链剥矮怜氢多大泽 公司理财 ￡000 14,977 ￡47,546x0.315 15,000 Less Initial Investment (23) Net present value Thus the IRR is a little below 26%,and so almost achieves a return equal to the cost of capital for Ballymena Investments Ltd. a further calculation is carried out below using the same information as that used immediately above but assuming a purchase price of 11 times the most recent operating profit. Initial loan ￡000s 27,390 Purchase price(11 x E2,490) Less Contribution from shareholders 17410 9.980 (￡15,000+￡2,410) Loan funding required Cash available to repay loan Year to 31 January 2003 2004 2005 2006 2007 ￡000s ￡000s ￡000s ￡000s ￡000s Operating cash flows 3,620 4,145 4,780 5,520 6,480 Less Interest on loan** (998) (976) (909) (882) (628) Investment outlay (2.400) 2.500) (3.600 2.100 (4.400 Cash to repay loan 222 669 271 2.538 1.452 Interest charges and loan repayments Year to 31 January 2003 2004 2005 2006 2007 ￡000s ￡000s ￡000s ￡000s ￡000s Loan at start of year 9,980 9,758 9,089 8,818 6,280 Cash to repay loan 222 669 271 2,538 1.452 Loan at end of year 9,758 9.089 8,818 6,280 4,828 Interest(10%) 998 976 909 882 628 Proceeds from sale of investment ￡000 68740 Proceeds from sale of company (14 x E4,910) 4.828 第7页共9页公司理财 ￡000 ￡47,546 x 0.315 Less Initial Investment Net present value 14,977 15,000 (23) Thus the IRR is a little below 26%, and so almost achieves a return equal to the cost of capital for Ballymena Investments Ltd. A further calculation is carried out below using the same information as that used immediately above but assuming a purchase price of 11 times the most recent operating profit. Initial loan ￡000s Purchase price (11 x ￡2,490) Less Contribution from shareholders (￡15,000 + ￡2,410) Loan funding required 27,390 17,410 9,980 Cash available to repay loan Year to 31 January 2003 ￡000s 2004 ￡000s 2005 ￡000s 2006 ￡000s 2007 ￡000s Operating cash flows Less Interest on loan** Investment outlay Cash to repay loan 3,620 (998) (2,400) 222 4,145 (976) (2,500) 669 4,780 (909) (3,600) 271 5,520 (882) (2,100) 2,538 6,480 (628) (4,400) 1,452 Interest charges and loan repayments Year to 31 January 2003 ￡000s 2004 ￡000s 2005 ￡000s 2006 ￡000s 2007 ￡000s Loan at start of year Cash to repay loan Loan at end of year Interest (10%) 9,980 222 9,758 998 9,758 669 9,089 976 9,089 271 8,818 909 8,818 2,538 6,280 882 6,280 1,452 4,828 628 Proceeds from sale of investment ￡000 Proceeds from sale of company (14 x ￡4,910) 68,740 4,828 第 7 页 共 9 页