Column1 Năm 2012 Năm 2013

1. Demand 60,000
2. Price per unit 450
3. Total Revenue 27,000,000
4. Variable cost per unit 200
5. Total variable cost 12,000,000
6. Fixed expenses 1,000,000
7. Depreciation 2,500,000
8.Total expenses 15,500,000
9. EBIT 11,500,000
10. Interest payment 1,000,000
11. EBT 10,500,000
12. EAT 8,400,000
13. Net cash flow to subsidiary 10,900,000
14. Withholding tax on remitted fund 1,090,000
15. SGD remitted after withholding tax 9,810,000
16. Salvage value
17. Exchange rate 0.80
18. Cash flow to parent USD 7,848,000
19. PV (20%) 6,540,000
20. Initial investment by parent -20,000,000
21. Cumulative NPV -13,460,000

a) Theo kịch bản gốc, KFC nên chấp nhận dự án này

Năm 2014 Năm 2015 Năm 2016
70,000 80,000 90,000
460 470 480
32,200,000 37,600,000 43,200,000
210 220 230
14,700,000 17,600,000 20,700,000
1,000,000 1,000,000 1,000,000
2,500,000 2,500,000 2,500,000
18,200,000 21,100,000 24,200,000
14,000,000 16,500,000 19,000,000
1,000,000 1,000,000 1,000,000
13,000,000 15,500,000 18,000,000
10,400,000 12,400,000 14,400,000 20%
12,900,000 14,900,000 16,900,000
1,290,000 1,490,000 1,690,000 10%
11,610,000 13,410,000 15,210,000
5,000,000
0.78 0.82 0.80
9,055,800 10,996,200 16,168,000
6,288,750 6,363,542 7,797,068

-7,171,250 -807,708 6,989,360

Column1 Năm 2012 Năm 2013
1. Demand 60,000
2. Price per unit 450
3. Total Revenue 27,000,000
4. Variable cost per unit 200
5. Total variable cost 12,000,000
6. Fixed expenses 1,000,000
7. Depreciation 2,500,000
8.Total expenses 15,500,000
9. EBIT 11,500,000
11. EBT 11,500,000
12. EAT 9,200,000
13. Net cash flow to subsidiary 11,700,000
14. Withholding tax on remitted fund 1,170,000
15. SGD remitted after withholding tax 10,530,000
16. Salvage value
17. Exchange rate 0.80
18. Cash flow to parent USD 8,424,000
19. PV (20%) 7,020,000
20. Initial investment by parent -28,000,000
21. Cumulative NPV -20,980,000

b) NPV của kịch bản này thấp hơn NPV của kịch bản gốc
Năm 2014 Năm 2015 Năm 2016
70,000 80,000 90,000
460 470 480
32,200,000 37,600,000 43,200,000
210 220 230
14,700,000 17,600,000 20,700,000
1,000,000 1,000,000 1,000,000
2,500,000 2,500,000 2,500,000
18,200,000 21,100,000 24,200,000
14,000,000 16,500,000 19,000,000
14,000,000 16,500,000 19,000,000
11,200,000 13,200,000 15,200,000 20%
13,700,000 15,700,000 17,700,000
1,370,000 1,570,000 1,770,000 10%
12,330,000 14,130,000 15,930,000
7,000,000
0.78 0.82 0.80
9,617,400 11,586,600 18,344,000
6,678,750 6,705,208 8,846,451

-14,301,250 -7,596,042 1,250,409

Column1 Năm 2012 Năm 2013
1. Demand 60,000
2. Price per unit 450
3. Total Revenue 27,000,000
4. Variable cost per unit 200
5. Total variable cost 12,000,000
6. Fixed expenses 1,000,000
7. Depreciation 2,500,000
8.Total expenses 15,500,000
9. EBIT 11,500,000
10. Interest payment 1,000,000
11. EBT 10,500,000
12. EAT 8,400,000
13. Net cash flow to subsidiary 10,900,000
14. Withholding tax on remitted fund 1,090,000
15. SGD remitted after withholding tax 9,810,000
16. Salvage value
17. Exchange rate 0.80
18. Cash flow to parent USD 7,848,000
19. PV (20%) 6,540,000
20. Initial investment by parent -20,000,000
21. Cumulative NPV -13,460,000

c) Vì tỉ giá giảm nên NPV của kịch bản này thấp hơn NPV của kịch bản gốc
Năm 2014 Năm 2015 Năm 2016
70,000 80,000 90,000
460 470 480
32,200,000 37,600,000 43,200,000
210 220 230
14,700,000 17,600,000 20,700,000
1,000,000 1,000,000 1,000,000
2,500,000 2,500,000 2,500,000
18,200,000 21,100,000 24,200,000
14,000,000 16,500,000 19,000,000
1,000,000 1,000,000 1,000,000
13,000,000 15,500,000 18,000,000
10,400,000 12,400,000 14,400,000 20%
12,900,000 14,900,000 16,900,000
1,290,000 1,490,000 1,690,000 10%
11,610,000 13,410,000 15,210,000
5,000,000
0.78 0.76 0.74
9,055,800 10,191,600 14,955,400
6,288,750 5,897,917 7,212,288

-7,171,250 -1,273,333 5,938,954