Revenue

New PDA
-Lost sales (from old PDA)
-Lost revenue (from old PDA)
Total Revenue

Year 0

Costs
Variable: New PDA
Fixed Cost recovery: Old PDA
Fixed Costs: New PDA
Total Costs

Year 0

0
0
0
0

Net WC
Beg
End
Change in NWC
Net CF
NPV (@ 12% discount) = 13,111,555
NPV (@ 30% discount)
IRR (NPV = 0)

Year 2
28275000
17625000
3480000
7170000
2509500
4660500
3480000
0

Year 3
45000000
24075000
3480000
17445000
6105750
11339250
3480000
0

Year 4
37800000
20975000
3480000
13345000
4670750
8674250
3480000
0

Year 1
Year 2
0
0 21312000
0 21312000 27360000
0 21312000 6048000

Year 3
27360000
36000000
8640000

Year 4
36000000
30240000
-5760000

0
0
0
0
0
0
0
950000
Year 0

Year 2
Year 3
Year 4
34200000 45000000 37800000
17400000
0
0
11475000
0
0
28275000 45000000 37800000

Year 1
Year 2
Year 3
Year 4
0 11470000 14725000 19375000 16275000
0 1800000 1800000
0
0
0 4700000 4700000 4700000 4700000
0 14370000 17625000 24075000 20975000

Year 0
Total Revenue
-Total Costs
-Depreciation (Straight Line)
Earnings before Int & Taxes (Rev - Costs- Depr.)
-Taxes
Net Operating Profit After Taxes (EBIT - Taxes)
Depreciation (Straight Line)
-Capital Expenditure

Year 1
26640000
23200000
16575000
20015000

Year 1
20015000
14370000
3480000
2165000
757750
1407250
3480000
0

-950000 -16424750 2092500 6179250 17914250

Year 5 28800000 0 0 28800000 Year 5 12400000 0 4700000 17100000 Year 5 28800000 17100000 3480000 8220000 2877000 5343000 3480000 1435000 Year 5 30240000 23040000 -7200000 14588000 .

Depr.Taxes) Depreciation (Straight Line) -Capital Expenditure Year 0 0 0 0 =(F14-F15-F16) =(F17*0.35) =(G17-G18) =G16 0 =H5 =H11 3480000 =(H14-H15-H16) =(H17*0.30^5) 21918000/(1+IRR)^5 =(360*125000) 0 0 =((I2-(I3-I4))) Year 2 Year 3 =155*125000 0 4700000 =(I8-I9+I10) Year 2 Year 1 =(360*105000) 0 0 =((J2-(J3-J4))) =(155*105000) 0 4700000 =(J8-J9+J10) Year 3 =I5 =I11 3480000 =(I14-I15-I16) =(I17*0.30^3) 12659250/(1+IRR)^3 (13594250)/(1.491.12^5) (21918000)/(1.35) =(H17-H18) =H16 0 Net WC Beg End Change in NWC 0 =F2*0.35) =(I17-I18) =I16 0 Year 2 =J5 =J11 3480000 =(J14-J15-J16) =(J17*0.2) =(I24-I25) Net CF =-F21 =(G19+G20)-(G21)-(-G26) =(H19+H20)-(H21)-(-H26) NPV (@ 12% discount) = 13.12) (-440750)/(1.12^3) (12659250)/(1.Costs.48 = -21500000 = -21500000 -21500000 = (-440750)/(1.111.35) =(F17-F18) =F16 =-21500000 Year 1 =G5 =G11 3480000 =(G14-G15-G16) =(G17*0.30^2) 6628500/(1+IRR)^2 Year 0 Year 2 =(360*95000) =(290*60000) =(255*45000) =((H2-(H3-H4))) Year 1 Year 0 Year 3 Year 4 Year 5 =(360*80000) 0 0 =((K2-(K3-K4))) Year 4 Year 5 =(155*80000) 0 4700000 =(K8-K9+K10) Year 4 Year 5 =K5 =K11 3480000 =(K14-K15-K16) =(K17*0.35) Year 4 9000000 =(J2*0.908 IRR (NPV = 0) = 27.2 0 0 =(G2*0.35) =(J17-J18) =J16 0 Year 3 .2) =(H24-H25) 6840000 =(I2*0.555 NPV (@ 30% discount) = -1.35) =(K17-K18) =K16 =4100000+(4100000*0.30^4) 13594250/(1+IRR)^4 (21918000)/(1.2) -5328000 5328000 =(H2*0.) -Taxes Net Operating Profit After Taxes (EBIT .2) =(J24-J25) Year 5 7560000 0 =(K24-K25) =(I19+I20)-(I21)-(-I26) =(J19+J20)-(J21)-(-J26) =(K19+K20)-(-K21)-(-K26) (12659250)/(1.Revenue New PDA -Lost sales (from old PDA) -Lost revenue (from old PDA) Total Revenue =0 0 0 0 Year 0 Year 1 =(360*74000) =(290*80000) =(255*65000) =((G2-(G3-G4))) Costs Variable: New PDA Fixed Cost recovery: Old PDA Fixed Costs: New PDA Total Costs 0 0 0 0 =(155*74000) 1800000 4700000 =(G8-G9+G10) =(155*95000) 1800000 4700000 =(H8-H9+H10) Total Revenue -Total Costs -Depreciation (Straight Line) Earnings before Int & Taxes (Rev .12^4) (13594250)/(1.12^2) (6628500)/(1.30) -440750/(1+IRR) (6628500)/(1.

000 1.111.000 14.000 (1.200.Costs.800.700.000 Year 1 20.328.000 Year 1 5.015.000 11.000 23.170.275.215.) -Taxes Net Operating Profit After Taxes (EBIT .000 4.700.000 (21.250 9.725.000 Costs Variable: New PDA Fixed Cost recovery: Old PDA Fixed Costs: New PDA Total Costs Year 0 - Year 1 11.500.015.000 Year 2 14.500.Revenue New PDA -Lost sales (from old PDA) -Lost revenue (from old PDA) Total Revenue Year 0 - Year 1 26.840.625.275.000 28.000 757.370.000 16.000 6.750 1.480.000) - Year 2 28.480.575.640.480.000) Year 2 5.000 4.000 2.Taxes) Depreciation (Straight Line) -Capital Expenditure Net WC Beg End Change in NWC Net CF NPV (@ 12% discount) = 13.000 Year 2 34.000 14.512.000 17.370.470.000 1.000) 10.Depr.509.000 2.480.555 NPV (@ 30% discount) IRR (NPV = 0) Year 0 21.500 3.000 3.652.407.000 - Year 0 Total Revenue -Total Costs -Depreciation (Straight Line) Earnings before Int & Taxes (Rev .500 .625.200.000 3.000 20.400.800.165.660.475.000 (5.328.000 7.500 4.328.250 3.000 17.000 17.

000 7.480.000) 22.000 4.000 14.000 17.000 45.877.000 Year 3 1.345.000 Year 3 45.000 (7.480.000 Year 4 16.343.000 Year 5 28.000 17.400.000 Year 4 37.000 3.800.700.000 20.000.000 2.800.512.480.535.800.275.700.000 .670.000 24.000 13.000 - Year 5 28.250 Year 5 72.375.075.480.700.488.000 (72.226.Year 3 45.000 - Year 4 37.307.000 Year 5 12.000 3.480.975.800.000 5.250 Year 4 7.975.750 11.220.000.000 3.000 8.105.000 Year 3 19.000.560.000 37.000 3.000 17.286.000) 12.000 4.750 8.000 28.000.100.000 4.480.000 20.488.800.250 3.000 5.674.000 72.075.000 6.445.339.800.250 3.000 24.100.000 9.000 4.