Decision 9 problems

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Objective 1
The following parameters of the company.

Balance

Item Amount, ths. Rub.
Assets at the beginning. 2003 at stake. 2003
Non-current assets 128 700 137 333
Intangible assets 4050 3689
Plant and equipment 116 500 125 494
Long-term investments 8150 8150
Current assets 32 930 46 033
Inventories 18,920 16,950
Accounts receivable 6,970 13,600
Short-term investments 6,242 14,503
Cash 798,980
Balance 161 630 183 366
Liability
Capital and reserves 129 580 149 120
The authorized capital of 100 000 100 000
Reserve capital 6890 8844
Retained earnings 22,690 40,276
Long-term liabilities 20 000 20 000
Bond issue 20 000 20 000
Short-term liabilities 12 050 14 246
Loans to banks 7,600 10,581
Trade payables 4450 3665
Balance 161 630 183 366

Profit and loss report
thous. rub.
Article 2003 2002
Revenues from sales 287 600 215 080
Cost of sales 226 980 185 970
Gross profit 60 620 29 110
Selling, general and administrative expenses 15,690 7,860
Profit on sales 44 930 21 250
Other income and expenses 4 560 1569
Earnings before interest and taxes 49 490 22 819
Interest expense on bonds 3 500 3500
Income tax expense 9650 4560
Net profit 36 \u200b\u200b340 14 759
Accrued dividends 16 800 6580
Retained earnings 19,540 8,179

Additional information
Common Shares Outstanding, pcs. 100000 100000
The market price per share, rub. 1230 1160
The nominal price of the bond, ths. Rub. 100 100

Calculate and analyze the following indicators:
1. The carrying value of the bond.
2. The carrying amount of the shares.
3. The dividend per share.
4. Earnings per share.
5. Coverage of dividends on common shares.
6. Coverage of interest on the bonds.
7. Return on equity.
8. Financial leverage.

Problem number 2

Compare the risk of investment in shares of "A" and of "B".
Each project is designed for 1 year and the expected return depends on the state of the economy in the country next year. The probability distribution is given below.

Chance of state
Economy stock returns in%
Of "A" of "B"
The decline of 0.2 10 -5
The average level of 0.6 25 18
Growth of 0.2 35 25
Problem number 3
Determine the amount of income tax withheld.
According to the results of "A" made a profit before tax 982, 0 thousand. Rub .; shareholders of the company are 3 natural persons - 2 resident and non-resident of the Russian Federation 1. In the share capital as follows:
1 resident - 50% of the Criminal Code;
2 resident - 20% of the Criminal Code;
3 non-resident - 30% of the Criminal Code.
The entire net profit is distributed to shareholders.
Problem number 4
Identify and compare the current bond yield.
Corporate bonds with a par value of 150 thousand. Rub. Sold in the market at the price of 175 thousand. Rub., The annual coupon rate  20%, the rate of current yield  20%.
Problem number 5
Determine the current market value of bonds and correlated with the selling price.
The stock market offers bonds for a period of 3 years for the price of 98 thousand. Rub. The nominal value of 100 thousand. Rub. Up to 1 year maturity remained. Interest on the bonds is paid once a year at 20% of face value. Given the level of risk for this type of bond rate of return adopted its current 25%.
Problem number 6
Find the value of the discount if the bill nominal value of 100 000 rubles. accounted for over 3 years to maturity on a difficult discount rate of 15% per annum.
Objective number 7
To determine the current market value of the shares.
On the shares is paid annually constant dividend in the amount of 120 rubles. per share, the current yield rate - 19%.
Task number 8
Calculate the present value of the preferred shares.
Nominal preference shares 1,000 rubles. and the amount of the dividend of 15% per

Additional information

Examination
on the subject "Securities Market"
made by the method of Zhdanov AB "Securities Market" (2004)
option 9

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