| 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？
