Professional Documents
Culture Documents
Drivers
Selected case 1
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
69,286,590 63,525,413 57,773,378 52,664,453 47,469,001
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 256,000,000 262,400,000 265,600,000 243,200,000 219,840,000
Capex 32,000,000 32,000,000 9,600,000 9,600,000 9,600,000
D&A (25,600,000) (28,800,000) (32,000,000) (32,960,000) (33,920,000)
Ending PP&E 262,400,000 265,600,000 243,200,000 219,840,000 195,520,000
6 7 8 9 10
195,520,000 170,240,000 144,000,000 116,800,000 88,640,000
9,600,000 9,600,000 9,600,000 9,600,000 9,600,000
(34,880,000) (35,840,000) (36,800,000) (37,760,000) (38,720,000)
170,240,000 144,000,000 116,800,000 88,640,000 59,520,000
6 7 8 9 10
(25,600,000) (25,600,000) (25,600,000) (25,600,000) (25,600,000)
(3,200,000) (3,200,000) (3,200,000) (3,200,000) (3,200,000)
(3,200,000) (3,200,000) (3,200,000) (3,200,000) (3,200,000)
(960,000) (960,000) (960,000) (960,000) (960,000)
(960,000) (960,000) (960,000) (960,000) (960,000)
(960,000) (960,000) (960,000) (960,000) (960,000)
(960,000) (960,000) (960,000) (960,000)
(960,000) (960,000) (960,000)
(960,000) (960,000)
(960,000)
(34,880,000) (35,840,000) (36,800,000) (37,760,000) (38,720,000)
Working capital
WC Italy
DIO 25
DPO 30
Net Trading Cycle (days) -5
WC Vietnam
DIO 45
DPO 25
Net Trading Cycle (days) 20
in EUR 1 2 3 4
Extra production value 205,700,000 216,856,200 228,496,642 243,284,739
Delta net trading cycle (days) 25 25 25 25
Working capital (14,284,722) (15,059,458) (15,867,822) (16,894,774)
Delta Working Capital (14,284,722) (774,736) (808,364) (1,026,951)
DIO Vietnam
Best case 45
Base case 50
Worst case 55
DPO Vietnam
Best case 25
Base case 30
Worst case 35
5 6 7 8 9 10
245,135,819 249,684,450 251,395,771 252,985,054 257,509,022 262,076,742
25 25 25 25 25 25
(17,023,321) (17,339,198) (17,458,040) (17,568,407) (17,882,571) (18,199,774)
(128,547) (315,877) (118,842) (110,367) (314,164) (317,203)
Financing
Financing facilities
Debt Facility (EUR) 200,000,000
Interest rate Debt Facility 5%
Repay Debt Facility in 10 years
in EUR 0 1 2 3
Beginning Debt 200,000,000 200,000,000 200,000,000 190,000,000
Repayment - - (10,000,000) (20,000,000)
Repayment % 0% 0% 5% 10%
Ending Debt 200,000,000 200,000,000 190,000,000 170,000,000
Covenant Penalty - - - -
- - - - - - -
(200,000,000) (200,000,000) (200,000,000) (200,000,000) (200,000,000) (200,000,000) (200,000,000)
P&L
in EUR 1 2 3 4 5
Savings (EBITDA) 84,150,000 82,780,500 81,093,507 79,941,290 74,225,552
D&A (25,600,000) (28,800,000) (32,000,000) (32,960,000) (33,920,000)
EBIT 58,550,000 53,980,500 49,093,507 46,981,290 40,305,552
Interest expenses (10,000,000) (10,000,000) (9,500,000) (8,500,000) (7,500,000)
Covenants - - - - -
EBT 48,550,000 43,980,500 39,593,507 38,481,290 32,805,552
Taxes (14,565,000) (13,194,150) (11,878,052) (11,544,387) (9,841,666)
Net Income 33,985,000 30,786,350 27,715,455 26,936,903 22,963,886
6 7 8 9 10
69,286,590 63,525,413 57,773,378 52,664,453 47,469,001
(34,880,000) (35,840,000) (36,800,000) (37,760,000) (38,720,000)
34,406,590 27,685,413 20,973,378 14,904,453 8,749,001
(6,500,000) (5,500,000) (4,500,000) (3,500,000) (2,500,000)
- - - - -
27,906,590 22,185,413 16,473,378 11,404,453 6,249,001
(8,371,977) (6,655,624) (4,942,013) (3,421,336) (1,874,700)
19,534,613 15,529,789 11,531,364 7,983,117 4,374,301
Cash Flow
in EUR 0 1 2 3 4
Savings per unit (EBITDA)
Taxes
Delta Working Capital
Capex
Operating Cash Flow
Debt repayment
Interest expenses
Covenant penalty
Increase of equity
Project Cash Flow
5 6 7 8 9 10 Residual Value