Kuhesabu Uwekezaji wa Awali (Initial Investment)

Gharama ya kununua mashine na gharama za ufungaji huunda uwekezaji wa awali.

$$\text{Gharama ya Awali} = \text{Gharama ya Kununua} + \text{Gharama ya Kufunga}$$ $$\text{Gharama ya Awali} = \text{Sh.13,950,000} + \text{Sh.450,000}$$ $$\text{Gharama ya Awali} = \text{Sh.14,400,000}$$

Tunatumia njia ya uchakavu wa mstari ulionyooka.

$$\text{Uchakavu wa Kila Mwaka} = \frac{\text{Gharama ya Awali} - \text{Thamani ya Mabaki}}{\text{Muda wa Matumizi}}$$ $$\text{Uchakavu wa Kila Mwaka} = \frac{\text{Sh.14,400,000} - \text{Sh.900,000}}{6 \text{ miaka}}$$ $$\text{Uchakavu wa Kila Mwaka} = \frac{\text{Sh.13,500,000}}{6} = \text{Sh.2,250,000}$$

Kwanza, tunahesabu akiba na mapato ya ziada:

• Akiba katika gharama za uendeshaji = Sh.5,250,000 (njia ya sasa) - Sh.2,100,000 (mashine mpya) = Sh.3,150,000
• Ongezeko la mchango wa faida = vitengo 120,000 $\times$ Sh.45/kitengo = Sh.5,400,000
• Jumla ya akiba/mapato ya kila mwaka = Sh.3,150,000 + Sh.5,400,000 = Sh.8,550,000

Kisha, tunahesabu OCF kwa kutumia kiwango cha kodi cha 30%:

$$\text{OCF} = (\text{Mapato/Akiba} - \text{Uchakavu}) \times (1 - \text{Kiwango cha Kodi}) + \text{Uchakavu}$$ $$\text{OCF} = (\text{Sh.8,550,000} - \text{Sh.2,250,000}) \times (1 - 0.30) + \text{Sh.2,250,000}$$ $$\text{OCF} = \text{Sh.6,300,000} \times 0.70 + \text{Sh.2,250,000}$$ $$\text{OCF} = \text{Sh.4,410,000} + \text{Sh.2,250,000} = \text{Sh.6,660,000}$$

Huu ndio mtiririko wa fedha wa uendeshaji kwa miaka 1, 2, 3, 5, na 6.

Gharama ya ukarabati ni Sh.1,125,000. Tunadhania gharama hii inakatwa kodi.

$$\text{Gharama ya Ukarabati Baada ya Kodi} = \text{Gharama ya Ukarabati} \times (1 - \text{Kiwango cha Kodi})$$ $$\text{Gharama ya Ukarabati Baada ya Kodi} = \text{Sh.1,125,000} \times (1 - 0.30)$$ $$\text{Gharama ya Ukarabati Baada ya Kodi} = \text{Sh.1,125,000} \times 0.70 = \text{Sh.787,500}$$

Mtiririko wa fedha halisi kwa Mwaka wa 4 = OCF - Gharama ya ukarabati baada ya kodi

$$\text{Mtiririko wa Fedha Mwaka 4} = \text{Sh.6,660,000} - \text{Sh.787,500} = \text{Sh.5,872,500}$$

Thamani ya Mabaki = Sh.900,000
Thamani ya Kitabu mwishoni mwa mwaka wa 6 = Sh.14,400,000 - (Sh.2,250,000 $\times$ 6) = Sh.14,400,000 - Sh.13,500,000 = Sh.900,000
Kwa kuwa Thamani ya Mabaki ni sawa na Thamani ya Kitabu, hakuna faida au hasara ya kodi.
Jumla ya mtiririko wa fedha kwa Mwaka wa 6 = OCF + Thamani ya Mabaki

$$\text{Jumla ya Mtiririko wa Fedha Mwaka 6} = \text{Sh.6,660,000} + \text{Sh.900,000} = \text{Sh.7,560,000}$$

Kiwango cha punguzo (r) = 20%

Mwaka	Mtiririko wa Fedha (Sh.)	Kiwango cha Thamani ya Sasa (PVF) @ 20%	Thamani ya Sasa (Sh.)
0	(14,400,000)	1.0000	(14,400,000)
1	6,660,000	0.8333	5,549,778
2	6,660,000	0.6944	4,625,904
3	6,660,000	0.5787	3,854,982
4	5,872,500	0.4823	2,832,718
5	6,660,000	0.4019	2,675,954
6	7,560,000	0.3349	2,531,940
Jumla			7,671,276

$$\text{NPV} = \text{Jumla ya Thamani ya Sasa ya Mtiririko wa Fedha} - \text{Uwekezaji wa Awali}$$ $$\text{NPV} = \text{Sh.22,071,276} - \text{Sh.14,400,000}$$ $$\text{NPV} = \boxed{\text{Sh.7,671,276}}$$

Ushauri kwa Fila Ltd.:
Kwa kuwa Thamani Halisi ya Sasa (NPV) ni chanya (Sh.7,671,276), inamaanisha kuwa mradi huu unatarajiwa kuzalisha faida zaidi ya kiwango cha kurudi kinachohitajika cha 20%. Kwa hivyo, Fila Ltd. inapaswa kununua mashine hiyo.