OF CONTENTS
Chapter No. 1
Executive Summary…………………………………..…………………..……..6
Introduction……………………………………………….……………….……7
Company History………………………………………………..……………....8
Business……………………………………………………...……….………...9
Vision………………………...…………..………………………….……….…9
Mission…………...……………………………………………………..............9
Product…………...……………………………………………….…………….9
Code of conduct……...…………………………………………….…………..10
Core responsibilities………………………………...……………………….…10
Our values…………………………………………..…….……………………10
Statement of corporate governance………………………...…………………..11
Chapter No. 2
Capital Budgeting………………………….………………..……………….…………15
Independent Project…….……………………….………...…….………..……...15
Mutually Exclusive Project……...………………….…………………..………..15
Capital Budgeting Method………………….………….…………..…………….16
Payback ………………………………………………………………………….16
Net Present Value…………………………………..……………….………...…17
Profitability Index…………………………….……………………….………...18
Internal Rate of Return………………………………………………….……….18
Interpolation…………………………………….………………………..……..18
Chapter No. 3
Project Introduction………………………………………………..……………….…20
Introductions ……………..…………………...……………….…………..........27
Capital structure of the project…………………………………………………..27
Assumption…………………………………………..………………..................28
Initial investment………………………………………...…..…………………..29
Cash flows………………………………………………….…………………....30
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Chapter No. 4
Chapter 5
Payback……………………………………………………..………………….42
Discounted pay back……………………………………….…………………..44
NPV…………………………………………………………………………….45
IRR…………………………………………………………..…………………46
Selection………………………………………………….…………………….50
Chapter 6
Chapter 7
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Executive summary
This project is about the selection of investment project using capital budgeting
techniques. We selected Fauji Cement Company to choose its production plant project.
This project has assigned to us as a complete course to provide opportunity of gaining
practical knowledge & using different techniques. The nature of project is capital
expenditure, we will use different methods of predicting future cash flows and also use
selection procedure method of capital budgeting.
After studying the capital budgeting process for cement industry, we have concluded that
almost all the objective and purpose of the report have been performed and a much
practical project has been presented. We have understood the capital budgeting process
and its application in the perspective of cement industry & Fauji Cement. We have
calculated the NPV, IRR, PI & PBP of this project, due to some drawbacks in
profitability index and payback period we selected the project on the basis of Net present
value & internal rate of return techniques.
We suggest Fauji Cement Company is to definitely accept the project which cost is
22000M.It is cost effective and reliable plant.
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CHAPTER NO. 1
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Since 19 years, they are giving the services for the Pakistan and its nation. its a long time
leader in the cement manufacturing industry, Fouji cement company, main branch is located
at Rawalpindi, and it is a headquartered, they operates a cement plant jhang Bahterm,
Tehsil Fateh Jhang & district Attock in the provinces of Punjab. More than 13 years
company is producing valuable products in which we can reliable and they are producing
quality products for their consumer and long standing traditions of services.
Fouji cement plant is one of the most efficient plants than all cements company. This plant
is best maintained in the country that is why they are producing 1.170 million tons of
cement. By producing the high quality of cement, government also preferred to use fouji
cement in construction of Highways, Bridges, commercial & Industrial complexes,
Residential homes & other structures.
COMPANY HISTORY
Fauji Cement Company Limited was sponsored by Fauji Foundation and incorporated as a
public limited company on 23 November 1992. It obtained the Certificate of
Commencement of Business on 22 May 1993. A longtime leader in the cement
manufacturing industry, Fauji Cement Company, headquartered in Islamabad, operates a
cement plant at Jhang Bahtar, Tehsil Fateh Jang, and District Attock in the province of
Punjab.
Fauji Cement is operating two lines of Cement Plants, one each from FLS Denmark &
POLYSIUS Germany. The plants are well renowned for their high efficiencies, best quality
production and are well maintained with annual total production capacity of 3.3 million tons
of cement. FAUJI Cement enjoys the reputation of being the Best Quality Cement in the
Country and is preferred in the construction of Mega Projects like Dams, Bridges,
Highways & Motorways, Commercial & Industrial complexes, Residential Housing Societies,
and a myriad of other structures needing speedy strengthening bond, fundamental to
Pakistan's economic vitality and quality of life.
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In addition to the Pakistan market, Fauji Cement is expanding its promising coverage in the
neighboring regions /countries like Sri Lanka, India, Afghanistan, South Africa, and Middle
East & Africa.
OUR BUSINESS:
The Company has been set up with the primary objective of producing and selling ordinary
Portland cement. The finest quality of cement is available for all types of customers
whether for dams, canals, industrial structures, highways, commercial or residential needs
using latest state of the art dry process cement manufacturing process.
OUR MISSION:
“While maintaining its leading position in quality of cement maximizes profitability through
reduced cost of production and enhanced market share”.
OUR VISSION:
To be a role model cement manufacturing Company, benefiting all stake holders and
fulfilling Corporate Social Responsibilities while enjoying public respect and goodwill.
PRODEUCTS:
We offer Ordinary Portland Cement (OPC) that is used in all general constructions,
especially in major and prestigious projects where cement is needed to meet stringent
quality requirements. It can also be used in concrete mortars and grouts, etc. Ordinary
Portland cement is compatible/consumable with admixture/ retarders, etc.
OPC has easy workability and lower heat of hydration. We maintain our technical standard
of quality parameter at high level and with high strength at all ages. Our OPC cement
satisfies ASTM-C-150, Type I and ASTM-C-150, Type I.
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Ingredients:
- Clinker 95%
- Gypsum 5%
It has been said that the essence of a successful and visionary company is the ability to
preserve its core values and to stimulate progress. Corporate ethics is the practice of our
shared values. These shared values define who we are and what we can expect from each
other. It is a code which applies to all employees and consists of standards decided by
Allah and His Messenger (PBUH).
CORPORATE RESPONSIBILITY:
1.1. The key to corporate integrity lies with all of us. Everyone has a
responsibility to uphold dedication to corporate ethics on daily basis. We all
must:-
•Know and follow this code in letter and spirit.
•Know and comply with our professional obligations.
•Take responsibility of own conduct.
•Report violations of this code to management appropriately.
1.2. This statement defines following broad corporate values that shape our
business practices.
OUR VALUES
We listen to our customers and improve our product to meet their present and
future needs.
Our success depends upon high performing people working together in a safe and
healthy work place where diversity, development and team work are valued and
recognized.
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We expect superior performance and results. Our leaders set clear goals and
expectations, are supportive and provide and seek frequent feedback.
We support the communities where we do business, hold ourselves to the highest
standards of ethical conduct and environment responsibility, and communicate
openly with public and FCCL employees.
STATEMENT OF CORPORATE
GOVERNANCE
1. The company always encourages representation of independent non-executive
directors and directors representing less interest on its board of directors.
2. All of the directors have confirmed already that no one is serving as a director in
more than ten listed companies including this company.
3. All the directors have confirmed that they are registered as tax payers & none of
them has defaulted in payment of loan to bank.
4. All the directors & employees have been signed on " statement of Ethics & business
Practices" which is prepared by the company.
5. All the powers of the board have been duly exercised & decision on meterial
transactions.
6. The meetings of the board are fully conversant with their duties & responsibilities
as directors.
7. All the directors of the board are fully conversant with their duties and
responsibilities as directors.
8. The directors, CEO & executives do not hold any interest in the shares of the
company, other than that disclosed in pattern of share holding.
9. The company has setup an effective internal audit function.
10. The statutory auditors or the persons associated with them have not been
appointed to provide other services.
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CHAPTER NO. 2
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Ideally, businesses should pursue all projects and opportunities that enhance shareholder
value. However, because the amount of capital available at any given time for new projects
is limited, management needs to use capital budgeting techniques to determine which
projects will yield the most return over an applicable period of time.
Popular methods of capital budgeting include net present value (NPV), internal rate of
return (IRR), discounted cash flow (DCF) and payback period.
PROJECT CLASSIFICATIONS
Capital Budgeting projects are classified as either Independent Projects or Mutually
Exclusive Projects.
1. Independent Project:
An Independent Project is a project whose cash flows are not affected by the
accept/reject decision for other projects. Thus, all Independent Projects which meet the
Capital Budgeting criterion should be accepted.
Mutually Exclusive Projects are a set of projects from which at most one will be accepted.
For example a set of projects which are to accomplish the same task. Thus, when choosing
between "Mutually Exclusive Projects" more than one project may satisfy the Capital
Budgeting criterion. However, only one, i.e., the best project can be accepted.
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These project A and B are mutually exclusive but project have initial investment of 10000000
and the pattern of cash inflow is different so by the IRR project is accepted while through NPV
method shows B project is better than A.
The company may have unlimited access to capital in which case it can execute all
profitable projects simultaneously. However, in reality firms will have constraints on how
much funds they have to invest. If there are more capital projects then the funds
available, the firm will have to exercise capital rationing and prioritize the projects and
first execute those that have the highest impact on shareholder’s value.
Payback period
Discounted payback period
Net present value
Profitability index
Internal rate of return
Equivalent annuity
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Payback period in capital budgeting refers to the period of time required for the return on
an investment to "repay" the sum of the original investment. Payback period intuitively
measures how long something takes to "pay for itself." All else being equal, shorter
payback periods are preferable to longer payback periods.
The payback period is considered a method of analysis with serious limitations and
qualifications for its use, because it does not account for the time value of money, risk,
financing, or other important considerations, such as the opportunity cost.
The Net Present Value (NPV) of a Capital Budgeting project indicates the expected impact
of the project on the value of the firm. Projects with a positive NPV are expected to
increase the value of the firm. Thus, the NPV decision rule specifies that
all independent projects with a positive NPV should be accepted. When choosing
among mutually exclusive projects, the project with the largest (positive) NPV should be
selected.
The NPV is calculated as the present value of the project's cash inflows minus the present
value of the project's cash outflows. This relationship is expressed by the following
formula:
where
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The example below illustrates the calculation of Net Present Value. Consider Capital
Budgeting projects A and B which yield the following cash flows over their five year lives.
The cost of capital for the project is 10%.
Project A
Year Cash Flow
0 $-1000
1 500
2 400
3 200
4 200
5 100
3) Profitability Index:
Profitability index (PI), also known as profit investment ratio (PIR) and value investment
ratio (VIR), is the ratio of payoff to investment of a proposed project. It is a useful tool
for ranking projects, because it allows you to quantify the amount of value created per
unit of investment.
The Internal Rate of Return (IRR) of a Capital Budgeting project is the discount rate at
which the Net Present Value (NPV) of a project equals zero. The IRR decision rule
specifies that all independent projects with an IRR greater than the cost of capital should
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be accepted. When choosing among mutually exclusive projects, the project with the
highest IRR should be selected (as long as the IRR is greater than the cost of capital).
where
The determination of the IRR for a project, generally, involves trial and error or a numerical
technique. Fortunately, financial calculators greatly simplify this process.
The example below illustrates the determination of IRR. Consider Capital Budgeting
projects A and B which yield the following cash flows over their five year lives. The cost of
capital for both projects is 10%
Project A Project B
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than the cost of capital. On the other hand, if they are mutually exclusive projects then
Project A should be chosen since it has the higher IRR.
Interpolation:
The interpolation process is only a close approximation of the true IRR. A more accurate
numeric search produces a resulting IRR The relationship between the discount rate and
the NPV is not linear, and thus the linear approximation provided by the interpolation will
not be exact. Of course, the wider the range of values over which you interpolate the
greater the potential degree of inaccuracy in your answer. And, surprisingly, the error is
usually greatest when the IRR is approximately evenly bracketed by the end points; with
the approximation improving the closer the sought value is to one of the endpoints. Thus, it
is more important to get at least one of the endpoints to have an NPV near zero than to find
similar sized positive and negative values.
PVl -PVH
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CHAPTER NO. 3
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Erection & Commissioning of New Line with a Production capacity of 7200 TPD has been
completed and Plant has started its production on 30th May 2011. The Plant is equipped
with latest and state of the art equipment and is a great value addition in Pakistan Cement
Industry. Major Equipment Suppliers are;
a. POLYSIUS Germany
b. LOESCHE GmBH Germany (Vertical Cement Mills)
c. Havor & Boecker Germany (Packing Plant)
d. ABB Switzerland (Electrical Equipment & PLC)
For the new line production of 7200 TPD we have to evaluate two projects.
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ASSUMPTIONS
Due to new technology company sale will increase up to 12% in first 10 years of the
expansion. Then 9% increment will be made to the company sale to next five years
and at the end of last 10 years the company sale will increase to 6%.
Due to new technology company sale will increase up to 10% in first 10 years of the
expansion. Then 8% increment will be made to the company sale to next five years
and at the end of last 10 years the company sale will increase to 6%.
Project time period is 24 years
Gross profit is 30% of the sales.
Expenses include cost of goods sold and operating expenses excluding depreciation
that is total 73.9% of the sale.
Depreciation rate is assumed 4% on original over the whole file of machinery
It is assumed that prevailing interest rate in Pakistan is 14% on average.
Tax must be applied at the rate of 35%.
It is assume that the plant with be scrape value equal to 880 at the end of 24 and
this scrape is sold for the 1200.
Company is financing with the combination of debt and common stock. The cost of
debt before adjusting tax factor is 14% as interest is 14% too
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Net operating Cash inflow 330.03729 464.8138 615.7634 784.827 974.1783 1186.252 1423.774
Net operating Cash inflow 1689.799 1987.747 2321.448 2695.194 3009.14 3351.342 3724.342
Net operating Cash inflow 4130.912 4574.073 4896.103 5237.455 5599.288 5982.832 6389.388
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Net operating Cash inflow 400.15482 500.6961 608.8062 727.7273 858.5406 1002.435 1160.719
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Net operating Cash inflow 2887.726 3165.176 3389.911 3628.13 3880.642 4148.305 4432.028
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2016
2019
2015
2017
2018
2031
2030
2032
2034
2036
2035
2021
2020
2022
2023
2025
2024
2026
2029
2027
2028
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6000
5000
4000
1000
TERMINAL CASHFLOWS
Project A:
Calculation of tax
Sale proceed of the plant 1200
Book value 880
Re-capturing depreciation 320
Tax payment 112
Project B:
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Tax 89.6
Net sale proceeds 810.4
After tax sale proceed from old Assets 0
working capital 0
Net terminal Cash flow 810.4
Calculation of tax
Sale proceed of the plant 900
Book value 644
Re-capturing depreciation 256
Tax payment 89.6
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CHAPTER NO. 4
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The cost of funds used for financing a business. Cost of capital depends on the mode of
financing used – it refers to the cost of equity if the business is financed solely through
equity or to the cost of debt if it is financed solely through debt. Many companies use a
combination of debt and equity to finance their businesses, and for such companies, their
overall cost of capital is derived from a weighted average of all capital sources, widely
known as the weighted average cost of capital (WACC). Since the cost of capital represents
a hurdle rate that a company must overcome before it can generate value, it is extensively
used in the capital budgeting process to determine whether the company should proceed
with a project.
Sources of financing:
Debts
Common Stock
Preferred Stock
Retain earning
Cost of debts:
The effective rate that a company pays on its current debt. This can be measured in either
before- or after-tax returns; however, because interest expense is deductible, the after-tax
cost is seen most often. This is one part of the company's capital structure, which also
includes the cost of equity.
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A company will use various bonds, loans and other forms of debt, so this measure is
useful for giving an idea as to the overall rate being paid by the company to use debt
financing. The measure can also give investors an idea as to the riskiness of the company
compared to others, because riskier companies generally have a higher cost of debt.
To get the after-tax rate, you simply multiply the before-tax rate by one minus the marginal
tax rate (before-tax rate x (1-marginal tax)). If a company's only debt were a single bond in
which it paid 5%, the before-tax cost of debt would simply be 5%. If, however, the
company's marginal tax rate were 40%, the company's after-tax cost of debt would be only
3% (5% x (1-40%)).
In this project we assume that the company is paying 14% interest rate for the debt
portion. So the cost of debts of the can determine as:
Cost of equity means cost which is beard by firm for getting finance through equity. We
calculate the cost of equity of Pakistan Tobacco Company by using Dividend Discount
Model. Reason for selecting this model is negative return in market. CAPM is applied when
Return in market is greater than Risk free rate.
A return which is company pays to the equity investor for compensating investor because
he is taking risk in company capital. There are various methods for calculating the cost of
equity.
A procedure for valuing the price of a stock by using predicted dividends and discounting
them back to present value. The idea is that if the value obtained from the DDM is higher
than what the shares are currently trading at, then the stock is undervalued.
Kc =D1/ P0 + g
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CAPM (capital asset pricing model) is used to evaluate investment risk and rates of return
compared to the overall market. You can use CAPM to price an individual asset, or a
portfolio of assets, using a linear model defined as:
We assumed that:
Market Rate=0.001
Beta=1.08
CAPM=RF+β (Rm-Rf)
CAPM=0.1180+1.08(0.001-0.1180)
CAPM=0.1180+ (-0.1263)
CAPM= -0.0083
For calculation of weighted average cost of capital we first have to determine the
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Cost of equity ke
Cost of Debt Kd
Cost of Kp
Weight of equity
Weight of debt
Weight of Kp
-0.0083 -0.003735
common equity 9,900,000,000 0.45
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CHAPTER NO. 5
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Financial year Cash Flows Discount rate (4.4%) Present Value cumulative discounted
cash flow
0 -16100 -16100 -16100
1 400.15482 0.95785441 383.2900575 -15716.70994
2 500.6961 0.91748506 459.381193 -15257.32875
3 608.8062 0.87881711 535.0293055 -14722.29944
4 727.7273 0.84177884 612.5854435 -14109.714
5 858.5406 0.80630157 692.2426356 -13417.47136
6 1002.435 0.77231951 774.2001117 -12643.27125
7 1160.719 0.73976965 858.6646874 -11784.60657
8 1334.832 0.70859162 945.8507665 -10838.7558
9 1526.355 0.6787276 1035.979271 -9802.776528
10 1737.031 0.65012223 1129.282459 -8673.494069
11 1968.775 0.62272244 1226.000368 -7447.493701
12 2172.709 0.59647743 1295.971883 -6151.521818
13 2392.958 0.57133854 1367.18912 -4784.332698
14 2630.827 0.54725913 1439.744105 -3344.588593
15 2887.726 0.52419457 1513.730296 -1830.858297
16 3165.176 0.50210208 1589.241456 -241.6168403
17 3389.911 0.48094069 1630.346137 1388.729297
18 3628.13 0.46067116 1671.374854 3060.104151
19 3880.642 0.4412559 1712.356178 4772.46033
20 4148.305 0.42265891 1753.318061 6525.778391
21 4432.028 0.4048457 1794.287466 8320.065857
22 4732.774 0.38778324 1835.290412 10155.35627
23 5051.565 0.37143988 1876.352699 12031.70897
24 5389.483 0.35578533 1917.498966 13949.20793
25 5747.676 0.34079054 1958.75362 15907.96155
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Discounted payback B
4000
2000
0
-2000 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22232425
-4000
-6000
Project A
-8000
-10000
-12000
-14000
-16000
-18000
Discounted payback A
5000
0
0 2 4 6 8 10 12 14 16 18 20 22 24
-5000
-15000
-20000
-25000
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CALCULATION OF IRR
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INTERPOLATION:
PVl -PVH
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(32895.29-3892.61)
IIR= 1.164217
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Interpolation:
(23645.43-3131.405)
Interpolated Discount Rate = 0.03 + 0.057632
IIR= 0.107632
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PROJECT SELECTION
Moreover project A plant which has a cost of 22000M Which they are going to buy from
Germany. They are the major supplier to manufacturing of cement .Fauji cement has
another option to buy Project B plant from China. This plant is not reliable because there
may be of chance that cash outflows will incur during the life of plant.
By comparing these two projects we found that Project NPV and IRR is much greater than
Project B so under taking this project will certainly generate huge profits for the fauji
cement.
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CHAPTER NO. 6
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Corporate risk
International risk
Stand-alone risk
Competitive risk
Market risk
Project specific risk
Industry specific risk
The following methods are used for Risk Analysis in Capital Budgeting:
K (Rate) = 4.4%
N (time) = 25
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K (Rate) = 4.4%
N (time) = 25
If the company purpose is to minimize cost then must follow project B but if company is
looking for high profit then company must keep project A as project A takes time to gain
Break even.
SENSITIVITY ANALYSIS
A technique used to determine how different values of an independent variable will impact
a particular dependent variable under a given set of assumptions. This technique is used
within specific boundaries that will depend on one or more input variables, such as the
effect that changes in interest rates will have on a bond's price.
Sensitivity analysis is a way to predict the outcome of a decision if a situation turns out to
be different compared to the key prediction
By comparing range we again conclude that Project A is a better option as it is given more
return than Project B
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Project A is more risky than Project B but also has the possibility of a greater return as it is
shown in the above calculation.
Let’s suppose that the initial cost of the project is same as discuss above that is 22000 and
16100. And other relevant information is given as below:
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Ka= 7%+1.2(12%-7%)
Ka= 13%
Kb= 7%+1.4(12%-7%)
Kb= 14%
NPVa= 8000(PVIF14,1)+12000(PVIF14,2)+18000(PVIF14,3)+30000(PVI
F14,4) - 22000
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CHAPTER NO. 7
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Operating leverage
Financial leverage
Total leverage
OPERATING LEVERAGE
A type of leverage ratio summarizing the effect a particular amount of operating leverage
has on a company's earnings before interest and taxes (EBIT). Operating leverage involves
using a large proportion of fixed costs to variable costs in the operations of the firm. The
higher the degree of operating leverage, the more volatile the EBIT figure will be relative to
a given change in sales, all other things remaining the same. The formula is as follows:
FINANCIAL LEVERAGE
A ratio that measures the sensitivity of a company’s earnings per share (EPS) to
fluctuations in its operating income, as a result of changes in its capital structure. Degree of
Financial Leverage (DFL) measures the percentage change in EPS for a unit change in
earnings before interest and taxes (EBIT), and can be mathematically represented as
follows:
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DOFL = EBIT________________
EBIT – I(PD*1/1-T)
TOTAL LEVERAGE
A leverage ratio that summarizes the combined effect the degree of operating leverage
(DOL), and the degree of financial leverage has on earnings per share (EPS), given a
particular change in sales. This ratio can be used to help determine the most optimal level
of financial and operating leverage to use in any firm. For illustration, the formula is:
OPERATING LEVERAGE
Let’s suppose the company price per cement packet 3000. Whereas the company fix cost is
380000 and variable cost is 1000 per packet. The company made three different level of
sale 9000, 10000, 11000. We assumed further that the company is keeping 10000 sale
volumes as base and interest payment is 50000 so the calculation of financial leverage is as
given as below:
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DOL 1.019
FINANCIAL LEVERAGE
DOFL = EBIT________________
EBIT – I(PD*1/1-T)
DOFL= 19620000
19620000-50000
DOFL= 1.002
The degree of financial leverage calculation shows that there financial leverage is existing
in both of the situations as the never in both case is more than or equal to 1.
TOTAL LEVERAGE
Degree of total leverage is the combination of DOL and DOFL so the degree of total
leverage can determine as
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Sale Probability
9000 .2
10000 .6
11000 .2
Expected earnings per share can be calculated as
Sum (EPS*probability)
The coefficient of variation represents the ratio of the standard deviation to the mean, and
it is a useful statistic for comparing the degree of variation from one data series to another,
even if the means are drastically different from each other.
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BREAK EVEN
The break-even level or break-even point (BEP) represents the sales amount—in either
unit or revenue terms—that is required to cover total costs (both fixed and variable). Profit
at break-even is zero. Break-even is only possible if a firm’s prices are higher than its
variable costs per unit. If so, then each unit of the product sold will generate some
“contribution” toward covering fixed costs.
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FAUJI CEMENT LTD
CHAPTER #6
CONCLUSION
CONCLUSION
We have completed the capital budgeting analysis of Fauji Cement for the selection
of the production plant project. We used required rate of return based on the
weighted average cost of capital used by Fauji Cement to make its investment
decisions. After going through the whole project we have been able to analyze how
companies make investment decision using capital budgeting techniques. We also
analyze how mutually exclusive projects affects the cash flows of each other. From
the capital budgeting project we learned how every activity of business affect the
investment decision of the company and without the clear analysis of statement we
cannot make effective investment decision .It is not possible for any investment
decision that cash flows receives is according to the estimated cash flows there may
be difference in it. But capital budgeting techniques provides some indication about
the investment future cash flows on the basis of previous performance of business.
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FAUJI CEMENT LTD
REFERENCES
www.fauji cement.com
www.investor pedia.com
Wikipedia
Fundamental of Financial Management by Brigham
Financial Reporting and Management Accounting by William J.B
Annual Reports of Fauji Cement
Nasir khan Finance executive of FFC
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