分配overhead时如何计算相关现金流？

请问这里明明写总部的60%的overhead被分摊了，所以relative的应该是40%，为什么这里老师一开始也说40%但后来又改成50%了？

NPV 2021-03-16 22:33:05

问题来源：

Example for NPV Calculation

Avanti Co is considering a major investment programme which will involve the creation of a chain of retail outlets. The following cash flows are expected.

Time	0	1	2	3	4
	$’000	$’000	$’000	$’000	$’000
Land and buildings	2,785
Fittings and equipment	700
Gross revenue		1,100	2,500	2,800	3,000
Direct costs		750	1,100	1,500	1,600
Marketing		170	250	200	200
Office overheads		125	125	125	125

(a) 60% of office overhead is an allocation of head office operating costs.

(b)The cost of land and buildings includes $80,000 which has been spent on surveyors’ fees.

Avanti Co is paying corporate tax at 30% and is expected to do so for the foreseeable future. Tax is paid one year in arrears. Tax allowable depreciation is available on fittings and equipment at 25%on a reducing balance basis, any unused tax allowable depreciation can be carried forward.

Estimated resale proceeds of $100,000 for the fittings and equipment have been included in the total figure of $4,000,000 given above.

Avanti Co expects the working capital requirements to be 14.42% of revenue during each of the four years of the investment programme.

Avanti's real cost of capital is 7.7%.

Inflation at 4% p.a. has been ignored in the above information. This inflation will not apply to the resale value of the business which is given in nominal terms.

Required

Complete the shaded areas in the partially completed solution to calculate the NPV for Avanti's proposed investment.

Solution (All figures $’000)
Year	0	1	2	3	4
Sales		1,100	2,500	2,800	3,000
Direct costs		(750)	(1,100)	(1,500)	(1,600)
Marketing		(170)	(250)	(200)	(200)
Office overheads (40%)		(50)	(50)	(50)	(50)
Net real operating flows		130	1,100	1,050	1,150
		×1.04	×1.04²	×1.04³	×1.04⁴
Inflated at 4% (rounded)		135	1,190	1,181	1,345
Tax allowable depn (TAD)(W1)
Unused TAD from time 1
Taxable profit		0	1,019	1,082	1,150

Year	0	1	2	3	4	5
Taxation at 30% in arrears
Land/buildings (-80k sunk cost)	(2,705)
Fixture and fittings	(700)
Resale value					4,000
Add back TAD (used)
Working capital cash flows (W2)
Net nominal cash flows	(3,570)	(90)	1,126	823	5,526	(345)
Discount rate (W3)	1.0	0.893	0.797	0.712	0.636	0.567
Present values	(3,570)	(80)	897	586	3,515	(196)
NPV						1,152

Workings
1	Tax-allowable deprecation
	Time	0	1	2	3	4	5

2	Working capital
	Time	0	1	2	3	4	5

3	Nominal discount rate (1.077)×(1.04)=1.12
A 12% cost of capital should be used.

Workings
1	Tax allowable depreciation (TAD)
	Time	0	1	2	3	4	5
	Written down value: start of year		700	525	394	295
	Scrap value					(100)
						195
	TAD (25% reducing balance)		175	131	99	195
						(balance)
2	Working capital
	Time	0	1	2	3	4
	Nominal sales		1,144	2,704	3,150	3,510
	Working capital	165	390	454	506	0
	Cash flow	(165)	(225)	(64)	(52)	506
3	Nominal discount rate (1.077)×(1.04)=1.12

(All figures $’000)
Time	0	1	2	3	4	5
Sales		1,100	2,500	2,800	3,000
Direct costs		(750)	(1,100)	(1,500)	(1,600)
Marketing		(170)	(250)	(200)	(200)
Office overheads (40%)		(50)	(50)	(50)	(50)
Net real operating flows		130	1,100	1,050	1,150
		×1.04	×1.04²	×1.04³	×1.04⁴
Inflated at 4% (rounded)		135	1,190	1,181	1,345
Tax allowable depn (TAD)(W1)		(135)	(131)	(99)	(195)
Unused TAD from time 1			(40)
Taxable profit		0	1,019	1,082	1,150
Taxation at 30% in arrears			0	(306)	(325)	(345)

Land and buildings (2,785-80)	(2,705)
Fixture and fittings	(700)
Resale value					4,000
Add back TAD (used)		135	171	99	195
		(175-40)	(131+40)
Working capital cash flows (W2)	(165)	(225)	(64)	(52)	506
Net nominal cash flows	(3,570)	(90)	1,126	823	5,526	(345)
12% discount rate (W3)	1.0	0.893	0.797	0.712	0.636	0.567
Present values	(3,570)	(80)	897	586	3,515	(196)
NPV						1,152

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王老师

2021-03-17 14:24:24 808人浏览

哈喽！努力学习的小天使！

老师已经把这道题完整的听了一遍，NEO老师并没有提到50%。NEO老师在此处说“百分之六十是相关现金流”为口误，然后老师又说“那所以什么？125乘以一个40，50，所以标一下啊，这是50，50, 50，这是我的相关现金流”，老师的意思是125*40%=50，即40%为相关现金流。

每个努力学习的小天使都会有收获！

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