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Vinyl Press

Vinyl Press plc (‘Vinyl’)is a UK based company that specialises in the manufacture and production of records.The company’s directors want to take advantage of the recent increase in salesof records, particularly among affluent middle-aged men.

The financial statementsfor Vinyl for the years ended 31 December 2017 and 2016 show the followinginformation:

Ms Spin, the FinanceDirector of Vinyl, identified that at present there are considerable delays inthe manufacture of records due to limited capacity.Ms Spin wants to replace the existing recordpressing machines with ten new machines to offer faster production of recordsthan is currently available.

So she can present this information to the rest of Vinyl’sBoard, Ms Spin has compiled the following information:

1. The record pressing machines used to manufacture the recordscost ￡125,000 each and ten of them will be purchased. The machines will lastfor 3 years, and will have a scrap value of ￡15,000 each at the end of year three.This is the expected life of the machinery. The company’s policy is todepreciate assets over their useful life using the straight-line method ofdepreciation.

2. Extensive market research has been undertaken to ensurethere is sufficient demand for the records at a cost of ￡100,000. This will bepaid for at the beginning of financial year 2018.

3. The records will be sold in batches of 1,000 todistributors/retail outlets. The selling price and costs per batch of the recordsare as follows:

Sellingprice ￡2,000

Rawmaterials ￡700 (plastic,sleeves)

Variableoverheads ￡250

4. The selling price per batch will rise by 4% per annum overthe next 3 years.

5. The demand for the raw materials has increased in the pastfew years due to increased demand and production shortages. The directors areconcerned that inflation of the raw material cost will have an adverse effecton the project’s cash flows. The firm expects that the raw material cost per batchwill rise by 7% per annum over the next 3 years.

6. All other costs will rise by 3% per annum.

7. There will be no increase in the general company overheadsbecause of this project. However, ￡120,000 of these overheads will beapportioned to this project each year.

8. Sales are expected to be:

Year1 2,000 batches

Year2 2,500 batches

Year3 3,000 batches

9. The cost of capital is currently 8% and this is afteradjusting for inflation which is expected to be 2.9%

10.The company pays tax onits taxable profit at 20%. This is payable in the same year the profit isearned.

11.Capital allowances arecurrently given at a reducing balance rate of 18%.

前面沒什么用，，求解用這11個條件 列表求解凈現(xiàn)值。。。

還有根據(jù)第九個9條件 解釋一下費(fèi)雪方程式。。這個cost of capital is currently 8%, 是屬于money rate of return 還是real rate of return??

翻譯了一下這11個條件是這樣的

1。用于生產(chǎn)記錄的記錄機(jī)每臺成本125000英鎊，其中十臺將被購買。這些機(jī)器將持續(xù)3年，到三年底將有15000英鎊的報廢價值。這是機(jī)器的預(yù)期壽命。公司的方針是用直線折舊法折舊資產(chǎn)的使用壽命。

2。已經(jīng)進(jìn)行了廣泛的市場研究，以確保對這些記錄有足夠的需求，費(fèi)用為100000英鎊。這筆款項將于2018財政年度開始支付。

三.這些唱片將以1000批次的方式出售給分銷商/零售店。每個批次的銷售價格和成本如下：

售價2000英鎊

原材料700英鎊（塑料、袖子）

可變費(fèi)用250英鎊

4。未來3年，每批的銷售價格每年將上漲4%。

5。由于需求增加和生產(chǎn)短缺，過去幾年對原材料的需求增加了。董事們擔(dān)心原材料成本的上漲會對項目的現(xiàn)金流產(chǎn)生不利影響。該公司預(yù)計，未來3年，每批原料成本每年將上漲7%。

6。所有其他費(fèi)用每年將上漲3%。

7。由于這個項目，通用公司的費(fèi)用不會增加。然而，￡120000這些費(fèi)用將分?jǐn)偟矫恳荒甑倪@個項目。

8。銷售預(yù)計將：

第1年2000批

第2年2500批

第3年3000批

9。目前的資本成本是8%，這是在通脹預(yù)期調(diào)整后的2.9%。

10。公司以20%的應(yīng)納稅利潤納稅。這是在同年賺取利潤。

11。目前資本減讓率為18%。

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