Elective evaluation on “Advanced finance for project management” Dr. SANCHEZ VERDASCO, and given the particular circumstances, agrred on you been graded by an alternative assignment, approved by the MBP Scientific Director
For the elective evaluation on “Advanced finance for project management” Dr. SANCHEZ VERDASCO, and given the particular circumstances, agrred on you been graded by an alternative
assignment, approved by the MBP Scientific Director
1. Choose a non-listed company
2. Send me the name/industry of the company to obtain my ok
3. Calculate de WACC
4. Estimate de FCFF for the next five years
5. Calculate the terminal value in year 5
6. Calculate the Enterprise Value and Equity Market Value
7. Submit to BlackBoard and Excel a Word/Pdf document explaining your results
Deadline: Maximum of 3 weeks since Dr. VERDASCO approve the company you propose.
Cargill A/SVandtårnsvej 62B2860 SøborgDenmarkCVR no.20 05 10 94Annual report 2021/22The annual report was presented and approved atthe Company’s annual general meeting on29 November 2022Ralf Møller LarsenChairman of the annual general meeting
Cargill A/SAnnual report 2021/22CVR no.20 05 10 94ContentsStatement by the Board of Directors and the ExecutiveBoard2Independent auditor’s report3Management’s review5Company details5Operating review6Financial statements 1 June – 31 May7Income statement7Balance sheet8Statement of changes in equity10Notes111
Cargill A/SAnnual report 2021/22CVR no.20 05 10 94Statement by the Board of Directors and the ExecutiveBoardThe Board of Directors and the Executive Boardhave today discussed and approved the annual report ofCargill A/S for the financial year1 June 2021 – 31 May 2022.The annual report has been prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Company’s assets, liabilities andfinancial position at 31 May 2022 and of the results of the Company’s operations for the financial year1June 2021 – 31 May 2022.Further, in our opinion, the Management’s review gives a fair review of the matters discussed in theManagement’s review.We recommend that the annual report be approved at the annual general meeting.Gladsaxe,29 November 2022Executive Board:Vagn Nielsen Lind Board of Directors:Ralf Møller LarsenChairman Ludger Georg Te Laak Vagn Nielsen Lind2
Cargill A/SAnnual report 2021/22CVR no.20 05 10 94Independent auditor’s reportTo the shareholder of Cargill A/SOpinionWe have audited the financial statements of Cargill A/S for the financial year1 June 2021 – 31 May 2022comprising income statement, balance sheet, statement of changes in equity and notes, includingaccounting policies. The financial statements are prepared in accordance with the Danish FinancialStatements Act.In our opinion, the financial statements give a true and fair view of the Company’s assets, liabilities andfinancial position at 31 May 2022 and of the results of the Company’s operations for the financial year1June 2021 – 31 May 2022 in accordance with the Danish Financial Statements Act.Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additionalrequirements applicable in Denmark. Our responsibilities under those standards and requirements arefurther described in the “Auditor’s responsibilities for the audit of the financial statements” section of ourreport. We are independent of the Company in accordance with the International Ethics Standards Board forAccountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additionalethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the IESBA Code.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forouropinion.Management’s responsibility for the financial statementsManagement is responsible for the preparation of financial statements that give a true and fair view inaccordance with the Danish Financial Statements Act and for such internal control that Managementdetermines is necessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Company’s ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using thegoing concern basis of accounting in preparing the financial statements unless Management eitherintends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Auditor’s responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor’s report thatincludes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that anaudit conducted in accordance with ISAs and the additional requirements in Denmark will always detect amaterial misstatement when it exists. Misstatements may arise from fraud or error and are consideredmaterial if, individually or in the aggregate, they could reasonably be expected to influence the economicdecisions of users made on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable inDenmark, we exercise professional judgement and maintain professional scepticism throughout the audit.We also—identify and assess the risks of material misstatement of the company financial statements, whetherdue to fraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detectinga material misstatement resulting from fraud is higher than for one resulting from error as fraud mayinvolve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.3
Cargill A/SAnnual report 2021/22CVR no.20 05 10 94Independent auditor’s report—obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Company’s internal control.—evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by Management.—conclude on the appropriateness of Management’s use of the going concern basis of accounting inpreparing the financial statements and, based on the audit evidence obtained, whether a materialuncertainty exists related to events or conditions that may cast significant doubt on the Company’sability to continue as a going concern. If we conclude that a material uncertainty exists, we arerequired to draw attention in our auditor’s report to the related disclosures in the financial statementsor, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor’s report. However, future events or conditions maycause the Company to cease to continue as a going concern.—evaluate the overall presentation, structure and contents of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and events ina manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the plannedscope and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit.Statement on the Management’s reviewManagement is responsible for the Management’s review.Our opinion on the financial statements does not cover the Management’s review, and we do not expressany form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management’sreview and, in doing so, consider whether the Management’s review is materially inconsistent with thefinancial statements or our knowledge obtained during the audit, or otherwise appears to be materiallymisstated.Moreover, it is our responsibility to consider whether the Management’s review provides the informationrequired under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the Management’s review is in accordance withthe financial statements and has been prepared in accordance with the requirements of the DanishFinancial Statements Act. We did not identify any material misstatement of the Management’s review. Copenhagen,29 November 2022KPMGStatsautoriseret RevisionspartnerselskabCVR no. 25 57 81 98Martin Eiler State AuthorisedPublic Accountantmne32271 4
Cargill A/SAnnual report 2021/22CVR no.20 05 10 94Management’s reviewCompany detailsCargill A/SVandtårnsvej 62B2860SøborgDenmarkCVR no.:20 05 10 94Established:15 March 1997Registered office:GladsaxeFinancial year:1 June – 31 MayBoard of DirectorsRalf Møller Larsen, ChairmanLudger Georg Te LaakVagn Nielsen LindExecutive BoardVagn Nielsen LindAuditorKPMGStatsautoriseret RevisionspartnerselskabDampfærgevej 28DK-2100 København ØCVR no. 25 57 81 985
Cargill A/SAnnual report 2021/22CVR no.20 05 10 94Management’s reviewOperating reviewPrincipal activitiesThe objective of the Company is to carry out commercial fieldwork as well as commercial arrangementsto the Animal Nutrition industries.Development in activities and financial positionThe Company’s income statement for 2021/22 shows a profit of DKK756 thousand as against DKK584thousand in 2020/21. Equity in the Company’s balance sheet at 31 May 2022 stood at DKK6,392thousand as against DKK5,636 thousand at 31 May 2021.Events after the balance sheet dateAs of June 1st 2022 activity and employees have been transferred to Cargill Nordic A/S, in order togather all activity in one legal entity in Denmark. The plan is to liquidate Cargill A/S in the finance year2022/23. 6
Cargill A/SAnnual report 2021/22CVR no.20 05 10 94Financial statements1 June – 31 MayIncome statementDKK’000Note2021/222020/21Gross profit4,8875,101Staff costs2-4,061-4,475Profit before financial income and expenses826626Other financial income01Other financial expenses3-70-43Profit before tax756584Tax on profit for the year00Profit for the year756584Proposed profit appropriationRetained earnings7565847565847
Cargill A/SAnnual report 2021/22CVR no.20 05 10 94Financial statements1 June – 31 MayBalance sheetDKK’000Note31/5 202231/5 2021ASSETSCurrent assetsReceivablesReceivables from group entities6,4306,217Other receivables21422Prepayments17176,6616,256Cash at bank and in hand313230Total current assets6,9746,486TOTAL ASSETS6,9746,4868
Cargill A/SAnnual report 2021/22CVR no.20 05 10 94Financial statements1 June – 31 MayBalance sheetDKK’000Note31/5 202231/5 2021EQUITY AND LIABILITIESEquityContributed capital42,0012,001Retained earnings4,3913,635Total equity6,3925,636LiabilitiesCurrent liabilitiesTrade payables27968Payables to group entities130Other payables290782582850Total liabilities582850TOTAL EQUITY AND LIABILITIES6,9746,486Contractual obligations, contingencies, etc.5Mortgages and collateral6Related party disclosures79
Cargill A/SAnnual report 2021/22CVR no.20 05 10 94Financial statements1 June – 31 MayStatement of changes in equityDKK’000ContributedcapitalRetainedearningsTotalEquity at 1 June 20212,0013,6355,636Transferred over the profit appropriation0756756Equity at 31 May 20222,0014,3916,39210
Cargill A/SAnnual report 2021/22CVR no.20 05 10 94Financial statements1 June – 31 MayNotes1Accounting policiesThe annual report of Cargill A/S for 2021/22 has been prepared in accordance with the provisionsapplying to reporting class B entities under the Danish Financial Statements Act with opt-in from higherreporting classes.The accounting policies used in the preparation of the financial statements are consistent with those oflast year.Foreign currency translationOn initial recognition, transactions denominated in foreign currencies are translated at the exchangerates at the transaction date. Foreign exchange differences arising between the exchange rates at thetransaction date and the date of payment are recognised in the income statement as financial income orfinancial expenses.Receivables, payables and other monetary items denominated in foreign currencies are translated at theexchange rates at the balance sheet date. The difference between the exchange rates at the balancesheet date and the date at which the receivable or payable arose or was recognised in the latest financialstatements is recognised in the income statement as financial income or financial expenses.Income statementGross profitPursuant to section 32 of the Danish Financial Statements Act, the Company has decided only todisclose gross profit.RevenueIncome from the sale of goods, is recognised in revenue when delivery and transfer of risk to the buyerhave taken place, and the income may be measured reliably and is expected to be received.Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged onbehalf of third parties. All discounts granted are recognised in revenue.Cost of salesCost of sales comprises costs incurred to generate revenue for the year. This item also comprises directcosts for goods for resale and changes to inventory of goods for resale.Other external costsOther external costs comprise administrative expenses.Staff costsStaff costs comprise wages and salaries, including holiday allowance, pension and other social securitycosts. Refunds from public authorities are deducted from staff costs.11
Cargill A/SAnnual report 2021/22CVR no.20 05 10 94Financial statements1 June – 31 MayNotes1Accounting policies (continued)Financial income and expensesFinancial income and expenses comprise interest income/expense, value adjustments and fees.Tax on profit for the yearTax for the year comprises current tax for the year and changes in deferred tax, including changes in taxrates. The tax expense relating to the profit/loss for the year is recognised in the income statement at theamount attributable to the profit/loss for the year and directly in equity at the amount attributable toentries directly in equity.The Company is jointly taxed with the Danish entities of the Cargill Group. The current Danish corporationtax is allocated between the jointly taxed Danish companies in proportion to their taxable income (fullabsorption with refunds for tax losses). This means that companies with tax losses receive refunds fromthe other jointly taxed companies.Balance sheetReceivablesReceivables are measured at amortised cost.Write-down is made for bad debt losses where there is an objective indication that a receivable has beenimpaired. If there is an objective indication that an individual receivable has been impaired, write-down ismade on an individual basis.Write-downs are calculated as the difference between the carrying amount of receivables and the presentvalue of forecast cash flows, including the realisable value of any collateral received. The effectiveinterest rate for the individual receivable or portfolio is used as discount rate.PrepaymentsPrepayments comprise prepayment of costs incurred relating to subsequent financial years.Cash at bank and in handCash at bank and in hand comprise deposits.12
Cargill A/SAnnual report 2021/22CVR no.20 05 10 94Financial statements1 June – 31 MayNotes1Accounting policies (continued)Corporation tax and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the taxableincome for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.Deferred tax is measured using the balance sheet liability method on all temporary differences betweenthe carrying amount and the tax value of assets and liabilities based on the planned use of the asset orsettlement of the liability. However, deferred tax is not recognised on temporary differences relating togoodwill non-deductible for tax purposes and on office premises and other items where the temporarydifferences arise at the date of acquisition without affecting either profit/loss or taxable income.Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expectedvalue of their utilisation within the foreseeable future; either as a set-off against tax on future income or asa set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measuredat net realisable value.Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balancesheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as aresult of changes in tax rates are recognised in the income statement or equity, respectively.LiabilitiesOther liabilities are measured at amortised cost.13
Cargill A/SAnnual report 2021/22CVR no.20 05 10 94Financial statements1 June – 31 MayNotesDKK’0002021/222020/212Staff costsWages and salaries3,7504,130Pensions288300Other staff costs23454,0614,475Average number of full-time employees553Other financial expensesInterest expense to group entities4433Other financial costs261070434EquityThe share capital consists of 2,001 shares of a nominal value of DKK 1,000 each, equivalent to DKK2,001 thousand. All shares rank equally.5Contractual obligations, contingencies, etc.The Company is jointly taxed with the Danish entities of the Cargill Group with Cargill Nordic A/S as theadministrative company. The Company has unlimited joint and several liability for Danish corporationtaxes and withholding taxes on dividends, interest and royalties under the joint taxation scheme.The Company has a deferred tax asset of DKK 4,525 thousand (31 May 2021: DKK 4,692 thousand),which is not recognised in the annual report.6Mortgages and collateralThe Company is jointly taxed with the Danish entities of the Cargill Group with Cargill Nordic A/S as theadministrative company. The Company has unlimited joint and several liability for Danish corporationtaxes and withholding taxes on dividends, interest and royalties under the joint taxation scheme.14
Cargill A/SAnnual report 2021/22CVR no.20 05 10 94Financial statements1 June – 31 MayNotes7Related party disclosuresControlCargill A/S is owned by Cargill Holdings Denmark A/S and ultimately by Cargill Incorporated.Cargill A/S is part of the consolidated financial statements of Cargill Incorporated, Minneapolis, MN-55400, which is the smallest, in which the Company is included as a subsidiary.The consolidated financial statements of Cargill Incorporated can be obtained by contacting theCompany at the address above.15
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