Workshop Sd15 NMA new Option 1 2014

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Product description

1.1. The company buys the exclusive license to use the patented technology for 4200 thousand. Rub. To do this, get a bank loan for a period of 4 years at 15.14% per annum. Under the terms of credit payments should be annual. It is necessary to determine the amount of payments on the loan. If the use of the license each year brings the company in 1300 th. Rubles. net income, you should find out the feasibility of acquiring a license for the credit score.
The present value, ths. Rub.
Number of years
PMT, ths. Rub.

1.2. Calculate the numerical value of the maximum and minimum values \u200b\u200bof royalty rates to the license agreement
according to which the licensee to the licensor deducts from 33% (in the first year of the license)
to 25% (last year use license) additional profit from the use of enterprise IP object.
Thus for predepriyatiya overall profitability is 17%, the basic profitability of 11%.

The profit share in the profits of the licensor the licensee (in the first year of the license)
The profit share in the profits of the licensor the licensee (in the last year the use of the license)
Overall profitability of production under license%
Basic profitability of production under license%
a min,%
a max,%

The calculation of the royalty rate is over 8.2 formula lecture notes on the valuation of intangible assets.
All data are substituted into the formula as a fraction of one.

1.3. Organize production on a non-exclusive license
the use of patented technology industrial development.
Rights under the license agreement are transferred to 3 years. Determine the value of the transferred rights.
Production equipment under the terms of the license agreement allows to produce 1000 units per year
and prodavt them in the first year of the forecast period at a price of 135 thousand. rub. each, manufacturing licensee profitability is 16%.
It is proposed to the annual increase in the price of products by 5%.
Given the availability of grant and the possibility of obtaining real benefits
over its competitors due to the patent monopoly,
take the value of a share in the profits of the licensor the licensee's 22%.
Risk-free rate is 8%.
Risks associated with the object of evaluation are defined in the amount of 17%.

Year forecast period
The volume of production units. in year
Price products, ths. Rub.
The share in the profits of the licensor licensee%
Profitability of production licensee%
The estimated royalty rate (Formula 8.1 Lecture notes),%
The annual amount of royalty cash flows from manufacturing and sales license, rub.
Risk-free rate%.
Risks associated with the object of assessment%.
Discount rate,%
The present value of the cash flows of royalties rubles.
The cost of the rights transmitted by a license agreement, rub.

1.4. Calculate the value of the business reputation of the organization, with the following initial conditions
- The market value of all assets of the organization is 9.324 million;
- Normalized annual profit organization is 912.4 ths. Rubles;
- Industry average return on assets of 9.3%;
- The risk-free rate is 6% per annum;
- Risks associated with the evaluated patent, up 14%;
- Long-term earnings growth organizations are 2% per year.

The market value of all assets, thousand. rub.
Normalized annual profit organization th. rub.
Industry average return on assets,%
Risk-free rate%
Risks associated with the evaluated patent%
The long-term earnings growth,%
The capitalization rate,%
Expected profit, thousand. rub.
Excess profit, thousand. rub.
The cost of goodwill, ths. Rub.

Additional information

1.5. Определить стоимость прав на объект ИС, передаваемый по лицензионному соглашению, для лицензиата,
- исходя из прогнозных значений его доходов от использования объекта оценки и связанных с этим затрат.
- договор заключен на 5 лет;
- чистая прибыль в первый год использования ОИС составит 4624тыс. руб.;
- темпы прироста прибыли во втором году по сравнению с первым составят 15%, в третьем - 17% относительно второго года, в четвертом - 13% относительно третьего, в пятом - 10% относительно четвертого года;
- доля лицензиара в прибыли лицензиата установлена на уровне 15%;
- паушальный платеж на дату оценки составил 2000 тыс. руб;
- необходимые инвестиции для производства продукции по лицензионному договору составят 9,6 млн. руб.;
- для этих целей лицензиат берет кредит в банке на 5 лет под 16 % годовых, выплаты по кредиту осуществляются в конце каждого года равными суммами;
- рекламный фонд для продвидения продукции составит 7 % от чистой прибыли;
- безрисковая ставка 6%;
- риски, связанные с объектом оценки 13%.

Чистая прибыль,тыс. руб.год
Доля лицензиара в прибыли лицензиата,%
Ожидаемые выплаты по лицензионному соглашению,тыс. руб. в год
Необходимые инвестиции, тыс. руб.
Ставка банка за пользование кредитными средствами, %
Срок кредита, лет
Ежегодные выплаты в счет погашения кредита, тыс. руб.
Рекламный фонд, % прибыли
Затраты на рекламу,тыс. руб.год
Затраты, связанные с использованием объекта оценки, тыс. руб.
Чистый доход от использования объект оценки, тыс. руб.
Безрисковая ставка, %
Риски, связанные с объектом оценки , %
Ставка дисконтирования, %
Паушальный платеж, тыс. руб.
Текущая стоимость прибыли от выплат по роялти, тыс.руб.
Стоимость лицензионного соглашения, тыс.руб.


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