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Giá Mua (VAT)
Giá Mua (VAT)
Khấu hao theo số dư giảm dần kết hợp đường thẳng (VDB)
Factor
Năm 0 1 2 3 4
Nguyên giá 203 203 203 203 203
Giá trị còn lại đầu kỳ 203 203 121.8 73.08 43.848
Khấu hao trong kỳ $81.20 $48.72 $29.23 $21.92
Giá trị còn lại cuối kỳ 203 121.8 73.08 43.848 21.924
Khấu hao theo số dư giảm dần kết hợp đường thẳng (VDB)
Hệ số 2
Năm 0 1 2 3 4
Nguyên giá 2,665.96 2,665.96 2,665.96 2,665.96 2,665.96
Giá trị còn lại đầu kỳ 2,665.96 2,665.96 1,599.57 959.74 575.85
Khấu hao trong kỳ 1,066.38 639.83 383.90 287.92
Giá trị còn lại cuối kỳ 2,665.96 1,599.57 959.74 575.85 287.92
BT LÃI VAY
Số tiền vay 450 triệu
Thời hạn vay 4 năm
Lãi suất 14% /năm
203
13.53333333
$13.53
0
5
203
26.3088
$10.52
15.78528
5
203
21.924
$21.92
0
5
4582.7
916.54
$916.54
0
5
4582.7
305.5133333
$305.51
0
5
4582.7
593.91792
$237.57
356.350752
5
2,665.96
533.19
533.19
0.00
5
2,665.96
177.73
177.73
0.00
5
2,665.96
345.51
138.20
207.30
5
2,665.96
287.92
287.92
-
Năm 0
Dư nợ đầu kì
Vay trong kì 450
Tổng trả nợ
- Gốc
- Lãi
Dư nợ cuối kì 450
310.032072
1000000000
10
Lai 3nam dau 7%
2 nam tiep 8%
con lai 10%
Gop deu va goc deu
Năm 0 1
7%
Dư nợ đầu kì 1000000000 1000000000
Vay trong kì
Tổng trả nợ $142,377,502.73
- Gốc $72,377,502.73
- Lãi $70,000,000.00
Dư nợ cuối kì 1000000000 $927,622,497.27
BAI 2.1
Diacount 10% 500
Cash flow 500 5
Year 5 1895.39
present value $310.46
BAI:2.2
a)
year 10
Initial investment 4000000
Annual Cash Flows 500000
Project Life 10
Rate of return 4.28%
Cash flow cau a)
b) -4000000
Project life Cash flow b) 500000
0 -4000000 500000
1 500000 500000
2 500000 500000
3 500000 500000
4 500000 500000
5 300000 500000
6 500000 500000
7 500000 500000
8 500000 500000
9 500000
10 500000
11 500000
12 500000
13 500000
14 500000
300000 o nam 5 do da mang 200000 ik dau tu
(-4000000 o nam 0 do do la tien dau tu vao)
triệu
năm
/năm
2 3 4
337.5 225 112.5
1 2 3
450 358.557847524884 254.313793703253
1 2 3
450 450 450
63 63 63
450 450 450
1 2 3
450 450 450
2 3 4 5
7% 7% 8% 8%
$927,622,497.27 $850,178,569.35 $767,313,566.48 $680,356,291.22
2 3 4 5
900000000 800000000 700000000 600000000
170000000 170000000
100000000 100000000 100000000 100000000
70000000 70000000 80000000
800000000 700000000 600000000 500000000
1 2 3
$154.44
$135.48
$18.97
0
4
450
450
63
0
4
450
760.032072
450
310.032072
0
6 7 8 9 10
10% 10% 10% 10% 10%
$586,442,433.93 $485,390,348.02 $374,233,053.51 $251,960,029.56 $117,459,703.21
6 7 8 9 10
500000000 400000000 300000000 200000000 100000000
4 5 6 7 8
9 10
FCF=(sales - GOGS - Operating expenses - Depreciation)*(1-T) + Depreciation - change in NWC
a/
2014 2015
Sales 12,211.00 13,368.00
COGS $ (9,755.00) $ (10,591.00)
Operating expenses $ (704.00) $ (698.00)
Depreciation $ 794.00 $ 871.00
tax 40% 40%
Changes in NWC 102.00 $ (430.00)
CAPEX 875.00 1,322.00
FCF $ 391.80 $ 703.80
2.7/
Revenues(curent) 9000000
Incremental Revenues 10%
CAPEX for year 0 1860000
Capex for years 1-5
Main 120000
Depreciation 5
Depreciation expenses 372000
Tax rate 30%
Discount Rate 9%
Year 0 1 2 3
incremental 900,000.00 900,000.00 900,000.00
COGS
Operating expenses 120,000.00 120,000.00 120,000.00
Depreciation 372,000.00 372,000.00 372,000.00
Tax 30% 30% 30% 30%
Change in NWC
CAPEX 1,860,000.00
FCF (1,860,000.00) 657,600.00 657,600.00 657,600.00
NPV $697,834.67
IRR 23%
9% ma sinh loi 23% -> should invest
NPV > 0 -> should invest
2.8)
Invesment 55000
training cost 10000
Installation 6000 hour/year
Insrallation cost 25 an hour
Reduce time 25%
upgrades cost 15000 per year
Tax rate 30%
Cost of capital 9%
Year 0 1 2 3
incremental revenue 37500 37500 37500
COGS
Operating expenses 15000 15000 15000
Depreciation
Tax 30% 30% 30%
Change in NWC
CAPEX 65000
FCF -65000 15750 15750 15750
NPV ($3,737.99)
IRR 7%
Khi FCF nam 0 la dau - thi de +B67
NPV<0 & IRR< cost of capital -> shouldn't invest
iation - change in NWC
2019 2020
1768.6328 1945.49608
$ (438.80) $ (338.80)
40% 40%
100 100
1000 1000
$ 399.98 $ 406.10
4 5
900,000.00 900,000.00
120,000.00 120,000.00
372,000.00 372,000.00
30% 30%
657,600.00 657,600.00
4 5
37500 37500
15000 15000
30% 30%
15750 15750
Tax 25%
Fix 34000000
900000000
700000000
Year 0 1 2 3
Cross PPE 734000000
DA $104,857,142.86 $104,857,142.86 $104,857,142.86
year 0 1 2 3
Cross PPE 1000000000
DA $100,000,000.00 $100,000,000.00 $100,000,000.00
Tong kh $204,857,142.86 $204,857,142.86 $204,857,142.86
kh con lai
Year 0 1 2 3
price per pound
Sale
Unit
COGS
Operating cost
Variable cost
Fix cost
DA
EBIT
Tax
Salvage PPE
Change in NWC
Delta NWC
CAPEX
FCF
NPV
IRR
Doanh thu
0 1 2 3
Tổng SL
SL DO
DG DO
SL FO
DG FO
SL A92
DG A92
sl 175000 16000
DO 70000 16000
FO 17500 17500
A92 87500 24000
4 5 6 7
4 5 6 7 8
4 5 6 7
4 5 6 7
9 10
$100,000,000.00 $100,000,000.00
$300,000,000.00
EX1
Salvage 5000
Purchase cost (CAPEX) 250000
Installation cost 10000
Reduceing operating cost 70000
DA (investment) straight-line 10 year Doanh thu la 70000 vi nos giam thif nh
DA (refurbishing) straight-line 5 year
upgrades cost 100000
Tax rate 30%
Cost of capital 12%
Year 0 1 2 3
SALE 70000 70000 70000
COGS
Cross profit
Operating expenses
DA 26000.00 26000.00 26000.00
Tax 30% 30% 30%
Salvage PPE
Change in NWC
EBIT 44000.00 44000.00 44000.00
CAPEX 260000
FCF -260000 56800 56800 56800
NPV $17,589.57
IRR 13.61%
Should investment
Depreciation Table
DA (refur)
EX2
investment 600000
incremental revenues 1.5
Project life 5 year
DA straight-line
unit 100000 25%
Tax rate 30%
discount rate 15%
a)
Year 0 1 2 3
Unit 100000 125000 156250
Revenues 150000 187500 234375
COGS
Operating expenses
Depreciation $120,000.00 $120,000.00 $120,000.00
EBIT $30,000.00 $67,500.00 $114,375.00
b)
year 0 1 2 3
EBIT $30,000.00 $67,500.00 $114,375.00
DA $120,000.00 $120,000.00 $120,000.00
Tax 30% 30% 30%
change nwc
capex 600000
FCF -600000 $141,000.00 167250 200062.5
NPV $63,803.72
IRR 18.87%
c)
Year 0 1 2 3
Unit 75000 93750 117187.5
Revenues 112500 140625 175781.25
COGS
Operating expenses
Depreciation $120,000 $120,000 $120,000
EBIT ($7,500.00) $20,625.00 $55,781.25
year 0 1 2 3
EBIT ($7,500.00) $20,625.00 $55,781.25
DA $120,000.00 $120,000.00 $120,000.00
Tax 30% 30% 30%
change nwc
capex 600000
FCF -600000 114750 134437.5 159046.875
NPV ($71,977.81)
IRR 10.36%
Shouldn't investment
d)
growth 0.2 per unit
Year 0 1 2 3
Unit 100000 125000 156250
Revenues 150000 187500 234375
COGS
Toxic expenses $20,000.00 $25,000.00 $31,250.00
Depreciation $120,000.00 $120,000.00 $120,000.00
EBIT $10,000.00 $42,500.00 $83,125.00
b)
year 0 1 2 3
EBIT $10,000.00 $42,500.00 $83,125.00
DA $120,000.00 $120,000.00 $120,000.00
Tax 30% 30% 30%
change nwc
capex 600000
FCF -600000 $127,000.00 149750 178187.5
NPV ($8,613.10)
IRR 14.46%
nh thu la 70000 vi nos giam thif nhu la doanh thu
4 5 6 7 8
70000 70000 70000 70000 70000
$120,000.00 $120,000.00
$172,968.75 $246,210.94
4 5
$172,968.75 $246,210.94
$120,000.00 $120,000.00
30% 30%
241078.125 292347.65625
4 5
146484.375 183105.46875
219726.5625 274658.203125
$120,000 $120,000
$99,726.56 $154,658.20
4 5
$99,726.56 $154,658.20
$120,000.00 $120,000.00
30% 30%
189808.59375 228260.7421875
4 5
195312.5 244140.625
292968.75 366210.9375
$39,062.50 $48,828.13
$120,000.00 $120,000.00
$133,906.25 $197,382.81
4 5
$133,906.25 $197,382.81
$120,000.00 $120,000.00
30% 30%
213734.375 258167.96875
9 10
70000 70000
46000.00 46000.00
30% 30%
5000
24000.00 24000.00
62800 66300
9.00 10.00
26000.00 26000.00
20000.00 20000.00
46000.00 46000.00
B1
Cost 760000
Depreciation Straight-line
Project life 5 year
tax 30%
Cost of capital 9%
Saving 250000 per year c)
Depreciation table
Năm 0 1 2
Nguyên giá (cross ppe) $760,000.00
DA (investmetn) $152,000.00 $152,000.00
Year 0 1 2
SALE 250000 250000
COGS
Operating expenses
EBIT(1-T) 68600 68600
DA $152,000.00 $152,000.00
EBIT $98,000.00 $98,000.00
Tax (30%) 30% 30%
Salvage PPE
Change in NWC
CAPEX 760000
FCF -760000 220600 220600
NPV 404893.90
IRR 13.85%
Should investment IRR>9%
C)
Year 0 1 2
SALE 200000 200000
COGS
Operating expenses
EBIT(1-T) 33600 33600
DA $152,000.00 $152,000.00
EBIT $48,000.00 $48,000.00
Tax (30%)
Salvage PPE
Change in NWC
CAPEX 760000
FCF -760000 185600 185600
NPV -38080.73
IRR 7.05%
shouldn't investment
B2:
investment 4000000
Project life 5 year
Depreciation straight-line 5 year
Salvage 10% Tax rate
Operating expenses 45% Sale
DA life 500% working capital in ye
fix cost 1000000
variable cost 45% revenue
r 15%
Năm 0 1 2
Nguyên giá (cross ppe) 4000000
DA $800,000.00 800000
Salvage
Year 0 1 2
price per pound 2 2
Sale 2000000 3000000
Unit 1000000 1500000
COGS
Operating cost 1900000 2350000
Variable cost 900000 1350000
Fix cost 1000000 1000000
DA 800000 800000
EBIT -700000 -150000
Tax 38% 38% 38%
Salvage PPE
Change in NWC 200000 300000 750000
Delta NWC 200000 100000.00 450000.00
CAPEX 4000000
FCF -4200000 266000 257000
NPV $419,435.25
IRR 18%
Year 0 1 2
price per pound 2 2
Sale 2000000 3000000
Unit 100000000% 1500000
COGS
Operating cost 1900000 2350000
Variable cost 900000 1350000
Fix cost 1000000 1000000
DA 800000 800000
EBIT -700000 -150000
Tax 0.38 0.38 0.38
Salvage PPE
Change in NWC 200000 300000 750000
Delta NWC 200000 100000 450000
CAPEX 4000000
FCF -4200000 266000 257000
NPV 419435.247624313
IRR 0.180128959300073
B3:
unit price 125
Variable cost 75
fixed cost 250000
expected sales 10000
initial outlay 1000000
project life 10 years
DA straight-line
discount rate 10%
tax rate 34%
Best case
Year 0 1 2
Gross PPE 1000000
DA $100,000.00 $100,000.00
Salvage
Quality 11000
Unit price 137.5
Sale 1512500 1512500
COGS
Operating cost 967500 967500
Variable cost 742500 742500
Fix cost 225000 225000
DA 0 100000 100000
EBIT 445000 445000
Tax 34% 34%
Salvage PPE
Change in NWC
Delta NWC
CAPEX 1000000
FCF -1000000 393700 393700
NPV 1419116.06951593
IRR 38%
Worse case
Năm 0 1 2
Quality 10000
Unit price 125
Sale 1250000 1250000
COGS
Operating cost 250075 250075
Variable cost 75 75
Fix cost 250000 250000
DA 100000 100000
EBIT 150000 150000
Tax 34% 34%
Salvage PPE
Change in NWC
Delta NWC
CAPEX 1000000
FCF -1000000 199000 199000
NPV 222768.854035231
IRR 15%
Năm 0 1 2
Quality 9000
Unit price 112.5
Sale 1012500 1012500
COGS
Operating cost 1017500 1017500
Variable cost 742500 742500
Fix cost 275000 275000
DA 100000 100000
EBIT -5000 -5000.00000000012
Tax 34% 34%
Salvage PPE
Change in NWC
Delta NWC
CAPEX 1000000
FCF -1000000 96700 96699.9999999999
NPV -443102.396966194
IRR -1%
20%
3 4 5
3 4 5
250000 250000 250000
3 4 5
200000 200000 200000
3 4 5
3 4 5
2.5 2.5 2.5
7500000 8750000 5000000
3000000 3500000 2000000
3 4 5
2.5 2.5 2.5
7500000 8750000 5000000
3000000 3500000 2000000
3 4 5 6 7 8
3 4 5 6 7 8
3 4 5 6 7 8
0 0
9 10
$100,000.00 $100,000.00
1512500 1512500
967500 967500
742500 742500
225000 225000
100000 100000
445000 445000
34% 34%
393700 393700
9 10
1250000 1250000
250075 250075
75 75
250000 250000
100000 100000
150000 150000
34% 34%
199000 199000
9 10
1012500 1012500
1017500 1017500
742500 742500
275000 275000
100000 100000
-5000 -5000
34% 34%
96700 96700