1.

Peso Value Number of Shares

Ordinary shares capital 7,200,000.00 72,000.00
Subcribed share capital 1,200,000.00 12,000.00
Treasury shares - 600,000.00 - 4,000.00
Retained earnings 2,000,000.00 BV/s
Total 9,800,000.00 80,000.00 122.50

2 Peso Value Number of Shares

Ordinary shares capital 2,400,000.00 240,000.00
Subcribed share capital 100,000.00 10,000.00
Treasury shares - 15,000.00 - 1,000.00
Retained earnings 575,000.00 BV/s
Total 3,060,000.00 249,000.00 12.29

3. Accounts Book value Replacement Value

Cash 240,000.00 240,000.00
Receivables 520,000.00 520,000.00
Inventory 350,000.00 350,000.00
Building 3,000,000.00 3,750,000.00
Equipment 850,000.00 595,000.00
Total assets 4,960,000.00 5,455,000.00

Accounts payable 400,000.00 400,000.00

Short-terms notes payable 500,000.00 500,000.00
Long-term debt 1,000,000.00 1,000,000.00
Total Liabilities 1,900,000.00 1,900,000.00 RC/S
Net Assets 3,555,000.00 14.28

4. Accounts Book value Replacement Value

Cash 240,000.00 240,000.00
Receivables 520,000.00 364,000.00
Inventory 350,000.00 -
Building 3,000,000.00 2,700,000.00
Equipment 850,000.00 425,000.00
Total assets 4,960,000.00 3,729,000.00

Accounts payable 400,000.00 400,000.00

Short-terms notes payable 500,000.00 500,000.00
Long-term debt 1,000,000.00 1,000,000.00
Total Liabilities 1,900,000.00 1,900,000.00 RC/S
Net Assets 1,829,000.00 7.35

5. Cash 50,000.00
Accounts receivable 70,000.00
Marketable securities 46,000.00
Inventory 52,000.00
Prepaid expenses 3,000.00
 Long-term investments 150,000.00
Property, plant and equipment 705,000.00
Intangible assets 70,000.00
Total Assets 1,146,000.00
Accounts payable 20,000.00
Accrued liabilities 1,000.00
Notes payable 25,000.00
Long-term liabilities 125,000.00
Total Liabilities 171,000.00
Book Value 975,000.00 45.

6. Cost of Debt 6% 0.0315

Cost of Equity 12% 0.0600
0.0915

PV of Recoverable amount of assets ₱13,555,033.48

Long-term Liabilities (50% of assets) 10,500,000.00
Terminal/Liquidation Value ₱3,055,033.48 46.

7. Recoverable amount of assets 2,900,000.00

Liabilities 2,500,000.00
Administrative costs 500,000.00
Liquidation value - 100,000.00
Outstanding Shares 10,000.00
LV/S - 10.00 47.

8. and 9. Preference Shares 31,500,000.00

Ordinary Shares 23,400,000.00 900,000.00
Cancelled OS - 1,560,000.00 - 60,000.00
Treasury Shares - 4,200,000.00 - 150,000.00
Conversion of PS to OS 1,200,000.00
Reissuance of TS 4,300,000.00 150,000.00
Net Income 830,000.00
Total 54,270,000.00 2,040,000.00
Reverse split 2.00 BV/S
Total 54,270,000.00 4,080,000.00 13.30

Cash 3,000,000
Accounts receivable 9,000,000
Inventories 11,500,000
Machinery 40,000,000
Total assets 63,500,000
Current liabilities 15,000,000
Non-current liabilities 40,000,000
Total liabilities 55,000,000
Ordinary shares 7,800,000
Subscribed ordinary shares 480,000
Retained earnings 220,000
Total equity 8,500,000
Total liabilities and equity 63,500,000

Total equity 8,500,000

Outstanding shares 82,800
Book value per share 102.66 50

Total equity 8,500,000

Outstanding shares 165,600
Book value per share 51.33 51

NOI 65,000.00
Capitalization rate 8%
Real Estate Value 812,500.00 56

Risk Free rate 4.50%

Expected market return 12.50%
Risk Free rate 4.50%
Premium 8.00%
Beta 1.7 13.60%
Capitalization rate 18.10% 57

Debt Equity
Rate 8.00%
Less: Tax rate (30%) 2.40%
Net of Tax rate 5.60% 12.00%
Weight 38.46% 61.54%
WACC 2.15% 7.38% 9.54%
After-tax operating income 3,200,000.00
Less: Cost of Capital
Assets 7,000,000
Less: Current Liabilities 1,800,000
Equity 5,200,000 468,000.00
EVA 2,732,000.00 59

After-tax operating income 1,680,000.00

Less: Cost of Capital
Capital 10,700,000 772,400.00
EVA 907,600.00 60

(In thousands) 2020 2021 2022

EBITDA 49,100 50,050 52,350
Depreciation & Amortization 12,900 13,540 14,000
EBIT 36,200 36,510 38,350
NOPAT 25,340 25,557 26,845
Cost of Debt 0.02
Cost of Equity 0.14
0.16

42,494.00 45,970.00 52,062.00 55,958.00

29,745.80 32,179.00 36,443.40 39,170.60

42,494.00 45,970.00 52,062.00 55,958.00

3,000.00 1,000 1,000 1,000
45,494.00 46,970.00 53,062.00 56,958.00
31,845.80 32,879.00 37,143.40 39,870.60
41.

42

43

44.
48 and 49

Cash 3,000,000 3,000,000

Accounts receivable 9,000,000 9,000,000
Inventories 11,500,000 11,500,000
Machinery 40,000,000 50,000,000
Total assets 63,500,000 73,500,000
Current liabilities 15,000,000 15,000,000
Non-current liabilities 40,000,000 40,000,000
Total liabilities 55,000,000 55,000,000
Ordinary shares 7,800,000
Subscribed ordinary shares 480,000
Retained earnings 220,000
Total equity 8,500,000
Total liabilities and equity 63,500,000

Replacement value 18,500,000 52

Outstanding shares 82,800
Replacement value per share 223.43

Cash 3,000,000 3,000,000 3,000,000

Accounts receivable 9,000,000 7,200,000 9,000,000
Inventories 11,500,000 9,200,000 11,500,000
Machinery 40,000,000 20,000,000 40,000,000
Total assets 63,500,000 39,400,000 63,500,000
Current liabilities 15,000,000 15,000,000 15,000,000
Non-current liabilities 40,000,000 40,000,000 40,000,000
Total liabilities 55,000,000 55,000,000 55,000,000
Ordinary shares 7,800,000
Subscribed ordinary shares 480,000
Retained earnings 220,000
Total equity 8,500,000
Total liabilities and equity 63,500,000
- 15,600,000 8,500,000
Liquidation costs - 1,000,000 1,200,000
Total - 16,600,000 53 7,300,000
Outstanding shares 82,800 82,800
Replacement value per share -200.48 88.16 54
55. No, the shareholders of the company is better of

58
Long-term Liabilities 2,200,000.00 0.21 0.01
Equity 8,500,000.00 0.79 0.06
Total 10,700,000.00 0.07

7,900,000.00

Average

25,914
0.16
164,899.78 61

59,478.00 64,983.00
41,634.60 45,488.10 37,443.58 374,435.83

59,478.00 64,983.00
1,000 1,000
60,478.00 65,983.00
42,334.60 46,188.10 38,376.92 383,769.17
he company is better of if they liquidate the business rather than sell