Assumptions

Sales
Number of Unit
Pricing ($)

Number of Stores
40

50
500,000
4

500,000
4

30
500,000
4

COGS

40%

40%

40%

Operational Expenses
Human Resource Requirements
Salary

200
250

160
250

120
250

20,000
3,000

20,000
3,450

15,000
3,968

Rentals
Sales & Advertising
Depreciation
Book
Tax
Tax Rate

20%
25%
33.33%

CAPEX
Office
Office Equipments
Miscle
Total CAPEX

Depreciation
Book
Opening Balance
Current year Addi
Book Depreciation
Closing Balance

50 Stores

40 Stores

30 Stores

50,000
10,000

40,000
8,000

30,000
6,000

60,000

48,000

36,000

Year 1

Year 1

Year 1

60,000
12,000
48,000

48,000
48,000
21,600
74,400

74,400
36,000
28,800
81,600

Tax
Opening Balance
Current year Addi
Tax Depreciation
Closing Balance

60,000
15,000
45,000

45,000
48,000
23,250
69,750

69,750
36,000
26,438
79,313

CAPEX

60,000

48,000

36,000

P&L
Revenues
COGS
Gross Profit
Operational Expenses
Salaries
Rentals
Advertising & Promotion
Depreciation
Total Operating Expenses

50 Stores
2,000,000
800,000
1,200,000

40 Stores
2,000,000
800,000
1,200,000

30 Stores
2,000,000
800,000
1,200,000

50,000
20,000
3,000
12,000
85,000

40,000
20,000
3,450
21,600
85,050

30,000
15,000
3,968
28,800
77,768

EBIT
Interest Expenses
EBT
Taxes
Net Income

1,115,000
12,000
1,103,000
(366,630)
736,370

1,114,950
20,000
1,094,950
(364,397)
730,553

1,122,233
12,000
1,110,233
(370,828)
739,405

Taxation
EBT
Add: Book Depreciation
Less: Tax Depreciation
Taxable Profit
Taxes

1,103,000
12,000
(15,000)
1,100,000
366,630

1,094,950
21,600
(23,250)
1,093,300
364,397

1,110,233
28,800
(26,438)
1,112,595
370,828

Cash Flow
Cash Flow Operation
Net Income
Add: Depreciation
CFO
Cash Flow Investment

2014

2015

736,370
12,000
748,370

730,553
21,600
752,153

739,405
28,800
768,205

(60,000)

(48,000)

(36,000)

Cash Flow Financing

Debt Inflow
Equity Inflow
Dividend Payment
Principal Payment
CFF

200,000
200,000
#REF!
#REF!

Opening Cash balance

Current Year Addition
Closing Cash Balance

#REF!
#REF!

Venture Returns
NOPAT
Add: Deprecitation
Les: CAPEX
Free Cash Flow to Firm (FCFF)
Cumulative Cashflow
NPV
IRR
Payback Period

2016

1
2014
743,371
12,000
(60,000)
695,371
695,371
#REF!
#NUM!
0.09 years

#REF!
(66,667)
#REF!

#REF!
(66,667)
#REF!

#REF!
#REF!
#REF!

#REF!
#REF!
#REF!

2
2015
743,337
21,600
(48,000)
716,937
1,412,308

3
2016
748,192
28,800
(36,000)
740,992
2,153,300

2017

2018
-

#REF!
(66,667)
#REF!

#REF!

#REF!
#REF!
#REF!

#REF!
#REF!
#REF!

4
2017
2,153,300

#REF!

5
2018
2,153,300

Debt Repayment
Opening Debt Balance
Debt Additions
Principal Payments
Closing Debt Balance
Interest Payable
Maturity
Interest

2014
200,000
200,000
12,000
3
12%

2015
200,000
66,667
133,333
20,000

2016
133,333
66,667
66,667
12,000

2017
66,667
66,667
4,000

2018
-

Balance Sheet
Current Assets
Cash

2014

2015

2016

#REF!

#REF!

#REF!

Assets
Cumulative Depreciation

Fixed Assets
Total assets

60,000

108,000

144,000

(12,000)

(33,600)

(62,400)

48,000
#REF!

74,400
#REF!

81,600
#REF!

Liabilities
Long Term debt
Shareholders Equity
Equity
Retained Earnings
Total Liabilites & Equity

200,000

133,333

66,667

200,000
#REF!
#REF!

200,000
#REF!
#REF!

200,000
#REF!
#REF!

Balance

#REF!

#REF!

#REF!

2017

2018

#REF!

#REF!

144,000

144,000

(62,400)

(62,400)

81,600
#REF!

81,600
#REF!

200,000
#REF!
#REF!

200,000
#REF!
#REF!

#REF!

#REF!