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Forecast Sales 2,000,000

sales commision 15%

Material cost 600,000


Labor Cost 900,000
Direct Cost 1,500,000

Annual cash flow 200,000 EBITDA

new equipment 600,000


economic life 10 years

interest rate for loan 8%


No Tax

Years 0 1 2 3 4
Nett Investment
Equipment Cost

Operating Cash Flow


Sales
Commision
Direct cost (mat)
Direct cost (labor)
Depreciation
EBIT
Tax
Nett Income
Add depreciation

Nett Casho Flow (600,000) 200,000 200,000 200,000 200,000


PV of 1 factor
Present Value
Net Present Value
Internal rate of return 31.11%
Profitability index
Payback Period
Discounted Payback 3.00 (400,000) (200,000) - 200,000
5 6 7 8 9 10

200,000 200,000 200,000 200,000 200,000 200,000

400,000 600,000 800,000 1,000,000 1,200,000 1,400,000


Tax 45%

Years 0 1 2 3 4
Nett Investment
Equipment Cost (600,000)

Operating Cash Flow


Sales 2,000,000 2,000,000 2,000,000 2,000,000
Commision (300,000) (300,000) (300,000) (300,000)
Direct cost (mat) (600,000) (600,000) (600,000) (600,000)
Direct cost (labor) (900,000) (900,000) (900,000) (900,000)
Depreciation (60,000) (60,000) (60,000) (60,000)
EBIT 140,000 140,000 140,000 140,000
Tax (63,000) (63,000) (63,000) (63,000)
Nett Income 77,000 77,000 77,000 77,000
Add depreciation 60,000 60,000 60,000 60,000
137,000 137,000 137,000 137,000

Nett Casho Flow (600,000) 137,000 137,000 137,000 137,000


PV of 1 factor
Present Value
Net Present Value
Internal rate of return 18.73%
Profitability index
Payback Period
Discounted Payback 4.38 (463,000) (326,000) (189,000) (52,000)
5 6 7 8 9 10

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000


(300,000) (300,000) (300,000) (300,000) (300,000) (300,000)
(600,000) (600,000) (600,000) (600,000) (600,000) (600,000)
(900,000) (900,000) (900,000) (900,000) (900,000) (900,000)
(60,000) (60,000) (60,000) (60,000) (60,000) (60,000)
140,000 140,000 140,000 140,000 140,000 140,000
(63,000) (63,000) (63,000) (63,000) (63,000) (63,000)
77,000 77,000 77,000 77,000 77,000 77,000
60,000 60,000 60,000 60,000 60,000 60,000
137,000 137,000 137,000 137,000 137,000 137,000

137,000 137,000 137,000 137,000 137,000 137,000

85,000 222,000 359,000 496,000 633,000 770,000


Tax 45%
WACC 12%

Years 0 1 2 3 4
Nett Investment
Equipment Cost (600,000)

Operating Cash Flow


Sales 2,000,000 2,000,000 2,000,000 2,000,000
Commision (300,000) (300,000) (300,000) (300,000)
Direct cost (mat) (600,000) (600,000) (600,000) (600,000)
Direct cost (labor) (900,000) (900,000) (900,000) (900,000)
Depreciation (60,000) (60,000) (60,000) (60,000)
EBIT 140,000 140,000 140,000 140,000
Tax (63,000) (63,000) (63,000) (63,000)
Nett Income 77,000 77,000 77,000 77,000
Add depreciation 60,000 60,000 60,000 60,000
137,000 137,000 137,000 137,000

Nett Casho Flow (600,000) 137,000 137,000 137,000 137,000


PV of 1 factor 1.00 0.89 0.80 0.71 0.64
Present Value (600,000) 122,321 109,216 97,514 87,066

Accumulated Cash Flow (463,000) (326,000) (189,000) (52,000)


Accumulated PV to CF (477,679) (368,463) (270,949) (183,883)

Present Value 774,081


Net Present Value 174,081
Internal rate of return 18.73% Accept because IRR is greater than WACC
Profitability index 1.290
Payback Period 4.38
Discounted Payback 6.59
5 6 7 8 9 10

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000


(300,000) (300,000) (300,000) (300,000) (300,000) (300,000)
(600,000) (600,000) (600,000) (600,000) (600,000) (600,000)
(900,000) (900,000) (900,000) (900,000) (900,000) (900,000)
(60,000) (60,000) (60,000) (60,000) (60,000) (60,000)
140,000 140,000 140,000 140,000 140,000 140,000
(63,000) (63,000) (63,000) (63,000) (63,000) (63,000)
77,000 77,000 77,000 77,000 77,000 77,000
60,000 60,000 60,000 60,000 60,000 60,000
137,000 137,000 137,000 137,000 137,000 137,000

137,000 137,000 137,000 137,000 137,000 137,000


0.57 0.51 0.45 0.40 0.36 0.32
77,737 69,408 61,972 55,332 49,404 44,110

85,000 222,000 359,000 496,000 633,000 770,000


(106,146) (36,737) 25,235 80,567 129,970 174,081
Tax 45%
WACC 12%

Years 0 1 2 3 4
Nett Investment
Equipment Cost (600,000)

Operating Cash Flow


Sales 2,000,000 2,000,000 2,000,000 2,000,000
Commision (300,000) (300,000) (300,000) (300,000)
Direct cost (mat) (600,000) (600,000) (600,000) (600,000)
Direct cost (labor) (900,000) (900,000) (900,000) (900,000)
Depreciation (200,000) (80,000) (40,000) (40,000)
EBIT - 120,000 160,000 160,000
Tax - (54,000) (72,000) (72,000)
Nett Income - 66,000 88,000 88,000
Add depreciation 200,000 80,000 40,000 40,000
200,000 146,000 128,000 128,000

Nett Cash Flow (600,000) 200,000 146,000 128,000 128,000


PV of 1 factor 1.00 0.89 0.80 0.71 0.64
Present Value (600,000) 178,571 116,390 91,108 81,346

Accumulated Cash Flow (400,000) (254,000) (126,000) 2,000


Accumulated PV to CF (421,429) (305,038) (213,930) (132,584)

Present Value 801,864


Net Present Value 201,864
Internal rate of return 20.49%
Profitability index 1.336
Payback Period 3.98
Discounted Payback 5.92
5 6 7 8 9 10

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000


(300,000) (300,000) (300,000) (300,000) (300,000) (300,000)
(600,000) (600,000) (600,000) (600,000) (600,000) (600,000)
(900,000) (900,000) (900,000) (900,000) (900,000) (900,000)
(40,000) (40,000) (40,000) (40,000) (40,000) (40,000)
160,000 160,000 160,000 160,000 160,000 160,000
(72,000) (72,000) (72,000) (72,000) (72,000) (72,000)
88,000 88,000 88,000 88,000 88,000 88,000
40,000 40,000 40,000 40,000 40,000 40,000
128,000 128,000 128,000 128,000 128,000 128,000

128,000 128,000 128,000 128,000 128,000 128,000


0.57 0.51 0.45 0.40 0.36 0.32
72,631 64,849 57,901 51,697 46,158 41,213

130,000 258,000 386,000 514,000 642,000 770,000


(59,953) 4,895 62,796 114,493 160,651 201,864
Tax 45%
WACC 12%

Years 0 1 2 3 4
Nett Investment
Equipment Cost (600,000)
Additional Working Capital (300,000)

Operating Cash Flow


Sales 2,000,000 2,000,000 2,000,000 2,000,000
Commision (300,000) (300,000) (300,000) (300,000)
Direct cost (mat) (600,000) (600,000) (600,000) (600,000)
Direct cost (labor) (900,000) (900,000) (900,000) (900,000)
Depreciation (200,000) (80,000) (40,000) (40,000)
EBIT - 120,000 160,000 160,000
Tax - (54,000) (72,000) (72,000)
Nett Income - 66,000 88,000 88,000
Add depreciation 200,000 80,000 40,000 40,000
200,000 146,000 128,000 128,000

Nett Casho Flow (900,000) 200,000 146,000 128,000 128,000


PV of 1 factor 1.00 0.89 0.80 0.71 0.64
Present Value (900,000) 178,571 116,390 91,108 81,346

Accumulated Cash Flow (700,000) (554,000) (426,000) (298,000)


Accumulated PV to CF (721,429) (605,038) (513,930) (432,584)

Present Value 898,456


Net Present Value (1,544)
Internal rate of return 11.96%
Profitability index 0.998
Payback Period 6.33
Discounted Payback >10
5 6 7 8 9 10

300,000

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,300,000


(300,000) (300,000) (300,000) (300,000) (300,000) (300,000)
(600,000) (600,000) (600,000) (600,000) (600,000) (600,000)
(900,000) (900,000) (900,000) (900,000) (900,000) (900,000)
(40,000) (40,000) (40,000) (40,000) (40,000) (40,000)
160,000 160,000 160,000 160,000 160,000 460,000
(72,000) (72,000) (72,000) (72,000) (72,000) (72,000)
88,000 88,000 88,000 88,000 88,000 388,000
40,000 40,000 40,000 40,000 40,000 40,000
128,000 128,000 128,000 128,000 128,000 428,000

128,000 128,000 128,000 128,000 128,000 428,000


0.57 0.51 0.45 0.40 0.36 0.32
72,631 64,849 57,901 51,697 46,158 137,805

(170,000) (42,000) 86,000 214,000 342,000 770,000


(359,953) (295,105) (237,204) (185,507) (139,349) (1,544)
Tax 45%
WACC 12%
NBV 400,000
Sell 200,000
Old Equipment (600,000)

2004 2005 2006 2007 2008


NEW EQUIPMENT
Years 0 1 2 3
Nett Investment
Equipment Cost (1,000,000)
Additional Working Capital 200,000
Tax reduction sell below NBV 90,000
(710,000)

Operating Cash Flow


Original EBITDA
Cost Saving 200,000 200,000 200,000
EBITDA 200,000 200,000 200,000
Depreciation Old (200,000) (80,000) (40,000) (40,000)
Depreciation New (333,333) (133,333) (66,667)
Differenciation of Depreciation (253,333) (93,333) (26,667)
EBIT (53,333) 106,667 173,333
Tax 24,000 (48,000) (78,000)
Nett Income (29,333) 58,667 95,333
Add depreciation 253,333 93,333 26,667
224,000 152,000 122,000

Free Cash Flow (710,000) 224,000 152,000 122,000

PV of 1 factor 1.0000 0.8929 0.7972 0.7118


Present Value (710,000) 200,000 121,173 86,837

Accumulated Cash Flow (486,000) (334,000) (212,000)


Accumulated PV to CF (510,000) (388,827) (301,989)

Present Value 833,936


Net Present Value 123,936
Internal rate of return 16.32%
Profitability index 1.175
Payback Period 4.74
Discounted Payback 7.78
2009 2010 2011 2012 2013 2014 2015
W EQUIPMENT
4 5 6 7 8 9 10

(300,000) 300,000

(300,000) 300,000

200,000
200,000 200,000 200,000 200,000 200,000 200,000 200,000
200,000 200,000 200,000 200,000 200,000 200,000 400,000
(40,000) (40,000) (40,000) (40,000) (40,000) (40,000)
(66,667) (66,667) (66,667) (66,667) (66,667) (66,667) (66,667)
(26,667) (26,667) (26,667) (26,667) (26,667) (26,667) (66,667)
173,333 173,333 173,333 173,333 173,333 173,333 333,333
(78,000) (78,000) (78,000) (78,000) (78,000) (78,000) (150,000)
95,333 95,333 95,333 95,333 95,333 95,333 183,333
26,667 26,667 26,667 26,667 26,667 26,667 66,667
122,000 122,000 122,000 122,000 122,000 (178,000) 550,000

122,000 122,000 122,000 122,000 122,000 (178,000) 550,000

0.6355 0.5674 0.5066 0.4523 0.4039 0.3606 0.3220


77,533 69,226 61,809 55,187 49,274 (64,189) 177,085

(90,000) 32,000 154,000 276,000 398,000 220,000 770,000


(224,456) (155,230) (93,421) (38,234) 11,039 (53,149) 123,936
Tax 45%
WACC 12%
NBV 400,000
Sell 200,000

2004 2005 2006 2007 2008


OLD EQUIPMENT
Years 0 1 2 3 4
Nett Investment
Equipment Cost
Additional Working Capital

Operating Cash Flow


Sales 2,000,000 2,000,000 2,000,000
Commision (300,000) (300,000) (300,000)
Direct cost (mat) (600,000) (600,000) (600,000)
Direct cost (labor) (900,000) (900,000) (900,000)
Depreciation original cash flow in year (80,000) (40,000) (40,000)
2005 (no accumulation for
EBIT new equipment 120,000 160,000 160,000
Tax (54,000) (72,000) (72,000)
Nett Income 66,000 88,000 88,000
Add depreciation 80,000 40,000 40,000
146,000 128,000 128,000

2004 2005 2006 2007 2008


NEW EQUIPMENT
Years 0 1 2 3
Nett Investment
Equipment Cost (1,000,000)
Additional Working Capital 200,000
Tax reduction sell below NBV 90,000
(710,000)

Operating Cash Flow


Sales 2,000,000 2,000,000 2,000,000
Commision (300,000) (300,000) (300,000)
Direct cost (mat) (600,000) (600,000) (600,000)
Direct cost (labor) (900,000) (900,000) (900,000)
Cost Saving 200,000 200,000 200,000
Depreciation (333,333) (133,333) (66,667)
EBIT 66,667 266,667 333,333
Tax (30,000) (120,000) (150,000)
Nett Income 36,667 146,667 183,333
Add depreciation 333,333 133,333 66,667
(710,000) 370,000 280,000 250,000

Differential Cash Flow (710,000) 224,000 152,000 122,000


PV of 1 factor 1.0000 0.8929 0.7972 0.7118
Present Value (710,000) 200,000 121,173 86,837

Accumulated Cash Flow (486,000) (334,000) (212,000)


Accumulated PV to CF (510,000) (388,827) (301,989)

Present Value 833,936


Net Present Value 123,936
Internal rate of return 16.32%
Profitability index 1.175
Payback Period 4.74
Discounted Payback 7.78
2009 2010 2011 2012 2013 2014 2015
OLD EQUIPMENT
5 6 7 8 9 10

300,000
300,000

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000


(300,000) (300,000) (300,000) (300,000) (300,000) (300,000)
(600,000) (600,000) (600,000) (600,000) (600,000) (600,000)
(900,000) (900,000) (900,000) (900,000) (900,000) (900,000)
(40,000) (40,000) (40,000) (40,000) (40,000) (40,000)
160,000 160,000 160,000 160,000 160,000 160,000
(72,000) (72,000) (72,000) (72,000) (72,000) (72,000)
88,000 88,000 88,000 88,000 88,000 88,000
40,000 40,000 40,000 40,000 40,000 40,000
128,000 128,000 128,000 128,000 128,000 428,000

2009 2010 2011 2012 2013 2014 2015


NEW EQUIPMENT
4 5 6 7 8 9 10

300,000

300,000

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000


(300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000)
(600,000) (600,000) (600,000) (600,000) (600,000) (600,000) (600,000)
(900,000) (900,000) (900,000) (900,000) (900,000) (900,000) (900,000)
200,000 200,000 200,000 200,000 200,000 200,000 200,000
(66,667) (66,667) (66,667) (66,667) (66,667) (66,667) (66,667)
333,333 333,333 333,333 333,333 333,333 333,333 333,333
(150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000)
183,333 183,333 183,333 183,333 183,333 183,333 183,333
66,667 66,667 66,667 66,667 66,667 66,667 66,667
250,000 250,000 250,000 250,000 250,000 250,000 550,000

122,000 122,000 122,000 122,000 122,000 (178,000) 550,000


0.6355 0.5674 0.5066 0.4523 0.4039 0.3606 0.3220
77,533 69,226 61,809 55,187 49,274 (64,189) 177,085

(90,000) 32,000 154,000 276,000 398,000 220,000 770,000


(224,456) (155,230) (93,421) (38,234) 11,039 (53,149) 123,936
Tax 45%
WACC 12%

2004 2005 2006 2007 2008


Years 0 0 1 2 3
Nett Investment
Equipment 1 Cost (600,000)
Equipment 2 Cost (1,000,000)
Sell old Machine -
Tax reduction sell below NBV 180,000
(820,000)
Operating Cash Flow
Sales 2,000,000 2,000,000 2,000,000 2,000,000
Commision (300,000) (300,000) (300,000) (300,000)
Direct cost (mat) (600,000) (600,000) (600,000) (600,000)
Direct cost (labor) (900,000) (700,000) (700,000) (700,000)
Depreciation 2 (333,333) (133,333) (66,667)
Depreciation (60,000)
EBIT (1,500,000) 66,667 266,667 333,333
Tax (30,000) (120,000) (150,000)
Nett Income (1,500,000) 36,667 146,667 183,333
Add depreciation 60,000 333,333 133,333 66,667
(1,440,000) 370,000 280,000 250,000

Nett Casho Flow (600,000) (1,440,000) 370,000 280,000 250,000


PV of 1 factor 1.00 1.00 0.89 0.80 0.71
Present Value (600,000) (1,440,000) 330,357 223,214 177,945

Accumulated Cash Flow (2,040,000) (1,670,000) (1,390,000) (1,140,000)


Accumulated PV to CF (2,040,000) (1,709,643) (1,486,429) (1,308,484)

Present Value 92,513


Net Present Value (507,487)
Internal rate of return 5.02%
Profitability index 0.751
Payback Period 7.56
Discounted Payback 14.61
2009 2010 2011 2012 2013 2014 2015
4 5 6 7 8 9 10

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000


(300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000)
(600,000) (600,000) (600,000) (600,000) (600,000) (600,000) (600,000)
(700,000) (700,000) (700,000) (700,000) (700,000) (700,000) (700,000)
(66,667) (66,667) (66,667) (66,667) (66,667) (66,667) (66,667)

333,333 333,333 333,333 333,333 333,333 333,333 333,333


(150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000)
183,333 183,333 183,333 183,333 183,333 183,333 183,333
66,667 66,667 66,667 66,667 66,667 66,667 66,667
250,000 250,000 250,000 250,000 250,000 250,000 250,000

250,000 250,000 250,000 250,000 250,000 250,000 250,000


0.64 0.57 0.51 0.45 0.40 0.36 0.32
158,880 141,857 126,658 113,087 100,971 90,153 80,493

(890,000) (640,000) (390,000) (140,000) 110,000 360,000 610,000


(1,149,604) (1,007,747) (881,089) (768,002) (667,031) (576,879) (496,386)
Tax 45%
WACC 12%

2004 2005 2006 2007 2008


Years 0 0 1 2 3
Nett Investment
Equipment 1 Cost (600,000)
Equipment 2 Cost (1,000,000)
Sell old Machine 200,000

Operating Cash Flow


Sales 2,000,000 2,000,000 2,000,000 2,000,000
Commision (300,000) (300,000) (300,000) (300,000)
Direct cost (mat) (600,000) (600,000) (600,000) (600,000)
Direct cost (labor) (900,000) (700,000) (700,000) (700,000)
Depreciation 2 (100,000) (100,000) (100,000)
Depreciation (60,000) (60,000)
EBIT (860,000) 440,000 300,000 300,000
Tax (198,000) (135,000) (135,000)
Tax reduction sell below NBV 90,000
Nett Income (860,000) 332,000 165,000 165,000
Add depreciation 60,000 160,000 100,000 100,000
(800,000) 492,000 265,000 265,000

Nett Cash Flow (600,000) (800,000) 492,000 265,000 265,000


PV of 1 factor 1.00 1.00 0.89 0.80 0.71
Present Value (600,000) (800,000) 439,286 211,256 188,622

Accumulated Cash Flow (1,400,000) (908,000) (643,000) (378,000)


Accumulated PV to CF (1,400,000) (960,714) (749,458) (560,836)

Present Value 803,560


Net Present Value 203,560
Internal rate of return 15.65%
Profitability index 1.145
Payback Period 4.43
Discounted Payback 6.90
2009 2010 2011 2012 2013 2014 2015
4 5 6 7 8 9 10

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000


(300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000)
(600,000) (600,000) (600,000) (600,000) (600,000) (600,000) (600,000)
(700,000) (700,000) (700,000) (700,000) (700,000) (700,000) (700,000)
(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)

300,000 300,000 300,000 300,000 300,000 300,000 300,000


(135,000) (135,000) (135,000) (135,000) (135,000) (135,000) (135,000)

165,000 165,000 165,000 165,000 165,000 165,000 165,000


100,000 100,000 100,000 100,000 100,000 100,000 100,000
265,000 265,000 265,000 265,000 265,000 265,000 265,000

265,000 265,000 265,000 265,000 265,000 265,000 265,000


0.64 0.57 0.51 0.45 0.40 0.36 0.32
168,412 150,368 134,257 119,873 107,029 95,562 85,323

(113,000) 152,000 417,000 682,000 947,000 1,212,000 1,477,000


(392,424) (242,056) (107,798) 12,074 119,103 214,665 299,988

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