Part Two: Value and Capital Budgeting
Chapter 3: Financial Statements Analysis and Long-Term Planning
3.10 Long-Term Financial Planning
The growth in assets requires that the firm decide on how to finance that growth.
Groei kan er toe leiden dat er geld nodig is om die groei te financieren. Dat kan middels een kortlopende
lening, een langlopende lening of middels de uitgifte van aandelen. Goede planning is een vereiste.
3.12 Some Caveats Regarding Financial Planning Models
Financial planning models do not always ask the right questions. A primary reason is that they tend to rely
on accounting relationships and not financial relationships. In particular, the three basic elements of firm
value tend to get left out – namely, cash flow size, risk, and timing.
Models are often too simple.
, Chapter 7: Making Capital Investment Decisions
7.1 Incremental Cashflows
Sunk Costs > niet meenemen in investeringsbeslissing
Opportunity costs > wel meenemen in investeringsbeslissing
Side effects > wel meenemen in investeringsbeslissing
Allocated costs > alleen meenemen in investeringsbeslissing indien deze kosten incrementeel zijn
7.2 Whair Balls Ltd: An Example
Voorbeeld van doorrekening van een investeringsbeslissing op basis van kasstromen.
Sales – operating costs – taxes – investment cash flows = total cash flow of the investment
Let op: boekwinst op verkoop van activa is belast.
Let op: afschrijvingen leiden tot lagere belastingen.
Net Working Capital = trade receivables – trade payables + inventory + cash
7.3 Inflation and Capital budgeting
1 + nominal interest rate = (1 + real interest rate ) * (1 + inflation rate)
Het verdisconteren van real cash flows tegen de real interest rate leidt tot precies dezelfde uitkomsten als
het verdisconteren van nominal cash flows tegen de nominal interest rate.
7.5 Investments of Unequal Lives : The Equivalent Annual Cost Method
Stap 1: bereken de NPV’s van investment 1
Stap 2: NPV = C * A(x/z) (A(x/z) = annuïteit van € 1 voor x jaren tegen z% rente)
Stap 3: bereken de NPV’s van investment 2
Stap 4: NPV = C * A(y/z) (A(y/z) = annuïteit van € 1 voor y jaren tegen z% rente)
Stap 5: vergelijk beide C’s. C = EAC. (voor A zie appendix HRWJJ tabel A2).
Deze uitwerking gaat alleen op bij de veronderstelling dat de investering herhaalbaar is.
The general decision to replace a machine: (p.194)
1. Bereken de PV van de nieuwe machine, bereken daarna de EAC van de nieuwe machine > dit is een
soort van huurbedrag
2. Bereken de FV van de oude machine (PV over 1 jaar), inclusief de opportunity cost om deze niet te
verkopen.
3. Zet 1 en 2 tegen elkaar af. Voor 2 reken je na einde levensduur de kasstromen van 1.
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