L14 - After-tax Cash Flows
consolidated statements of cash flows -回复
consolidated statements of cash flows -回复中括号内的主题是“consolidated statements of cash flows”。
在这篇文章中，我将一步一步回答与该主题相关的问题，并解释与该主题相关的基本概念和重要性。
什么是综合现金流量表？综合现金流量表是一份财务报表，用于揭示公司在特定时间段内经营、投资和筹资活动所产生的现金流量。
它提供了关于公司现金流入和现金流出的信息，可以帮助投资者和其他相关方了解公司的现金状况以及公司如何运用和获取现金。
综合现金流量表包括哪些部分？综合现金流量表分为三个主要部分：经营活动现金流量、投资活动现金流量和筹资活动现金流量。
经营活动现金流量部分反映了与公司日常经营活动相关的现金流量。
这包括销售产品和服务所收到的现金、支付供应商和员工的现金、支付利息和税收的现金，以及其他与公司经营有关的现金流入和流出。
投资活动现金流量部分显示了公司在购买和出售长期资产以及其他投资时所产生的现金流量。
这包括购买和出售固定资产、合并和收购其他公司的现金流动，以及与其他投资相关的现金流入和现金流出。
筹资活动现金流量部分揭示了公司在筹资方面的现金流动。
这包括发行和回购股票所产生的现金流动、发行和偿还债券所产生的现金流动，以及与其他筹资活动相关的现金流入和现金流出。
为什么综合现金流量表重要？综合现金流量表对于投资者、财务分析师和其他相关方非常重要。
它提供了关于公司现金流量的详细信息，使他们能够判断公司的现金状况和现金流出和流入的原因。
综合现金流量表可以帮助投资者评估公司的盈利能力和偿付能力。
通过分析现金流量表，投资者可以判断公司是否有足够的现金流入来支付债务，并评估公司是否能够持续盈利。
此外，综合现金流量表还可以帮助投资者识别公司经营能力的强弱。
如果公司的主要现金流入来源是经营活动，而非投资或筹资活动，那么这表明公司在日常经营中取得了良好的成果。
财务管理英文第十三版
Corporate Capital Gains / Losses
Currently, capital gains are taxed at ordinary income tax rates for corporations, or a maximum 35%.
The Capital Budgeting Process
Generate investment proposals consistent with the firm’s strategic objectives.
Estimate after-tax incremental operating cash flows for the investment projects.
c) - (+) Taxes (tax savings) due to asset sale or disposal of “new” assets
d) + (-) Decreased (increased) level of “net” working capital
e) = Terminal year incremental net cash flow
Depreciation and the MACRS Method
Everything else equal, the greater the depreciation charges, the lower the taxes paid by the firm.
metro中英对照
Chinese 广告底限(与最低营业额有关) 销售封锁标志 目标群体标志 客户满意 客户忠诚度 客户益处 以客户为导向 客户生命周期 客户净价值 客户问卷 客户分类 营销计划 针对客户类别的特殊活动 行动计划 促销 特殊商业行动 电话行销 回执率 电话销售 客户俱乐部 拜访客户 邮寄邮件 广告小册子 形象手册 插页 传真 周年庆 直销 客户关系管理 目标客户群 地址 地址供应商 商会 一客户在现购自运方面的采购潜力 采购行为 专业需求 满足客户需求 客户分类 客户行业 行业领域 摊贩 非独立食品零售商 跨地区连锁店 地区性连锁店 独立食品零售商 国内的/本国的 外国的 精制食品零售商 鱼类水产零售商 饮料零售商 蔬菜水果零售商
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MIT15_401F08_summary
Course Summary
© 2007–2008 by Andrew W. Lo
Slide 12
Key Points: Portfolio Theory
15.401
'LYHUVLILFDWLRQUHGXFHVULVN The standard deviation of a portfolio is always less than the average standard deviation of the individual
Financial Intermediaries
Capital Markets
Course Summary
Nonfinancial Corporations
The Financial System
© 2007–2008 by Andrew W. Lo
Slide 3
Six Fundamental Principles of Finance
Course Summary
© 2007–2008 by Andrew W. Lo
15.401 Slide 5
Course Overview
15.401
Four Sections D. Corporate Finance
Capital budgeting and project finance
15.401
15.401 Finance Theory
MIT Sloan MBA Program
Andrew W. Lo Harris & Harris Group Professor, MIT Sloan School
财务管理专业英语词汇表
a profit and loss statement accelerated methodsaccounts payableaccounts payable turnover ratio accounts receivableaccounts receivableaccounts receivable turnover ratios accrrual accountingaccrued expenseaccumulated depreciation accumulated retained earnings acquireaffiliateagency costagency problemagency relationshipaging scheduleallocateallocationally efficient markets amortizationannuityannuity dueanomalyappreciatearbitrage pricing theory(APT)Asian currency optionasset management ratiosasset turnover ratioauthorized sharesautonomyaverage age of accounts receivable avreage rate currency optionbad debt loss ratiobalance sheetbalance sheetbank debtbankers'acceptancebankruptcybasic earnings per shareBaumol cash management model behavioral financebeta coefficientbond indenturebonding costbook valuebottom-up approachbreak-even analysiabrokerage feebusinessbusiness riskcapital asset pricing model(CAPM) capital asset pricing model(CAPM) capital budgetcapital budgetingcapital expenditurecapital leasecapital marketcapital rationingcapital structurecapital surpluscash conversion cyclecash dividendcash dividendscash Flow Coverage Ratiocash flow from financingcash flow from investingcash flow from operationscash offercash ratiocentralize payableschairpersoncheckchief executive officer(CEO)chief financial officer(CFO) chronologicalclaimclearing time floatclosely held corporation coefficientcollateralcommercial papercommon stockcommon stockcommon stockholder or shareholder company-specific factor compensating balancecomplex capital structure compound interestcompoundingconcentration bankingconstant dividend payout ratioconstant growth model consumer creditcontingent value rights controllerconversion premiumconversion ratioconvertible bondconvertible debtconvertible debtconvertible preferred stock convertible securities corporate annual reports correlation coefficientcost of capitalcost of capitalcovariancecreative accountingcredit and collectiong policy credit cardcredit periodcredit salecredit termcreditorcross-currency pooling system cross-currency quote cumulative votingcurrency forward contract currency futures contract currency optioncurrency riskcurrency swapcurrent assetcurrent liabilitycurrent liabilitycurrent market valuecurrent ratiocurrent yielddebt holderdebt instrumentdebt management ratiosdebt ratiodebt-to-equity ratiodebt-to-total-capital decision-makingdeclaration datedefault riskdeferred annuitydeferred taxdepreciatedepreciationdesired or target capital structure diluted earnings per sharedilution of controldilution of ownershipdilutivedirect methoddirect quotationdisbursementdiscount perioddiscount ratediscount ratediscounted cash flow(DCF)discounted payback perioddiscountingdiversifiable riskdiversifydividend discount modeldividend irrelevane theorydividend payoutdividend payout ratiodividend policydividend yielddividend-payout ratiodo-it-yourself dividenddufault riskDuPont Analysis of ROEearnings before interest and taxes (EBI earnings before interest and taxes(EBIT earnings per shareearnings per shareeconomic order quantity(EOQ)efficient market hypothesis（EMH) employee stock option program(ESOP) equity multiplierEuropean Economic AreaEuropean Economic CommunityEuropean unionexchange rateexchange-rate riskex-dividend dateexecutive directorexotic optionexpansion projectexpected returnexpected utility theoryexternal financingface valueFinancial Accounting Standards Board(FA financial analystfinancial distressfinancial distressfinancial economistfinancial flexibilityfinancial leveragefinancial managementfinancial marketfinancial ratiofinancial riskfinancial riskfinancial standardsfinancial statementfinancing cash flowsfinancing mixfinancing mixfinancing mixfirst-in ,first out (FIFO)Fitch Investor Servicesfixed exchange rate systemfloatfloatationfloatation costfloating exchange rate systemFortune 500forward discountforward marketforward premiumforward rateforward tradefree cash flow hypothesisfree tradefree-riding problemfuture contractfuture value(FV)general partnerGenerally Accepted Accounting Principle general-purpose assetsgo publicgoing concernGoldman Sachsgross profit margingrowth perpetuityhedginghistorical costhoard of directorshomemade dividendshurdle ratehurdle ratehybird securityhybridincentive stock optionincome statementincremental cash flows independent auditorindependent projectindirect methodindirect quotationinformation asymmetry informationally efficient markets initial public offering(IPO)initial public offering(IPO)initial public offerings institutional investorinstitutional investorintangible fixed assetsinterest coverage ratiointerest deductioninterest rate parityinterest rate riskinternal financinginternal rate of return(IRR) Internal Revenue Service(IRS) international corporation international financial management international Monetary Fund intrinsic valueinventoryinventoryinventory processing period inventory turnover ratioinvesting cash flowsinvestment bankinvestment bankerinvestor rationlityJanuary effectjeopardizejoint venturejust-in-time(JIT)systemlast-in ,first-out (LIFO)law of one pricelearning curveleaseleaselesseelessorleverage ratioslevered firmliabilitylimited partnerlimited partnershipline of creditliquidating dividendliquidationliquidity ratiolock box systemlong-term debt to total capital ratios long-term liabilitylong-term ratiolookback currency optionlow regular plus specially designated d mail floatmanagenment buyoutmanipulatemarket conversion valuemarket imperfectionmarket riskmarket shareMarketabilitymarketable securitiesmarketable securitiesmarketable securitymarketable securitymarket-to-book value ratioMaster of AccountingMaster of Business Administration(MBA) Master of Financial Managementmaterial requirement planning (MRP)syst maturitymean-variance frontiermean-variance worldMerrill LynchMiller-orr cash management modelmix of debt and equitymoderate approachModigliani and Miller(M&M)theorem Monday effectmoney marketmoney ordermonitoring costsMoody’s and Standard & Poor’sMoody's Investors Service,Inc.(Moody's) Morgan Stanley Dean Wittermortgagemultinational corporationmutual fundmutually exclusive projectnegotiable certificates of deposit(CDs) negotiate offernet incomenet present value(NPV)net present value(NPV)net profit marginnet working capticalNew York Stock Exchange(NYSE)New York Stork Exchangenewly listed companynon-executive directornormal distributionnormality assumptionnote payableoffering priceopen marketoperating cash flowsoperating incomeoperating income(loss)operating leaseoperating leverageoperating profit marginoperating profit marginoperationally efficient markets opportunity costopportunity costoptimal capital structureoption contractoption exchangeoption-like securityordinary annuityoutstandingoutstanding sharesoverheadover-the-counter marketowner’s equityP/E ratiopartnerpartnershippatentpayback period(PP)payment datepecking order theoryperfect capital marketperpetual inventory systemperpetuitypivotalportfolio theorypost-auditpost-earnings announcement drift precautionary motivepreemptive rightpreemptive rightpreferred stockpreferred stockpreferred stockholder or shareholder present value(PV)price takerprimary marketprincipalprincipal-agent or agency relationship private corporationprivate placementprivately held corporationprivileged subscriptionpro rataprobabilityprobability distributionprobability distribution function processing floatprocrastinationprofitprofitabilityprofitability index(PI)profitability ratioproperty dividendproperty,plant,and equipment(PPE)pros and consprospect theoryprotfoliopublic offerpublicly held companypublicly traded corporations publicly traded firmpurchasing power parityput optionput pricequick ratiorandom variablerate of returnrational behaviorreal assetsreal estaterecord dateregular dividendrelaxed or conservative approach replacement projectrepurchaserepurchaserepurchase agreementrequired rate of returnreserve borrowing capacityresidual claimresidual dividend policyresidual valuerestricted or aggressive approach restrictive covenanatsretail incestorretail investorreturnreturn on asset (ROA)return on common equity (ROCE) return on total equity (ROTE) return on total equity ratio (ROE) revenueright to proxyright to transfer ownershipright to voterights offerrisk aversionSalomon Smith Barneysaturation pointscenario analysisseasoned issuesecondary marketSecurities and Exchange Commission(SEC) semi-strong formsensitivity analysissensitivity analysisseparation of ownership and control share repurchaseshareholderside effectsimple capital structuresimple interstsimulationslowing disbursementsocial goodsole proprietorshipsolvencysource of cashspecial-purpose assetsspeculative motivespin-offsspot ratespot tradestable dollar dividend policy stakeholder theorystand-alone riskStandard & Poor's Corporation(S&P) standard deviationstatement of cash flowstatement of change in shareholders' eq statement of retained earningsstock buybackstock dividendsstock offeringstock offeringstock optionstock price appreciationstock repurchasestock splitstockholderstockholders'equitystraight or majority votingstraight-line depreciationstrong formsunk costswapsyndicate of underwritertakeovertangible fixed assetstarget capital structuretax exempt instrumenttax shieldteminal valuetender offertender offer(=takeover bid)term loantime value of moneytotal asset turnover ratiotrade credittrademarktradeofftradeoff theorytransaction costtransaction motivetreasurertreasury notestreasury sharetreasury stockunbiased forward rateunderlying common stockunderpricingunderpricingunderwriterunderwritingunlevered firmunseasoned issueUS Treasury Billuse of cashvalue effectvalue(wealth)maximizationvariable-rate debtvarianceventure capitalventure capitalistviabilityvice president of financevolatilityvolatilityvoting rightwarrantwarrantweak formweighted average cost of capital(WACC) well-beingwindow dressingwithdrawalworking capital management working captical management world Trade Organization yield to maturity (YTM) zero balance account(ZBA)加速折旧法应付账款应付账款周转率应收账款应收账款应收账款周转率应计制会计应计费用累计折旧累计留存收益获得，取得（在财务中有时指购买；名词形式是acquisition，意为收购）分支机构代理成本代理问题代理关系账龄表（资源，权利等)配置（名词形式是allocation，如capital allocation，意为资本配置）配置有效市场摊销年金先付年金异常（人或事物）升值套利定价理论亚式期权资产管理比率资产周转比率授权股自主权，自治应收账款平均账龄均价期权坏账损失率资产负债表资产负债表银行借款银行承兑汇票破产基本每股收益鲍莫尔现金管理模型行为财务贝塔系数债券契约契约成本账面价值盈亏平衡点分析经纪费企业，商务，业务经营风险资本资产定价模型资本资产定价模型资本预算资本预算资本支出融资性租赁资本市场资本限额资本结构资本盈余现金周转期现金股利现金股利现金流量保障比率筹资活动现金流投资活动现金流经营活动现金流现金收购现金比率集中支付主席（chairmanor chairwoman)支票首席执行官首席财务官按时间顺序排列的（根据权力提出）要求，要求权，主张，要求而得到的东西清算浮游量控股公司系数抵押商业票据普通股普通股普通股股东（也可以是ordinary stockholder or shareholder公司特有风险补偿性余额复杂资本结构复利复利计算集中银行法固定股利支付率政策固定增长率模型消费者信用或有价值权会计长转换溢价转换比率可转换债券可转债可转债可转换优先股可转换证券公司年报相关系数资本成本资本成本协方差创造性会计，寻机性会计信用与收款政策信用卡信用期限赊销信用条件债权人外汇交叉组合系统交叉标价累积投票制远期外汇合约货币期货合约货币期权外汇风险货币互换流动资产流动负债流动负债现行市场价值流动比率现行收益债权人（也可以是debtor,creditor)债务工具债务管理比率债务比率债务与权益比率债务与全部资本比率决策，决策的股利宣布日违约风险递延年金递延税款贬值折旧目标资本结构稀释的每股收益控制权稀释所有权稀释（公司股票）冲减每股收益的直接法直接标价支出、支付折扣期限折扣率折现率折现现金流折现回收期折现计算可分散风险多样化股利折现模型股利无关论股利支付率股利支付比率股利政策股利收益率股利支付比率自制股利违约风险权益报酬率的杜邦分析体系息税前盈余息税前盈余每股收益（盈余）每股盈余经济订货量有效市场假设员工股票期权计划权益乘数欧洲经济区协定欧洲经济共同体欧盟汇率汇率风险除息日执行董事特种期权扩充项目期望收益期望效用理论外部融资面值（美国）会计准则委员会财务分析师财务困境财务困境财务经济学家财务灵活性财务杠杆财务管理金融市场财务比率财务风险财务风险（有时也指金融风险）财务准则财务报表筹资现金流融资比率融资结构融资组合（指负债与所有者权益的比例关系）先进先出惠誉国际公司固定汇率制度浮游量、浮差发行证券；挂牌上市上市成本浮动汇率制度财富500指数远期贴水远期市场远期升水远期汇率远期交易自由现金流假说自由贸易搭便车问题期货合约未来值，终值一般合伙人公认会计原则一般目的资产公开上市持续的高盛公司毛利增长年金避险 套期保值历史成本董事会自制股利门坎利率，最低报酬率门槛利率，最低报酬率混合证券混合金融工具激励性股票期权利润表增量现金流量独立审计师独立项目间接法间接标价信息不对称信息有效市场首次公开发行股票首发股票首发股票机构投资者机构投资者无形固定资产利率保障比率利息抵减利率平价利息率风险内部融资内部收益率，内含报酬率美国国内税务署跨国公司国际财务管理国际货币基金组织内在价值存货存货存活周转期存货周转率投资现金流投资银行投资银行家投资者的理性一月效应危害合资企业即时制后进先出单一价格法则学习曲线租赁租赁承租人出租人杠杠比率杠杆企业负债有限责任合伙人有限合伙制企业贷款额度股利清算清算流动性比率锁箱系统长期债务与全部资本比率长期负债长期比率回顾试货币期权低正常股利加额外股利政策邮寄浮游量管理层收购操纵市场转换价值市场不完备性市场风险市场份额可销售性短期证券有价证券短期有价证券流动性证券，有价证券市场价值与账面价值的比率会计学硕士工商管理硕士财务管理专业硕士物料需求计划系统（债券、票据等）到期均值-方差有效边界均值-方差世界美林公司米勒-欧尔现金管理模型负债与股票的组合适中策略MM定理星期一效应拨款单，汇款单，汇票监督成本穆迪和标准普尔穆迪公司摩根士丹利-添惠公司抵押跨国公司共同基金互不相容项目大额可转让存单议价收购净利润净现值净现值净利润净营运资本纽约证券交易市场纽约股票交易所新上市公司非执行董事正态分布正态假设应付票据发行价格公开市场经营现金流经营收益经营收益（损失）经营性租赁经营杠杆经营利润市场价值比率运营有效市场机会成本机会成本最优资本结构期权合约期权交易类期权证券普通年金（证券等）发行在外的发行股制造费用场外交易市场所有者权益市盈率合伙制企业专利回收期股利支付日排序理论完美资本市场（存货）永续盘存制永续年金关键的，枢纽的组合理论期后审计期后盈余披露预防动机优先权优先认购权优先股优先股优先股股东（英国人用preference stockholder or shareholder)现值价格接受者一级市场本金委托-代理关系（代理关系）私募公司，未上市公司私募私人控股公司有特权的认购按比例，成比例概率概率分布概率分布函数内部处理浮游量延迟利润盈利能力现值指数盈利比率财产股利土地、厂房与设备正反两方面期望理论组合公开发行公众控股公司公开上市公司，公众公司，上市公司（其他的表达法如，listed corporation，public corporation，etc）公开上市公司购买力平价卖出期权卖出价格速动比率随机变量收益率理性行为实务资产房地产（有时也用real property,或者就用property表示）股权登记日正常股利稳健策略更新项目回购回购回购协议要求的报酬率保留借款能力剩余索取权剩余股利政策残余价值激进策略限制性条款散户投资者（为自己买卖证券而不是为任何公司或机构进行投资的个人投资者）个人投资者.散户投资者回报资产收益率普通权益报酬率全部权益报酬率权益报酬率收入代理权所有权转移权投票权认股权发行风险规避所罗门美邦投资公司饱和点情况分析适时发行、增发（seasoned是指新股稳定发行。
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文课件
7 Net Present VCaolrupeoraantedFinance
Capital Budgeting Ross • Westerfield • Jaffe
Seventh Edition
Seventh Edition
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
Cash Flows—Not Accounting Earnings.
• Consider depreciation expense. • You never write a check made out to “depreciation”. • Much of the work in evaluating a project lies in taking accounting
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
Incremental Cash Flows
• Side effects matter. • Erosion and cannibalism are both bad things. If our new product causes existing customers to demand less of current products, we need to recognize that.
Cost of bowling ball machine: $100,000 (depreciated according to ACRS 5-year life).
• Later chapters will deal with the impact that the amount of debt that a firm has in its capital structure has on firm value.
L14_IPA_项目会计合集
6
Overview（总体介绍） 如何实现？——灵活的自动会计
根据企业的核算需要，设置自动会计规则，大大降低手工劳动
事物处理
10 小时 劳动 周一, 五月 12, 1997 发生在项目 XYZ, 任务1
公司-成本中心--帐户 金额
01-100-5153
$220
10 Preliminary Design
24 Detailed Design
37 Programming and Testing
47 Integration Testing
54 System Test
59 Installation
70 Operations and Maintenance
76
14
Overview（总体介绍）
software!
21
定义你的项目
详尽的在线查询和报告
定义 条款 & 规则
收集成本
把资产投入 使用
定义项目
确认收入
生成发票
其他的 Oracle或 非Oracle 应用产品
灵活的调整能力
22
项目模板
Templates ensure consistent Best Practices 使用模板可以确保项目管理的连贯性和采用最好 的管理模式。
接受
拒绝
接受
Oracle 应付帐模块:
$100 外协 05-1月-1997
Oracle PTE:
8 小时工时 18-8月-1996
外部的成本
采集系统:
$1200 机票 04-8月-1996
Oracle 采购模块:
$100 外协 29-12月-1996
Cash flow statement模板
Cash flows from operating activitiesNet income after distributions1,394.01,366.0 Depreciation and amortization838.0896.0 Acquired identifiable amortizable intangible assets, net of accum. amort.0.00.0 Amortization of definite-lived intangible assets88.082.0 Restructuring52.0222.0 Goodwill impairment0.00.0 Stock-based compensation118.0121.0 Gain on sale0.00.0 Deferred tax(30.0)(134.0) Excess tax benefits(7.0)(11.0) Other, net0.011.0 Income taxes103.0(33.0) Changes in operating operating working capitalChanges in trade accounts receivable(63.0)(371.0) Changes in inventories(609.0)(400.0) Changes in other current assets(98.0)40.0 Changes in accounts payable141.0(443.0) Changes in gift card liabilities0.00.0 Changes in accrued compensation0.00.0 Changes in accrued liabilities279.0(156.0) Net changes in working capital(350.0)(1,330.0) Total cash provided by (used for) operating activities2,206.01,190.0Cash flows from investing activitiesCAPEX [Purchase of property, leasehold improvements & equipment](615.0)(744.0) Proceeds from sale of property, leasehold improvements & equipment(16.0)(267.0) Business acquisitions net of cash acquired [& net of intangibles/other](7.0)0.0 Proceeds from sale of businesses [spin-offs]0.021.0 Proceeds from sale of investments56.0415.0 Change in restricted assets18.0(2.0) Settlement of investment hedges40.012.0 Other(16.0)(4.0) Total cash provided by (used for) investing activities(540.0)(569.0)Cash flows from financing activitiesShort-term borrowings (repayments)0.00.0 Long-term borrowings (repayments)(210.0)(99.0) Proceeds from issuance of common stock and additional paid-in capital138.0179.0 Repurchase of common stock [treasury stock]0.0(1,193.0) Preferred Dividends Payable0.00.0 Distributions(234.0)(237.0) Payments to non-controlling interests0.00.0 Other(42.0)(7.0) Total cash provided by (used for) financing activities(348.0)(1,357.0) Effect of exchange rate on cash10.013.0Total change in cash and cash equivalents1,328.0(723.0)SUPPLEMENTAL DATA:Cash flow before debt paydownActuals Estimates2012A2013E2014E2015E2016E2017E2018E22.0943.1868.2823.1774.5769.2764.9897.0905.2943.7981.71,016.41,050.61,084.70.00.00.00.00.00.00.048.046.545.544.643.744.244.6288.00.00.00.00.00.00.01,207.00.00.00.00.00.00.0120.0120.0120.0120.0120.0120.0120.0(55.0)0.00.00.00.00.00.028.0(30.0)(134.0)28.0(30.0)(134.0)28.00.0(11.0)(11.0)(11.0)(11.0)(11.0)(11.0)25.00.00.00.00.00.00.025.0103.0(33.0)25.0103.0(33.0)25.041.044.244.944.043.1(21.1)(21.3)120.082.1105.4110.9108.7(53.2)(53.8)(24.0)34.520.920.520.1(9.8)(9.9)574.0(380.7)(93.0)(97.8)(95.9)47.047.40.0(5.9)(9.0)(8.8)(8.6) 4.2 4.30.020.9(8.6)(11.0)(10.8) 5.3 5.3(23.0)(91.6)(24.6)(31.4)(30.7)15.115.2688.0(296.5)35.926.325.8(12.6)(12.8)3,293.01,780.41,835.42,037.72,042.41,793.32,043.5(766.0)(749.5)(770.5)(760.0)(693.0)(683.3)(683.3)(112.0)(112.0)(112.0)(112.0)(112.0)(112.0)(112.0)(174.0)0.00.00.00.00.00.00.00.00.00.00.00.00.0290.00.00.00.00.00.00.040.00.00.00.00.00.00.00.00.00.00.00.00.00.0(2.0)0.00.00.00.00.00.0(724.0)(861.5)(882.5)(872.0)(805.0)(795.3)(795.3)0.0(523.0)0.00.00.00.00.0509.0(1,403.4)(281.6)0.00.00.00.067.00.00.00.00.00.00.0(1,500.0)0.00.00.00.00.00.00.00.00.00.00.00.00.0(228.0)(141.5)(130.2)(123.5)(116.2)(115.4)(114.7)(1,303.0)0.00.00.00.00.00.0(23.0)0.00.00.00.00.00.0(2,478.0)(2,067.9)(411.8)(123.5)(116.2)(115.4)(114.7)5.00.00.00.00.00.00.0。
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Operating: Accrual Items: NOI - Depr.Exp. - Int.Exp. =Net Income (BT) - IncTax =Net Income (AT)
Year: 1 $90,000 $29,091 $75,000 ($14,091) ($5,636) ($8,455)
2) Equity ownership after-tax level (EATCF):
• Net CF avail. to equity owner after DS & taxes. • Determines value of equity only (not value to lenders). • Sensitive to financing and income tax effects. • Usually difficult to observe empirically (differs across investors).
Exhibit 14-1b: Computation of CGT in Reversion Cash Flow = x = Net Sale Proceeds (NSP) Adjusted Basis Taxable Gain on Sale CGT Rate Taxes Due on Sale
• Net CF produced by property, before subtracting debt svc pmts (DS) and inc. taxes. • CFs to Govt, Debt investors (mortgagees), equity owners. • CFs due purely to underlying productive physical asset, not based on financing or income tax effects. • Relatively easy to observe empirically.
Chapter 14: Income Tax Considerations & After-Tax Cash Flows for the Equity Investor
Going from the “property before-tax cash flows” (PBTCF), to the “equity after-tax cash flows” (EATCF). . . 1) Property level (PBTCF):
Exhibit 14-2: Example After-Tax Income & Cash Flow Proformas . . .
$1,000,000 Property Purchase Price (Year 0): Unlevered: Levered: Depreciable Cost Basis: $800,000 Before-tax IRR: 10.60% 11.86% Ordinary Income Tax Rate: 40.00% After-tax IRR: 7.35% 10.48% Capital Gains Tax Rate: 20.00% 25.00% __________ __________ __________ __________ __________ __________ __________ __________ ____________ _____________ ______________ Depreciation Recapture R__________
Another perspective:
From PBTCF to EATCF. . . Operating: PBTCF - DS <---_______ EBTCF - tax <---_______ EATCF Reversion: PBTCF - OLB ______ EBTCF - CGT = τG[VT – SE – (V0 + AccCI)] + τR(AccDE) ______ EATCF IE +PP τ(NOI) -τ(DE) <---"Tax Shield" (DTS) -τ(IE) <---"Tax Shield" (ITS) offset by tax expense to lender
5 $99,343 $29,091 $74,200 ($3,948) ($1,579) ($2,369)
6 $101,827 $29,091 $74,000 ($1,264) ($506) ($759)
7 $104,372 $29,091 $73,800 $1,481 $593 $889
8 $106,982 $29,091 $73,600 $4,291 $1,716 $2,574
+ Book Val -LoanBal =EATCF + CGT =EBTCF
$809,091 $730,000 $441,340 $108,744 $550,085
$474,495
$587,282
____________________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ ____________ _____________ ______________ CASH FLOW COMPONENTS FORMAT Year: Oper. Reversion Rever. Total Operating: 1 2 3 4 5 6 7 8 9 Yr.10 Item Yr.10 Yr.10 Accrual Items: NOI $90,000 $92,250 $94,556 $96,920 $99,343 $101,827 $104,372 $106,982 $109,656 $112,398 Sale Price $1,280,085 - Cap. Imprv. Expdtr. $0 $0 $50,000 $0 $0 $0 $0 $50,000 $0 $0 =PBTCF $90,000 $92,250 $44,556 $96,920 $99,343 $101,827 $104,372 $56,982 $109,656 $112,398 =PBTCF $1,280,085 $1,392,482 - Debt Svc $77,000 $76,800 $76,600 $76,400 $76,200 $76,000 $75,800 $75,600 $75,400 $75,200 - LoanBal $730,000 =EBTCF $13,000 $15,450 ($32,044) $20,520 $23,143 $25,827 $28,572 ($18,618) $34,256 $37,198 =EBTCF $550,085 $587,282 -taxNOI $36,000 $36,900 $37,823 $38,768 $39,737 $40,731 $41,749 $42,793 $43,863 $44,959 taxMktGain $36,017 $80,976 + DTS $11,636 $11,636 $11,636 $11,636 $11,636 $11,636 $11,636 $11,636 $11,636 $11,636 - AccDTS ($72,727) ($61,091) + ITS $30,000 $29,920 $29,840 $29,760 $29,680 $29,600 $29,520 $29,440 $29,360 $29,280 $29,280 =EATCF $18,636 $20,106 ($28,390) $23,148 $24,722 $26,332 $27,980 ($20,335) $31,390 $33,155 EATCF $441,340 $474,495
3 MAJOR DIFFERENCES between PBTCF & EATCF levels:
z
z
z
Depreciation: An expense that reduces income tax cash outflows, but not itself a cash outflow at the before-tax level. (IRS income tax rules for property income based on accrual accounting, not cash flow accounting.) Capital expenditures: Not an accrual “expense” (because adds to asset value, “asset” Î life > 1 yr), hence not deducted from taxable income, even though they are a cash outflow. Debt principal amortization: Like capex, a cash outflow, but not deductible from taxable income.
Depreciation Expense:
z Straight-line
– 39 years, commercial – 27.5 years, residential (apts)
z Land
not depreciable:
– (typic. 20% in Midwest, South) – (often 50% in big E. & W. Coast cities)
$0 $29,091 $2,000 $27,980 $593 $28,572