Beruflich Dokumente
Kultur Dokumente
2 Years 9%
Initial Investment in equipment Initial Investment in advertising Total Investment Expected Revenue, Year 1 Expected Revenue, Year 2 Revenue received in cash Depreciated using straght line method
a. Value the project and its value added using discounted cashflow techniques. Year 0 Year 1 Year 2 Cash flows 1,540 1,540 Discounted rate 1.09 1.1881 PV of cash flow 1412.8 1296.2 Total PV of cash flow 2709
b. Value the project using residual earnings techniques with the total initial investment capitalized on the balance sheet. Also calculate expected return on net operating assets (RNOA) for each period. Year 0 Year 1 Year 2 Revenue 1,540 1,540 Depreciation 1,100 1,100 Earning 440 440 Book value 2,200 1,100 RNOA 20% 40% Residual Earning 242 341 Discounted rate 1.09 1.1881 PV residual earning 222.0 287.0 Total PV 509.0 Value of project 2,709.0 c. Repeat part b of the question, but with depreciation of $1,300 million in Year 1. Explain why numbers differ. How doe sthe valueof the investment change? Year 0 Year 1 Year 2 Revenue 1540 1540 Depreciation 1300 900 Earning 240 640 Book value 2200 900 0 RNOA 10.91% 71.11% Residual Earning 42 559
1.1881 470.5
Nilai dari proyek akan berubah, tetapi komposisi nilai tiap tahunnya akan berubah. Perubahan nilai depresiasi pada tahun pertama akan menurunkan earning, RNOA, dan residual eraning tahun bersangkutan. Penurunan tahun pertama tersebut akan berpengaruh terhadap peningkatan earning, RNOA dan residual earning pada tahun d. Repeat the valuation using straight-line depreciation but with the initial investment in advertising expensed immediately, as required byGAAP. Year 0 Year 1 Year 2 Revenue 1540 1540 Depreciation 750 750 Earning 790 790 Book value 1,500 750 RNOA 52.67% 105.33% Residual Earning 655 722.5 Discounted rate 1.09 1.1881 PV residual earning 600.9 608.1 Total PV 1,209 Value of project 2,709 Nilai proyek tidak berubah, tetapi jika biaya iklan diakui immediately sesuai GAAP (prinsip konservatisme), earning, RNOA, dan resdidual earning akan meningkat. e. Compare the price-to-book ratio and the forward PIE ratio under the alternative accounting treatments for investments in advertising. Dengan memasukkan biaya iklan seperti dalam part b, P/B 1.23 Jika biaya iklan tidak masuk perhitungan dalam part d, P/B 1.81 akuntansi konservatisme akan meningkatkan rasio P/B
OI after tax
RNOA
2234 9%
12%
b. Kenaikan RNOA seharusnya diimbangi kenaikan operating income, apabila tidak diimbangi maka nilai NOA akan