Official Answer Key with NSTSE Solutions for Class 9
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Southport Minerals Harvard Business School Case #274-1 #27 4-110 10 Case Software #XS0!2 Cop" Cop"ri rih htt $ 2010 2010 %res %resiident dent and and &el &ello lows ws of Harv Harvar ard d Coll Colle ee' e' (o part part of this this prod produc uctt )a" )a" *e re trans)itted in an an" fo for) or or *" *" an an" )e )eans,elect ectroni onic+ )e )echanical+ ph photocop"in+ recordin din or or ot othe Business School'
roduced+ stored in a retrieval s"ste) or wise,without the per)ission of Harvard
Table A efined Copper %rice+ ondon Metal 3chane Year
Worl" Copper Consumption nited States 1+!0 2 9apan .. 8er)an" !.! nited indo) /1! Dll other free world 1+40 / ;otal free world 4+477 7 Soviet sphere !0 ;otal world !+.27
235
1+/. !04 /2 / 1+!/! !+07 !! /+0..
236
1+!! 471 /10 717 1+!. !+24/ ! /+241
1+.!/ 7/7 /4!c !10 .1 / 4+!/! /7 !+4.2
Source Gear*oo of the D)erican Bureau of Metal Statistics+ 170' a
Between 9ul" 1!+ 1/7+ and March .0+ 1/+ the 'S' copper producers were on strie' Copper )inin+ s)eltin+ and consu)ption were cut sinificantl" durin this period'
*
c
So)e countries with copper )ines e3ported the ore to *e s)elted and refined elsewhere'
%roduction was interrupted in Chile in 1/!+ Ea)*ia in 1//+ and Canada in 1/'
Calculations of the Cash &lows Dssociated with the &irst*ur
x!ibit 4 -ine
Source Fall Street institutional research reportsK Southport Minerals+ urin the first three "ears of )inin operations+ costs were e3pected to *e relativel" low+ as a sinificant portion of the copper ore at &irst*ur was covered with ver" little over*urden @non-ore-*earin )aterialA' Conventional open pit )inin at slihtl" hiher cost would *e undertaen in the )iddle "ears of the )ineLs life' More e3pensive underround )inin would not *e necessar" until the latter "ears of )ine operation' a
&or si)plicit"+ a 406 ta3 rate was assu) ed'
f the 5120 )illion in capital oriinall" *udeted for the proect+ 54'! )illion was for worin capital'
c
;otal cash invest)ent e:ualed 5120 )illion over a four-"ear period 1/+ 57'! )il'K 170+ 51' )il'K 171+ 542'! )il'K and 172+ 5!1'1 )il'
d
x!ibit 6
%roposed Capital ;aedown %lan and Contractual oan %rincipal epa")ent Schedule 1/?12 @5 )illionsA
-ine
232 27: 27 279 274 275 276 273 277 278 278 28: 28 289 Total Capital Ta*e"o,n Sc!e"ule
1 2 . 4 !
Senior de*t,
/
;otal capital
7'!
/'7 .'1 2'4 /'. 0'4
17'1 7'/ '2 !'/ 4'0
1/'2 7'. 11'4 '1 '1
40'0 1'0 22'0 20'0 20'0
7'!
1'
42'!
!1'1
120'0
-oan Principal 0epament Sc!e"ule
7
Senior de*t,
7'2 0'7 -
0' /'4 1'4 .'.
2'2 4'4 2'1 .'.
7'1 2'1 .'.
/'. 2' .'4
!' .'2 .'4
!' .'. .'.
!' .'2 -
!' .'2 -
11
7'
12'0
12'0
12'!
12'!
12'!
12'!
'1
'0 100'0
;otal repa")ents
Source Southport Minerals+
40'0 1'0 22'0 20'0
x!ibit 6
%roposed Capital ;aedown %lan and Contractual oan %rincipal epa")ent Schedule 1/?12 @5 )illionsA
-ine
232 27: 27 279 274 275 276 273 277 278 278 28: 28 289 Total Capital Ta*e"o,n Sc!e"ule
1 2 . 4 !
Senior de*t,
/
;otal capital
7'!
/'7 .'1 2'4 /'. 0'4
17'1 7'/ '2 !'/ 4'0
1/'2 7'. 11'4 '1 '1
40'0 1'0 22'0 20'0 20'0
7'!
1'
42'!
!1'1
120'0
-oan Principal 0epament Sc!e"ule
7
Senior de*t,
7'2 0'7 -
0' /'4 1'4 .'.
2'2 4'4 2'1 .'.
7'1 2'1 .'.
/'. 2' .'4
!' .'2 .'4
!' .'. .'.
!' .'2 -
!' .'2 -
11
7'
12'0
12'0
12'!
12'!
12'!
12'!
'1
'0 100'0
;otal repa")ents
40'0 1'0 22'0 20'0
Source Southport Minerals+
x!ibit 7
Calculation of Cash &low @dividendsA to Southport Minerals fro)
-ine 1
232 arnins *efore interest and ta3es
27:
27
279
274
275
27'!
a
2
27'!
276
273
27'!
277
2/'2
278
2/'2
272
2/'2
28:
2/'2
28
289
284
285
286
Total
2/'2
24'
24'
24'
24'
24'7
..7'
'/
7'2
/'4
!'.
4'0
2'.
0'/
-
-
-
-
-
-
.4'4
. %re-ta3 profits
1'
20'.
21'1
20'
22'2
2.'
2!'/
2/'2
24'
24'
24'
24'
24'7
###
4 ;a3es I 406
7'/
'1
'4
'4
'
'!
10'2
10'!
'
'
'
'
'
###
11'.
12'2
12'7
12'!
1.'4
14'4
1!'4
1!'7
1!'0
1!'0
1!'0
1!'0
14'
###
'
'
'
'
'
'
'
'
'
'
'
'
'7
###
20'2
21'1
21'/
21'4
22'.
2.'.
24'.
24'/
2.'
2.'
2.'
2.'
2.'!
###
! %rofit after ta3es / >epreciation and a)ortiJation 7 Cash flow fro) operations Forin capital chanes* Cash flow for de*t repa")ent and dividends
Source Fall Street institutional reportsK Southport Minerals+ ata taen fro) line + x!ibit 4' 54'! )illion of the 5120 )illion capital invest)ent in Southport ece)*er .1+ 174' Since the loans were entirel" repaid *" >ece)*er .1+ 10+ these covenants *eca)e inoperative and the 5!'! )illion of worin capital not needed to support nor)al operations could *e paid out in dividends' a *
nder various loan covenants+ no dividends could *e paid until >ece)*er .1+ 174+ and de*t prepa")ents in an a)ount e:ual to the proposed dividend had to *e )ade *efore the dividend could *e paid'
c
Calculation of Cash &low @dividendsA to Southport Minerals fro)
x!ibit 7 -ine 1
232
27:
27
279
274
arnins *efore interest and ta3es a
275
27'!
2
276
27'!
273
27'!
277
2/'2
278
2/'2
272
2/'2
28:
2/'2
28
289
284
285
286
Total
2/'2
24'
24'
24'
24'
24'7
..7'
'/
7'2
/'4
!'.
4'0
2'.
0'/
-
-
-
-
-
-
.4'4
. %re-ta3 profits
1'
20'.
21'1
20'
22'2
2.'
2!'/
2/'2
24'
24'
24'
24'
24'7
###
4 ;a3es I 406
7'/
'1
'4
'4
'
'!
10'2
10'!
'
'
'
'
'
###
11'.
12'2
12'7
12'!
1.'4
14'4
1!'4
1!'7
1!'0
1!'0
1!'0
1!'0
14'
###
'
'
'
'
'
'
'
'
'
'
'
'
'7
###
20'2
21'1
21'/
21'4
22'.
2.'.
24'.
24'/
2.'
2.'
2.'
2.'
2.'!
###
! %rofit after ta3es / >epreciation and a)ortiJation 7 Cash flow fro) operations Forin capital chanes* Cash flow for de*t repa")ent and dividends
Source Fall Street institutional reportsK Southport Minerals+ ata taen fro) line + x!ibit 4' 54'! )illion of the 5120 )illion capital invest)ent in Southport ece)*er .1+ 174' Since the loans were entirel" repaid *" >ece)*er .1+ 10+ these covenants *eca)e inoperative and the 5!'! )illion of worin capital not needed to support nor)al operations could *e paid out in dividends' a *
nder various loan covenants+ no dividends could *e paid until >ece)*er .1+ 174+ and de*t prepa")ents in an a)ount e:ual to the proposed dividend had to *e )ade *efore the dividend could *e paid'
c
x!ibit 8 -ine
Schedule of >e*t D)ortiJation e:uired under Narious oan Dree)ents+ 17.?17+ @5 )illionsA -oan Principal 0epament Sc!e"ule
Source Southport Minerals+
(ote Based on the assu)ption of Southport
(ote Based on the assu)ption of Southport
Year Total Capital Total Cash Return Total
