Berekeningen in Excel, behorende bij het examen Financieel Management

Sligro Makro
Liquiditeit Sligro Liquiditeit Makro
Kengetal Jaar Berekening Uitkomst Kengetal Jaar Berekening Uitkomst
Quick Ratio 2015 € 107,000,000 + € 144,000,000 / € 298,000,000 = 0.84 Current Ratio 2015 € 14,449,000,000 / € 15,643,000,000 = 0.92
Cash & Short-term investments + Currents Assets / Current
Accounts receivable / Current 2016 € 121,000,000 + € 179,000,000 / € 452,000,000 = 0.66 Liabilities 2016 € 11,583,000,000 / € 13,670,000,000 = 0.85
Liabilities 2017 € 304,000,000 + € 173,000,000 / € 475,000,000 = 1.00 2017 Annual Report Makro 2017 not yet known!

Current Ratio 2015 € 471,000,000 / € 298,000,000 = 1.58
Currents Assets / Current Liabilities
2016 € 545,000,000 / € 452,000,000 = 1.21
2017 € 684,000,000 / € 475,000,000 = 1.44

Cash Ratio 2015 € 94,000,000 / € 298,000,000 = 0.32
(Cash / Current Liabilities)
2016 € 92,000,000 / € 452,000,000 = 0.20
2017 € 58,000,000 / € 475,000,000 = 0.12


Solvabiliteit Sligro Solvabiliteit Makro
Kengetal Jaar Berekening Uitkomst Kengetal Jaar Berekening Uitkomst
Equity/Debt ratio 2015 € 606,000,000 / € 465,000,000 = 1.30 Equity/Debt Ratio 2015 € 22,484,000,000 / € 5,172,000,000 = 4.35
Book Value of Equity / Total Debt Book Value of Equity / Total
2016 € 627,000,000 / € 588,000,000 = 1.07 Debt 2016 € 19,620,000,000 / € 5,332,000,000 = 3.68
2017 € 651,000,000 / € 696,000,000 = 0.94 2017 Annual Report Makro 2017 not yet known!

Debt/Equite ratio 2015 € 465,000,000 / € 606,000,000 = 0.77
(Total Debt / Total Equity)
2016 € 588,000,000 / € 627,000,000 = 0.94
2017 € 696,000,000 / € 651,000,000 = 1.07


Rentabiliteit Sligro Rentabiliteit Makro
Kengetal Jaar Berekening Uitkomst Kengetal Jaar Berekening Uitkomst
Return on Assets (ROA) 2015 € 81,000,000 + € 4,000,000 / € 1,071,000,000 = 7.94% Net Profit Margin 2015 € 259,000,000 / € 59,219,000,000 = 0.44%
(Net Income + Interest Expense*) / Net Income / Sales
Book Value of Assets 2016 € 73,000,000 + € 4,000,000 / € 1,215,000,000 = 6.34% 2016 € 1,167,000,000 / € 58,417,000,000 = 2.00%
2017 € 81,000,000 + € 5,000,000 / € 1,347,000,000 = 6.38% 2017 Annual Report Makro 2017 not yet known!

Return on Equity (ROE) 2015 € 81,000,000 / € 606,000,000 = 13.37%
Net Income / Book Value of Equity
2016 € 73,000,000 / € 627,000,000 = 11.64%
2017 € 81,000,000 / € 651,000,000 = 12.44%

Net Profit Margin 2015 € 81,000,000 / € 2,670,000,000 = 3.03%
Net Income / Sales
2016 € 73,000,000 / € 2,813,000,000 = 2.60%
2017 € 81,000,000 / € 2,970,000,000 = 2.73%


Activiteiten Sligro
Kengetal Jaar Berekening Uitkomst
Accounts Payable Days 2015 € 207,000,000 / € 2,050,000,000 + € 1,976,000,000 /2 * 365 = 38
Accounts Payable / Average Daily
Cost of Sales 2016 € 294,000,000 / € 2,168,000,000 + € 2,050,000,000 /2 * 365 = 51
2017 € 252,000,000 / € 2,275,000,000 + € 2,168,000,000 /2 * 365 = 41

Accounts Receivable Days 2015 € 144,000,000 / € 2,670,000,000 + € 2,572,000,000 /2 * 365 = 20
Accounts Receivable / Average
Daily Sales 2016 € 179,000,000 / € 2,813,000,000 + € 2,670,000,000 /2 * 365 = 24
2017 € 173,000,000 / € 2,970,000,000 + € 2,813,000,000 /2 * 365 = 22 Activiteiten Makro
Kengetal Jaar Berekening Uitkomst
Inventory Days 2015 € 220,000,000 / € 2,050,000,000 + € 1,976,000,000 /2 * 365 = 40 Inventory Days 2015 € 5,439,000,000 / €47.577+€49.815/2)* 365 41
Inventory / Average Daily Cost of Inventory / Average Daily
Sales 2016 € 245,000,000 / € 2,168,000,000 + € 2,050,000,000 /2 * 365 = 42 Cost of Sales 2016 € 5,456,000,000 / €46.967+€47.577/2)* 365 42
2017 € 207,000,000 / € 2,275,000,000 + € 2,168,000,000 /2 * 365 = 34 2017 Annual Report Makro 2017 not yet known!

, Overzicht Machine Uitwerkingen Opdracht 3
Evenement Bedrag Contante Waarde Jaar
Aanschaf van machine € 900,000 € 900,000 2018
Restwaarde na 5 jaar € 100,000 € 740,000 2019
Afschrijving over 5 jaar € 800,000 € 580,000 2020
Afschrijving jaarlijks € 160,000 € 420,000 2021
€ 260,000 2022

Historische afzet Jaar Verwachte afzet voor.. Verkoopprijs Omzet Vaste kosten Variabele Kosten Rentekosten Brutowinst
1900 2013 2000 2018 € 425 € 850,000 € 200,000 € 380,000 € 36,000 € 234,000
2020 2014 2000 2019 € 425 € 850,000 € 200,000 € 380,000 € 29,600 € 240,400
1800 2015 2000 2020 € 425 € 850,000 € 200,000 € 380,000 € 23,200 € 246,800
2175 2016 2000 2021 € 425 € 850,000 € 200,000 € 380,000 € 16,800 € 253,200
2105 2017 2000 2022 € 425 € 850,000 € 200,000 € 380,000 € 10,400 € 259,600

Gemiddelde afzet Netto Contante Waarde - Make
2000 Jaar/Brutowinst Vermogenskostenvoet NCW / jaar
Jaar Brutowinst 4% 6% 8% bij 4% bij 6% bij 8%
Variabele kosten 2018 € 234,000 1.04 1.06 1.08 € 225,000 € 220,755 € 216,667
Fabricagekosten € 190 2019 € 240,400 1.04 1.06 1.08 € 222,263 € 213,955 € 206,104
2020 € 246,800 1.04 1.06 1.08 € 219,404 € 207,218 € 195,918
Vaste kosten 2021 € 253,200 1.04 1.06 1.08 € 216,436 € 200,558 € 186,110
Personeelskosten € 200,000 2022 € 359,600 1.04 1.06 1.08 € 295,565 € 268,714 € 244,738
Totale NCW / vermogenskostenvoet € 1,178,669 € 1,111,200 € 1,049,536
Rentepercentage
4% Conclusie
Is de investering zinvol bij 4%? € 278,669
Vermogenskostenvoet Is de investering zinvol bij 6%? € 211,200
4% Is de investering zinvol bij 8%? € 149,536
6%