Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
$ millions
2001
2002
2003
2004
2005
2006
1100
0
0
1100
2200
250
150
2600
2200
350
300
2850
2200
350
300
2850
1320
50
200
1570
880
0
50
930
1100
0
0
3300
250
150
5500
600
450
7700
950
750
9020
1000
950
9900
1000
1000
-1100
0
-2200
-25
-2200
-60
-2200
-95
-1320
-100
-880
-100
EBT
-1100
-2225
-2260
-2295
-1420
-980
-418
-845.5
-858.8
-872.1
-539.6
-372.4
-682
-1379.5
-1401.2
-1422.9
-880.4
-607.6
0
0
0
25
250
150
60
350
300
95
350
300
100
50
200
100
100
50
-682
-1754.5
-1991.2
-1977.9
-1030.4
-657.6
Year
2000
Taxes (C)
38%
EBAT
Depreciation
add
Capital Expenditure (D) subtract
increase in NWC
subtract
Free Cash Flow
Discount Rate (E)
0.11
PV of Investment
A3XX sales
Revenues
Price per plane
No. of planes
Operating margin
Operating Profit
Dep. Adjustment (F)
Adj Op. Profit
Tax rate
Cash flows
Growing Perpetuity
value in 2007
growth rate (pg 8)
Rf (pg 8)
beta (pg 8) risk Prem
0.06
0.84
0.06
($6,132.57)
0.18
0.38
0.02
present value
NPV
$6,244.65
$112.08
A) The cashflows ignore the tax impact of launch aid, which is taxable when received. It also ignoress cashflow associated with
B) Assumes straight line depreciation over 10 yrs (pg 8). After 2005 Depriciation equals net working capital. The co. is in full ca
C) Assume Airbus can use tax loss. The tax rate is 38%
D) After 2005 Depriciation equals net working capital.
E) Cost of capital assumption are in page 8 and computed above.
F) Add back depriciation to avoid double counting.
2007
2008 Total
660
0
0
660
440
0
0
440
10560
1000
1000
11000
1000
1000
-660
-100
-440
-100
-760
-540
-288.8
-205.2
-471.2
-334.8
100
100
0
100
100
0
-471.2
-334.8
9900
225
44
1782
100
1882
715.16
1166.84
12964.89
11000
1000
1000
13000
noress cashflow associated with pre-payments and progress payments of for planes.
king capital. The co. is in full capacity in 2008 and hrowth comes from inflation 2%.