CFA level2 corporate finance pratice problem 질문입니다!
안녕하세요 강사님
Level2 준비생입니다
협회 에코시스템 practice를 풀다가 이해가 안가는 부분이 있어서 질문드립니다.
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Telemtogo Inc. (TLGO) is a manufacturer and distributor of camping and hiking equipment in the United States. TLGO management is considering a new division to manufacture outdoor patio products to be sold in the same retail outlets as TLGO’s existing products.
Karen England is a consultant hired by TLGO to explore the feasibility and profitability of the new division. England begins by developing future financial projections for the division based on comparable firms that produce similar products. England assumes the capital investment will be made at the end of 2013 (see Exhibit 1).
EXHIBIT 1
TLGO OUTDOOR PATIO PRODUCT DIVISION ABRIDGED FINANCIAL STATEMENT, YEAR-END PROJECTIONS
| End of Year (inflation adjusted, $ millions) | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 |
|---|---|---|---|---|---|---|
| Consultant fee | 0.55* | |||||
| Capital investment required | 10.36 | |||||
| Additional net working capital | 2.2 | 0.62 | 0.43 | 0.28 | 0.19 | 0.12 |
| Sales | 2.7 | 3.24 | 3.89 | 4.67 | 5.6 | |
| Variable expenses | 1.62 | 1.94 | 2.33 | 2.8 | 3.36 | |
| Fixed expenses | 0.2 | 0.21 | 0.21 | 0.22 | 0.23 | |
| Depreciation | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | |
| Earnings before interest and taxes (EBIT) | 0.67 | 0.88 | 1.14 | 1.44 | 1.81 | |
| Interest | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | |
| Taxable income | 0.31 | 0.52 | 0.78 | 1.08 | 1.45 | |
| Tax expense (32%) | 0.1 | 0.17 | 0.25 | 0.34 | 0.46 | |
| Net income | 0.21 | 0.35 | 0.53 | 0.74 | 0.99 |
Note: The inflation rate is assumed to be 0.78% annually.
* The consultant fee will have been paid prior to year-end 2013.
Q. The 2015 after-tax operating cash flow for the new division (in millions) is closest to:
- $0.38.
- $0.56.
- $0.81.
Solution
C is correct. After-tax operating cash flow (CF) is calculated as follows:
| CFCF | = | [(Sales−Cashoperatingexpenses)×(1−Taxrate)]+(Depreciation×Taxrate)[(Sales−Cashoperatingexpenses)×(1−Taxrate)]+(Depreciation×Taxrate) |
| = | [(3.24−1.94−0.21)×(1−0.32)]+(0.21×0.32)[(3.24−1.94−0.21)×(1−0.32)]+(0.21×0.32) | |
| = |
0.8084=0.810.8084=0.81
|
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Operaing cash flow를 구할 때 NI + NCC - WC이므로
14년~18년기간 동안에 additional working capital를 추가로 빼줘야 되는거 아닌가요??
감사합니다.
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안녕하세요 이패스코리아입니다
강사님께 문의 후 답변 드리겠습니다.
안녕하세요. 이패스코리아입니다.
문의하신 강사님 답변입니다.
안녕하세요 수강생님,
Corporate Finance 1강에서
corporate finance 에서 operating cash flow와 회계에서의 operating cash flow 차이점에 대해
가장 먼저 설명을 하는 부분이 있습니다.
해당 부분을 참고하시면 될 것 같습니다.
결론만 말씀드리면,
NI + NCC - changes in WC는 회계에서 이야기 하는 operating CFs 고요.
corporate finance에선 주주/채권자 관점의 세후 영업현금흐름을 이야기 하기 때문에
만약 NI부터 올라간다 생각하면 NI+NCC+Int(1-T/R) 로 가셔야 할 것으로 생각이 됩니다.
근데 이렇게 결론만 듣고, 다른 과목이랑 또 비교하면 절대 이해가 안되실거에요.
강의를 들으시는 걸 추천드립니다.
감사합니다
김서호 드림
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