Closing balance

Receivables
Production materials
Stock of ready goods
Current liabilities
Working capital
Working capital investments
FCFF calculation
Revenues
Operational cost
Depreciation costs
EBIT
Taxes
NOPAT
Depretiation costs
Investments
Working capital investments
Residual value
FCFF
WACC
NPV
IRR

0 Year 1

Year 2
100
5
5
100
10
90

0 Year 1

750

-750
13%
414.25 z
30%

100
40
0
60
11.4
48.6
0
100
90
-141.4
-282.8

Year 3
900
45
45
100
890
10

Year 2
900
360
0
540
102.6
437.4
0
100
10
327.4
654.8

Year 4
980
49
49
100
978
2

Year 3
980
392
0
588
111.72
476.28
0
100
2
374.28
748.56

Year 5
900
45
45
100
890
10

Year 4
900
360
0
540
102.6
437.4
0
100
10
327.4
654.8

400
20
20
101
339
61
Year 5
400
160
0
240
45.6
194.4
0
101
61
32.4
64.8

Without strategy
E(equity)
D at beginning of period
V (value of indebted company)

5300
1000
6300

With strategy
Y1
Sales revenue
Operating cost
Depreciation
Investments into fixed assets
Investments working capital
Profit before tax
Tax
Net income
CF
Shares
WACC
Tax

12%
19%

Y2
33100
28231
1742
2437
1511
-821
0
-821
921

Y3
31209
28321
1600
1600
500
-812
0
-812
788

28920
24033
1270
1997
505
1115
211.85
903.15
2173.15

Y4
30125
17893
389
1706
1112
9025
1714.75
7310.25
7699.25