羅斯公司理財?shù)诎税娴诎苏?文庫吧資料
2025-01-04 23:43本頁面
【正文】 all that: OCF = EBIT – Taxes + Depreciation Net Capital Spending Don’t forget salvage value (after tax, of course). Changes in Net Working Capital Recall that when the project winds down, we enjoy a return of net working capital.,Interest Expense,Later chapters will deal with the impact that the amount of debt that a firm has in its capital structure has on firm value. For now, it’s enough to assume that the firm’s level of debt (and, hence, interest expense) is independent of the project at hand.,8.2 The Baldwin Company,Costs of test marketing (already spent): $250,000 Current market value of proposed factory site (which we own): $150,000 Cost of bowling ball machine: $100,000 (depreciated according to MACRS 5year) Increase in net working capital: $10,000 Production (in units) by year during 5year life of the machine: 5,000, 8,000, 12,000, 10,000, 6,000,The Baldwin Company,Price during first year is $20。 price increases 2% per year thereafter. Production costs during first year are $10 per unit and increase 10% per year thereafter. Annual inflation rate: 5% Working Capital: initial $10,000 changes with sales,The Baldwin Company,Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Investments: (1) Bowling ball machine –100.00 21.76* (2) Accumulated 20.00 52.00 71.20 82.72 94.24 depreciation (3) Adjusted basis of 80.00 48.00 28.80 17.28 5.76 machine after depreciation (end of year) (4) Opportunity cost –150.00 150.00 (warehouse) (5) Net working capital 10.00 10.00 16.32 24.97 21.22 0 (end of year) (6) Change in net –10.00 –6.32 –8.65 3.75 21.22 working capital (7) Total cash flow of –260.00 –6.32 –8.65 3.75 192.98 investment [(1) + (4) + (6)],($ thousands) (All cash flows occur at the end of the year.),The Baldwin Company,At the end of the project, the warehouse is unencumbered
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