PROJECT FEASIBILITY

ASSUMPTION UNIT AMOUNT Please input assumptions in oran

Depreciation Year 10
Demand in Year1 MT 400
Demand growth rate % 5%
Price THB/MT 1,500
Variable cost per unit THB/MT 400
Incremental fixed costs THB 20,000
SG&A growth rate % 1.0%
WACC (or interest rate) % 10%
Tax Rate % 20%
Cash conversion cycle (CCC) Day 50

MULTI YEARS ASSUMPTION UNIT Year 0 Year 1 Year 2

Investment THB 600,000 500,000 300,000
SG&A THB 30,000 50,000
Loss from asset write-off THB 40,000 30,000

INCOME STATEMENT UNIT Year 0 Year 1 Year 2 Year 3

Demand MT 400 420 441
Net Sales 000 THB 600 630 662
Cost of Good Sold 000 THB 180 188 196
Depreciation of Investment 000 THB 60 110 140
Gross Profit (GP) 000 THB 360 332 325
SG&A 000 THB 30 50 51
Loss from asset write-off 000 THB 40 30
Operating Income (OI) 000 THB 290 252 275
Tax 000 THB 58 50 55
Net Operating Profit After Tax (NOPAT) 000 THB 232 202 220
Investment (Capital Expenditure) 000 THB 600 500 300
Cash Conversion Cycle Day 50 50 50
Working Capital 000 THB 83 88 92
Working Capital Changed 000 THB 83 4 4
Free Cash Flow 000 THB -600 -251 37 355
Cumulative Free Cash Flow 000 THB -600 -851 -814 -459

PAYBACK PERIOD 4.21 y

NPV 1,043 k
IRR 27.4%
FEASIBILITY
Please input assumptions in orange cell DEMAND GRO
3%
PAYBACK 4.34 y
NPV 858 k
IRR 25.2%

PAYBACK P
DEMAN
PRICE 3%
1,300 5.29 y
1,400 4.77 y
1,500 4.34 y
1,600 3.99 y
1,700 3.69 y

NPV
DEMAN
Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 PRICE 3%
463 486 511 536 563 591 621 1,300 430 k
695 729 766 804 844 886 931 1,400 644 k
205 214 224 234 245 256 268 1,500 858 k
140 140 140 140 140 140 140 1,600 1,073 k
349 375 402 430 459 490 523 1,700 1,287 k
51 52 52 53 53 54 54
IRR
298 323 350 377 406 436 468 DEMAN
60 65 70 75 81 87 94 PRICE 3%
239 259 280 302 325 349 375 1,300 17.9%
1,400 21.6%
50 50 50 50 50 50 50 1,500 25.2%
96 101 106 112 117 123 129 1,600 28.7%
5 5 5 5 6 6 6 1,700 32.3%
374 394 415 436 459 483 509
-85 309 348 148 131 35 2,611
 SENSITIVITY ANALYSIS
DEMAND GROWTH RATE PRICE SENSITIVITY
4% 5% 6% 7% PRICE PAYBACK NPV IRR PRIC
4.28 y 4.21 y 4.16 y 4.10 y 900 8.8 y -345 k 3.2%
948 k 1,043 k 1,142 k 1,245 k 1,000 7.4 y -114 k 7.9%
8.8y
26.3% 27.4% 28.5% 29.6% 1,100 6.4 y 117 k 12.1%
1,200 5.7 y 349 k 16.2% 7.4y
6.4y
PAYBACK PERIOD 1,300 5.1 y 580 k 20.0%
5.7y
DEMAND GROWTH RATE 1,400 4.6 y 811 k 23.8%
4% 5% 6% 7% 1,500 4.2 y 1,043 k 27.4%
5.19 y 5.09 y 5.01 y 4.92 y 1,600 3.9 y 1,274 k 31.0%
4.68 y 4.61 y 4.54 y 4.47 y 1,700 3.6 y 1,505 k 34.5%
4.28 y 4.21 y 4.16 y 4.10 y 1,800 3.4 y 1,737 k 38.0%
3.94 y 3.89 y 3.84 y 3.79 y 1,900 3.2 y 1,968 k 41.5%
900 1,000 1,100 1,20
3.64 y 3.60 y 3.56 y 3.52 y 2,000 3.0 y 2,199 k 45.0%

NPV
DEMAND GROWTH RATE 2,500 k
4% 5% 6% 7%
2,000 k
503 k 580 k 661 k 745 k
726 k 811 k 901 k 995 k 1,500 k
948 k 1,043 k 1,142 k 1,245 k
1,171 k 1,274 k 1,382 k 1,495 k 1,000 k
1,393 k 1,505 k 1,622 k 1,745 k
500 k

IRR 0k
DEMAND GROWTH RATE
4% 5% 6% 7% -500 k
900 1,000 1,100 1,20
18.9% 20.0% 21.1% 22.2%
22.7% 23.8% 24.8% 25.9%
26.3% 27.4% 28.5% 29.6%
29.9% 31.0% 32.1% 33.2%
33.4% 34.5% 35.6% 36.7%

16.2
12.1%
7.9%
3.2%

900 1,000 1,100 1,20

 PRICE SENSITIVITY OF PAYBACK PERIOD

8.8y

7.4y
6.4y
5.7y Base
5.1y
4.6y
4.2y
3.9y
3.6y 3.4y 3.2y 3.0y

900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 1,900 2,000

PRICE SENSITIVITY OF NPV

2,500 k

2,000 k

1,500 k Base
1,043 k
1,000 k

500 k

0k

-500 k
900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 1,900 2,000

PRICE SENSITIVITY OF IRR

45.0%
41.5%
38.0%
Base 34.5%
31.0%
27.4%
23.8%
20.0%
16.2%
12.1%
7.9%
3.2%

900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 1,900 2,000
Scenario Summary
Current Values: Pessimistic Base Optimistic
Created by Nattawut Created by Nattawut Created by Nattawut
Chatwiriyacharoen Chatwiriyacharoen Chatwiriyacharoen
on 24/10/2016 on 24/10/2016 on 24/10/2016
Modified by Modified by Modified by
Nattawut Nattawut Nattawut
Chatwiriyacharoen Chatwiriyacharoen Chatwiriyacharoen
on 24/10/2016 on 24/10/2016 on 24/10/2016

Changing Cells:
DemandYear1 400 400 400 500
DemandGrowthRate 5% 3% 5% 7%
Price 1,500 1,200 1,500 1,800
VariableCost 400 400 400 350
FixedCost 20,000 50,000 20,000 20,000
SGAGrowthRate 1.0% 1.0% 1.0% 1.0%
Result Cells:
PaybackPeriod 4.21 y 6.52 y 4.21 y 2.61 y
NPV 1,043 k 68 k 1,043 k 3,024 k
IRR 27.4% 11.3% 27.4% 54.6%
Notes: Current Values column represents values of changing cells at
time Scenario Summary Report was created. Changing cells for each
scenario are highlighted in gray.