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Parameters

Tax rate 35%

2015 2016 2017


Revenue:
Sales (yoga mats) 90,000 80,000
Sales (classes) 1,600,000 400,000
Total Sales 1,690,000 480,000

Operating expenses:
COGS (mats) 60,000 40,000
Salary 300,000 200,000
Total operating expenses 360,000 240,000

NOP calculation
EBIT 1,330,000 240,000
Tax 465,500 84,000
NOP 864,500 156,000

NOWC calculation
Operating current assets:
Inventories 0 40,000 0

Operating current liabilities


Deferred revenue 0 400,000 0

NOWC 0 (360,000) 0

Change in NOWC (360,000) 360,000

FCF Calcualtion
FCF 1,224,500 (204,000)