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Year

Time Period
Land
Building
Equipment
Change in Net working Capital

FV(Land)(T2)
FV(Building)(T1)

Cash Inflows/outflows
PV(Building)(T1)
PV(Building/Equipment/Working Capital)(T2)
Cash Inflows/outflows

NPV
IRR
1999 2000 2001 2002 2003 2004 2005
0 1 2 3 4 5 6
1200000
4000000 4000000
10000000
6600000 396000 419760 444945.6 471642.3

7598000 8531000 8448300 8596158


-1200000 -4000000 -20600000 7202000 8111240 8003354 8124516
3587443.946188
16569808.36132
-21357252.30751 0 0 7202000 8111240 8003354 8124516

12077323 11.5%
25%
2006 2007
7 8

499940.9

9078519 24163711
8578579 24163711

9359423
8578579 24163711 8832289
5972000
24163711
Expected Cash Flows for Simulation Exercise
Time 0 1
Fixed Capital
Land -1200000
Building -3587443.946
Equipment/Building -16569808.36
After tax Salvage Value

Price
Output
Revenues
Less:Variable Cost
Depreciation
Operating income before taxes
Taxes
Operating income after taxes
Add: Depreciation

NET INCOME
Changes in working Capital
After Tax Cash Flows -21357252.31 0
NPV @ 12% $22,478,870.01
IRR 28%
2 3 4 5 6 7 8

5972000

2200 2200 2200 2200 2200 2200


25000 25000 25000 25000 25000 25000
55000000 55000000 55000000 55000000 55000000 55000000
35750000 35750000 35750000 35750000 35750000 35750000
2120000 3440000 2160000 1392000 1392000 816000
17130000 15810000 17090000 17858000 17858000 18434000
6852000 6324000 6836000 7143200 7143200 7373600
10278000 9486000 10254000 10714800 10714800 11060400
2120000 3440000 2160000 1392000 1392000 816000

12398000 12926000 12414000 12106800 12106800 11876400


-396000 -419760 -444945.6 -471642 -499941 8832289
0 12002000 12506240 11969054 11635158 11606859 20708689
Initial Outlay
Project's Life
1999 2000 2001
0 1 2
Tract 1200000
Building 4000000 4000000
Equipment 10000000
Net working Capital 6600000

Total Working Capital 6600000

OCF

Project Life
Inflation
Price
Units

Revenue
Less:Variable cost
Less:Fixed Cost
Less:Dep
EBIT

Less:Taxes(40%)
Net Income

Ad:Dep
OCF

Terminal Cashflows
Working Capital Recovered

Salvage Value Land


Building
Equipment
2002 2003 2004 2005 2006 2007
3 4 5 6 7 8

396000 419760 444945.6 471642.3 499940.9

6996000 7415760 7860706 8332348 8832289 8832289

3 4 5 6 7 8
1.06 1.06 1.06 1.06 1.06
2200 2332 2471.92 2620.235 2777.449 2944.096
25000 25000 25000 25000 25000 25000

55000000 58300000 61798000 65505880 69436233 73602407


35750000 37895000 40168700 42578822 45133551 47841564
8000000 8480000 8988800 9528128 10099816 10705805
2120000 3440000 2160000 1392000 1392000 816000
9130000 8485000 10480500 12006930 12810866 14239038

3652000 3394000 4192200 4802772 5124346 5695615


5478000 5091000 6288300 7204158 7686519 8543423

2120000 3440000 2160000 1392000 1392000 816000


7598000 8531000 8448300 8596158 9078519 9359423

8832289

1500000
3272000
1200000 5972000
Changes In working Capital
2 3 4 5 6 7
Revenues 55000000 58300000 61798000 65505880 69436233 73602407
Change 0 3300000 3498000 3707880 3930353 4166174

Depreciation
Year 3 4 5 6 7 8
Building 126984.1 253968.3 253968.3 253968.3 253968.3 253968.3
Equipment 2000000 3200000 1920000 1152000 1152000 576000

Total 2126984 3453968 2173968 1405968 1405968 829968.3

8000000
Building 120000 240000 240000 240000 240000 240000
Equipment 2000000 3200000 1920000 1152000 1152000 576000
Total 2120000 3440000 2160000 1392000 1392000 816000

Cash received on Disposal


Land Building Equipment
Cost 1200000 8000000 10000000
Dep 0 1320000 10000000
Book value 1200000 6680000 0

Salvage Value 1700000 1000000 2000000


less: Book Value 1200000 6680000 0
Profit/Loss 500000 -5680000 2000000
Tax/Tax Save(40%) 200000 -2272000 800000
Total
1396825
10000000

1320000
10000000
Cost Macrs Years Year dep Accumulated Depreciation
8000000 0.5 1 126984.1 126984.126984127
1 2 253968.3 380952.380952381
2 3 253968.3 634920.634920635
3 4 253968.3 888888.888888889
4 5 253968.3 1142857.14285714
5 6 253968.3 1396825.3968254
6 7 253968.3 1650793.65079365
7 8 253968.3 1904761.9047619
8 9 253968.3 2158730.15873016
9 10 253968.3 2412698.41269841
10 11 253968.3 2666666.66666667
11 12 253968.3 2920634.92063492
12 13 253968.3 3174603.17460317
13 14 253968.3 3428571.42857143
14 15 253968.3 3682539.68253968
15 16 253968.3 3936507.93650793
16 17 253968.3 4190476.19047619
17 18 253968.3 4444444.44444444
18 19 253968.3 4698412.6984127
19 20 253968.3 4952380.95238095
20 21 253968.3 5206349.2063492
21 22 253968.3 5460317.46031746
22 23 253968.3 5714285.71428571
23 24 253968.3 5968253.96825397
24 25 253968.3 6222222.22222222
25 26 253968.3 6476190.47619047
26 27 253968.3 6730158.73015873
27 28 253968.3 6984126.98412698
28 29 253968.3 7238095.23809523
29 30 253968.3 7492063.49206349
30 31 253968.3 7746031.74603174
31 32 253968.3 8000000
Total 31.5 Years
book value%age Per year Dep
7873016 1.59% Dep in Year 1(or .5 MACRS year)
7619048 3.17%
7365079 3.17%
7111111 3.17%
6857143 3.17%
6603175 3.17%
6349206 3.17%
6095238 3.17%
5841270 3.17%
5587302 3.17%
5333333 3.17%
5079365 3.17%
4825397 3.17%
4571429 3.17%
4317460 3.17%
4063492 3.17%
3809524 3.17%
3555556 3.17%
3301587 3.17%
3047619 3.17%
2793651 3.17%
2539683 3.17%
2285714 3.17%
2031746 3.17%
1777778 3.17%
1523810 3.17%
1269841 3.17%
1015873 3.17%
761904.8 3.17%
507936.5 3.17%
253968.3 3.17%
0 3.17%
253968.25397 7873016
126984.12698
Cost 10000000

Year Rate Depreciation Accumulated Depreciation Book Value


1 0.2 2000000 2000000 8000000
2 0.32 3200000 5200000 4800000
3 0.192 1920000 7120000 2880000
4 0.1152 1152000 8272000 1728000
5 0.1152 1152000 9424000 576000
6 0.0576 576000 10000000 0
ook Value