Mining Corp. Case Study

財務管理 Case Study

1. 期初現金流量：

Opportunity Cost = | 期初出售土地成本 = | – $ 7,000,000 | |

Investment Cost = | 期初購買機器成本 = | – 85,000,000 | |

Total Cash Flow = | | – $ 92,000,000 | |

2. 期末現金流量：第四年期末

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Sell Machine = $ 85,000,000 * 60% = $ 51,000,000

Salvage value (from MACRS, 7 years recovery period) =

$85,000,000*( 1 – 0.143 – 0.245 – 0.175 – 0.125 ) = $ 26,520,000

The Tax Liability from selling machine = ($85,000,000 – $ 26,520,000)*0.38 = $ 9,302,400

Sell Machine = | $ 26,520,000 | |

The Tax Liability from selling machine = | – 9,302,400 | |

Total Cash Flow = | $ 41,697,600 | |

3. 期中現金流量：利用稅盾法

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Operating Cash Flow =

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Year 1: $ 95 * 500,000 + $ 90 * 120,000 – $ 31 * 620,000 – $ 430,000 = $ 34,780,000

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Year 2: $ 95 * 500,000 + $ 90 * 180,000 – $ 31 * 620,000 – $ 430,000 = $ 38,320,000

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Year 3: $ 95 * 500,000 + $ 90 * 230,000 – $ 31 * 620,000 – $ 430,000 = $ 41,270,000

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Year 4: $ 95 * 500,000 + $ 90 * 90,000 – $ 31 * 620,000 – $ 430,000 = $ 33,010,000

Year 5: – $2,800,000 (cost of reclamation)

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Year 6: – $7,500,000 (charitable expense deduction)

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Depreciations =

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From MACRS, we know = 12,155,000 20,825,000 14,875,000 10,625,000

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Consider the CFs after tax, i.e. = 4,618,900 7,913,500 2,147,950 4,037,500

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Total Cash OCF:

From year 1 to year 6: $ 26,182,500 $ 31,671,900 $ 31,239,900 $ 24,503,700

– $ 1,736,000 – $ 4,650,000

4. 計算淨營運資金：...