tabla 1 tabla 2

Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Input
Tax debt 203.5 230.5 259.7 291.2 325 361.4 400.6 442.7 488.1 537 589.6 Ke
Taxes 154.4 192.9 187.1 204.3 221.5 239.8 259.8 281.4 304.6 329.6 356.6 T
accrued
Tax paid 165.9 157.9 172.8 187.7 203.4 220.6 239.3 259.2 280.7 304 Kd
Tax paid - - - - - - - - - - Kd(1-T)
the same year
Tax paid 1 120.3 100.2 100.8 99.9 99.0 98.5 97.9 97.2 96.6 D%
year after
tax paid 2 72.6 86.9 103.5 121.6 140.8 161.3 183.5 207.4 g
years after
% this year 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% WACC
% 1 year 62.4% 62.4% 53.6% 49.3% 45.1% 41.3% 37.9% 34.8% 31.9% 29.3% NOPLATN
after
% 2 years 0.0% 37.6% 37.6% 46.4% 50.7% 54.9% 58.7% 62.1% 65.2% 68.1%
after
Debt 559.6 233.4 160.1 152.6 150.5 134.6 119.6 104.6 89.6 74.6 59.6
TS 10.1 16.2 6.7 4.6 4.4 4.3 3.9 3.5 3 2.6 2.2
TS earned 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
the same year
TS earned 6.3 10.1 3.6 2.3 2.0 1.8 1.5 1.2 1.0 0.8
1 year after
TS earned 3.8 6.1 3.1 2.3 2.4 2.6 2.4 2.3 2.1
2 years after
TS earned 6.3 13.9 9.7 5.4 4.3 4.2 4.0 3.6 3.2 2.8
in the year
tabla 2 tabla 3
Value Year CFD TS CFE CCF = CFD+CFE FCF = CFD+CFE−TS Year
10.85% 1992 1993
39.0% 1993 373.77 7.23 99.5 473.27 466.04 1994

8.50% 1994 93.14 15.94 109.6 202.74 186.8 1995

4.58% 1995 21.11 11.13 120 141.11 129.98 1996

15.00% 1996 15.07 6.21 130.4 145.47 139.26 1997

7.67% 1997 28.69 4.98 141.5 170.19 165.22 1998

10.00% 1998 26.44 4.85 153.7 180.14 175.3 1999

613.31 1999 25.17 4.62 166.8 191.97 187.35 2000

2000 23.89 4.14 180.9 204.79 200.65 2001

2001 22.62 3.7 196 218.62 214.92 2002

2002 21.34 3.26 212.4 233.74 230.48
 tabla 4
TV FCF+TV TVequity CFE+TV TV CFD TV CCF CCF
CFD
466.04 99.5 373.77 473.27
186.8 109.6 93.14 202.74

129.98 120 21.11 141.11

139.26 130.4 15.07 145.47

165.22 141.5 28.69 170.19

175.3 153.7 26.44 180.14

187.35 166.8 25.17 191.97

200.65 180.9 23.89 204.79

214.92 196 22.62 218.62

7,464.38 7,694.86 7,404.78 7,617.18 59.6 80.94 7,464.38 7,698.12