1. Your name: Anh Duong Project_Full name.

2. Read the project description (PDF), then com

highlighted in yellow, fill in the yellow cells in t
of the spreadsheets Direct_OldAD, Indirect_O
yellow cells in the calculation sections of the s
3. Canculate NPV, IRR, PP, sensitivity analysis, s
required).
4. Develop new options for NewAD (e.g. NewA
some appropriate changes in the assumptions
5. Open a new spreadsheet (using Shapes) to w
comments and recommendations (including yo
assignment).
Note: AD = Anh Duong.
ject_Full name.
n (PDF), then complete the parameters
e yellow cells in the calculation sections
ldAD, Indirect_OldAD; and fill in the
sections of the spreadsheet NewAD.
sitivity analysis, scenario analysis (es

ewAD (e.g. NewAD1, NewAD2, ... with

the assumptions.
using Shapes) to write your own
tions (including your learnings from the
 CASH FLOW STATEMENTS: DIRECT ME
@ Phùng Thanh Bình, UEH.

ANH DUONG COMPUTER PROJEC

PROJECT DATA
Land 10000 m2
Unit price 0.5 million/m2/year
Investments
Factory and equipment (F&E, year 0) 35000 million
Economic life 10 years
Software license (year 1) 15000 million
Duration of contract 8 years
Maintenance costs (F&E) 5% /year
Ouputs and inventories
Design capacity 15000 computers/year
Year 1, 2 3, 4, 5 6, 7, 8
Production capacity/Design capacity 75% 85% 100%
Finished product inventories 10% /year
Computer price (no VAT)
Computer price (year 0) 20 million/computer
Computer price decrease -8% /year
Computer components (no VAT)
Component price (year 0) 14 million/computer
Component price decrease -8% /year
Packaging and logistics 0.4 million/computer
Labor
Number of workers 50
Salary unit price 7 million/month
Labor costs (workers, year 0) 4200 million/year
Number of engineers 20
Salary unit price 15 million/month
Labor costs (engineers, year 0) 3600 million/year
Real salary increase 7% /year

1. INDICES
Year 0 1 2 3
Inflation index 1.1 1.1 1.2
Production capacity index 0.75 0.75 0.85
Computer price descrease index 0.92 0.85 0.78
Component price descrease index 0.92 0.85 0.78
Salary increase index 1.07 1.14 1.23

2. DEPRECIATION SCHEDULE (MILLION DONG)

2.1 Depreciation of tangible assets
Year 0 1 2 3
Beginning value 35000 31500 28000
Depreciation 3500 3500 3500
Accumulated depreciation 3500 7000 10500
Ending value 35000 31500 28000 24500

2.2 Depreciation of intangible assets

 Year 0 1 2 3
Beginning value 15000 13125 11250
Depreciation 1875 1875 1875
Accumulated depreciation 1875 3750 5625
Ending value 13125 11250 9375

3. PRODUCTION, INVENTORY, SOLD VOLUME

Year 0 1 2 3
Produced quantities 11250 11250 12750
Inventories 1125 1125 1275
Sold quantities
+ Current year 10125 10125 11475
+ Previous year 0 1125 1125
Total computers sold 10125 11250 12600

4. SALES (MILLION DONG)

Year 0 1 2 3
Computer prices 19.4 18.8 18.3
Total sales 196547 211964 230421

5. LABOR COSTS (MILLION DONG)

Year 0 1 2 3
Labor costs (workers) 4741 5352 6042
Labor costs (engineers) 4064 4587 5179
Labor costs 8805 9940 11220

6. COSTS OF GOOD SOLD (MILLION DONG)

Year 0 1 2 3
Component costs 152870 148375 163215
Packaging and logistics costs 4748 5009 5989
Maintenance costs 1846 1948 2055
Land rental costs 5000 5000 5565
Other direct costs 9827 10598 11521
Labor costs 8805 9940 11220
Depreciation 5375 5375 5375
Total direct production costs 188471 186244 204940
Produced quantities 11250 11250 12750
Unit costs 16.8 16.6 16.1
Cost of goods sold (COGS) 169624 186467 203070

7. LOAN SCHEDULE (MILLION DONG)

Year 0 1 2 3
Beginning balance 21000 21000 21000
Accrued interest 2263 2263 2263
Payments 2263 2263 6736
+ Principal repayment 0 0 4474
+ Interest payment 2263 2263 2263
Ending balance 21000 21000 21000 16526

8. INCOME STATEMENT (MILLION DONG)

Year 0 1 2 3
Total Sales 196547 211964 230421
(-) Cost of goods sold 169624 186467 203070
(-) Administration and selling expenses 4220 4452 4697
EBIT 22703 21045 22654
(-) Interest payment 2263 2263 2263
EBT 20440 18783 20391
Corporate income tax 4088 3757 4078
Net income (NI) 16352 15026 16313

9. WORKING CAPITAL (MILLION DONG)

Year 0 1 2 3
Accounts receivable (AR) 19655 21196 23042
Change in accounts receivable -19655 -1542 -1846
Accounts payable (AP) 15287 14838 16321
Change in accounts payable -15287 449 -1484
Cash balance 9827 10598 11521
Change in cash balance 9827 771 923

10. CASH FLOW STATEMENT (TIPV)

Year 0 1 2 3
CASH INFLOWS => Financial Receipts
Total sales 196547 211964 230421
VAT on sales 0 0 0
Change in accounts receivable -19655 -1542 -1846
Salvage value
VAT on salvage value
Total cash inflows 176892 210423 228575
CASH OUTFLOWS => Financial Expenditures
Factory and equipment 35000
VAT on factory and equipment 0
Software license 15000
VAT on software license 0
Component costs (1) 152870 148375 163215
Packaging and logistics costs (2) 4748 5009 5989
Maintenance costs (3) 1846 1948 2055
Land rental costs (4) 5000 5000 5565
VAT on (1-4 items) 0 0 0
Other direct costs 9827 10598 11521
VAT on other costs 0 0 0
Labor costs 8805 9940 11220
Administration and selling expenses 4220 4452 4697
Change in accounts payable -15287 449 -1484
Change in cash balance 9827 771 923
Total cash outflows 35000 196856 186542 203700
NET CASH FLOWS (BEFORE TAXES) -35000 -19964 23881 24875
Change in VAT 0 0 0 0
Corporate income tax 0 4088 3757 4078
NET CASH FLOWS (AFTER TAXES) -35000 -24052 20124 20796
Discount factor (DF), TIPV 1.00 0.88 0.77 0.68
PV(TIPV) -35000 -21149 15559 14138
Accumulated PV(TIPV) -35000 -56149 -40590 -26452
Years 1 1 1 1
PP_years 6
Months 0 0 0 0
PP_months 6.6

NPV(Market) 46114
NPV(TIPV) 30038
IRR(Market) 31.9%
 IRR(TIPV) 25.2%

11. CASH FLOW STATEMENT (EPV)

Year 0 1 2 3
NCF(TIPV) -35000 -24052 20124 20796
Loans 21000
Payments -2263 -2263 -6736
NCF(EPV) -14000.0 -26315 17862 14060
Discount factor (DF), EPV
PV(EPV)
Accumulated PV(EPV)
Years
PP_years
Months
PP_months

NPV(EPV)
IRR(EPV)

12. FINANCIAL DISCOUNT RATES

Year 0 1 2 3
NCF(TIPV) -35000 -24052 20124 20796
Project values 65038 98019 91352 83097
Debt 21000 21000 21000 16526
Equity 44038 77019 70352 66571
%D 32.3% 21.4% 23.0% 19.9%
%E 67.7% 78.6% 77.0% 80.1%
D/E 0.48 0.27 0.30 0.25
Cost of equity 15.1% 14.5% 14.6% 14.5%
Cost of capital 13.7% 13.7% 13.7% 13.7%
Discount factor (TIPV) 1.00 0.88 0.77 0.68
Discount factor (EPV) 1.00 0.87 0.76 0.66

NPV(TIPV) 30038
NPV(EPV) 30038
DIRECT METHHOD
EH.

ER PROJECT
Project life 8 years
Financing (F&E) 60%
Real interest rate 5.0% /year
Grace period (principal) 2 years
Nominal interest rate 10.8%
Number of repayments 4
Equity capital
Real rate of return 12.0%
Nominal rate of return 18.2%
Cost of capital
WACC 13.7%
Administration and selling expenses
Years 1-8 4000 million/year
Year 9 50% year 8
Other costs 5% sales
Woking capital
AR 10% sales
AP 10% component costs
CB 5% sales
Inflation rate 5.5% /year
Social insurance 0.0%
Tax rates
VAT on output 0%
VAT on most inputs 0%
VAT on other costs 0%
Income tax 20%
Other assumptions Straight line method
Annuity => PMT

4 5 6 7 8 9
1.2 1.3 1.4 1.5 1.5 1.6
0.85 0.85 1.0 1.0 1.0 1.0
0.72 0.66 0.61 0.56 0.51 0.47
0.72 0.66 0.61 0.56 0.51 0.47
1.31 1.40 1.50 1.61 1.72 1.84

4 5 6 7 8
24500 21000 17500 14000 10500
3500 3500 3500 3500 3500
14000 17500 21000 24500 28000
21000 17500 14000 10500 7000 => Liquidation value (adjusted inflation)
11334
 4 5 6 7 8
9375 7500 5625 3750 1875
1875 1875 1875 1875 1875
7500 9375 11250 13125 15000
7500 5625 3750 1875 0

4 5 6 7 8 9
12750 12750 15000 15000 15000
1275 1275 1500 1500 1500

11475 11475 13500 13500 13500 0

1275 1275 1275 1500 1500 1500
12750 12750 14775 15000 15000 1500

4 5 6 7 8 9
17.7 17.2 16.7 16.2 15.8 15.3
226309 219655 247058 243446 236289 22934

4 5 6 7 8
6820 7699 8691 9811 11075
5846 6599 7449 8409 9493
12666 14298 16140 18220 20568

4 5 6 7 8 9
158416 153759 175574 170412 165402
6318 6665 8273 8728 9208
2168 2287 2413 2546 2686
5565 5565 6535 6535 6535
11315 10983 12353 12172 11814
12666 14298 16140 18220 20568
5375 5375 5375 5375 5375
201824 198932 226663 223988 221588
12750 12750 15000 15000 15000
15.8 15.6 15.1 14.9 14.8
202135 199221 223890 224256 221828 22159

4 5 6
16526 11571 6081
1781 1247 655
6736 6736 6736
4956 5490 6081
1781 1247 655
11571 6081 0

4 5 6 7 8 9
226309 219655 247058 243446 236289 22934
202135 199221 223890 224256 221828 22159
4955 5228 5515 5819 6139 3238
19218 15206 17653 13372 8322 -2463
1781 1247 655 0 0 0
17437 13959 16997 13372 8322 -2463
3487 2792 3399 2674 1664 0
13950 11167 13598 10697 6658 -2463

4 5 6 7 8 9
22631 21966 24706 24345 23629
411 665 -2740 361 716 23629
15842 15376 17557 17041 16540
480 466 -2182 516 501 16540
11315 10983 12353 12172 11814
-206 -333 1370 -181 -358 -11814

4 5 6 7 8 9

226309 219655 247058 243446 236289 22934

0 0 0 0 0 0
411 665 -2740 361 716 23629
11334
0
226720 220321 244318 243808 237005 57897
158416 153759 175574 170412 165402 0
6318 6665 8273 8728 9208 0
2168 2287 2413 2546 2686 0
5565 5565 6535 6535 6535 0
0 0 0 0 0 0
11315 10983 12353 12172 11814 0
0 0 0 0 0 0
12666 14298 16140 18220 20568 0
4955 5228 5515 5819 6139 3238
480 466 -2182 516 501 16540
-206 -333 1370 -181 -358 -11814
201678 198918 225992 224768 222495 7964
25042 21402 18326 19040 14510 49933
0 0 0 0 0 0
3487 2792 3399 2674 1664 0
21554 18611 14926 16366 12845 49933
0.60 0.53 0.46 0.41 0.36 0.31
12884 9781 6898 6650 4590 15687
-13568 -3787 3111 9761 14351 30038
1 1 0 0 0 0

0 7 0 0 0 0
 4 5 6 7 8 9
21554 18611 14926 16366 12845 49933

-6736 -6736 -6736 0 0 0

14818 11874 8190 16366 12845 49933

4 5 6 7 8 9
21554 18611 14926 16366 12845 49933
72952 64357 58266 49900 43905
11571 6081 0 0 0
61381 58275 58266 49900 43905
15.9% 9.4% 0.0% 0.0% 0.0%
84.1% 90.6% 100.0% 100.0% 100.0%
0.19 0.10 0.00 0.00 0.00
14.3% 14.0% 13.7% 13.7% 13.7%
13.7% 13.7% 13.7% 13.7% 13.7%
0.60 0.53 0.46 0.41 0.36 0.31
0.58 0.51 0.44 0.39 0.34 0.30
CASH FLOW STATEMENTS: INDIRECT METH
@ Phùng Thanh Bình, UEH.

ANH DUONG COMPUTER PROJECT

PROJECT DATA
Land 10000 m2 Project life
Unit price 0.5 million/m2/year Financing (F&E)
Investments Real interest rate
Factory and equipment (F&E, year 0) 35000 million Grace period (principal)
Economic life 10 years Nominal interest rate
Software license (year 1) 35000 million Number of repayments
Duration of contract 8 years Equity capital
Maintenance costs (F&E) 5% /year Real rate of return
Ouputs and inventories Nominal rate of return
Design capacity 15000 computers/year Cost of capital
Year 1, 2 3, 4, 5 6, 7, 8 WACC
Production capacity/Design capacity 75% 85% 100% Administration and selling expenses
Finished product inventories 10% /year Years 1-8
Computer price (no VAT) Year 9
Computer price (year 0) 20 million/computer Other costs
Computer price decrease -8% /year Woking capital
Computer components (no VAT) AR
Component price (year 0) 14 million/computer AP
Component price decrease -8% /year CB
Packaging, logistics 0.4 million/computer Inflation rate
Labor Social insurance
Number of workers 50 Tax rates
Salary unit price 7 million/month VAT on output
Labor costs (workers, year 0) 4200 million/year VAT on most items
Number of engineers 20 VAT on other costs
Salary unit price 15 million/month Income tax
Labor costs (engineers, year 0) 3600 million/year Other assumptions
Real salary increase 7% /year

1. INDICES
Year 0 1 2 3 4
Inflation index 1.1 1.1 1.2 1.2
Production capacity index
Computer price descrease index 0.92 0.85 0.78 0.72
Component price descrease index 0.92 0.85 0.78 0.72
Salary increase index

2. DEPRECIATION SCHEDULE (MILLION DONG)

2.1 Depreciation of tangible assets
Year 0 1 2 3 4
Beginning value 35000 0 0 0
Depreciation 3500 3500 3500 3500
Accumulated depreciation
Ending value 35000

2.2 Depreciation of intangible assets

 Year 0 1 2 3 4
Beginning value
Depreciation 0 0 0 0
Accumulated depreciation 0 0 0 0
Ending value 0 0 0 0

3. PRODUCTION, INVENTORY, SOLD VOLUME

Year 0 1 2 3 4
Produced quantities 0 0 0 0
Inventories 0 0 0 0
Sold quantities
+ Current year
+ Previous year 0 0 0 0
Total computers sold

4. SALES (MILLION DONG)

Year 0 1 2 3 4
Computer prices 19.4 18.8 18.3 17.7
Total sales

5. LABOR COSTS (MILLION DONG)

Year 0 1 2 3 4
Labor costs (workers) 0 0 0 0
Labor costs (engineers)
Labor costs 0 0 0 0

6. COSTS OF GOOD SOLD (MILLION DONG)

Year 0 1 2 3 4
Component costs 0 0 0 0
Packaging costs 0 0 0 0
Maintenance costs
Land rental costs 5000 5000 5565 5565
Other direct costs 0 0 0 0
Labor costs 0 0 0 0
Depreciation
Total direct production costs 5000 5000 5565 5565
Produced quantities 0 0 0 0
Unit costs #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cost of goods sold (COGS) #DIV/0! #DIV/0! #DIV/0! #DIV/0!

7. LOAN SCHEDULE (MILLION DONG)

Year 0 1 2 3 4
Beginning balance 21000 0 0 0
Accrued interest 2263 0 0 0
Payments 0 0 0 0
+ Principal repayment 0 0 0 0
+ Interest payment
Ending balance 21000

8. INCOME STATEMENT (MILLION DONG)

Year 0 1 2 3 4
Total Sales 0 0 0 0
(-) Cost of goods sold #DIV/0! #DIV/0! #DIV/0! #DIV/0!
(-) Administration and selling expenses 4220 4452 4697 4955
EBIT
(-) Interest payment 2263 0 0 0
EBT -2263 0 0 0
Corporate income tax
Net income (NI) -2263 0 0 0

9. WORKING CAPITAL (MILLION DONG)

Year 0 1 2 3 4
Accounts receivable (AR) 0 0 0 0
Change in accounts receivable 0 0 0 0
Accounts payable (AP) 0 0 0 0
Change in accounts payable 0 0 0 0
Cash balance 0 0 0 0
Change in cash balance 0 0 0 0
Accounts inventory (AI)
Change in accounts inventory 0 0 0 0

10. CASH FLOW STATEMENT (TIPV)

Year 0 1 2 3 4
Operating Cash flows 0 5763 3500 3500 3500
EBT
(+) Depreciation 3500 3500 3500 3500
(+) Interest expenses 2263 0 0 0
(+) Change in accounts receivable 0 0 0 0
(-) Change in accounts payable 0 0 0 0
(-) Change in cash balance 0 0 0 0
(-) Change in accounts inventory
(+) VAT on sales 0 0 0 0
(-) VAT on operating costs 0 0 0 0
Investing Cash Flows 0 0 0 0 0
(-) Investments
(-) VAT on investments 0 0
(+) Salvage value
(+) VAT on salvage value
Net Cash Flow (Before taxes) 0 5763 3500 3500 3500
(-) Change in VAT 0 0 0 0 0
(-) Corporate income tax 0 0 0 0 0
Net Cash Flow (After taxes) 0 5763 3500 3500 3500
NCF(TIPV)-Direct -35000 -24052 20124 20796 21554
CHECK 35000 29815 -16624 -17296 -18054

NPV(TIPV) 18374
IRR(TIPV) Err:523

11. CASH FLOW STATEMENT (EPV)

Year 0 1 2 3 4
NCF(TIPV) 0 5763 3500 3500 3500
Loans 21000
Payments 0 0 0 0
NCF(EPV) 21000 5763 3500 3500 3500

NPV 37116
IRR Err:523

12. FINANCIAL DISCOUNT RATES

 Year 0 1 2 3 4
NCF(TIPV) 0 5763 3500 3500 3500
Project values 18374 15134 13712 12094 10255
Debt 21000 0 0 0 0
Equity
%D 114.3% 0.0% 0.0% 0.0% 0.0%
%E -14.3% 100.0% 100.0% 100.0% 100.0%
D/E #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cost of equity
Cost of capital
Discount factor (TIPV) 1.00 1.00 1.00 1.00 1.00
Discount factor (EPV) 1.00 1.00 1.00 1.00 1.00

NPV(TIPV) 30263
NPV(EPV) 51263

13. SENSITIVITY ANALYSIS

13.1 Effect of VAT on NPV
NPV(TIPV) 0% 5% 10% 20%
18374

13.2 Effect of computer price on NPV

NPV(TIPV) 18 19 20 21
18374

13.3 Effect of component price on NPV

NPV(TIPV) 12 13 14 15
18374
13.4 Effect of inflation on NPV
NPV(TIPV) 0.0% 5.5% 10.0% 20.0%
18374

13.5 Effect of both price changes on NPV

18374 18 19 20 21
15
14
13
12
ECT METHHOD

ROJECT
8 years
60%
5.0% /year
2 years
10.8%
4

12.0%
18.2%

13.7%
n and selling expenses
4000 million/year
50% year 8
5% sales

10% sales
10% component costs
5% sales
 5.5% /year
0.0%

0%
0%
0%
20%
Straight line method
Annuity => PMT

5 6 7 8 9
1.3 1.4 1.5 1.5 1.6

0.66 0.61 0.56 0.51 0.47

0.66 0.61 0.56 0.51 0.47

5 6 7 8
0 0 0 0
3500 3500 3500 3500
 5 6 7 8

0 0 0 0
0 0 0 0
0 0 0 0

5 6 7 8 9
0 0 0 0
0 0 0 0

0 0 0 0 0

5 6 7 8 9
17.2 16.7 16.2 15.8 15.3

5 6 7 8
0 0 0 0

0 0 0 0

5 6 7 8 9
 0 0 0 0
0 0 0 0

5565 6535 6535 6535

0 0 0 0
0 0 0 0

5565 6535 6535 6535

0 0 0 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

5 6
0 0
0 0
0 0
0 0

5 6 7 8 9
0 0 0 0 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
5228 5515 5819 6139 3238

0 0 0 0 0
 0 0 0 0 0

0 0 0 0 0

5 6 7 8 9
0 0 0 0
0 0 0 0 0
0 0 0 0
0 0 0 0 0
0 0 0 0
0 0 0 0 0

0 0 0 0 0

5 6 7 8 9
3500 3500 3500 3500 0

3500 3500 3500 3500 0

0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0

0 0 0 0 0
0 0 0 0 0
 0 0 0 0 0

0
0
3500 3500 3500 3500 0
0 0 0 0 0
0 0 0 0 0
3500 3500 3500 3500 0
18611 14926 16366 12845 49933
-15111 -11426 -12866 -9345 -49933

5 6 7 8 9
3500 3500 3500 3500 0

0 0 0 0 0
3500 3500 3500 3500 0
 5 6 7 8 9
3500 3500 3500 3500 0
8163 5783 3077 0
0 0 0 0

0.0% 0.0% 0.0% #DIV/0!

100.0% 100.0% 100.0% #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!

1.00 1.00 1.00 1.00 1.00

1.00 1.00 1.00 1.00 1.00
 CASH FLOW STATEMENTS: DIRECT MET
@ Phùng Thanh Bình, UEH.

NEW ANH DUONG COMPUTER PROJE

DOMESTIC SALES (e.g., VAT on output & inputs)
PROJECT DATA
Land 50000 m2
Unit price 0.5 million/m2/yr
Investments 765300
Buildings (B, year 0) 320000 million
Economic life 30 years
Equipments (E, year 1) 320000 million
Economic life 20 years
Software, Technology (year 1) 53300 million
Duration of contract 20 years
Other investment costs (year 0) 72000 million
Economic life 10 years
Salvage value (B&E) 15%
Maintenance costs (B&E) 5% /year
Project ouputs 1000000 computers/year
Year 1 2-3 4-6 7-20
Production capacity/Design capacity 0.0% 30% 50% 100%
Finished product inventories 10% /year
Computer price (no VAT)
Computer price (year 0) 20 million/computer
Computer components (no VAT)
Component price (year 0) 13 million/computer
Packaging, logistics, electricity, water 0.5 million/computer
Labor (direct costs)
Number of workers 1500
Salary unit price 8 million/month
Labor costs (workers, year 0) 176400 million/yr
Number of engineers 300
Salary unit price 16 million/month
Labor costs (engineers, year 0) 70560 million/yr

1. INDICES
Year 0 1 2 3
Inflation index 1.05 1.10 1.16
Production capacity index 0.00 0.3 0.30
Price descrease index 0.94 0.88 0.83
Workers' wage increase index 1.03 1.06 1.09
Engineers' wage increase index 1.04 1.08 1.12

2. DEPRECIATION SCHEDULE (MILLION DONG)

2.1 Depreciation of buildings
Year 0 1 2 3
Beginning value 320000 309333 298667
Depreciation 10667 10667 10667
Accumulated depreciation 10667 21333 32000
Ending value 320000 309333 298667 288000

2.2 Depreciation of equipments

Year 0 1 2 3
Beginning value 320000 304000
Depreciation 16000 16000
Accumulated depreciation 16000 32000
Ending value 320000 304000 288000

2.3 Depreciation of software license

Year 0 1 2 3
Beginning value 53300 50635 47970
Depreciation 2665 2665 2665
Accumulated depreciation 2665 5330 7995
Ending value 50635 47970 45305

2.4 Depreciation of other investment costs

Year 0 1 2 3
Beginning value 72000 64800 57600
Depreciation 7200 7200 7200
Accumulated depreciation 7200 14400 21600
Ending value 72000 64800 57600 50400

Total depreciation values

Year 0 1 2 3
Total depreciation values

3. PRODUCTION, INVENTORY, SOLD VOLUME

 Year 0 1 2 3
Produced quantities 0 300000 300000
Inventories 0 30000 30000
Sold quantities
+ Current year 0 270000 270000
+ Previous year
Total computers sold 0 270000 270000

4. SALES (MILLION DONG)

Year 0 1 2 3
Computer prices
Total sales 0 0 0

5. LABOR COSTS (MILLION DONG)

Year 0 1 2 3
Labor costs (workers) 0 63105 68911
Labor costs (engineers) 0 25242 27564
Labor costs 0 88347 96475

6. COSTS OF GOOD SOLD (MILLION DONG)

Year 0 1 2 3
Direct costs (excluding depreciation) 25000 278722 296369
Component costs
Maintenance costs
Packaging, logistics, electricity costs 0 165375 173644
Land rental costs 25000 25000 26250
R&D expenses 0 0 0
Insurances
 Labor costs 0 88347 96475
Depreciation 0 0 0
Total direct production costs 25000 278722 296369
Produced quantities 0 300000 300000
Unit costs 0.9 1.0
Cost of goods sold (COGS)

7. LOAN SCHEDULE (MILLION DONG)

7.1 Loan for buildings
Year 0 1 2 3
Beginning balance 224000 224000 224000
Accrued interest 22960 22960 22960
Payments 22960 22960
+ Principal repayment 0 0 -22960
+ Interest payment 22960 22960 22960
Ending balance 224000 224000 224000 246960

7.1 Loan for equipments

Year 0 1 2 3
Beginning balance 261310 261310
Accrued interest 26784 26784
Payments 26784 26784
+ Principal repayment 0 0
+ Interest payment 26784 26784
Ending balance 261310 261310 261310

8. INCOME STATEMENT (MILLION DONG)

Year 0 1 2 3
Total Sales 0 0 0
(-) Cost of goods sold 0 0 0
(-) Administration expenses 78750 82688 86822
(-) Selling expenses 0 0 0
EBIT -78750 -82688 -86822
(-) Interest payment 22960 49744 49744
EBT -101710 -132432 -136566
Corporate income tax
Net income (NI) -101710 -132432 -136566

9. WORKING CAPITAL (MILLION DONG)

Year 0 1 2 3
Accounts receivable (AR) 0 0 0
Change in accounts receivable 0 0 0
Accounts payable (AP) 0 0 0
Change in accounts payable 0 0 0
Cash balance 0 0 0
Change in cash balance 0 0 0

10. CASH FLOW STATEMENT (TIPV)

Year 0 1 2 3
CASH INFLOWS
Total sales 0 0 0
VAT on sales 0 0 0
Change in accounts receivable 0 0 0
Salvage value
VAT on salvage value
Total cash inflows 0 0 0
CASH OUTFLOWS
Investments
VAT on investments 0 0
Direct operating costs 25000 278722 296369
VAT on direct operating costs 2500 19038 19989
Administration and selling expenses
Change in accounts payable 0 0 0
Change in cash balance 0 0 0
Total cash outflows 0 27500 297760 316358
NET CASH FLOWS (BEFORE TAXES) 0 -27500 -297760 -316358
Change in VAT 0 -2500 -19038 -19989
Corporate income tax 0 0 0 0
NET CASH FLOWS (AFTER TAXES)

NPV(Market) (7,081,635) Million VND

NPV(TIPV) - Million VND
IRR(Market) Err:523
IRR(TIPV) Err:523

11. CASH FLOW STATEMENT (EPV)

Year 0 1 2 3
NCF(TIPV) 0 0 0 0
Loans 224000 261310
Debt payments
NCF(EPV) 224000 261310 0 0
 NPV 450,242 Million VND
IRR Err:523

12. FINANCIAL DISCOUNT RATES

Year 0 1 2 3
NCF(TIPV) 0 0 0 0
Value of the project 0 0 0 0
Value of debt 224000 485310 485310 508270
Value of equity -224000 -485310 -485310 -508270
%D #DIV/0! #DIV/0! #DIV/0! #DIV/0!
%E #DIV/0! #DIV/0! #DIV/0! #DIV/0!
D/E -1.000 -1.000 -1.000 -1.000
Cost of equity 10.3% 10.3% 10.3% 10.3%
Cost of capital #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Discount factor (EPV) 1 0.91 0.82 0.75
Discount factor (TIPV) 1 #DIV/0! #DIV/0! #DIV/0!

NPV(TIPV) #DIV/0!
NPV(EPV) #DIV/0!

13. SENSITIVITY ANALYSIS

13.1 Effect of VAT on NPV_TIPV
NPV(TIPV) 0% 5% 10% 15%
-

13.2 Effect of income tax on NPV_TIPV

NPV(TIPV) 0% 10% 20% 30%
-

13.3 Effect of inflation on NPV_TIPV

NPV(TIPV) 0% 5% 10% 15%
-
13.4 Effect of (computer and component) prices on NPV_TIPV
NPV(TIPV) -10% -6% -3% 0%
-

13.5 Effect of initial wage (workers) on NPV_TIPV

NPV(TIPV) 7.00 8.00 9.00 10.00
-

13.6 Effect of years 3-6 production capacity on NPV_TIPV

NPV(TIPV) 30% 50% 70% 90%
-

13.7 Effect of years 7-20 production capacity on NPV_TIPV

NPV(TIPV) 60% 80% 100% 120%
-
 DIRECT METHHOD
UEH.

PUTER PROJECT
on output & inputs)
References Tập đoàn Quanta xuất khẩu hai lô máy tính xách
Tập đoàn Quanta Computer (Đài Loan) đầu tư 12
R&D expenses 10% sales Land 4,500,000 225,000
Insurances 1,000,000 50,000
Buildings, equipments 0.2% on assets
Computers 0.1 million/computer Investments 4,500,000 2,880,000
Social insurance 22.5% 1,000,000 640,000
Administration and selling expenses
Administration expenses 75000 million/yr Buildings 33.3% 213333
Selling expenses 5.0% sales Equipments 50.0% 320000
Woking capital Technology 8.3% 53333
AR 8.3% sales Legal, consulting, 4.2% 26667
AP 8.3% components Vehicles, furnitu 4.2% 26667
CB 5.0% sales
Financing (B%E) 70% 0.59 Labor 4,500,000 1600
Real interest rate 5.0% /year 1,000,000 356
Grace period (principal) 2 years
Nominal interest rate 10.3% /year 4,500,000 400.0
Number of repayments 15 1,000,000 89
Equity capital 0.41
Real rate of return 10.0% /year 4,500,000 7,200
Nominal rate of return 15.5% /year 1,000,000 1,600
Cost of capital
WACC 12.4% /year 4,500,000 1,800
Other assumptions 1,000,000 400
VAT on output & inputs 10% 10%
Income tax 20% Từ A - Z về thuê đất khu công nghiệp trả tiền
Inflation rate 5% /year Rental cost 4,800,000 per term
Workers' wage increase 3% /year 484,124 p.a
Engineers' wage increase 4% /year
Price decrease -6% /year

4 5 6 7 8 9 10
1.22 1.28 1.34 1.41 1.48 1.55 1.63
0.50 0.50 0.5 1.0 1.0 1.0 1.0
0.78 0.73 0.69 0.65 0.61 0.57 0.54
1.13 1.16 1.19 1.23 1.27 1.30 1.34
1.17 1.22 1.27 1.32 1.37 1.42 1.48

4 5 6 7 8 9 10
288000 277333 266667 256000 245333 234667 224000
10667 10667 10667 10667 10667 10667 10667
42667 53333 64000 74667 85333 96000 106667
277333 266667 256000 245333 234667 224000 213333

4 5 6 7 8 9 10
288000 272000 256000 240000 224000 208000 192000
16000 16000 16000 16000 16000 16000 16000
48000 64000 80000 96000 112000 128000 144000
272000 256000 240000 224000 208000 192000 176000

4 5 6 7 8 9 10
45305 42640 39975 37310 34645 31980 29315
2665 2665 2665 2665 2665 2665 2665
10660 13325 15990 18655 21320 23985 26650
42640 39975 37310 34645 31980 29315 26650

4 5 6 7 8 9 10
50400 43200 36000 28800 21600 14400 7200
7200 7200 7200 7200 7200 7200 7200
28800 36000 43200 50400 57600 64800 72000
43200 36000 28800 21600 14400 7200 0

4 5 6 7 8 9 10
 4 5 6 7 8 9 10
500000 500000 500000 1000000 1000000 1000000 1000000
50000 50000 50000 100000 100000 100000 100000

450000 450000 450000 900000 900000 900000 900000

450000 450000 450000 900000 900000 900000 900000

4 5 6 7 8 9 10

0 0 0 0 0 0 0

4 5 6 7 8 9 10
125418 136956 149556 326631 356681 389495 425329
50167 54782 59822 130652 142672 155798 170132
175585 191739 209379 457283 499353 545294 595461

4 5 6 7 8 9 10
505711 538372 571965 1189774 1267021 1351345 1440296

303877 319070 335024 703550 738728 775664 814447

26250 27563 27563 28941 28941 30388 30388
0 0 0 0 0 0 0
175585 191739 209379 457283 499353 545294 595461
0 0 0 0 0 0 0
505711 538372 571965 1189774 1267021 1351345 1440296
500000 500000 500000 1000000 1000000 1000000 1000000
1.0 1.1 1.1 1.2 1.3 1.4 1.4

4 5 6 7 8 9 10
246960 272273 300181 330950 364872 402272 443505
25313 27908 30769 33922 37399 41233 45459

-25313 -27908 -30769 -33922 -37399 -41233 -45459

25313 27908 30769 33922 37399 41233 45459
272273 300181 330950 364872 402272 443505 488964

4 5 6 7 8 9 10
261310 288094 317624 350180 386074 425646 469275
26784 29530 32556 35893 39573 43629 48101

-26784 -29530 -32556 -35893 -39573 -43629 -48101

26784 29530 32556 35893 39573 43629 48101
288094 317624 350180 386074 425646 469275 517376

4 5 6 7 8 9 10
 0 0 0 0 0 0 0
0 0 0 0 0 0 0
91163 95721 100507 105533 110809 116350 122167
0 0 0 0 0 0 0
-91163 -95721 -100507 -105533 -110809 -116350 -122167
52098 57438 63325 69816 76972 84862 93560
-143261 -153159 -163832 -175348 -187781 -201211 -215727

-143261 -153159 -163832 -175348 -187781 -201211 -215727

4 5 6 7 8 9 10
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0

4 5 6 7 8 9 10

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
 0 0 0 0 0 0 0

505711 538372 571965 1189774 1267021 1351345 1440296

33013 34663 36259 73249 76767 80605 84483

0 0 0 0 0 0 0
0 0 0 0 0 0 0
538724 573035 608224 1263023 1343788 1431950 1524779
-538724 -573035 -608224 -1263023 -1343788 -1431950 -1524779
-33013 -34663 -36259 -73249 -76767 -80605 -84483
0 0 0 0 0 0 0

4 5 6 7 8 9 10
0 0 0 0 0 0 0

0 0 0 0 0 0 0
 4 5 6 7 8 9 10
0 0 0 0 0 0 0
0 0 0 0 0 0 0
560368 617805 681130 750946 827918 912780 1006340
-560368 -617805 -681130 -750946 -827918 -912780 -1006340
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-1.000 -1.000 -1.000 -1.000 -1.000 -1.000 -1.000
10.3% 10.3% 10.3% 10.3% 10.3% 10.3% 10.3%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0.68 0.61 0.56 0.51 0.46 0.42 0.38
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

=> What do these results imply?

xuất khẩu hai lô máy tính xách tay đầu tiên sản xuất tại Nam Định (congthuong.vn)
Computer (Đài Loan) đầu tư 120 triệu USD mở nhà máy lắp ráp máy tính tại Nam Định - Vietnam Factory - Kết nối anh chị em nhà máy ! (factorytalk.vn

Hệ số điều chỉnh ở HCMC

1.5 320,000
1 320,000
1 53,333
1.2 32,000
1.5 40,000
765,333.3
đất khu công nghiệp trả tiền hàng năm (dulongip.vn)

11 12 13 14 15 16 17 18 19
1.71 1.80 1.89 1.98 2.08 2.18 2.29 2.41 2.53
1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
0.51 0.48 0.45 0.42 0.40 0.37 0.35 0.33 0.31
1.38 1.43 1.47 1.51 1.56 1.60 1.65 1.70 1.75
1.54 1.60 1.67 1.73 1.80 1.87 1.95 2.03 2.11

11 12 13 14 15 16 17 18 19
213333 202667 192000 181333 170667 160000 149333 138667 128000
10667 10667 10667 10667 10667 10667 10667 10667 10667
117333 128000 138667 149333 160000 170667 181333 192000 202667
202667 192000 181333 170667 160000 149333 138667 128000 117333

11 12 13 14 15 16 17 18 19
176000 160000 144000 128000 112000 96000 80000 64000 48000
16000 16000 16000 16000 16000 16000 16000 16000 16000
160000 176000 192000 208000 224000 240000 256000 272000 288000
160000 144000 128000 112000 96000 80000 64000 48000 32000

11 12 13 14 15 16 17 18 19
26650 23985 21320 18655 15990 13325 10660 7995 5330
2665 2665 2665 2665 2665 2665 2665 2665 2665
29315 31980 34645 37310 39975 42640 45305 47970 50635
23985 21320 18655 15990 13325 10660 7995 5330 2665

11 12 13 14 15 16 17 18 19

11 12 13 14 15 16 17 18 19
 11 12 13 14 15 16 17 18 19
1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000
100000 100000 100000 100000 100000 100000 100000 100000 100000

900000 900000 900000 900000 900000 900000 900000 900000 900000

900000 900000 900000 900000 900000 900000 900000 900000 900000

11 12 13 14 15 16 17 18 19

0 0 0 0 0 0 0 0 0

11 12 13 14 15 16 17 18 19
464459 507189 553851 604805 660447 721208 787560 860015 939136
185784 202876 221540 241922 264179 288483 315024 344006 375655
650243 710065 775391 846727 924626 1009692 1102583 1204021 1314791

11 12 13 14 15 16 17 18 19
1537320 1639900 1751718 1870195 1999268 2136307 2285529 2444267 2617049

855170 897928 942825 989966 1039464 1091437 1146009 1203310 1263475

31907 31907 33502 33502 35178 35178 36936 36936 38783
0 0 0 0 0 0 0 0 0
 650243 710065 775391 846727 924626 1009692 1102583 1204021 1314791
0 0 0 0 0 0 0 0 0
1537320 1639900 1751718 1870195 1999268 2136307 2285529 2444267 2617049
1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000
1.5 1.6 1.8 1.9 2.0 2.1 2.3 2.4 2.6

11 12 13 14 15 16 17
488964 539083 594339 655258 722422 796471 878109
50119 55256 60920 67164 74048 81638 90006

-50119 -55256 -60920 -67164 -74048 -81638 -90006

50119 55256 60920 67164 74048 81638 90006
539083 594339 655258 722422 796471 878109 968115

11 12 13 14 15 16 17 18
517376 570407 628874 693333 764400 842751 929133 1024369
53031 58467 64460 71067 78351 86382 95236 104998

-53031 -58467 -64460 -71067 -78351 -86382 -95236 -104998

53031 58467 64460 71067 78351 86382 95236 104998
570407 628874 693333 764400 842751 929133 1024369 1129367

11 12 13 14 15 16 17 18 19
 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
128275 134689 141424 148495 155920 163716 171901 180496 189521
0 0 0 0 0 0 0 0 0
-128275 -134689 -141424 -148495 -155920 -163716 -171901 -180496 -189521
103150 113723 125379 138231 152399 168020 185242 104998 0
-231425 -248412 -266803 -286726 -308319 -331736 -357144 -285494 -189521

-231425 -248412 -266803 -286726 -308319 -331736 -357144 -285494 -189521

11 12 13 14 15 16 17 18 19
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0

11 12 13 14 15 16 17 18 19

0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
 0 0 0 0 0 0 0 0 0

1537320 1639900 1751718 1870195 1999268 2136307 2285529 2444267 2617049

88708 92984 97633 102347 107464 112661 118295 124025 130226

0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
1626027 1732884 1849351 1972542 2106732 2248968 2403824 2568292 2747275
-1626027 -1732884 -1849351 -1972542 -2106732 -2248968 -2403824 -2568292 -2747275
-88708 -92984 -97633 -102347 -107464 -112661 -118295 -124025 -130226
0 0 0 0 0 0 0 0 0

11 12 13 14 15 16 17 18 19
0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0
11 12 13 14 15 16 17 18 19
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
1109490 1223212 1348592 1486822 1639222 1807242 1992484 1129367 0
-1109490 -1223212 -1348592 -1486822 -1639222 -1807242 -1992484 -1129367 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-1.000 -1.000 -1.000 -1.000 -1.000 -1.000 -1.000 -1.000 #DIV/0!
10.3% 10.3% 10.3% 10.3% 10.3% 10.3% 10.3% 10.3% #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0.34 0.31 0.28 0.26 0.23 0.21 0.19 0.17 0.16
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
m nhà máy ! (factorytalk.vn)
 20 21
2.65 2.79
1.0 1.0
0.29 0.27
1.81 1.86
2.19 2.28

20
117333
10667
213333
106667

20
32000
16000
304000
16000

20
2665
2665
53300
0

20

20
 20 21
1000000
100000

900000 0

900000 0

20 21

0 0

20
1025537
410215
1435752

20
2801184

1326649
38783
0
1435752
0
2801184
1000000
2.8

20 21
 0 0
0
198997 104474
0
-198997 -104474
0
-198997 -104474

-198997 -104474

20 21
0
0 0
0
0 0
0
0 0

20 21

0 0
0 0
0 0

0
 0 0

2801184
136543

0 0
0 0
2937727 0
-2937727 0
-136543 0
0 0

20 21
0 0

0 0
20 21
0 0
0
0
0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!