End of Year (inflation adjusted, $ millions) | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 |
---|---|---|---|---|---|---|
Consultant fee | 0.55* | |||||
Capital investment required | 10.36 | |||||
Additional net working capital | 2.2 | 0.62 | 0.43 | 0.28 | 0.19 | 0.12 |
Sales | 2.7 | 3.24 | 3.89 | 4.67 | 5.6 | |
Variable expenses | 1.62 | 1.94 | 2.33 | 2.8 | 3.36 | |
Fixed expenses | 0.2 | 0.21 | 0.21 | 0.22 | 0.23 | |
Depreciation | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | |
Earnings before interest and taxes (EBIT) | 0.67 | 0.88 | 1.14 | 1.44 | 1.81 | |
Interest | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | |
Taxable income | 0.31 | 0.52 | 0.78 | 1.08 | 1.45 | |
Tax expense (32%) | 0.1 | 0.17 | 0.25 | 0.34 | 0.46 | |
Net income | 0.21 | 0.35 | 0.53 | 0.74 | 0.99 |
Weinberger further suggests calculating the project’s net present value (NPV) with an assumption of selling the division for $12 million at the end of 2018 (note that capital gains are fully taxed at 32%) and recapturing all working capital.
If Weinberger is correct about the selling price of the division, the after-tax non-operating cash flow (in millions) from the sale at the end of 2018 will be closest to:
- $11.14.
- $14.98.
- $15.32.
此题似乎是把一个公司看成一个项目投资,我有两个问题
一是 如何判断期末出售资产的税费算non-operating cash flow还是operating cash flow,是否在corproate financial 一章都算non-operating?在财务里面看准则?
二是,这实际是一个公司而不是一个固定资产投资有独立的所得税和net income,期末出售资产账面值从答案看只考虑初始投资和折旧,而没有考虑每年的净利润,这样合理吗?