• Author / Uploaded
• Celia Bonifaz Ordoñez

• Categories
• Depreciación
• Tasa interna de retorno
• Valor presente neto
• Dinero
• Contabilidad

Citation preview

Chapter 6 Bethesda Mining Input area: Equipment Land cost Aftertax land value Contract sales/tons Year 1 production Year 2 production Year 3 production Year 4 production Contract $/ton Spot market $/ton Variable cost/ton Year 1 depreciation Year 2 depreciation Year 3 depreciation Year 4 depreciation Fixed costs Reclamation costs Charitable expense NWC percent Tax rate Required return

$ $ $

85,000,000 6,000,000 7,000,000 500,000 620,000 680,000 730,000 590,000 $95 $90 $31 14.30% 24.50% 17.50% 12.50% $4,300,000 $2,800,000 $7,500,000 5% 38% 12%

$

(85,000,000) (7,000,000) (2,915,000) ($94,915,000)

Output area:

Time 0 cash flow Equipment Land NWC Total Sales Contract Spot Total

$ $

Year 1 47,500,000 $ 10,800,000 58,300,000 $

Year 2 47,500,000 16,200,000 63,700,000

Sales VC FC Dep EBT Tax NI + Dep OCF

$

$

63,700,000 21,080,000 4,300,000 20,825,000 17,495,000 6,648,100 10,846,900 20,825,000 31,671,900

Beginning NWC Ending NWC NWC cash flow

$ $

2,915,000 $ 3,185,000 (270,000) $

3,185,000 3,410,000 (225,000)

Total cash flow

$

25,912,500 $

31,446,900

Book value

$

72,845,000 $

52,020,000

$

51,000,000 26,520,000 (9,302,400) 41,697,600

Salvage

$ $ $

58,300,000 19,220,000 4,300,000 12,155,000 22,625,000 8,597,500 14,027,500 12,155,000 26,182,500

MV BV Taxes

Salvage CF

$ $

$ Time 0 1 2 3 4 5 6

Profitability index Average accounting return IRR IRR MIRR NPV

$

$

$

Cash flow (94,915,000) 25,912,500 31,446,900 31,869,900 68,981,300 (1,736,000) (4,650,000) 1.1736 20.79% 19.01% -74.64% 14.93% 16,472,777.67

$ $

Year 3 47,500,000 $ 20,700,000 68,200,000 $

Year 4 47,500,000 8,100,000 55,600,000

Year 5

Year 6

$

$ $ $ $

68,200,000 22,630,000 4,300,000 14,875,000 26,395,000 10,030,100 16,364,900 14,875,000 31,239,900

$

$ $ $

55,600,000 18,290,000 4,300,000 10,625,000 22,385,000 8,506,300 13,878,700 10,625,000 24,503,700

$

2,800,000 $

7,500,000

$

(2,800,000) $ (1,064,000) (1,736,000) $ (1,736,000) $

(7,500,000) (2,850,000) (4,650,000) (4,650,000)

$ $

2,780,000

$

3,410,000 $ 2,780,000 630,000 $

$

31,869,900 $

27,283,700

$

37,145,000 $

26,520,000 $

2,780,000

-

###