Finance x Mgmt x Network 넘사벽 강자 🥷🏻 Flashcards

Question

Germany’s governance body?

Answer 1

BMWK, Bundesministerium für Wirtschaft und Klimaschutz

Answer 2

TransnetBW, Tennet, 50 Herz, Amprion

Answer 3

In December 2023, the EU formally agreed on power market reforms, including the mandatory adoption of two-sided CfDs. This will be mandatory for new subsidized renewables and nuclear.

Answer 4

Renewables Energy Directive The RED II Delegated Act defines additionality, geographical and temporal correlation criteria that must be satisfied for H2 to be classified as renewable. However, hydrogen producers who source their electricity from the grid or directly from renewables are exempt from proving certain criteria

Answer 5

Gas Europe - TTF day-ahead 30EUR/MWh, Henry hub 30% fell y-o-y Coal - ARA monthly average of front month prices 97 dollars per Tonne in Feb. Newcastle 이라는 인덱스도 있음. Carbon- monthly average of daily EU ETS Front year prices 57.6EUR/tCo2 in Feb, dropped. Hydrogen - HYDRIX EEX hydrogen index, average across 2023 converted to Higher Heating Value (HHV) terms is almost 200EUR/MWh.

Answer 6

Clean spark spread or "spark green spread" represents the net revenue a gas-fired generator makes from selling power, having bought gas and the required number of carbon allowances. The term dark spread, quark spread and bark spread[1][2] refers to the similarly defined difference between cash streams (spread) for coal-fired power plants, nuclear power plants and bio-mass power plants respectively.

Answer 7

Specific, Measurable, Appropriate, (ambitious but achievable) Relevant, Terminated

Answer 8

Key concepts and constructs: Regulated participation of multiple sides (user groups): interaction/ transaction rules; matching of sides Economics of multi-sided markets: same-side (direct) and cross-side (indirect) network effects; pricing strategies & revenue sharing Platform envelopment Examples: Uber, Airbnb, Ebay, Alibaba, Amazon, YouTube, Twitter, Facebook, Kickstarter, Indiegogo, LinkedIn, Match.com, Monster.com

Answer 9

Advantages of pioneers - Technological leadership - Discriminating appropriation of scarce resources - Specific restrictions or behavioral patterns on the customer side Advantages of followers - exploitation of free-rider effects - resolution of technological and demand-related uncertainties - technological innovations or shifts in demand

Answer 10

Venture capital funding provided by major corporations to startup companies with a high potential for growth The ultimate objective may be to acquire the startup and consolidate them with the company’s internal initiatives. If this occurs, the CVC partner may be seeking complimentary opportunities or related emerging, disruptive technologies. Publicly-owned company의 경우 리턴이 목표는 아니고 (주주들의 의견에 반해서 리스크 높은 사업에 투자하기는 힘드니까) 밴처캐피탈 펀드나 PE Vehicle 을 통해서 직접투자하는 경우가 많다.

Answer 11

Pros: Host company: rolip option to learn business models, markets and technologies, industry creation, pre-empt competition, option to acquire, financial returns Portfolio companies: cdtif corporate certification, distribution channels, technological support, industry contacts, financing Cons Host company: hlt possible harm to brand, possible litigation if stealing of business idea is suspected, time demands of managing disparate cultures Portfolio companies: cs less opportunities to cooperate with competitors of the investor, risk of having business ideas stolen

Answer 12

Important factor for technological performance forecast. Robust heuristics. 1. Early stage, low R&D productivity: lots of early failures 2. Riding up the S-Curve: focusing on an overall ‘architecture’, following on narrower and more well-defined technical challenges; leveraging prior experience 3. Hitting Natural Limits: key physical limits determined by broad technical choices

Answer 13

Local search bias, Performance measures change.

Answer 14

QCUH5 DV: Firm performance: Tobin’s Q (stock price related performance) Collaboration intensity: joint publications related to the firm’s total cost scaled in a mil $. University quality: proportion of universities from THE ranking in the total numbers of collaborative universities University concentration: Herfindahl-Hirschman-Index (HHI) within collaboration network Basic research orientation: 5-year average impact factor of the journals, where the publications have been published.

Answer 15

IPR type, scope, procedure, examination, max terms Patent - Invention - Registration - Examination - 20 yrs Registered utility model - technical invention (no process) - registration - no examination - 10 years Registered design - design, use - registration - no examination - 25 years max, 3 years use Trademark - for goods and services - registration - examination for absolute protection obstacles - renewable every 10 years Copyright - literature, art, software - no registration - no examination - 70 years beyond holder’s death

Answer 16

Dov. (Industrially applicable, non-obvious, novel) 1. Industrially applicable (USA: useful) (technically reproducible, technical character and technical effect) 2. Novel to the world 3. Non-obvious to the average professional practitioner (that is they are exceeding a certain minimum level of invention -> inventive step)

Answer 17

DASCOM Discoveries (e.g. chemical elements) Scientific theories (e.g. Einstein’s relativity theory) Obscene or harmful inventions Artistic expressions/ works (e.g. form of a prosthesis) Mathematical methods (e.g. binomial formulas) Computer programs

Answer 18

PALL 1. Profitability ratio: profit margin, ROI 2. Asset management ratio: efficient use of net working capital 3. Financial leverage ratio 4. Liquidity ratio: short-term solvency of a business

Answer 19

provisions are for known liabilities or losses, while reserves are for specific purposes.

Answer 20

Assets > Current assets >> cash and cash equivalents >> account receivable >> inventory > Non-current assets >> PPE (property, plant and equipment) >> intangible assets Liabilities > Current liabilities >> Accounts payable >> Other financial current liabilities > NC: Long-term debt > Shareholder’s equity >> common stocks >> retained earnings

Answer 21

Net income / Revenue Analysis makes sense only when an industry comparison is made.

Answer 22

= EBIT margin = EBIT / Revenue Only makes sense when an industry comparison is made.

Answer 23

(Revenue - COGS) / Revenue Analysis makes sense only when an industry comparison is made.

Answer 24

ROI = Return / Investment Return is a profit number, originated from income statement. Investment is an asset or resource that may generate income in the future. (E.g. total assets, capital employed, owner’s equity), originated from the balance sheet.

Answer 25

Return on equity = Net income / Owner’s equity A measure of the company’s performance from the viewpoint of shareholders. It determines the time needed until an investment is returned to the investor. Net income is the profit attributable to shareholders. Their contribution is depicted as owner’s equity in the balance sheet. This makes both figures a natural match.

Answer 26

Return on assets = EBIT / Total assets. Profit earned from all of the company’s assets. Unlike ROE, ROA is not dependent on the capital structure. Total assets is identical to total capital, which is made up of equity and debt. So a matching profit figure should include returns for both the providers of equity and debt.

Answer 27

Return on Capital Employed = EBIT / capital employed Considers only equity and interest-bearing (financial debt). Thus it calculates the yield earned on a capital that requires a return. Same as ROE - having EBIT as a numerator, a measure that includes proceeds to be paid to creditors and owners.

Answer 28

Logical inconsistency that comes from different time dimensions the figures have. Solution: to replace the figures from the balance sheet with more representative figures, like averages from 2 different balances sheets, e.g. one at the beginning and one at the end of a period.

Answer 29

EBIT margin = EBIT / Sales ROA = EBIT / Assets

Answer 30

Total Asset Turnover = Revenues / Total assets. How successful a company generates sales with existing assets. Indicator of asset utilization Business can either start utilizing idle capacity or simply eliminate them.

Answer 31

Fixed Asset Turnover = Revenues / PP&E Company’s ability to generate revenues from investments in non-current tangible assets, in particular PP&E. Since fixed assets are considered net of accumulated depreciation, FAT might also be a signed of fixed asset base.

Answer 32

COGS / Inventory A low turnover may suggest overstocking or obdolescence. A high turnover rates suggest inventory efficiency. Yet management must be careful regarding possible stock shortages.

Answer 33

COGS / Inventory, measures how efficiently management mange inventory. A low turnover may suggest overstocking or obdolescence A high turnover suggests inventory efficiency. However, management must be careful regarding possible stock shortages.

Answer 34

Days sales in inventory. Measures how long it takes on average to sell the inventory. 365 days / Inventory turnover = Inventory / COGS * 365 High DSI shows flexibility (재고가 많으니까 판매 융통성이 크다는측면), but high stock levels may be considered as inefficient.

Answer 35

Days receivables outstanding = Accounts receivables / Sales * 365 A measure for the time it takes on average to collect accounts receivable. DRO only considers credit sales. If a company has both credit and cash sales, the ratio will be diluted by the cash sales (which have a collection period of zero)

Answer 36

Days Payables Outstanding = Accounts payable / COGS * 365 Average time to pay a bill This ratio produces meaningful results only if COGS mainly represents the cost of purchases (for a retailer) or the cost of material (for a manufacturer) and not the entire manufacturing cost.

Answer 37

= working capital cycle Gap between DPO and DRO

Answer 38

Days working capital = DSI (days sales inventory) + DRO - DPO It represents the time a company needs to finance current assets and thus be able to offer its products or services in the market. To bridge the gap: mainly by external funds. Companies often need to pre-finance their operating cycle with capital that must be available simply to ‘keep the business going’.

Answer 39

Total debt ratio = total debt / total asset. This analyzes the composition of the funds on the right side of the balance sheet.

Answer 40

Called ‘gearing’, and reveals how much funding is provided by lenders versus owners. A ratio above 1 means the company employs more debt than equity. The ratio is used in leverage effect formula.

Answer 41

Total assets / Total equity = 1+ Total debt / Total equity = 1 + debt-to-equity ratio. Indication of how leveraged the company is. Shows how much in assets the company finances with its equity.

Answer 42

EBIT / interest expense Measures whether the operating profit is sufficient to cover for the interest charge of the business. Because EBIT is not a measure of cashflow, sometimes investors, analysts, and controllers prefer to add back depreciation and amortization to EBIT (thus EBITDA)

Answer 43

Net debt / EBITDA Tells how long it would take to pay down net debt with current EBITDA. Tells the amount of debt the company has and its ability to redeem it. Any values below 4 are generally considered as fine. Values of 4 to 5 or higher are seen as increasingly dangerous.

Answer 44

Given the formula ROE = net income / owner’s equity, 1. Increase the numerator: sell more goods, and/or cut costs. 2. Decrease the denominator: lower the amount of equity by replacing it with debt. Solving the leverage effect formula for ROE = ROA / equity ratio - interest rate x debt ratio / equity ratio yields ROE = (ROA - interest rate) * total debt / total equity As long as ROA is higher than the interest rate, an increase in leverage will boost ROE.

Answer 45

Since total assets are financed by debt and equity, the return a company makes on its assets must be equal the return on equity plus the return on debt, each weighed by its capital proportion. ROA = ROE * equity ratio + interest rate * debt ratio Because of decrease in net income (the higher the debt, the larger the interest payment), owners must know when the leverage effect trade-off makes sense.

Answer 46

CDR Delivery reliability (in %) = number of items delivered as specified / total number of delivered items x 100 Supply chain cycle (SCC) = Procurement time + production time + internal inventory time + packaging and shipment time —> this ratio measures the time elapsing between placement of an order with the company’s supplier and shipping of the finished goods to the company’s customer. Replacement time: measures the period between triggering of the order for an article and its arrival at the required location

Answer 47

Staff fluctuation rate (in %) = number of employees leaving company in period / average number of employees in period x 100 Absenteeism rate (in %) = number of absenteeism days in period / total number of budgeted working days in period x 100 Employee satisfaction: this is often measured using questionnaires that cover different aspects of employees’ work environment and their satisfaction with these individual aspects.

Answer 48

TPR Productivity = produced output quantity / resource quantity consumed —> this ratio relates an output quality to a resource quality that is consumed in order to produce that output quality Reject rate (in %) = rejected quantity in period / total quantity produced in period x 100 Throughput time = process occupancy time + transition time + idle time —> the time that a product takes between the first work operation and the last work operation is measured.

Answer 49

PCC Customer churn rate (in %) = number of discounted customer in period / number of customers at beginning of period x 100 Click Through Rate (CTR) (in %) = number of AdClicks / number of AdImpressions x 100 Price elasticity of demand = relative change in quantity demanded (in %) / relative change in price (in %)

Answer 50

What are the costs of the other functions along the value chain that are necessary to produce our goods?

Answer 51

What is the expected profit to be earned?

Answer 52

Take the risk of insolvency Risk-averse management Risk-taker mentality

Answer 53

Theory says that the highest performance is triggered when a budget is set at a rather difficult level. Thus, setting the budget at a high level will trigger the highest performance. On the other hand, it must be considered that it will also lead to an adverse budget variance.

Answer 54

Performance x degree of budget difficulty 그려봤을 때, Budgeted performance (budget level) 은 당연히 일직선으로 양의 기울기. Actual performance 와 닿는 점으로부터 y 축으로 쭉 그은선, 최고점으로부터 y 축으로 쭉 그은선을 각각 Expectation budget, aspiration budget이라고함. Aspiration budget - actual performance 사이의 간극을 Adverse budget variance 라고 함.

Answer 55

+ to invoke the highest level of actual performance, budgets should be set as a stretch goal and any adverse variances should be considered normal. - If budgets are set as too difficult, and employees never reach a target, motivation will suffer over time. - Unattainable budgets may motivate people to take short-term unethical actions, such as budget gaming and data manipulation. - When budgets are set too high, planning and coordinating the other aspects of the value chain can become awfully difficult and expensive. —> typical compromise used in business practice is the usage of realistic, but challenging budgets with a reasonable probability of being achieved. This allows for a combination of the planning and coordination function with the motivation function of budgets.

Answer 56

Top-down budgeting: + strategic goals are incorporated in budget + quicker to set up - budgets ex Cathedra may not be accepted by operating managers and employees - no specialized / first-hand market knowledge incorporated. Bottom-up budgeting (participants: line and operating managers only): + ensures line managers’ commitment to meeting the budget + specialized / first-hand market knowledge is incorporated - no alignment with strategic goals - subject to manipulations (e.g. budgetary slack) Participative budgeting: mixture

Answer 57

Budget gaming 1. Budgetary slack: underestimate revenues and overestimate costs to make budgets easily achievable to benefit from bonuses and performance rewards 2. Budget lapsing: 보도블럭 공사. money is spent at the end of a period, just to avoid the budget being cut in the next period. Sometimes, necessary spending is deferred to the next period just to meet this period’s budget.

Answer 58

Info asymmetries / hierarchies / personal interests 1. Budgeting is a process featuring information asymmetries. Information advantages can be used to achieve individual goals. 2. Personal interests of the budget participants may lead to hidden agendas as participants might hide their true intentions in influencing budget goals. 3. Budgets often reflect hierarchies and power in a company and can be highly political leading people to dysfunctional behavior. —> As long as humans are involved in the budgeting process, it is not possible to avoid budget gaming completely. Yet, by getting involved in the budgeting process, managers can mitigate the problem.

Answer 59

1. Automated and fast reporting processes 2. Short reports 3. Connecting performance indicators to strategy 4. Comprehensive performance indicators

Answer 60

Management is the act of getting people together to accomplish desired goals and objectives. Functions: 1. Planning 2. Organizing 3. Commanding and leading 4. Coordinating 5. Monitoring

Answer 61

Accounting denotes the system that records, analyzes, and reports business transactions of a company systematically to provide useful information to its users. Accounting is a system because it comprises various elements that are logically connected: individuals, tools, information An accounting system records business transactions, which is any event that affects the stocks and flows of goods and resources such as inventories and machines.

Answer 62

Is the internal accounting system that supports managers in carrying out management tasks. For efficient utilization of resources, managers need precise information.

Answer 63

Control makes sure that management reaches a desired goal, Management control assists managers in ensuring that a company reaches its strategic goals. Strategy is the sum and combination of all intended activities to bring about a desired future. The most common strategy defined by Michael Porter is cost leadership and differentiation. Management control is a set of activities, systems, and processes by which managers influence other members to implement the company’s strategy.

Answer 64

Operational planning Budget preparation Resource allocation Performance measurement Evaluation and employee compensation

Answer 65

Management control lies where manager and controller intersects. A controller combines business expertise with other technical and analytical competencies from accounting, planning, information processing, and process management.

Answer 66

Is a goal, task or anything a group of people are trying to achieve or accomplish.

Answer 67

1. Define the market: job executor and job to be done 2. Uncover the customer’s needs, tied to the JTBD 3. Quantify the degree to which each need is under/ooverserved 4. Discover hidden segments of opportunity 5. Use the data model to innovate

Answer 68

Identify all the products/ services the customer is using in conjunction with yours Define the JTBD at the correct level of abstraction (e.g. not boil water but prepare a hot beverage for consumption) Don’t ask “what job does my product do”, but ask “what job is the customer trying to get done”

Answer 69

Functional- not emotional Active Free from solution - no technology, product, service or feature (solution agnostic) Free from ambiguity - clear and concise Consistency

Answer 70

Job executor - core functional job - job steps 10-20 job steps 가 rule of thumb

Answer 71

The job map is used to analyze the core job by decomposing it into ideal sequence of steps Generalized Ideal Functional Format follows the rules (solution agnostic, format, no jargon) Active Completeness

Answer 72

Time Stability Output

Answer 73

Are product/service-related jobs that executors need to get done, which are related to the lifecycle of the produce/service. Consumption chain jobs - inform about opportunities to providing new/improved services/products to help customers get these consumption chain jobs done better - can be analyzed at different levels: a priori selected CCJ, full set of CCJ, core functional job with job steps and outcomes

Answer 74

Define how customers want to feel and how they want to be perceived by others when getting the job done. Are stable over time and tied to the JTBD.

Answer 75

Are further functional jobs customers have to get done before, during, or after executing the core functional job. Are stable over time and tied to the JTBD.

Answer 76

Specify what buyers want to achieve from an economic perspective when getting the job done.

Answer 77

It is important to the customer population, but not satisfied by existing solutions.

Answer 78

- CATI/CAPI survey - Online survey - a priori defined sample ensures representativeness of research results. - answers on a 5-point rating scale for importance and satisfaction.

Answer 79

Satisfaction (y) x Importance (x) Overserved needs(왼쪽위): depreciate the focus for cost savings Appropriately served needs(왼쪽바닥): limited growth potential Underserved needs(오른쪽바닥): extreme growth potential Table stakes (오른쪽위): neglecting these needs could quickly have a negative impact on the customers perception.

Answer 80

Demographics Differentiation strategies Needs-based (outcome-based) segmentation

Answer 81

- created solution - for whom? (Executor, customer segment) - to achieve what? (Addressed JTBD and unmet needs) - existing competitive solutions in use? - competitive advantage against existing solution?

Answer 82

-Value proposition -Customer segment -Revenue stream (willingness to pay, financial metrics of customer) -Customer relationship/channel (consumption chain jobs, emotional jobs)

Answer 83

Strength: 1. Often conceptual core for tech strategies 2. Allows insights based on empirical data 3. Can compare different technologies (also across industries) Challenges: 1. Which technologies to select 2. Determining performance measure 3. Determining / and prediction of cumulative R&D expenses 4. What are the max performance levels?

Answer 84

Cost accounting

Answer 85

Costs are administered rather than proactively managed

Answer 86

Cost management Focus: managing cost levels, cost behavior, cost structure

Answer 87

Activity-based costing

Answer 88

Activities Process

Answer 89

Better cost allocation Better cost tracing: focusing on activities rather than cost centers Process-based performance measurement Powerful tools of cost management: help identifying inefficient activities and processes

Answer 90

The goal of maximizing revenue does not necessarily produce profits, as revenue maximization and profit maximization are two different objectives.

Answer 91

The cash budget includes cash inflows and outflows. In many cases, revenues are different from cash inflows, and costs are not necessarily equal to cash outflows.

Answer 92

It must be considered that it will also lead to an adverse budget variance. —> usage of realistic but challenging budgets with a reasonable probability of being achieved. —> planning + coordination function + motivation function of budget

Answer 93

1. Parallel search - gold washing 2. Sequential search - playing golf (친구의 친구의 친구의..)

Answer 94

Most frequent value

Answer 95

Divide the dataset into 4 parts with equal dimensions, sorted in ascending order. First quartile = 25th percentile

Answer 96

= box, whisker diagram A graphical representation of a variable, characterizing its distribution from an aggregated perspective

Answer 97

Represents the frequency distribution of the sorted variable values For continuous data (or sparse data sets), group the data into classes (sturge’s rule - constant k).

Answer 98

Evaluates how much the data are dispersed in relation to the arithmetic mean. The higher the values, the higher the data dispersion.

Answer 99

S: square root of variance —> absolute measures stating variability in the unit of the variable itself. CV: normalized standard deviation —> states variability in relative terms

Answer 100

How much does the objective function value improve if we increase the bottleneck capacity by one unit?

Answer 101

Mixed-integer linear programming (MILP) For new problem, determine upper boundary, And add further constraints until it reaches the lower boundaries…

Answer 102

Static simulations (monte Carlo simulation): representation of system where time does not play a role (all decisions are fixed) Dynamic time-continuous simulations: modeling of systems composed of stocks and flows Dynamic discrete-event simulations: modeling of systems where the state evolves in time based on a series of discrete events

Answer 103

1. Continuous variables Uniform distribution Triangular distribution Normal distribution (Gaussian distribution) Exponential distribution Erlang distribution Gamma distribution 2. Discrete variables Bernoulli-Distribution Poisson-distribution

Answer 104

Data should be representative, so observations over a few hours or days are often not sufficient. Seasonal and structural changes require special attention.

Answer 105

Probability density function Cumulative distribution function

Answer 106

Is the act of responding to a gesture or action with a similar or equivalent one, often seen as a social obligation to return favors or kindness.

Answer 107

Unaware of issue Unengaged by issue Undecided about acting Decided not to act / decided to act Acting Maintenance

Answer 108

Self-efficacy - emotional arousal (I’m nervous before presentation) - symbolic experience (my friend tells me I can do it) - vicarious experience (my classmate has already done it well. Similar person) - mastery experience (I have done this before.)

Answer 109

Middle price is preferred to be chosen.

Answer 110

Libertarian paternalism Libertarian: free Paternalism: Latin for father. Hierarchical relationship with unequal partners. Decision architects try to influence people’s behavior.

Answer 111

Lat. manus agere: to lead by the hand Or mansionem agere: to run the mansion (for the proprietor) Means to make things happen! Consisting of the following: - Organisation - evaluation - communication - motivation - development and promotion of people

Answer 112

Functioning competition requires grid access to be non-discriminatory, transparent, and reasonably priced. Unbundling of transmission grids to establish a clear distinction between grid activities (production and supply)

Answer 113

1. Margin pressure (price declined, overcapacities in power generation and gas exploration) 2. Saturated market —> Turnover stagnation/ decline (emergence of new market participants such as energy traders, brokers, IPPs) 3. Privatizations (sales by municipalities with far-reaching concessions) —> internationalization efforts of foreign utilities, efforts to expand the value chain of major domestic utilities

Answer 114

Plan Pattern (consistent over time) Position Perspective Ploy (intended maneuver)

Answer 115

Perspective schools - design - planning - positioning Descriptive schools - entrepreneurial - learning - cognitive - power - cultural - environmental - configurational (combination)

Answer 116

Prerequisite: strategies are generally Prêt-à-porter options Strength: basis for a number of significant strategy concepts Weakness: narrow perspective

Answer 117

prerequisite: easy and informing strength: easy to understand and apply (e.g. SWOT) weakness: over-simplify the process of strategy formation

Answer 118

prerequisite: after formation, implementation through detailing objectives, budgets, programs and operating plans strength: data provision weakness: creates inflexibility regarding interruptions

Answer 119

Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry

Answer 120

Know your consumer needs and wants Cost Convenience Communication

Answer 121

product, price, place, and promotion

Answer 122

Growth potential y x (relative market share) x Gh, Sh: Question marks (zero or negative profits) Gh, Sl: Stars (high profits) Gl, Sh: Poor dogs (dispose) Gl, Sl: Cash cows

Answer 123

RAT Relevant Appropriate Transferable

Answer 124

Decarbonization, Decentralization (less performance of plants, constructed outside of the load centers, prosumers), Digitalization (importance of data analytics)

Answer 125

Never ending annuity or a constant cash flow that continues forever. PV = C / r E.g. 상속

Answer 126

Never ending annuity that grows over time by g% p.a. PV = C / (r-g)

Answer 127

PV= C / r * ( 1 - (1+g)/(1+r)^T )

Answer 128

PV = C / (r-g) * ( 1 - (1+g)/(1+r)^T )

Answer 129

Goodwill 영업권, 동일업종 타기업에 비해 초과수익 올릴 수 있는 능력. M&A 시 asset 계정. 영세점포의 권리금 같은 개념. 영업권의 수명은 무한대이고 상각하지 않는게 원칙이지만, 손상 발생시 (Impaired) 차감. 그리고 제한적인 비용처리를 위해서 “감액상각“ (Impairment)을 함. 즉, 주기적으로 떨어내는게 아니라 한번에 함. 그리고 인수합병시엔 상각 않고 그냥 둠 - 실적 낮아보이니까.

Answer 130

A provision allowing a tax payer to move a tax loss to future years to offset a profit.

Answer 131

Before or after deduction of liabilities

Answer 132

Single value method (substantial value method) - asset values - replacement values - liquidation revenues (market to market) Total value method - market value of own or comparable company (public market method) - comparable company disposals (merger market method) - income method (cash value of expected surpluses) - DCF

Answer 133

+ objective (assets from the balance sheet) - past oriented, cost-based - no intangible assets - hidden revenues (lowest value principle): resulting from undervaluation

Answer 134

+ current replacement values taking into account age due to impairment (less liabilities) + consideration of intangible assets - subjective, if no market exists - determination of actual value assumption (value based on current value of the investments. I.e., initial investment and current depreciation)

Answer 135

Sales revenue of individual assets at current market prices (less liabilities)

Answer 136

Sales revenue of a comparable company. Value can be set via a transaction.

Answer 137

Current market value after listing. Market value corresponds to the enterprise value.

Answer 138

Market- oriented and resource-oriented parts

Answer 139

4 main components from resource-based perspective: - resources - competencies —-> central elements - value preposition - organization * external factors not considered.

Answer 140

1. Summary 2. Founding persons 3. Business idea 4. Industry and market 5. Marketing 6. Organization / employees 7. Legal form 8. Chances / risks 9. Financial planning and funding 10. Documents

Answer 141

1. Detailed & decentral 2. Energiewende becomes more European (cross border) 3. Convergence of systems and markets: electricity, heat, e-mobility… merge 4. Customers as partners (prosumerism)

Answer 142

Power generation - utility - grid operator - customer Exchange Metering point operator

Answer 143

1) PV&Wind의 확장은 그들의 peak gen이 증가한다는것 뿐 아니라, full load hours of thermal power plants decrease. 2) comparably high marginal, but low investment cost. e.g. gas turbine, gas engine 3) PV&Wind --> electrolyzer --> compressor --> storage --> turbine --> electricity & heat recovery

Answer 144

Demand Side Management 1. implications 1) 수요 자체가 준다는건 back up capacity가 줄어든다는거고, curtailment도 줄어든다는 것임 2) capacity utilization of thermal power plants can be increased. 3) Security of supply increases. 2. 특징 1) DSM은 주로 by financial incentives, education 2) Load shedding, load shifting 이 목적.

Answer 145

Load shedding: - uppeak, downpeak 완화시키기 - in basic industry, widely used. Load shifting: peak 가라앉히기 - service/ domestic home sector에서 low importance로 작동.

Answer 146

1. 몇시간만 가능. otherwise endangers production facilities 2. viable for balancing short-term RES-E shortage 3. not viable for long lasting poor wind situation 그러나 wind turbine은 such limitations가 없다는점.

Answer 147

mechanical wood pulp, aluminium electrolysis, chlorine electrolysis, electric arc furnace 등

Answer 148

DSM 공통적으로 - investment: installation of smart pool, measurement, control, comm, tech -fixed costs: IT, transaction, controlling costs - variable costs: additional labor, material, O&M costs, opportunity costs for production shortfall 1. load shedding 비용 특징 low investment, high variable costs (activation leads to production/ profit loss) 2. load shifting 비용 특징 high investment cost, low variable cost (activation has almost no influence on client benefits)

Answer 149

1. DSM economies depend on wholesale power price level (load shedding) and volatility (load shifting) 2. Load shedding은 basic industry에서 어쨌든 쓰이는거긴 함. 근데 peak shaving은 가격 비싸면 grid charge optimization 측면에서 조정하는거니까, 시스템 안정 측면에서 바라봐야한다. 3. retail 수요는 실시간으로 등록이 안될뿐더러 소비자는 가격에 민감하지 않으니 (scarcity fear, scarcity-driven) 스마트 미터를 roll-out 해야한다.

Answer 150

1) primary energy storage - 한번씩만 충방전. - e.g. fossil fuels, one way batteries 2) secondary energy storage - 여러번 충방전. - e.g. batteries, pumped storage plants

Answer 151

1) intra-sectoral storages - 충방전이 전기/heat/traffic 등 한군데서만. - e.g. pumped storage as classical electricty storage, hot water tank as heat storage 2) inter-sectoral storages - 충방전이 uni- or bidirectional operating possible. - e.g. night storage heater, power-to-heat (electricity unidirectional stored in the heat sector)

Answer 152

1) electrical - condenser, coils 2) chemical / electro-chemical - power to gas (hydrogen, methane) - power to liquid (liquid fuels) - power to chemicals (chemical basic material) - batteries (lead, lithium, redox-flow, etc) 3) mechanical - pumped storage - compressed air (potential energy) - flywheel mass storage (kinetic energy) 4) thermal - sensible heat storage - latent heat storage - thermochemical heat storage

Answer 153

1) short term storage - second, minutes, hours, day storage 2) long term storage - week, month, seasonal

Answer 154

high power -------------------- high energy second min hours/days 적용사례 second - load control - frequency control min - black start capability - uninterruptible power supply hours/ days - island grids - peak shaving - E-vehicles

Answer 155

The pump and turbine unit are attached to a reversible electric generator/motor system. When demand for electricity is high, water flow is reversed and the accumulated water in the upper reservoir is released towards the lower reservoir, passing through the electricitygenerating turbine system. The electricity generated is then fed into the grid

Answer 156

장 - established technology with high technical maturity and extensive operational experience - very low self-discharge - reasonable round trip efficiency - large volume storage and long storage periods are possible - low energy installation costs - good start/ stop flexibility 단 - geographic restrictions - low energy density - high intial investment costs, long construction period - environmental concerns

Answer 157

배터리 ---(DC) --- 인버터 & BMS ---(LV AC) --- 트랜스포머 ---(MV AC) --- 케이블 --- 그리드

Answer 158

Battery cell - module - panel - & PCS - battery system 2h에 인버터 1, 트랜스포머1, 배터리 2 4h에 인버터 1, 트랜스포머1, 배터리 4 요즘은 1컨에 4-5MWh

Answer 159

Grid expansion lowers regularly capacity needs between connected regions via portfolio effect. Portfolio effect is true if regional peak load is not at the same time, and it is highest when regional load figures are not correlated. For example between countries with lower winter peak (DE) and summer peak (IT).

Answer 160

TWh/ hour = TW니까 TWh/ 8760hours * 1000 = GW나옴

Answer 161

1. politically driven 2. energy system to a sustainable one

Answer 162

providing capacity whenver needed, especially in times of peak load

Answer 163

providing necessary ramps to balance short-term demand changes + forecast errors, plant outages

Answer 164

1% - 6%, hypothetically 14% (when wind and load are redistributed over Europe)

Answer 165

1. base load plants: must-run, nukes, lignite, CHP (combined heat and power) 2. mid merit plants: hard coal 3. peak load plants: gas, oil, PSP (pumped storage plants)

Answer 166

load - PV production - wind production

Answer 167

Conventional power plants provide inertia via heavy rotating equipment such as steam turbines and gas turbines, driving & rotating generators. The stored energy in the rotating mass of conventional power plants prevents for heavy very short-term frequency drops and gives the system the necessary seconds to react, by activating the traditional frequency control reserve. Wind --> frequency converter between the wind turbine and electricity grid prevents the kinetic energy of the wind turbine's rotating mass from providing inertia during periods of frequency change.

Answer 168

1. fast frequency response provided e.g. by batteries: activation in some 100ms and full activation in <=1s. 2. synthetic inertia provided e.g. by batteries with so-called grid forming inverters

Answer 169

*정의: electricity is traded prior to its supply to end customer. = 'sales for resale' market. *Completion: physical (delivery in the accounting grid) or financial (e.g. options) transactions *Maturity: - spot: delivery next day "day ahead", next hours "intraday" - forward: delivery in future - year, quarter, month *Products: - schedule: no standardized product - spot: hourly DAH, quarter hourly ID products, block of hours - forwards: base, peak *Marketplaces: - stock exchange (spot or forward) - OTC brokered or bilateral

Answer 170

The clean spark/dark spread reflects (or at least has been seen in former times with small RES penetration as) the theoretical marginal income of a gasfired/coal-fired power plant. 왜냐면 수식이 base price - fuel cost - co2 cost인데, base price 의 풀 자체가 작아졌으니까. 예전에는 spark spread가 peak price보다 50 높으면 거래하겠다 말할수 있었는데 지금은 base load자체가 낮기 땜에 의미가 퇴색됨.

Answer 171

* daily highest- lowest price difference * mean absolute deviation 'e' * variance s'^2 * standard deviation 's' *variation coefficient 'v' = s / x --> percentage of the standard deviation against the average. inflation 땜에 3% 오르면 분모 분자 다 3%씩 오른값이니까 inflation factor 제거하고 고려할 수 있음. * base - peak load spread in euros or in percentage * number of price peaks (>300, 150, 75 euros) per year * number of negative prices per year

Answer 172

Generation이 많아져서 50Hz 넘어가면 positive balancing energy is used. 반대는 negative balancing energy is used. max deviation은 1 Hz.

Answer 173

1. 지금은 terminated. 예전에 TSOs were obliged to run weekly tenders for deferrable load (max 3 GW). TSO가 줄이라면 줄일 수 있는, 그리고 MV 나 HV에 연결된 one or more power consumers 대상. 2. Double marketing 가능: deferrable load provision and ancilary service market 둘다참여 가능. 다만, DAH 가격이 200EUR/MWh 이상일때만 capacity price grant 가능. 3. 참여자 min 5MW, 대응은 350ms 자동대응 또는 15분 내에 TSO가 제어할 수 있음. 4. min availability 82% 유지 during the given duration (min. 4.5h - max 32.5h, 일주일에 한번은 16.5h at a stretch) 의무. unavailabilities have to be reported. 5. capacity price max는 500EUR/MW, energy price max 는 400EUR/MWh.

Answer 174

Energy only market에서 power plant의 유일한 income stream은 energy market임. capacity market opens an additional income stream: the power plant operators are paid for the provision of firm capacity. 근데 energy only market에서는 peak load때 price peaks를 감당해야 하고, capaciy market은 capacity price가 나가니까 결국 result는 이론적으로 똑같다. 다른말로 하면 capacity market 디자인은 forecast of peak demand를 기반으로 한다는 것. Proponents of capacity markets argue that CM income provides higher countability for power plant operator compared to erratic price peaks. Opponents aregue that market players can deal with stochastic price risks.

Answer 175

1. Demand quantity: secretary of state fixes capacity target (= required capacity to meet a loss of load expectation of 3 hours per year). Target amount to be split into t-4 and t-1 auction. 2. Supply quantity: bidder nominates its own connection capacity. This numbre will be de-rated centrally. 3. DSR: t-1 auction 은 DSR capacity를 위해 중요하다 (t-4에 참여하기는 어려운데, active participation을 장려하려면) 4. Auction frequency: Will be run over 4 days with 4 rounds per day. Price decrements 5GBP per auction round. Bidder has to declare whether price taker (bid below defined threshold) or price maker. 5. Contracts: new plants 는 15년, existing plant는 1년, refurbished plant는 3년. 6. Secondary market: physical trade of obligations 는 delivery 1년 전부터 가능. (precondition: additional unencumbered pre-qualified capacity). Private financial hedging은 at any point 가능. 7. Delivery and penalties: - successful bidders are obliged to 'load following' (when a stress event, i.e. the total demand is at 70% of anticipated peak, they have to deliver 70%). - capacity market warning is issued at least 4 hours in advance of any anticipated stress event by system operator. - penalties are capped at 200% of monthly payments and up to 100% of annual payments. 8. Payment: - cost of capacity recovered from suppliers according to their share of peak demand. (전력공급자에게 전가됨. peak demand에 사용하면 더 많은 비용을 proportionally 지불하도록. 결국 최종소비자가 내는돈) - penalties returned from capacity providers to suppliers according to their share of peak demand. (이것도 전력공급자에게 전가된다는 뜻. peak demand를 커버하기 위해 비용을 썼을테니 그걸 compensate 하는)

Answer 176

Cost of New Entry (net-CONE) key anchor point for the CM demand curve, by providing an estimate of CM revenue requirements of a new entrant. therefore, setting the level of net-CONE requires: refernece technology (i.e. the likely new entrant technology of choice), costs of this technology and its expected operating performance.

Answer 177

MP = AW (maximum remunerataion) - MW (monthly market value)

Answer 178

If too many RES-E installations (exceeding the maximum load), a county is a DSA development area. DSO component xx ct/kWh Wind and PV are added to the bidding value for projects in these areas.

Answer 179

석탄발전과 신재생 발전비용이 같아지는 시점. Point in time at which a decentral technology located directly with the customer can produce electricity for the same cost as customer's electricity retail tariff. If grid parity is reached, a successive market penetration of the new technology for prosumers would be expected. But this is just true, if: 1. taxes and charges can be at least to a large extent be indeed avoided (often not the case) 2. the decentral production technology allows for a high own consumption share (with intermittent sources like PV not the case)

Answer 180

increasing charges, levies and taxes --> 그러므로 optimization of self consumption gets increasingly attractive.

Answer 181

possibility to connect a PV with a capacity corresponding to their consumption, to their own system or grid, for their own or for on-site consumption and feeding the non-consumed electricity to the grid and receiving value for it.

Answer 182

A simple biling/calculation arrangement that ensures consumers who operate PV systems receive credit for any electricity their systems generate and inject to the grid in excess of the amount consumed within a biling/calculation period. PV Gen 1000kWh - 내 consumption 1000kWh = 내 소비는 0kWh입니다 가 net metering. excess를 다시 grid로 보내는게 독일은 불가능.

Answer 183

1. Maximum 2. Maximum with transformation to high voltage 3. High 4. High with transformation to medium 5. Medium 6. Medium with transformation to low 7. Low Each of them has different, individually calculated grid charges.

Answer 184

capacity payment는 연단위로, peak load * capacity price로 부과된다. 즉, peak load 1MW 줄일때마다 capacity price 단위만큼 절약할 수 있는 것.

Answer 185

Every possible asset combination can be plotted in a risk-return space, 젤 중간이 MVP (mean-variance portfolio). 오른쪽으로 치고나가는 부분을 efficient frontier라고 하고, 왼쪽으로 꺾여나가는건 inefficient. (x축 standard deviation, y축 value 그래프에서 선반형)

Answer 186

(target - return)^2 적분한담에 log 그래프... 곱해서 루트씌운값. random values의 variance 누적. LPM, lower partial moment 라고 부르기도 함. x LPM y return으로 그래프그리면 mean variance는 수직으로 오른쪽, downside risk는 수직으로 왼쪽에 위치.

Answer 187

capital asset pricing model 1) pricing an individual security or a portfolio. 2) enables the calculation of reward-to-risk ratio for any security than 마켓전반적 수준. x축에 베타, y축에 expected return으로 그래프그리면 x=0지점이 risk-free rate. * Security market line (SML) and its relation to expected return and systematic risk (beta). ** when the expected rate of return is deflated by its beta coefficient, the reward-to-risk ratio for any individual security in the market is equal to the market reward-to-risk ratio. (beta땜에 줄어들면 market으로 인한 risk premium이 없다)

Answer 188

Cov(Ri, Rm) / Var(Rm) Sensitivity of the asset returns to market returns

Answer 189

Rf + b * ( (E(Rm) - Rf)

Answer 190

Instruments to manage the price risk. Value of the derivative is derived from an underlying asset. Forward / Option으로 나뉨

Answer 191

Non-confidential Obligation to buy/sell the underlying asset High flexibility Credit risk

Answer 192

Confidential 항상 exercise 되는건 아님

Answer 193

Short - seller Long - buyer

Answer 194

Contango: price p > actual spot price Backwardation: price p < actual spot price

Answer 195

1) standardized contracts 2) high fungibility, liquidity 3) daily valuation (mark-to-market) 4) In large part, futures contracts do not result in a physical exchange of the commodity <--> forwards --hence, serve mainly for financial hedging of futures transactions 5) low credit risk 6) inflexible

Answer 196

x 축은 spot price at maturity date y 축은 P&L 그럼 straight line with slope -1 (이미 정해진 가격으로 팔거니까 만기 때 가격이 오르면 seller는 손해인것)

Answer 197

futures forwards

Answer 198

storage-, financing-, insurance and potential transport costs during the contract duration

Answer 199

advantage you have by owning the physical good in comparison to the ownership of a corrdsponding futures contract. e.g. 가스는 demand seasonality가 심하니까 low capacity of storage는 higher convenience yield 를 유도함.

Answer 200

fluctuating futures!

Answer 201

short hedging은 더 잃기전에 p > spot price long hedging은 더 올라가기전에 p < spot price

Answer 202

call/put은 option (권리)이고 long/short은 position. long put 하면 buyer의 seling option short call하면 seller의 buying option call - buying, put - selling (cb ps)

Answer 203

Spot price, Exercise price 옵션행사가가 Spot 보다 낮으면 (SP > EP), call option은 살권리니까 in the money put option은 팔권리니까 out of the money

Answer 204

Intrinsic value + time value intrinsic value: value to which an option is in the money, value of an option if it'd be excercised immediately time value: value resulting from the fact that the option could develop deeper 'into-the-money' until T

Answer 205

Bilateral, private, contract fixing the exchange of future payment flows (no delivery of any physical good). Basic form = Plain-Vanilla Swap ('floating' price 1개) - Short-Swap: Bought to hedge against price decrease - Long-Swap: Bought to hedge against price increase Other forms: floating-for-floating swap (floating price 2개이상)

Answer 206

computer simulations used to study the interactions between people, things, places, and time. They are stochastic models built from the bottom up meaning individual agents (often people in epidemiology) are assigned certain attributes. e.g. traffic jam이 어떻게 발생하나 시뮬레이션

Answer 207

통계학적인

Answer 208

price caps: increasing 방지니까 a sequence of different long call options price floors: decreasing 방지니까 a sequence of different long put options

Answer 209

- product risk: underlying is not 100% identical to the physical commodity which has to be hedged - temporal: trading period of the futures contract is not identical to the period of the physical trade - locational: Prices of a commodity can vary between different regions. In the energy sector the locational basis is of relatively high importance because transport often is very expensive (i.e. electricity, natural gas)

Answer 210

Meshed (v=1.5) Power supply security: high Investment cost: high (Cable 많음) Losses: low Protection: complex Voltage stability and quality: high Network restoration after blackout: complex Unmeshed network of v<1 Power supply security: lower Investment cost: lower Losses: higher Protection: simpler Voltage stability and quality: lower Network restoration after blackout: simpler

Answer 211

1. power to heat: flexible CHP 2. power to gas: storage technology 3. power to gas: electricity storage 4. power to gas: heat storage 5. power to gas: fuel for electricity 6. electromobility 7. power to liquid: fuel for electricity

Answer 212

Feed-in / Consumer / Corresponds to 1. Transmission grid (220/380kV), power plants 200/1600MW --- Highest voltage (neighbor grids) --- Autobahn 2. Trans-regional distribution grid (60/110kV), power plants 20/200MW --- High voltage (large-medium scale indsustry --- Federal roads 3. Regional distribution grid 1/60kV, power plants 0.5/20MW --- Midium voltage, small scale industry --- community roads 4. Local distribution grid 230/400V, power plants <0.5MW --- low voltage, trade and business households --- play streets

Answer 213

inverter: DC --> AC rectifier: AC --> DC

Answer 214

Frequency Containment Reserve (FCR) = primary reserve, 30s Automatic frequency restoration reserve (aFRR) = secondary reserve, 5 min Manual Frequency Restoration Reserve (mFRR) = tertiary reserve, 12.5min Possibily RR (depending on dispatching approach of specific TSO), 60min

Answer 215

HVAC (220kV) HVDC symmetric monopile (320kV) HVDC symmetric bi-pole with metallic return (525kV) HVDC rigid bi-pole HVDC rigid bi-pole with bypass

Answer 216

Curative operation will play an important role. i.e.counter-measures need also to be initiated after the failure. This requires additional SCADA and EMS functions, esp, Closed loop functions, e.g.the SCOPF (Security constrained optimal power flow (SCOPF) for integrated contingency analyses) can automatically activate remedial actions like phase-shifting transformers (PSTs - voltage가 같은 transformer just to control reactive power) or grid boosters (grid stability 위해 자동으로 참여하는 large scale ESS들. electrolyzer gen과도 연관가능)

Finance x Mgmt x Network 넘사벽 강자 🥷🏻 Flashcards

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