foglio 1

20XX+1 20XX+2 20XX+3

SALES 4.3 5 5.8

COST (raw material) 2 2.5 3
SG&A 0.3 0.4 0.48

MKG DEPRECIATION 0 1 2 3
SUM IN MILLIONS 0,4 0,4 0,4

EQUIPMENT DEPRECIATION 0 1 2 3
PLANT 1 2.4 2.4 2.4
PLANT 2 0.6
TOTAL 2.4 2.4 3

COST OF CAPITAL (in million) 0 1 2 3

+ SALES 4.3 5 5.8

- COSTS (raw material) 2 2.5 3
- MKG 0.4 0.4
- SG&A 0.3 0.4 0.48
EBITDA
- DEPRECIATION
EBIT
- TAXES
NOPAT
+ DEPRECIATION
+/- INCREASE/DECREASE NWC
+/- INVESTMENTS/DIVESTITURES

Pagina 1
 foglio 1

20XX+4 20XX+5

6.5 7.3
3.2 3.7
0.55 0.63

4 5

4 5
2.4 2.4
0.6 0.6

4 5 6

6.5 7.3
3.2 3.7
0.4
0.55 0.63

Pagina 2
 Foglio4

0 1 2
Differential sales € 4,300,000.00 € 5,000,000.00
Differential costs € 2,400,000.00 € 1,500,000.00
Wages -€ 1,600,000.00
Raw materials € 2,000,000.00 € 2,500,000.00
Marketing € 400,000.00 € 400,000.00
Promo € 200,000.00
EBITDA € 1,900,000.00 € 3,500,000.00
Depreciation
Plant 1 € 2,400,000.00 € 2,400,000.00
Plant 2
EBIT -€ 500,000.00 € 1,100,000.00
TAXES 40.00% 40.00%
€ 0.00 € 440,000.00
NOPAT € 0.00 € 660,000.00
+ Depreciation

Pagina 3
 Foglio4

3 4 5 6
€ 5,800,000.00 € 6,500,000.00 € 7,300,000.00
€ 960,000.00 € 1,160,000.00 € 1,660,000.00
-€ 2,240,000.00 -€ 2,240,000.00 -€ 2,240,000.00
€ 3,000,000.00 € 3,200,000.00 € 3,700,000.00
€ 400,000.00
€ 200,000.00 € 200,000.00 € 200,000.00
€ 4,840,000.00 € 5,340,000.00 € 5,640,000.00

€ 2,400,000.00 € 2,400,000.00 € 2,400,000.00

€ 600,000.00 € 600,000.00 € 600,000.00
€ 1,840,000.00 € 2,340,000.00 € 2,640,000.00
40.00% 40.00% 40.00%
€ 736,000.00 € 936,000.00 € 1,056,000.00
€ 1,104,000.00 € 1,404,000.00 € 1,584,000.00

Pagina 4
 Foglio4

wages 1 2

year pay/worker € 32,000.00 450 400

€ 1,600,000.00

Pagina 5
 Foglio4

3 4 5

380 380 380

€ 2,240,000.00 € 2,240,000.00 € 2,240,000.00

Pagina 6
 foglio 3
0 1 2
Differential Sales $ 4,300,000.00 $ 5,000,000.00
Differential Cost $ 2,400,000.00 $ 1,500,000.00
Raw Material $ 2,000,000.00 $ 2,500,000.00
Marketing cost $ 400,000.00 $ 400,000.00
Promotion costs $ 200,000.00
Wages $ -1,600,000.00
EBITDA $ 1,900,000.00 $ 3,500,000.00
Differential Dep 1st plant $ -2,400,000.00 $ -2,400,000.00
Differential Dep 2st plant
EBIT $ -500,000.00 $ 1,100,000.00
Taxe rate $ 0.40 $ 0.40
Taxes $ - $ 440,000.00
NOPAT $ -500,000.00 $ 660,000.00
Working capital $ 933,333.33 $ 1,041,666.67
Acc recievable $ 1,433,333.33 $ 1,666,666.67
Acc payable $ -500,000.00 $ -625,000.00
Inventory
Fixed Capital $ -12,000,000.00 $ -1,800,000.00
Net Cash Flow $ -12,000,000.00 $ 2,833,333.33 $ 2,301,666.67
cost of capital € 0.08 € 0.08
Discount factor € 1.00 € 0.93 € 0.87
PV -€ 12,000,000.00 € 2,635,658.91 € 1,991,707.23
NPV € 5,255,016.09
IRR 20%

Pagina 7
 foglio 3
3 4 5 6
$ 5,800,000.00 $ 6,500,000.00 $ 7,300,000.00
$ 1,360,000.00 $ 1,160,000.00 $ 1,660,000.00
$ 3,000,000.00 $ 3,200,000.00 $ 3,700,000.00
$ 400,000.00
$ 200,000.00 $ 200,000.00 $ 200,000.00
$ -2,240,000.00 $ -2,240,000.00 $ -2,240,000.00
$ 4,440,000.00 $ 5,340,000.00 $ 5,640,000.00
$ -2,400,000.00 $ -2,400,000.00 $ -2,400,000.00
$ -600,000.00 $ -600,000.00 $ -600,000.00
$ 1,440,000.00 $ 2,340,000.00 $ 2,640,000.00
$ 0.40 $ 0.40 $ 0.40
$ 576,000.00 $ 936,000.00 $ 1,056,000.00
$ 864,000.00 $ 1,404,000.00 $ 1,584,000.00
$ 1,183,333.33 $ 1,366,666.67 $ 1,508,333.33
$ 1,933,333.33 $ 2,166,666.67 $ 2,433,333.33
$ -750,000.00 $ -800,000.00 $ -925,000.00

$ 5,047,333.33 $ 5,770,666.67 $ 6,092,333.33

€ 0.08 € 0.08 € 0.08
€ 0.80 € 0.75 € 0.70
€ 4,062,904.31 € 4,321,078.26 € 4,243,667.37

Pagina 8
 foglio 3

zizo nunu
2 2
capitalized
remember to exaplani accrual acc recievable

400000

€ 166,666.67 € 208,333.33 € 250,000.00 € 266,666.67

€ 358,333.33 € 416,666.67 € 483,333.33 € 541,666.67
€ 1,433,333.33 € 1,666,666.67 € 1,933,333.33 € 2,166,666.67

Pagina 9
 foglio 3

€ 308,333.33
€ 608,333.33
€ 2,433,333.33

Pagina 10
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 11
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 12
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 13
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 14
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 15
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 16
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 17
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 18
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 19
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 20
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 21
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 22
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 23
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 24
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 25
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 26
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 27
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 28
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 29
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 30
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 31
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 32
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 33
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 34
 foglio 3

$ - $ - $ - $ - $ - $ - $ -

Pagina 35
 foglio 3

$ - $ - $ - $ - $ - $ -

Pagina 36
 0 1 2
Differential Sales $ 4,300,000.00 $ 5,000,000.00
Differential Cost $ 2,400,000.00 $ 1,500,000.00
Raw Material $ 2,000,000.00 $ 2,500,000.00
Marketing cost $ 400,000.00 $ 400,000.00
Promotion costs $ 200,000.00
Wages $ -1,600,000.00
EBITDA $ 1,900,000.00 $ 3,500,000.00
Differential Dep 1st plant $ -2,400,000.00 $ -2,400,000.00
Differential Dep 2st plant
EBIT $ -500,000.00 $ 1,100,000.00
Taxe rate $ 0.40 $ 0.40
Taxes $ -200,000.00 $ 440,000.00
NOPAT $ -300,000.00 $ 660,000.00
Working capital $ 1,933,333.33 $ 2,291,666.67
Acc recievable $ 1,433,333.33 $ 1,666,666.67
Acc payable $ -500,000.00 $ -625,000.00
Inventory € 1,000,000.00 € 1,250,000.00
Fixed Capital $ -12,000,000.00 $ -1,800,000.00
Net Cash Flow $ -12,000,000.00 $ 4,033,333.33 $ 3,551,666.67
cost of capital € 0.075 € 0.075
Discount factor € 1.00 € 0.93 € 0.87
PV -€ 12,000,000.00 € 3,751,937.98 € 3,073,372.99
NPV € 11,147,116.10
IRR 34%
Assumptions
Overhead are constant
0.3 residual value

per month $ 358,333.33 $ 416,666.67

Account rec $ 1,433,333.33 $ 1,666,666.67
Paid $ 2,866,666.67 $ 3,333,333.33
CF $ 2,866,666.67 $ 4,766,666.67
 3 4 5 6
$ 5,800,000.00 $ 6,500,000.00 $ 7,300,000.00
$ 1,360,000.00 $ 1,160,000.00 $ 1,660,000.00
$ 3,000,000.00 $ 3,200,000.00 $ 3,700,000.00
$ 400,000.00
$ 200,000.00 $ 200,000.00 $ 200,000.00
$ -2,240,000.00 $ -2,240,000.00 $ -2,240,000.00
$ 4,440,000.00 $ 5,340,000.00 $ 5,640,000.00
$ -2,400,000.00 $ -2,400,000.00 $ -2,400,000.00
$ -600,000.00 $ -600,000.00 $ -600,000.00
$ 1,440,000.00 $ 2,340,000.00 $ 2,640,000.00
$ 0.40 $ 0.40 $ 0.40
$ 576,000.00 $ 936,000.00 $ 1,056,000.00
$ 864,000.00 $ 1,404,000.00 $ 1,584,000.00
$ 2,683,333.33 $ 2,966,666.67 $ 3,358,333.33
$ 1,933,333.33 $ 2,166,666.67 $ 2,433,333.33
$ -750,000.00 $ -800,000.00 $ -925,000.00
€ 1,500,000.00 € 1,600,000.00 € 1,850,000.00
$ 300,000.00
$ 6,547,333.33 $ 7,370,666.67 $ 7,942,333.33 $ 300,000.00
€ 0.075 € 0.075 € 0.075
€ 0.80 € 0.75 € 0.70
€ 5,270,345.17 € 5,519,159.10 € 5,532,300.84

$ 483,333.33 $ 541,666.67 $ 608,333.33 $ -

$ 1,933,333.33 $ 2,166,666.67 $ 2,433,333.33 $ -
$ 3,866,666.67 $ 4,333,333.33 $ 4,866,666.67 $ -
$ 5,533,333.33 $ 6,266,666.67 $ 7,033,333.33 $ 2,433,333.33