AUTO Finance Recruiting

AUTO Finance Recruiting
FINANCE MBA CASE FOR PHONE INTERVIEW
Note: Auto OEM assessment material. Data are fictional and are not an assessment of financial performance.
1
Instructions
In this fictitious case, you are a financial analyst in the Automotive Strategy staff of One World Automotive, a global
manufacturer of automotive vehicles and products. Your responsibilities include evaluating the financial and
strategic implications of corporate investment decisions.
Attached are relevant e-mails and data you have received from your manager, Les Dett.
For your meeting with the Auto Finance interviewers:
1. Review the attached material and prepare a one-page executive summary that addresses the alternative
strategies outlined in the series of e-mail communications with Les Dett and others.
2. Please include the following items in your summary:
a. Financial analyses for each alternative you consider, as directed by Les in his e-mail
b. Your recommendation for which alternative should be chosen (if any)
c. A brief discussion of additional information that would assist you in your evaluation of the alternatives
3. Bring two additional copies of your one-page executive summary to the interview. Please bring your back-up
calculations and any supplemental analyses that you have done.
4. It is expected that you will work independently, and that you will keep your work confidential.
介绍
在该虚拟案例中，您是全球汽车车辆和产品制造商 One World Automotive 公司汽车战略部的一名财务分析
师。您的职责是评估公司投资决策财务和战略方面的影响。
附件部分是 Les Dett 经理发给您的相关电子邮件和数据。
关于您与汽车金融面试官的会议：
1. 审查所附材料，编写一页管理层概览，阐述与 Les Dett 等人的一系列电子邮件通信中所概述的备选战
略。
2. 请在您的摘要中包括以下内容：
a. 按照 Les 在电子邮件中的指示，对您考虑的每种备选方案进行财务分析。
b. 若有推荐，您建议选择何种备选方案。
c. 对助于您评估备选方案的其他信息进行简要讨论。
3. 面试时请多带两份您编写的管理层概览，并带上支持该结论的计算草稿作为补充。
4. 希望您能独立完成，并对内容进行保密。
AUTO Finance Recruiting
FINANCE MBA CASE FOR PHONE INTERVIEW
Note: Auto OEM assessment material. Data are fictional and are not an assessment of financial performance.
2
E-Mail for Analyst

From:
Les Dett

To:
Subject:
Date:
Analyst,
Analyst
C-Car Capacity Study
June 24, 2014 1:42 pm

I need your help evaluating a manufacturing decision. If you look at the attached volume schedule, you can see
that we do not have sufficient capacity to meet global demand for our small car, the Vision. There are many
factors to consider as we think about how to increase our capacity, but as we enter into the discussion, I want to be
armed with appropriate financial data. Would you please look at the attached data I’ve been able to collect and
evaluate some alternatives?
Here are three ideas I had. I’m not sure they all make sense, but let me know what you think:
1. We have already closed our assembly plant in Alabama because the Nomad has gone out of production.
Could we reopen that plant to meet the global shortfall?
2. We could take advantage of government incentives in India and build a new facility in Chennai, taking
advantage of a growing automotive supply base there.
3. We have excess C-Car capacity in Europe (at our Saarbrücken plant) for most of the business plan period.
Perhaps we could use that excess capacity to meet global demand.
Assume in the cases of #1 and #2 that the plants in question would have a base capacity of 350,000 units but that
we could get an incremental 10% volume in each year at no cost if needed. I’ll have Bob Lee in manufacturing
provide you with some information on labor costs and investment levels. There’s no opportunity to expand the
capacity at our plant in Saarbrücken, Germany because it is landlocked.
Please lay out the alternatives so we can understand the impact on the income statement (including operating
margins) and do a cash flow analysis. For cash flow assume we’ll stop shipping at the end of 2021 in any scenario.
Let me know which one you’d recommend based on the available data, and please let me know also what other
data would be required to enhance your analysis.
Regards,
Les Dett
Controller, Automotive Strategy
ONE WORLD AUTOMOTIVE
C-Car Sales & Production Volumes

2016
2017 2018 2019 2020 2021
16.0 16.5 16.5 16.8 16.9 17.0
2.6 3.0 3.3 3.4 3.4 3.4
16% 18% 20% 20%
333 386 439 442
Total Industry (Mils.)
C-Segment (Mils.)
Segmentation Percent
OWA C-Car Volumes (000)

20% 20% 429 437
AUTO Finance Recruiting
FINANCE MBA CASE FOR PHONE INTERVIEW
Note: Auto OEM assessment material. Data are fictional and are not an assessment of financial performance.
3
Share of Segment 13% 13% 13% 13% 13% 13%
Available Capacity (000) 250 250 250 250 250 250
Surplus/(Shortfall) (83) (136) (179) (187) (189) (192)

Europe

2016
2017 2018 2019 2020 2021
23.5 23.5 24.0 24.0 24.5 25.0
3.8 3.8 3.8 4.1 4.4 5.0
500 500 500 500 500 500
124 124 116 92 59 –
Total Industry (Mils.)
C-Segment (Mils.)
Segmentation Percent
OWA C-Car Volumes (000)
Share of Segment
Available Capacity (000)
Surplus/(Shortfall)

Asia

2016
2017 2018 2019 2020 2021
40.0 42.0 44.0 46.0 48.0 50.0
8.0 8.4 8.8 9.2 9.6 10.0
550 550 550 550 650 650
(50) (122) (154) (186) (118) (150)
Total Industry (Mils.)
C-Segment (Mils.)
Segmentation Percent
OWA C-Car Volumes (000)
Share of Segment
Available Capacity (000)
Surplus/(Shortfall)

Total (including other)*

00) 1,459 1,584 1,667 1,731 1,798 1,892
Total OWA C-Car
Volumes (0

16% 16% 16% 17% 18% 20%
376 376 384 408 441 500
10% 10% 10% 10% 10% 10%
20% 20% 20% 20% 20% 20%
600 672 704 736 768 800
8% 8% 8% 8% 8% 8%
* Other markets include South America, Africa, and Direct Markets
分析师的电子邮件

发件人:
Les Dett

收件人:
分析师

主题:
C-Car 产能研究

AUTO Finance Recruiting
FINANCE MBA CASE FOR PHONE INTERVIEW
Note: Auto OEM assessment material. Data are fictional and are not an assessment of financial performance.
4

日期:
2014 年 6 月 24 日下午 1： 42

分析师：
请您帮助评估一个制造相关的决策：附件中描述的是销售与产量的表格，由于没有足够的产能我们无法满
足小型汽车 Vision 的全球需求。在考虑到如何提高产能问题时需要考虑很多因素，我希望能掌握一些适当的财
务数据。请您根据附件数据，评估一些备选方案。
以下是我的三个观点，可能会显得比较粗糙，但请告诉我您的想法：
1.由于 Nomad 已经停产，我们关闭了在Alabama 的装配厂。请问我们能否重新开放此工厂以应对全球产能
缺口？
2.我们可以利用印度政府的激励和补贴，在 Chennai 建立一个新工厂，并利用当地汽车供应基地不断增长
的优势。
3.在商业计划期的大部分时间里，我们在欧洲（即我们的 Saarbrücken 工厂）的 C-Car 产能过剩，或许我们
可以利用这些过剩的产能来满足全球需求。
如果在#1 和#2 的情况下，相关工厂的基础产能为 35 万台，但如果有需要，每年可以免费获得 10%的增
量。我会让制造部门的 Bob Lee 给您提供一些关于用人成本和设备投资的信息。另外，考虑到我们在德国
Saarbrücken 的工厂是内陆地区，所以其没有机会扩大产能。
请列出备选方案并做一个现金流分析，以便我们能够了解其对损益表的影响（包括营业利润率）。对于现
金流而言，假设任何情况下 2021 年底均会停止发货。请问根据现有的数据，您会推荐哪一种方案，另外还需
要哪些数据来加强您的分析。
Les Dett
财务总监
汽车战略部
ONE WORLD AUTOMOTIVE
C-Car 销量与产量

北美
2016
2017
2018
2019
2020
2021

全行业（百万）
16.0
16.5
16.5
16.8
16.9
17.0

C-细分市场（百万）
2.6
3.0
3.3
3.4
3.4
3.4

细分百分比
16%
18%
20%
20%
20%
20%

OWA 的 C-Car 数量（000）
333
386
429
437
439
442

细分市场份额
13%
13%
13%
13%
13%
13%

可用产能（000）
250
250
250
250
250
250

AUTO Finance Recruiting
FINANCE MBA CASE FOR PHONE INTERVIEW
Note: Auto OEM assessment material. Data are fictional and are not an assessment of financial performance.
5

盈余/（亏损）
(83)
(136)
(179)
(187)
(189)
(192)

欧洲
2016
2017
2018
2019
2020
2021

全行业（百万）
23.5
23.5
24.0
24.0
24.5
25.0

C-细分市场（百万）
3.8
3.8
3.8
4.1
4.4
5.0

细分百分比
16%
16%
16%
17%
18%
20%

OWA 的 C-Car 数量（000）
376
376
384
408
441
500

细分市场份额
10%
10%
10%
10%
10%
10%

可用产能（000）
500
500
500
500
500
500

盈余/（亏损）
124
124
116
92
59
–

亚洲
2016
2017
2018
2019
2020
2021

全行业（百万）
40.0
42.0
44.0
46.0
48.0
50.0

C-细分市场（百万）
8.0
8.4
8.8
9.2
9.6
10.0

细分百分比
20%
20%
20%
20%
20%
20%

OWA 的 C-Car 数量（000）
600
672
704
736
768
800

细分市场份额
8%
8%
8%
8%
8%
8%

可用产能（000）
550
550
550
550
650
650

盈余/（亏损）
(50)
(122)
(154)
(186)
(118)
(150)

总计（包括其他） *
1
,459
1,584
1,667
1,731
1,798
1,892

OWA C-Car 总销量 (000）

* 其他市场包括南美洲、非洲和直销市场
E-Mail for Les Dett
From: Bob Lee
To: Les Dett
Subject: RE: C-Car Capacity Study – Assumptions
Date:
Les,
June 23, 2014 5:35 pm
Here’s the data my team was able to pull together.
By the way, I mentioned this study to Jim in Logistics for his input and he said we don’t want to forget about Freight
for shipping the units. The Vision has a normal freight cost to dealers of about $450 per unit within the region
where it’s built, but inter-regional ocean shipping for vehicles is significantly more expensive. He said you should
assume an incremental $600 per unit cost for shipping between any regions and then another $200 per unit cost
for units being shipped from Asia into North America due to special ocean shipping requirements.
From a Human Resources perspective, re-opening the Alabama plant would mean new jobs in the U.S. that the
unions would support, but we’re unlikely to get any concessions on labor costs to make it happen.
If you need any more data from my team, just let me know.
AUTO Finance Recruiting
FINANCE MBA CASE FOR PHONE INTERVIEW
Note: Auto OEM assessment material. Data are fictional and are not an assessment of financial performance.
6
Bob Lee
Manager
Manufacturing Finance
—-Original Message——

From:
Loretta Call

To:
Subject:
Date:
Bob,
Bob Lee
RE: C-Car Capacity Study – Assumptions
June 23, 2014 4:30 pm

Per the discussion at our team meeting, we were able to pull together some data for the study.
The Alabama plant is older but it could be retooled from truck production to build small cars for about $475 million.
This would be all tooling with an expected accounting life of 5 years. We could have the plant re-tooled for
production at the start of 2016. We should assume all the spending takes place in 2015.
Since Chennai #1 is already at maximum capacity, a new facility would be required and is considerably more
expensive than the Alabama re-tool. After government incentives, we’d need about $250 million to secure the land
and facilities and another $425 million in tooling. Per corporate guidelines, the land and facilities are amortized
over 50 years, but the tooling would have the same 5-year life as the Alabama tooling. We could have the plant up
and running for January 2017 if we pay for land & facilities in 2015 and tooling in 2016.
The good news is that Saarbrücken already builds the Vision for Europe and even though there are minor
differences between the European version and the Vision sold in North America and Asia, no new tooling would be
required and any other fixed costs could be absorbed within the plant’s existing budget.
I didn’t include the labor rates here because you said Les already had that data, but let me know if you need them.
I just sent the latest rates to Casey for their review so they should be up to date.
Loretta Call
Supervisor
Manufacturing Finance
Les Dett 的电子邮件

发件人:
Bob Lee

收件人:
Les Dett

主题:
回复： C-Car 产能研究-假设

日期:
2014 年 6 月 23 日下午 5： 35

Les：
下面是我的团队汇总的数据。
AUTO Finance Recruiting
FINANCE MBA CASE FOR PHONE INTERVIEW
Note: Auto OEM assessment material. Data are fictional and are not an assessment of financial performance.
7
我向物流部门的 Jim 介绍了这项研究并咨询了他的意见， Jim 认为不能忽略单车的运费。在 Vision 的制造
地区其对经销商的正常运费约为每辆450 美元，但跨区的车辆海运成本会高得多，所以他认为您应该假设在任
何地区之间运输的每辆成本增加 600 美元，并且考虑到特殊的海运要求，从亚洲运输到北美的每辆成本增加
200 美元。
从人力资源的角度来看，重新开放 Alabama 工厂意味着美国将有新的工作计划，工会会支持这些工作，但
我们不会为了实现这一目标而在劳动力成本方面做出任何让步。
如果您需要我团队的更多数据，请告诉我。
Bob Lee
经理
制造业金融部
—-原始邮件——

发件人:
Loretta Call

收件人:
Bob Lee

主题:
回复： C-Car 产能研究-假设

日期:
2014 年 6 月 23 日下午 4： 30

Bob：
根据我们团队的讨论，我们可以为研究收集一些数据。
Alabama 的工厂较旧，但可以从生产卡车生产重新调整为生产小型汽车，成本约为4.75 亿美元。这些所有
工具装备预期会计寿命为 5 年。在 2016 年初我们可以对工厂重新改造以进行生产，假设所有支出都发生在
2015 年。
由于 Chennai #1 已经达到最大产能，因此需要一个新设施，这比 Alabama 的改造工具要昂贵很多。在政府
鼓励下，我们需要约 2.5 亿美元来确保土地和设施的安全，另外还需要4.25 亿美元的工具装备。根据公司的指
导方针，土地和设施的摊销期为50 年，工具的使用寿命与 Alabama 的工具相同，均为 5 年。如果在 2015 年
支付土地和设施费用并在2016 年支付工具费用，工厂在2017 年 1 月可以投入运行。
有个好消息是 Saarbrücken 已经专门打造了欧洲版本的 Vision，尽管欧洲版本与在北美和亚洲销售的
Vision 之间存在细微差别，但其不需要新的工具，而且任何其他固定成本均在工厂的现有预算中。
这里并没有包括人工费，因为您说 Les 已经有了这些数据，但如果您需要请告诉我。 Casey 那里应该是最
新版本，因为我刚刚将最新费率发给了他们以供审查。
Loretta Call
监事长
AUTO Finance Recruiting
FINANCE MBA CASE FOR PHONE INTERVIEW
Note: Auto OEM assessment material. Data are fictional and are not an assessment of financial performance.
8
制造业金融部
E-Mail for Les Dett

From:
Casey Bishop

To:
Subject:
Date:
Les,
Les Dett
Vision Per Units – Purchasing Update
June 24, 2014 8:03 am

Further to my note below, Purchasing has just confirmed that with some changes to their supplier footprint
assumptions on the Vision, we can take advantage of some lower wages and local manufacturing incentives and
achieve a $200 per unit savings on material cost for any units sourced out of Asia.
Casey
—-Original Message——

From:
Casey Bishop

To:
Les Dett

Subject:
Date:
Les,
Vision Per Units
June 23, 2014 2:15 pm

I got a call that you needed some data for the Vision. Our present assumptions are shown below and are based on
the latest projections and volumes. These are global averages per unit, except as noted.
Variable cost per unit is $14,000* and includes material, warranty and freight costs to the plant. I think Bob gave
you the freight costs from the plant.
Structural Costs are broken out as follows:
• Allocated Fixed Costs on existing production – $1,100 per unit
• Labor and Overhead – $1,200 per unit (but varies by location — see below)

Region
Labor and Overhead Cost
(per unit)
$1,500
$2,000
$500

North America (Alabama)
Europe (Saarbrücken)
Asia-Pacific (Chennai #1)

Marketing is still carrying a global average price of $18,000 per unit and with fuel prices the way they are and the
new technology being offered on the Vision, we aren’t expecting to have to offer any incentives to meet our sales
projections.
* There is an open assignment to Purchasing to review these costs and identify opportunities around material cost.
AUTO Finance Recruiting
FINANCE MBA CASE FOR PHONE INTERVIEW
Note: Auto OEM assessment material. Data are fictional and are not an assessment of financial performance.
9
Casey Bishop
Product Development Controller
Les Dett 的电子邮件
Les：
根据我下面的说明，采购部刚刚确认，随着对 Vision 供应商地区假设的一些改变，我们可以利用低工资优
势和当地制造业的激励措施为从亚洲采购的单车每辆节省 200 美元的材料成本。
Casey
—-原始邮件——

发件人:
Casey Bishop

收件人:
Les Dett

主题:
Vision 单车

日期:
2014 年 6 月 23 日下午 2： 15

Les：
我接到一个电话说您需要一些有关Vision 的数据。我们目前的假设是基于最新的预测和数据，如下所示。
以下数据是每辆车的全球平均数值，另有说明除外。
每辆车可变成本为 14,000 美元*，包括工厂的材料费、保修费和到工厂的运费。 Bob 给您的应该是工厂的
运费。
结构成本具体细分如下：
• 现有生产的固定成本分配-每辆 1,100 美元
• 人工和管理费-每辆 1,200 美元（因地而异——如下）

地区
人工和管理费（每辆
车）

发件人:
Casey Bishop

收件人:
Les Dett

主题：
Vision 单车 – 采购更新

日期：
2014 年 6 月 24 日上午 8： 03

AUTO Finance Recruiting
FINANCE MBA CASE FOR PHONE INTERVIEW
Note: Auto OEM assessment material. Data are fictional and are not an assessment of financial performance.
10

北美（Alabama）
1,500 美元

欧洲（Saarbrücken）
2,000 美元

亚太地区（Chennai #1）
500 美元

市场销售的全球平均价格仍为每辆车18,000 美元，考虑到目前的燃油价格和Vision 采用的新技术，预计不
必采用任何激励措施来满足我们的销售预测。
* 采购部可以公开审查这些成本并围绕材料成本确定机会。
Casey Bishop
产品开发主管
MEMO:
From: Corporate Treasurer’s Office
To: All Global Car Finance Employees
Subject: Corporate Finance Assumptions
Date: June 1, 2014
We want to take this opportunity to remind all Finance employees of the Corporate assumptions.
Using these common assumptions in our analysis across the all functions and regions ensures
that we provide our operating management with consistent analysis and allow them to make the
best decisions for the Company.
Corporate Weighted Average Cost of Capital – 12%
WACC should be used as the standard hurdle rate for most decisions.
Corporate Tax Rate — 35%
Depreciation
• Tooling & Equipment – varies based on expected life
• Land, Facilities – 50 years
• Assume straight line depreciation in all cases
AUTO Finance Recruiting
FINANCE MBA CASE FOR PHONE INTERVIEW
Note: Auto OEM assessment material. Data are fictional and are not an assessment of financial performance.
11
Operating Margin
Operating margin is equivalent to Profit Before Tax divided by Total Revenue. Profit Before Tax
is calculated as follows:
Net Revenue
Less Variable Cost
Less Labor & Overhead
Less Program Spending
Less Other Fixed Cost
Inventory Valuation
Inventory should be valued on a First In, First Out basis
备忘录:
发件人: 企业财务主管办公室
收件人: 全球汽车金融全体员工
主题：公司财务假设
日期: 2014 年 6 月 1 日
我们想借此机会提醒所有财务员工注意公司的假设。在所有职能和地区的分析中使用这些共同假设可以确
保我们为管理层运营提供一致的分析，便于他们为公司做出最佳决策。
企业加权平均资本成本– 12%
加权平均资本成本应被用作大多数决策标准的最低资本预期回报率。
企业税率– 35%
折旧
• 工具和设备– 因预期寿命而异
• 土地、设施– 50 年
• 假设在所有情况下都是直线折旧法
营业利润率
营业利润率等于税前利润除以总收入。税前利润计算如下：
净收入
减可变成本
AUTO Finance Recruiting
FINANCE MBA CASE FOR PHONE INTERVIEW
Note: Auto OEM assessment material. Data are fictional and are not an assessment of financial performance.
12
减人工和管理费
减计划支出
减其他固定成本
存货计量
存货应按照先进先出的原则进行计量。