Giám đốc điều hành, bạn sẽ xử lý có hiệu quả như là một chi phí vốn trong '01 cho cơ hội MICR nhượng quyền thương mại. Ngoài ra, bạn giả định thực hiện các khuyến nghị người quản lý của nhà máy trị giá thiết bị mới để trở thành một nhà sản xuất chi phí thấp vào cuối thường xuyên của doanh nghiệp in ấn chung. | CHAPTER TWELVE CASH RULES Going forward NTTC has committed to 1 400 000 in startup expenses to be capitalized that is amounts booked as assets rather than expense then written off over five years. As CEO you would handle that effectively as a capital expense in 01 for the franchise MICR opportunity. Additionally you assume implementation of the plant manager s recommendation of 2 850 000 worth of new equipment to become a low-cost producer in the routine end of the general printing business. The final piece for Capex is based on your observations that NTTC s facilities and equipment are generally less than up-to-date. Consequently you assume that about half the anticipated sales-growth rate in real terms everything above 2 should be added to gross furniture fixtures equipment and buildings. This is annual net ongoing Capex in addition to the already mentioned 1 400 000 and 2 850 000 pieces. Here is how this all works out Capex in thousands Franchise MICR startup Low-cost producer equip. General Capex Total Capex 01 02 03 1 400 2 850 2 800 3 200 7 800 7 050 3 200 7 800 Now that the first-pass forecast of cash drivers is finished enter all of them for the next three years onto the cash-driver shaping sheet that we began filling with the historical data on page 165. The box at the top of the next page shows the completed shaping sheet. Projecting Future Cash Flows Armed with the figures from the cash-driver shaping sheet CDSS we can project future cash flows. We begin by applying the CDSS assumptions for the year 2001 to NTTC s income statement for 2000 page 174 along with 2000 s ending balance sheet page 176 . In the discussion in Chapter 4 we explained that we needed a starting and 172 The Mechanics of Cash-Driver Shaping Projections BOX 12-2 Cash Driver Shaping Sheet CDSS National Transaction Technology Corp. 97 98 99 00 01 02 03 Sales growth 2 2 1 3 Gross margin 48 47 46 43 excluding depreciation SG A 37 38 39 40 .
