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Revenue £ 40,000,000.

00
Cost € 19,000,000.00
Possible Outcomes
Probaiblity Rates
50% 0.55
50% 0.45

Tax Rate 35%


Refunded 25%

Unhedged
€ 22,000,000.00 € 19,000,000.00 € 3,000,000.00

€ 18,000,000.00 € 19,000,000.00 € (1,000,000.00)


Unhedged Weighted average
€ 1,500,000.00 € (500,000.00) € 1,000,000.00

Government Refund amount


€ 250,000.00 € 50,000.00
Probability weighted average of the after-tax cash flows
€ 600,000.00
Taxes Paid
€ 400,000.00

Hedged
0.5

€ 20,000,000.00 € 19,000,000.00 € 1,000,000.00


After Tax income
€ 650,000.00
Taxes Paid
€ 350,000.00
Revenue £ 30,000,000.00
Cost € 45,000,000.00
Possible Outcomes
Probaiblity Rates
55% 1.36
45% 1.3

Tax Rate 40%


Refunded 30%

Unhedged
€ 40,800,000.00 € 45,000,000.00 € (4,200,000.00)

€ 39,000,000.00 € 45,000,000.00 € (6,000,000.00)


Unhedged Weighted average
€ (2,310,000.00) € (2,700,000.00) € (5,010,000.00)

Government Refund amount


€ (1,503,000.00)
Probability weighted average of the after-tax cash flows
€ (3,507,000.00)
Taxes Paid
€ (1,503,000.00)

Hedged
1.333

€ 39,990,000.00 € 45,000,000.00 € (5,010,000.00)


After Tax income
€ (3,507,000.00)
Taxes Paid
€ (1,503,000.00)
Revenue £ 30,000,000.00
Cost € 45,000,000.00
Possible Outcomes
Probaiblity Rates
55% 1.36
45% 1.3

Tax Rate 40%


Refunded 25%

Unhedged
€ 40,800,000.00 € 45,000,000.00 € (4,200,000.00)

€ 39,000,000.00 € 45,000,000.00 € (6,000,000.00)


Unhedged Weighted average
€ (2,310,000.00) € (2,700,000.00) € (5,010,000.00)

Government Refund amount


€ (1,252,500.00)
Probability weighted average of the after-tax cash flows
€ (3,757,500.00)
Taxes Paid
€ (1,252,500.00)

Hedged
1.333

€ 39,990,000.00 € 45,000,000.00 € (5,010,000.00)


After Tax income
€ (3,757,500.00)
Taxes Paid
€ (1,252,500.00)
Revenue £ 30,000,000.00
Cost € 45,000,000.00
Possible Outcomes
Probaiblity Rates
55% 1.36
45% 1.26

Tax Rate 40%


Refunded 30%

Unhedged
€ 40,800,000.00 € 45,000,000.00 € (4,200,000.00)

€ 37,800,000.00 € 45,000,000.00 € (7,200,000.00)


Unhedged Weighted average
€ (2,310,000.00) € (3,240,000.00) € (5,550,000.00)

Government Refund amount


€ (1,665,000.00)
Probability weighted average of the after-tax cash flows
€ (3,885,000.00)
Taxes Paid
€ (1,665,000.00)

Hedged
1.315

€ 39,450,000.00 € 45,000,000.00 € (5,550,000.00)


After Tax income
€ (3,885,000.00)
Taxes Paid
€ (1,665,000.00)

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