The annualised result without reinvestment assumption is fundamentally flawed that it ignores the time value of money.
That would also suggest you would be indifferent to the following cashflows below... Which clearly can not be correct.
1/ negative 10million outflow on 1-January-2017 , then 1 million monthly over the next 12 months.
2/ negative 10million outflow on 1-January-2017, then 12million received on 1-January-2018