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1、Chapter10MakingCapitalInvestmentDecisions2021/9/17ChapterOutlineProjectCashFlows:AFirstLookIncrementalCashFlowsProFormaFinancialStatementsandProjectCashFlowsMoreaboutProjectCashFlowAlternativeDefinitionsofOperatingCashFlowSomeSpecialCasesofDiscountedCashFlowAnalysis
2、10-22021/9/17RelevantCashFlowsThecashflowsthatshouldbeincludedinacapitalbudgetinganalysisarethosethatwillonlyoccur(ornotoccur)iftheprojectisacceptedThesecashflowsarecalledincrementalcashflowsThestand-aloneprinciple-analyzeeachprojectinisolationfromthefirm(onitsownme
3、rits)byfocusingonincrementalcashflows10-32021/9/17AskingtheRightQuestionYoushouldalwaysaskyourself“WillthiscashflowoccurONLYifweaccepttheproject?”Iftheansweris“yes,”itshouldbeincludedintheanalysisbecauseitisincrementalIftheansweris“partofit,”thenweshouldincludethepa
4、rtthatoccursbecauseoftheprojectIftheansweris“no,”itshouldnotbeincludedintheanalysisbecauseitwilloccuranyway10-42021/9/17CommonTypesofCashFlowsSunkcosts–coststhathaveaccruedinthepastOpportunitycosts–costsoflostoptionsSideeffectsPositivesideeffects–benefitstootherproj
5、ectsNegativesideeffects–coststootherprojectsChangesinnetworkingcapitalTaxes(useafter-taxcashflows)DonotconsiderFinancingCosts(partofR)10-52021/9/17ProFormaStatementsandCashFlowCapitalbudgetingreliesheavilyonproformaaccountingstatements,particularlyincomestatementsCo
6、mputingcashflows:OperatingCashFlow(OCF)=EBIT+depreciation–taxesOCF=Netincome+depreciation(whenthereisnointerestexpense)CashFlowFromAssets(CFFA)=OCF–netcapitalspending(NCS)–changesinNWC10-62021/9/17Table10.1(p.310) ProFormaIncomeStatementSales(50,000unitsat$4.00/unit
7、)$200,000VariableCosts($2.50/unit)125,000Grossprofit$75,000Fixedcosts12,000Depreciation($90,000/3)30,000EBIT$33,000Taxes(34%)11,220NetIncome$21,78010-72021/9/17Table10.2ProjectedCapitalRequirements(balancesheet)Year0123NWC$20,000$20,000$20,000$20,000NFA90,00060,0003
8、0,0000Total$110,000$80,000$50,000$20,00010-82021/9/17Capitalspendingatthetimeofprojectinception(i.e.,the“initialoutlay”)includesthefollowi
