CAPEX $ 457,000.

00
Life (years) 5.00
Salvage value 0.00
Sales(1) $ 970,000.00 Growth rate 14.70%
COGS 77% Sales
Variable cost 17.70% Sales
Fixed cost $ 165,000.00 per year
T 25%
Selling price $ 170,000.00
WACC 13.20%
Inventories 14% COGS
Account Receivables 15% Sales
Account Payables 12% Operating expenses
Salvage PPE = Selling price - (Selling price - Net PPE) x Tax rate
INCOME TABLE

Year 1 2 3 4
Sales $ 970,000.00 $ 1,112,590.00 $ 1,276,140.73 $ 1,463,733.42
COGS $ 746,900.00 $ 856,694.30 $ 982,628.36 $ 1,127,074.73
Gross Profit $ 223,100.00 $ 255,895.70 $ 293,512.37 $ 336,658.69
Fixed operating cost $ 165,000.00 $ 165,000.00 $ 165,000.00 $ 165,000.00
Variable cost $ 171,690.00 $ 196,928.43 $ 225,876.91 $ 259,080.81
OEBD $ 336,690.00 $ 361,928.43 $ 390,876.91 $ 424,080.81
DA $91,400.00 $91,400.00 $91,400.00 $91,400.00
Total operating expense $ 428,090.00 $ 453,328.43 $ 482,276.91 $ 515,480.81
EBIT $ (204,990.00) $ (197,432.73) $ (188,764.54) $ (178,822.13)
I
EBT
T
EAT

FREE CASH FLOW TABLE

Year 0 1 2 3
EBIT $ (204,990.00) $ (197,432.73) $ (188,764.54)
T 25% 25% 25%
EBIT (1-T) $ (153,742.50) $ (148,074.55) $ (141,573.41)
DA $91,400.00 $91,400.00 $91,400.00
Less Delta NWC $ (198,695.20) $ (33,731.09) $ (38,689.56) $ (44,376.93)
Less CAPEX $ (457,000.00)
Salvage PPE
FCF $ (655,695.20) $ (96,073.59) $ (95,364.11) $ (94,550.33)
IRR -18.94%
NPV -689,853.76
 DEPRECIATION TABLE

5 Year 0 1 2
$ 1,678,902.23 Gross PPE $ 457,000.00 $ 457,000.00 $ 457,000.00
$ 1,292,754.72 DA $91,400.00 $91,400.00
$ 386,147.51 A.DA $91,400.00 $182,800.00
$ 165,000.00 Net PPE $ 365,600.00 $ 274,200.00
$ 297,165.69
$ 462,165.69
$91,400.00
$ 553,565.69
$ (167,418.18)

NWC TABLE

Year 0 1 2
4 5 Inventories $ 104,566.00 $ 119,937.20
$ (178,822.13) $(167,418.18) Acc. Receivables $ 145,500.00 $ 166,888.50
25% 25% Acc. Payables $ 51,370.80 $ 54,399.41
$ (134,116.60) $(125,563.64) NWC $ 198,695.20 $ 232,426.29 $ 271,115.85
$91,400.00 $91,400.00 Delta NWC $ 198,695.20 $ 33,731.09 $ 38,689.56
$ (50,900.33) $ 366,393.11 Salvage NWC

$ 127,500.00
$ (93,616.93) $ 459,729.48
 3 4 5
$ 457,000.00 $ 457,000.00 $ 457,000.00
$91,400.00 $91,400.00 $91,400.00
$274,200.00 $365,600.00 $457,000.00
$ 182,800.00 $ 91,400.00 $ -

3 4 5
$ 137,567.97 $ 157,790.46 $ 180,985.66
$ 191,421.11 $ 219,560.01 $ 251,835.33
$ 57,873.23 $ 61,857.70 $ 66,427.88
$ 315,492.78 $ 366,393.11
$ 44,376.93 $ 50,900.33
$ 366,393.11
CAPEX $ 560,000
Life (years) 7
Salvage value 0
Unit 1 9,099 increase 2-5 20%
Price $ 100 increase 2-3 15%
COGS 60% Sales
Variable cost 17% Sales
Fixed cost $ 150,000 per year
T 30%
Selling price 150,000 5 years
COC 10%
Inventories 10% COGS
Account Receivables 10% Sales
Account Payables 15% Operating expenses
Salvage PPE = Selling price - (Selling price - Net PPE) x Tax rate

DEPRECIATION

Year 0 1 2
Gross PPE $ 560,000 $ 560,000 $ 560,000
DA $80,000 $80,000
A.DA $80,000 $160,000
Net PPE $ 480,000 $ 400,000

INCOME TABLE

Year 1 2 3
Units 9,099 10918.8 13102.56
Price $ 100 $ 115 $ 132.25
Sales $ 909,900.00 $ 1,255,662.00 $ 1,732,813.56
COGS $ 545,940.00 $ 753,397.20 $ 1,039,688.14
Gross Profit $ 363,960.00 $ 502,264.80 $ 693,125.42
Fixed operating cost $ 150,000.00 $ 150,000.00 $ 150,000.00
Variable cost $ 154,683.00 $ 213,462.54 $ 294,578.31
OEBD $ 304,683.00 $ 363,462.54 $ 444,578.31
DA $80,000.00 $80,000.00 $80,000.00
Total operating expense $ 384,683.00 $ 443,462.54 $ 524,578.31
EBIT $ (20,723.00) $ 58,802.26 $ 168,547.12
I 0.00 0.00 0.00
EBT (20,723.00) 58,802.26 168,547.12
T (6,216.90) 17,640.68 50,564.14
EAT (14,506.10) 41,161.58 117,982.98

NWC TABLE
Year 0 1 2
Inventories $ 54,594.00 $ 75,339.72
Acc. Receivables $ 90,990.00 $ 125,566.20
Acc. Payables $ 57,702.45 $ 66,519.38
NWC $ 87,881.55 $ 134,386.54 $ 198,563.42
Delta NWC $ 87,881.55 $ 46,504.99 $ 64,176.88

FREE CASH FLOW TABLE

Year 0 1 2
EBIT $ (20,723.00) $ 58,802.26
EBIT (1-T) $ (14,506.10) $ 41,161.58
DA $80,000.00 $80,000.00
Less Delta NWC $ 87,881.55 $ 46,504.99 $ 64,176.88
Less CAPEX $ 560,000.00
Salvage NWC
Salvage PPE
FCF $ (647,881.55) $ 18,988.91 $ 56,984.70
NPV 288,950.47
IRR 19%

Year 0 1 2
Gross PPE $ 560,000 $ 560,000 $ 560,000
DA $200,000 $128,571
A.DA $200,000 $328,571
Net PPE $ 360,000 $ 231,429

Year 0 1 2
Gross PPE $ 560,000 $ 560,000 $ 560,000
DA $140,000 $120,000
A.DA $140,000 $260,000
Net PPE $ 420,000 $ 300,000
 increase 4-5 20%

expenses

3 4 5 6 7
$ 560,000 $ 560,000 $ 560,000 $ 560,000 $ 560,000
$80,000 $80,000 $80,000 $80,000 $80,000
$240,000 $320,000 $400,000 $480,000 $560,000
$ 320,000 $ 240,000 $ 160,000 $ 80,000 $ -

4 5
15723.072 18867.6864
$ 158.70 $ 190.44
$ 2,495,251.53 $ 3,593,162.20
$ 1,497,150.92 $ 2,155,897.32
$ 998,100.61 $ 1,437,264.88
$ 150,000.00 $ 150,000.00
$ 424,192.76 $ 610,837.57
$ 574,192.76 $ 760,837.57
$80,000.00 $80,000.00
$ 654,192.76 $ 840,837.57
$ 343,907.85 $ 596,427.31
0.00 0.00
343,907.85 596,427.31
103,172.36 178,928.19
240,735.50 417,499.11
 3 4 5
$ 103,968.81 $ 149,715.09 $ 215,589.73
$ 173,281.36 $ 249,525.15 $ 359,316.22
$ 78,686.75 $ 98,128.91 $ 126,125.64
$ 301,111.33 $ 448,780.32
$ 102,547.91 $ 147,668.99

3 4 5
$ 168,547.12 $ 343,907.85 $ 596,427.31
$ 117,982.98 $ 240,735.50 $ 417,499.11
$80,000.00 $80,000.00 $80,000.00
$ 102,547.91 $ 147,668.99

448,780.32
$ 153,000.00
$ 95,435.08 $ 173,066.51 $ 1,099,279.43

3 4 5 6 7
$ 560,000 $ 560,000 $ 560,000 $ 560,000 $ 560,000
$82,653 $53,134 $34,158 $30,742 $30,742 Giảm + dt
$411,224 $464,359 $498,516 $529,258 $560,000
$ 148,776 $ 95,641 $ 61,484 $ 30,742 $ -

3 4 5 6 7
$ 560,000 $ 560,000 $ 560,000 $ 560,000 $ 560,000
$100,000 $80,000 $60,000 $40,000 $20,000 Số năm
$360,000 $440,000 $500,000 $540,000 $560,000
$ 200,000 $ 120,000 $ 60,000 $ 20,000 $ -
CAPEX $ 658,000
Life (years) 7
Salvage value 0
Unit 1 7,599 increase 2-5 18.5%
Price $ 90 increase 2-3 20%
GP 40% Sales
Variable cost 15% Sales
Fixed cost $ 184,000 per year
T 30%
Selling price 100,000 5 years
COC 13%
Inventories 12% COGS
Account Receivables 18% Sales
Account Payables 19% Operating expenses
Salvage PPE = Selling price - (Selling price - Net PPE) x Tax rate

DEPRECIATION TABLE

Year 0 1 2
Gross PPE $ 658,000 $ 658,000 $ 658,000
DA $94,000 $94,000
A.DA $94,000 $188,000
Net PPE $ 564,000 $ 470,000

INCOME TABLE

Year 1 2 3
Units 7,599 9004.815 10670.705775
Price $ 90 $ 108 $ 129.60
Sales $ 683,910.00 $ 972,520.02 $ 1,382,923.47
COGS $ 273,564.00 $ 389,008.01 $ 553,169.39
Gross Profit $ 410,346.00 $ 583,512.01 $ 829,754.08
Fixed operating cost $ 184,000.00 $ 184,000.00 $ 184,000.00
Variable cost $ 102,586.50 $ 145,878.00 $ 207,438.52
OEBD $ 286,586.50 $ 329,878.00 $ 391,438.52
DA $94,000.00 $94,000.00 $94,000.00
Total operating expense $ 380,586.50 $ 423,878.00 $ 485,438.52
EBIT $ 29,759.50 $ 159,634.01 $ 344,315.56
I 0.00 0.00 0.00
EBT 29,759.50 159,634.01 344,315.56
T 8,927.85 47,890.20 103,294.67
EAT 20,831.65 111,743.81 241,020.89

NWC TABLE
Year 0 1 2
Inventories $ 32,827.68 $ 46,680.96
Acc. Receivables $ 123,103.80 $ 175,053.60
Acc. Payables $ 72,311.44 $ 80,536.82
NWC $ 83,620.05 $ 141,197.74 $ 223,073.23
Delta NWC $ 83,620.05 $ 57,577.70 $ 81,875.49

FREE CASH FLOW TABLE

Year 0 1 2
EBIT $ 29,759.50 $ 159,634.01
EBIT (1-T) $ 20,831.65 $ 111,743.81
DA $94,000.00 $94,000.00
Less Delta NWC $ 83,620.05 $ 57,577.70 $ 81,875.49
Less CAPEX $ 658,000.00
Salvage NWC
Salvage PPE
FCF $ (741,620.05) $ 57,253.95 $ 123,868.32
NPV 554,195.50
IRR 28.87%

Year 0 1 2
Gross PPE $ 658,000 $ 658,000 $ 658,000
DA $235,000 $151,071
A.DA $235,000 $386,071
Net PPE $ 423,000 $ 271,929

Year 0 1 2
Gross PPE $ 658,000 $ 658,000 $ 658,000
DA $164,500 $141,000
A.DA $164,500 $305,500
Net PPE $ 493,500 $ 352,500
 increase 4-5 19%

expenses

3 4 5 6 7
$ 658,000 $ 658,000 $ 658,000 $ 658,000 $ 658,000
$94,000 $94,000 $94,000 $94,000 $94,000
$282,000 $376,000 $470,000 $564,000 $658,000
$ 376,000 $ 282,000 $ 188,000 $ 94,000 $ -

4 5
12644.786343375 14984.0718168994
$ 154.22 $ 183.53
$ 1,950,129.53 $ 2,749,975.16
$ 780,051.81 $ 1,099,990.06
$ 1,170,077.72 $ 1,649,985.09
$ 184,000.00 $ 184,000.00
$ 292,519.43 $ 412,496.27
$ 476,519.43 $ 596,496.27
$94,000.00 $94,000.00
$ 570,519.43 $ 690,496.27
$ 599,558.29 $ 959,488.82
0.00 0.00
599,558.29 959,488.82
179,867.49 287,846.65
419,690.80 671,642.17
 3 4 5
$ 66,380.33 $ 93,606.22 $ 131,998.81
$ 248,926.22 $ 351,023.32 $ 494,995.53
$ 92,233.32 $ 108,398.69 $ 131,194.29
$ 336,230.84 $ 495,800.04
$ 113,157.61 $ 159,569.20

3 4 5
$ 344,315.56 $ 599,558.29 $ 959,488.82
$ 241,020.89 $ 419,690.80 $ 671,642.17
$94,000.00 $94,000.00 $94,000.00
$ 113,157.61 $ 159,569.20

495,800.04
$ 126,400.00
$ 221,863.28 $ 354,121.60 $ 1,387,842.22

3 4 5 6 7
$ 658,000 $ 658,000 $ 658,000 $ 658,000 $ 658,000
$97,117 $62,433 $40,135 $36,122 $36,122 Giảm + dt
$483,189 $545,621 $585,757 $621,878 $658,000
$ 174,811 $ 112,379 $ 72,243 $ 36,122 $ -

3 4 5 6 7
$ 658,000 $ 658,000 $ 658,000 $ 658,000 $ 658,000
$117,500 $94,000 $70,500 $47,000 $23,500 Số năm
$423,000 $517,000 $587,500 $634,500 $658,000
$ 235,000 $ 141,000 $ 70,500 $ 23,500 $ -