公司理财教学资料 cha(4).ppt

Chapter10MakingCapitalInvestmentDecisions*ChapterOutlineProjectCashFlows:AFirstLookIncrementalCashFlowsProFormaFinancialStatementsandProjectCashFlowsMoreaboutProjectCashFlowAlternativeDefinitionsofOperatingCashFlowSomeSpecialCasesofDiscountedCashFlowAnalysis10-**ur(ur)eptedThesecashflowsarecalledincrementalcashflowsThestand-aloneprinciple-analyzeeachprojectinisolationfromthefirm(onitsownmerits)byfocusingonincrementalcashflows10-**AskingtheRightQuestionYoushouldalwaysaskyourself“epttheproject?”Iftheansweris“yes,”itshouldbeincludedintheanalysisbecauseitisincrementalIftheansweris“partofit,”ursbecauseoftheprojectIftheansweris“no,”uranyway10-**CommonTypesofCashFlowsSunkcosts–ruedinthepastOpportunitycosts–costsoflostoptionsSideeffectsPositivesideeffects–benefitstootherprojectsNegativesideeffects–workingcapitalTaxes(useafter-taxcashflows)DonotconsiderFinancingCosts(partofR)10-**ountingstatements,putingcashflows:OperatingCashFlow(OCF) =EBIT+depreciation–e+depreciation (whenthereisnointerestexpense)CashFlowFromAssets(CFFA)=capitalspending(NCS)–changesinNWC10-**()eStatementSales(50,000unitsat$)$200,000VariableCosts($)125,000Grossprofit$75,000Fixedcosts12,000Depreciation($90,000/3)30,000EBIT$33,000Taxes(34%)11,e$21,78010-**(balancesheet)Year0123NWC$20,000$20,000$20,000$20,000NFA90,00060,00030,0000Total$110,000$80,000$50,000$20,00010-***Capitalspendingatthetimeofprojectinception(.,the“initialoutlay”)includesthefollowingitems: +purchasepriceofthenewasset -sellingpriceoftheassetreplaced (ifapplicable) +costsofsitepreparation,setup, andstartup +/-increase(decrease)intax liabilityduetosaleofoldassetat other thanbookvalue =()ProjectedTotalCashFlowsYear0123OCF$51,780$51,780$51,780ChangeinNWC-$20,00020,000NCS-$90,000CFFA-$110,00$51,780$51,780$71,78010-**