Indicator 1 2

Demand USA 90,000.00 90,000.00

Demand Mexico 50,000.00 50,000.00
Demand China 200,000.00 200,000.00
Demand Chinese seller 80,000.00 80,000.00
Price per unit USA 160.00 160.00
Price per unit Mexico 160.00 160.00
Price per unit China 177.78 177.78
Price per unit Chinese seller 111.11 111.11
Total revenue 66,844,444.44 66,844,444.44
Variable cost/unit 88.89 88.89
Total variable cost 37,333,333.33 37,333,333.33
Fixed costs 2,222,222.22 2,222,222.22
Non cash expenses (depreciation) 8,888,888.89 8,888,888.89
Total costs 48,444,444.44 48,444,444.44
Before tax earnings 18,400,000.00 18,400,000.00
Taxes 3,680,000.00 3,680,000.00
After tax earnings 14,720,000.00 14,720,000.00
Net cash flow of the subsidiary 23,608,888.89 23,608,888.89
Net cash flow to the parent company 23,608,888.89 23,608,888.89
Witholding tax 2,833,066.67 2,833,066.67
Cash flow remmited to the parent 20,775,822.22 20,775,822.22
Exchange rate 9.00 9.00
Salvage value -
Cash flow in USD 20,775,822.22 20,775,822.22
NPV 18,065,932.37 15,709,506.41
Initial investment 120,000,000.00
Cummulative NPV -101,934,067.63 -86,224,561.23
 3 4 5 6
90,000.00 90,000.00 90,000.00 90,000.00
50,000.00 50,000.00 50,000.00 50,000.00
200,000.00 200,000.00 200,000.00 200,000.00
80,000.00 80,000.00 80,000.00
160.00 160.00 160.00 160.00
160.00 160.00 160.00 160.00
177.78 177.78 177.78 177.78
111.11 111.11 111.11
66,844,444.44 66,844,444.44 66,844,444.44 57,955,555.56
88.89 88.89 88.89 88.89
37,333,333.33 37,333,333.33 37,333,333.33 30,222,222.22
2,222,222.22 2,222,222.22 2,222,222.22 2,222,222.22
8,888,888.89 8,888,888.89 8,888,888.89 8,888,888.89
48,444,444.44 48,444,444.44 48,444,444.44 41,333,333.33
18,400,000.00 18,400,000.00 18,400,000.00 16,622,222.22
3,680,000.00 3,680,000.00 3,680,000.00 3,324,444.44
14,720,000.00 14,720,000.00 14,720,000.00 13,297,777.78
23,608,888.89 23,608,888.89 23,608,888.89 22,186,666.67
23,608,888.89 23,608,888.89 23,608,888.89 22,186,666.67
2,833,066.67 2,833,066.67 2,833,066.67 2,662,400.00
20,775,822.22 20,775,822.22 20,775,822.22 19,524,266.67
9.00 9.00 9.00 9.00
- - - -
20,775,822.22 20,775,822.22 20,775,822.22 19,524,266.67
13,660,440.35 11,878,643.79 10,329,255.47 8,440,879.27

-72,564,120.87 -60,685,477.09 -50,356,221.62 -41,915,342.35

 7 8 9 10
90,000.00 90,000.00 90,000.00 90,000.00
50,000.00 50,000.00 50,000.00 50,000.00
200,000.00 200,000.00 200,000.00 200,000.00

160.00 160.00 160.00 160.00

160.00 160.00 160.00 160.00
177.78 177.78 177.78 177.78

57,955,555.56 57,955,555.56 57,955,555.56 57,955,555.56

88.89 88.89 88.89 88.89
30,222,222.22 30,222,222.22 30,222,222.22 30,222,222.22
2,222,222.22 2,222,222.22 2,222,222.22 2,222,222.22
8,888,888.89 8,888,888.89 8,888,888.89 8,888,888.89
41,333,333.33 41,333,333.33 41,333,333.33 41,333,333.33
16,622,222.22 16,622,222.22 16,622,222.22 16,622,222.22
3,324,444.44 3,324,444.44 3,324,444.44 3,324,444.44
13,297,777.78 13,297,777.78 13,297,777.78 13,297,777.78
22,186,666.67 22,186,666.67 22,186,666.67 22,186,666.67
22,186,666.67 22,186,666.67 22,186,666.67 22,186,666.67
2,662,400.00 2,662,400.00 2,662,400.00 2,662,400.00
19,524,266.67 19,524,266.67 19,524,266.67 19,524,266.67
9.00 9.00 9.00 9.00
- - - 31,111,111.11
19,524,266.67 19,524,266.67 19,524,266.67 50,635,377.78
7,339,895.02 6,382,517.41 5,550,015.14 12,516,290.98

-34,575,447.34 -28,192,929.93 -22,642,914.79 -10,126,623.82

Total NPV -10,126,623.82
Payback period
291.267163845657 days
Indicator 1 2
Demand USA 90,000.00 90,000.00
Demand Mexico 50,000.00 50,000.00
Demand China 200,000.00 200,000.00
Demand Chinese seller
Price per unit USA 160.00 160.00
Price per unit Mexico 160.00 160.00
Price per unit China 177.78 177.78
Price per unit Chinese seller
Total revenue 57,955,555.56 57,955,555.56
Variable cost/unit 88.89 88.89
Total variable cost 30,222,222.22 30,222,222.22
Fixed costs 2,222,222.22 2,222,222.22
Non cash expenses (depreciation) 8,888,888.89 8,888,888.89
Total costs 41,333,333.33 41,333,333.33
Before tax earnings 16,622,222.22 16,622,222.22
Taxes 3,324,444.44 3,324,444.44
After tax earnings 13,297,777.78 13,297,777.78
Net cash flow of the subsidiary 22,186,666.67 22,186,666.67
Net cash flow to the parent company 22,186,666.67 22,186,666.67
Witholding tax 2,662,400.00 2,662,400.00
Cash flow remmited to the parent 19,524,266.67 19,524,266.67
Exchange rate 9.00 9.00
Salvage value -
Cash flow in USD 19,524,266.67 19,524,266.67
NPV 16,977,623.19 14,763,150.60
Initial investment 120,000,000.00
Cummulative NPV -103,022,376.81 -88,259,226.21
 3 4 5 6
90,000.00 90,000.00 90,000.00 90,000.00
50,000.00 50,000.00 50,000.00 50,000.00
200,000.00 200,000.00 200,000.00 200,000.00

160.00 160.00 160.00 160.00

160.00 160.00 160.00 160.00
177.78 177.78 177.78 177.78

57,955,555.56 57,955,555.56 57,955,555.56 57,955,555.56

88.89 88.89 88.89 88.89
30,222,222.22 30,222,222.22 30,222,222.22 30,222,222.22
2,222,222.22 2,222,222.22 2,222,222.22 2,222,222.22
8,888,888.89 8,888,888.89 8,888,888.89 8,888,888.89
41,333,333.33 41,333,333.33 41,333,333.33 41,333,333.33
16,622,222.22 16,622,222.22 16,622,222.22 16,622,222.22
3,324,444.44 3,324,444.44 3,324,444.44 3,324,444.44
13,297,777.78 13,297,777.78 13,297,777.78 13,297,777.78
22,186,666.67 22,186,666.67 22,186,666.67 22,186,666.67
22,186,666.67 22,186,666.67 22,186,666.67 22,186,666.67
2,662,400.00 2,662,400.00 2,662,400.00 2,662,400.00
19,524,266.67 19,524,266.67 19,524,266.67 19,524,266.67
9.00 9.00 9.00 9.00
- - - -
19,524,266.67 19,524,266.67 19,524,266.67 19,524,266.67
12,837,522.26 11,163,062.83 9,707,011.16 8,440,879.27

-75,421,703.95 -64,258,641.12 -54,551,629.96 -46,110,750.69

 7 8 9 10
90,000.00 90,000.00 90,000.00 90,000.00
50,000.00 50,000.00 50,000.00 50,000.00
200,000.00 200,000.00 200,000.00 200,000.00

160.00 160.00 160.00 160.00

160.00 160.00 160.00 160.00
177.78 177.78 177.78 177.78

57,955,555.56 57,955,555.56 57,955,555.56 57,955,555.56

88.89 88.89 88.89 88.89
30,222,222.22 30,222,222.22 30,222,222.22 30,222,222.22
2,222,222.22 2,222,222.22 2,222,222.22 2,222,222.22
8,888,888.89 8,888,888.89 8,888,888.89 8,888,888.89
41,333,333.33 41,333,333.33 41,333,333.33 41,333,333.33
16,622,222.22 16,622,222.22 16,622,222.22 16,622,222.22
3,324,444.44 3,324,444.44 3,324,444.44 3,324,444.44
13,297,777.78 13,297,777.78 13,297,777.78 13,297,777.78
22,186,666.67 22,186,666.67 22,186,666.67 22,186,666.67
22,186,666.67 22,186,666.67 22,186,666.67 22,186,666.67
2,662,400.00 2,662,400.00 2,662,400.00 2,662,400.00
19,524,266.67 19,524,266.67 19,524,266.67 19,524,266.67
9.00 9.00 9.00 9.00
- - - 31,111,111.11
19,524,266.67 19,524,266.67 19,524,266.67 50,635,377.78
7,339,895.02 6,382,517.41 5,550,015.14 12,516,290.98

-38,770,855.67 -32,388,338.26 -26,838,323.13 -14,322,032.15

Total NPV -14,322,032.15
Payback period
411.937656720277 days
Indicator 1 2
Demand USA 90,000.00 90,000.00
Demand Mexico 50,000.00 50,000.00
Demand China 200,000.00 200,000.00
Demand Chinese seller 80,000.00 80,000.00
Price per unit USA 160.00 160.00
Price per unit Mexico 160.00 160.00
Price per unit China 177.78 181.41
Price per unit Chinese seller 111.11 113.38
Total revenue 66,844,444.44 67,751,473.92
Variable cost/unit 88.89 90.70
Total variable cost 37,333,333.33 38,095,238.10
Fixed costs 2,222,222.22 2,267,573.70
Non cash expenses (depreciation) 8,888,888.89 9,070,294.78
Total costs 48,444,444.44 49,433,106.58
Before tax earnings 18,400,000.00 18,318,367.35
Taxes 3,680,000.00 3,663,673.47
After tax earnings 14,720,000.00 14,654,693.88
Net cash flow of the subsidiary 23,608,888.89 23,724,988.66
Net cash flow to the parent company 23,608,888.89 23,724,988.66
Witholding tax 2,833,066.67 2,846,998.64
Cash flow remmited to the parent 20,775,822.22 20,877,990.02
Exchange rate 9.00 8.82
Salvage value -
Cash flow in USD 20,775,822.22 20,877,990.02
NPV 18,065,932.37 15,786,759.94
Initial investment 120,000,000.00
Cummulative NPV -101,934,067.63 -86,147,307.69
 3 4 5 6
90,000.00 90,000.00 90,000.00 90,000.00
50,000.00 50,000.00 50,000.00 50,000.00
200,000.00 200,000.00 200,000.00 200,000.00
80,000.00 80,000.00 80,000.00
160.00 160.00 160.00 160.00
160.00 160.00 160.00 160.00
185.11 188.89 192.74 196.67
115.69 118.05 120.46
68,677,014.21 69,621,443.07 70,585,145.99 61,734,813.05
92.55 94.44 96.37 98.34
38,872,691.93 39,666,012.18 40,475,522.63 33,434,591.09
2,313,850.71 2,361,072.15 2,409,257.30 2,458,425.82
9,255,402.84 9,444,288.61 9,637,029.20 9,833,703.26
50,441,945.49 51,471,372.94 52,521,809.13 45,726,720.17
18,235,068.72 18,150,070.12 18,063,336.86 16,008,092.88
3,647,013.74 3,630,014.02 3,612,667.37 3,201,618.58
14,588,054.98 14,520,056.10 14,450,669.49 12,806,474.30
23,843,457.82 23,964,344.71 24,087,698.69 22,640,177.57
23,843,457.82 23,964,344.71 24,087,698.69 22,640,177.57
2,861,214.94 2,875,721.37 2,890,523.84 2,716,821.31
20,982,242.88 21,088,623.35 21,197,174.84 19,923,356.26
8.64 8.47 8.30 8.14
- - - -
20,982,242.88 21,088,623.35 21,197,174.84 19,923,356.26
13,796,165.29 12,057,488.84 10,538,742.19 8,613,416.71

-72,351,142.40 -60,293,653.56 -49,754,911.37 -41,141,494.66

 7 8 9 10
90,000.00 90,000.00 90,000.00 90,000.00
50,000.00 50,000.00 50,000.00 50,000.00
200,000.00 200,000.00 200,000.00 200,000.00

160.00 160.00 160.00 160.00

160.00 160.00 160.00 160.00
200.69 204.78 208.96 213.23

62,537,564.34 63,356,698.30 64,192,549.29 65,045,458.46

100.34 102.39 104.48 106.61
34,116,929.69 34,813,193.56 35,523,666.90 36,248,639.69
2,508,597.77 2,559,793.64 2,612,034.33 2,665,341.15
10,034,391.08 10,239,174.58 10,448,137.32 10,661,364.61
46,659,918.54 47,612,161.78 48,583,838.55 49,575,345.46
15,877,645.80 15,744,536.53 15,608,710.74 15,470,113.00
3,175,529.16 3,148,907.31 3,121,742.15 3,094,022.60
12,702,116.64 12,595,629.22 12,486,968.59 12,376,090.40
22,736,507.72 22,834,803.80 22,935,105.91 23,037,455.02
22,736,507.72 22,834,803.80 22,935,105.91 23,037,455.02
2,728,380.93 2,740,176.46 2,752,212.71 2,764,494.60
20,008,126.79 20,094,627.34 20,182,893.21 20,272,960.41
7.97 7.81 7.66 7.50
- - - 31,111,111.11
20,008,126.79 20,094,627.34 20,182,893.21 51,384,071.52
7,521,795.96 6,568,969.32 5,737,237.90 12,701,356.62

-33,619,698.70 -27,050,729.38 -21,313,491.47 -8,612,134.85

Total NPV -8,612,134.85
Payback period
244.097433064597 days
Indicator 1 2
Demand USA 90,000.00 90,000.00
Demand Mexico 50,000.00 50,000.00
Demand China 200,000.00 200,000.00
Demand Chinese seller 80,000.00 80,000.00
Price per unit USA 160.00 160.00
Price per unit Mexico 160.00 160.00
Price per unit China 177.78 181.41
Price per unit Chinese seller 111.11 113.38
Total revenue 66,844,444.44 67,751,473.92
Variable cost/unit 88.89 90.70
Total variable cost 37,333,333.33 38,095,238.10
Fixed costs 2,222,222.22 2,267,573.70
Non cash expenses (depreciation) 8,888,888.89 9,070,294.78
Total costs 48,444,444.44 49,433,106.58
Before tax earnings 18,400,000.00 18,318,367.35
Taxes 3,680,000.00 3,663,673.47
After tax earnings 14,720,000.00 14,654,693.88
Net cash flow of the subsidiary 23,608,888.89 23,724,988.66
Net cash flow to the parent company 23,608,888.89 23,724,988.66
Witholding tax 2,833,066.67 2,846,998.64
Cash flow remmited to the parent 20,775,822.22 20,877,990.02
Exchange rate 9.00 8.82
Salvage value -
Cash flow in USD 20,775,822.22 20,877,990.02
NPV 18,065,932.37 15,786,759.94
Initial investment 120,000,000.00
Cummulative NPV -101,934,067.63 -86,147,307.69
 3 4 5 6
90,000.00 90,000.00 90,000.00 90,000.00
50,000.00 50,000.00 50,000.00 50,000.00
200,000.00 200,000.00 200,000.00 200,000.00
80,000.00 80,000.00 80,000.00
160.00 160.00 160.00 160.00
160.00 160.00 160.00 160.00
185.11 188.89 192.74 196.67
115.69 118.05 120.46
68,677,014.21 69,621,443.07 70,585,145.99 61,734,813.05
92.55 94.44 96.37 98.34
38,872,691.93 39,666,012.18 40,475,522.63 33,434,591.09
2,313,850.71 2,361,072.15 2,409,257.30 2,458,425.82
9,255,402.84 9,444,288.61 9,637,029.20 9,833,703.26
50,441,945.49 51,471,372.94 52,521,809.13 45,726,720.17
18,235,068.72 18,150,070.12 18,063,336.86 16,008,092.88
3,647,013.74 3,630,014.02 3,612,667.37 3,201,618.58
14,588,054.98 14,520,056.10 14,450,669.49 12,806,474.30
23,843,457.82 23,964,344.71 24,087,698.69 22,640,177.57
23,843,457.82 23,964,344.71 24,087,698.69 22,640,177.57
2,861,214.94 2,875,721.37 2,890,523.84 2,716,821.31
20,982,242.88 21,088,623.35 21,197,174.84 19,923,356.26
8.64 8.47 8.30 8.14
- - - -
20,982,242.88 21,088,623.35 21,197,174.84 19,923,356.26
13,796,165.29 12,057,488.84 10,538,742.19 8,613,416.71

-72,351,142.40 -60,293,653.56 -49,754,911.37 -41,141,494.66

 7 8 9 10
90,000.00 90,000.00 90,000.00 90,000.00
50,000.00 50,000.00 50,000.00 50,000.00
200,000.00 200,000.00 200,000.00 200,000.00

160.00 160.00 160.00 160.00

160.00 160.00 160.00 160.00
200.69 204.78 208.96 213.23

62,537,564.34 63,356,698.30 64,192,549.29 65,045,458.46

100.34 102.39 104.48 106.61
34,116,929.69 34,813,193.56 35,523,666.90 36,248,639.69
2,508,597.77 2,559,793.64 2,612,034.33 2,665,341.15
10,034,391.08 10,239,174.58 10,448,137.32 10,661,364.61
46,659,918.54 47,612,161.78 48,583,838.55 49,575,345.46
15,877,645.80 15,744,536.53 15,608,710.74 15,470,113.00
3,175,529.16 3,148,907.31 3,121,742.15 3,094,022.60
12,702,116.64 12,595,629.22 12,486,968.59 12,376,090.40
22,736,507.72 22,834,803.80 22,935,105.91 23,037,455.02
22,736,507.72 22,834,803.80 22,935,105.91 23,037,455.02
2,728,380.93 2,740,176.46 2,752,212.71 2,764,494.60
20,008,126.79 20,094,627.34 20,182,893.21 20,272,960.41
7.97 7.81 7.66 7.50
- - - 0.00
20,008,126.79 20,094,627.34 20,182,893.21 20,272,960.41
7,521,795.96 6,568,969.32 5,737,237.90 5,011,165.76

-33,619,698.70 -27,050,729.38 -21,313,491.47 -16,302,325.71

Total NPV -16,302,325.71
Payback period
1171.1520900483 days
Indicator 1 2
Demand USA 90,000.00 90,000.00
Demand Mexico 50,000.00 50,000.00
Demand China 200,000.00 200,000.00
Demand Chinese seller 80,000.00 80,000.00
Price per unit USA 160.00 160.00
Price per unit Mexico 160.00 160.00
Price per unit China 204.44 194.71
Price per unit Chinese seller 127.78 121.69
Total revenue 73,511,111.11 71,077,248.68
Variable cost/unit 102.22 97.35
Total variable cost 42,933,333.33 40,888,888.89
Fixed costs 2,555,555.56 2,433,862.43
Non cash expenses (depreciation) 8,888,888.89 8,465,608.47
Total costs 54,377,777.78 51,788,359.79
Before tax earnings 19,133,333.33 19,288,888.89
Taxes 3,826,666.67 3,857,777.78
After tax earnings 15,306,666.67 15,431,111.11
Net cash flow of the subsidiary 24,195,555.56 23,896,719.58
Net cash flow to the parent company 24,195,555.56 23,896,719.58
Witholding tax 2,903,466.67 2,867,606.35
Cash flow remmited to the parent 21,292,088.89 21,029,113.23
Exchange rate 9.00 9.45
Salvage value -
Cash flow in USD 21,292,088.89 21,029,113.23
NPV 18,514,859.90 15,901,030.80
Initial investment 120,000,000.00
Cummulative NPV -101,485,140.10 -85,584,109.30
 3 4 5 6
90,000.00 90,000.00 90,000.00 90,000.00
50,000.00 50,000.00 50,000.00 50,000.00
200,000.00 200,000.00 200,000.00 200,000.00
80,000.00 80,000.00 80,000.00
160.00 160.00 160.00 160.00
160.00 160.00 160.00 160.00
185.44 176.61 168.20 160.19
115.90 110.38 105.12
68,759,284.45 66,551,699.48 64,449,237.60 54,437,514.36
92.72 88.30 84.10 80.09
38,941,798.94 37,087,427.56 35,321,359.58 27,231,887.21
2,317,964.22 2,207,584.97 2,102,461.88 2,002,344.65
8,062,484.25 7,678,556.43 7,312,910.89 6,964,677.04
49,322,247.42 46,973,568.97 44,736,732.35 36,198,908.89
19,437,037.04 19,578,130.51 19,712,505.25 18,238,605.47
3,887,407.41 3,915,626.10 3,942,501.05 3,647,721.09
15,549,629.63 15,662,504.41 15,770,004.20 14,590,884.38
23,612,113.88 23,341,060.84 23,082,915.09 21,555,561.41
23,612,113.88 23,341,060.84 23,082,915.09 21,555,561.41
2,833,453.67 2,800,927.30 2,769,949.81 2,586,667.37
20,778,660.22 20,540,133.54 20,312,965.28 18,968,894.04
9.92 10.42 10.94 11.49
- - - -
20,778,660.22 20,540,133.54 20,312,965.28 18,968,894.04
13,662,306.38 11,743,888.02 10,099,133.76 8,200,776.36

-71,921,802.92 -60,177,914.90 -50,078,781.14 -41,878,004.79

 7 8 9 10
90,000.00 90,000.00 90,000.00 90,000.00
50,000.00 50,000.00 50,000.00 50,000.00
200,000.00 200,000.00 200,000.00 200,000.00

160.00 160.00 160.00 160.00

160.00 160.00 160.00 160.00
152.56 145.29 138.38 131.79

52,911,918.44 51,458,969.94 50,075,209.47 48,757,342.35

76.28 72.65 69.19 65.89
25,935,130.67 24,700,124.45 23,523,928.05 22,403,741.00
1,906,994.90 1,816,185.62 1,729,700.59 1,647,333.90
6,633,025.75 6,317,167.38 6,016,349.88 5,729,857.03
34,475,151.32 32,833,477.45 31,269,978.53 29,780,931.93
18,436,767.12 18,625,492.49 18,805,230.94 18,976,410.42
3,687,353.42 3,725,098.50 3,761,046.19 3,795,282.08
14,749,413.69 14,900,393.99 15,044,184.76 15,181,128.34
21,382,439.44 21,217,561.37 21,060,534.64 20,910,985.37
21,382,439.44 21,217,561.37 21,060,534.64 20,910,985.37
2,565,892.73 2,546,107.36 2,527,264.16 2,509,318.24
18,816,546.71 18,671,454.01 18,533,270.48 18,401,667.13
12.06 12.66 13.30 13.96
- - - 31,111,111.11
18,816,546.71 18,671,454.01 18,533,270.48 49,512,778.24
7,073,836.87 6,103,731.44 5,268,312.17 12,238,801.54

-34,804,167.91 -28,700,436.48 -23,432,124.31 -11,193,322.77

Total NPV -11,193,322.77
Payback period
329.247613411668 days
Indicator 1 2
Demand USA 90,000.00 90,000.00
Demand Mexico 50,000.00 50,000.00
Demand China 200,000.00 200,000.00
Demand Chinese seller 80,000.00 80,000.00
Price per unit USA 160.00 160.00
Price per unit Mexico 160.00 160.00
Price per unit China 177.78 181.41
Price per unit Chinese seller 111.11 113.38
Total revenue 66,844,444.44 67,751,473.92
Variable cost/unit 88.89 90.70
Total variable cost 37,333,333.33 38,095,238.10
Fixed costs 2,222,222.22 2,267,573.70
Non cash expenses (depreciation) 8,888,888.89 9,070,294.78
Total costs 48,444,444.44 49,433,106.58
Before tax earnings 18,400,000.00 18,318,367.35
Taxes 3,680,000.00 3,663,673.47
After tax earnings 14,720,000.00 14,654,693.88
Net cash flow of the subsidiary 23,608,888.89 23,724,988.66
Net cash flow to the parent company 23,608,888.89 23,724,988.66
Witholding tax 2,833,066.67 2,846,998.64
Cash flow remmited to the parent 20,775,822.22 20,877,990.02
Exchange rate 9.00 8.82
Salvage value -
Cash flow in USD 20,775,822.22 20,877,990.02
NPV 17,313,185.19 14,498,604.18
Initial investment 120,000,000.00
Cummulative NPV -102,686,814.81 -88,188,210.63
 3 4 5 6
90,000.00 90,000.00 90,000.00 90,000.00
50,000.00 50,000.00 50,000.00 50,000.00
200,000.00 200,000.00 200,000.00 200,000.00
80,000.00 80,000.00 80,000.00
160.00 160.00 160.00 160.00
160.00 160.00 160.00 160.00
185.11 188.89 192.74 196.67
115.69 118.05 120.46
68,677,014.21 69,621,443.07 70,585,145.99 61,734,813.05
92.55 94.44 96.37 98.34
38,872,691.93 39,666,012.18 40,475,522.63 33,434,591.09
2,313,850.71 2,361,072.15 2,409,257.30 2,458,425.82
9,255,402.84 9,444,288.61 9,637,029.20 9,833,703.26
50,441,945.49 51,471,372.94 52,521,809.13 45,726,720.17
18,235,068.72 18,150,070.12 18,063,336.86 16,008,092.88
3,647,013.74 3,630,014.02 3,612,667.37 3,201,618.58
14,588,054.98 14,520,056.10 14,450,669.49 12,806,474.30
23,843,457.82 23,964,344.71 24,087,698.69 22,640,177.57
23,843,457.82 23,964,344.71 24,087,698.69 22,640,177.57
2,861,214.94 2,875,721.37 2,890,523.84 2,716,821.31
20,982,242.88 21,088,623.35 21,197,174.84 19,923,356.26
8.64 8.47 8.30 8.14
- - - -
20,982,242.88 21,088,623.35 21,197,174.84 19,923,356.26
12,142,501.67 10,170,053.70 8,518,669.16 6,672,291.70

-76,045,708.97 -65,875,655.27 -57,356,986.11 -50,684,694.41

 7 8 9 10
90,000.00 90,000.00 90,000.00 90,000.00
50,000.00 50,000.00 50,000.00 50,000.00
200,000.00 200,000.00 200,000.00 200,000.00

160.00 160.00 160.00 160.00

160.00 160.00 160.00 160.00
200.69 204.78 208.96 213.23

62,537,564.34 63,356,698.30 64,192,549.29 65,045,458.46

100.34 102.39 104.48 106.61
34,116,929.69 34,813,193.56 35,523,666.90 36,248,639.69
2,508,597.77 2,559,793.64 2,612,034.33 2,665,341.15
10,034,391.08 10,239,174.58 10,448,137.32 10,661,364.61
46,659,918.54 47,612,161.78 48,583,838.55 49,575,345.46
15,877,645.80 15,744,536.53 15,608,710.74 15,470,113.00
3,175,529.16 3,148,907.31 3,121,742.15 3,094,022.60
12,702,116.64 12,595,629.22 12,486,968.59 12,376,090.40
22,736,507.72 22,834,803.80 22,935,105.91 23,037,455.02
22,736,507.72 22,834,803.80 22,935,105.91 23,037,455.02
2,728,380.93 2,740,176.46 2,752,212.71 2,764,494.60
20,008,126.79 20,094,627.34 20,182,893.21 20,272,960.41
7.97 7.81 7.66 7.50
- - - 31,111,111.11
20,008,126.79 20,094,627.34 20,182,893.21 51,384,071.52
5,583,900.98 4,673,368.08 3,911,579.92 8,298,814.42

-45,100,793.42 -40,427,425.34 -36,515,845.42 -28,217,031.00

Total NPV -28,217,031.00
Payback period
1224.04606767929 days
Indicator 1 2
Forecasted sales 90,000.00 90,000.00
Price per unit 177.78 177.78
Total revenue 16,000,000.00 16,000,000.00
Variable cost/unit 88.89 88.89
Total variable cost 8,000,000.00 8,000,000.00
Fixed costs 2,222,222.22 2,222,222.22
Non cash expenses (depreciation) 13,333,333.33 13,333,333.33
Total costs 23,555,555.56 23,555,555.56
Before tax earnings -7,555,555.56 -7,555,555.56
Taxes -1,511,111.11 -1,511,111.11
After tax earnings -6,044,444.44 -6,044,444.44
Net cash flow of the subsidiary 7,288,888.89 7,288,888.89
Net cash flow to the parent company 7,288,888.89 7,288,888.89
Witholding tax 874,666.67 874,666.67
Cash flow remmited to the parent 6,414,222.22 6,414,222.22
Exchange rate 9.00 9.00
Salvage value -
Cash flow in USD 6,414,222.22 6,414,222.22
NPV 5,577,584.54 4,850,073.51
Initial investment 222,222,222.22
Cummulative NPV -216,644,637.68 -211,794,564.17
 3 4 5 6
90,000.00 90,000.00 90,000.00 90,000.00
177.78 177.78 177.78 177.78
16,000,000.00 16,000,000.00 16,000,000.00 16,000,000.00
88.89 88.89 88.89 88.89
8,000,000.00 8,000,000.00 8,000,000.00 8,000,000.00
2,222,222.22 2,222,222.22 2,222,222.22 2,222,222.22
13,333,333.33 13,333,333.33 13,333,333.33 13,333,333.33
23,555,555.56 23,555,555.56 23,555,555.56 23,555,555.56
-7,555,555.56 -7,555,555.56 -7,555,555.56 -7,555,555.56
-1,511,111.11 -1,511,111.11 -1,511,111.11 -1,511,111.11
-6,044,444.44 -6,044,444.44 -6,044,444.44 -6,044,444.44
7,288,888.89 7,288,888.89 7,288,888.89 7,288,888.89
7,288,888.89 7,288,888.89 7,288,888.89 7,288,888.89
874,666.67 874,666.67 874,666.67 874,666.67
6,414,222.22 6,414,222.22 6,414,222.22 6,414,222.22
9.00 9.00 9.00 9.00
- - - -
6,414,222.22 6,414,222.22 6,414,222.22 6,414,222.22
4,217,455.23 3,667,352.37 3,189,002.06 2,773,045.27

-207,577,108.94 -203,909,756.56 -200,720,754.50 -197,947,709.23

 7 8 9 10
90,000.00 90,000.00 90,000.00 90,000.00
177.78 177.78 177.78 177.78
16,000,000.00 16,000,000.00 16,000,000.00 16,000,000.00
88.89 88.89 88.89 88.89
8,000,000.00 8,000,000.00 8,000,000.00 8,000,000.00
2,222,222.22 2,222,222.22 2,222,222.22 2,222,222.22
13,333,333.33 13,333,333.33 13,333,333.33 13,333,333.33
23,555,555.56 23,555,555.56 23,555,555.56 23,555,555.56
-7,555,555.56 -7,555,555.56 -7,555,555.56 -7,555,555.56
-1,511,111.11 -1,511,111.11 -1,511,111.11 -1,511,111.11
-6,044,444.44 -6,044,444.44 -6,044,444.44 -6,044,444.44
7,288,888.89 7,288,888.89 7,288,888.89 7,288,888.89
7,288,888.89 7,288,888.89 7,288,888.89 7,288,888.89
874,666.67 874,666.67 874,666.67 874,666.67
6,414,222.22 6,414,222.22 6,414,222.22 6,414,222.22
9.00 9.00 9.00 9.00
- - - 88,888,888.89
6,414,222.22 6,414,222.22 6,414,222.22 95,303,111.11
2,411,343.72 2,096,820.62 1,823,322.28 23,557,471.51

-195,536,365.51 -193,439,544.89 -191,616,222.61 -168,058,751.10

Total NPV -168,058,751.10
Payback period
2568.23616926231 days