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Fonderia Di Torino S.P.A.

Sales
Costs
Depreciation
EBIT
Tax(43%)
Net Income
Operating Cash Flow
Machine Costs
# employees
wage
hours
maintenance
# of equivalent employees
wage
hours
supplies
power
savings
days
costs

Old Machine
280,000,000
351409.6
47520
279,601,070
120228460.3
159,372,610
159,420,130
Old
24
7.33
8
188.4
3
7.85
8
4000
12300
0
210
351409.6

New Machine
280,000,000
119319.6
126,250
279,754,430
120294405.1
159,460,025
159,586,275
New
2
11.36
8
59500
0
0
0
0
26850
5200
210
119319.6

depreciation for new machine


126,250

-166,145
The New Machine would save
166,145 per year with the
current level of sales. It is a
positive Incremental Cash
Flow.

Book Value
Capital Loss= Resale value-Book value
Tax Savings=Capital Loss*Tax Rate
Capital Expenditure= Cost of New Machine-Resale Value of Old machine-savings in Tax

(415807-130682)
(130000-285125)
(155125*0.43)

CASH FlOWS
CF0
CF1
CF2
CF3
CF4
CF5
CF6
CF7

-813298.25
166145
166145
166145
166145
166145
166145
166145

NPV
IRR
Profitability Index
Payback Period

1984 assumption
Majority Shareholder assumption

CF8

451270
Cost of Equity

WACC

Jaimini Patel
Sarah Fitzpatrick
Jessica Hicks

hine would save


ear with the
f sales. It is a
mental Cash

285125
155125
66703.75
813296.25

Discount Rate
19%

18%
-59976.96
15.84%
0.93
4.90

14%
18%

17%

-85397.98

-33100.66

0.89

0.96

Cost of Equity = Rf + ( E(Rm) - Rf )


12.80%
Risk Free Rate
Risk Premium
(Beta)
9.86%

5.30%
6.00%
1.25

WACC = Re ( E/(D+E) ) + Rd (D/D+E) )*(1-T)


Debt Interest Rate
Tax Rate
Debt
Equity

6.80%
43.00%
33.0%
67.0%