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Drivers
Selected case 3
Inflation
Expected long-term inflation Italy (annual) 1%
Expected long-term inflation Vietnam (annual) 3%
WC Italy
DIO 25
DPO 30
Net Trading Cycle (days) -5
Financing facilities
Senior Facility (EUR) 200,000,000
Interest rate Senior Facility 5%
Repay Senior Facility in 10 years
Use as much debt as possible;
Loan schedule 0 1 2 3 4
Repayment % 0% 0% 5% 10% 10%
Covenant 1
Production should not be less than 15,000 per year.
Otherwise penalty of $1,000,000 per year.
Productivity (as a %) 1 2 3 4 5
Best case 85% 87% 89% 92% 90%
Base case 80% 85% 87% 90% 88%
Worst case 75% 80% 82% 84% 83%
6 7 8 9 10
89% 87% 85% 84% 83%
87% 85% 83% 82% 81%
82% 80% 78% 77% 76%
6 7 8 9 10
16,291 16,454 16,618 16,784 16,952
12,752 13,135 13,529 13,934 14,353
3,539 3,319 3,089 2,850 2,600
6 7 8 9 10
69,286,590 63,525,413 57,773,378 52,664,453 47,469,001
61,572,353 56,422,780 51,285,458 46,736,852 42,113,791
52,230,341 47,793,414 43,376,376 39,498,339 35,562,757
52,230,341 47,793,414 43,376,376 39,498,339 35,562,757
Fixed asset roll-forward
Investment plan 0 1 2 3 4
Year 1 80% 10% 10% 3% 3%
in EUR 1 2 3 4 5
Beginning PP&E 304,000,000 311,600,000 315,400,000 288,800,000 261,060,000
Capex 38,000,000 38,000,000 11,400,000 11,400,000 11,400,000
D&A (30,400,000) (34,200,000) (38,000,000) (39,140,000) (40,280,000)
Ending PP&E 311,600,000 315,400,000 288,800,000 261,060,000 232,180,000
6 7 8 9 10
232,180,000 202,160,000 171,000,000 138,700,000 105,260,000
11,400,000 11,400,000 11,400,000 11,400,000 11,400,000
(41,420,000) (42,560,000) (43,700,000) (44,840,000) (45,980,000)
202,160,000 171,000,000 138,700,000 105,260,000 70,680,000