Coker A.K. Fortran Programs for Chemical Process Design, Analysis, and Simulation
Подождите немного. Документ загружается.
Table 9-15
(continued)
YEAR 2
****************************************************************************
REVENUE $ :
9000000. O0
OPERATING COST $ : 1200000.00
DEPRECIATION $ :
6400000.00
INTEREST $ :
2724472.52
PRE-TAX INCOME $ : -1324472.52
TAX AT 50.%, $: .00
AFTER
TAX INCOME $ : -1324472.52
CASH FLOW $ : 5075527.48
****************************************************************************
YEAR
3
****************************************************************************
REVENUE $ :
9000000.00
OPERATING COST $ : 1200000. O0
DEPRECIATION $ :
5120000 9 00
INTEREST $ :
2511595 9 66
PRE-TAX INCOME $ : 168404.34
TAX AT 50.%, $: .00
AFTER TAX INCOME $ :
168404.34
CASH FLOW $ :
5288404.34
****************************************************************************
YEAR 4
****************************************************************************
REVENUE $:
9000000.00
OPERATING COST $: 1200000.00
DEPRECIATION $:
4096000.00
INTEREST $:
2276427.81
PRE-TAX INCOME $: 1427572.19
TAX AT 50.%, $: .00
AFTER TAX INCOME $:
1427572.19
CASH FLOW $:
5523572.19
(ruble continued on next page)
757
Table 9-15
(continued)
YEAR 5
*****************************************************************************
REVENUE $ :
9000000.00
OPERATING COST $ : 1200000.00
DEPRECIATION
$ :
3276800. O0
INTEREST
$ :
2016634.81
PRE-TAX INCOME $ : 2506565.19
TAX AT 50.%, $: .00
AFTER TAX INCOME $ : 2506565.19
CASH FLOW $ : 5783365.19
******************************************************************************
YEAR 6
****************************************************************************
REVENUE $ :
9000000. O0
OPERATING COST $: 1200000.00
DEPRECIATION
$ :
2621440. O0
INTEREST
$ :
1729638.09
PRE-TAX INCOME $ : 3109819.75
TAX AT 50.%, $: .00
AFTER TAX INCOME
$ :
3109819.75
CASH FLOW $ : 5731259 . 75
****************************************************************************
YEAR 7
REVENUE $:
9000000.00
OPERATING COST $: 1200000.00
DEPRECIATION $: 2097152.00
INTEREST $: 1412589.07
PRE-TAX INCOME $: 4290259.00
TAX AT 50.%, $: .00
AFTER TAX INCOME $: 4290259.00
CASH FLOW $: 6387411.00
****************************************************************************
758
Table 9-15
(continued)
YEAR 8
****************************************************************************
REVENUE $ :
9000000. O0
OPERATING COST $ : 1200000.00
DEPRECIATION $ : 1677722. O0
INTEREST
$ :
1062340.87
PRE-TAX INCOME $ : 5059937.50
TAX AT 50. %, $ : 2230008.00
AFTER TAX INCOME
$ :
2829929.50
CASH FLOW $ : 4507651.13
****************************************************************************
YEAR 9
REVENUE $ :
9000000. O0
OPERATING COST $ : 1200000.00
DEPRECIATION $ : 1342177.00
INTEREST $ : 675417. i0
PRE-TAX INCOME $ : 5782405.50
TAX AT 50. %, $ : 2891202.75
AFTER TAX INCOME
$ :
2891202.75
CASH FLOW $ : 4233380.00
****************************************************************************
YEAR 10
REVENUE $:
9000000.00
OPERATING COST $: 1200000.00
DEPRECIATION $: 1073742.00
INTEREST $: 247977.37
PRE-TAX INCOME $: 6478281.00
TAX AT 50.%, $: 3239140.50
AFTER TAX INCOME $: 3239140.50
CASH FLOW $: 4312882.38
***************************************************************************
SALVAGE VALUE $: 4294967.30
(table continued on next page)
759
Table 9-15
(continued)
ECONOMIC PROJECT EVALUATION
NET PRESENT VALUE AT A GIVEN DISCOUNT RATE
ii YEARLY CASH FLOWS INCLUDING YEAR 0
5.00 PERCENTAGE ANNUAL DISCOUNT RATE
YEARLY CASH FLOWS ($)
YEAR CASH FLOWS ( $ ) CUMULATIVE DISCOUNT PRESENT
CASH FLOWS ( $ ) FACTOR VALUE ( $ )
0 -40000000.00 -40000000.00 1.0000 -40000000.00
1 4882828.70 -35117171.30 .9524 4650313.26
2 5075527.48 -30041643.82 .9070 4603653.46
3 5288404.34 -24753239.47 .8638 4568323.13
4 5523572.19 -19229667.28 .8227 4544257.34
5 5783365.19 -13446302.09 .7835 4531418.98
6 5731259.75 -7715042.34 .7462 4276755.43
7 6387411.00 -1327631.34 .7107 4539415.19
8 4507651.13 3180019.78 .6768 3050956.82
9 4233380.00 7413399.78 .6446 2728875.61
i0 8607849.67 16021249.45 .6139 5284472.96
THE NET PRESENT VALUE ($):
PRESENT VALUE RATIO:
THE NET RETURN RATE:
THE AVERAGE RATE OF RETURN:
THE PAYBACK PERIOD IS BETWEEN:
42778442.19
1.069
10.695 %
14.005 %
7 AND 8 YEARS
760
Engineering Economics 761
Table 9-16
Input Data and Computer Output for the Discount Cash Flow Rate
of Retern (DCFRR) the the Economic Project Evaluation
DATA92.DAT
ii
-40000000.0
4882828.70
5075527.48
5288404.34
5523572.19
5783365.19
5731259.75
6387411.00
4507651.13
4233380.00
8607849.67
DISCOUNT
CASH FLOW
RATE OF RETURN
CALCULATION
ii YEARLY CASH FLOWS INCLUDING YEAR 0
YEAR CASH FLOW ($)
****************************************************************************
0 -40000000.00
1 4882829.00
2 5075528.00
3 5288405.00
4 5523572.00
5 5783365.00
6 5731260.00
7 6387411.00
8 4507651.00
9 4233380.00
i0 8607850.00
THE DISCOUNT
CASH FLOW RATE OF RETURN (%): 6.347
(text continued from page 754)
References
1. Horwitz, B. A., "The Mathematics of Discounted Cash Flow Analy-
sis,"
Chem. Eng.,
May 1980, pp. 169-174.
2. Cannaday, R. E., E E. Colwell, and H. Paley, "Relevant and Irrelevant
Internal Rates of Return,"
The Engineering Economist,
Vol. 32,
No. 1, 1986, pp. 17-33.
3. Powell, T. E., "A Review of Recent Developments in Project Evalu-
ation,"
Chem. Eng.,
Nov. 1985, pp. 187.
4. Ward, T. J., "Estimate Profitability Using Net Return Rate,"
Chem.
Eng.,
March 1989, pp. 151-155.
762
Fortran Programs for Chemical Process Design
5. Klumpar, I. V., "Project Evaluation By Computer,"
Chem. Eng.,
June 29, 1970, pp. 76-84.
6. Linsley, J., "Return on Investment Discounted and Undiscounted,"
Chem. Eng.,
May 1979, pp. 201-204.
7. Holland, F. A., F. A. Watson, and J. K. Wilkinson,
Introduction to
Process Economics,
2nd Ed., John Wiley & Sons Ltd., New York,
1976.
8. Valle-Riestra, J. E,
Project Evaluation in The Chemical Process
Industries,
McGraw-Hill Book Company, New York, 1983.
9. Allen,
D. H., A Guide to the Economic Evaluation of Projects,
The
Institution of Chemical Engineers, 2nd. Ed., England, 1980.
10. Garrett, D. E.,
Chemical Engineering Economics,
Van Nostrand
Reinhold, New York, 1989.
11. Abrams, H. J.,
The Chemical Engineer,
No. 241, 1970.
12. Kirkpatrick, D. M., "Calculator Program Speeds Up Project Finan-
cial Analysis,
Chem. Eng.,
August 1979, pp. 103-107.
13. Peters, M. S., and K. D. Timmerhaus,
Plant Design and Economics
For Chemical Engineers,
3rd Ed., McGraw-Hill Int. Book Com-
pany, N.Y., 1981.
14. Lang, H. J., "Simplified Approach to Preliminary Cost Estimates,"
Chem. Eng.,
55, June 1948, p. 112.
15.
Institution of Chemical Engineers, A New Guide to Capital Cost
Estimating,
London, 1977.
16. Bridgwater, A. V.,
The Functional Unit Approach to Rapid Cost
Estimation,
ACCE Bull., 18, 5, 1976, p. 153.
17. Taylor, J. H., "The Process Step Scoring Method For Making Quick
Capital Estimates,"
Eng. & Process Economics,
2, 1977, pp. 259-267.
18. Dodge, W. J.,
et al., The Module Estimating Technique As An Aid in
Developing Plant Capital Costs,
Trans, AACE, 1962.
PROGRAM PROG91
18
21
19
23
ARR
YCF
DF
CUCF
NPV
NOCF
NRR
PV
PVR
TIME
******************************************************************
* THIS PROGRAM CALCULATES THE YEARLY CASH FLOWS, THE CUMULATIVE *
* CASH FLOWS, DISCOUNT FACTORS AT A GIVEN RATE AND PRESENT *
* VALUES. THE PROGRAM FURTHER CALCULATES THE NET PRESENT VALUE, *
* PRESENT VALUE RATIO, THE AVERAGE RATE OF RETURN, THE NET *
* RETURN RATE, AND THE PAYBACK PERIOD. *
******************************************************************
= AVERAGE RATE OF RETURN
= YEARLY CASH FLOW
= DISCOUNT FACTOR
= CUMULATIVE CASH FLOW
= NET PRESENT VALUE
= NUMBER OF PROJECT LIFE EXCLUDING YEAR 0
= NET RETURN RATE
= PRESENT VALUE
= PRESENT VALUE RATIO
= PAYBACK PERIOD
*******************************************************************
REAL*8 YCF, DF, PV, NPV, CUCF
EXTERNAL XNPV
REAL NRR
INTEGER TIME, TIME1
DIMENSION YCF(0:100), DF(0:100), PV(0:100), CUCF(0:100)
OPEN (UNIT = 3, FILE = 'DATA91.DAT', STATUS ='OLD', ERR=f8)
OPEN (UNIT = 1, FILE = 'PRN')
READ THE NUMBER OF YEARLY CASH FLOWS EXCLUDING YEAR 0: NOCF
READ (3, *, ERR=19) NOCF
READ THE ANNUAL DISCOUNT RATE IN PERCENTAGE: DISC
READ THE YEARLY CASH FLOW: YCF
READ (3, *, ERR=19) DISC
READ (3, *, ERR=I9) (YCF(K), K = 0, NOCF)
GO TO i0
WRITE (*, 217
FORMAT (6X,'DATA FILE DOES NOT EXIST')
GO TO 999
WRITE (*, 23)
FORMAT(6X,'ERROR MESSAGE IN THE DATA VALUE')
GO TO 999
763
i0
i00
ii0
120
130
140
150
15
20
160
170
WRITE (I, I00)
FORMAT (//,25X,'NET PRESENT VALUE CALCULATION',/IH ,78(IH*))
NOCFI = NOCF + 1
WRITE (i, ii0) NOCFI
FORMAT(/,2OX,I4,3X,'YEARLu CASH FLOWS INCLUDING YEAR 0')
WRITE (I, 120) DISC
FORMAT (/, 20X, F8.2,3 X, ' PERCENTAGE ANNUAL DISCOUNT RATE ',/,
9 1H ,78(1H-))
WRITE (i, 130)
FORMAT (/, 7X, "YEAR', 5X, ' CASH FLOWS ( $ )', 4X, ' CUMULATIVE', \ )
WRITE (I, 140)
FORMAT (IOX, "DISCOUNT', 8X, 'PRESENT')
WRITE (i, 150)
FORMAT (34X,'CASH FLOWS ($)', 6X, 'FACTOR', 10X, 'VALUE ($)',
/IH
, 78 (ZH-) )
CALCULATE THE CUMULATIVE CASH FLOW
CUCF(0) = YCF(0)
DO I = I, NOCF
CUCF(I) = CUCF(I-I) + YCF(I)
END DO
R1 = DISC/100.0
PV(0) = YCF(0)*I.0
DO 15 II = 0, 0
IF (Ii .EQ. 0) THEN
R1 = 0.0
DF(II) = 1.0/((I.O+RI)**II)
PV(II) = YCF(II)*DF(II)
ELSE
ENDIF
CONTINUE
R1 = DISC/IO0.0
DO 20 II = i, NOCF
DF(II) = I.O/((I.O+RI)**II)
PV(Ii) = YCF(II)*DF(II)
CONTINUE
DO K = O, NOCF
WRITE (I, 160) K, YCF(K), CUCF(K), DF(K), PV(K)
FORMAT (5X,I3,5X,F14.2,5X,F14.2,5X,F9.4,5X,F14.2)
END DO
WRITE (i, 170)
FORMAT ( 78 ( IH- ) )
764
C CALCULATE THE NET PRESENT VALUE FROM THE PRESENT VALUE
180
190
200
210
NPV = 0.0
DO J = 0, NOCF
NPV = NPV + PV(J)
END DO
WRITE (I, 180) NPV
FORMAT (IH0, 6X,'THE NET PRESENT VALUE ($):', 3X, T40, F14.2)
CALCULATE THE PRESENT VALUE RATIO, PVR
PVR = PRESENT VALUE OF ALL POSITIVE CASH FLOWS/
PRESENT VALUE OF ALL NEGATIVE CASH FLOWS
SUM1 = 0.0
DO K = 1, NOCF
SUM1 = SUM1 + PV(K)
END DO
PVR = SUM1 /ABS(YCF(O))
WRITE (i, 190) PVR
FORMAT (IH0, 6X, 'PRESENT VALUE RATIO:', 3X, T40, F8.3)
CALCULATE THE NET RETURN RATE (NRR) i.e. THE NET PRESENT VALUE
DIVIDED BY THE PRODUCT OF INITIAL INVESTMENT AND THE PROJECT LIFE
(EXCLUDING YEAR 0).
NRR = ABS(NPV /(ABS(PV(0) )*NOCF) )*i00
WRITE (i, 200) NRR
FORMAT ( 1H0, 6X, ' THE NET RETURN RATE: '
, 3X,T40, F8.2,3X,'%')
CALCULATE THE AVERAGE RATE OF RETURN (ARR) i.e. THE AVERAGE
CASH FLOW DURING THE LIFE OF THE PROJECT (EXCLUDING YEAR 0).
SUM = 0.0
DO I = i, NOCF
SUM = SUM + YCF(I)
END DO
AVSUM = SUM/(NOCF)
ARR = (AVSUM/ABS(YCF(O)))*100.0
WRITE (1, 210) ARR
FORMAT (1H0,6X,'THE AVERAGE RATE OF RETURN:',3X,T40,F8.2,
3X,'%')
CALCULATE THE PAYBACK TIME FROM THE CUMULATIVE CASH FLOW, TIME: YEARS
DO I = O, NOCF
IF (CUCF(I+I) .GT. CUCF(I) .AND. CUCF(I+I) ~ 0.0) THEN
765
40
220
TEMP = CUCF(I+Z)
CUCF(I+I) = CUCF(I)
CUCF(I) = TEMP
TIME = I
TIME1 = TIME + 1
GO TO 40
ELSE
ENDIF
END DO
WRITE (i, 220) TIME, TIME1
FORMAT (IH0,6X,'THE PAYBACK PERIOD IS BETWEEN:'
3X,T45,I2,2X,'AND',2X,I2,3X,'YEARS')
999
FORM FEED THE PRINTING PAPER TO TOP OF THE NEXT PAGE.
WRITE (i, *) CHAR(12)
CLOSE (3, STATUS = "KEEP')
CLOSE (I)
STOP
END
766