1、1Copyright Prentice Hall Inc. 2000. Author: Nick Bagley, bdellaSoft, Inc.學習目的學習目的解釋資本預算 給出資本預算基本法則234NPV of a ProjectDiscout10%YearFlowPVCum_PV0-1000-1000-10001450409-5912350289-3023250188-1144150102-115503120NPV20 Do Project DCF Payback5NPV of a ProjectDiscout15%YearFlowPVCum_PV0-1000-1000-10001450

2、391-6092350265-3443250164-180415086-9455025-69NPV-69 Dont Do Project6NPV of a ProjectDiscout11.04%YearFlowPVCum_PV0-1000-1000-10001450405-5952350284-3113250183-128415099-30550300NPV0 Indifferent Internal Rate of Return7NPV as a Function of Discount Rate-200-150-100-500501001502002500%5%10%15%20%Disc

3、ount RateNPV8910Tax rate40.00%Unit sales in year 1$4,000Sales growth rate0.00%Unit price$5,000Unit Price Growth0.00%Fixed Start3,100,000Fixed Growth0.00%Variable pcent75.00%Depreciation schedule400,000NPV =1236Start working capt2,200,000Investment schedule2,800,000Capital movements sch0Dividend1,000

4、,000Working Cap Sch2,200,000Year01234567CF ForecastSales revenue20,00020,00020,00020,00020,00020,00020,000ExpensesFixed Costs (cash)3,1003,1003,1003,1003,1003,1003,100Variable costs15,00015,00015,00015,00015,00015,00015,000Depreciation400400400400400400400Operating Profit1,5001,5001,5001,5001,5001,5

5、001,500Taxes600600600600600600600Net Profit900900900900900900900Operating CF1,3001,3001,3001,3001,3001,3001,300Working cap move2200-2,200Investment in P&E2,800000000Invest CF5,000000000-2,200Net CF-5,0001,3001,3001,3001,3001,3001,3003,500PV(NCF)-50001130983855743646562131611Assumptions(Table in

6、$000)Cost of capital15.00%Tax rate40.00%Unit sales in year 1$4,000Sales growth rate2.00%Unit price$5,000Unit Price Growth-3.00%Fixed Start3,100,000Fixed Growth8.00%Variable pcent75.00%Depreciation schedule400,000NPV =-797Start working capt2,200,000Investment schedule2,800,000Capital movements sch0Di

7、vidend1,000,000Working Cap Sch2,200,000Year01234567CF ForecastSales revenue20,00019,78819,57819,37119,16518,96218,761ExpensesFixed Costs (cash)3,1003,3483,6163,9054,2184,5554,919Variable costs15,00014,84114,68414,52814,37414,22214,071Depreciation400400400400400400400Operating Profit1,5001,1998795381

8、74-214-629Taxes60048035121570-86-252Net Profit900719527323104-129-377Operating CF1,3001,11992772350427123Working cap move2200-2,200Investment in P&E2,800000000Invest CF5,000000000-2,200Net CF-5,0001,3001,1199277235042712,223PV(NCF)-5000113084661041325111783612Assumptions(Table in $000)Cost of ca

9、pital25.00%Tax rate40.00%Unit sales in year 1$4,000Sales growth rate0.00%Unit price$5,000Unit Price Growth0.00%Fixed Start3,100,000Fixed Growth0.00%Variable pcent75.00%Depreciation schedule400,000NPV =-429Start working capt2,200,000Investment schedule2,800,000Capital movements sch0Dividend1,000,000W

10、orking Cap Sch2,200,000Year01234567CF ForecastSales revenue20,00020,00020,00020,00020,00020,00020,000ExpensesFixed Costs (cash)3,1003,1003,1003,1003,1003,1003,100Variable costs15,00015,00015,00015,00015,00015,00015,000Depreciation400400400400400400400Operating Profit1,5001,5001,5001,5001,5001,5001,5

11、00Taxes600600600600600600600Net Profit900900900900900900900Operating CF1,3001,3001,3001,3001,3001,3001,300Working cap move2200-2,200Investment in P&E2,800000000Invest CF5,000000000-2,200Net CF-5,0001,3001,3001,3001,3001,3001,3003,500PV(NCF)-50001040832666532426341734Was 15%13Assumptions(Table in

12、 $000)Cost of capital15.00%Tax rate30.00%Unit sales in year 1$4,000Sales growth rate0.00%Unit price$5,000Unit Price Growth0.00%Fixed Start3,100,000Fixed Growth0.00%Variable pcent75.00%Depreciation schedule400,000NPV =1860Start working capt2,200,000Investment schedule2,800,000Capital movements sch0Di

13、vidend1,000,000Working Cap Sch2,200,000Year01234567CF ForecastSales revenue20,00020,00020,00020,00020,00020,00020,000ExpensesFixed Costs (cash)3,1003,1003,1003,1003,1003,1003,100Variable costs15,00015,00015,00015,00015,00015,00015,000Depreciation400400400400400400400Operating Profit1,5001,5001,5001,

14、5001,5001,5001,500Taxes450450450450450450450Net Profit1,0501,0501,0501,0501,0501,0501,050Operating CF1,4501,4501,4501,4501,4501,4501,450Working cap move2200-2,200Investment in P&E2,800000000Invest CF5,000000000-2,200Net CF-5,0001,4501,4501,4501,4501,4501,4503,650PV(NCF)-5000126110969538297216271

15、372Was 40%14Assumptions(Table in $000)Cost of capital15.00%Tax rate40.00%Unit sales in year 1$4,000Sales growth rate5.00%Unit price$5,000Unit Price Growth0.00%Fixed Start3,100,000Fixed Growth0.00%Variable pcent75.00%Depreciation schedule400,000NPV =2885Start working capt2,200,000Investment schedule2

16、,800,000Capital movements sch0Dividend1,000,000Working Cap Sch2,200,000Year01234567CF ForecastSales revenue20,00021,00022,05023,15324,31025,52626,802ExpensesFixed Costs (cash)3,1003,1003,1003,1003,1003,1003,100Variable costs15,00015,75016,53817,36418,23319,14420,101Depreciation400400400400400400400O

17、perating Profit1,5001,7502,0132,2882,5782,8813,200Taxes6007008059151,0311,1531,280Net Profit9001,0501,2081,3731,5471,7291,920Operating CF1,3001,4501,6081,7731,9472,1292,320Working cap move2200-2,200Investment in P&E2,800000000Invest CF5,000000000-2,200Net CF-5,0001,3001,4501,6081,7731,9472,1294,

18、520PV(NCF)-500011301096105710149689201699Was 0%15Assumptions(Table in $000)Cost of capital15.00%Tax rate40.00%Unit sales in year 1$4,000Sales growth rate0.00%Unit price$5,000Unit Price Growth0.00%Fixed Start3,100,000Fixed Growth0.00%Variable pcent85.00%Depreciation schedule400,000NPV =-3757Start wor

19、king capt2,200,000Investment schedule2,800,000Capital movements sch0Dividend1,000,000Working Cap Sch2,200,000Year01234567CF ForecastSales revenue20,00020,00020,00020,00020,00020,00020,000ExpensesFixed Costs (cash)3,1003,1003,1003,1003,1003,1003,100Variable costs17,00017,00017,00017,00017,00017,00017

20、,000Depreciation400400400400400400400Operating Profit-500-500-500-500-500-500-500Taxes-200-200-200-200-200-200-200Net Profit-300-300-300-300-300-300-300Operating CF100100100100100100100Working cap move2200-2,200Investment in P&E2,800000000Invest CF5,000000000-2,200Net CF-5,0001001001001001001002

21、,300PV(NCF)-5000877666575043865Was 75%16Assumptions(Table in $000)Cost of capital15.00%Tax rate40.00%Unit sales in year 1$4,000Sales growth rate0.00%Unit price$5,000Unit Price Growth0.00%Fixed Start3,500,000Fixed Growth0.00%Variable pcent75.00%Depreciation schedule400,000NPV =237Start working capt2,

22、200,000Investment schedule2,800,000Capital movements sch0Dividend1,000,000Working Cap Sch2,200,000Year01234567CF ForecastSales revenue20,00020,00020,00020,00020,00020,00020,000ExpensesFixed Costs (cash)3,5003,5003,5003,5003,5003,5003,500Variable costs15,00015,00015,00015,00015,00015,00015,000Depreci

23、ation400400400400400400400Operating Profit1,1001,1001,1001,1001,1001,1001,100Taxes440440440440440440440Net Profit660660660660660660660Operating CF1,0601,0601,0601,0601,0601,0601,060Working cap move2200-2,200Investment in P&E2,800000000Invest CF5,000000000-2,200Net CF-5,0001,0601,0601,0601,0601,0

24、601,0603,260PV(NCF)-50009228026976065274581226Was $3,100,00017Sales UnitsNet CF OperationsNPV Project200020000050050223000550000188470836041003009040001300000123560750002050000435592260002800000747623718NPV v. Discount Rate$3,000$2,000$1,000$0$1,000$2,000$3,000$4,000$5,000$6,000$7,0000%5%10%15%20%25

25、%30%35%40%45%50%RateNPV $00019Sensitivity of Project to Sale Volume$500,000$0$500,000$1,000,000$1,500,000$2,000,000$2,500,000$3,000,000$2,000$2,500$3,000$3,500$4,000$4,500$5,000$5,500$6,000Sales (Units)Net CF from Operations20NPV Project$6,000,000$4,000,000$2,000,000$0$2,000,000$4,000,000$6,000,000$

26、8,000,000$10,000,000200025003000350040004500500055006000Sales (Units)NPV21Schedule of Bdella Price & MaintAgePriceMaintIntang020,0000116,00001,000212,8001,000800310,2401,100048,1921,210-50054,0961,331-60062,0481,464-84071,0241,611-1,17685121,772-1,64692561,949-2,305101282,144-3,227Discount5.00%22Schedule of Bdella Price & MaintAgePriceMaintIntangPV_PricePV_Maint PV_Intang PV_Proj020,000020,000116,00001,00015,2380952-3,810212,8001,00080011,610907726-7,619310,2401,10008,8469500-11,33448,1921,210-5006,740995-411-14,84654,0961