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CASH 5% CA 45%
ACCOUNTS RECEIVABLE 20% CL 15%
INVENTORY 20%
ACCOUNTS PAYABLE 10% WC 30%
OTHER PAYABLES 5%
0 1 2 3 4 5
UNITS SOLD 200 220 242 266 293
PRICE PER UNIT 458000 549600 659520 791424 949708.8
REVENUE (million) 91.6 120.912 159.6038 210.6771 278.0937
PARTS COST 59000 70800 84960 101952 122342.4
MATERIAL & LABOR COST 137000 164400 197280 236736 284083.2
VARIABLE COST PER UNIT 196000 235200 282240 338688 406425.6
TOTAL VARIABLE COST (million) 39.2 51.744 68.30208 90.15875 119.0095
MANUFACTURING OH (million) 9.2 10.58 12.167 13.99205 16.09086
DEPRECIATION (million) 6.48 6.48 6.48 6.48 6.48
VARIABLE S&A COSTS (million) 9.16 12.0912 15.96038 21.06771 27.80937
SEMI-FIXED SELLING COST (million) 4.58 5.267 6.05705 6.965608 8.010449
LICENSING FEE PER UNIT 23000 27600 33120 39744 47692.8
TOTAL LICENSING FEE (million) 4.6 6.072 8.01504 10.57985 13.96541
EBITDA 24.86 35.1578 49.10229 67.91311 93.2081
EBIT 18.38 28.6778 42.62229 61.43311 86.7281
INTEREST PAYMENTS 4.122 1.31904 1.741133 2.298295 3.03375
EBT 14.258 27.35876 40.88115 59.13481 83.69435
HOST GOVT TAX (42%) 5.98836 11.49068 17.17008 24.83662 35.15163
PAT 8.26964 15.86808 23.71107 34.29819 48.54272
OPERATING CF TO SUBSIDIARY 14.74964 22.34808 30.19107 40.77819 55.02272
WORKING CAPITAL REQUIREMENT 27.48 36.2736 47.88115 63.20312 83.42812
WORKING CAPITAL CASH FLOW 27.48 8.7936 11.60755 15.32197 20.225
NET CASH FLOW TO SUBSIDIARY -12.73036 13.55448 18.58352 25.45622 34.79773
PV -10.60863 9.412834 10.75435 12.27634 13.98443
NPV 66.61894
NPV $ 9.252631
DOMESTIC DEBT 1
RATE 0.12
FOREIGN DEBT 0.6
RATE 0.16
DIVIDEND 3.2
SHARE PRICE 40
WACC 0.102
WACC 10.20%