Investment Project Financial Analysis

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Investment Project Financial Analysis

Description of the Investment Project Financial Analysis This workbook contains an analysis of the financial return on an investment project. The project can have multiple sub-projects, or assets, each with its own investment, cash flow, revenue model, operating expenses, profit, and asset value (for example, multiple pieces of equipment or vehicles). YOu can specify how to finance each subproject . When you customize the model, you can choose the following features. (Not all of these features are available in the Standard version.) Time range and time grain (weeks, months, quarters, years) Investment subprojects that you can analyze separately and in aggregate. Blend equity, debt and lease financing, independently for each subproject, with effects on interest, depreciation, lease expenses and taxes. Choose the sales model Simple sales model based on initial revenue and revenue growth Sales model based on prices, initial sales units and sales units growth Number and names of assets whose financial performance is separately tracked Types of working capital (which vary proportional to revenue) Types of fixed operating expenses (that do not vary with revenue) Types of variable operating expenses (that vary with revenue) You can enter the following input data (in the darker blue cells on worksheet "Inputs"). initial investment, a choice of depreciation methods, and asset salvage value working capital initial value, requirements, and salvage value opportunity cost a project revenue stream income taxes and credits a choice of methods of computing the discount rate. The main outputs of the model are: The operating cash flow, shown on worksheet "Cash Flow"

Investment Project Financial Analysis

The net present value (NPV), return on capital (ROC), and internal rate of return (IRR) , shown on worksheet "Valuation." The model contains Excel graphs of key variables. These graphs are integrated into the ModelSheet model from which they get their source data. You can add more graphs, and optionally import them to ModelSheet and include them in future exported Excel workbooks. As you explore the model, we suggest that you Read some of the Excel comments that are attached to Analysis Variables throughout the workbook. These comments also appear in ModelSheet in convenient places. View worksheet "Formulas" which shows the named variables and symbolic formulas of the model in a compact and readable form. The symbolic formulas are not active in this Excel workbook, but they give you some idea how the model works, and how it looks in ModelSheet. Acknowledgement The original version of this model was based on an investment project analysis workbook named capbudg.xls made available for public use on the website of Professor Aswath Damodaran of NYU Stern School of Business at http://pages.stern.nyu.edu/~adamodar/ . ModelSheet Software has extended the model to include multiple investments, and is solely responsible for any errors in this derivative work.

This Excel workbook was generated by ModelSheet on April 19, 2010, except for this worksheet of comments. Copyright 2009, 2010 ModelSheet Software, LLC ModelSheet and the ModelSheet logo are registered trademarks of ModelSheet Software, LLC.

Valuation

$1 $1 $1 $1 $1 $ $ $ $ $ $
20 10 20 11 20 11 20 11 20 11 20 12 20 12 20 12 4 1 3 2 4 1 2 3 Q Q Q Q Q Q Q Q Q 4 20 12

Valuation Cum Discounted Cash Flow Book Value

Cash Flows

$1 $1 $1 $1 $1 $ $ $ $ $ $
20 10 20 11 20 11 20 11 20 11 20 12 20 12 20 12 4 3 4 2 1 2 1 3 Q Q Q Q Q Q Q Q Q 4 20 12

Cash Flow Discounted Cash Flow

$ $ $ $ $ $
20 10 20 11 20 11 20 11 20 11 20 12 20 12 20 12 4 3 4 2 1 2 1 3 Q Q Q Q Q Q Q Q Q 4 20 12

Discounted Cash Flow

Operation Summary

$1 $1 $1 $1 $1 $ $ $ $ $ $
20 10 20 11 20 11 20 11 20 11 20 12 20 12 4 2 4 1 3 1 2 Q Q Q Q Q Q Q Q 3 20 12

Revenue Variable Expense Fixed Expense EBITDA Profit

ABC Corp. Project Test Input Data

Shaded (blue) cells are input cells. You can enter data in them. Excel formulas in shaded cells are starting suggestions. You can overwrite them. Company Name Project Name ABC Corp. Project Test

Investment Input Data Sales Input Data Expense Input Data Financing Input Data Tail Parameters (after model time)

ABC Corp. Project Test Investment

Investment Summary
Depreciable Fixed Investment Max Working Capital Gross Investment Investment Tax Credit Net Investment $0.00 $0.00 $0.00 $0.00 $0.00 Non-Deprec $0.00 Total $0.00

Investment by Sub-Project Working Capital Financing Book Value

ABC Corp. Project Test Operations

Statement of Operations - Summary
Q4 2010 Revenue Variable Expense Fuel Maintenance Total Fixed Expense Computers Vehicles Total EBITDA Financial Exp & Tax Interest Lease Exp Depreciation Income Tax Total Net Income $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 2010 $0.00 Q1 2011 Q2 2011 Q3 2011 Q4 2011 $0.00 $0.00 $0.00 $0.00 2011 $0.00 Q1 2012 Q2 2012 Q3 2012 Q4 2012 $0.00 $0.00 $0.00 $0.00 2012 $0.00

Statement of Operations by Subproject Sales Detail

ABC Corp. Project Test Equity Financing

Cash Flow
Q4 2010 Cash Flow - Equity Fin Catamaran Canoes Canoe 1 Canoe 2 Subtotal Total Cash Flow - Detail $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 2012

Cash Flow - Fixed Investment Cash Flow - Working Capital Valuation Financing Book Value

ABC Corp. Project Test Equity Financing

Cash Flow
Q4 2010 Cash Flow - Equity Fin Cash Flow - Detail $0.00 2010 $0.00 Q1 2011 $0.00 Q2 2011 $0.00 Q3 2011 $0.00 Q4 2011 $0.00 2011 $0.00 Q1 2012 Q2 2012 Q3 2012 Q4 2012 $0.00 $0.00 $0.00 $0.00 2012 $0.00

Cash Flow - Fixed Investment Cash Flow - Working Capital Valuation Financing Book Value

ABC Corp. Project Test Equity Financing

Cash Flow
Q4 2010 Cash Flow - Equity Fin Cash Flow - Detail $0.00 2010 $0.00 Q1 2011 $0.00 Q2 2011 $0.00 Q3 2011 $0.00 Q4 2011 $0.00 2011 $0.00 Q1 2012 Q2 2012 Q3 2012 Q4 2012 $0.00 $0.00 $0.00 $0.00 2012 $0.00

Cash Flow - Fixed Investment Cash Flow - Working Capital Valuation Financing Book Value

ABC Corp. Project Test Blended Financing

Cash Flow

Q4 2010 Cash Flow Catamaran Canoes Canoe 1 Canoe 2 Subtotal Total Cash Flow - Detail $0.00 $0.00 $0.00 $0.00 $0.00

2010 $0.00 $0.00 $0.00 $0.00 $0.00

Q1 2011 $0.00 $0.00 $0.00 $0.00 $0.00

Q2 2011 $0.00 $0.00 $0.00 $0.00 $0.00

Q3 2011 Q4 2011 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

2011 $0.00 $0.00 $0.00 $0.00 $0.00

Q1 2012 Q2 2012 Q3 2012 Q4 2012 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

2012 $0.00 $0.00 $0.00 $0.00 $0.00

Cash Flow - Fixed Investment Cash Flow - Working Capital Valuation Financing

ABC Corp. Project Test Blended Financing; Subproject

Cash Flow
Q4 2010 Cash Flow EBITDA Fixed Invest Inv Tax Credit Working Cap Principal Pay Interest Pay Lease Pay Depreciation Income Tax Total $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 2012

Cash Flow - Fixed Investment Cash Flow - Working Capital Valuation Financing

ABC Corp. Project Test Blended Financing; Subproject

Cash Flow
Q4 2010 Cash Flow Canoe 1 EBITDA Fixed Invest Inv Tax Credit Working Cap Principal Pay Interest Pay Lease Pay Depreciation Income Tax Total Canoe 2 EBITDA Fixed Invest Inv Tax Credit Working Cap Principal Pay Interest Pay Lease Pay Depreciation Income Tax Total Subtotal EBITDA Fixed Invest Inv Tax Credit Working Cap Principal Pay Interest Pay $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 2012

Lease Pay Depreciation Income Tax Total

$0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00

Cash Flow - Fixed Investment Cash Flow - Working Capital Valuation Financing

ABC Corp. Project Test

Variable Beta Book_Value_End Book_Value_End_plt Book_Value_Fixed_End Book_Value_Fixed_Start Book_Value_Tax_End Book_Value_Tax_Start Borrowing_Rate Borrowing_Rate_Yr Capital_Average Cash_Flow Display As Beta Book Value Book Value (End) Book Value Fixed Invest Book Value Fixed Inv (Start) Book Value Tax (End) Book Value Tax (Start) Borrowing Rate Borrowing Rate (Yr) Average Capital Cash Flow Subprojects Subprojects Subprojects Subprojects Subprojects Subprojects Subprojects Subprojects Subprojects Subprojects, CF_Blended.Lease_Pay Subprojects, CF_Blended.Principal_Pay Subprojects, CF_Blended.Income_Tax Subprojects, CF_Blended.Inv_Tax_Credit Subprojects, CF_Blended.Interest_Pay Subprojects, CF_Blended.Fixed_Invest Subprojects, CF_Blended.EBITDA Subprojects, CF_Blended.Depreciation Subprojects, CF_Blended.Working_Cap Cash_Flow_DebtFin Cash Flow - Debt Fin Subprojects, CF_Debt_Fin.EBITDA Subprojects, CF_Debt_Fin.Income_Tax Subprojects, CF_Debt_Fin.Fixed_Invest Subprojects, CF_Debt_Fin.Working_Cap Subprojects, CF_Debt_Fin.Interest_Pay Subprojects, CF_Debt_Fin.Depreciation Subprojects, CF_Debt_Fin.Inv_Tax_Credit Subprojects, CF_Debt_Fin.Principal_Pay Cash_Flow_EquityFin Cash Flow - Equity Fin Subprojects, CF_Equity_Fin.Income_Tax Subprojects, CF_Equity_Fin.Fixed_Invest Subprojects, CF_Equity_Fin.Working_Cap Subprojects, CF_Equity_Fin.EBITDA Subprojects, CF_Equity_Fin.Depreciation Subprojects, CF_Equity_Fin.Inv_Tax_Credit Cash_Flow_Fixed_Invest Cash_Flow_FixInv_EquityFin Cash_Flow_LeaseFin Cash Flow - Fixed Invest Cash Flow - Fixed Investment Cash Flow - Lease Fin Subprojects, Invest_Fixed Subprojects, Invest_Fixed Subprojects, CF_Lease_Fin.Lease_Pay Subprojects, CF_Lease_Fin.Working_Cap Subprojects, CF_Lease_Fin.Income_Tax Subprojects, CF_Lease_Fin.EBITDA Cash_Flow_plt Cash_Flow_Work_Cap Company_Name Date_Line DCF DCF_Cum DCF_Cum_plt DCF_DebtFin DCF_EquityFin DCF_LeaseFin DCF_plt Debt_Principal_Init Deprec_Exp_Tax Deprec_Expense Deprec_Method Deprec_Method_Tax Discount_Factor Discount_Method Discount_Rate Discount_Rate_Yr Discount_Rate0 Discount_Rate0_Yr EBIT EBITDA EBITDA_plt Expense_Fixed Expense_Fixed_Growth_pct Cash Flow Cash Flow - Working Cap Company Name Date_Line Discounted Cash Flow Cumulative DCF Cum DCF DCF - Debt Fin DCF - Equity Fin DCF - Lease Fin DCF Initial Debt Principal Depreciation Exp - Taxes Depreciation Deprec Method Tax Deprec Method Discount Factor Discount Method (Direct or CAPM) Discount Rate Discount Rate (Yr) Discount Rate Default Discount Rate Default (Yr) EBIT EBITDA EBITDA Fixed Expense Fixed Exp Growth % Subprojects Subprojects Subprojects Subprojects Subprojects Subprojects Subprojects Subprojects, Fixed_Expense_Accts Subprojects, Fixed_Expense_Accts Roll-up: (1+Discount_Rate_Yr)^(1/periods_per("year"))-1 Roll-up: if(Discount_Method="Direct", Discount_Rate0_Yr, if(Discount_Method="CAPM", (Riskless_Rate_Yr+Beta*Risk_Premium_Yr)*(1-Financial_Leverage)+Borrowing_Rate_Yr*(1-Income_Tax_Rate)*Financial_Leverage, 0)) Data: (1+Discount_Rate0_Yr)^(1/periods_per("year"))-1 Data: prevde(preve(0.15, Discount_Rate0_Yr), "Subprojects") Data: EBITDA-Deprec_Expense Data: Revenue-Expense_Variable-Expense_Fixed Data: EBITDA Data: if(var(or(Time_Invest_Yr<1/periods_per("year")-0.001, Time_Invest_Yr>Invest_Life_Yr+0.001)), 0, if(var(or(Time_Invest_Yr<=1/periods_per("year")+0.001, and(Time_Invest_Yr>0.001, Time_Yr=1/periods_per("year")))), Expense_Fixed_Initial, ifm(Time_Yr<2/periods_per("year")-0.001, 0, (1+Expense_Fixed_Growth_pct)*preve(0, Expense_Fixed)))) Data: (1+Expense_Fixed_Growth_pct_Yr_In)^(1/periods_per("year"))-1 Roll-up: if(preve(0, Expense_Fixed)=0, " ", (Expense_Fixed/preve(0, Expense_Fixed))^periods_per("year")-1) Data: var(0) Data: Invest_Gross*Borrowing_Rate Data: Expense_Variable_pct_Rev*Revenue Data: 0 Data: (Fin_Type_Wgts["Fintypes.Equity"]+Fin_Type_Wgts["Fintypes.Debt"])*Deprec_Expense Data: Fin_Type_Wgts["Fintypes.Equity"]*Income_Tax_EquityFin+Fin_Type_Wgts["Fintypes.Debt"]*Income_Tax_DebtFin+Fin_Type_Wgts["Fintypes.Lease"]*Income_Tax_LeaseFin Data: -Fin_Type_Wgts["Fintypes.Lease"]*Cash_Flow_LeaseFin["CF_Lease_Fin.Lease_Pay"] Data: -Fin_Type_Wgts["Fintypes.Debt"]*Cash_Flow_DebtFin["CF_Debt_Fin.Interest_Pay"] Data: index(ranged("Fin_Scenarios", Fin_Type_Wgts_Sc), Financing_Scenario) Roll-up: ifm(isleafd("Subprojects"), sum(ranged("FinTypes", Fin_Type_Wgts)), average(rangedru("Subprojects", Fin_Type_Wgts))) Fin_Type_Wgts_Sc Financing Weights FinTypes.Lease, Fin_Scenarios, Subprojects FinTypes.Debt, Fin_Scenarios, Subprojects FinTypes, Fin_Scenarios, Subprojects Data: 0 Data: 0 Data: ifm(dimitemnum("FinTypes")=1, 1-sum(ranged("FinTypes", Fin_Type_Wgts_Sc, false, 1)), 0) Roll-up: ifm(isleafd("Fin_Scenarios"), ifm(and(isleafd("Subprojects")), sum(ranged("FinTypes", Fin_Type_Wgts_Sc)), average(rangedru("Subprojects", Fin_Type_Wgts_Sc))), false) Financial_Leverage Financing_Scenario Income_Tax_DebtFin Income_Tax_EquityFin Income_Tax_LeaseFin Income_Tax_Rate Invest_Date Invest_Date_Time_Yr Invest_Fixed_Net Invest_Fixed_Resid_Value Financial Leverage Financing Scenario Income Tax - Debt Fin Income Tax - Equity Fin Income Tax - Lease Fin Income Tax Rate Investment Date Investment Date Net Investment Residual Value Subprojects Subprojects Subprojects Global Subprojects Subprojects Subprojects Invest_Fixed.Non_Deprec, Subprojects Invest_Fixed.Depreciable, Subprojects Invest_Gross Invest_Gross_Fixed Gross Investment Fixed Investment Subprojects Invest_Fixed.Non_Deprec, Subprojects Invest_Fixed.Depreciable, Subprojects Invest_Life_Yr Invest_Tax_Credit Invest_Tax_Credit_Date Life (Yr) Investment Tax Credit Tax Credit Date Subprojects Subprojects Data: Invest_Tax_Credit_pct*Invest_Gross_Fixed["Invest_Fixed.Depreciable"] Data: Invest_Date Data: max(0, Income_Tax_Rate*EBIT-Income_Tax_Rate*Deprec_Exp_Tax+Income_Tax_Rate*Cash_Flow_DebtFin["CF_Debt_Fin.Interest_Pay"]) Data: max(0, Income_Tax_Rate*EBIT-Income_Tax_Rate*Deprec_Exp_Tax) Data: max(0, Income_Tax_Rate*EBIT-Income_Tax_Rate*Cash_Flow_LeaseFin["CF_Lease_Fin.Lease_Pay"]) Data: preve(var(0)) Data: ifm(periods_per("month")>1, date(year(model_date(1)), month(model_date(1)), day(model_date(1))-1+round((dimitemnum("Subprojects")-1)/periods_per("day"), 0)), date(year(model_date(1)), month(model_date(1))+round((dimitemnum("Subprojects")-1)/periods_per("month"), 0), day(model_date(1))-1)) Data: (match(Invest_Date, ranget(Date_Line), 1)-1)/periods_per("year") Data: Invest_Gross-Invest_Tax_Credit Data: Invest_Gross_Fixed["Invest_Fixed.Non_Deprec"] Data: var(0) Data: Invest_Gross_Fixed+Working_Cap_Initial Data: var(0) Data: var(0) Global Data: if(Invest_Gross=0, 0, (Invest_Gross["FinTypes.Debt"]*Fin_Type_Wgts["Fintypes.Debt"]+Invest_Gross["FinTypes.Lease"]*Fin_Type_Wgts["Fintypes.Lease"])/Invest_Gross) Global Data: preve(1, Discount_Factor/(1+Discount_Rate)) Global Subprojects Subprojects Subprojects Subprojects, CF_Debt_Fin Subprojects, CF_Equity_Fin Subprojects, CF_Lease_Fin Subprojects Subprojects Subprojects Subprojects Data: current_date(1) Data: Cash_Flow*Discount_Factor Data: preve(0, DCF_Cum)+DCF Data: DCF_Cum Data: Cash_Flow_DebtFin*Discount_Factor Data: Cash_Flow_EquityFin*Discount_Factor Data: Cash_Flow_LeaseFin*Discount_Factor Data: DCF Data: Fin_Type_Wgts["FinTypes.Debt"]*Invest_Fixed_Net Data: if(datediff(current_date(1), Invest_Date)<=0, 0, if(datediff(current_date(-1), date(year(Invest_Date), month(Invest_Date)+12*Invest_Life_Yr, day(Invest_Date)))>0, 0, if(Deprec_Method_Tax="Linear", SLN(Invest_Gross_Fixed["Invest_Fixed.Depreciable"], Invest_Fixed_Resid_Value["Invest_Fixed.Depreciable"], round(periods_per("year")*Invest_Life_Yr, 0)), if(Deprec_Method_Tax="SYD", SYD(Invest_Gross_Fixed["Invest_Fixed.Depreciable"], Invest_Fixed_Resid_Value["Invest_Fixed.Depreciable"], round(periods_per("year")*Invest_Life_Yr, 0), round(periods_per("year")*Time_Invest_Yr-1, 0)), DDB(Invest_Gross_Fixed["Invest_Fixed.Depreciable"], Invest_Fixed_Resid_Value["Invest_Fixed.Depreciable"], round(periods_per("year")*Invest_Life_Yr, 0), round(periods_per("year")*Time_Invest_Yr-1, 0)))))) Data: if(datediff(current_date(1), Invest_Date)<=0, 0, if(datediff(current_date(-1), date(year(Invest_Date), month(Invest_Date)+12*Invest_Life_Yr, day(Invest_Date)))>0, 0, if(Deprec_Method="Linear", SLN(Invest_Gross_Fixed["Invest_Fixed.Depreciable"], Invest_Fixed_Resid_Value["Invest_Fixed.Depreciable"], round(periods_per("year")*Invest_Life_Yr, 0)), if(Deprec_Method="SYD", SYD(Invest_Gross_Fixed["Invest_Fixed.Depreciable"], Invest_Fixed_Resid_Value["Invest_Fixed.Depreciable"], round(periods_per("year")*Invest_Life_Yr, 0), round(periods_per("year")*Time_Invest_Yr-1, 0)), DDB(Invest_Gross_Fixed["Invest_Fixed.Depreciable"], Invest_Fixed_Resid_Value["Invest_Fixed.Depreciable"], round(periods_per("year")*Invest_Life_Yr, 0), round(periods_per("year")*Time_Invest_Yr-1, 0)))))) Subprojects Subprojects, Working_Cap_Accts Data: Book_Value_Fixed_End+Working_Capital Data: Book_Value_End Data: preve(0, Book_Value_Fixed_End)+if(var(or(datediff(Invest_Date, current_date(-1))<0, datediff(Invest_Date, current_date(1))>0)), 0, Invest_Gross_Fixed)-if(var(abs(Invest_Date_Time_Yr-1/periods_per("year")+Invest_Life_Yr-Time_Yr)<0.001), Invest_Fixed_Resid_Value, 0)-ifm(datediff(current_date(1), model_date(1))<0, 0, Deprec_Expense) Data: prev(Book_Value_Fixed_End) Data: preve(0, Book_Value_Fixed_End)+if(var(or(datediff(Invest_Date, current_date(-1))<0, datediff(Invest_Date, current_date(1))>0)), 0, Invest_Gross_Fixed)-if(var(abs(Invest_Date_Time_Yr-1/periods_per("year")+Invest_Life_Yr-Time_Yr)<0.001), Invest_Fixed_Resid_Value, 0)-ifm(datediff(current_date(1), model_date(1))<0, 0, Deprec_Exp_Tax)+Working_Capital Data: prev(Book_Value_Tax_End) Data: (1+Borrowing_Rate_Yr)^(1/periods_per("year"))-1 Data: prevde(preve(var(0)), "Subprojects") Data: 0.5*(preve(0, Book_Value_Fixed_End)+Book_Value_End) Data: if(or(var(Invest_Date_Time_Yr+1/periods_per("year")-Time_Yr)>0.001, var(Time_Invest_Yr-Invest_Life_Yr-1/periods_per("year"))>0.001), 0, pmt(Lease_Rate, Invest_Life_Yr*periods_per("year"), Fin_Type_Wgts["FinTypes.Lease"]*Invest_Gross)) Data: if(or(var(Invest_Date_Time_Yr+1/periods_per("year")-Time_Yr)>0.001, var(Time_Invest_Yr-Invest_Life_Yr-1/periods_per("year"))>0.001), 0, ppmt(Borrowing_Rate, Time_Invest_Yr*periods_per("year")-1, Invest_Life_Yr*periods_per("year"), Debt_Principal_Init))+if(abs(var(Invest_Date_Time_Yr+1/periods_per("year")-Time_Yr))<0.001, Debt_Principal_Init, 0) Data: ifm(var(Time_Yr)<=0.001, 0, -Income_Tax_Rate*(EBITDA+Cash_Flow["CF_Blended.Interest_Pay"]+Cash_Flow["CF_Blended.Lease_Pay"])) Data: if(or(datediff(Invest_Tax_Credit_Date, current_date(-1))<0, datediff(Invest_Tax_Credit_Date, current_date(1))>0), 0, (Fin_Type_Wgts["FinTypes.Equity"]+Fin_Type_Wgts["FinTypes.Debt"])*Invest_Tax_Credit) Data: if(or(var(Invest_Date_Time_Yr+1/periods_per("year")-Time_Yr)>0.001, var(Time_Invest_Yr-Invest_Life_Yr-1/periods_per("year"))>0.001), 0, ipmt(Borrowing_Rate, Time_Invest_Yr*periods_per("year")-1, Invest_Life_Yr*periods_per("year"), Debt_Principal_Init)) Data: (Fin_Type_Wgts["FinTypes.Equity"]+Fin_Type_Wgts["FinTypes.Debt"])*Cash_Flow_FixInv_EquityFin Data: ifm(Time_Yr<=0.001, 0, EBITDA) Data: ifm(Time_Yr<=0.001, 0, (Fin_Type_Wgts["FinTypes.Equity"]+Fin_Type_Wgts["FinTypes.Debt"])*Deprec_Expense) Data: Cash_Flow_Work_Cap Data: ifm(Time_Yr<=0.001, 0, EBITDA) Data: ifm(Time_Yr<=0.001, 0, -Income_Tax_Rate*(EBITDA+Cash_Flow_DebtFin["CF_Debt_Fin.Interest_Pay"])) Data: Cash_Flow_FixInv_EquityFin Data: Cash_Flow_Work_Cap Data: if(or(var(Invest_Date_Time_Yr+1/periods_per("year")-Time_Yr)>0.001, var(Time_Invest_Yr-Invest_Life_Yr-1/periods_per("year"))>0.001), 0, ipmt(Borrowing_Rate, Time_Invest_Yr*periods_per("year")-1, Invest_Life_Yr*periods_per("year"), if(Fin_Type_Wgts["FinTypes.Debt"]=0, 0, Debt_Principal_Init/Fin_Type_Wgts["FinTypes.Debt"]))) Data: ifm(Time_Yr<0.001, 0, Deprec_Expense) Data: if(or(datediff(Invest_Tax_Credit_Date, current_date(-1))<0, datediff(Invest_Tax_Credit_Date, current_date(1))>0), 0, Invest_Tax_Credit) Data: if(or(var(Invest_Date_Time_Yr+1/periods_per("year")-Time_Yr)>0.001, var(Time_Invest_Yr-Invest_Life_Yr-1/periods_per("year"))>0.001), 0, ppmt(Borrowing_Rate, Time_Invest_Yr*periods_per("year")-1, Invest_Life_Yr*periods_per("year"), if(Fin_Type_Wgts["FinTypes.Debt"]=0, 0, Debt_Principal_Init/Fin_Type_Wgts["FinTypes.Debt"])))+if(abs(var(Invest_Date_Time_Yr+1/periods_per("year")-Time_Yr))<0.001, if(Fin_Type_Wgts["FinTypes.Debt"]=0, 0, Debt_Principal_Init/Fin_Type_Wgts["FinTypes.Debt"]), 0) Data: ifm(Time_Yr<=0.001, 0, -Income_Tax_Rate*EBITDA) Data: Cash_Flow_FixInv_EquityFin Data: Cash_Flow_Work_Cap Data: ifm(Time_Yr<=0.001, 0, EBITDA) Data: ifm(Time_Yr<0.001, 0, Deprec_Expense) Data: if(or(datediff(Invest_Tax_Credit_Date, current_date(-1))<0, datediff(Invest_Tax_Credit_Date, current_date(1))>0), 0, Invest_Tax_Credit) Data: (Fin_Type_Wgts["FinTypes.Equity"]+Fin_Type_Wgts["FinTypes.Debt"])*(if(var(or(datediff(Invest_Date, current_date(-1))<-0.001, datediff(Invest_Date, current_date(1))>0.001)), 0, -Invest_Gross_Fixed)+if(abs(var(Invest_Date_Time_Yr-1/periods_per("year")+Invest_Life_Yr-Time_Yr))<0.001, Invest_Fixed_Resid_Value, 0)) Data: if(var(or(datediff(Invest_Date, current_date(-1))<-0.001, datediff(Invest_Date, current_date(1))>0.001)), 0, -Invest_Gross_Fixed)+if(abs(var(Invest_Date_Time_Yr-1/periods_per("year")+Invest_Life_Yr-Time_Yr))<0.001, Invest_Fixed_Resid_Value, 0) Data: if(or(var(Invest_Date_Time_Yr+1/periods_per("year")-Time_Yr)>0.001, var(Time_Invest_Yr-Invest_Life_Yr-1/periods_per("year"))>0.001), 0, pmt(Lease_Rate, Invest_Life_Yr*periods_per("year"), Invest_Gross)) Data: Cash_Flow_Work_Cap Data: ifm(Time_Yr<=0.001, 0, -Income_Tax_Rate*(EBITDA+Cash_Flow_LeaseFin["CF_Lease_Fin.Lease_Pay"])) Data: ifm(Time_Yr<=0.001, 0, EBITDA) Data: Cash_Flow Data: if(abs(Time_Invest_Yr-Invest_Date_Time_Yr-Invest_Life_Yr)<0.001, Working_Cap_Residual_pct*preve(0, Working_Capital), preve(0, Working_Capital)-Working_Capital) Dimension Index Formula / Data

Expense_Fixed_Growth_pct_Yr_In Fixed Expense Annualized Growth Subprojects, Fixed_Expense_Accts Expense_Fixed_Initial Expense_Interest Expense_Variable Expense_Variable_pct_Rev Fin_Tax_Exp Initial Fixed Expense Interest Expense Variable Expense Variable Expense % Rev Financial Exp & Tax Subprojects, Fixed_Expense_Accts Subprojects Subprojects, Var_Expense_Accts Subprojects, Var_Expense_Accts FinTax.Depreciation, Subprojects FinTax.Income_Tax, Subprojects FinTax.Lease_Exp, Subprojects FinTax.Interest, Subprojects Fin_Type_Wgts Financing Weights FinTypes, Subprojects

Invest_Tax_Credit_pct IRR_Guess_Yr IRR_Guess_Yr_EquityFin IRR_Yr IRR_Yr_EquityFin Lease_Rate Lease_Rate_Yr Net_Income Net_Income_plt NPV NPV_DebtFin NPV_EquityFin NPV_LeaseFin Price_Average Project_Name Return_on_Cap_Avg_Yr Return_on_Sales_pct Revenue Revenue_Growth_pct_Yr Risk_Premium Risk_Premium_Yr Riskless_Rate Riskless_Rate_Yr Sales_Units Sales_Units_Growth_pct Sales_Units_Growth_pct_Yr Sales_Units_Initial Tail_Discount_Rate Tail_Discount_Rate_Yr Tail_Future_Value Tail_Future_Value_EqFin Tail_Growth_Rate Tail_Growth_Rate_Yr Tail_Present_Value Tail_Present_Value_EqFin Time_Invest_Yr Time_Yr Valuation Valuation_EquityFin Valuation_plt Working_Cap_Initial Working_Cap_Max Working_Cap_Max_time Working_Cap_pct_Rev Working_Cap_Residual_pct Working_Capital

Investment Tax Credit % IRR Initial Guess (Yr) IRR Initial Guess (Yr) IRR (Yr) IRR (Yr) Leasing Rate Leasing Rate (Yr) Net Income Net income NPV NPV_DebtFin NPV Equity Financing NPV Lease Financing Average Price Project Name Avg ROC (Yr) Return on Sales % Revenue Revenue Annualized Growth Market Risk Premium Market Risk Premium (Yr) Riskless Discount Rate Riskless Discount Rate (Yr) Sales Units Sales Units Growth % Sales Units Annualized Growth Initial Sales Units Tail Discount Rate Tail Discount Rate (Yr) Tail Future Value Tail Future Value Tail Growth Rate Tail Growth Rate (Yr) Tail Present Value Tail Present Value Time for Investment Time (Yr) Valuation Valuation Valuation Initial Working Capital Max Working Capital Max Working Capital WC % Rev WC Residual % Working Capital

Subprojects Subprojects Subprojects Subprojects Subprojects Global Subprojects Subprojects Subprojects Subprojects CF_Debt_Fin, Subprojects CF_Equity_Fin, Subprojects CF_Lease_Fin, Subprojects Subprojects

Data: 0 Data: 0 Data: 0 Roll-up: (1+irr(ranget(Cash_Flow, model_date(1, -1), model_date(2)), (1+IRR_Guess_Yr)^(1/periods_per("year"))-1))^periods_per("year")-1 Roll-up: (1+IRR(ranget(Cash_Flow_EquityFin, model_date(1, -1), model_date(2)), (1+IRR_Guess_Yr_EquityFin)^(1/periods_per("year"))-1))^periods_per("year")-1 Data: (1+Lease_Rate_Yr)^(1/periods_per("year"))-1 Data: prevde(preve(var(0)), "Subprojects") Data: EBITDA-Fin_Tax_Exp Data: Net_Income Data: DCF Data: DCF_DebtFin Data: DCF_EquityFin Data: DCF_LeaseFin Data: preve(var(0))

Subprojects Subprojects Subprojects Subprojects Global Global Global Global Subprojects Subprojects Subprojects Subprojects Global

Roll-up: periods_per("year")*sum(ranget(Net_Income, model_date(1), model_date(2)-1))/sum(ranget(Capital_Average, model_date(1), model_date(2)-1)) Roll-up: if(Revenue=0, " ", Net_Income/Revenue) Data: if(or(var(Time_Invest_Yr<1/periods_per("year")-0.001), var(Time_Invest_Yr>Invest_Life_Yr+0.001)), 0, next(preve(0, Price_Average*Sales_Units))) Roll-up: if(preve(0, Revenue)=0, 0, (Revenue/preve(0, Revenue))^periods_per("year")-1) Roll-up: (1+Risk_Premium_Yr)^(1/periods_per("year"))-1 Roll-up: preve(0.055) Data: (1+Riskless_Rate_Yr)^(1/periods_per("year"))-1 Data: preve(0.04) Data: if(or(var(Time_Yr<Invest_Date_Time_Yr+1/periods_per("year")-0.001), var(Time_Yr>Invest_Date_Time_Yr+Invest_Life_Yr)), 0, if(var(Time_Yr<=Invest_Date_Time_Yr+1/periods_per("year")+0.001), Sales_Units_Initial, (1+ifm(var(Time_Yr=1/periods_per("year")), 0, Sales_Units_Growth_pct))*preve(0, Sales_Units))) Roll-up: (1+Sales_Units_Growth_pct_Yr)^(1/periods_per("year"))-1 Data: preve(var(0)) Data: var(0) Data: (1+Tail_Discount_Rate_Yr)^(1/periods_per("year"))-1

Subprojects Subprojects Subprojects

Data: Last(Cash_Flow)*(1+Tail_Growth_Rate)/(Tail_Discount_Rate-Tail_Growth_Rate) Data: Last(Cash_Flow_EquityFin)*(1+Tail_Growth_Rate)/(Tail_Discount_Rate-Tail_Growth_Rate) Roll-up: (1+Tail_Growth_Rate_Yr)^(1/periods_per("year"))-1

Subprojects Subprojects Subprojects Global Subprojects Subprojects Subprojects

Data: Tail_Future_Value*last(Discount_Factor) Data: Tail_Future_Value_EqFin*last(Discount_Factor) Data: if(datediff(current_date(1), Invest_Date)<0, 0, if(datediff(current_date(-1), Invest_Date)<=0, 1/periods_per("year"), preve(0)+1/periods_per("year"))) Data: preve(-1/periods_per("year"))+1/periods_per("year") Data: ifm(Time_Yr<=0.001, Cash_Flow, 0)+nexte(Tail_Future_Value, (Cash_Flow+Valuation)/var(1+Discount_Rate)) Data: ifm(Time_Yr<=0.001, Cash_Flow, 0)+nexte(Tail_Future_Value, (Cash_Flow+Valuation_EquityFin)/var(1+Discount_Rate)) Data: Valuation

Subprojects Subprojects, Working_Cap_Accts Working_Cap_Accts, Subprojects Subprojects, Working_Cap_Accts Subprojects, Working_Cap_Accts

Data: last(Working_Cap_Max_time) Data: max(preve(0, Working_Cap_Max_time), Working_Capital) Data: var(0) Data: var(0) Data: if(datediff(Invest_Date, current_date(1))>0, 0, if(or(var(datediff(current_date(-1), model_date(1))=0), var(datediff(current_date(1), Invest_Date)<1/periods_per("day")-0.001)), Working_Cap_Initial, Working_Cap_pct_Rev*Revenue))

ABC Corp. Project Test

Model Start Variable Beta Display Label Beta 1/1/2011 Comment The beta parameter of the capital asset pricing model: the correlation between return on this investment and return on a broad market index fund. Settable for each subproject separately. Book value of the investment project at the end of each time period, equal to the book value of fixed asets plus working capital Book value of the investment project at the end of each time period. The model does not include cash withdrawals from the business, so book value can be positive after operations have ceased. Used only for plot support. Book_Value_Fixed_End Book_Value_Fixed_Start Book_Value_Tax_End Book Value Fixed Invest Book Value Fixed Inv (Start) Book Value Tax (End) Book value of the fixed investment at the end of each time period Book value of the fixed investment at the start of each time period Book value of the investment project at the end of each time period. The model does not include cash withdrawals from the business, so book value can be positive after operations have ceased. Book value of the investment project at the start of each time period. The model does not include cash withdrawals from the business, so book value can be positive after operations have ceased. Interest rate per time period at which debt financing can be obtained for each subproject.

Book_Value_End Book_Value_End_plt

Book Value Book Value (End)

Book_Value_Tax_Start

Book Value Tax (Start)

Borrowing_Rate

Borrowing Rate

Borrowing_Rate_Yr

Borrowing Rate (Yr)

Annual interest rate at which debt financing can be obtained for each sub project, by time period. The borrowing rate for the first time period and the first subproject is, by default, copied to later time periods and other subprojects. You can override the default by entering a discount rate for any time period and subproject.

Capital_Average Cash_Flow Cash_Flow_DebtFin Cash_Flow_EquityFin

Average Capital Cash Flow Cash Flow - Debt Fin Cash Flow - Equity Fin

Average capital employed in each time period is the average of initial and final book value for the period Cash flow of the project and subprojects, using blended financing if applicable Cash flow in the case of 100% debt financing, during model time. Excludes tail at later times. Cash flow in the case of 100% equity financing, during model time. Excludes tail at later times.

Cash_Flow_Fixed_Invest

Cash Flow - Fixed Invest

Cash_Flow_FixInv_EquityFin

Cash Flow - Fixed Investment

Cash flow from fixed investment including depreciable investment, nondepreciable investment, and residual values. Excludes tax credits and working capital cash flows. Assumes equity financing. Assumes blended financing. Segmented by subproject. Cash flow from fixed investment including depreciable investment, nondepreciable investment, and residual values. Excludes tax credits and working capital cash flows. Assumes equity financing. Assumes equity (or debt) financing. Segmented by subproject. Cash flow in the case of 100% lease financing, during model time. Excludes tail at later times. The algorithm for lease payments is approximate. You should adjust the effective annual lease rate to get the payment you want in the analysis.

Cash_Flow_LeaseFin

Cash Flow - Lease Fin

Cash_Flow_plt

Cash Flow

Cash flow of the project and subprojects, using blended financing if applicable. Used only for plot support.

Cash_Flow_Work_Cap Company_Name Date_Line DCF DCF_Cum DCF_Cum_plt

Cash Flow - Working Cap Company Name Date_Line Discounted Cash Flow Cumulative DCF Cum DCF

Working capital cash flow, segmented by working capital account, subproject, and timer period. Includes residual value recovered at the end of life of each subproject. Name of the company Ending date for each time period Discounted cash flow of the project and subprojects, using blended financing if applicable Cumulative discounted cash flow of the project and subprojects, using blended financing if applicable Cumulative discounted cash flow of the project and subprojects, using blended financing if applicable. Used only for plot support.

DCF_DebtFin DCF_EquityFin DCF_LeaseFin DCF_plt

DCF - Debt Fin DCF - Equity Fin DCF - Lease Fin DCF

Discounted cash flow in case of 100% debt financing, during model time. Excludes tail at later times. Discounted cash flow in case of 100% equity financing, during model time. Excludes tail at later times. Discounted cash flow in case of 100% lease financing, during model time. Excludes tail at later times. Discounted cash flow of the project and subprojects, using blended financing if applicable. Used only for plot support.

Debt_Principal_Init

Initial Debt Principal

Initial debt principal at the time the debt it incurred and investment is made (not necessarily the start of model time). , Segmented by subproject. Default value is net fixed investment x weight factor for debt financing. You can override these values by entering new values.

Deprec_Exp_Tax Deprec_Expense Deprec_Method Deprec_Method_Tax Discount_Factor Discount_Method Discount_Rate

Depreciation Exp - Taxes Depreciation Deprec Method Tax Deprec Method Discount Factor Discount Method (Direct or CAPM) Discount Rate

Depreciation of depreciable investment (excluding residual value), using specified depreciation method for tax purposes, segmented by subproject and by time period Depreciation of depreciable investment (excluding salvage value), using specified depreciation method, segmented by subproject and by time period Depreciation method is one of "Linear" "SYD" and "DDB". Depreciation method used for computing taxes. It is one of "Linear" "SYD" and "DDB". The discount factor to convert a cash flow at the end of a time period to a present value at the start of model time Discount method is one of "Direct" (you directly specify the rate) and "CAPM" (capital asset pricing model) Discount rate for computing present values of cash flows, by time period. If discount method is "Direct" then use specified numerical input; if discount method is "CAPM" then use the capital asset procing model formula for the discount rate in terms of riskless return, beta, risk premium and debt ratio. Annualized discount rate for computing present values of cash flows. If discount method is "Direct" then use specified numerical input; if discount method is "CAPM" then use the CAPM formula for the discount rate in terms of riskless return, beta, risk premium and debt ratio. When discount method is "Direct", use this discount rate in discounted cash flows. The discount rate to use when the discount method is "Direct". The discount rate for the first time period and the first subproject is, by default, copied to the later time periods and other subprojects. You can override the default by entering a discount rate for any time period and subproject.

Discount_Rate_Yr

Discount Rate (Yr)

Discount_Rate0 Discount_Rate0_Yr

Discount Rate Default Discount Rate Default (Yr)

EBIT EBITDA

EBIT EBITDA

Earnings before interest and taxes during model time Earnings before interest, income taxes, depreciation, and amortization. Computed as revenue less operating expenses, segmented by subproject and by time period. Covers model time, excludes tail after model time. Earnings before interest, income taxes, depreciation, and amortization. Computed as revenue less operating expenses, segmented by subproject and by time period. Covers model time, excludes tail after model time. Used only for plot support.

EBITDA_plt

EBITDA

Expense_Fixed

Fixed Expense

Fixed operating expenses, segmented by subproject and by time period. Fixed expense begins when the investment is made. 'Fixed' means the expense does not vary with revenue or sales units; it can vary with time. Rate of growth of fixed operating expenses, segmented by subproject and by time period. 'Fixed' means the expense does not vary with revenue or sales units; it can vary with time.

Expense_Fixed_Growth_pct

Fixed Exp Growth %

Expense_Fixed_Growth_pct_Yr_In Fixed Expense Annualized Growth

Rate of growth of fixed operating expenses in each time period, annualized. Segmented by asset and by time period. 'Fixed' means the expense does not vary with revenue or sales units; it can vary with time. Fixed operating expense in the first time period, segmented by asset. 'Fixed' means the expense does not vary with revenue or sales units; it can vary with time. Interest expense in the case of debt financing, segmented by subproject and time period Variable operating expense, segmented by asset and by time period Variable operating expense as a percent of revenue, segmented by subproject and by time period Weights for types of financing used to finance the project. Segmented by financing types, subprojects, and time period. If you enter weights for Debt and Lease, the template will default to a weight for Equity that makes the weights add to 100% for each subproject.

Expense_Fixed_Initial Expense_Interest Expense_Variable Expense_Variable_pct_Rev Fin_Tax_Exp Fin_Type_Wgts

Initial Fixed Expense Interest Expense Variable Expense Variable Expense % Rev Financial Exp & Tax Financing Weights

Fin_Type_Wgts_Sc

Financing Weights

Weights for types of financing used to finance the project. Segmented by financing types, subprojects, and time period. This variable is used in models that have financing scenarios. If you enter weights for Debt and Lease, the template will default to a weight for Equity that makes the weights add to 100% for each subproject.

Financial_Leverage

Financial Leverage

The ratio (lease + debt financing) / (gross investment), by time period. Used in computing discount rate for capital asset pricing model (an optional method for computing the discount rate). Income tax expense for 100% debt financing, by time period. Investment tax credit has not been subtracted at this point. The model does not include loss carried forward. Income tax expense for 100% equity financing, by time period. Investment tax credit has not been subtracted at this point. The model does not include loss carried forward. Income tax expense for 100% lease financing, by time period. The model does not include loss carried forward. Income tax rate on taxable income Date on which the investment is made End date of the time period in which the investment is made, expressed in years since the start of model time Net investment is gross investmnet less investment tax credit, segmented by subproject. The investment tax credit may be paid after the start of each subproject.

Financing_Scenario Income_Tax_DebtFin Income_Tax_EquityFin Income_Tax_LeaseFin Income_Tax_Rate Invest_Date Invest_Date_Time_Yr Invest_Fixed_Net

Financing Scenario Income Tax - Debt Fin Income Tax - Equity Fin Income Tax - Lease Fin Income Tax Rate Investment Date Investment Date Net Investment

Invest_Fixed_Resid_Value

Residual Value

The residual value of depreciable investment at the end of the project, segmented by subproject. The residual value of non-depreciable investments defaults to the initial value, and you can override this default to reflect changes in market value of land.

Invest_Gross

Gross Investment

Initial gross investment is depreciable investment plus non-depreciable investment plus initial working capital. Excludes residual value of investments. Gross investment is computed for each subproject separately. Used to compute the principal amounts for debt and effective principal amounts for leases. Fixed depreciatble and non-depreciable investment, segmented by subproject, before subtracting investment tax credit Life of the depreciable investment in years, segmented by subproject. Values should be multiples of the time grain. At the end of investment life, revenue and expenses halt and equipment and working capital are salvaged. Investment tax credit, segmented by subproject. Applies only to depreciable investment. This value assumes the company can take the investment tax credit. Date on which the investment tax credit is paid to the project Percentage of depreciable investment that determines investment tax credit, segmented by subproject Initial guess for annualized internal rate of return on investment using weighted blend of financing types Initial guess for annualized internal rate of return on investment Annualized internal rate of return for the project using blended financing, during mdoel time. Excludes cash flow in the tail after model time.

Invest_Gross_Fixed Invest_Life_Yr

Fixed Investment Life (Yr)

Invest_Tax_Credit Invest_Tax_Credit_Date Invest_Tax_Credit_pct IRR_Guess_Yr IRR_Guess_Yr_EquityFin IRR_Yr

Investment Tax Credit Tax Credit Date Investment Tax Credit % IRR Initial Guess (Yr) IRR Initial Guess (Yr) IRR (Yr)

IRR_Yr_EquityFin Lease_Rate Lease_Rate_Yr

IRR (Yr) Leasing Rate Leasing Rate (Yr)

Annualized internal rate of return for the project using equity financing, during model time. Excludes cash flow in the tail after model time. Effective interest rate per time period at which lease financing can be obtained for this investment project. Effective annual interest rate at which lease financing can be obtained for each subproject, by time period. This rate is used to estimate lease payments based on the value of assets leased. Specifying lease payments in this way enables you to alter the value of leased assets and the lease payment adjusts in a reasonable way. It also enables you to compare effective financing rates for debt and leases. The lease rate for the first time period and the first subproject is, by default, copied to later time periods and other subprojects. You can override the default by entering a discount rate for any time period and subproject.

Net_Income Net_Income_plt

Net Income Net income

Net income after operations expense, interest expense, lease costs, depreciation, and income tax Net income after operations expense, interest expense, depreciation, lease costs and income tax. Used only for plot support.

NPV NPV_DebtFin NPV_EquityFin NPV_LeaseFin Price_Average Project_Name Return_on_Cap_Avg_Yr Return_on_Sales_pct Revenue Revenue_Growth_pct_Yr Risk_Premium Risk_Premium_Yr Riskless_Rate Riskless_Rate_Yr Sales_Units Sales_Units_Growth_pct Sales_Units_Growth_pct_Yr Sales_Units_Initial Tail_Discount_Rate Tail_Discount_Rate_Yr Tail_Future_Value

NPV NPV_DebtFin NPV Equity Financing NPV Lease Financing Average Price Project Name Avg ROC (Yr) Return on Sales % Revenue Revenue Annualized Growth Market Risk Premium Market Risk Premium (Yr) Riskless Discount Rate Riskless Discount Rate (Yr) Sales Units Sales Units Growth % Sales Units Annualized Growth Initial Sales Units Tail Discount Rate Tail Discount Rate (Yr) Tail Future Value

NPV of cash flow of the project and subprojects, using blended financing if applicable value of discounted cash flows for the case of 100% debt financing. Net present Net present value of discounted cash flows for the case of 100% equity financing. Net present value of discounted cash flows for the case of 100% lease financing. Average selling price of each unit sold, by investment asset and by time period Name of the investment project Average annualized return on capital during model time (excluding the cash flow in the tail after model time) Return on sales % is (EBIT less tax) / Revenue, by time period Revenue, segmented by asset and by time period Revenue growth rate in each time period, annualized. Segmented by subproject and by time period The risk premium in the capital asset pricing model, by time period Annualized risk premium in the capital asset pricing model, by time period Rate of return on "riskless" investments in the capital asset pricing model, for each time period. Usually approximated as the rate of return on treasury bills. Annual rate of return on "riskless" investments in the capital asset pricing model. Usually approximated as the rate of return on treasury bills. Number of units sold per time period, for each subproject. Sales for each subproject begin in the time period after investment. Annualized revenue growth rate, segmented by subproject and by time period Growth rate of sales units in each time period, annualized. Segmented by subproject and by time period. Revenue in the first time period, segmented by subproject Discount rate per time period applied to cash flows that are projected after the end model time Annualized discount rate applied to cash flows that are projected after the end of model time Value of cash flows that occur after the end of model time, discounted to the end of model time. Assumes same weights for types of financing as in the last period of model time. Value of cash flows that occur after the end of model time, discounted to the end of model time. Based on equity financing and cash flow in the last period of model time. The rate at which cash flow grows after the end of the model time period

Tail_Future_Value_EqFin Tail_Growth_Rate

Tail Future Value Tail Growth Rate

Tail_Growth_Rate_Yr Tail_Present_Value Tail_Present_Value_EqFin Time_Invest_Yr Time_Yr Valuation Valuation_EquityFin Valuation_plt

Tail Growth Rate (Yr) Tail Present Value Tail Present Value Time for Investment Time (Yr) Valuation Valuation Valuation

Annualized rate at which cash flow grows after the end of model time Present value at start of model time of cash flows that occur after the end of model time. Assumes same weights for types of financing as in the last period of model time. Present value at start of model time of cash flows that occur after the end of model time. Uses equity financing and cawsh flow in the last period of model time. This variable counts time after investment date in years. Used in depreciation computations. This variable counts time in years. Used in several computations in the model. Valuation of the investment in each time period, as present value of total cash flow including tail value, using blended financing if applicable Valuation of the investment in each time period, as present value of cash flow including tail value, using equity financing Valuation of the investment in each time period, as present value of total cash flow including tail value, using blended financing if applicable Used only for plot support.

Working_Cap_Initial Working_Cap_Max

Initial Working Capital Max Working Capital

The initial working capital invested at the start of each subproject, segmented by working capital account and by subproject Maximum working capital over time, segmented by working capital accounts, subproject, and time period. The maximum working capital is computed for each project separately. Used to compute maximum working capital over time, segmented by working capital accounts, subproject, and time period. the maximum working capital is computed for each project separately. Working capital requirements as a percentage of revenue, segmented by working capital account and by subproject. Working capital is specified directly in the first time period for each subproject. In later time periods, working capital is set as a percent of revenue.

Working_Cap_Max_time

Max Working Capital

Working_Cap_pct_Rev

WC % Rev

Working_Cap_Residual_pct Working_Capital

WC Residual % Working Capital

Working capital salvage value as a percentage of the working capital at the termination of the project, segmented by working capital account and by subproject Working capital, segmented by working capital account, by subproject, and by time period. Working capital is specified directly in the first time period for each subproject. In later time periods, working capital is set as a percent of revenue.

Dimension (item) CF_Blended EBITDA Fixed_Invest

Display Item As CF Blended EBITDA Fixed Invest

Total As Total

Level As CF_Blended CF_Blended

Comment

Inv_Tax_Credit Working_Cap Principal_Pay Interest_Pay Lease_Pay Depreciation Income_Tax CF_Debt_Fin EBITDA Fixed_Invest Inv_Tax_Credit Working_Cap Principal_Pay Interest_Pay Depreciation Income_Tax CF_Equity_Fin EBITDA Fixed_Invest Inv_Tax_Credit Working_Cap Depreciation Income_Tax CF_Lease_Fin EBITDA Working_Cap Lease_Pay Income_Tax Fin_Scenarios 1 2 3

Inv Tax Credit Working Cap Principal Pay Interest Pay Lease Pay Depreciation Income Tax CF Debt Fin EBITDA Fixed Invest Inv Tax Credit Working Cap Principal Pay Interest Pay Depreciation Income Tax CF Equity Fin EBITDA Fixed Invest Inv Tax Credit Working Cap Depreciation Income Tax CF Lease Fin EBITDA Working Cap Lease Pay Income Tax Fin Scenarios 1 2 3 Total Fin_Scenarios Fin_Scenarios Total CF_Lease_Fin CF_Lease_Fin Total CF_Equity_Fin CF_Equity_Fin Total CF_Debt_Fin CF_EquityFin1 Components of cash flow

FinTax Interest Lease_Exp Depreciation Income_Tax FinTypes Equity Debt Lease Fixed_Expense_Accts Computers Vehicles Invest_Fixed Depreciable Non_Deprec Subprojects Catamaran Canoes Canoe_1 Canoe_2 Var_Expense_Accts Fuel Maintenance Working_Cap_Accts Receivables Supplies_inventory

FinTax Interest Lease Exp Depreciation Income Tax FinTypes Equity Debt Lease Fixed Expense Accts Computers Vehicles Invest Fixed Depreciable Non-Deprec Subprojects Catamaran Canoes Canoe 1 Canoe 2 Var Expense Accts Fuel Maintenance Working Cap Accts Receivables Supplies inventory

Total

FinTax FinTax

Total

Fin Types Fin_Vehicles

Types of financing that can be used, if blended financing is turned on

Total

Fixed_Expense_Accts Accounts for kinds of fixed expenses Fixed_Expense_Accts

Total

Invest_Fixed Invest_Comp

Components of fixed investment

Total Subtotal

Subproject SubProject Subprojects 2

List of sub-projects that have separate financial models

Total

Var_Expense_Accts Expense_Accts

Accounts for types of variable expenses

Total

Working_Cap_Accts Working_Cap_Accts

List of types of working capitat that are tracked in the model