2018 2019 2020 2021 2022

Incremental P&L
Variation of sales 10000 8000 6400
Cost of sales 5000 4000 3200
Depreciation 1000 1000 1000
EBT 4000 3000 2200
Taxes 1400 1050 770
NI from operations 2600 1950 1430

Gain on resale 1000

Taxes 350
Net income ext. Item 650

Total net income 2600 1950 1430 650

WCR 3500 2800 2240 0

CF from operation

NI 2600 1950 1430 650

+dep 1000 1000 1000 0
-Var WCR 3500 -700 -560 -2240
+gain on resale 1000
CF from operation 100 3650 2990 1890

CF from investment -10000 8000

FCF -10000 100 3650 2990 9890

Discout factor 1.00 0.89 0.80 0.71 0.64

PV -10000 89 2910 2128 6285

NPV 1413
BV 7000
Resale 8000

Gain on resale 1000

Q2
1)
4.75%

2)

-1,412.20 €

Outstanding PMT Interest Capital

30000 1412.2 300 1112.2
28887.8 1412.2 288.9 1123.3
27764.5 1412.2 277.6 1134.6

3)

11.2%

4)

-2,360.54 € 0.247%

5)

4.91%
CF Op CF INV CF FIN = VAR CASH

16 -10 4 10

-10 16 4 10

FCF 6

FA 170 E 30 Net worth is positive => your are supposed to be solvent

INV 0 LTD 100 Check if it is still the case in market values

AR 20 STD 70
Cash 10 AP 0
1.1. Var E = (NI-DIV) + Var K

Var E 120
=
(NI-DIV) 20
+
Var K ? 100

1.2. 2015 2016 Variation

NWC -15 -345 -330 means huge increase FA
=
WCR 160 185 25
+
NLB -175 -530 -355 has been financed by STD

-15 -345

1.3.
CF op CF inv

NI 70 Var FA 250 Var K

+Dep 175 +dep 175 Var LTD
-Var WCR 25 Var STD
Div
CF op 220 CF Inv -425 CF Fin

Var cash= 100

FCF -205
eans huge increase FA

s been financed by STD

CF Fin

100
-200
455
-50
305

CAPEX
2015 2016

FA 1775 2025

If no inv 1600

CAPEX= Var FA+Dep

425 425
50