( 1)
(1) Annual depreciation calculated by straight-line depreciation method: 50 million/5 =100000; Annual operating cost =160,000+150,000+5 million = 36 million yuan.
② List the income statement (ten thousand yuan)
Year 1 2 3 4 5
Income 5500 5500 5500 5500 5500 5500 5500
Operating cost 3600 3600 3600 3600 3600 3600 3600 3600 3600
Depreciation1000100010001000.
EBIT (pre-tax profit and interest) 900 900 900 900 900 900 900 900 900 900 900 900 900 900.
EBIT income tax *0.25 225 225 225 225 225
Net profit 675 675 675 675 675 675 675 675
The total return on investment is 675*5/5000=67.5%.
③NCF= operating cash flow OCF- capital expenditure-net working capital expenditure.
In ...
NCF0=0-5000-0=-5000
ncf 1 =(675+ 1000)-0- 1000 = 675
ncf 2 =(675+ 1000)-0-0 = 1675
NC F3 =(675+ 1000)-0-0 = 1675
NC F4 =(675+ 1000)-0-0 = 1675
NC F5 =(675+ 1000)-0+ 1000 = 2675
Net present value = ncf0+ncf1* 0.9174+ncf * 0.8417 ........... =1247.
(PS: 1, the final value of your present value, in turn, P/A is the present value; 1.2 Your last year's final value should be 1.0900, not 0.9 174).
(2) NPV > 0, which is worth investing.
Examine knowledge points:
1, the company's financial management basis is simple income statement. Chapter II Financial Management of Ross Company.
2, investment decision-making, that is, capital budget (corporate finance * * * points, capital budget, risk, capital structure, long-term financing, short-term financing and other modules), you can refer to Ross's "corporate finance" from chapter 4 to chapter 7, mainly chapter 67.
There will be a postgraduate exam at the end of Saturday, and I may not be here these days.