1692799734 Exam Solution January 2023

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Section I – Q1 4 73 C 8 114 0 22 B 2 42 4 117 D 4 110 2 31 E 9 107 2 86 F 4 102 The critical path is A-D-H-J. The project duration is 19 weeks. 0 44 A 0 40 2 42 G 8 106 8 124 I 10 142 11 143 H 11 140 Section I – Q1 (Solution) 14 195 J 14 190 ➢ Path A-D-H-J: P(Duration > 24 ) = P(z > 24−19 4+1+4+4) = 𝑃 𝑧 > 1.39 = 1 − 𝑃(𝑧 < 1.39) = 1- 0.9177 = 8.23% ➢ Path B-F-I-J: P(Duration < 15 ) = P(z < 15−17 1+9+4+4) = 𝑃 𝑧 < −0.47 = 1 − 𝑃 𝑧 < 0.47 = 1 −0.6808 = 31.92% ➢ ACWP = 40 000+15 000+20 000+70 000+5 000+48 000+12 000+2 000 = 212 000€ ➢ BCWS = 35 000 + 10 000 +24 000 + 63 000*3/7 + 4 000 + 54 000*5/6 + 10 000 = 155 000€ (Consider that at T=7, activities D has been performed only for 3/7 and activity F for 5/6). ➢ BCWP = 35 000 + 10 000 +24 000*0.2 + 63 000 + 4 000 + 54 000*0.8 + 10 000 +25 000*0 = 170 000 € Section I – Q1 (Solution) Section I – Q2 Section I – Q2 (Solution) Year 1 Year 2 Year 3 Revenues 10 000.00 € 15 000.00 € 20 000.00 € OPEX 2 000.00 € 2 000.00 € 2 000.00 € EBITDA 8 000.00 € 13 000.00 € 18 000.00 € Depreciations 300.00 € 300.00 € 300.00 € EBIT 7 700.00 € 12 700.00 € 17 700.00 € Commission Fee - € - € - € Senior Debt Interest 200.00 € 180.00 € 160.00 € EBT 7 500.00 € 12 520.00 € 17 540.00 € Taxes 3 750.00 € 6 260.00 € 8 770.00 € EAT 3 750.00 € 6 260.00 € 8 770.00 € Distributions 3 000.00 € 5 000.00 € 8 770.00 € ➢ EBITDA = Revenues – OPEX ➢ EBIT = EBITDA – Depreciations ➢ EBT = EBIT – Commission Fee – Senior Debt Interest ➢ Taxes = EBT * Tax Rate ➢ EAT = EBT – Taxes ➢ Distributions = min(EAT; Cash flows available to shareholders)