Total Low Season High season

Operational Cash Flow-Low Season

Revenues 2820318
Nr. Clients 134.75
Revenues per client/day 115
Days 182
Fixed costs 2885000
Variable costs clients 1226225 3
Variable costs rooms 168168
Variable costs marketing(not low season 500000
EBITDA -1459076
Depreciation

Operational Cash Flow-High Season

Revenues 18932265
Nr. Clients 470.25
Nr.Rooms occupied 209
Revenues/client/day 220
Days 183
Fixed costs 2885000
Variable costs clients 6454181
Variable costs rooms 573705
EBITDA 9019379

EBITDA Total(Low+High) 7060303

Depreciation 1500000
EBIT 5560303
Taxes 1112061
Depreciation 1500000
OCF 5948243

Perpetuity 60670095
Investment Operating Cash Flows
Cash Flows 1 2 3 3 4 5 6
26520000 17500000 2000000 5948243 5948243 5948243 5948243
Discount factor 1.12 1.2544 1.404928 1.573519 1.762342 1.973823
NPV
g Cash Flows
7 Perpetuity placed at the beginning of year 8(discount factor 7)
5948243 60670095
2.210681 2.210681
Investment Cash Flow 0 1 2
Construction 12500 12500
Equipment 5000
Land Op cost 11520
Synergy Effect 3200
Working Capital 1200
Erosion Cost 2500
Total 26520 17500 2000