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Sale 1,000,000

Less: COGS (550,000)


GP 450,000
Less: OE
Misc exp 150,000
Electric exp 70,000 (220,000)

NP 230,000

Per month

Operating Cost (Exp) 100,000 Old AC


Operating Cost (Exp) 70,000 New AC
30,000 Benefit / Saving/ Income

Less Depreciation (3,000) 180,000 / 60

Net benefit / saving 27,000

Less Income Tax (40%) (10,800)

Benefit after I/ Tax 16,200

Add Depreciation 3,000

Cash Inflow 19,200

Cash In flow = Benefit - Depreciation - Income Tax + Depreciation


IT 40% 138,000
92,000

Depreciation
100,000

Operating Cost
Year Old asset New Asset Benefit Depreciation

1 625,000 600,000 25,000 10,000


2 630,000 590,000 40,000 10,000
3 635,000 595,000 40,000 10,000
4 645,000 605,000 40,000 10,000
5 655,000 620,000 35,000 10,000
6 660,000 630,000 30,000 10,000
7 662,000 637,000 25,000 10,000
8 670,000 650,000 20,000 10,000
9 676,000 661,000 15,000 10,000
10 680,000 670,000 10,000 10,000
280,000 100,000

Req # 2 Pay Back period

Year Cash Inflow Amount Pay back


Needed Balance Years

1 22,000 (100,000) (78,000) 1


2 22,000 (78,000) (56,000) 2
3 22,000 (56,000) (34,000) 3
4 22,000 (34,000) (12,000) 4
5 22,000 (12,000)
6 22,000 -
7 22,000
8 22,000
9 22,000
10 22,000
Payback period = 4.5455 0.8929 x 12 months
0.7148 x 30 days
Pay back period = 3 years, 10 months and 21 days

When EvenCash Inflow:

Payback period = Cash outflow


Cash Inflow per year

100,000 4.5455
22,000
Net Benefit I Tax 40% Benefit after tax Depreciation Cash Inflow

15,000 6,000 9,000 10,000 19,000


30,000 12,000 18,000 10,000 28,000
30,000 12,000 18,000 10,000 28,000
30,000 12,000 18,000 10,000 28,000
25,000 10,000 15,000 10,000 25,000
20,000 8,000 12,000 10,000 22,000
15,000 6,000 9,000 10,000 19,000
10,000 4,000 6,000 10,000 16,000
5,000 2,000 3,000 10,000 13,000
- - - 10,000 10,000
180,000 72,000 108,000

12,000 0.5455
22,000
0.55
#DIV/0! x 12 months
9 x 12 months 10.7148
8 x 30 days 21
1.68
Req # 3 Discounted Pay Back period

Year Cash Inflow P.V. Factor Discounted Amount


12% Cash Inflow Needed Balance

1 22,000 0.8929 19,643 (100,000) (80,357)


2 22,000 0.7972 17,538 (80,357) (62,819)
3 22,000 0.7118 15,659 (62,819) (47,160)
4 22,000 0.6355 13,981 (47,160) (33,178)
5 22,000 0.5674 12,483 (33,178) (20,695)
6 22,000 0.5066 11,146 (20,695) (9,549)
7 22,000 0.4523 9,952 (9,549)
8 22,000 0.4039 8,885
9 22,000 0.3606 7,933
10 22,000 0.3220 7,083
9,549 0.9595 6.9595
9,952
Discount pay back period = 5.7899 years 0.7899 x 12 months
0.4788 x 30 days
Discounted Pay back period = 5 years, 9 months and 14 days

Discounted Payback period = Cash outflow


(Cash inflow per year x cummulative PV Factor)

100,000
(22,000 x 5.6502)

100,000 8.0448
12,430
Pack back
Years

1
2
3
4
5
6

9.4788
14

low
mulative PV Factor)
Req no. 4: Net Present Value
Years Cash Flow P.V. Factor Net Present Value
12%
0 (100,000) 1.0000 (100,000)
1 19,000 0.8929 16,964
2 28,000 0.7972 22,321
3 28,000 0.7118 19,930
4 28,000 0.6355 17,795
5 25,000 0.5674 14,186
6 22,000 0.5066 11,146
7 19,000 0.4523 8,595 5.6502
8 16,000 0.4039 6,462
9 13,000 0.3606 4,688
10 10,000 0.3220 3,220
Net Present Value 25,306

Pv of Cash outflow (100,000) x 1 (100,000)


PV of Cash Inflow
(Cash inflow per year x cummulative PV Factor)
(22,000 x 5.6502) 124,305

NPV 24,305
Req no. 4: Internal rate of return

Years Cash Flow P.V. Factor NPV P.V. Factor


12% 13%
0 (100,000) 1 ### 1
1 19,000 0.8929 16,964 0.8850
2 28,000 0.7972 22,321 0.7831
3 28,000 0.7118 19,930 0.6931
4 28,000 0.6355 17,795 0.6133
5 25,000 0.5674 14,186 0.5428
6 22,000 0.5066 11,146 0.4803
7 19,000 0.4523 8,595 0.4251
8 16,000 0.4039 6,462 0.3762
9 13,000 0.3606 4,688 0.3329
10 10,000 0.3220 3,220 0.2946
Net Present Value 25,306

IRR = % of +ve NPV + (Diff. in % x Amount of +ve NPV


( Amount of +ve NPV - Amount of -ve N

Internal rate of return = 13% + (7% x 20,825 / 20,825 + 4,443)

Internal rate of return = 0.1877 x 100

Internal rate of return = 18.77 %


NPV P.V. Factor NPV
20%
(100,000) 1 (100,000)
16,814 0.8333 15,833
21,928 0.6944 19,444
19,405 0.5787 16,204
17,173 0.4823 13,503
13,569 0.4019 10,047
10,567 0.3349 7,368
8,076 0.2791 5,303
6,019 0.2326 3,721
4,328 0.1938 2,519
2,946 0.1615 1,615
20,825 (4,443)

Amount of +ve NPV


nt of +ve NPV - Amount of -ve NPV

25 / 20,825 + 4,443)
Example of M& U book

Year Benefit Depreciation Net Benefit I Tax 48%

1 33,712 9,312 24,400 11,712


2 26,019 9,312 16,707 8,019
3 31,788 9,312 22,476 10,788
4 29,865 9,312 20,553 9,865
5 24,096 9,312 14,784 7,096
6 27,942 9,312 18,630 8,942
7 26,019 9,312 16,707 8,019
8 26,019 9,312 16,707 8,019
Benefit after tax Depreciation Cash Inflow

12,688 9,312 22,000


8,688 9,312 18,000
11,688 9,312 21,000
10,688 9,312 20,000
7,688 9,312 17,000
9,688 9,312 19,000
8,688 9,312 18,000
8,688 9,312 18,000
Cash inflow during the project 153,000
Add: Salvage Value 8,300
Net Cash inflow during the project 161,300
Average return on Orignal Investment

a) Return
Cash inflow during the project, excluding S.V. 208,000
Less: Depreciation (Total) (100,000)
Net income after depreciation 108,000 Return

b) Average Return
Average return ( Per year )= Net Income after depreciation 108,000 =
Economic Life 10
c) Average return on Original Investment
Average return on Original Investment = Average return x 100 =
Original Investment
Average return on Average Investment

a) Cash inflow during the project, excluding S.V. 208,000


Less: Depreciation (Total) (100,000)
Net income after depreciation 108,000

b) Average return = Net Income after depreciation 108,000 =


Economic Life 10

c) Average return on Average Investment = Average return x 100 =


Average Investment
Average Investment
Original Investment 100,000

Average Investment = Orignal Investment / 2


50,000
10,800 Average return (per year return)

10,800 x 100 10.80 %


100,000

10,800 Average return (per year return)

10,800 x 100 21.60 %


50,000

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