[Elena]

Q1 exclude Sub add associate + DBP
Q2 Ehtics+ IFRS15 revenue recognition at the moment
Q3 Leasing
Q4 Issue ( dismantling costs, remove Investment property recognized PPE, impairment Intengable asset)+ correction underlying profit ( add back reorganization costs + comments for investor)

[Elena]

@xanpech said:

It will be great, if so….

Whole day thinking about numenr of the futures contracts! (((( so stoopid!!

[Elena]

@aniam said:
In Q1 what did you write about behavioural factors of tech industry valuation? And for reasons which will drive the financing decision and impact in gearing (did you mention pecking order and all?)

1. Patterns
2. Conservatism
3. Overconfidence
4. Narrow framing
5. Boost market reaction

reasons which will drive the financing decision and impact in gearing
1. Cash. No influence on gearing if don’t use borrowing
2. Debt ( gearing increase, but have to think about credit spread and covenants
3. Equity. Dilution, gearing decrease. Potentially low rate for future borrowing
4. Mix. If stucture was optimul, company would like to save it

And also couple words anour pecking theory, that usually companies choose….bla-bla

[Elena]

@carlynb said:
How was the spot or futures rate determined for question 2?

From the direc quote, 1/0.87 (didn’t remeber exactly rate) = 1,4….

[Elena]

@reco said:
Did anyone else get negative gain/ loss for shareholders in the first question?
Sale value for the Tech Part was 5,504 million and Present value of Cash flows to firm was around 18,000 million, then I used the Debt Equity proportions at market value to calculate Value of Equity post acquisition which came out to be less than the whole bid amount already so I got a negative value there and from that were supposed to deduct the pre-acquisition value of the bidding company which would only make the negative number bigger.
Am I wrong somewhere? Couldn’t frame the report based on this

I had a positive amount.
5504+18 mln +synergy+MV of West = total market value was about 61 mln.

And after that we minus back WesT MV – 12000m (Equity MA) – 6500m (Debt MV) – Premium 2850 = gaian as remeberaprox 4 mln

[Elena]

@reco said:
I got WACC 8.08% which I rounded down to 8%

I had the same.
I used debt:equity ratio like (debt/(debt+equity)

[Elena]

I’m crazy… I forgot to convert 18600$ to euro before number contacts calculation in Q2, so i didn’t use additional forward hedge, and took it for option calculation.
How many Mark i’m loosing?

What did You do in Q3 with point, that 70% wasn’t approved from regulations, and Gepo propose 3,4 m pay now, or just 1 mln if regulator refused.
Should We calculate anythibg here?
Or just write comment explanation?

[Elena]

I spent a lot of time for q1 ((( esspecially for i)
Less time for Q2 and Q3,

What’s limitation to use ABM you wrote in Q2?

[Elena]

yea, EVA was negative,

CE = 93,8 – opening+0,5 Marketing costs (long-term) fo 20×4 = 94,3

NOPAT = 0,3 mln + 75% marketinf+ finance cots (1-30%)+ 10 mln non-cash+deperc 1,3 mln ( i took only first) – economic depre 1,9 = aprox 0,5 mln

WACC=10,2%

Eva = aprox – 9 mln

What about Q3, 3 E – what did you write?

[Elena]

YES, i’ve written the same

[Elena]

What is about test of controls obgective?

[Elena]

64, it’s enought))))

[Elena]

Q1. Negative NPV about -46 K

Project E, B, D, C, A – 20%

Q2. I’ve done very short as forgote about current ratio 1.4, and have wrong overdraft

Q3 WACC 9.3% new project more that 12%

Q4. Igoring issue costs, take 9.2 ml fpr right issue

Transaction risks:
new foreign currency bank acount
invoice in domestic currency
matching

[Author]

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