Task No.

1
JSC "Alnur" is a leading manufacturer of foam blocks in one of the regions of
Kazakhstan. Operating profit (EBIT) of the company for 2019 amounted to 1bln. u.c.
Total debt - 2 bln.u.c. Cash on the balance sheet of JSC "Alnur" is insignificant.
Analog company data (billion unit of currency)

Company EBIT for 2019 Net debt as of Capitalization as

31.12.2019 of 31.12.2019.
JSC "Kazpenoblock" 1 2 3

JSC "Plant No. 1" 2 3 5

JSC "BlokStroy" 2 4 6

Calculate the cost of capital of JSC "Alnur" as of 31.12.2019.

EBIT=1
DF=2
There are 3 comparables:
-EBIT
-Capitalization
- Net Debt
First comparable
EBIT=(Net debt+Capitalization)*Cost of capital(%)
1=(3+2)*Cci
Cci=⅕*100
Cci=20%
Second comparable
EBIT=(Net debt+Capitalization)*Cost of capital(%)
2=(3+5)*Cost of capital
Cost of capital=2/8*100
Cost of capital= 25%
Third comparable
EBIT=(Net debt+Capitalization)*Cost of capital(%)
2=(4+6)* Cost of capital
Cost of capital= 2/10*100
Cost of capital=20%

Task No.2
Value warehouse real estate using discounted cash flow method. Forecast
value of cash flow arising at the beginning of the year: 1 year - 12000 u.c., 2 year -
22000 u.c., 3 year - 28000 u.c. Estimated residual value of 60000 u.c. Discount rate
12%.
Cash flows

Year 1 : 12000 u.c

Year 2 : 22000 u.c
Year 3 : 28000 u.c
 residual value = 60000 u.c
r=12%
𝐶𝑎𝑠ℎ 𝑓𝑙𝑜𝑤 𝐶𝑎𝑠ℎ 𝑓𝑙𝑜𝑤 𝐶𝑎𝑠ℎ 𝑓𝑙𝑜𝑤 𝑅𝑒𝑠𝑖𝑑𝑢𝑎𝑙 𝑣𝑎𝑙𝑢𝑒
V= + + +
(1+𝑟)1 (1+𝑟)2 (1+𝑟)3 (1+𝑟)3
12000 22000 28000 60000
V= 1
+ 2
+ 3
+
(1+0,12) (1+0,12) (1+0,12) (1+0,12)3

V= 12000/1,12+22000/1,25+28000/1,4+60000/1,4
V= 10714,29+17600+20000+42857,14
V=91171,43

Task No. 3
Estimate the capitalized cost of the production and technical center intended
for lease with the area of 15000 m2 with the annual rent of 500 u.c./ m2, the average
annual percentage of occupancy of production and technical modules by tenants at
90%, the owner's tax payments for the land under the center at 550000 u.c./year and
the cost of maintenance, security of the center and all the other 1200000 u.c./year.
To consider that the rate of return of such a rental business is 12%.

Area= 15000 m2
Anual rate= 500 u.c./
average annual percentage= 90%= Occupation rate=10%
Tax=550000
cost of maintenance= 1200000
rate of return= 12%

Unit Income=Net income/ rate of return

Unit Income=2500000/0,12
Unit Income=20833

Net income 2500000 (Tax+Cost of maintenace+Degree of vacancy)

Area* Anual rate 15000*500= 7500000

degree of vacancy 7500000*10%= 750000

Tax 550000
cost of maintenance 1200000

Task No. 4
Determine the replacement cost of a special aquarium that has no analogue on
the market. Overall dimensions of the aquarium are 1500 x 2000 x 1800 mm. Current
rates: VAT - 12%, income tax - 20%.The coefficient of profitability for this type of
products - 0.25.

Volume= 1500*2000*1800= 5400000000 mm3

Replacement cost= volume* unit cost*(1+coefficient of profitability)-income tax

There is no unit cost mentioned in the task