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Internert Solution - Pesslmlstku ptimistlc IMHBICUSt...

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Unformatted text preview: Pesslmlstku ptimistlc IMHBICUSt 1000000 T20000 Admin Cast 55000 55000 Maintainnace 10000 10000 Year Iitiallnvestrner Rent 2epreciatinflaintainenc 0 —??0000 1 2040000 192500 10000 2 2040000 102500 10000 3 2142000 102500 10000 4 2142000 192500 10000 Equivalent Annuity 4.12 52906 112 Year Rent )eprEEiatiu‘laintaine-nc 0 1 2040000 250000 10000 2 2040000 250000 10000 3 2142000 250000 10000 4 2142000 250000 10000 Year 0 1 2 3 4 Patronage Factor : 0.5 Increase in Rnum Revem EBT Tan-t EAT 1050000 131500 50250 131250 1033000 154500 40350 103150 1101125 112315 51112.5 1200025 1355500 34000 25200 53300 IRE PEP Profita bility Index ARR Average Annual lnuestl'! ARR unease in Room Reveri- EBT Tax EAT 0000000 1050000 130000 30000 341000 1033000 01000 20100 311000 1101125 114315 34402.5 3304120 1355500 20500 1050 200550 IRE 10.21% PEP 3.04 ARR 31.45% Lease Renlnepmclatinn 2040000 205.0000 2142000 21412000 Cash Flow —2 2000 0 323250 300650 3131025 251300 EDJETn 2.46 years 250000 55000 250000 55000 250000 55000 250000 55000 1 0.9 624400 0.02 105600 0.24 0.46 0.60 169.2 HPV average Annual Cash Flowflnvesiment 292215.63 33.50% Cash Flow 9393125 -10602.5 40.04 ndmln CmTax Benefcash Flow ### 91 500 2026500 91 500 2026500 91 500 2120500 91 500 2120500 -220000 292325.06 245112.12 230535.09 162038.82 ### Pl 206% 1.21 4.12 Year Erna-15 SaIENet Salefl'llvestmeriet up CUE-00d 5.- BE‘Dther 0p exp flap 0 -300000 -'300000 1 4322000 4022000 0 0 1133000 1022340 233333 2 4305300 4905000 0 1220400 10292 32 233333 3 5150330 5150330 0 123??20 11331330 233333 4 5403424 5403424 0 1352103 113935323 233333 5 53233452 ### 0 14132113 124334534 233333 E ### ##1## 0 #1??? 131131324 233333 ODD-Cit: Year Eross Salehlet Salal'westmeriet up Cab-"clad 5: Heather Op exp Dep 0 -1200000 000000 41522000 4322000 0 0 1133000 1022340 350000 3905300 4305300 1220400 1029232 350000 5150330 5150330 1232220 11331030 350000 0 0 5403424 5403424 0 1352103 113935323 350000 53233452 ### 0 14192113 124034534 350000 0 ### ### ### 131131324 350000 diLF-hLUNH DECIDE! .nnual Cap EnlMaintEc in Net Roam RE EBT [email protected] 233333 233333 233333 233333 233333 233333 353333 353333 353333 353333 353333 353333 13333 1353333 532322 153343 13333 1333333 323335 1323334 13333 1232125 333533 233352.42 13333 1355533 212331 21523342 13333 1332533 323355 24213333 13333 1333325 333533 23332321 — unnual Cap EMMaintac in Mel: Roam RE EBT [email protected]% 13333 1353333 433133 133343 13333 1333333 553333 1323334 13333 1232125 332341 133352.42 13333 1355533 353335 13523342 13333 1332533 252233 22213333 13333 1333325 333332 23332321 EAT -1233333 322323 433544 433353 532342 523233 355533 EAT -2133333 323312 333323 421333 455325 533132 333332 EAT+D2F -### 353312 213323 251333 235325 333132 333332 IRE PIP DPBP EAT+DEF -5## 525312 259525 221959 555525 555152 955952 Inn P5P Cash Flow PVIF i5: Cash flaw -1233333 1 —1233333 322929 39 333225 433544 332 355911 433353 324 345333 2421321 532342 333 333933 334 523233 33 343135 ### 355593 354 355234 42312353 395 11:353. 0. 54 3.93 Efi. ### 53214135 Cash Flow PVIF is: Cash flow -2133333 1 —2133333 323312 39 294333 339323 332 312334 421939 324 313349 455325 333 332332 ##1## 533132 3.3 313153 3.95 533332 0.54 329994 42.45 Year toss Sal-2N3: SaleswestmEnE-et up East 3 —333333 -933333 1 4322333 4322333 3 3 2 4935333 4935333 3 3 3 5153333 5153333 3 3 4 5433424 5433424 3 3 5 mm: 53233452 3 3 3 ### ### 3 3 423 Ffludfirfiev 1133333 1223433 1232223 1352133 l419211.3 149339332 "I'ear ll Irweslfl Rent lpreciatiflaintahennlcreasein Room Ewen 3 -22333'3 1 2 3 4 2343333 2343333 2142333 2142333 192533 192533 192533 192533 13333 13333 13333 13333 EDDIE! lither Op exp Dep .nnual Cap Exl Maint EC in Net Roam RE EBT [email protected]'3 1322343 233333 233333 13333 3 2132322 554343 1323232 233333 233333 13333 3 2335535 5319334 11331333 233333 233333 13333 3 2433333 ##2## 113935323 233333 233333 13333 3 2523131 #2222 124934534 233333 233333 13333 3 2213455 ##2## 131131324 233333 233333 13333 3 2355344 ### EBT Tax EAT lash FIDW -223333 1 223333 1332533 551253 1235253 14-23253 3.93 #32? 1332533 551253 1235253 14-23253 3.35 ### 1339533 531353 1352553 1553153 3.29 #31? 1939533 531353 1352553 1553153 3.24 ### 3.31 #322 EA ##1## EAT EAT+DepEash Flu“ PUIF It; Cash flaw —1233333 -1233333 -1233333 1 -1233333 1522923 1311312 1522923 3.33 14-14235 1514544- 1392323 1514544- 3.35 1334232 1235543 1333325 1235543 3.23 1353335 1331132 2334-525 1331132 3.24 1323933 1331513 2134352 1331513 3.53 1234141 2335351 2293134 2335351 3.53 1254553 NPU ### 4.52 EA #4343 Analysis. of Cash Flow - Planet Karaoke Pub ftQUFUS in baht ‘11. 0 Yr. 1 Yr. 2 Rental Income 2,040,000 2,040,000 rear: Depreciahun _1 925W _.| .9in less Increase in repair and maintenance expenses -1 0.000 -1 0.000 Iees Deereaeein netre-m'l revenue 4.050.000 4.083.000 Mdifienal Operating Income 13?.500 THEM less Taxes 513.250 416.350 NDPAT 131,251] 103,150 add Depreciahun 102.500 102.500 Jess ICapital Expenditure -??0.000 Deal-sting Cash Flue-.uI JTIJJJIJD 333.?50 300.650 Discounted Operating Cash Flow IQ 101501;. -TTtl,tlflfl 292,325 245,11 T Pay-bask Period 1-45 yrs Diseeu rite-d Payback F'eried 3.01 yrs Average Return en Invasiment 351% NF”.Ir 105.01.?tnat1t F‘I 1.21 IRR 21% Equivalent :Iltnnuityir 52,906 baht Wurlting Mates 1 Rental income = bah11?0.000"T2 tor the years 1 and 2 and inuease by 5% in the years 3 and 4 3'. Slraight Iin a dapradafi en 3. Patrenage meter taken as 0.5 La 115% reduction in net reern revenue 4. Ta see HI 30% 5. Base capital east 2 baht ??0.000 6. WAGE =10.r5% Yr. 3 a142jflfl —1 E12590 -1Uflflfl -1,?fi?.125 1TEJTS -51.?1 3 130002 192509 313,102 230,330 33.4 3143000 —192500 40m0 4.053500 a4m00 —23200 50,300 IQZEUU 231,300 103,030 fess Ines fess .I'E'S-S Iees Ines add Ines Analysis of Cash Flow - Beach Karaoke Pu b fi gures in baht Sales Fund and Beverage Gust Other Operating Ewen see Depreciation Increase in repair and meinlenenee expenses. Decrease in net morn revenue Admflon al Dperatl rig Income Taxes HDF'AT Depresia hen Capital Ewen diture Operating Cash Flaw Discounted Op erating Cash Flew @ 1 035% Payback Period .134 we Dismented Pay..me Peried 4.95 yrs Average Return en Irweslrnenl 30% Yr. :1 .1 means —1,mn,nnn -1.TW. WI] HP '5" Fl IRR Equivalent Annuity Werkin g N ales 3?3.U43 baht 1.22 171% 31545 baht 1. Grewfl‘r rate in sales = 4% 2. Fin-Dd and heuerage cast at 25% uf sales 3. 01111:: upswing expenses at 22% of sales 11. Salaries no! mnsidered as 'sLJnk Heel 5. Slreight line deprecieu'en E Petunage Teeter taken as 0.5 Le. 12 5% redusfien in net return revenue 3'. Ta wee el 30% 5. Base capital east = baht1.?DD.DDU 9. WACC = 103511 Yr. 1 4,15?2,flflli -‘| :1 W. 000 -1.E|2T.B4U 283.333 413.000 -1 .esmuu 53.2.32? .1 59.343 312mg 233.333 -253.333 332.979 335.??5 Yr. 2 unseen -1 325.4134) -1 .D?9. 232 -283. 333 -1 a. use -1 £81000 523,535 481691] 436.544 283. 333 £83. 333 435,514 355.911 Yr. 3 Yr. 4 Yr. 5 Yr. E 5.155.555 5.455.424 5.575.545 5.552.751r 4.255.521} 4.352.155 4.419.511 4.590.159? 4.133.194 4.139.353 4.249.343 4.311.313 -233.333 -233.333 -233.333 £33333 -1 0. 000 -1 0.000 -1 0.000 -1 0.000 -1 .TE?.125 -1 355.500 -'| 392.500 -1 .030.3?5 659,503 T1 T,531 823.1355 930,569 £00352 -2‘| 5.230 £41133 -230.0?1 453,355 502.342 $3353 355.593 233.333 233.333 233.333 233.333 233.333 233.333 233.333 -233.333 455.555 552.352 555.155 555.555 345.003 333.903 346.155 355.234 Weighted Average Cost of Capital [WAGE] WAGE} = WE‘RE.- + WWKdJ‘Q‘I -t] We = prupm‘fiun of debt in total financing = 25% Wd = prupfiliun uf 1311tu in Iota-1| financing = T533. M: = 1:551 15! equity = 12% Pm = cost 5! debt = 10% 1: tax rate = 30% WMC = I].?5*l112 + 0.25311 011-130] = 101533 Sensiliu'inr finalysis - Una Factor Equivalent Annuity (EA) in baht atranage Faeler Lease epflen -EA Build epflan - EA Deelslen 1.253. 95-3- 1.332.435 Build £553. d 2H THE-3.9910 Elui In 52.9116 31545 E! uild 652.61 E: fill-1.5101 Reject belh 4.15? 34? Relax: mm In Increase in Lease epflen -EA Build epflan - EA Deelslen pfrent In veaiment 0% 523% 57,545 Build 5% 43.45-3- 5T.EEIII Build “1% 33. we 2TH Iii Lease-.1 20% 15.052 -31.E-12 Lease 30% 3.530 -91 F541 Re' et belh enslm y' a gram: apl . eat of Capital Lease option -EA Build option - EA Decision 5% EH. [*1 Hi- 1 22.55? Hui ltl 1|].T5-% 52.9flfi 31545 Build 1 2% 4E5. 535 ?1,332 Build 111% 363.2]? 45.022 Buiid 16% 25.?12 13.2??- Lease 15% 1fi.Ufi? 453$“ Lea-154+ 20% 4. 24? 35.449 Lease 22% 43.?12 4.3-1 335 Re" El bull'l Sensitivity Analysis - TWD Factors Factdrs: Cast of Capital and Fah'dn age Factur Equivalent finnully [ER- in beh1 LII I pen atronage Cost of Capital actor 3% 10.? 53'. 123$. 1431;. 1331, 3 1.333.533 1.332.433 1.314.353 1.233.331 1.252.543 1.223.33 3.25 2:13.343 233.333 333.332 333233 332.313 333.712 3.5 1 22.35? 3?.343 21.332 43.322 13.22:: .333. 3.?5 331.433 {234.331 {233.423 1-1.1'2. 422 -1.13T a? -1.1T21 ' atrdnage Cast of Capital actor 3% 1|]. 2'531: 12% 14% 15%- |) 1.233.223 1.253.351] 1.255.311 1.245.531 1.23:1[11 1 1.222.35- 3.25 5-?2. 352 553.423 551.324 543.353 529.352 513.? 3 3.5 33.535 52.335 45. 533 35.23? 25.?12 1 5 '35 3.?5 4333. 531 552.515 553.551 533.45 5 -5T3.43? £133.55- 1 -1.145 3?? -1.153 133 -1.153 333 -1 13311? -1 132.53? -1 132.241 atronage Cost [If Capital actor 13% 11).? 53'. 12% 14% 133'.. 3 31.33? 34.433 5.342 43.333 23.33:”- 3.25 T3534 31 .332 41. 333 24.33? 3.343 -3 33' 3.5 33.331 34.333 24. ?33 3.31 5 -T-‘.433 -23.34 3.?5 33.153 1T.T"15 3.223 3.233 22.32/— 1 E. 5 41.351 -2 .231 ' ' atronaga 33 5| of Capllal actor 3% 11]. 2531: 123-1: 14% 1 3'13 133' El Bmlll 13qu Build Bmltl Bull-:l Blilld 3.25 Build 5333 Build Build Build Leas-e 3.5 Build Build Build Build Lease Lease 3.?5 Rei. 3031 Hai. Elmh Re} 3331 Re; 3031 Rai. Bmh FEE-i 31131 1 Re' 33111 Re' 33111 Re' Eldth Re' Beth Re' 33111 Re' tie-tn ...
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This note was uploaded on 07/09/2011 for the course MK MK 640 taught by Professor Dr.lee during the Spring '11 term at Jefferson College.

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Internert Solution - Pesslmlstku ptimistlc IMHBICUSt...

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