分配overhead時如何計算相關(guān)現(xiàn)金流,？
請問這里明明寫總部的60%的overhead被分?jǐn)偭?，所以relative的應(yīng)該是40%,，為什么這里老師一開始也說40%但后來又改成50%了,？
問題來源：
Example for NPV Calculation
Avanti Co is considering a major investment programme which will involve the creation of a chain of retail outlets. The following cash flows are expected.
|
Time |
0 |
1 |
2 |
3 |
4 |
|
$’000 |
$’000 |
$’000 |
$’000 |
$’000 |
|
|
Land and buildings |
2,785 |
||||
|
Fittings and equipment |
700 |
||||
|
Gross revenue |
1,100 |
2,500 |
2,800 |
3,000 |
|
|
Direct costs |
750 |
1,100 |
1,500 |
1,600 |
|
|
Marketing |
170 |
250 |
200 |
200 |
|
|
Office overheads |
125 |
125 |
125 |
125 |
(a) 60% of office overhead is an allocation of head office operating costs.
(b)The cost of land and buildings includes $80,000 which has been spent on surveyors’ fees.
(c) Avanti Co expects to be able to sell the chain at the end of Year 4 for $4,000,000.
Avanti Co is paying corporate tax at 30% and is expected to do so for the foreseeable future. Tax is paid one year in arrears. Tax allowable depreciation is available on fittings and equipment at 25%on a reducing balance basis, any unused tax allowable depreciation can be carried forward.
Estimated resale proceeds of $100,000 for the fittings and equipment have been included in the total figure of $4,000,000 given above.
Avanti Co expects the working capital requirements to be 14.42% of revenue during each of the four years of the investment programme.
Avanti's real cost of capital is 7.7%.
Inflation at 4% p.a. has been ignored in the above information. This inflation will not apply to the resale value of the business which is given in nominal terms.
Required
Complete the shaded areas in the partially completed solution to calculate the NPV for Avanti's proposed investment.
|
Solution (All figures $’000) |
|||||
|
Year |
0 |
1 |
2 |
3 |
4 |
|
Sales |
1,100 |
2,500 |
2,800 |
3,000 |
|
|
Direct costs |
(750) |
(1,100) |
(1,500) |
(1,600) |
|
|
Marketing |
(170) |
(250) |
(200) |
(200) |
|
|
Office overheads (40%) |
(50) |
(50) |
(50) |
(50) |
|
|
Net real operating flows |
130 |
1,100 |
1,050 |
1,150 |
|
|
×1.04 |
×1.042 |
×1.043 |
×1.044 |
||
|
Inflated at 4% (rounded) |
135 |
1,190 |
1,181 |
1,345 |
|
|
Tax allowable depn (TAD)(W1) |
|||||
|
Unused TAD from time 1 |
|||||
|
Taxable profit |
0 |
1,019 |
1,082 |
1,150 |
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
|
Taxation at 30% in arrears |
||||||
|
Land/buildings (-80k sunk cost) |
(2,705) |
|||||
|
Fixture and fittings |
(700) |
|||||
|
Resale value |
4,000 |
|||||
|
Add back TAD (used) |
||||||
|
Working capital cash flows (W2) |
||||||
|
Net nominal cash flows |
(3,570) |
(90) |
1,126 |
823 |
5,526 |
(345) |
|
Discount rate (W3) |
1.0 |
0.893 |
0.797 |
0.712 |
0.636 |
0.567 |
|
Present values |
(3,570) |
(80) |
897 |
586 |
3,515 |
(196) |
|
NPV |
1,152 |
|
Workings |
|||||||
|
1 |
Tax-allowable deprecation |
||||||
|
Time |
0 |
1 |
2 |
3 |
4 |
5 |
|
|
2 |
Working capital |
||||||
|
Time |
0 |
1 |
2 |
3 |
4 |
5 |
|
|
3 |
Nominal discount rate (1.077)×(1.04)=1.12 |
||||||
|
A 12% cost of capital should be used. |
|||||||
|
Workings |
|||||||
|
1 |
Tax allowable depreciation (TAD) |
||||||
|
Time |
0 |
1 |
2 |
3 |
4 |
5 |
|
|
Written down value: start of year |
700 |
525 |
394 |
295 |
|||
|
Scrap value |
(100) |
||||||
|
195 |
|||||||
|
TAD (25% reducing balance) |
175 |
131 |
99 |
195 |
|||
|
(balance) |
|||||||
|
2 |
Working capital |
||||||
|
Time |
0 |
1 |
2 |
3 |
4 |
||
|
Nominal sales |
1,144 |
2,704 |
3,150 |
3,510 |
|||
|
Working capital |
165 |
390 |
454 |
506 |
0 |
||
|
Cash flow |
(165) |
(225) |
(64) |
(52) |
506 |
||
|
3 |
Nominal discount rate (1.077)×(1.04)=1.12 |
||||||
|
(All figures $’000) |
||||||
|
Time |
0 |
1 |
2 |
3 |
4 |
5 |
|
Sales |
1,100 |
2,500 |
2,800 |
3,000 |
||
|
Direct costs |
(750) |
(1,100) |
(1,500) |
(1,600) |
||
|
Marketing |
(170) |
(250) |
(200) |
(200) |
||
|
Office overheads (40%) |
(50) |
(50) |
(50) |
(50) |
||
|
Net real operating flows |
130 |
1,100 |
1,050 |
1,150 |
||
|
×1.04 |
×1.042 |
×1.043 |
×1.044 |
|||
|
Inflated at 4% (rounded) |
135 |
1,190 |
1,181 |
1,345 |
||
|
Tax allowable depn (TAD)(W1) |
(135) |
(131) |
(99) |
(195) |
||
|
Unused TAD from time 1 |
(40) |
|||||
|
Taxable profit |
0 |
1,019 |
1,082 |
1,150 |
||
|
Taxation at 30% in arrears |
0 |
(306) |
(325) |
(345) |
||
|
Land and buildings (2,785-80) |
(2,705) |
|||||
|
Fixture and fittings |
(700) |
|||||
|
Resale value |
4,000 |
|||||
|
Add back TAD (used) |
135 |
171 |
99 |
195 |
||
|
(175-40) |
(131+40) |
|||||
|
Working capital cash flows (W2) |
(165) |
(225) |
(64) |
(52) |
506 |
|
|
Net nominal cash flows |
(3,570) |
(90) |
1,126 |
823 |
5,526 |
(345) |
|
12% discount rate (W3) |
1.0 |
0.893 |
0.797 |
0.712 |
0.636 |
0.567 |
|
Present values |
(3,570) |
(80) |
897 |
586 |
3,515 |
(196) |
|
NPV |
1,152 |
王老師
2021-03-17 14:24:24 1003人瀏覽
哈嘍,！努力學(xué)習(xí)的小天使,！
老師已經(jīng)把這道題完整的聽了一遍，NEO老師并沒有提到50%,。NEO老師在此處說“百分之六十是相關(guān)現(xiàn)金流”為口誤,，然后老師又說“那所以什么？125乘以一個40,，50,，所以標(biāo)一下啊，這是50,，50, 50,， 這是我的相關(guān)現(xiàn)金流”，老師的意思是125*40%=50,，即40%為相關(guān)現(xiàn)金流。
每個努力學(xué)習(xí)的小天使都會有收獲,！
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