Fundamentals of Investment Appraisal Martina Röhrich ISBN: 978-3-11-034718-0 © 2014 Oldenbourg...

Fundamentals of Investment AppraisalMartina RöhrichISBN: 978-3-11-034718-0

Abbildungsübersicht / List of Figures

Tabellenübersicht / List of Tables

Table 1-1 Characteristics of the methods of investment appraisal

Figure 2-1 Average capital employed

Table 2-1 Comparison of alternatives by the cost comparison method

Table 2-2 Comparison of alternatives by the cost comparison method with salvage values

Table 2-3 Basic data for the calculation of critical values

Figure 2-2 Critical activity quantity by the cost comparison method

Table 2-4 Basic data for the new vehicle

Table 2-5 Relevant costs with regard to the replacement decision

Table 2-6 Replacement decision by the cost comparison method

Table 2-7 Check for the replacement decision by the cost comparison method

Table 2-8 Replacement decision by the cost comparison method with salvage values

Table 2-9 Comparison of alternatives by the profit comparison method

Table 2-10 Comparison of alternatives by the profit comparison method with salvage values

Table 2-11 Decision about the replacement of the HL Securitas by the profit comparison method

Table 2-12 Decision about the replacement of the BMC Minerva by the profit comparison method

Table 2-13 Comparison of alternatives by the accounting rate of return method

Table 2-14 Comparison of alternatives by the accounting rate of return method with salvage values

Table 2-15 Replacement decision by the accounting rate of return method

Table 2-16 Calculation of non-discounting payback through average annual cash flow

Table 2-17 Calculation of non-discounting payback through average annual profit

Table 2-18 Calculation of non-discounting payback through average annual cash flow with salvage values

Table 2-19 Calculation of non-discounting payback through average annual profit with salvage values

Table 2-20 Replacement decision by the non-discounting payback

Table 2-21 Results from the non-discounting methods of investment appraisal

Table 3-1 Basic example of the time value of money

Table 3-2 Cost comparison for the basic example

Table 3-3 Symbols for the discounting methods of investment appraisal (Continued)

Table 3-3 Symbols for the discounting methods of investment appraisal

Table 3-4 Investment’s payments within the example

Table 3-5 Calculation of present values within the example

Figure 3-1 Time line illustration of a net present value

Table 3-6 Complete financial plan, investment of € 70,000 on the capital market

Table 3-7 Complete financial plan, transaction of the investment, financing with equity

Table 3-8 Complete financial plan, Transaction of the investment, financing with debt at 100 % and repayment at the end of

the time period in a single sum

Table 3-9 Complete financial plan, Transaction of the investment, financing with debt at 100 % and repayment at the best

possible rate

Table 3-10 Calculation of the net present value for Investment 1

Table 3-11 Calculation of the net present value for Investment 2

Table 3-12 Net present value method and differential investments

Figure 3-2 Net present value profile

Table 3-13 Basic data for the comparison of alternatives by the net present value method

Table 3-14 Calculation of current cash outflow for the comparison of alternatives by the net present value method

Table 3-15 Calculation of net present values for the comparison of alternatives without cash inflow

Table 3-16 Calculation of net present values for the comparison of alternatives with cash inflows

Table 3-17 Basic data for the CSA Toutatis

Table 3-18 Marginal cash flows of new car purchase

Table 3-19 Equivalent annuity as annualised net present value

Table 3-20 Comparison of Alternatives by the annuity method

Table 3-21 Calculation of equivalent annuities for the replacement decision

Table 3-22 Basic data for graphical and arithmetic approximation of the internal rate of return

Figure 3-3 Graphical estimate of the internal rate of return

Table 3-23 Calculation of internal rates of return by Excel

Table 3-24 Illustration of investment desirability ranking conflicts

Figure 3-4 Net present value profiles for the HL Securitas and the BMC Minerva

Table 3-25 Calculation of the discounted cumulative cash flow of the HL Securitas

Table 3-26 Calculation of the discounted cumulative cash flow of the BMC Minerva

Table 3-27 Results from non-discounting and discounting payback method

Table 4-1: Correction of the input variables

Table 4-2 Initial data for the comparison of alternatives

Table 4-3 Net present values for the comparison of alternatives using the correction method

Table 4-4 Data basis for the comparison of alternatives

Table 4-5: Rise of cash flow by 10 % within the sensitivity analysis

Table 4-6: Reduction of cash flow by 10 % within the sensitivity analysis

Table 4-7: Synopsis of the results of the band width analysis

Table 4-8 Identifying the BMC Minerva’s sensitive input variables

Table 4-9 Definition of the uncertain input variables

Table 4-10 Probability distributions of the uncertain input variables

Table 4-11 Allocation of random numbers to the uncertain input data

Figure 4-1 Monte Carlo Simulation to incorporate probability distributions of cash flows and economic life

Table 4-12 Generated random numbers for the uncertain input data

Table 4-13 Net present values for the iterations

Table 4-14: Results of the risk analysis

Figure 4-2 Risk profile

Table 4-15 Initial data for the comparison of alternatives using the fixed planning

Figure 4-3 Probability tree

Table 4-16 Current value of cash flows from the investment depending on the state of the economy

Table 4-17 Discounted cash flows from the investment project depending on the state of the economy

Figure 4-4 Decision tree – fixed planning

Table 4-18 Net present values and weighted net present values in the outcome nodes of period 2 using the fixed planning

approach

Table 4-19 Discounted cash flows from the investment project depending on the state of the economy

Figure 4-5 Decision tree – flexible planning

Table 4-20 Explanation of the way to the results in period 2

Table 4-21 Net present values in the final nodes in period 2 within the flexible planning approach

Table 4-22 Overview of the decision nodes in period 1

Table 4-23 Calculation of the expected net present value for the action ‘no reaction’

Table 4-24 Calculation of the expected net present value for the action ‘advertising’

Table 4-25 Summary of the expected net present values for the decision nodes in period 1

Table 4-26 Summary of useful decisions in the decision nodes of period 1

Table 4-27 Probability distributions of the uncertain input variable

Table 4-28 Allocation of random numbers to the uncertain input variable

Table 4-29 Generated random numbers for the uncertain input variable ‘sales revenues’

Table 5-1: Calculation of the net present value without and with taxes

Table 5-2 Derivation of the project’s after tax cash flow

Table 5-3 Basic data for the calculation of the net present values without taxes

Table 5-4 Calculation of net present values after tax

Table 5-5 Comparison of alternatives based on net present values after tax

Table 5-6 Basic data for the calculation of the net present values without inflation

Table 5-7 Basic data to set up a complete financial plan

Table 5-8 Complete financial plan for the BMC Minerva at a discount rate of 5 %

Table 5-9 Complete financial plan for the BMC Minerva with a debit interest rate of 6 % and a credit interest rate of 5 %

Table 5-10 Contributions of the assessment criterion ‘Eco Friendliness’

Table 5-11 Partial values of benefit for the alternatives under consideration

Table 5-12 Total values for the alternatives considered

Table 5-13 Basic data for the macroeconomic net present value method

Table 5-14 Calculation of the macroeconomic net present value

Future Value Factor

Annuity Future Value Factor

Sinking Fund Factor

Annual Equivalent Factor

Present Value Factor

Annuity Present Value Factor

Fundamentals of Investment Appraisal Martina Röhrich ISBN: 978-3-11-034718-0 © 2014 Oldenbourg...

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