3360 unit 12 2014-i-01
TRANSCRIPT
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ENGR 3360U Winter 2014
Unit 12
After-Tax Cash Flow
Dr. J. Michael Bennett, P. Eng., PMP,
UOIT,
Version 2014-I-01
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Unit 12 After-Tax Cash Flow
Chane Re!or"
2014-#-01 #nitial Creation
Text referen!e Cha$ter 12
2014-#-0112-2 %r& '& (& )ennett *&En&+ *(* ENGR 3360
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Unit 12 After-Tax Cash Flow
Course Outline
, 0 (a!ro-(i!ro E!o, 2 En Estiation
, 3-4 #nterest an" E./ialen!e
, *resent Worth
, 6 Ann/al Cash Flow, Rate of Ret/rn
, Choosin the )est Alternatie
, 5ther Analses
, 10 Ris7 an" Un!ertaint
11 %e$re!iation 12 After-Tax Cash Flow
13 Re$la!eent Analsis
14 #nflation
1 (ARR 8ele!tion 16 */9li! 8e!tor #ss/es
1 A!!o/ntin
1 )/siness *lans
1 8/ar
2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-3
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Unit 12 After-Tax Cash Flow
Unit 12 Roa" (a$
12&1 %efinitions
12&2 Net Cash Flow
12&3 Cash Flow After-tax :CFAT;
12&4 Re$la!eent After-tax
12&
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-
12&1 #$ortant ters= Gross #n!oe
Gross #n!oe
Total in!oe for the tax ear fro all reen/e
$ro"/!in f/n!tion of the enter$rise& 8ales reen/es+
Fees+
Rent+
Roalties+ 8ale of assets
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-6
12&1 #n!oe Tax
The total ao/nt of one transferre"
fro the enter$rise to the ario/s taxin
aen!ies for a ien tax ear&
Cor$orate Taxes are norall $ai" onthl an"a final a">/stin $aent is s/9itte" with the
ann/al tax ret/rn&
This tax is 9ase" /$on the in!oe $ro"/!in $ower of the fir&
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-
12&1 5$eratin Ex$enses : E ;
All leall re!oni?e" !osts asso!iate" with
"oin 9/siness for the tax ear&
Real Cash Flows+
Tax-"e"/!ti9le ex$enses for !or$orations+ Waes an" salaries+
Utilities+
5ther taxes
(aterial ex$enses
A5C an" (@5 !osts are a$$li!a9le here
Gross #n!oe ex$enses B G# - E
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-
Ca$ital Cost Allowan!e :CCA;
*ortion of the /n"e$re!iate" !a$ital !ost :UCC;or 9oo7 al/e+ of a "e$re!iatin asset that !an 9e
!laie"& (ost hae the 0 r/le a$$lie" in the
first ear&CCAn+ UCCn+ * B initial !ost+ " B CCA !lass rate
For ear 1+ CCA1 B *:"D2;
For ear n+ CCAn B *:1-"D2;:1-";n-2 UCCn B *:1-"D2;:1-";n-1
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-
12&1 Taxa9le #n!oe :T#;
Cal!/late" ao/nt of one for a
s$e!ifie" tie $erio" fro whi!h the tax
lia9ilit is "eterine"&
Cal!/late" as=
T# B Gross #n!oe ex$enses "e$re!iation
T# B G# E CCA 12&1
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-10
12&1 Tax Rate T
A $er!entae or "e!ial e./ialent of T#&
The a$$li!a9le tax rate "e$en"s /$on the
total ao/nt of T#&
Taxes owe" e./als=
Taxes B :taxa9le in!oe; x :a$$li!a9le rate;
B :T#;:T;& 12&2
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Unit 12 After-Tax Cash Flow
2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-11
12&1 Net *rofit After Tax :N*AT;
Ao/nt of one reainin ea!h ear
when in!oe taxes are s/9tra!te" fro
taxa9le in!oe&
N*AT B T# :T#;:T;H+
B :T#;:1-T;& 12&3
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-12
Tax )ases in Cana"a
Fe"eral+ $roin!ial+ !ii!+ territorial taxes
)ase" on in!oe+ $ro$ert+ sales+ net
!a$ital inestent+ i$ort tax+ $ro"/!t
s$e!ifi! :li./or+ hotel+ air$ort;
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-13
A 8a" 8tor
'aes Cler7 (axwell+ the 9rilliant Enlish $hsi!ist+ was the first to inestiate the
$ro$erties of ele!tri!it& A $oliti!ian as7e"
hi what the al/e of this new "is!oerwo/l" 9e for the $eo$le of Enlan"&
(axwell re$lie" I # !annot thin7 of an
a$$li!ation s$e!ifi!all 9/t # a a9sol/tels/re that o/ will tax itJK
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-14
Cana"ian Cor$orate Tax Rate
Not tie" to in!oe :li7e $ersonal tax;)ase rate is 22&1 L 16 B 3 9/t an ex!e$tions a9o/n"
:$roies ar fro & :MC; to 16 :*E#+ 5N is 14;;
Taxa9le !a$ital O10+000+000+ sall 9/siness "e"/!tion
:8)%; a$$lies= 16 on first O300+000
Fe"eral tax a9ateent is 10 less :so sall firs $a 12J;
(an an" $ro!essin re9ate of if not elii9le for the 8)%
5ther re9ates for reso/r!e "eelo$ent+ s!ientifi! resear!h+enironental a!tions+ natie a!tiities+ et!&
ArhJ Call in Pawer Poo$holeJ
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Unit 12 After-Tax Cash Flow
2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-1
*roin!ial Taxes too
Rane fro & to 16
CRA !olle!ts these for the $roin!es ex!e$t
5N+ M)+ A)
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Unit 12 After-Tax Cash Flow
2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-16
Effe!tie Tax Rate Te
Te s/ of all taxes& Ranes fro 13-4
TeB :total taxes $ai";D:taxa9le in!oe;
*ortion of ea!h new "ollar of taxa9le
in!oe is !alle" the marginal tax rate
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-1
Exa$le 12&1
Freshflow is a Cana"ian-!ontrolle" $riate !or$orationin Fre"eri!ton+ N&)&+ that an/fa!t/res 9iofilters forwastewater treatent $lants& The !o$an ha" a rossin!oe of O00+000 an" CCA of O30+000 on their
$ro"/!tion a!hiner& Ex$enses were
Cost of $ro"/!tion B 20+000
8alaries an" 9enefits B 200+000
5ther ex$enses B 0+000
Total B O00+000
:a; What ao/nt of tax will the !o$an $a on theirfe"eral an" $roin!ial taxa9le in!oeQ
:9; What is the !o$ans effe!tie tax rateQ
i 12 Af C h l
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-1
8ol/tion to 12&1:a; Taxa9le in!oe B ross in!oe - ex$enses - CCA
T# B O00+000 - 00+000 - 30+000 B O30+000 Federal income tax. )e!a/se the !o$an ./alifies for the 8)%+ the firstO300+000 is taxa9le at a rate of 12 :3 - 16 - 10;&
Taxes B :taxa9le in!oe;:a$$li!a9le tax rate;
B :O300+000;:0&12; B O36+000
Freshflow ./alifies for the an/fa!t/rin an" $ro!essin $rofits "e"/!tion of on the reain"er of the in!oe taxa9le at the rate of 21 :3 - 10 -;&
Taxes B :O0+000;:0&21; B O14+00
Total fe"eral tax B O36+000 L 14+00 B O0+00
New Brunswick income tax. #n New )r/nswi!7+ O00+000 is the 9/siness liit/se" in !al!/latin the in!oe elii9le for the sall 9/siness rate of 1& #n!oea9oe O00+000 is taxe" at a rate of 13&*roin!ial tax $aa9le B :O30+000;:0&01; B O300
Total !o9ine" taxes B 0+00 L 300 B O4+400
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-1
Freshflows Effe!tie Tax Rate
Te B taxesDT# B 4+400D30+000 B 14&
U i 12 Af T C h Fl
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-20
*ersonal s& Cor$orate
#n"ii"/als re$ort total in!oeS
Gross earne" in!oeS
oweer+ in"ii"/als a not "e"/!t ost
of their ex$enses for "a to "a liin an"wor7in&
#n"ii"/als /st a$$l the ario/s stan"ar"or itei?e" "e"/!tions $eritte" 9 !/rrentlaw
Cor$orations "e"/!t a!t/al !ash flowex$enses&
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-21
*ersonal s& Cor$orate
#n"ii"/al hae to file as either=
8inle+
(arrie"+
ea" of ho/sehol"&
Cor$orations hae no s/!h filin stat/s
other than filin as a !or$oration&
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Unit 12 After-Tax Cash Flow
2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-22
#n"ii"/al Fe"eral Tax Rates
First 36+3 1&
)etween 363 an" 2+6 22
)etween 2+ an" 11+2 26
5er 11+26 2
#n 5ntario+ we $a 0 of the FT&
There are also an tax !re"its
- $ensions+ t/ition+ "isa9ilit+ e"i!al+ "onations+ ifts
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Unit 12 After-Tax Cash Flow
2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-23
12&2 NET CA8 FP5W - NCF
NCF re$resents=
Cash #nflow Cash 5/tflows for a ien tie
$erio"&
For e!ono st/"ies the enineer willestiate the f/t/re net !ash flows asso!iate"
with the $ro>e!t oer the estiate" life of
the $ro>e!t& Now+ we "efine Cash Flow )efore Tax
:CF)T;&
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-24
12&2 Cash Flows )efore Tax : CF)T ;
CF)T=
A!t/al real !ash flows asso!iate" with an
inestent )EF5RE an in!oe tax
!onsi"erations are a$$lie"&CF)T "oes not !onsi"er "e$re!iation or
"e$letion ao/nts&
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-2
12&2 CF)T %efine"
CF)T B
Gross in!oe ex$enses initial inestent L
salae al/e
CF)TB G# E * L 8 12& Note= %e$re!iation an" "e$letions ao/nts are not $art of
CF)T as the are not real !ash flows $er se&
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-26
12&2 Cash Flow After Tax : CFAT;
CFAT for a ien tie $erio" is "efine" as=
CFAT B CF)T Taxes&
The ITaxesK !o$onent /st 9e ex$an"e" to
in!l/"e the i$a!ts of "e$re!iation an"Dor"e$letion&
%e$re!iation is a noncash flow 9/t is
"e"/!ti9le fro G# an" seres to o"erate:lessen; the T# ao/nt&
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-2
12&3 After-tax Cash Flow Eal/ation
Ass/in the analst has estiate" all releant !ashflows an" !on"/!te" an ATCF analsis the e!onoi!
"esira9ilit of the !ash flow !an 9e "eterine"&
All te!hni./es $reio/sl $resente" !an 9e /se"+ e&&+
*resent Worth+
F/t/re Worth+
Ann/al Worth+
#RR+ & & &
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-2
8inle or (/lti$le Alternaties
8inle *ro>e!t=
*W or AW 0 at i or+
#RR i&
Two or (ore Alternaties=
8ele!t the alternatie with the larest *W or
AW al/e at the i rate&
#f /sin #RR+ /st a$$l the in!reentalanalsis a$$roa!h&
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-2
Analsis Te!hni./es
All $reio/s r/les a$$l=
For *W e./al lies
For AW re$eata9ilit ass/$tion a$$lies
8oe ATCF $ro9les inole onl !osts&
Cal!/late the after-tax sains enerate" 9
o$eratin ex$enses an" "e$re!iation an"
atta!h a $ositie sin to the sains&
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-30
After-tax %is!o/nt Rate
8oe firs a set a 9efore-tax "is!o/nt rate
(ARR )&T&&
For after-tax analsis+ the 9efore-tax (ARR
/st 9e a">/ste" 9 a$$lin=
(ARR After-Tax B (ARR )efore Tax:1-Te;
The )efore-tax (ARR ien the After-tax(ARR is=
(ARR )efore Tax B :(ARR After Tax;D:1-Te;
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-31
12&4 Re$la!eent= After-Tax
Reiew Cha$ter 11=This !ha$ter "i" not !onsi"er taxes in the analsis&
To $ro$erl eal/ate a re$la!eent t$e
$ro9le+ one sho/l" alwas /se an after-taxa$$roa!h&
Eleents s/!h as=
%e$re!iation an" "is$osal with $ossi9lere!a$t/re" "e$re!iation !an a7e a "ifferen!e in
the analsis&
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Unit 12 After-Tax Cash Flow
2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-32
Re$la!eent )asi!s
%efen"er AssetAsset !/rrentl in seri!eS
(a 9e tax i$li!ations 9 "is$osin of the
"efen"er :re!a$t/re" "e$re!iation;&The !/rrent 9oo7 al/e of the "efen"er is
nee"e"&
Challener AssetThe asset that iht 9e $/r!hase" or lease" to
re$la!e the "efen"er&
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Unit 12 After Tax Cash Flow
2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-33
)/il"in a (o"el for Re$la!eent
Eleents that !an alter the ATCF s& a)TCF analsis for re$la!eent&
%e$re!iation an" the tax sains&
%is$osal i$li!ations of the "efen"er& Re!a$t/re" %e$re!iation or+
Poss on %is$osal
alf-ear !onention for "is$osal "/rin the life of
the "efen"er if it is not f/ll re!oere"&
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-34
12&
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-3
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-36
Cha$ter 12 8/ar
After-tax analsis "oes not /s/all !hanethe "e!ision to sele!t one alternatie oer
another&
ATCF "oes offer a /!h !learer estiate ofthe onetar i$a!t of taxes&
After-tax *W+ AW+ an" #RR eal/ations of
one or ore alternaties are $erfore" onthe CFAT series= /sin exa!tl the sae
$ro!e"/res as n $reio/s !ha$ters&
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-3
Cha$ter 12 8/ar !ont&
The after-tax (ARR is /se" in all *W an"AW !o$/tations+ an" in "e!i"in 9etween
two or ore alternaties /sin in!reental
#RR analsis& Generall the fir will a$$l two interest
rates=
(ARR al/e for 9efore-tax analsisS(ARR al/e for after-tax analsis&
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-3
Cha$ter 12 8/ar !ont&
#n!oe tax rates for in"ii"/al tax$aers arera"/ate"-hiher taxa9le in!oes $a hiher in!oe
taxes& Cor$orations :C%N; $a a flat tax&
A sinle-al/e+ effe!tie tax rate Te is /s/alla$$lie" in an after-tax e!onoi! analsis&
Taxes are re"/!e" 9e!a/se of tax-"e"/!ti9le ites=
"e$re!iation an"+
o$eratin ex$enses&
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-3
Cha$ter 12 8/ar !ont&
#n !o$/tin taxa9le in!oe+ $erissi9lenon-!ash flow ao/nts !an 9e a$$lie" to
o"erate T#=
%e$re!iation ao/nts+%e$letion ao/nts+
Aorti?ation ao/nts&
For CFAT analsis+ "e$re!iation an""e$letions ao/nts /st 9e !onsi"ere" as
$art of the analsis&
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-40
Cha$ter 12 8/ar !ont&
e eneral !ash flow after-tax relations forea!h ear are=
CF)T B ross in!oe - ex$enses - initial
inestent L salae al/e &CFAT B CF)T - taxes B CF)T - :taxa9le in!oe;:T
e;&
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-41
Cha$ter 12 8/ar !ont&
Taxa9le #n!oe :T#;=
T# B ross in!oe - ex$enses -
"e$re!iation L "e$re!iation re!a$t/re
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-42
Cha$ter 12 8/ar !ont&
#n a re$la!eent st/"+ the tax i$a!t of=
"e$re!iation re!a$t/re or
!a$ital loss+
either of whi!h a o!!/r when= the "efen"er is tra"e" for the !hallener an"+
(/st 9e a!!o/nte" for in an after-tax analsis&
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2014-#-01 %r& '& (& )ennett *&En&+ *(* ENGR 336012-43
Cha$ter 12 8/ar !ont&
The re$la!eent st/" $ro!e"/re of !ha$ter11 is a$$lie"&
The tax analsis a or a not reerse the
"e!ision to re$la!e or retain the "efen"er=)/t the effe!t of taxes will li7el re"/!e
:$ossi9l 9 a sinifi!ant ao/nt; the
e!onoi! a"antae of one alternatieoer the other&
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Cha$ter 12 8/ar !ont&
This !ha$ter seres to=Enfor!e the fa!t that enineers an" anaers
/st 9e aware of the !/rrent fe"eral tax laws
$ertainin to the analsis of in"/strial $ro>e!ts&ee$in /$ with CRA !o"e !hanes is a
!hallenin tas7 at 9est&
Cor$orations retain tax ex$erts to assist in the
$ro$er inter$retations of those eleents of the
!o"e that a$$l to CFAT analsis&