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CASH FLOW ESTIMATION Year 2012 2013 2014

sales unit 7200000 7200000 7200000

selling price per unit 5 5 5

sales revenue 36000000 36000000 36000000variable cost 13320000 13320000 13320000

fxed cost 3060000 3060000 3060000

Depreciation 10000000 10000000 10000000

EBIT 620000 620000 620000

 Tax 2!!6000 2!!6000 2!!6000

"et Inco#e 673$000 673$000 673$000

Interim Incremental Cash!"E#IT 620000 620000 620000

add% Depreciation 10000000 10000000 10000000

less% tax 2!!6000 2!!6000 2!!6000

less%opportunit& cost $2000 $2000 $2000

less% Erosion cost !00000 !00000 !00000

'(anges in )or*ing capital 0 0 0

+perating 'as( ,lo- 15!2000 15!2000 15!2000

Net Initial Cash O$tla%

cost o. #ac(ine 50000000

Intial -or*ing capital re/uired 10!0000

Initial ca&ital O$tla% 510!0000

erminal %ear Cash !" '201(),inal &ear ', 15!2000

add% ain on sale o. assest 2!00000

add% )or*ing capital release 1500000

Terminal CF 2012000

Net *resent +al$e 256$20$3!6!

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I,, 1!$2

*I 100501773

MI,, 1!32

*a%-ac. &eri!/ 321 &ears

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201 201(

7200000 7200000

5 5

36000000 3600000013320000 13320000

3060000 3060000

10000000 10000000

620000 620000

2!!6000 2!!6000

673$000 673$000

620000 620000

10000000 10000000

2!!6000 2!!6000

$2000 $2000

!00000 !00000

0

15!2000 15!2000

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W!r.in N!tera- #aterial 1!4liter

over(ead cost 1 o. sales

F!r e/ c!st

labor costenerg&ad#instrative and selling expense 3060000

F!r /e&reciati!n

ac(ine li.e 5

resale value o. #ac(ine $000000

e/uip#ent cost 50000000

ta 30

!&&!rt$nit% c!st -e5!re ta 60000

er!si!n c!st a5ter ta !00000

W!r.in ca&ital nee/e/ e6er% %ear 1500000

chane in WC 0

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F!r I,,510!0000 c!st !5 machine

15!2000

15!2000

15!2000

15!2000