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    B2100323-Triệu Tường Vy-Buổi 5

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    B2100323-Triệu Tường Vy-Buổi 5

    Uploaded by

    b2100425
    2 views10 pages

    Copyright

    © © All Rights Reserved

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    Copyright:

    © All Rights Reserved
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    Download as xlsx, pdf, or txt
    2 views10 pages

    B2100323-Triệu Tường Vy-Buổi 5

    Uploaded by

    b2100425

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 10

    a) Make a table to calculate depreciation expense.

    Year 1 2 3 4
    T 0.333 0.267 0.200 0.133

    0 1 2 3
    Net PPE at beginning of the period 4000000 2666666.67 1600000
    CAPEX -4000000
    Depreciation expense 1333333.33333333 1066666.67 800000
    Net PPE at end of the period 2666666.66666667 1600000 800000

    b) Make the income statement table.


    Year 0 1 2 3
    SALE 2000000 3000000 7500000
    Fixed cash operating expenses 1000000 1000000 1000000
    Variable operating expenses 900000 1350000 3375000
    DEPRECIATION 1333333.3 1066666.67 800000
    EBIT -1233333.33333333 -416666.67 2325000
    INTEREST 0 0 0
    EBT -1233333.33333333 -416666.67 2325000
    c) What is the project free cash flows?

    NWC Requirement 0 1 2 3
    NWC
    change in NWC 200000 100000 450000 125000

    Year 0 1 2 3
    EBIT -1233333.33333333 -416666.67 2325000
    TAX RATE -468666.666666667 -158333.33 883500
    NOPAT -764666.666666667 -258333.33 1441500
    DEPRECIATION 1333333.3 1066666.7 800000.0
    CAPEX -4000000
    CHANGE IN NWC -200000 -100000 -450000 -125000
    Salvage value of fixed asset in year 5
    FCF -4200000.0 468666.7 358333.3 2116500.0

    d) What is NPV, IRR and discounted payback period of the project? And provide your investment decision.

    15%
    NPV $513,590.88
    IRR 18.84%

    Discounted payback period (Thời gian chiết khấu hoàn vốn) 4 years 5 months
    Year 0 1 2 3
    FCF -4200000.0 468666.7 358333.3 2116500.0
    PV (FCF) -4200000.0 407536.231884058 270951.481 1391633.106
    -3792463.8 -3521512.3 -2129879.2

    448114.7/961705.53 0.47 years


    5.59 month
    17.70 days
    Sum of year digits depreciation T = [2*(N-i-1)]/N*(N+1)

    5
    0.067

    4 5
    800000 266666.6667

    533333.3333 266666.6667
    266666.6667 0

    4 5
    8750000 5000000
    1000000 1000000
    3937500 2250000
    533333.3333 266666.6667
    3279166.667 1483333.333
    0 0
    3279166.667 1483333.333
    4 5

    -375000 -500000

    4 5
    3279166.667 1483333.333
    1246083.333 563666.6667
    2033083.333 919666.6667
    533333.3 266666.7

    375000 500000
    248000
    2941416.7 1934333.3

    nt decision.

    17 days
    4 5
    2941416.7 1934333.3
    1681764.526 961705.5316
    -448114.7 513590.9
    T = [2*(N-i-1)]/N*(N+1)
    0 1 2 3 4
    Net PPE at beginning of the period 1860000 1488000 1116000 744000
    CAPEX -1860000
    Depreciation expense 372000 372000 372000 372000
    Net PPE at end of the period 1488000 1116000 744000 372000

    Year 0 1 2 3 4
    SALE 9000000 9900000 10890000 11979000
    Maintenance expenses 120000 120000 120000 120000
    DEPRECIATION 372000 372000 372000 372000
    EBIT 8508000 9408000 10398000 11487000

    Year 0 1 2 3 4
    EBIT 8508000 9408000 10398000 11487000
    TAX RATE 2552400 2822400 3119400 3446100
    NOPAT 5955600 6585600 7278600 8040900
    DEPRECIATION 372000.0 372000.0 372000.0 372000.0
    CAPEX -1860000
    CHANGE IN NWC 0 0 0 0 0
    Salvage value of fixed asset in year 5
    FCF -1860000.0 5583600.0 6213600.0 6906600.0 7668900.0

    discount rate 9%

    NPV ₫24,787,682 > 0


    accepted the project
    5
    372000

    372000
    0

    5
    13176900
    120000
    372000
    12684900

    5
    12684900
    3805470
    8879430
    372000.0

    0
    0
    8507430.0
    Year 0 1 2 3 4 5
    SALE 2000000 3000000 7500000 8750000 5000000
    South Tel’s technicians 140625 140625 140625 140625 140625
    Fixed cash operating expenses 1000000 1000000 1000000 1000000 1000000
    Variable operating expenses 900000 1350000 3375000 3937500 2250000
    DEPRECIATION 0.0 0 0 0 0
    EBIT 100000 650000 3125000 3812500 1750000
    INTEREST 0 0 0 0 0
    EBT 100000 650000 3125000 3812500 1750000

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