Capttal Budgdtng

nebtment
Contal Budegtting thu Pouu Or Nakung
Caftal eepenelltu
ayi lal
ducblen n Fxed eoet O la
Invesbmerd
decmion kunag
alankroun ap
Budadrg
Budlgdting up

Tecuqu evalut
tchnuqua mloyed t
The Capial Budaeliny
vestmand h arttal Budein
hViabatt h angtoun thod
Giicel fnancu elts1n
duomion ru
Lnvestmut P hpsal
Be
Slin e
ulat t
adien tiat coillyeld Balit
Benclt
Or th Cun a
inthe

The or
Tauro Kuticdp n lapital Budlgelurn

Toaaetenel MetRied O Fay batk Pod -hod

Avereq ral e oalusn O)
Aecounling R retun
Nt Puserdt Valu MeHRod
Modn Nhod O
Fuot cb2li Indux Oethod

Thanal rat e d
Dscountidabadk Deruod MMetthoo
 pmacaluen-Nen-Cesohloce
Toeletunel ehod m

Tt vulap tn tu 7-dscocunla
Conileua
Cuulaua hat do hot Val d
not Ceneidn hs Time
mel dn the
Klena
tagbauk Pnd eted
ARR Mehod

Modun MetRod
t
Incdudip the dzcounLung Ca2Jarua
uu Valus Nenuy Takan Prto Coiduron

Pay back bund KeRiod

Tt hulpp t ciluununs h lungth o
m vuqurd to vucover the ntual Cash
In th Peiod outlo
ohen Cash o Inflouo lenslant
Payback Pid Ihvestmet

ld Arnual Cash no

unaduted val vlusn = Annual vutn

Laveztment XIO0
 Caloalat th Peytack Pord dor o Prpt uohh oraguint a
Caph Outlay of Ro.loo,oro and penatCoh fnou)
aoD in 7
k o a5,o00, Ra5006, Ro Bo,co and R
peatiie
Frst Secmd, und e oucth an
as

ea Cash indlou Cuomlblwe Cash 1ndlou0

25,o00 25co0 Carhoudloo o

bojooo V Lnveatrmert
2 35,o00
oyooo 1,ooooO
30,00 0
uq urad tnploo
11 5ooD
B5a5-e Cashot loo
25ot0 Seusad cF
= loojooo-q0 ood
= 1O,00 D

Pau back Peud uqurd inles

Complatud as XI2
Inoo e nat

t0oo5
3
25o00
XI2

4-8 methp
=3gean 5memth
SN ahsUo0uL

Tas balne
Depuciaumdo,0o,p00 X12-5 = 50,an
= t 5 0 vo
Tax 56 8oD,000 X 5o,
4.00,000

Thvestment
haykauk wuod
Apn ual Cabh inlouo

20,00,00
40 00D

qang
 eoht bilorelio0po] Rear.t oler tax Ao. Poe{t albn|(ah
dapord.tas dup dabt Gtay Cabh otos
dpbau bapoe
tax
250 c00 2oe 000 5oobo odo 00b 3oy00o 230,000de o

2
35000 D200 006 50,000 bo 000 qojooo 290,000 5,00T0

3 500000 looo00 300,00 0 ao,006 1,80,006 380,0UD 900 000

4 A00,00D doo,o0 b
Boo00 3aUD 12,20,av0
5 oo o o0 bojoo
450,0m
-450000 alud
l0,00,000 900 ooD
l00,0o0

bpay back uniod = Cormpladid an+ equrud inuD

inlloo e Next uan
=3 O0,O00

0ojoo0
3 31a5
paybatk euod 3.31 =

oo (0.od
a Avexnac /Accounlrg rat oalurn
Aven agp prwt =
A45o,000 9o,000
5

Avenane Tvestmert lojo0,ooo

2 = 5oo o0o

Arr Avenagr Psot

AvenagLnvestmanl

Xfo0 Ar-18
 0 Cva ouol or loludlaton
4)

Parthcadan Oacuns A Nahin B

timalid awng eas
Suop
l0,000 Dooo
uO09 0 booxisD
90,00D 12py000
600x Duv
To dtal Saungs (a) 00,000 135o00
Eehmalid addjinal loust un yuan
T
Thdiet maluual ba0

Coot eNaimtranta 27oub

Totol additienu Cost e) 85o00

500P 25000

PRoot Blare dauciahm (A-B) 5 000ot l00, 00D

oepuca tum eon5 ro b3oqpop bbb

Ro ap devuuorom -bud buore 000

t a x bo7. 0 15oooXgu7. bo o7

loopoo X5D/

Canh wntlouo opop8750 Bo,rD

bh Out loo 5o,0D0
u
b
jauybatk buod.

a back uxind Cana KadhuneA u

&hlae
Machunt B up 544arp
 Outloo 150
&ualt balore 1be0045 |Bod.opn
dap &y tax dp dib but bula Toxo kolo (ashinloD (mlatv
dab&ytox lash in fro
ADoo B000 2.00 boo
3be0
Bo0D 1600

Hoo0 8000
deyO hooo 2500
8ooD ho00
35002500 18000

dOvD Iboo
-16p0 16oD 19500
15000- 12500 cd
2500

Fybauk fusu= Dmpldtud yant ug unud Ihoun

X/2
aal Inbuo Next yen
3+ 25o0
55o0XI2

Byean 545 broonthp.

Otlao=15o00
Bod balora 1o05 Rald alta
Ta B. oettdy(ash@la Curulstue
depe tay dap b ut
beloretaX dabe tak atlabh in Hou
A200 3b00 1200 3b60 36 eD

2 450 3000 1boD 450 +50

3-6D 1350
4000 SeoD bOD 35 10850

A booo 2000 loo0 400 4350

5 0,000 350 35UD b500 21350

= 15oo0 14650
=50 a la Suquwud lInflato
+ XU
uback Pouod Complaticd yo
uaJoto 1hloco q Nextya
+450
Xl2 4+ o 2
6 bop

4an o-2tOerthp Poet A should

B-Pouneud
 ha 0

o hmaVelu: 10. daclor (abh ous PRubent Valund

Cabh nd
0.909 oo0b0 Qo,9u0
40) e
CH0-) L 0.8a.6
24+90p
3 =991 0 451 400,00Dn 300400
1464 D-bs8 boo 00D 409800
T.610 b.ba 24340
T6Tal Carh inoD
99-300
MOTal uet tlo l0454 50
NP dd 251 350
Cabh outlooQ,oo,000
Doyo00Xo-qbgt440
coe ouin
sTotal Pouserd 1045450 b
Out lod
achune B
t u Valuu lo7. R Joator Caph louD Pouberd Nalus e
Cobho
b.o9
2+2too
Ta o0.58b ADo 000
330400
I-931
5D0,80D
3+5500
0-b53 30p OUD
5 t6td o4900
D-ba 2bo 0UD
12420
Total Cah inlouD
I304t00
lotal Cawh Outlha
to, 4545
NPl 2b2250
 B

50

51.
32C-9

88

2
 Kuwdhyboo

Cabh Ihlouo ond budore dup hd, otbitas

Aan Peo Dolor dap Pofit altn tox ProFid oto Cash Cumulala
daP bad bal ta 50 daP eilas Infioo CF
bojoo0 Ap,000 b,006 10,060 bo,ooo Bo,o00
do,006 55eoD
fo,oo0 5, 0o6 15000 10 5000

So,cob 40,000 Ao6oo pdoyo boyoor0 65or0

bo,600 4D o00 lopo 50, ouro 15m
0,000 l0,00
5 40,006 40,0D 0 40100 ds5o0
Amourt d daprs.cuoten= Cost e Oadnu. /ezhhotid l
o 006/5-40, oUD uslorol
aback eucd=ompldtud ean+ ugunud intlocD
X/2
Inlouo of Netyn
3booo
d 3+
5o,oeo X12 cars BKantR
Peotdaltin lah Cwmulat
Rutbalore dler dap dap but ba 50 Inlouo
tax tax dap e tao
40,000 2o,o00 ob6ojo00 boyoo0
lo0 006 40,000 3o,00b to,o00 Bo oo0
40, bo0
3 40,000 ODo00 2o/000 boyoo o 190,000
Tooero 40,000 I6,o0b 5000 55o0D 2450 0D
5 bo00 40,000 2oooo l0,00D 0,006 50,000 95000

Amoud e depracitarn poo/s A,e

l0,000
Paybock Pxod3t X12
55 odD

3 an2 Nun thp

 Aut dpeuots (nt q 1Oabin Jestimatsd lo

Peori tabilty tholimunt

antiulan Oathint D achin 6.
bobimolad oung Pen Han
Seap lo o00 3o,0r0
0 1200x 150
0anch ( 1200x o0 189,00

loTral Saungy (a 2o0 000

2to000
Eblrdltud additimal ouot Pen ya

indieud Katinl
CoatQainlinonts L4D00 22000
Cost oburuvisi
d 4o00
32200
Total addihonal Coyst (e
Koritbelore dapacinin & tas lA-B)
D, Depuiatm OS00,00o /0
150,000o0o1 2oo, 00D
95o0,000 /12 Boyou0o 4147
ooFrt otn olapnaiatim baút belore Lay 20 O0D
J Tax 50). 15833
bo oo0
T9167
Pra t atn a
60jo00 19 16
add Dchmuciatm
B010b6 4l66
Cab h n ou
opoo 2083
Dbh Oubfloro
300,eD
oy bock Porund
Cath Outrlou Cabh in 4o
3 41
Paurik p Fived
Arr Panft altor dp tax Perorit oten dapGtas
Avenaqeratgrelamta Orqinal Tnveasbneil Ouexaa nezmad

Bontip Flactaatung
Ar Avensage uart Avenan oorit
Orqnal nvestm Overaanvastmarl
Uut Aveuag Tne-tmaid
= Ore
=OraaIvestmard Aveage Pent
Svnp tolal
laluu.ttoal Prot
Pratt

Averaq vezhoer Urgcnal Tovesthient Seap Valu

2

boooo0 oyo06
Averagpnvetmeit = 40,00

na ermert 5o0000-2o,000480,000/2. 40,000

Areraqe a t = toal Prot fn uan/h

=
40,000 tbo/o00 +To,oo +5q 000 +2, om5

240,o0s /5 13-
F48
Arr = Averag rod
1Arr Average unt
Orqunavestmat OweageLveshn
48o 00 x loo
4ser0
49gor 240 o
X Ibo

= lo 2D .
 Nlasanux
PouserdVls laho
ph fhlao
86960
0.909
40,00b
99126
0.926
2000 0
120160
bo,pob 0-75
186bo0
4 ooyo0D 0-682
99360
5 boo00 0-ba
TaTal Peuert Valu g lashTnla 400,0 D0
lash ld~lad
T0Tal Pruoert Valu
uD
NPY
1/C14) ioValus Tims Valuu
eney ro/o/.
0.90
0-926

3 "-33 0-751
Kachin y
Pouerd Valus lashTlos
Caohfnloso Jator
b909 lo 9080
120 000

bo,000 .826 32160

0-751 o150200

3196D
4 20,000 D-66
49 680

ToTal Feuzen Valus t 52308 0ei

Cash frloc

2.308 0
Npi
 ewtk up Fxed

Arr Punk otn dlpit

Penfd alt dp tox
Aenae at vefin Orqnal Ouerag eotmad
Tnvesrbe

Ar Avenage. ouar t Averan Paot

Ouat Aveate
Orqinalbvezhme
raalEwesrmuard-
Overaa nvaarmar

UrqoralInvestmurd -Soap pWveage Prold

lalu. total otal Peratt
Prae

AvenaqTnvehnerd- Ungenal Tveshment Soap Valut

2

bogoo0dbcoo
Averaoenveneit =240,00
Orqnal Temert
5ob000-ao,000480, 000/2 40,00o
Averoge alt =
total o t in 4an /n
=40,00 tbo,o00 +To,co0+5qoo0+2b,o00/5

240,0o0o /5
0 4s om
Arr =
Averna ootd
Arr Average rot
Orqunanvestnat Owertage veshr
48000 XI0D
49ge 240 or0
X lbo

=l0% 2 .
 Nashonex
Pauoerd Valus dlaoh

4000b 0.904 86360

2 120,00 0 0-826 99126
3 bopoo 0-95 20160
odooyoob
0-638 13 6b00
b obo,000 0-6a1 9360
Total Rruoerd Valu lash Inau 491boo
L Tral Pruoert Yaluu q labh DalaD
40oy0 0D

NPY
/C) Tima Valu
diValu Oona ral0
/ 0.90
1-a1 0-g2
13310.51
Oachie y
Caehinloo Rtor Paruperd Valu ah Tlos
12Do06 6909 lo 9080

bo0oD 0-326 13 21bo

3 0 751 aoys150200
|20,000 co 8196D
4
49 680
eubc Valu u2308s0
Caoh tnlo

Npi 123080
 PongeakA
Faent baore dap dap 2oAotn dapbd
tax o00/000 bere. Tax dap and-ta
30,00 26,000 lo,00b oo 5o 00
15 o0 0
2o,000 -5oo6 - HOo0

40/006 20,000 2o,000

40 ,006 10,000
20,0 o,006 10,00 0,000
35,o0D +5c6
Aiexsg oot =24500/5b5r 25ToD
Aerd Twestmedt- loo,oo0/2 5o,co6 =

Ameurt dipaucintin ae Cout ochira/esbmaitud l

averuage Porod 5Boo
Arr Orqinal Inastmad lbo,000 5-507,
Averag tath Cuesage olt 5500
XI00 1t'.
averog-westmdso 5o,oo0

Ruejed B
Pouoit balare dap Peueld olten dap
dup tax booe0/5 but bulore dox ocapd cakts dap
40/000 30,o00 lo,000
2
A500o
500
3 boooo 30,oro 10,000 l0,oo0
A Zo,o00 -boo0 bouD
30,000 4 oo odo 5r0 o20500
Avera Rad 3orn /s 4o 34 o00
Aveaa Lwetu 15oo0/2 = 45v0o

Averae olk 400

XIO0
Orquial vestut 4-93/
Avenage Bodd
x1O0 9-36
Avenag nvesad
Crgnal Inveoent ost-pborap

A 00,00b 0,000= 90,00

BI5o00-2o,0o0 a 30000

Averaqe Inebtrart =
Couot-bnap/a tbunap
9o,000/24bo00 tl0 00055oo0

20,000 =5opa 85,00p

B 13 op00/ab5oob-+

Avenaqe Poualrt 5500 0 b-107

o,ooo0
Orginaul vetma
ARE Avenan a l 5oo
,
Avenan nvetmah b5,000

B
Averas Puart F400
Orq na Twestmusy 130/000 5.bo
ARR
Avera Bot H400
Avenaeenes tma
 Khuanthsy
b

abhTnlaRotar qa4R4t
doo0
ot l07, dbtral Caulahiue
0-909 6sb
0-8ab 12145
0-751 5254 7402
0.663 4181 2a/69
Seeo
0-621 434+ 26530
0 5b4 4512 31b42
0,000
0-513 3642
6-46 Too5 4147
0
0-424 4240 47417
A0E0 0-386 154 48961
To tal
e Cabh, Tntlo 48961
Toral P e lash Ot
fleco 400 am
NPN Sqb1
Poupbili hdex 48961 /400,00D 122
9

ao h in Flec Kouss qta R ecF C

at 6 lio Sni
O-6+
2
0 456 529
0-b58 4 bo6o
0.542 400 4

0-497 3 4 +9
O432 3456
4 loo +b 3bo
O-821 Ago5
lo,ooa b 240
4000 0.24+ 88

ToTalRe CaohT B9420

Toral Pe Cah outlos 4g90 0
-58 0
NPV
Deno bald Tch O.98

39420/4oo, or
 dtugund T l
aug back Puad lomglatid 4an inlouo nalean
3828 X12
Jo05

yan 6r0thp
pAocordanq to Npv Methad, Petedt Can ba Otaplad
at l07% db touiling actor

Accordasq to r ahod, 2eedb lan ba decaptud

Ott 4-b9Y. dibtounlna Fadla

NPY banerate dll ¢ dae

Dae rat +
tat
dy4 tope NpY

tot
896f
X15 -lo VAA
8961 (-53 P exuba

=14-697.
OPo 0

NPrRuperd: Valus q loh lnlouo- Rruset Valus Cosh Odtloa

Rcbaltindax ctud kunet ValusCosh loPuserdValuue
Csh et la

userd Valun ¢ Cash indlus-Kuset Valun lawh0Qullnao=0

Ir

Dane rál DRDon rat d doc

 abhlouaR
1fopo
D.909
-o00 1545
.82.6 4042
Hooo 0 151
1246+
Hooo D.baR 161
1+o06
0.b21 0554
0.5bt 10,152
20,00b 0.51 l02b0
5,o0 too5
14000 0.424 593b
0 . 8 8 6 1

2000 4b32
ToTal pousedth (nah
Bl
lo2415t
SCash Outla 30 00000

4 15

uebabilily lo2415
900 uvo o2415
 Voetet
lumeladrs
P8DT PaCST Tox 50
DAp PpreT
0-90 47
oTo 3 op

3om
AUUDovo olono 0OD

3 0.-451 225

AOUD ev bUD 0-619 49

ABTD dle 3e6D b 1369

TrlleD 1184D

NpV 18T

PooT umulatus
6oo lon 40 4o 0.909 3 36
odoo SOD sD
0-26 2065
3 oJ dlspo 0-451 50
4Sero 3ood 150p 3sTD
SUD
5 5000 500 3500

I 933

Npv H63
 aulu

al
auh in lav
lo,000
o,oD 0.9 T096
oo00 3o uro
09tb bs20
So oD
0-451 22530
ASpo
619 30945
tbsoro .b 342bd
Total Cahnllouo uerd valun IIL135
Canh buctlad
Np
noltai lit tndo
11L135

Cash inflnn umlatwe

0.909 V 454SD
O 826
23040
2oyouD ,lo buo Pop -457
lo)oUD 1,2o, D à 0-6s b33.0
eF.
30,O 0-621 beid
To-tul ah trlaa ID6530

bssD
robalty Indly lobssb x

tob-3/
 Nlochinu X
nfls
Peuoerd Vaha (osh
ye ohilao Gumulahie
15 o b.q09 136 95
15en
0.5a6
0-9151
a5000 boem
D-6s4 oa45
15e
D-bal 6210
toom 8560
Tatal (obtlo b55

COzhtloud bo,oD
15385

2+0.bx1og

2uan -Kendh

eOndhina)a

onhinplen Curulachue dadel

Sovo 0.9 o45AS
doovo 0-326 1230
500
0--57 5D A0

0-6sP o490
0.6] O.62 124 20
to4al lak tnplod 64s6r
auhlanwo 50,0n

NpV 48b5

aybacud 34 b,q0 h
Jo
3 Hars r k
 Calalation d Payback
PouTeak
an
Cauh fn loo Cugrnuthhpa
booo
4000
Boo0 120
looo (30n
unoto 13auo
ug Inlouo lo000qoo
looDD

aubaclkund aua* FO00X

3ouD
12
Korjecby p ond monthp
an Cash inttouo
Oumulotwe

6 ouD

0, en
SuP

2.tau0
21 0uD

Paupatk unod = 4t SU00

Aa