Anonymous

# 請問會計高手 ~ 關於﻿”淨現值 (NPV)﻿”的問題

The Boom Mining Company is considering a new uranium mining project in the Australian outback. The company has been offered a 10-year concession by the government as an incentive to establish the project, however all mining operations must stop at the conclusion of this period. Because of the site's remoteness, the company will be required to construct buildings, plant and equipment for mining operations, and build suitable accommodation for its workers.

The following estimates of sales revenues, investment costs and operating expenses relate to this project:

1. Initial investments required are : land (\$2 million), building(\$1 million), plant (\$750,000), accommodations (\$400,000), and other current assets (\$500,000);

2. At the conclusion of the project, the expected residual values of these investments are : land (\$1 million), building are estimated to have a useful life of 20 years and are to be depreciated on a straight-line basis (\$500,000), plant and accommodations are estimated to have a useful life of 10 years and are to be depreciated on a straight-line basis with zero residual values. Current assets will be recovered in full at the termination of the project;

3. Annual cash sales are estimated to be \$1.9 million and annual cash costs are estimated to be \$1.35 million;

4. Management estimate that the after-tax cost of capital (based on the company's weighted average cost of capital (WACC)) is 10% which is assumed to be the appropriate discount rate for this project;

5. Company tax is payable at a rate of 30% in the year following income, and the proportion claimed by shareholder is 70%.

Required:

1. Calculate if the project is profitable using a net present value model.

2. Prepare an analysis of the project proposal showing annual cash flows, taxable income and capital expenditures.

3. Provide a brief recommendation on the project for the Board including all assumptions and possible limitations involved.

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• Anonymous

很久沒作會計題目了

不過還試嘗回答一下

第一年的現金流出：4.65M

每年之淨現金流入：1.9M-1.35M=0.55M

所得稅(550,000-25,000(建物折舊)-75,000(廠房折舊)-40,000(其他設施折舊))*0.3=123,000

扣除所得稅之淨現金流入=427,000

十年後，計劃結束後之現金流入

土地：1,000,000

建築物：750,000

流動資產：500,000

所得稅：1,000,000(土地)*0.3=300,000

合計：2,550,000

因此現金流出為4,650,000

現金流入為427,000*6.1446(10年年金現值)+2,550,000*0.3855(十年複利現值)=3,606,879

1.故此計劃之淨現金流入為(1,043,121)已考慮所得稅。

若是未考慮所得稅，則為(402,998)

2.以上之計算已考慮所得稅。

3.因為此計劃為淨現金流出1,043,121，故不應投資。

2005-09-30 13:04:51 補充：

因為這是十年後可土地，流動資產等可收回之價值，故需以本題之利率１０％折現。

２．１０年之年金現值因子已考慮進去

了。

３．３０％是所得稅。所得稅已扣除，故７０％屬於股東之部分已考慮了。

2005-09-30 13:05:06 補充：

因為這是十年後可土地，流動資產等可收回之價值，故需以本題之利率１０％折現。

２．１０年之年金現值因子已考慮進去

了。

３．３０％是所得稅。所得稅已扣除，故７０％屬於股東之部分已考慮了。

• Anonymous

現金流入為427,000*6.1446(10年年金現值)+2,550,000*0.3855(十年複利現值)=3,606,879

請問一下這位會計高手，為何它要用"複利現值"來乘ㄋ?!

2,550,000*0.3855(十年複利現值)

以及，每年之淨現金流入：1.9M-1.35M=0.55M ; 所得稅(550,000-25,000(建物折舊)-75,000(廠房折舊)-40,000(其他設施折舊))*0.3=123,000; 扣除所得稅之淨現金流入=427,000 --->> 這個是每一年的淨現金流入，需不需要乘以10年呢?!

2005-09-30 12:09:01 補充：

還有"the proportion claimed by shareholder is 70%"，它需要加以理會嗎?!

非常感謝您的指點… 感激不盡

2005-09-30 17:12:24 補充：

謝謝"會計大師"的回答。很清楚ㄋ!! ^。^