Montrer Sujet lculatrice Partie 2, question 2 (10 pts) Consignes partic Temps restant pour cette partie 00:57:53 Consignes questions Questi Business Plan & Financial Forecast TOPIC 2: You are given the following data (Exhibits 1, 2 and 3) about Clever Drones Inc, a start-up company that is going to manufacture and sell the latest generation of intelligent drones that are pre- programmed with an autonomy of 150 kilometers. They can carry up to 10 kilograms of groceries and other goods for fast deliveries. The main customers are Amazon, Ali-express, and online internet stores The market is gigantic. WORK TO DO: You are a junior analyst at the Danod Bank of New York that is studying the opportunity to lend money to this start-up. Explain why or why not you would finance this company by giving loans. Give appropriate arguments using the relevant ratios and financial data given in EXHIBITS 1 to 3 next page. Hint: Bankers usually request that the company has enough cash along the years, that the debt ratios are compliant with the norms in N+2 and that the profitability of the business of the start-up is aligned with the performance of its industry. Page 1 sur 1 EXHIBIT 1 SIMPLIFIED INCOME STATE Partie 2. Cake Business Plan & Financial Forecast EXHIBIT 1 SIMPLIFIED INCOME STATEMENT, 3 YEARS Mxc % of sales N+1 N+2 N+3 N+1 N+2 N+3 TURNOVER & SALES 749 550 1349 250 2 398 700 100% 100% 100% GROSS PROFIT 359 076 695 573 1 305 427 47,91% 51,55 % 54,42% EBIT -49 466 111 960 508 085 -6,60% 8,30 % 21,18% -64 716 87 885 332 329 -8,63% 6,51% 13,85% NET PROFIT AFTER TAX Hint: ROS (=Net profit/Sales) of the industry: 7%; Gross Margin of the industry: 49% EXHIBIT 2: ANUUAL CASH FLOWS STATEMENT N+1 N+2 N+3 TOTAL Cash Inflows (1) 1 099 550 1 349 250 2 398 700 TOTAL Cash Outflows (2) -1 296 963 -1 296 822 -2 104 726 (1)+(2) (3) Balance -197 413 52 428 293 974 & 320 26 560.. 888 4 59 MacBook Air 666 4 F -10 16 7 B EXHIBIT 2: ANUUAL CASH FLOWS STATEMENT TOTAL Cash Inflows (1) TOTAL Cash Outflows (2) N+1 N+2 1 099 550 1 349 250 -1 296 963 -1 296 822 N+3 2 398 700 -2 104 726 (1)+(2) (3) Balance = (4) Starting Balance -197 413 52 428 293 974 65 000 -132 413 -79 985 (3)+(4) (5) Final Balance -132 413 -79 985 I 213 989 EXHIBIT 3: BREAK EVEN ANALYSIS N+1 N+2 Sales turnover (1) 749 550 1 349 250 Total Variable Cost (2) 350 036 558 130 = Contribution Margin (3) (1) - (2) 399 514 791 120 CM rate % (4) (3)/(1) 53,30% 58,63% P2.question 2 B Question 0 A Business Plan & Financial Forecast Livi rate 76 (4)-(3)/(4) Total Fixed Costs (5) 55,50% 464 230 30,03% 691 650 965 932 Break Even Sales (6)=(5)/(4) 870 967 1179 604 1582 178 SAFETY INDEX: % of Total Sales (7) 116,20% 87,43% 65,96% = (6)/(1) USC Hint: SAFETY index should be lower than 80% KEY RATIOS N+1 N+2 N+3 HINT/NORM Non Sales growth rate Inventory in months of purchases Self-Financing: Equity/(Equity + M-L Debts) Permanent capital composition (Gearing): M-L Debts/Equity 80,01% 77,78% 12%/year Available 3,56 2,08 1,19 2 months Non 26% 75% Higher than 50% available Non available Should be lower 281,42% 32,71% than 100% Nont Return On Investment (ROI) 41% 156% 20% available Return On Equity (ROE) Non available 128.9% 83.0% 20% minimum Patir 2.2 & 20 39 50 5 TO MacBook Air 69 8 9 S 56 Page 1 90