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Analisis Proyek Victoria Chemicals MY Iqbal D Roshinta Puspita Galuh Hemastiti Aditya Perdana Ayu Purba

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Analisis Proyek Victoria Chemicals

MY Iqbal DRoshinta Puspita

Galuh Hemastiti

Aditya PerdanaAyu Purba

Latar BelakangVictoria Chemicals adalah pesaing utama dalam industri kimia di seluruh duniaMemproduksi Polypropylene (serat karpet, kemasan dan suku cadang kendaraan bermotor)Victoria Chemical memiliki dua pabrik polypropylene yaitu di Merseyside dan Rotterdam

Latar Belakang Perusahaan Victoria Chemicals berada dibawah tekanan investor yang menginginkan peningkatkan kinerja keuangan karena pendapatannya mengalami penurunan sebesar 38 % dari 250 pence per saham pada 2006 menjadi 180 pence per saham pada akhir 2007.

Latar BelakangTeknologi yang digunakan di Merseyside sudah usang dibandingkan teknologi pesaingnya yang lebih modern sehingga mengurangi nilai perusahaan.Victoria Chemicals membutuhkan tenaga kerja lebih banyak untuk proses produksi sehingga menimbulkan biaya produksi yang tinggi Diantara tujuh pabrik polypropylene, Pabrik milik Victoria Chemicals menjadi salah satu yang paling tidak efisien sementara biaya produksi per ton paling besar nomor dua setelah Montecassino SpA yang memang lebih tua (1961).

Latar BelakangCara Mendesain Penghematan EnergyMerelokasi dan memperbaharui tangki mobilMemperbaiki tangki polimerisasiMerenovasi pabrik

Latar Belakang

Identifikasi PermasalahanVictoria Chemichals harus meningkatkan performa keuangan dan Earning pershare (EPS)Pabrik di Merseyside telah didirikan sejak 1967 (penggunaan teknologi rendah)Harga Polypropylene sangat kompetitif

7 Pabrik PolypropylenePlant NamePlant LocationYear Plant BuiltPlant Annual Output (in metric tons)Product Cost per ton (indexed to low-cost producer)CBTG A.G.Saabrun1981350,0001.00Victoria ChemicalsLiverpool1967250,0001.09Victoria ChemicalsRotterdam1967250,0001.09Hosche A.G.Hamburg1977300,0001.02Montecassino SpAGenoa1961120,0001.11Saone-Poulet S.A.Marseille1972175,0001.07Vaysol S.A.Antwerp1976220,0001.06Next 10 Largest Plants450,0001.19

Alternatif Solusi

The Proposed Capital ProgramBiaya proyek membutuhkan GBP 12 millionKeseluruhan proses operasi akan berhenti selama 45 hariKemungkinan konsumen akan berpindah ke kompetitor lainAlternatif SolutionThe Condition of Calculation was :

Exhibit 2VICTORIA CHEMICALS (A)Frank Greystock's DCF Analysis of Merseyside Project(financial values in millions of British pounds)AssumptionsAnnual Output (metric tons)250,000 Discount rate10.0%Output Gain/Original Output7.0%Tax Rate30%Price/ton (pounds sterling)675Investment Outlay (mill.)12.0Inflation Rate (prices and costs)0.0%Depreciable Life (years)15Gross Margin (ex. Deprec.)12.50%Salvage Value0Old Gross Margin11.5%WIP Inventory/Cost of Goods3.0%Energy Savings/SalesYr. 1-51.25%Months Downtime, Construction1.5Yr. 6-100.75%Preliminary Engineering Costs0.5Yr. 11-150.0%Overhead/Investment3.5%

Alternatif Solusi

123456789101112131415YearNow2008200920102011201220132014201520162017201820192020202120221. Estimate of Incremental Gross ProfitNew Output (tons)267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 Lost Output--Construction(33,438)New Sales (Millions)157.99 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 New Gross Margin13.8%13.8%13.8%13.8%13.8%13.3%13.3%13.3%13.3%13.3%12.5%12.5%12.5%12.5%12.5%New Gross Profit21.72 24.83 24.83 24.83 24.83 23.92 23.92 23.92 23.92 23.92 22.57 22.57 22.57 22.57 22.57 Old Output250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 Old Sales168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 Old Gross Profit19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 Incremental Gross Profit2.32 5.42 5.42 5.42 5.42 4.52 4.52 4.52 4.52 4.52 3.16 3.16 3.16 3.16 3.16 2. Estimate of Incremental WIP inventoryNew WIP inventory4.09 4.67 4.67 4.67 4.67 4.70 4.70 4.70 4.70 4.70 4.74 4.74 4.74 4.74 4.74 Old WIP inventory4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 Incremental WIP inventory-0.39 0.19 0.19 0.19 0.19 0.22 0.22 0.22 0.22 0.22 0.26 0.26 0.26 0.26 0.26 3. Estimate of Incremental DepreciationNew Depreciation1.60 1.39 1.20 1.04 0.90 0.78 0.68 0.59 0.55 0.55 0.55 0.55 0.55 0.55 0.55 4. Overhead0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 5. Prelim. Engineering Costs0.50 Pretax Incremental Profit-0.20 3.61 3.80 3.96 4.10 3.32 3.42 3.51 3.55 3.55 2.20 2.20 2.20 2.20 2.20 6. Cash Flow Adjustments Less Capital Expenditures-12.00 Add back Depreciation1.60 1.39 1.20 1.04 0.90 0.78 0.68 0.59 0.55 0.55 0.55 0.55 0.55 0.55 0.55 Less Added WIP inventory0.39 -0.58 0.00 0.00 0.00 -0.03 0.00 0.00 0.00 0.00 -0.04 0.00 0.00 0.00 0.26 7. Free Cash Flow-12.00 1.85 3.33 3.86 3.81 3.77 3.08 3.07 3.05 3.03 3.03 2.04 2.08 2.08 2.08 2.34 NPV =10.57IRR =24.3%EPS=0.022Payback=3.8Graystock AnalisisAlternatif SolusiConcern divisi transportasiMembutuhkan Tank Car baru untuk mengantisipasi pertumbuhan perusahaan di area lain karena adanya peningkatan melalui mesinEstimasi untuk membeli Tank Car baru yaitu 2 juta GBP pada tahun 2010Masa umur Tank Car baru yaitu 10 tahun dimana kami menggunakan metode depresiasinya yaitu straight line

Alternatif Solusi

Estimasi Divisi Transportasi VICTORIA CHEMICALS (A)Frank Greystock's DCF Analysis of Merseyside Project(financial values in millions of British pounds)AssumptionsAnnual Output (metric tons)250,000 Discount rate10.0%Output Gain/Original Output7.0%Tax Rate30%Price/ton (pounds sterling)675Investment Outlay (mill.)12.0Inflation Rate (prices and costs)0.0%Depreciable Life (years)15Gross Margin (ex. Deprec.)12.50%Salvage Value0Old Gross Margin11.5%WIP Inventory/Cost of Goods3.0%Energy Savings/SalesYr. 1-51.25%Months Downtime, Construction1.5Yr. 6-100.75%Preliminary Engineering Costs0.5Yr. 11-150.0%Overhead/Investment3.5%123456789101112131415YearNow2008200920102011201220132014201520162017201820192020202120221. Estimate of Incremental Gross ProfitNew Output (tons)267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 Lost Output--Construction(33,438)New Sales (Millions)157.99 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 New Gross Margin13.8%13.8%13.8%13.8%13.8%13.3%13.3%13.3%13.3%13.3%12.5%12.5%12.5%12.5%12.5%New Gross Profit21.72 24.83 24.83 24.83 24.83 23.92 23.92 23.92 23.92 23.92 22.57 22.57 22.57 22.57 22.57 Old Output250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 Old Sales168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 Old Gross Profit19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 Incremental Gross Profit2.32 5.42 5.42 5.42 5.42 4.52 4.52 4.52 4.52 4.52 3.16 3.16 3.16 3.16 3.16 2. Estimate of Incremental WIP inventoryNew WIP inventory4.09 4.67 4.67 4.67 4.67 4.70 4.70 4.70 4.70 4.70 4.74 4.74 4.74 4.74 4.74 Old WIP inventory4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 Incremental WIP inventory-0.39 0.19 0.19 0.19 0.19 0.22 0.22 0.22 0.22 0.22 0.26 0.26 0.26 0.26 0.26 3. Estimate of Incremental DepreciationNew Depreciation1.60 1.39 1.20 1.04 0.90 0.78 0.68 0.59 0.55 0.55 0.55 0.55 0.55 0.55 0.55 Tank Car depreciation0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 4. Overhead0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 5. Prelim. Engineering Costs0.50 Pretax Incremental Profit-0.20 3.61 3.60 3.76 3.90 3.12 3.22 3.31 3.35 3.35 2.00 2.00 2.20 2.20 2.20 6. Cash Flow Adjustments Less Capital Expenditures-12.00 Add back Depreciation1.60 1.39 1.20 1.04 0.90 0.78 0.68 0.59 0.55 0.55 0.55 0.55 0.55 0.55 0.55 Less Added WIP inventory0.39 -0.58 0.00 0.00 0.00 -0.03 0.00 0.00 0.00 0.00 -0.04 0.00 0.00 0.00 0.26 7. Free Cash Flow-12.00 1.85 3.33 3.72 3.67 3.63 2.94 2.93 2.91 2.89 2.89 1.90 1.94 2.08 2.08 2.34 0.02 0.04 0.04 0.04 0.04 0.03 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.03 NPV =9.86IRR =23.5%EPS0.030 Payback4 thnEstimasi Divisi Transportasi Analisis Divisi Transportasi

Pembelian Tank Car layak karena NPV nya positif sebesar 9,86 dan IRRnya sebesar 23,5% lebih besar dari discount rate 10%Harga EPS sebesar 0,03 GBP dan ini lebih besar dari di analisis greystock yang tidak memasukan konsep transport dalam projectnya dalam hal pembelian Tank car baru. Tentu dengan memasukan konsep transport dalam project ini dapat menaikan nilai saham perusahaanLebih bagus membeli Tank car baru dari perusahaan GreenBrier. Karena perusahaan ini bergerak di bidang supplier of transportation equipment and services to the railroad industry dan sudah terkenal akan produknya

Alternatif Solusi

Concern Assistant Plant ManagerRenovasi lini produksi EPC sebesar 1 juta GBP Renovasi ini dapat memberikan Victoria Chemical biaya EPC paling murah di dunia

Estimasi Assistant Plant ManagerFrank Greystock's DCF Analysis of Merseyside Project(financial values in millions of British pounds)AssumptionsAnnual Output (metric tons)250,000 Discount rate10.0%Output Gain/Original Output7.0%Tax Rate30%Price/ton (pounds sterling)675Investment Outlay (mill.)13.0Inflation Rate (prices and costs)0.0%Depreciable Life (years)15Gross Margin (ex. Deprec.)12.50%Salvage Value0Old Gross Margin11.5%WIP Inventory/Cost of Goods3.0%Energy Savings/SalesYr. 1-51.25%Months Downtime, Construction1.5Yr. 6-100.75%Preliminary Engineering Costs0.5Yr. 11-150.0%Overhead/Investment3.5%123456789101112131415YearNow2008200920102011201220132014201520162017201820192020202120221. Estimate of Incremental Gross ProfitNew Output (tons)267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 Lost Output--Construction(33,438)New Sales (Millions)157.99 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 New Gross Margin13.8%13.8%13.8%13.8%13.8%13.3%13.3%13.3%13.3%13.3%12.5%12.5%12.5%12.5%12.5%New Gross Profit21.72 24.83 24.83 24.83 24.83 23.92 23.92 23.92 23.92 23.92 22.57 22.57 22.57 22.57 22.57 Old Output250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 Old Sales168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 Old Gross Profit19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 Incremental Gross Profit2.32 5.42 5.42 5.42 5.42 4.52 4.52 4.52 4.52 4.52 3.16 3.16 3.16 3.16 3.16 2. Estimate of Incremental WIP inventoryNew WIP inventory4.09 4.67 4.67 4.67 4.67 4.70 4.70 4.70 4.70 4.70 4.74 4.74 4.74 4.74 4.74 Old WIP inventory4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 Incremental WIP inventory-0.39 0.19 0.19 0.19 0.19 0.22 0.22 0.22 0.22 0.22 0.26 0.26 0.26 0.26 0.26 3. Estimate of Incremental DepreciationNew Depreciation1.73 1.50 1.30 1.13 0.98 0.85 0.73 0.64 0.59 0.59 0.59 0.59 0.59 0.59 0.59 4. Overhead0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 5. Prelim. Engineering Costs0.50 Pretax Incremental Profit-0.37 3.46 3.66 3.84 3.99 3.22 3.33 3.43 3.47 3.47 2.12 2.12 2.12 2.12 2.12 6. Cash Flow Adjustments Less Capital Expenditures-13.00 Add back Depreciation1.73 1.50 1.30 1.13 0.98 0.85 0.73 0.64 0.59 0.59 0.59 0.59 0.59 0.59 0.59 Less Added WIP inventory0.39 -0.58 0.00 0.00 0.00 -0.03 0.00 0.00 0.00 0.00 -0.04 0.00 0.00 0.00 0.26 7.renovation of EPC1.00 8. Free Cash Flow-13.00 1.87 3.34 4.87 3.81 3.77 3.07 3.06 3.04 3.02 3.02 2.03 2.07 2.07 2.07 2.33 NPV =10.31IRR =23.3%Payback 4thnEPS 0.031Estimasi Assistant Plant ManagerAnalisis Assistant Plant ManagerANALISISNYA:Daripada plant mengalami kerugian yang ditanggung oleh divisinya sendiri, lebih baik menggabungkan dengan proyek Merseyside. Walaupun hal tersebut menurunkan nilai NPV dan IRR dari Merseyside tetapi hasilnya tetap positif.

Alternatif Solusi

Concern treasury stafTreasury Staff berpikir bahwa ekspetasi inflasi jangka panjang pertahunnya sebesar 3% dan target rate of return 7%Estimasi Treasury Staf Exhibit 2VICTORIA CHEMICALS (A)Frank Greystock's DCF Analysis of Merseyside Project(financial values in millions of British pounds)AssumptionsAnnual Output (metric tons)250,000 Discount rate7.0%Output Gain/Original Output7.0%Tax Rate30%Price/ton (pounds sterling)675Investment Outlay (mill.)12.0Inflation Rate (prices and costs)0.0%Depreciable Life (years)15Gross Margin (ex. Deprec.)12.50%Salvage Value0Old Gross Margin11.5%WIP Inventory/Cost of Goods3.0%Energy Savings/SalesYr. 1-51.25%Months Downtime, Construction1.5Yr. 6-100.75%Preliminary Engineering Costs0.5Yr. 11-150.0%Overhead/Investment3.5%123456789101112131415YearNow2008200920102011201220132014201520162017201820192020202120221. Estimate of Incremental Gross ProfitNew Output (tons)267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 Lost Output--Construction(33,438)New Sales (Millions)157.99 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 New Gross Margin13.8%13.8%13.8%13.8%13.8%13.3%13.3%13.3%13.3%13.3%12.5%12.5%12.5%12.5%12.5%New Gross Profit21.72 24.83 24.83 24.83 24.83 23.92 23.92 23.92 23.92 23.92 22.57 22.57 22.57 22.57 22.57 Old Output250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 Old Sales168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 Old Gross Profit19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 Incremental Gross Profit2.32 5.42 5.42 5.42 5.42 4.52 4.52 4.52 4.52 4.52 3.16 3.16 3.16 3.16 3.16 2. Estimate of Incremental WIP inventoryNew WIP inventory4.09 4.67 4.67 4.67 4.67 4.70 4.70 4.70 4.70 4.70 4.74 4.74 4.74 4.74 4.74 Old WIP inventory4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 Incremental WIP inventory-0.39 0.19 0.19 0.19 0.19 0.22 0.22 0.22 0.22 0.22 0.26 0.26 0.26 0.26 0.26 3. Estimate of Incremental DepreciationNew Depreciation1.60 1.39 1.20 1.04 0.90 0.78 0.68 0.59 0.55 0.55 0.55 0.55 0.55 0.55 0.55 4. Overhead0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 5. Prelim. Engineering Costs0.50 Pretax Incremental Profit-0.20 3.61 3.80 3.96 4.10 3.32 3.42 3.51 3.55 3.55 2.20 2.20 2.20 2.20 2.20 6. Cash Flow Adjustments Less Capital Expenditures-12.00 Add back Depreciation1.60 1.39 1.20 1.04 0.90 0.78 0.68 0.59 0.55 0.55 0.55 0.55 0.55 0.55 0.55 Less Added WIP inventory0.39 -0.58 0.00 0.00 0.00 -0.03 0.00 0.00 0.00 0.00 -0.04 0.00 0.00 0.00 0.26 7. Free Cash Flow-12.00 1.85 3.33 3.86 3.81 3.77 3.08 3.07 3.05 3.03 3.03 2.04 2.08 2.08 2.08 2.34 0.020.040.040.040.040.030.030.030.030.030.020.020.020.020.03NPV =14.74IRR =24.3%Payback4thnEPS2.84 Estimasi Treasury StafAnalisis Treasury StafANALISISNYA:Expected inflasi (IP) 3% per tahun, hal tersebut untuk memperhitungkan kondisi masa depan dan IP saja tidak cukup bila dijadikan patokan untuk menentukan discount rate.

Exhibit 2VICTORIA CHEMICALS (A)Frank Greystock's DCF Analysis of Merseyside Project(financial values in millions of British pounds)AssumptionsAnnual Output (metric tons)250,000 Discount rate7.0%Output Gain/Original Output7.0%Tax Rate30%Price/ton (pounds sterling)675Investment Outlay (mill.)13.0Inflation Rate (prices and costs)0.0%Depreciable Life (years)15Gross Margin (ex. Deprec.)12.50%Salvage Value0Old Gross Margin11.5%WIP Inventory/Cost of Goods3.0%Energy Savings/SalesYr. 1-51.25%Months Downtime, Construction1.5Yr. 6-100.75%Preliminary Engineering Costs0.5Yr. 11-150.0%Overhead/Investment3.5%Estimasi (Transportasi, Assistant Manager, Treassury Staf)123456789101112131415YearNow2008200920102011201220132014201520162017201820192020202120221. Estimate of Incremental Gross ProfitNew Output (tons)267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 Lost Output--Construction(33,438)New Sales (Millions)157.99 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 New Gross Margin13.8%13.8%13.8%13.8%13.8%13.3%13.3%13.3%13.3%13.3%12.5%12.5%12.5%12.5%12.5%New Gross Profit21.72 24.83 24.83 24.83 24.83 23.92 23.92 23.92 23.92 23.92 22.57 22.57 22.57 22.57 22.57 Old Output250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 Old Sales168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 168.75 Old Gross Profit19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 19.41 Incremental Gross Profit2.32 5.42 5.42 5.42 5.42 4.52 4.52 4.52 4.52 4.52 3.16 3.16 3.16 3.16 3.16 2. Estimate of Incremental WIP inventoryNew WIP inventory4.09 4.67 4.67 4.67 4.67 4.70 4.70 4.70 4.70 4.70 4.74 4.74 4.74 4.74 4.74 Old WIP inventory4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 4.48 Incremental WIP inventory-0.39 0.19 0.19 0.19 0.19 0.22 0.22 0.22 0.22 0.22 0.26 0.26 0.26 0.26 0.26 3. Estimate of Incremental DepreciationNew Depreciation1.73 1.50 1.30 1.13 0.98 0.85 0.73 0.64 0.59 0.59 0.59 0.59 0.59 0.59 0.59 Tank Car depreciation0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 4. Overhead0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 5. Prelim. Engineering Costs0.50 Pretax Incremental Profit-0.37 3.46 3.46 3.64 3.79 3.02 3.13 3.23 3.27 3.27 1.92 1.92 2.12 2.12 2.12 6. Cash Flow Adjustments Less Capital Expenditures-13.00 Add back Depreciation1.73 1.50 1.30 1.13 0.98 0.85 0.73 0.64 0.59 0.59 0.59 0.59 0.59 0.59 0.59 Less Added WIP inventory0.39 -0.58 0.00 0.00 0.00 -0.03 0.00 0.00 0.00 0.00 -0.04 0.00 0.00 0.00 0.26 7. Free Cash Flow-13.00 1.87 3.34 3.73 3.67 3.63 2.93 2.92 2.90 2.88 2.88 1.89 1.93 2.07 2.07 2.33 0.02 0.04 0.04 0.04 0.04 0.03 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.03 NPV =12.86IRR =21.4%EPS0.029 Payback4 thnEstimasi (Transportasi, Assistant Manager, Treassury Staf) Perbandingan analisis Graystock & Kombinasi (Transportation, Asst. plant Manager, Treasury Staf)RekomendasiPerusahaan perlu menyetujui proyek tersebut yang ingin memoderenisasi pabrik di merseysidePerusahaan perlu untuk membeli tank car baru untuk mengantisipasi pertumbuhan perusahaan di area lain karena adanya peningkatan melalui mesin dengan biaya GBP 2 Million pada 2010Masuk akal jika Treasury Staf berpikiran bahwa inflasi pertahunnya 3% dan rate of returnnya 7% (http://www.inflation.eu/inflation-rates/great-britain/historic-inflation/cpi-inflation-great-britain.aspx)

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