الخوه الأعواء مرفق تطبيق عملي عل البرنامج
II. TOMATO CANNING
This exercise is intended to introduce a new user to the basic concepts and procedures
of COMFAR III Expert. Only financial analysis is performed. Data are kept to a minimum
to concentrate on the main features of the program. The program features which
are not used in this case study are not explained here. Please refer to the Reference
Manual.
The project is a new enterprise to produce and export a maximum of 2,600 tons of
canned tomato at a price of US$ 100 per ton. The project financial structure involves a
single class of equity shares and a loan provided by a development bank.
The objective of the exercise is to produce the following pro-forma financial statements
and performance indicators:
· Net income statement
· Cash flow for financial planning
· Discounted cash flow, total capital invested, NPV, NPVR, IRR, Modified IRR
· Discounted cash flow, total equity invested, NPV, IRR, Short NPV, Modified IRR
· Break-even point, third year of production
· Projected balance sheet
· Ratios
Data concerning all aspects of the project including currency exchange rates, initial
fixed investment, production costs, sales programme, working capital requirements and
financial conditions are provided in the appropriate sections below.
Note: Every save operation (Save Project as in the FILE Menu) in this manual is
described using names equal to the project files delivered with COMFAR
III Expert. If you do not want to overwrite these original project files,
please use other filenames as described in this manual (e.g.: TOMATO
instead of TOMCAN).
A. START COMFAR
The procedure for starting COMFAR is described in chapter III in the Reference Manual.
When COMFAR is started, the browser and browser overview panels are displayed
with the menu bar at the top of the window.
B. SELECT PROJECT TYPE AND LEVEL OF ANALYSIS
1. Choose New Project in the FILE menu. The NEW PROJECT modal window
is displayed.
2. Select Industrial in the PROJECT TYPE list box.
3. Select the Opportunity study radio button.
4. Choose the OK pushbutton.
Figure 1: New project modal window
The PROJECT INPUT DATA node is displayed with the Compress Icon at the right, indicating
that the node is extended. The initial data entry sequence starts with the PROJECT
IDENTIFICATION node, which is also displayed. This sequence involves from five to
eight nodes depending upon the complexity of the analysis, each of which is displayed
only after data in the previous node are accepted (with OK). The specific number of
nodes in the sequence is determined by the project features selected in the PROJECT
IDENTIFICATION window.
II. Tomato canning 3
C. FINANCIAL DATA ENTRY
The first version of the data file does not include the plan for financing the project. The
program is used to assist in determining an appropriate plan.
1. Project identification
1. Move the mouse cursor inside the browser overview frame. The cursor
changes to the move cursor. Drag the frame so that the PROJECT INPUT
DATA node and PROJECT IDENTIFICATION node are displayed in the
browser.
The purpose of this step is to become familiar with the use of the
browser overview frame for viewing segments of the browser. Alternatively,
the browser position can be altered by placing the cursor within
the browser, clicking and holding the left mouse button. When the hand
cursor appears, the viewing position in the browser is changed by
moving the mouse. When in an acceptable position, release the mouse
button.
2. Choose the Table Icon for the PROJECT IDENTIFICATION node. The
PROJECT IDENTIFICATION window is displayed.
Figure 2: Project identification window
3. Select the PROJECT TITLE entry field and enter the name of the project,
Tomato canning.
4. Select the PROJECT DESCRIPTION multiple-line entry field and enter
descriptive text for the project, for example: Project of ____ (sponsor)
to produce 2,600 tons canned tomato per annum for export to ____.
Located at ______. This version does not include the finance plan.
5. Select the DATE AND TIME entry field and enter the date and time as text.
6. The New project radio button is selected by default.
7. The FINANCIAL ANALYSIS check box is selected by default. Economic
analysis and special features are not used in this case study.
8. The definition of the database links (branch, country and product
codes) is described in the COMFAR III Database Reference Manual
(not yet released).
Figure 3: Database links modal window
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2. Planning horizon
The planning horizon comprises two years of construction and five years of production.
Planning during construction is yearly.
1. Choose the Table Icon for the PLANNING HORIZON node. The PLANNING
HORIZON window is displayed. The insertion point is located by default
in the BEGIN field of the CONSTRUCTION PHASE panel.
Fields are most easily traversed using [TAB] but can also be selected
with the mouse. Data entries in fields are most readily accepted with
[ENTER] or by selecting another field with the mouse.
2. Select 12 in the MONTH OF BALANCE drop-down list box (12 is the default
value).
3. Enter the beginning date, 1/1, in the BEGIN field of the CONSTRUCTION
PHASE panel.
4. Enter 2 in the LENGTH-YEARS field.
Figure 4: Planning horizon window
5. Leave the value 0 in the MONTHS field.
The END field in the CONSTRUCTION PHASE panel automatically displays
the end date 12/2, (the last day of December, year 2). The BEGIN field
in the PRODUCTION PHASE panel automatically displays the beginning
date of the production phase, 1/3 (first day).
6. Enter 5 in the LENGTH-PERIODS field of the PRODUCTION PHASE panel.
The project End date is automatically displayed (12/7). A Reference
date can be selected as the last day of any production phase period.
The reference date is significant for database operations and for calculating
representative results, such as break-even. It should, therefore,
be a year of full operations. In this case, the date 12/5 is selected.
7. Choose 12/5 in the REFERENCE YEAR drop-down list box.
8. Choose OK in the PLANNING HORIZON window. Control returns to the
browser. The PRODUCTS node is displayed.
3. Products
The planned product is canned tomatoes, all of which is to be exported. The maximum
sales are expected to be 2,600 tons per annum with an FOB price of US$ 100 per ton.
1. Choose the Table Icon for the PRODUCTS node. The PRODUCTS window
is displayed. For a new project, COMFAR offers one product named
"Product #".
Figure 5: Products window
II. Tomato canning 7
2. Choose the Edit pushbutton to sequentially enter in the EDIT panel the
Name, Actual start of production (1/3), Actual end of production
(12/7) and Nominal capacity as specified above.
3. Choose the Accept Edit pushbutton to transfer the entries to the
PRODUCTS list box.
4. Choose OK in the PRODUCTS window. Control returns to the browser.
The CURRENCIES node is displayed.
4. Currencies
The local currency is thousand rupees. The export currency is thousand US dollars with
an official exchange rate 5 rupees per US$. All reports are expressed in the accounting
currency, thousand rupees.
1. Choose the Table Icon for the CURRENCIES node. The CURRENCIES window
is displayed. For a new project, COMFAR offers the local currency
as defined in the DEFAULTS modal window (Reference Manual, chapter
V.C).
Figure 6: Currencies window
2. Choose the Edit pushbutton to sequentially enter in the EDIT panel the
Name (thousand rupees) and the Abbreviation (Rs) of the local currency.
In this case EXCHANGE RATE field is inactive. TYPE is a display
field only (local or foreign).
3. Choose the Accept Edit pushbutton to transfer the entries to the
CURRENCIES list box.
4. Choose the New pushbutton to sequentially enter in the EDIT panel the
Name (thousand US dollars), the Abbreviation (US$) of the foreign
currency and the Exchange rate (1 US$ = 5 Rs) for the foreign currency.
5. Choose the Accept Edit pushbutton.
6. Select the accounting currency. (The local currency is selected by
default; if not, the following steps would be carried out: First select
thousand rupees in the CURRENCIES list box and then choose the
Select pushbutton; the selected currency is displayed in the
ACCOUNTING CURRENCY field.)
7. Use the UNITS drop-down list box to select Absolute as the accounting
unit. (The accounting currency is already expressed in thousands of
units.)
The reference currency and exchange rate are defined as text only.
Their purpose is to provide an easy reference for conversion of units
expressed in the accounting or other currency. This information
appears only in the SUMMARY schedule. In this case the Austrian
schilling is the reference currency.
8. Choose the Reference pushbutton. The REFERENCE CURRENCY modal
window is displayed.
Figure 7: Reference currency modal window
9. Select the NAME field and enter Austrian schilling.
10. Select the EXCHANGE RATE field and enter 1 Rs = 2 Ats
11. Choose the OK pushbutton in the REFERENCE CURRENCY window. Control
returns to the CURRENCY window.
12. Accept the selections with the OK pushbutton in the CURRENCY window.
Control returns to the browser. The DISCOUNTING node is displayed.
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5. Discounting
The opportunity cost of capital for the total investment and for the equity is 12%. To
determine the MIRRs the reinvestment and borrowing rates are assumed to be 12% and
8%, respectively, for both the total investment and equity. The number of years for the
Short NPV on equity is 5.
1. Choose the Table Icon for the DISCOUNTING node. The DISCOUNTING
window is displayed.
2. Select the Discounting radio button (it should already be selected by
default). The DISCOUNTING list box appears in the window.
Figure 8: Discounting window
3. Enter for TOTAL INVESTMENT 12% for the Rate and for TOTAL EQUITY
CAPITAL 12% and 5 (years) for Rate and Length. (see Reference Manual,
chapter IV.3).
4. Select the Modified Internal Rate of Return radio button. The
MODIFIED INTERNAL RATE OF RETURN list box appears in the window.
5. Enter 12% as the Reinvestment rate and 8% as the Borrowing rate
for TOTAL INVESTMENT and for TOTAL EQUITY CAPITAL.
6. Select the Beginning of first period radio button. All values are to be
discounted to the beginning of the project.
7. Accept the selections with the OK pushbutton. The nodes for the
remaining standard structure are displayed in the browser.
6. Fixed investment costs
Fixed investment costs are defined in the windows corresponding to subnodes of the
FIXED INVESTMENT COSTS node.
· Choose the Extend Icon of the FIXED INVESTMENT COSTS node.
The structure of fixed investment costs is displayed with a node for each cost category
included in the standard structure. To center those nodes on the screen, alter the position
of the browser (see chapter II.C.1).
Fixed investment costs are shown in table 1 with depreciation conditions, scrap value
and the investment in each of the two years of construction.
MARKET CURRENCY NO. YEARS SCRAP- COSTS, PROJECT YEAR
(thousands) DEPRECIATION a VALUE a 1 2
Land Local Rupees - 100 200
Site development Local Rupees 5 10 150 50
Civil works, buildings Local Rupees 20 50 100 300
Machinery Foreign US$ 10 10 120 40
Pre-prod. expenditure Foreign US$ 3 0 2.5 7.5
Pre-prod. expenditure Local Rupees 3 0 25 75
Initial working capital b
Cans Foreign US$ -- -- 2.5
Tomato Local Rupees -- -- 33.5
Salt Local Rupees -- -- 0.8
Table 1: Fixed investment costs
PRE-PRODUCTION EXPENDITURES involve a combination of foreign and local sources.
The standard structure is to be modified to provide a separate node for foreign and
local components.
a Depreciation type: linear to scrap, all items.
b First-year material requirements. Data input is explained in section C.8.
II. Tomato canning 11
1. Select the PRE-PRODUCTION EXPENDITURES node by clicking into the
description area of the node. A bold frame is drawn around the node.
2. Choose Insert in the EDIT menu. The INSERT NEW ITEMS modal window
is displayed.
3. Select the User-defined radio button.
4. Select the NUMBER OF ITEMS entry field, enter 2, then press [ENTER].
5. Choose the Insert pushbutton. The generically named items appear in
the list box.
6. Use the iconic buttons and data field to edit the names of the two listed
subnodes to PP Exp - F and PP Exp - L.
7. Accept the data with the OK pushbutton.
The two newly created nodes appear in the browser as subnodes of the PREPRODUCTION
EXPENDITURE node.
Figure 9: Insert new items modal window
The QUANTITY = 1 input mode is advantageous in this case for the entry of investment
data as only the total values are provided. For fixed investment data, the value is
entered as the PRICE.
1. Choose Defaults in the EDIT menu.
2. Select Quantity = 1 in the INPUT MODE drop-down list box.
3. Accept the default selections with OK in the DEFAULTS modal window.
The procedure below is described for PLANT MACHINERY AND EQUIPMENT only. A
similar procedure should be applied to all other fixed investment items except INITIAL
WORKING CAPITAL, which is defined in the ANNUAL ADJUSTMENTS panel of the
PRODUCTION COST windows (see chapter II.7.). The data for all other items (market,
currency, depreciation conditions, cost in each year of construction) are shown in
table 1.
1. Choose the Table Icon for the PLANT MACHINERY AND EQUIPMENT node.
The PLANT MACHINERY AND EQUIPMENT window is displayed.
Figure 10: Plant machinery window
2. Select thousand US dollars in the CURRENCY drop-down list box.
3. Select the Foreign radio button to designate the origin of the item.
4. Select Linear to scrap from the TYPE drop-down list box in the
DEPRECIATION CONDITIONS panel (unless displayed as the default value).
5. Use the STARTING AT drop-down list box to select the starting date of
depreciation as the start of production (1/3), which should be displayed
as the default value.
6. Select the RATE entry field and enter the value 10. The LENGTH entry
field automatically displays the corresponding length of the depreciation
period, 10 years, when the rate is accepted by pressing either [ENTER]
or [TAB]. Alternatively, enter the number of years and the corresponding
rate is automatically displayed.
II. Tomato canning 13
7. Select the SCRAP entry field and enter 10 (scrap value as % of the original
asset value).
8. Use the iconic buttons and list box to enter the data in table 2 for
FOREIGN PLANT MACHINERY (all values are expressed in thousand US $).
PERIOD QUANTITY PRICE
1/1 1 120
1/2 1 40
Table 2: Data for foreign plant machinery
9. Accept the data with the OK pushbutton.
10. Enter all other cost items shown in table 1 (except for initial working
capital).
11. Choose the Compress Icon of the FIXED INVESTMENT COSTS node.
7. Production costs
All production costs are entered as STANDARD PRODUCTION COSTS. Initial stocks of raw
materials and factory supplies (initial working capital) which are purchased in the second
construction year are entered as ANNUAL ADJUSTMENTS (see below).
Production costs are defined in the windows corresponding to subnodes of the
PRODUCTION COSTS node.
· Choose the Extend Icon for the PRODUCTION COSTS node by clicking the
right (!) mouse button.
The structure of production costs is displayed with a node for each cost category
included in the standard structure.
The production costs at maximum sales level of 2,600 tons and the percentage variable
is shown in table 3. Foreign values are expressed in thousand US$ and local values in
thousand rupees.
Three types of raw materials are defined, each of which requires a separate node. A
subnode is created for each type. The generic titles are revised to reflect the names of
the raw material items (TOMATO, SALT and CANS).
1. Select the RAW MATERIALS node.
2. Choose Insert in the EDIT menu. The INSERT NEW ITEMS modal window
is displayed.
3. Select the User-defined radio button.
4. Select the NUMBER OF ITEMS entry field and type 3, then press [ENTER].
5. Use the iconic buttons and list box to edit the names of the three raw
material subnodes as described above.
6. Accept the data with the OK pushbutton. The newly created nodes
appear in the browser as subnodes of the RAW MATERIALS node.
ANNUAL COST (thousands)
ITEM FOREIGN
(US$)
LOCAL
(RS)
VARIABLE
(%)
.
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مهندس/محمد عطيه
