Professional Documents
Culture Documents
Furniture
Furniture
Capacity 30,000
Fixed assets
Year 0 1 2 3 4 5 6 7
Investment 2,480,000 2,020,000
Total investM 4,500,000
Depreciation 750,000 750,000 750,000 750,000 750,000 750,000
Net value 3,750,000 3,000,000 2,250,000 1,500,000 750,000 0
Debt
Year 0 1 2 3 4 5 6 7
Loan 1,000,000 800,000
Total loan 1,800,000 801,464 801,464 801,464
Interest rate 16%
Period 3
IS
Year 0 1 2 3 4 5 6 7
Capacity 60% 80% 100% 100% 50%
Quantity produced 18,000 24,000 30,000 30,000 15,000
Beginning inventory 0 1,800 2,400 3,000 3,000
Ending inventory 1,800 2,400 3,000 3,000 1,500
Total produced 18,000 25,800 32,400 33,000 18,000
Quantity sold 16,200 23,400 29,400 30,000 16,500 1,500
Price 400 420 441 463 486 511
Revenue 6,480,000 9,828,000 12,965,400 13,891,500 8,022,341 765,769
Liquidation 750,000
Cost of liquidation 135,000
EBT 1,325,000 2,071,536 3,359,136 3,730,323 2,144,324 946,660
CIT 25% 331,250 517,884 839,784 932,581 536,081 236,665
EAT 993,750 1,553,652 2,519,352 2,797,742 1,608,243 709,995
WC
AR 10% 648,000 982,800 1,296,540 1,389,150 802,234
Delta -648,000 -334,800 -313,740 -92,610 586,916 802,234
AP 10% 450,000 600,000 787,500 826,875 434,109
Delta 450,000 150,000 187,500 39,375 -392,766 434,109
Cash balance 15% 675,000 900,000 1,181,250 1,240,313 651,164
CF (TIP)
Revenue 6,480,000 9,828,000 12,965,400 13,891,500 8,022,341 765,769
Grant 70,000
Delta AR -648,000 -334,800 -313,740 -92,610 586,916 802,234
Cash in 5,902,000 9,493,200 12,651,660 13,798,890 8,609,257 2,969,167
Liquidation 750,000
Total direct cost = COGS 4,050,000 5,850,000 7,687,500 8,229,375 4,733,859 434,109
Delta AP 450,000 150,000 187,500 39,375 -392,766 434,109
Management expense 205,000 205,000 217,300 230,338 244,158
Selling expense 150,000 150,000 150,000 150,000 150,000
Interest 801,464 801,464 801,464
CIT 25% 331,250 517,884 839,784 932,581 536,081 236,665
Cash balance 675,000 900,000 1,181,250 1,240,313 651,164
Liquidation 135,000
Cash out 4,961,250 8,274,348 10,689,798 11,544,695 6,708,028 236,665
WACC
NPV