Beruflich Dokumente
Kultur Dokumente
2100000
0.5%
35.00%
0.75%
57.00%
1.00%
13.00%
0.50%
1989
2100000
1990
2110500
1991
2121053
1992
2131658
1993
2142316
1994
2153028
1995
2163793
1996
2174612
35%
735000
35.75%
754504
36.50%
774184
37.25%
794043
38.00%
814080
38.75%
834298
39.50%
854698
40.25%
875281
57.00%
418950
58.00%
437612
59.00%
456769
60.00%
476426
61.00%
496589
62.00%
517265
63.00%
538460
64.00%
560180
13.00%
59380
13.50%
64317
14.00%
69522
14.50%
75003
15.00%
80769
15.50%
86828
13.50%
61664
14.00%
66700
14.50%
72005
15.00%
77590
15.50%
83461
16.00%
89629
13.00%
56890
55
0.05
0.15
0.11
600000
0.05
0.15
40000
42
-0.15
0.11
80000
0.34
0.1
0.05
1989
1990
40000
42
40000
35.7
1991
1992
1993
59380
55
64317
57.75
69522
60.6375
1994
1995
1996
Sales
Angle unit sales
Angle sales price
Cobra unit sales
Cobra sales price
Total sales
1680000
1428000
27
27
3265900
75003
80769
86828
63.669375 66.8528438 70.1954859
27.81
25.55
24.71
23.76
23.42
1080000
1080000
1651357.8
Gross margin
600000
348000
1614542.2
Fixed costs
Salaries
Marketing
Depreciation
Other Expenses
75000
184800
0
80000
200000
157080
0
80000
250000
262500
275625
289406.25 303876.563 319070.391
489885 408573.7425 463720.43 525293.3546 593960.107 670442.702
447619
447619
447619
447619
447619 47619.048
600000
630000
661500
694575 729303.75 765768.938
Total Fixed
339800
437080
88468
171732
0
171732
-30287.2
-58792.8
0
-58792.8
-58807.5
-114156
447619
333463.3
109590.9
212735.2
447619
660354.3
220762
428538
447619
876157.1
341935
663756.2
447619
1111375
477973.9
927831.6
447619
1375451
767895.71
1490621.1
47619.048
1538240.1
-200000
-1000000
-1500000
-100000
-2800000
-2628268
-500000
-500000
-150000
-1150000
-1208793
-76589.6
-76589.6
256873.7
-44843.6
-44843.6
615510.6
-50133.5
-50133.5
826023.6
-55975.3
-55975.3
1055400
-62421.5
-62421.5
1313029
-1208793
256873.7
615510.6
826023.6
1055400
1313029
-69529.08
-69529.08
1468711.1
15421466
16890177
Operating profit
Taxes
After tax profit/(loss)
Add: Depreciation
Cash flow from Operations
Investment
Land
Building
Equipment
Working capital changes
Total investment
Free cash flow
Terminal value
Total net cash flow
NPV at 15% disc rate
Notes:
Salaries
Mkt exp
Building depreciation
Net working capital
Net working capital balance
Changes in net working capital
-2628268
$4,203,350.52
1643299.35 1717888.6
24.17
3480565.9 4061421.89
75000 in 1989 and 200000 in 1990. By 1991, salaries will be 200,000 and would rise 5% annually
11% of sales in 1989-1990, 15% of sales in 1991 and then 11%
over 31.5 years , equipment fully dep by 1995
100000
-100000
250000
-150000
326589.6
-76589.6
371433.2
-44843.6
421566.7
-50133.5
477542
-55975.3
539963.6
-62421.5
609492.64
-69529.08
Note:
Tax rate
Dsicount rate
growth rate
Reg# L1F11MBAM1058
0.05
33
0.05
1989
1990
1991
1992
1993
1994
1995
1996
59380
55
3265900
64317
57.75
3714307
69522
60.64
4215640
75003
63.67
4775394
80769
66.85
5399637
86828
70.20
6094934
91844
73.71
6769401
1080000
600000
33
1959540
1306360
34.65
2228584.1
1485722.7
36.3825
2529384.2
1686256.1
38.201625
2865236.5
1910157.7
40.111706
3239782.4
2159854.9
42.117292 44.22315614
3656960.2 4061640.397
2437973.5 2707760.265
100000
184800
80000
364800
1315200
150000
489885
150000
789885
2476015
157500
557146.01
157500
872146.01
2842160.7
165375
632346.04
165375
963096.04
3252544.2
173643.75
716309.12
173643.75
1063596.6
3711797.5
182325.94
809945.6
182325.94
1174597.5
4225039.9
191442.23
914240.05
191442.23
1297124.5
4797809.1
447168
868032
20000
841845.1
1634169.9
60000
966334.65
1875826.1
63000
1105865
2146679.2
66150
1262011.2
2449786.4
69457.5
1436513.6
2788526.3
72930.375
888032
$9,483,046.87
1694169.9
1938826.1
2212829.2
2519243.9
2861456.7
1631255.1 1819667.036
3166554 3532294.835
76576.894 80405.73844
120608.6077
3243130.9 3612700.573
20000
60000
3900022.1
4426422.3
5014163.8
5669619.2
6399680.3 7107870.695
40000
42
1680000
27
0.34
0.15
0.05
201014.3461
1015410.099
201014.3461
1417438.791
5351961.871