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Year 0 1 2 3

Sales Volume 74,000 95,000 125,000


Unit Price 360 360 360
Variable Cost 155 155 155

Total Revenue 26,640,000 34,200,000 45,000,000


TVC 11,470,000 14,725,000 19,375,000
Fixed Cost 4,700,000 4,700,000 4,700,000
Depreciation 3,072,350 5,265,350 3,760,350
Profit Before Tax 7,397,650 9,509,650 17,164,650
Tax (35%) 2,589,178 3,328,378 6,007,628
Net Income 4,808,473 6,181,273 11,157,023
Depreciation 3,072,350 5,265,350 3,760,350
OCF 7,880,823 11,446,623 14,917,373

NWC
Beg - 5,328,000 6,840,000
End - 5,328,000 - 6,840,000 - 9,000,000
Change in NWC - 5,328,000 - 1,512,000 - 2,160,000

Equipment 21,500,000
Prototype 750,000
Marketing 200,000
OCF 7,880,823 11,446,623 14,917,373
Change in NWC - 5,328,000 - 1,512,000 - 2,160,000
Total Cash Flow - 22,450,000 2,552,823 9,934,623 12,757,373

Book Value 4,796,650


Market Value 4,100,000
Loss on Sale 696,650
Tax Benefit in Loss 243,828
Net Inflow 4,343,828
4 5 Discount Rate 12%
105,000 80,000 NPV $ 16,743,341.94
360 360 IRR 32.28%
155 155 PI 1.7458058772

37,800,000 28,800,000
16,275,000 12,400,000
4,700,000 4,700,000
2,685,350 1,919,950
14,139,650 9,780,050
4,948,878 3,423,018
9,190,773 6,357,033
2,685,350 1,919,950
11,876,123 8,276,983

9,000,000 7,560,000
- 7,560,000 -
1,440,000 7,560,000

11,876,123 8,276,983
1,440,000 7,560,000
13,316,123 15,836,983
Year Total Cash Flow PV
0 - 22,450,000 - 22,450,000
1 2,552,823 2,279,306
2 9,934,623 7,919,820
3 12,757,373 9,080,446
4 13,316,123 8,462,637
5 20,180,810 11,451,134

39,193,342
16,743,342
Year 0 1 2 3
Sales Volume 88,800 114,000 150,000
Unit Price 360 360 360
Variable Cost 155 155 155

Total Revenue 31,968,000 41,040,000 54,000,000


TVC 13,764,000 17,670,000 23,250,000
Fixed Cost 4,700,000 4,700,000 4,700,000
Depreciation 3,072,350 5,265,350 3,760,350
Profit Before Tax 10,431,650 13,404,650 22,289,650
Tax (35%) 3,651,078 4,691,628 7,801,378
Net Income 6,780,573 8,713,023 14,488,273
Depreciation 3,072,350 5,265,350 3,760,350
OCF 9,852,923 13,978,373 18,248,623

NWC
Beg - 6,393,600 8,208,000
End - 6,393,600 - 8,208,000 - 10,800,000
Change in NWC - 6,393,600 - 1,814,400 - 2,592,000

Equipment 21,500,000
Prototype 750,000
Marketing 200,000
OCF 9,852,923 13,978,373 18,248,623
Change in NWC - 6,393,600 - 1,814,400 - 2,592,000
Total Cash Flow - 22,450,000 3,459,323 12,163,973 15,656,623

Book Value 4,796,650 1. How sensitive in the NPV to change in the price of the new
Market Value 4,100,000
Loss on Sale 696,650 Change in Price Price
Tax Benefit in Loss 243,828 -20% 288
Net Inflow 4,343,828 -15% 306
-10% 324
-5% 342
0% 360
5% 378
10% 396
15% 414
20% 432
4 5 Discount Rate 12%
126,000 96,000 NPV $ 25,422,641
360 360 IRR 41.27%
155 155 PI 2.1324116316

45,360,000 34,560,000
19,530,000 14,880,000
4,700,000 4,700,000
2,685,350 1,919,950
18,444,650 13,060,050
6,455,628 4,571,018
11,989,023 8,489,033 2. How sensitive is the NPV to changes in the quantity sold of the new P
2,685,350 1,919,950
14,674,373 10,408,983 Change in Quantity Year 1
-20% 59,200
-15% 62,900
10,800,000 9,072,000 -10% 66,600
- 9,072,000 - -5% 70,300
1,728,000 9,072,000 0% 74,000
5% 77,700
10% 81,400
15% 85,100
20% 88,800
14,674,373 10,408,983
1,728,000 9,072,000
16,402,373 19,480,983

V to change in the price of the new PDA?

NPV Change in NPV


1,154,589 -93%
5,051,177 -70%
8,948,966 -47%
12,846,154 -23%
16,743,342 0%
20,640,530 23%
24,537,718 47%
28,434,907 70%
32,332,095 93%
Year Total Cash Flow PV
0 - 22,450,000 - 22,450,000
1 3,459,323 3,088,681
2 12,163,973 9,697,044
3 15,656,623 11,144,075
4 16,402,373 10,424,004
5 23,824,810 13,518,837

47,872,641
25,422,641

o changes in the quantity sold of the new PDA?

Year 2 Year 3 Year 4 Year 5 NPV


76,000 100,000 84,000 64,000 8,064,043
80,750 106,250 89,250 68,000 10,233,868
85,500 112,500 94,500 72,000 12,403,692
90,250 118,750 99,750 76,000 14,573,517
95,000 125,000 105,000 80,000 16,743,342
99,750 131,250 110,250 84,000 18,913,167
104,500 137,500 115,500 88,000 21,082,992
109,250 143,750 120,750 92,000 23,252,816
114,000 150,000 126,000 96,000 25,422,641
Change in NPV
-52%
-39%
-26%
-13%
0%
13%
26%
39%
52%