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T0
Depreciation for tax purposes linear, over 5 years, starting at t=1 Revenue
Inventories-to-sales ratio 1/4 Fixed cost
Receivables period 2 months Variable cost
Sales at t=1 250 millions Gross Profit
Sales growth rate 3% per years
Fixed costs at t=1 10 millions Depreciation
Fixed costs growth rate 2% per years EBIT
Contribution margin in each year 22% variable costs only Tax
WACC 8% Depreciation
Corporate tax rate 20% Gross Cash Flow
NWC
Inventory
Accounts Receivable
PPE -150.00
-150.00
FOCF -150.00
PV -150.00
NPV 485.47
Profitablity index 4.24
IRR 93%
T0
Inventory
Accounts Receivable
T1 T2 T3 T4 T5 T6 b.
250 257.50 265.23 273.18 281.38 289.82 Revenue
-10 -10.20 -10.40 -10.61 -10.82 -11.04 Fixed cost
-55 -56.65 -58.35 -60.10 -61.90 -63.76 Variable cost
185 190.65 196.4715 202.469685 208.6498964 215.0176365 Gross Profit
NWC
- 30.00 - 30.90 - 31.83 - 32.78 - 33.77 Inventory
- 1.25 - 1.29 - 1.33 - 1.37 - 1.41 Accounts Receivable
PPE
0.00 -31.25 -32.19 -33.15 -34.15 -35.17
154.00 127.27 130.99 134.82 138.77 136.84 FOCF
NPV
4.24 1 Profitablity index
IRR
T1 T2 T3 T4 T5 T6
1,000.00 1,030.00 1,060.90 1,092.73 1,125.51 1,159.27 Inventory
41.67 42.92 44.20 45.53 46.90 48.30 Accounts Receivable
-135.41 71%
T0 T1 T2 T3 T4 T5 T6
250 257.50 265.23 273.18 281.38 289.82
-135.41 -138.12 -140.88 -143.70 -146.57 -149.50
-55 -56.65 -58.35 -60.10 -61.90 -63.76
59.59 62.73 65.99 69.38 72.90 76.55
0.00
1.00
8%
T0 T1 T2 T3 T4 T5 T6
1,000.00 1,030.00 1,060.90 1,092.73 1,125.51 1,159.27
41.67 42.92 44.20 45.53 46.90 48.30
c. T0 T1 T2 T3 T4 T5
Revenue 250 257.50 265.23 273.18 281.38
Fixed cost -8.07 -8.23 -8.40 -8.56 -8.74
Variable cost -57.50 -59.23 -61.00 -62.83 -64.72
Gross Profit 184.429422 190.04 195.83 201.79 207.92
0.23 0.23 0.23 0.23 0.23
Depreciation -30 -30 -30 -30 -30
EBIT 154.43 160.04 165.83 171.79 177.92
Tax -30.89 -32.01 -33.17 -34.36 -35.58
Depreciation 30 30 30 30 30
Gross Cash Flow 153.54 158.03 162.66 167.43 172.34
NWC
Inventory - 45.00 - 46.35 - 47.74 - 49.17
Accounts Receivable - 1.25 - 1.29 - 1.33 - 1.37
PPE -150.00
-150.00 0.00 -46.25 -47.64 -49.07 -50.54
FOCF -150.00 153.54 111.78 115.02 118.36 121.80
NPV 424.42
Profitablity index 3.83
IRR 87%
T0 T1 T2 T3 T4 T5
Inventory 1,500.00 1,545.00 1,591.35 1,639.09 1,688.26
Accounts Receivable 41.67 42.92 44.20 45.53 46.90
T6
289.82
-8.91 Total Cost
-66.66 a C
214.25 418.84 422.84 -4.00
0.23
214.25
-42.85
171.40
- 50.65
- 1.41
-52.05
119.34
75.21
T6
1,738.91
48.30