вход по аккаунту

код для вставкиСкачать
Briefing Paper for Telecom
The following information is provided confidentially to working groups that are playing the role of
Telecom. This information has not been made available to Normcell.
Instructions from Telecom’s Board
1. The Telecom Board recognises that tariffs for accessing ABC will have to fall in the coming
years, but it wants as far as possible to achieve this through competition (which can be
managed) rather than regulatory intervention (which may grossly distort the market).
2. It does not want to have to change the new tariffs that have been approved by the Board for
2014 and are starting to be offered to customers. These prices include a 10% mark-up on
the costs of ABC.
monthly tariff
3. The Board expects to adjust tariffs downwards every year after 2014, but does not at this
point in time want to commit to any specific future prices. Rather it wants to ensure that
the prices stimulate additional demand in such a way that:
 The NPV of free cash flow generated during the period to 2022 is at least $6m
 The average return on capital employed is at least 1% above WACC over the period
to 2022.
4. Telecom’s initial investment in ABC was 40% funded by World Bank loan, 40% by equity and
20% by debt finance. This means that the WACC is 3.85%. However, any capacity upgrade
will need to be funded entirely by debt and equity, with the result that WACC will rise to 6%
for future investments.
5. ABC has indicated that capacity upgrades are now available at 25% of initial investment cost.
Пожаловаться на содержимое документа