A complete financial plan (also: VOFI; translated in English it with Visualization OF Financial Implications) is an instrument of the investment calculation, whatever intersperses itself in practice increasingly. The standard characteristics of a VOFI are transparency and expandability.

Overview

From a VOFI all other indices of the dynamic methods of the investment calculation can be extracted. Thus it gives the possibility, which disadvantages "“expose"” and premises of the classical methods of the investment calculation. Contrary to the classical static and dynamic methods with the VOFI interest and taxes are computed exactly, what is particularly important for the investment calculation, since she is based on Ein-und disbursements. From it a further special characteristic of the VOFI results: The with difficulty computable calculation interest rate of the classical static and dynamic investment methods does not have to be computed no more and the investment calculations is thus substantially more precise.

The development of the VOFIs, its scientific founding and combination with new technical possibilities and economiceconomics methods, and its establishment as Controlling tool were carried out considerably of Professor Heinz Lothar rough and its chair team at the William university in

Conceptional pattern of a standard VOFI

Example of a simple standard VOFI

Database for example (all values are integral rounded):

• Investment causes at the time an acquisition disbursement of 12000 euro for 0.
• It is copied linear over 5 years.
• At the end there is no liquidation proceeds.
• The payment sequence at the times t=1. .t=5 of the investment indicates future Ein-und disbursements, which are caused by the investment.
• Available own capital funds amount to 5000 euro.
• It is at any time an unlimited bank overdraft receptible to a interest rate of 10%.
• Yield surplus can be put on to a interest rate by 5%.
• The income tax set amounts to 50%.

Calculation on the side for the computation of the writings-off

Calculation on the side for the computation of the income taxes

Taxes

Restitutions of tax in the VOFI are going by to be interpreted that losses of an investment lead the tax liability in one period to the reduction of the entire Unternehmensgewinns (that is fully taxed) and thus to lower.

VOFI specific characteristic numbers

Initial value

ToDo

Yield on equity

Final value

The natural goal value of the VOFI is the final value of the investment, to which from the inventory balance of the last period can be read off. This value is to be compared with the final value of the If the difference is positive, then the investment is considered as favourable. The final value of the computes itself by interest charges at the beginning available of own capital funds to the interest rate of the reinvestment of the yield surplus.

\ Delta EW = EW^ {M} - EW^ {O} \,

In the example (interest charges at the beginning of existing, own liquid means to the reinvestment set 5%, less income taxes):

EW^O = EK_0 \ cdot (1+i (1-s))^n = 5000 \ 1.025^5 = 5657 cdot

Note: Naturally the final value of the should be likewise computed with a VOFI (similar to the final value of the investment). Here it was computed for reasons of clarity "“inaccurately"” with the classical formula-oriented investment method.

It results:

\ Delta EW = 10079 - 5657 = 4422 \,

The decision recommendation reads: Invest, there \ delta EW > 0

Total capital net yield

ToDo

Pay off period

For the determination of the Pay off period sets up one the VOFI of the investment and the VOFI of the The designates the plant of own capital funds over the running time to Kalkulationszinsfuss.Dann compares one the inventory balances of the periods of the two VOFIs with one another. The Pay off period is that period, in which inventory balance of the investment is for the first time larger or equal to the inventory balance of the

The Pay off method does not represent a meaningful decision criterion according to usual literature opinion, since she does not quantify the yield capacity of the investment, but only indicates the point of amortization period of the investment, what only represents one additional information.

Explikation of the implicit premises of the classical investment calculation

Annuity

The annuity can be interpreted as that even withdrawal in t=1 to t=n, with that final value of the VOFI zero becomes.

Profit comparative calculation

The result of the profit comparative calculation is that withdrawal in the periods t=1 to t=n, with which the asset conditions in the respective period and the Entwert of the VOFI become zero. The result of the profit comparative calculation for the middle period is thus the asset conditions in the middle period.

internal interest rate

The internal interest rate is that even interest rate, with which the final value of the VOFI becomes zero.

Calculation interest rate

The calculation interest rate can be computed on the basis the accurately computed being and yield interest.

Present value

The present value can be interpreted as that withdrawal in t=0, with which the final value of the VOFI becomes zero.

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