Beruflich Dokumente
Kultur Dokumente
20X1
20X2
Operating revenues
100000
100000
Operating costs
-50000
-50000
Depreciation
-20000
-20000
EBIT
30000
30000
Interest
-5000
-5000
Pre-tax income
25000
25000
Taxes
-5000
-5000
Net Income
20000
20000
Balance Sheet
ASSETS
Initial
20X1
Cash-in hands
Fixed Assets
80000
Acc. Deprec.
Total
80000
20X2
40000
80000
80000
80000
-20000
-40000
100000
120000
Initial
20X1
20X2
EBIT
30000
30000
-Taxes
-6000
-6000
+Depreciation
20000
20000
Operating Cash-Flow
44000
44000
-Additional NWC
-40000
-40000
4000
4000
-Interest expenses
-5000
-5000
+Tax shield
1000
1000
-Dividends
20X3
20X4
100000
100000
-50000
-50000
-20000
-20000
30000
30000
-5000
-5000
25000
25000
-5000
-5000
20000
20000
20X3
20X4
Investment
LIABILITIES
120000
80000
80000
-60000
-80000
Debt
Initial
80000
Rt. Earnings
140000
20X3
0 Total
20X4
30000
30000
-6000
-6000
20000
20000
44000
44000
-40000
120000
4000
164000
-5000
-5000
1000
1000
-80000
80000
-80000
80000
20X1
6.25%
80000
20X2
80000
80000
20000
40000
100000
120000
20X3
20X4
80000
60000
140000
Income Statement
20X1
20X2
Operating revenues
100000
100000
Operating costs
-50000
-50000
Depreciation
-20000
-20000
EBIT
30000
30000
Interest
-5000
-5000
Pre-tax income
25000
25000
Taxes
-5000
-5000
Net Income
20000
20000
Balance Sheet
ASSETS
Initial
20X1
Cash-in hands
Fixed Assets
80000
Acc. Deprec.
Total
80000
20X2
40000
40000
80000
80000
-20000
-40000
100000
80000
Initial
20X1
20X2
EBIT
30000
30000
-Taxes
-6000
-6000
+Depreciation
20000
20000
Operating Cash-Flow
44000
44000
-Additional NWC
-40000
4000
44000
-Interest expenses
-5000
-5000
+Tax shield
1000
1000
40000
-Dividends
40000
40000
20X3
20X4
100000
100000
-50000
-50000
-20000
-20000
30000
30000
-5000
-5000
25000
25000
-5000
-5000
20000
20000
20X3
20X4
Investment
LIABILITIES
40000
80000
-60000
-80000
Debt
Initial
80000
Rt. Earnings
60000
20X3
-80000 Total
20X4
30000
30000
-6000
-6000
20000
20000
44000
44000
40000
80000
44000
164000
-5000
-5000
1000
1000
-80000
40000
80000
-80000
40000
80000
80000
80000
20X1
6.25%
80000
20X2
80000
80000
20000
40000
100000
120000
20X3
20X4
80000
60000
140000
Explanations:
Freecashflowsarebasedonthenumbersinboldface.
Workingcapitalisrecoveredint=8.
NoticethataddingtheDepreciationTaxShieldtotheaftertaxEBITDAhasthesameeffectasaddingbackdepre
Taxonsaleint=8:Thebookvalueoftheinvestmentint=8is$1,2million8x$120,000(cumulativedepreciati
Theforgonerentrepresentsthemarketcost(beforetaxes)ofrentingthewarehouse
figures in 000
FREE CASH FLOW ANALYSIS
Sales
-Manuf. Costs
-Depreciation
-Forgone rent
EBIT
-Taxes (35%)
+Depreciation
OPERATING CASH-FLOW
Working Capital (WC)
-Additional NWC
-Additional Capital Investment
+ Salvage Value
-Tax on sale (capital gain)
FREE CASH-FLOW
NPV
Y=0
350000
-350000
-1200000
-1550000.00
Y=1
4,200,000.00
-3,780,000.00
-120000.00
-100,000.00
200,000.00
-70,000.00
120,000.00
250,000.00
420,000.00
-70,000.00
180000.00
85795.62230143
NPV 1,550
180
240.05
250.63
261.76
273.48
28
2
3
4
5
1.12
(1.12)
(1.12)
(1.12)
(1.12)
(1.
ctasaddingbackdepreciationtotheaftertaxEBIT:onlythedepreciationtaxshieldisacash-flow.
(cumulativedepreciation)=$240,000.Thesalespriceis$400,000.Hencethereisataxablecapitalgainof$160,000.Taxesare
Y=2
Y=3
Y=4
Y=5
4,410,000.00
-3,969,000.00
-120000.00
-104,000.00
217,000.00
-75,950.00
120,000.00
261,050.00
441,000.00
-21,000.00
4,630,500.00
-4,167,450.00
-120000.00
-108,160.00
234,890.00
-82,211.50
120,000.00
272,678.50
463,050.00
-22,050.00
4,862,025.00
-4,375,822.50
-120000.00
-112,486.40
253,716.10
-88,800.64
120,000.00
284,915.47
486,202.50
-23,152.50
5,105,126.25
-4,594,613.63
-120000.00
-116,985.86
273,526.77
-95,734.37
120,000.00
297,792.40
510,512.63
-24,310.13
240050.00
250628.50
261762.97
273482.27
273.48
285.82
298.80 1,247.44
85,796.
5
6
(1.12)
(1.12)
(1.12) 7
(1.12) 8
ainof$160,000.Taxesare0.35x$160,000=$56,000.
Y=6
Y=7
Y=8
5,360,382.56
-4,824,344.31
-120000.00
-121,665.29
294,372.97
-103,030.54
120,000.00
311,342.43
536,038.26
-25,525.63
5,628,401.69
-5,065,561.52
-120000.00
-126,531.90
316,308.27
-110,707.89
120,000.00
325,600.37
562,840.17
-26,801.91
5,909,821.78
-5,318,839.60
-120000.00
-131,593.18
339,389.00
-118,786.15
120,000.00
340,602.85
0.00
562,840.17
298798.46
400,000.00
-56,000.00
1247443.02
285816.80
Explanations:
figures in 000
FREE CASH FLOW ANALYSIS
Sales
-Manuf. Costs
-Depreciation
EBIT
-Taxes (35%)
+Depreciation
OPERATING CASH-FLOW
Working Capital (WC)
-Additional NWC
-Additional Capital Investment
Opportunity cost old furnace
+ Salvage Value
-Tax on sale (capital gain)
FREE CASH-FLOW
NPV
Y=0
20000000
-20000000
-1000000000
-30000000
-1030000000.00
2,052,295,977.32
Y=1
Y=2
Y=3
Y=4
150,000,000.00
-10,000,000.00
-125000000.00
15,000,000.00
-5,250,000.00
125,000,000.00
134,750,000.00
20000000
0.00
300,000,000.00
-10,000,000.00
-125000000.00
165,000,000.00
-57,750,000.00
125,000,000.00
232,250,000.00
20000000
0.00
450,000,000.00
-10,000,000.00
-125000000.00
315,000,000.00
-110,250,000.00
125,000,000.00
329,750,000.00
20000000
0.00
600,000,000.00
-10,000,000.00
-125000000.00
465,000,000.00
-162,750,000.00
125,000,000.00
427,250,000.00
20000000
0.00
134750000.00
232250000.00
329750000.00
427250000.00
Y=5
Y=6
Y=7
750,000,000.00
-10,000,000.00
-125000000.00
615,000,000.00
-215,250,000.00
125,000,000.00
524,750,000.00
20000000
0.00
900,000,000.00
-10,000,000.00
-125000000.00
765,000,000.00
-267,750,000.00
125,000,000.00
622,250,000.00
20000000
0.00
1,050,000,000.00
-10,000,000.00
-125000000.00
915,000,000.00
-320,250,000.00
125,000,000.00
719,750,000.00
20000000
0.00
524750000.00
622250000.00
719750000.00
Y=8
Y=9
Y=10
1,200,000,000.00
-10,000,000.00
-125000000.00
1,065,000,000.00
-372,750,000.00
125,000,000.00
817,250,000.00
20000000
0.00
1,350,000,000.00
-10,000,000.00
0.00
1,340,000,000.00
-469,000,000.00
0.00
871,000,000.00
20000000
0.00
1,500,000,000.00
-10,000,000.00
0.00
1,490,000,000.00
-521,500,000.00
0.00
968,500,000.00
0.00
20,000,000.00
871000000.00
200,000,000.00
-70,000,000.00
1118500000.00
817250000.00