NO.PZ202411040100002103
问题如下：
Q. Discuss whether the change in Zhu’s assumptions about market electricity rates will affect the projected VAL equity dividend rate between Years 15 and 16 of the wind farm’s operation. For simplicity, assume expenses grow in line with demand.选项：
解释：
Recall from Equations 3 and 4 that the equity dividend rate is calculated as follows:
where
Before-tax cash flow = Net cash flow from operations – Debt service.
The most notable aspect from these formulas is that debt service declines from its Year 15 amount of GBP11,864,533 to zero in Year 16. Thus, all else equal, the before-tax cash flow increases by over GBP11.8 million between Years 15 and 16 because VAL’s debt service has been paid. As a result, we would expect a significant increase in the equity dividend rate in Year 16 compared to Year 15 despite the decline in revenue from a decline in the assumed electricity price.
We can also explicitly show this result by estimating the equity dividend rate in both years. First, solve for before-tax cash flow in Year 15 using the information from the table: GBP2,509,725 (= 14,374,258 – 11,864,533). This gives an equity dividend rate of 5.02% (= 2,509,725/50,000,000). Year 16 net cash flow from operations is estimated by subtracting estimated operating expenses and capital expenditures (which grow at a rate of 1.5% per year from the Year 15 amount of GBP19,260,757) from estimated Year 16 revenue:
Net cash flow from operations = Revenue – Operating expenses.GBP12,313,903 = 31,863,571 – (19,260,757 × 1.015).
This result is equal to the before-tax cash flow in the numerator of Equation 3, while the denominator equals the equity contribution of GBP50 million. Solve for the equity dividend rate as 13.25%:
请问为什么同时是计算net operation income before tax。
1.1-15年减去的是debt service，
2.16+年以后减去就是operating expense？
然后，完全不同的计算公式得到net operation income before tax去计算equity dividend ratio
