@

Year I Revenue - Op Cost`

0 270
1 50
2 50
3 50
4 50
5 50
6 50
7 50
8 50
9 50
10 50
11 50
12 50
13 50
14 50
15 50
16 50
17 50
18 50

YES ! IT'S A PROFITABLE PROJECT

0.08

CF CF@ Cumul CF@

-270 -270 -270
50 46.2962962962963 -223.703703703704
50 42.8669410150892 -180.836762688615
50 39.6916120510085 -141.145150637606
50 36.7514926398227 -104.393657997783
50 34.0291598516876 -70.3644981460957
50 31.5084813441552 -38.8560168019405
50 29.1745197631067 -9.68149703883383
50 27.0134442250988 17.331947186265
50 25.0124483565729 42.3443955428379
50 23.1596744042342 65.5040699470721
50 21.4441429668835 86.9482129139557
50 19.8556879322996 106.803900846255
50 18.3848962336107 125.188797079866
50 17.0230520681581 142.211849148024
50 15.7620852482945 157.973934396318
50 14.5945233780505 172.568457774369
50 13.5134475722689 186.081905346638
50 12.5124514558046 198.594356802442
NO ! IT iSN'T A PROFITABLE PROJECT
 @ 0.07

YEAR IVT OC R CF CF@ Cumul CF#

0 -40 -40 -40 -40
1 -80 -80 -74.7663551 -114.766355

2 -120 -120 -104.812647 -219.579003

3 -30 20 -10 -8.16297877 -227.741981
4 -25 50 25 19.0723803 -208.669601
5 -25 50 25 17.82465449 -190.844947
6 -25 50 25 16.6585556 -174.186391
7 -25 50 25 15.56874355 -158.617647
8 -25 50 25 14.55022761 -144.06742
9 -25 50 25 13.59834356 -130.469076
10 -25 50 25 12.7087323 -117.760344
11 -25 50 25 11.87731991 -105.883024
12 -25 50 25 11.10029898 -94.782725
13 -25 50 25 10.3741112 -84.4086138
14 -25 50 25 9.695431025 -74.7131828
15 -25 50 25 9.061150491 -65.6520323
16 -25 50 25 8.468364945 -57.1836673
17 -25 50 25 7.914359762 -49.2693076
18 -25 50 25 7.396597908 -41.8727097
19 -25 50 25 6.912708325 -34.9600013
20 -20 0 -20 -5.16838006 -40.1283814
21 -15 -15 -3.6226963 -43.7510777
22 -15 -15 -3.38569748 -47.1367752
23 -10 -10 -2.10946883 -49.246244
24 0 0 0 -49.246244
 Op. Cost 16 Revenue 40

YEAR IVT Ore Deposit Production R Op. Cost CF

0 270 -270
1 45 2.5 100 40 60
2 42.5 2.5 100 40 60
3 40 2.5 100 40 60
4 37.5 2.5 100 40 60
5 35 2.5 100 40 60
6 32.5 2.5 100 40 60
7 30 2.5 100 40 60
8 27.5 2.5 100 40 60
9 25 2.5 100 40 60
10 22.5 2.5 100 40 60
11 20 2.5 100 40 60
12 17.5 2.5 100 40 60
13 15 2.5 100 40 60
14 12.5 2.5 100 40 60
15 10 2.5 100 40 60
16 7.5 2.5 100 40 60
17 5 2.5 100 40 60
18 2.5 2.5 100 40 60

YES ! IT'S A PROFITABLE PROJECT

 @ 0.08

CF@ Cumul CF#

-270 -270
55.55555556 -214.444444
51.44032922 -163.004115
47.62993446 -115.374181
44.10179117 -71.2723896
40.83499182 -30.4373978
37.81017761 7.372779838
35.00942372 42.38220355
32.41613307 74.79833662
30.01493803 104.8132747
27.79160929 132.6048839
25.73297156 158.3378555
23.82682552 182.164681
22.06187548 204.2265565
20.42766248 224.654219
18.9145023 243.5687213
17.51342805 261.0821493
16.21613709 277.2982864
15.01494175 292.3132282
Time Ivt
0 -300
1
2
3 90
 0.05

Buy Rent
op. cost Sum PV Cumul PV Rent Op.cost
-300 -300 -300 0
-100 -100 -95.2380952 -395.238095 -80 -100
-100 -100 -90.7029478 -485.941043 -80 -100
-100 -10 -8.63837599 -494.579419 -80 -100

RENT !
Rent
Sum PV
0 0 0
-180 -171.428571 -171.428571
-180 -163.265306 -334.693878
-180 -155.490768 -490.184645
7.1294 M EUR
Time Ivt Op Cost CF CF@ cumul CF@
-1
0 -3 -3 -3 -3
1 -0.3 -0.3 -0.28301887 -3.28301887
2 -0.3 -0.3 -0.26699893 -3.5500178
3 -0.3 -0.3 -0.25188578 -3.80190358
4 -0.3 -0.3 -0.2376281 -4.03953168
5 -0.3 -0.3 -0.22417745 -4.26370914
6 -0.3 -0.3 -0.21148816 -4.4751973
7 -0.3 -0.3 -0.19951713 -4.67471443
8 -0.3 -0.3 -0.18822371 -4.86293814
9 -0.3 -0.3 -0.17756954 -5.04050768
10 -0.3 -0.3 -0.16751843 -5.20802612
11 -0.3 -0.3 -0.15803626 -5.36606237
12 -0.3 -0.3 -0.14909081 -5.51515318
13 -0.3 -0.3 -0.14065171 -5.65580489
14 -0.3 -0.3 -0.13269029 -5.78849518
15 -0.3 -0.3 -0.12517952 -5.9136747

16 -0.3 -0.3 -0.11809389 -6.03176858

17 -0.3 -0.3 -0.11140933 -6.14317791
18 -0.3 -0.3 -0.10510314 -6.24828104
19 -0.3 -0.3 -0.0991539 -6.34743495
20 -0.3 -0.3 -0.09354142 -6.44097637
21 -0.3 -0.3 -0.08824662 -6.52922299
22 -0.3 -0.3 -0.08325153 -6.61247452
23 -0.3 -0.3 -0.07853918 -6.69101369
24 -0.3 -0.3 -0.07409356 -6.76510726
25 -0.3 -0.3 -0.06989959 -6.83500685
26 -0.3 -0.3 -0.06594301 -6.90094986
27 -0.3 -0.3 -0.06221039 -6.96316024
28 -0.3 -0.3 -0.05868904 -7.02184928
29 -0.3 -0.3 -0.05536702 -7.07721631
30 -0.3 -0.3 -0.05223304 -7.12944935
i= 0.06
 @

NPV
NPV
0.06

Year CF NPV =/=

0 -3 8 5
1 -0.3 5
2 -0.3 5
3 -0.3 5
4 -0.3 5
5 -0.3 5
6 -0.3 5
7 -0.3 5
8 -0.3 5
9 -0.3 5
10 -0.3 5
11 -0.3 5
12 -0.3 5
13 -0.3 5
14 -0.3 5
 Ivt CF1 CF2 CF3 CF4 …
2.7
0.3 0.3 0.3 0.3 0.3

2,7 + (0,3)/(1+@)^0 (0,3)/(1+@)^1 (0,3)/(1+@)^2 (0,3)/(1+@)^3 (0,3)/(1+@)^4

a = 0,3
q = 1/(1+@) 0.94339622642

Sn = 0,3(1-(1/(1+@))^n)/(1-1/(1+@))

2,7 +0,3(1)/(1-1/(1+0,06))
8.00
 CFn

0.3

(0,3)/(1+@)^n
 @

0.06

NPV
NPV

Year CF NPV
0 -3 8.72
1 -0.3
2 -0.3
3 -0.3
4 -0.3
5 -0.3
 6 -0.3
7 -0.3
8 -0.3
9 -0.3
10 -0.3
11 -0.3
12 -0.3
13 -0.3
14 -0.3
15 -1.3
16 -0.3
17 -0.3
18 -0.3
 Ivt CF1 CF2 CF3 CF4
1.7
0.3 0.3 0.3 0.3 0.3
1

1/((1+@)^15)^0

a=1
q = 1/(1+@)^15 0.41726506074
Sn = 1(1-(1/(1+@))^15)^n)/(1-1/(1+@))^15

1,7 + (0,3)/(1+@)^0 (0,3)/(1+@)^1 (0,3)/(1+@)^2 (0,3)/(1+@)^3 (0,3)/(1+@)^4

a = 0,3
q = 1/(1+@) 0.94339622642

Sn = 0,3(1-(1/(1+@))^n)/(1-1/(1+@))

1,7 +0,3(1)/(1-1/(1+0,06))+1/(1-(1+0,06)^15)
8.72

=/=
5.71604606592187
5.75900882987718
5.80454935966981
5.85282232125
5.903991660525
5.9582311601565
6.01572502976589
6.07666853155185
6.14126864344496
6.20974476205166
6.28232944777476
6.35926921464124
6.44082536751972
6.5272748895709
6.61891138294516
5.71604606592187
5.75900882987718
5.80454935966981
5.85282232125
… CF15 … CF30 … CF45

0.3 0.3 0.3

1 1 1

1/((1+@)^15)^1 1/((1+@)^15)^2 1/((1+@)^15)^3

(0,3)/(1+@)^n
 … CFn

0.3

1+@)^15)^3
 0.1

Time Principal interest Amortisation Yearly payment

1 50000 5000 10000 15000
2 40000 4000 10000 14000
3 30000 3000 10000 13000
4 20000 2000 10000 12000
5 10000 1000 10000 11000
 0.1

Time Principal interest Amortisation

1 50000 5000 8189.874
2 41810.12596 4181.013 9008.8614
3 32801.26452 3280.126 9909.7476
4 22891.51693 2289.152 10900.722
5 11990.79458 1199.079 11990.795

50000
Yearly payment
13189.87404
13189.87404
13189.87404
13189.87404
13189.87404
 Time I
0 270
1 0
2
3
4
5
6
7
8
9
10
Constant amortisation 11
12
13
14
15
16
17
18
 16 40 0.08

R Y Cost R CF CF@ cumul CF@ Time I R

45 -270 -270 -270 0 270 45
42.5 2.5 40 100 60 55.55555556 -214.444444 1 0 42.5
40 2.5 40 100 60 51.44032922 -163.004115 2 40
37.5 2.5 40 100 60 47.62993446 -115.374181 3 37.5
35 2.5 40 100 60 44.10179117 -71.2723896 4 35
32.5 2.5 40 100 60 40.83499182 -30.4373978 5 32.5
30 2.5 40 100 60 37.81017761 7.372779838 6 30
27.5 2.5 40 100 60 35.00942372 42.38220355 7 27.5
25 2.5 40 100 60 32.41613307 74.79833662 8 25
22.5 2.5 40 100 60 30.01493803 104.8132747 9 22.5
20 2.5 40 100 60 27.79160929 132.6048839 10 20
17.5 2.5 40 100 60 25.73297156 158.3378555 11 17.5
15 2.5 40 100 60 23.82682552 182.164681 12 15
12.5 2.5 40 100 60 22.06187548 204.2265565 13 12.5
10 2.5 40 100 60 20.42766248 224.654219 14 10
7.5 2.5 40 100 60 18.9145023 243.5687213 15 7.5
5 2.5 40 100 60 17.51342805 261.0821493 16 5
2.5 2.5 40 100 60 16.21613709 277.2982864 17 2.5
0 2.5 40 100 60 15.01494175 292.3132282 18 0
 16 40 0.1 0.08

Y Cost R Loan CF CF@ cumul CF@ Time I R

150 -120 -120 -120 0 270 45
2.5 40 100 15 45 41.66666667 -78.3333333 1 0 42.5
2.5 40 100 15 45 38.58024691 -39.7530864 2 40
2.5 40 100 15 45 35.72245085 -4.03063557 3 37.5
2.5 40 100 15 45 33.07634338 29.0457078 4 35
2.5 40 100 15 45 30.62624387 59.67195167 5 32.5
2.5 40 100 15 45 28.35763321 88.02958488 6 30
2.5 40 100 15 45 26.25706779 114.2866527 7 27.5
2.5 40 100 15 45 24.3120998 138.5987525 8 25
2.5 40 100 15 45 22.51120352 161.109956 9 22.5
2.5 40 100 165 -105 -48.6353162 112.4746397 10 20
2.5 40 100 60 25.73297156 138.2076113 11 17.5
2.5 40 100 60 23.82682552 162.0344368 12 15
2.5 40 100 60 22.06187548 184.0963123 13 12.5
2.5 40 100 60 20.42766248 204.5239748 14 10
2.5 40 100 60 18.9145023 223.4384771 15 7.5
2.5 40 100 60 17.51342805 240.9519051 16 5
2.5 40 100 60 16.21613709 257.1680422 17 2.5
2.5 40 100 60 15.01494175 272.182984 18 0
 16 40 0.1 0.08

Y Cost R Loan CF CF@ cumul CF@ Time I

150 -120 -120 -120 0 270
2.5 40 100 30 30 27.777777778 -92.2222222 1 0
2.5 40 100 28.5 31.5 27.00617284 -65.2160494 2
2.5 40 100 27 33 26.196463954 -39.0195854 3
2.5 40 100 25.5 34.5 25.358529921 -13.6610555 4
2.5 40 100 24 36 24.500995093 10.83993959 5
2.5 40 100 22.5 37.5 23.631361008 34.47130059 6
2.5 40 100 21 39 22.756125415 57.22742601 7
2.5 40 100 19.5 40.5 21.880889822 79.10831583 8
2.5 40 100 18 42 21.01045662 100.1187725 9
2.5 40 100 16.5 43.5 20.148916732 120.2676892 10
2.5 40 100 60 25.73297156 146.0006607 11
2.5 40 100 60 23.826825519 169.8274863 12
2.5 40 100 60 22.06187548 191.8893617 13
2.5 40 100 60 20.427662482 212.3170242 14
2.5 40 100 60 18.914502298 231.2315265 15
2.5 40 100 60 17.513428054 248.7449546 16
2.5 40 100 60 16.216137087 264.9610917 17
2.5 40 100 60 15.014941747 279.9760334 18
 16 40 0.1 0.08

R Y Cost R Loan CF CF@ cumul CF@

45 150 -120 -120 -120
42.5 2.5 40 100 24.41180923 35.58819077 32.95202849 -87.0479715
40 2.5 40 100 24.41180923 35.58819077 30.51113749 -56.536834
37.5 2.5 40 100 24.41180923 35.58819077 28.25105323 -28.2857808
35 2.5 40 100 24.41180923 35.58819077 26.15838262 -2.12739817
32.5 2.5 40 100 24.41180923 35.58819077 24.22072465 22.09332648
30 2.5 40 100 24.41180923 35.58819077 22.4265969 44.51992338
27.5 2.5 40 100 24.41180923 35.58819077 20.7653675 65.28529087
25 2.5 40 100 24.41180923 35.58819077 19.22719213 84.512483
22.5 2.5 40 100 24.41180923 35.58819077 17.80295567 102.3154387
20 2.5 40 100 24.41180923 35.58819077 16.48421822 118.7996569
17.5 2.5 40 100 60 25.73297156 144.5326285
15 2.5 40 100 60 23.82682552 168.359454
12.5 2.5 40 100 60 22.06187548 190.4213295
10 2.5 40 100 60 20.42766248 210.8489919
7.5 2.5 40 100 60 18.9145023 229.7634942
5 2.5 40 100 60 17.51342805 247.2769223
2.5 2.5 40 100 60 16.21613709 263.4930594
0 2.5 40 100 60 15.01494175 278.5080011
 0.12

Time Principal interest Amortisation Yearly payment

1 125000 15000 3353.029956 18353.02996
2 121647 14597.64 3755.39355 18353.02996
3 117891.6 14146.99 4206.040777 18353.02996
4 113685.5 13642.26 4710.76567 18353.02996
5 108974.8 13076.97 5276.05755 18353.02996
6 103698.7 12443.85 5909.184456 18353.02996
7 97789.53 11734.74 6618.286591 18353.02996
8 91171.24 10940.55 7412.480982 18353.02996
9 83758.76 10051.05 8301.9787 18353.02996
10 75456.78 9054.814 9298.216144 18353.02996
11 66158.57 7939.028 10414.00208 18353.02996
12 55744.56 6689.348 11663.68233 18353.02996
13 44080.88 5289.706 13063.32421 18353.02996
14 31017.56 3722.107 14630.92312 18353.02996
15 16386.63 1966.396 16386.63389 18353.02996

125000
Year

4
 @y 0.05
@m 0.004074124

Month PrIncipal Interest amortisation Monthly payment

1 20000 81.48247567 378.0979701 459.580445792001
2 19621.90203 79.94205774 379.6383881 459.580445792001
3 19242.26364 78.39536395 381.1850818 459.580445792001
4 18861.07856 76.84236875 382.738077 459.580445792001
5 18478.34048 75.28304644 384.2973993 459.580445792001
6 18094.04308 73.71737127 385.8630745 459.580445792001
7 17708.18001 72.14531734 387.4351285 459.580445792001
8 17320.74488 70.56685867 389.0135871 459.580445792001
9 16931.73129 68.98196916 390.5984766 459.580445792001
10 16541.13282 67.39062262 392.1898232 459.580445792001
11 16148.94299 65.79279273 393.7876531 459.580445792001
12 15755.15534 64.18845309 395.3919927 459.580445792001
13 15359.76335 62.57757717 397.0028686 459.580445792001
14 14962.76048 60.96013834 398.6203075 459.580445792001
15 14564.14017 59.33610986 400.2443359 459.580445792001
16 14163.89584 57.70546489 401.8749809 459.580445792001
17 13762.02086 56.06817648 403.5122693 459.580445792001
18 13358.50859 54.42421754 405.1562282 459.580445792001
19 12953.35236 52.77356092 406.8068849 459.580445792001
20 12546.54547 51.11617931 408.4642665 459.580445792001
21 12138.08121 49.45204533 410.1284005 459.580445792001
22 11727.95281 47.78113146 411.7993143 459.580445792001
23 11316.15349 46.10341008 413.4770357 459.580445792001
24 10902.67646 44.41885345 415.1615923 459.580445792001
25 10487.51486 42.72743374 416.8530121 459.580445792001
26 10070.66185 41.02912297 418.5513228 459.580445792001
27 9652.110528 39.32389307 420.2565527 459.580445792001
28 9231.853976 37.61171585 421.9687299 459.580445792001
29 8809.885246 35.89256301 423.6878828 459.580445792001
30 8386.197363 34.16640613 425.4140397 459.580445792001
31 7960.783323 32.43321667 427.1472291 459.580445792001
32 7533.636094 30.69296599 428.8874798 459.580445792001
33 7104.748614 28.94562531 430.6348205 459.580445792001
34 6674.113794 27.19116574 432.38928 459.580445792001
35 6241.724514 25.42955829 434.1508875 459.580445792001
36 5807.573626 23.66077384 435.919672 459.580445792001
37 5371.653954 21.88478313 437.6956627 459.580445792001
38 4933.958292 20.10155682 439.478889 459.580445792001
39 4494.479403 18.31106543 441.2693804 459.580445792001
40 4053.210022 16.51327935 443.0671664 459.580445792001
41 3610.142856 14.70816887 444.8722769 459.580445792001
42 3165.270579 12.89570415 446.6847416 459.580445792001
43 2718.585837 11.07585522 448.5045906 459.580445792001
44 2270.081247 9.248591998 450.3318538 459.580445792001
45 1819.749393 7.413884282 452.1665615 459.580445792001
46 1367.582831 5.57170174 454.0087441 459.580445792001
47 913.5740874 3.722013918 455.8584319 459.580445792001
48 457.7156556 1.864790238 457.7156556 459.580445792001

20000
Year

3
4

5
 @y 0.1
@m 0.00797414

Month PrIncipal Interest amortisation Monthly payment

1 50000 398.7070214 653.0720569 1051.77907832417
2 49346.92794 393.4993332 658.2797452 1051.77907832417
3 48688.6482 388.250118 663.5289603 1051.77907832417
4 48025.11924 382.9590449 668.8200334 1051.77907832417
5 47356.2992 377.62578 674.1532983 1051.77907832417
6 46682.14591 372.249987 679.5290913 1051.77907832417
7 46002.61681 366.8313266 684.9477517 1051.77907832417
8 45317.66906 361.369457 690.4096213 1051.77907832417
9 44627.25944 355.8640337 695.9150446 1051.77907832417
10 43931.3444 350.3147095 701.4643689 1051.77907832417
11 43229.88003 344.7211341 707.0579443 1051.77907832417
12 42522.82208 339.0829547 712.6961236 1051.77907832417
13 41810.12596 333.3998158 718.3792626 1051.77907832417
14 41091.7467 327.6713586 724.1077197 1051.77907832417
15 40367.63898 321.897222 729.8818563 1051.77907832417
16 39637.75712 316.0770416 735.7020367 1051.77907832417
17 38902.05508 310.2104502 741.5686281 1051.77907832417
18 38160.48646 304.2970778 747.4820005 1051.77907832417
19 37413.00446 298.3365514 753.4425269 1051.77907832417
20 36659.56193 292.3284949 759.4505834 1051.77907832417
21 35900.11135 286.2725293 765.506549 1051.77907832417
22 35134.6048 280.1682726 771.6108058 1051.77907832417
23 34362.99399 274.0153396 777.7637387 1051.77907832417
24 33585.23025 267.8133424 783.965736 1051.77907832417
25 32801.26452 261.5618895 790.2171888 1051.77907832417
26 32011.04733 255.2605867 796.5184917 1051.77907832417
27 31214.52884 248.9090364 802.870042 1051.77907832417
28 30411.65879 242.5068379 809.2722404 1051.77907832417
29 29602.38655 236.0535874 815.7254909 1051.77907832417
30 28786.66106 229.5488778 822.2302005 1051.77907832417
31 27964.43086 222.9922987 828.7867796 1051.77907832417
32 27135.64408 216.3834365 835.3956418 1051.77907832417
33 26300.24844 209.7218744 842.0572039 1051.77907832417
34 25458.19124 203.007192 848.7718863 1051.77907832417
35 24609.41935 196.2389658 855.5401125 1051.77907832417
36 23753.87924 189.4167688 862.3623095 1051.77907832417
37 22891.51693 182.5401706 869.2389077 1051.77907832417
38 22022.27802 175.6087375 876.1703408 1051.77907832417
39 21146.10768 168.6220322 883.1570462 1051.77907832417
40 20262.95063 161.5796139 890.1994645 1051.77907832417
41 19372.75117 154.4810383 897.29804 1051.77907832417
42 18475.45313 147.3258577 904.4532206 1051.77907832417
43 17570.99991 140.1136207 911.6654576 1051.77907832417
44 16659.33445 132.8438724 918.935206 1051.77907832417
45 15740.39925 125.516154 926.2629243 1051.77907832417
46 14814.13632 118.1300034 933.649075 1051.77907832417
47 13880.48725 110.6849545 941.0941238 1051.77907832417
48 12939.39312 103.1805378 948.5985405 1051.77907832417
49 11990.79458 95.61627985 956.1627985 1051.77907832417
50 11034.63178 87.99170342 963.7873749 1051.77907832417
51 10070.84441 80.30632755 971.4727508 1051.77907832417
52 9099.371657 72.55966741 979.2194109 1051.77907832417
53 8120.152247 64.75123432 987.027844 1051.77907832417
54 7133.124403 56.88053568 994.8985426 1051.77907832417
55 6138.22586 48.94707499 1002.832003 1051.77907832417
56 5135.393857 40.95035177 1010.828727 1051.77907832417
57 4124.56513 32.88986155 1018.889217 1051.77907832417
58 3105.675913 24.76509586 1027.013982 1051.77907832417
59 2078.661931 16.57554214 1035.203536 1051.77907832417
60 1043.458395 8.32068377 1043.458395 1051.77907832417

50000
 16 40 0.08

Time I R Y Cost R Royalties CF CF@ cumul CF@

0 270 45 -270 -270 -270
1 0 42.5 2.5 40 100 1.25 58.75 54.39814815 -215.601852
2 40 2.5 40 100 1.25 58.75 50.36865569 -165.233196
3 37.5 2.5 40 100 1.25 58.75 46.63764416 -118.595552
4 35 2.5 40 100 1.25 58.75 43.18300385 -75.4125481
5 32.5 2.5 40 100 1.25 58.75 39.98426283 -35.4282853
6 30 2.5 40 100 1.25 58.75 37.02246558 1.594180258
7 27.5 2.5 40 100 1.25 58.75 34.28006072 35.87424098
8 25 2.5 40 100 1.25 58.75 31.74079696 67.61503794
9 22.5 2.5 40 100 1.25 58.75 29.38962682 97.00466476
10 20 2.5 40 100 1.25 58.75 27.21261742 124.2172822
11 17.5 2.5 40 100 1.25 58.75 25.19686799 149.4141502
12 15 2.5 40 100 1.25 58.75 23.33043332 172.7445835
13 12.5 2.5 40 100 1.25 58.75 21.60225307 194.3468366
14 10 2.5 40 100 1.25 58.75 20.00208618 214.3489227
15 7.5 2.5 40 100 1.25 58.75 18.52045017 232.8693729
16 5 2.5 40 100 1.25 58.75 17.14856497 250.0179379
17 2.5 2.5 40 100 1.25 58.75 15.8783009 265.8962388
18 0 2.5 40 100 1.25 58.75 14.70213046 280.5983692
 16 40

Time I R Y Cost R Profit tax

0 270 45
1 0 42.5 2.5 40 100 19.8
2 40 2.5 40 100 19.8
3 37.5 2.5 40 100 19.8
4 35 2.5 40 100 19.8
5 32.5 2.5 40 100 19.8
6 30 2.5 40 100 19.8
7 27.5 2.5 40 100 19.8
8 25 2.5 40 100 19.8
9 22.5 2.5 40 100 19.8
10 20 2.5 40 100 19.8
11 17.5 2.5 40 100 19.8
12 15 2.5 40 100 19.8
13 12.5 2.5 40 100 19.8
14 10 2.5 40 100 19.8
15 7.5 2.5 40 100 19.8
16 5 2.5 40 100 19.8
17 2.5 2.5 40 100 19.8
18 0 2.5 40 100 19.8
 0.08

CF CF@ cumul CF@

-270 -270 -270
40.2 37.22222222 -232.777778
40.2 34.46502058 -198.312757
40.2 31.91205609 -166.400701
40.2 29.54820008 -136.852501
40.2 27.35944452 -109.493057
40.2 25.332819 -84.1602375
40.2 23.45631389 -60.7039236
40.2 21.71880916 -38.9851145
40.2 20.11000848 -18.875106
40.2 18.62037822 -0.25472776
40.2 17.24109095 16.98636318
40.2 15.9639731 32.95033628
40.2 14.78145657 47.73179285
40.2 13.68653386 61.41832672
40.2 12.67271654 74.09104325
40.2 11.7339968 85.82504005
40.2 10.86481185 96.6898519
40.2 10.06001097 106.7498629
Time Ivt Production Reserves depreciation revenue
0 7000 600
1 38 562 1575 3800
2 38 524 1220.63 3800
3 38 486 945.98 3800
4 38 448 733.14 3800
5 38 410 568.18 3800
6 38 372 440.34 3800
7 38 334 379.18 3800
8 38 296 379.18 3800
9 38 258 379.18 3800
10 38 220 379.18 3800
11 38 182 3800
12 38 144 3800
13 38 106 3800
14 38 68 3800
15 38 30 3800
16 30 0 3000
op. cost royalties taxable incomes tax CF PV NPV
-7000 -7000 -7000
1900 190 135.00 40.50 1669.5 1590 -5410.00
1900 190 489.38 146.81 1563.1875 1417.857143 -3992.14
1900 190 764.02 229.20 1480.795313 1279.166667 -2712.98
1900 190 976.86 293.06 1416.941367 1165.721169 -1547.26
1900 190 1141.82 342.55 1367.45456 1071.436429 -475.82
1900 190 1269.66 380.90 1329.102284 991.7965878 515.98
1900 190 1330.82 399.25 1310.754744 931.5289251 1447.51
1900 190 1330.82 399.25 1310.754744 887.1704049 2334.68
1900 190 1330.82 399.25 1310.754744 844.9241951 3179.60
1900 190 1330.82 399.25 1310.754744 804.6897096 3984.29
1900 190 1710.00 513.00 1197 699.861109 4684.15
1900 190 1710.00 513.00 1197 666.5343896 5350.69
1900 190 1710.00 513.00 1197 634.7946567 5985.48
1900 190 1710.00 513.00 1197 604.5663397 6590.05
1900 190 1710.00 513.00 1197 575.7774664 7165.83
1500 150 1350.00 405.00 945 432.9153883 7598.74
 0.1
0.225
 @ Price op cost royalties
0.05 100 50 5

Year ivt Reserves Production Revenue Op cost royalties

0 7000 600
1 562 38 3800 1900 190
2 524 38 3800 1900 190
3 486 38 3800 1900 190
4 448 38 3800 1900 190
5 410 38 3800 1900 190
6 372 38 3800 1900 190
7 334 38 3800 1900 190
8 296 38 3800 1900 190
9 258 38 3800 1900 190
10 220 38 3800 1900 190
11 182 38 3800 1900 190
12 144 38 3800 1900 190
13 106 38 3800 1900 190
14 68 38 3800 1900 190
15 30 38 3800 1900 190
16 0 30 3000 1500 150

0.12
Year Capital Interest
Amortisation Yearly payment
1 3000 360 297.3532077 657.3532077
2 2702.646792 324.3176151 333.0355926 657.3532077
3 2369.6112 284.353344 372.9998637 657.3532077
4 1996.611336 239.5933603 417.7598474 657.3532077
5 1578.851489 189.4621786 467.8910291 657.3532077
6 1110.960459 133.3152551 524.0379526 657.3532077
7 586.9225069 70.43070083 586.9225069 657.3532077
3000

Year base degressive ratlinear rate degressive a linear amountamount

1 7000 0.225 0.1 1575 700 1575
2 5425 0.225 0.111111111 1220.625 602.7777778 1220.625
3 4204.375 0.225 0.125 945.984375 525.546875 945.984375
4 3258.390625 0.225 0.142857143 733.1378906 465.484375 733.1378906
5 2525.252734 0.225 0.166666667 568.1818652 420.8754557 568.1818652
6 1957.070869 0.225 0.2 440.3409456 391.4141738 440.3409456
7 1516.729924 0.225 0.25 341.2642328 379.1824809 379.1824809
8 1137.547443 0.225 0.333333333 255.9481746 379.1824809 379.1824809
9 758.3649618 0.225 0.5 170.6321164 379.1824809 379.1824809
10 379.1824809 0.225 1 85.3160582 379.1824809 379.1824809
7000
Income tax
0.3

Loan Capital amortisation yearly paymenloans (interestdepreciation

3000
297.3532077 657.3532077 360 1575
333.0355926 657.3532077 324.3176151 1220.625
372.9998637 657.3532077 284.353344 945.984375
417.7598474 657.3532077 239.5933603 733.1378906
467.8910291 657.3532077 189.4621786 568.1818652
524.0379526 657.3532077 133.3152551 440.3409456
586.9225069 657.3532077 70.43070083 379.1824809
379.1824809
379.1824809
379.1824809

book value
5425
4204.375
3258.390625
2525.252734
1957.070869
1516.729924
1137.547443
758.3649618
379.1824809
0
Tax able income (without financial structure) tax (without finacial structure

135 40.5
489.375 146.8125
764.015625 229.2046875
976.862109375 293.0586328125
1141.81813476563 342.545440429688
1269.65905444336 380.897716333008
1330.817519104 399.245255731201
1330.817519104 399.245255731201
1330.817519104 399.245255731201
1330.817519104 399.245255731201
1710 513
1710 513
1710 513
1710 513
1710 513
1350 405
taxable incomtax CF1 CF1@ CF2 CF1@ CF3
-7000 -7000 -7000 -7000 -7000
-225 0 1900 1809.52381 1669.5 1590 1710
165.0573849 49.51721548 1900 1723.356009 1563.1875 1417.85714286 1660.482785
479.662281 143.8986843 1900 1641.291437 1480.795313 1279.16666667 1566.101316
737.2687491 221.1806247 1900 1563.134702 1416.941367 1165.72116942 1488.819375
952.3559561 285.7067868 1900 1488.699716 1367.45456 1071.43642888 1424.293213
1136.343799 340.9031398 1900 1417.809254 1329.102284 991.796587777 1369.09686
1260.386818 378.1160455 1900 1350.294527 1310.754744 931.528925131 1331.883955
1330.817519 399.2452557 1900 1285.994788 1310.754744 887.170404887 1310.754744
1330.817519 399.2452557 1900 1224.756941 1310.754744 844.92419513 1310.754744
1330.817519 399.2452557 1900 1166.435182 1310.754744 804.689709648 1310.754744
1710 513 1900 1110.890649 1197 699.861109036 1197
1710 513 1900 1057.991095 1197 666.534389559 1197
1710 513 1900 1007.610566 1197 634.794656722 1197
1710 513 1900 959.6291107 1197 604.566339736 1197
1710 513 1900 913.9324864 1197 575.777466415 1197
1350 405 1500 687.167283 945 432.915388282 945
NPV1 NPV2
13408.51756 7598.74058015
Project Project with tax
without finacial structure and financial structure
 CF3@ CF4 CF4@
-7000 -4000 -4000
1628.571429 1052.646792 1002.520755
1506.106834 1003.129577 909.8680969
1352.8572 908.748108 785.0107833
1224.855385 831.4661676 684.0492738
1115.971001 766.9400055 600.9175624
1021.641157 711.7436525 531.114072
946.5450604 674.5307468 479.3764084
887.1704049 1310.754744 887.1704049
844.9241951 1310.754744 844.9241951
804.6897096 1310.754744 804.6897096
699.861109 1197 699.861109
666.5343896 1197 666.5343896
634.7946567 1197 634.7946567
604.5663397 1197 604.5663397
575.7774664 1197 575.7774664
432.9153883 945 432.9153883
NPV3 NPV4
7947.781724 7144.090611
Project with tax Project with tax
and financial structure on tax and all financial structure
"Ajusted NPV" "Shareholder CF"
Situation 1
Year Ivt
0 8.5
1
2
3
4
5

Situation 2
Year Ivt
0 8.5
1
2
3
4
5

NPV1 7.412243753
NPV2 140012.6445
NPV3 4.6812758
ROI1 0.872028677
ROI2 27453.4597
ROI3 0.917897216
Situation 2
Year Ivt
0 8.5
1
2
3
4
5

0.2
0.35
 0.09

Linear Depreciation R-Op Cost CF CF@

-8.5 -8.5
1.7 1.5 1.5 1.376146789
1.7 3 3 2.52503998
1.7 5 5 3.8609174
1.7 6 6 4.250551266
1.7 6 6 3.899588318
32%
NPV 7.412243753

0.4 0.08
Linear Depreciation Loan interest amortisation R-Op Cost CF
3.4 14000000%
1.7 0.272 1.5 1.228
1.7 0.272 3 2.728
1.7 0.272 5 4.728
1.7 0.272 6 5.728
1.7 0.272 3.4 6 2.328

NPV

Finacial structure

0.4 0.08
Linear Depreciation Loan interest amortisation R-Op Cost Taxable inco
3.4
2.975 0.272 1.5 -1.747
1.93375 0.272 3 0.79425
1.2569375 0.272 5 3.4710625
1.16715625 0.272 6 4.56084375
1.16715625 0.272 3.4 6 4.56084375

Year Base Degres rate linear rate degre amoint lin amount
1 8.5 0.35 0.2 2.975 1.7
2 5.525 0.35 0.25 1.93375 1.38125
3 3.59125 0.35 0.333333333 1.2569375 1.197083333
4 2.3343125 0.35 0.5 0.817009375 1.16715625
5 1.16715625 0.35 1 0.408504688 1.16715625
 CF@
140000
1.126605505
2.296103022
3.650883494
4.057859609
1.513040267

140012.6445

0.3
Tax CF CF@
-5.1 -5.1
0 1.228 1.126605505
0.238275 2.489725 2.095551721
1.04131875 3.68668125 2.846794358
1.368253125 4.359746875 3.0885546
1.368253125 0.959746875 0.623769617

NPV 4.6812758
amount book value
2.975 5.525
 1.93375 3.59125
1.2569375 2.3343125
1.16715625 1.16715625
1.16715625 0
 0.1

Time I CF CF' CF@ I

0 90 -90 -90 90
1 80 80 72.727272727
2 50 50 41.32231405
3 20 20 15.026296018
4 5 5 3.4150672768
5 5 5 3.1046066153
NPV
45.6 <
IRR
42% >
CF CF' CF@
-90 -90
5 5 4.545454545
5 5 4.132231405
40 40 30.05259204
80 80 54.64107643
100 100 62.09213231
NPV
65.5
IRR
26%
 CF'' 1000

300 0
200 1 2 3 4 5 6 7 8 9 10 11 12 13

100 -1000

0 CF''
-2000
1 2 3 4 5 6 7
-100
-200 -3000
-300
-4000
-400
-500 -5000

579.2663743 0.422222222 1275.622117

 0.03
0.422222222 35%

Time I CF CF'' CF' CF@

0 450 -450 -450 -450
1 190 190 190 184.4660194
2 190 190 190 179.0932227
3 190 190 190 173.8769153
4 190 190 190 168.8125391
5 190 190 190 163.895669
6 450 190 190 -260 -217.745907 579.2663743
7 190 190 154.4873872
8 190 190 149.9877545
9 190 190 145.6191791
10 190 190 141.3778438
11 190 190 137.2600426
12 190 190 133.2621772
NPV 1064.392843
5 6 7 8 9 10 11 12 13

Time
0 Column R
1

0.1325
 0.1325 8%

Time I CF CF' CF@

0 4000 -4000 -4000
1 530 530 514.5631068
2 530 530 499.5758318
3 530 530 485.0250795
4 530 530 470.8981354
5 530 530 457.1826557
6 530 530 443.866656
7 530 530 430.938501
8 530 530 418.3868942
9 530 530 406.2008681
10 530 530 394.3697749
11 530 530 382.8832766
12 530 530 371.7313365
NPV 1275.622117
Year
0
1
2
3
4
5
6
 0.03

I CF CF@ Year I CF
450 -450 -450 0 4000
190 190 184.4660194 1 530
190 190 179.0932227 2 530
190 190 173.8769153 3 530
190 190 168.8125391 4 530
190 190 163.895669 5 530
190 190 159.1220088 6 530
7 530
579.2663743 8 530
9 530
CRYP1 106.9311248 10 530
11 530
12 530
CF' CF@
-4000 -4000
530 514.5631068
530 499.5758318
530 485.0250795
530 470.8981354
530 457.1826557
530 443.866656
530 430.938501
530 418.3868942
530 406.2008681
530 394.3697749
530 382.8832766
530 371.7313365

1275.622117

CRYP 2 128.1516581
 0.03

Year I CF CF' CF@

0 500 -500 -500
1 160 160 155.3398058
2 160 160 150.8153455
3 160 160 146.4226655
4 160 160 142.1579277
5 160 160 138.0174055
6 160 160 133.9974811

NPV1 366.750631
CRYP1 67.70124977

0.266498738
Year I CF CF' CF@
0 1200 -1200 -1200
1 250 250 242.7184466
2 250 250 235.6489773
3 250 250 228.7854148
4 250 250 222.121762
5 250 250 215.6521961
6 250 250 209.3710642
7 250 250 203.2728778

NPV1 357.5707388
CRYP1 57.39237549
 0.06

YEAR I CF D CF' CF'@

0 8.5 -8.5 -8.5
1 1.5 1.5 1.41509434
2 3 3 2.66998932
3 5 5 4.198096415
4 6 6 4.752561979
5 6 3 9 6.725323556

NPV 11.26106561
Year
0
1
2
3
4
5
 D kD E kE m
800 0.045 1500 0.07 0.061304348

I CF CF' CF'@
8.5 -8.5 -8.5
3 3 2.774427021
3 3 2.565815097
3 3 2.372888912
5 5 3.657448397
5 5 3.382441219

NPV 6.253020646
r @
0.02 0.081304348
Project 1
Year
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
 36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
62.5 63
 40 100 0.05

NPV 30224.69689

Ivt Reserves Production Op Cost Revenue CF CF@

15500 2500 -15500 -15500
2460 40 1600 4000 2400 2285.714286
2420 40 1600 4000 2400 2176.870748
2380 40 1600 4000 2400 2073.210236
2340 40 1600 4000 2400 1974.48594
2300 40 1600 4000 2400 1880.4628
2260 40 1600 4000 2400 1790.916952
2220 40 1600 4000 2400 1705.635192
2180 40 1600 4000 2400 1624.414469
2140 40 1600 4000 2400 1547.061399
2100 40 1600 4000 2400 1473.391808
2060 40 1600 4000 2400 1403.230294
2020 40 1600 4000 2400 1336.409804
1980 40 1600 4000 2400 1272.771242
1940 40 1600 4000 2400 1212.163087
1900 40 1600 4000 2400 1154.441035
1860 40 1600 4000 2400 1099.467653
1820 40 1600 4000 2400 1047.11205
1780 40 1600 4000 2400 997.2495717
1740 40 1600 4000 2400 949.7614968
1700 40 1600 4000 2400 904.5347589
1660 40 1600 4000 2400 861.4616751
1620 40 1600 4000 2400 820.4396906
1580 40 1600 4000 2400 781.3711339
1540 40 1600 4000 2400 744.1629847
1500 40 1600 4000 2400 708.7266521
1460 40 1600 4000 2400 674.9777639
1420 40 1600 4000 2400 642.8359656
1380 40 1600 4000 2400 612.2247291
1340 40 1600 4000 2400 583.0711706
1300 40 1600 4000 2400 555.3058768
1260 40 1600 4000 2400 528.8627398
1220 40 1600 4000 2400 503.6787998
1180 40 1600 4000 2400 479.694095
1140 40 1600 4000 2400 456.8515191
1100 40 1600 4000 2400 435.0966848
1060 40 1600 4000 2400 414.3777951
1020 40 1600 4000 2400 394.6455191
980 40 1600 4000 2400 375.8528754
940 40 1600 4000 2400 357.9551194
900 40 1600 4000 2400 340.9096375
860 40 1600 4000 2400 324.6758453
820 40 1600 4000 2400 309.2150907
780 40 1600 4000 2400 294.4905626
740 40 1600 4000 2400 280.4672025
700 40 1600 4000 2400 267.1116214
660 40 1600 4000 2400 254.3920204
620 40 1600 4000 2400 242.2781146
580 40 1600 4000 2400 230.7410616
540 40 1600 4000 2400 219.753392
500 40 1600 4000 2400 209.2889447
460 40 1600 4000 2400 199.3228045
420 40 1600 4000 2400 189.8312424
380 40 1600 4000 2400 180.7916594
340 40 1600 4000 2400 172.1825328
300 40 1600 4000 2400 163.9833646
260 40 1600 4000 2400 156.1746329
220 40 1600 4000 2400 148.7377456
180 40 1600 4000 2400 141.6549958
140 40 1600 4000 2400 134.9095198
100 40 1600 4000 2400 128.485257
60 40 1600 4000 2400 122.3669114
20 40 1600 4000 2400 116.5399156
0 20 800 2000 1200 55.49519792
 35 100

Ivt Reserves Production Op Cost Revenue

0 9000 2100
1 2000 100 3500 10000
2 1900 100 3500 10000
3 1800 100 3500 10000
4 1700 100 3500 10000
5 1600 100 3500 10000
6 1500 100 3500 10000
7 1400 100 3500 10000
8 1300 100 3500 10000
9 1200 100 3500 10000
10 1100 100 3500 10000
11 1000 100 3500 10000
12 900 100 3500 10000
13 800 100 3500 10000
14 700 100 3500 10000
15 600 100 3500 10000
16 500 100 3500 10000
17 400 100 3500 10000
18 300 100 3500 10000
19 200 100 3500 10000
20 100 100 3500 10000
21 0 100 3500 10000
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
 ROI 3.338191291

IRR 0.455282168
NPV 30043.72161

0.05

CF =/= =/=@ NPV

-9000 -9000 -9000 1,500.00 €
6500 4100 3904.761905 15,916.14 €
6500 4100 3718.820862 24,004.86 €
6500 4100 3541.734154 28,148.18 €
6500 4100 3373.080147 29,845.23 €
6500 4100 3212.457283 30,043.72 €
6500 4100 3059.483126 29,344.46 €
6500 4100 2913.793454 28,128.58 €
6500 4100 2775.041384 26,637.30 €
6500 4100 2642.896556 25,022.31 €
6500 4100 2517.04434 23,377.80 €
6500 4100 2397.185085 21,760.97 €
6500 4100 2283.033415 20,205.23 €
6500 4100 2174.317538 18,728.77 €
6500 4100 2070.778607 17,340.04 €
6500 4100 1972.170102 16,041.44 €
6500 4100 1878.25724 14,831.61 €
6500 4100 1788.816419 13,707.01 €
6500 4100 1703.634685 12,662.86 €
6500 4100 1622.509224 11,693.83 €
6500 4100 1545.24688 10,794.40 €
6500 4100 1471.663695 9,959.13 €
-2400 -820.439691 9,182.81 €
-2400 -781.371134 8,460.54 €
-2400 -744.162985 7,787.76 €
-2400 -708.726652 7,160.27 €
-2400 -674.977764 6,574.23 €
-2400 -642.835966 6,026.12 €
-2400 -612.224729 5,512.76 €
-2400 -583.071171 5,031.25 €
-2400 -555.305877 4,578.98 €
-2400 -528.86274 4,153.56 €
-2400 -503.6788 3,752.84 €
-2400 -479.694095 3,374.87 €
-2400 -456.851519 3,017.88 €
-2400 -435.096685 2,680.26 €
-2400 -414.377795 2,360.56 €
-2400 -394.645519 2,057.45 €
-2400 -375.852875 1,769.72 €
-2400 -357.955119 1,496.28 €
-2400 -340.909638 1,236.13 €
-2400 -324.675845 988.34 €
-2400 -309.215091 752.10 €
-2400 -294.490563 526.62 €
-2400 -280.467202 311.20 €
-2400 -267.111621 105.21 €
-2400 -254.39202 -91.95 €
-2400 -242.278115 -280.83 €
-2400 -230.741062 -461.93 €
-2400 -219.753392 -635.71 €
-2400 -209.288945 -802.61 €
-2400 -199.322805 -963.01 €
-2400 -189.831242 -1,117.28 €
-1200 -90.3958297 -1,265.77 €
 NPV ROI
"Project" 1890.557584 1.260371722
Project with tax without loan… 996.5935872 0.664395725
Project with tax without loan but with interest on taxable income 1028.546401
Project with tax with interest 897.9804176 0.897980418
Global NPV 1028.546401 1.028546401

interest rate 0.06

Royalties 1
Tax 0.3
Discount rate 0.06
 45 55

Year Ivt Reserves Production Op. Cost Revenue

0 1500 500
1 462 38 1710 2090
2 424 38 1710 2090
3 386 38 1710 2090
4 348 38 1710 2090
5 310 38 1710 2090
6 272 38 1710 2090
7 234 38 1710 2090
8 196 38 1710 2090
9 158 38 1710 2090
10 120 38 1710 2090
11 82 38 1710 2090
12 44 38 1710 2090
13 6 38 1710 2090
14 0 6 270 330

<== only firm capital

<== positive tax impact of loan
<== negative impact of loan
<== shareholder value
Depreciation
Year Base depre rate
1 1500 23%
0.1 2 1162.5 23%
0.225 3 900.9375 23%
4 698.2266 23%
5 541.1256 23%
6 419.3723 23%
7 325.0136 23%
8 243.7602 23%
9 162.5068 23%
10 81.25339 23%
 0.06 1

CF CF@ Royalties Depreciation Taxable incom

-1500 -1500
380 358.490566037736 38 337.5 4.5
380 338.198647205411 38 261.5625 80.4375
380 319.055327552275 38 202.7109375 139.2890625
380 300.995592030448 38 157.10097656 184.8990234
380 283.958105689102 38 121.75325684 220.2467432
380 267.885005367077 38 94.358774048 247.641226
380 252.721703176488 38 81.253388763 260.7466112
380 238.416701109894 38 81.253388763 260.7466112
380 224.92141614141 38 81.253388763 260.7466112
380 212.190015227745 38 81.253388763 260.7466112
380 200.179259648816 38 342
380 188.84835815926 38 342
380 178.158828452132 38 342
60 26.5380578627804 6 54

NPV 1890.55758366057

linear rate degressive amount linear amount amount book value

10% 337.50 150.00 337.50 1162.50
11% 261.56 129.17 261.56 900.94
13% 202.71 112.62 202.71 698.23
14% 157.10 99.75 157.10 541.13
17% 121.75 90.19 121.75 419.37
20% 94.36 83.87 94.36 325.01
25% 73.13 81.25 81.25 243.76
33% 54.85 81.25 81.25 162.51
50% 36.56 81.25 81.25 81.25
100% 18.28 81.25 81.25 0.00
 0.3 0.06 0.06

tax CF (with tax wiCF@ Loan Base Interest

-1500 -1500 500
1.35 340.65 321.3679245 500 30
24.13125 317.86875 282.9020559 456.4888825 27.38933295
41.78671875 300.2132813 252.06486 410.3670979 24.62202588
55.46970703125 286.530293 226.9588294 361.4780063 21.68868038
66.0740229492188 275.9259771 206.1879415 309.6555692 18.57933415
74.2923677856445 267.7076322 188.7233171 254.7237859 15.28342715
78.2239833709717 263.7760166 175.4261163 196.4960955 11.78976573
78.2239833709717 263.7760166 165.4963361 134.7747437 8.086484624
78.2239833709717 263.7760166 156.128619 69.35011085 4.161006651
78.2239833709717 263.7760166 147.29115
102.6 239.4 126.1129336
102.6 239.4 118.9744656
102.6 239.4 112.2400619
16.2 37.8 16.71897645

NPV 996.5935872
Amortisation Constant pay taxable income (interest) CF (with tax and interest) CF (tax and interest)
-1500 -1500 -1500
43.5111175 73.5111175 -25.5 0 342 322.6415094 312
46.12178455 73.5111175 53.04816705 15.91445012 326.0855499 290.2149785 298.6962169
48.88909162 73.5111175 114.6670366 34.40011099 307.599889 258.2667983 282.9778631
51.82243712 73.5111175 163.2103431 48.96310292 293.0368971 232.1126693 271.3482167
54.93178335 73.5111175 201.667409 60.5002227 281.4997773 210.3530092 262.9204431
58.22769035 73.5111175 232.3577988 69.70733964 272.2926604 191.955581 257.0092332
61.72135177 73.5111175 248.9568455 74.68705365 267.3129463 177.7783765 255.5231806
65.42463288 73.5111175 252.6601266 75.79803798 266.201962 167.0184042 258.1154774
69.35011085 73.5111175 256.5856046 76.97568138 265.0243186 156.867487 260.863312
260.7466112 78.22398337 263.7760166 147.29115 263.7760166
342 102.6 239.4 126.1129336 239.4
342 102.6 239.4 118.9744656 239.4
342 102.6 239.4 112.2400619 239.4
54 16.2 37.8 16.71897645 37.8

NPV3 1028.546401
(tax and interest) Global CF
-1500 -1000 -1000
294.3396226 268.4888825 253.2913986
265.8385697 252.5744324 224.7903457
237.5936706 234.0887715 196.5454465
214.933203 219.5257796 173.8849789
196.46945 207.9886598 155.4212259
181.1813679 198.7815429 140.1331439
169.937509 193.8018288 128.8892849
161.9448438 192.6908445 120.8966197
154.4045935 191.5132011 113.3563695
147.29115 263.7760166 147.29115
126.1129336 239.4 126.1129336
118.9744656 239.4 118.9744656
112.2400619 239.4 112.2400619
16.71897645 37.8 16.71897645

897.9804176 1028.546401
 Time Ivt Reserve Y Oc
Reserves 600 0 7000 600 0
Capacité 38 1 562 38 1900
N 15.789474 2 524 38 1900
Ivt 7000 3 486 38 1900
Oc 50 4 448 38 1900
Ru 100 5 410 38 1900
Royalties 5 6 372 38 1900
income tax 0.3 7 334 38 1900
regressif 10 8 296 38 1900
@ 0.05 9 258 38 1900
10 220 38 1900
11 182 38 1900
12 144 38 1900
13 106 38 1900
14 68 38 1900
15 30 38 1900
16 0 30 1500
linear rate 0.1
deg. Rate 0.225

degresive linear Degres linear Book

Years Base sive amount Amount value
rate rate
amount

1 7000 23% 10% 1575 700 1575.0 5425

2 5425 23% 11% 1221 602.78 1220.6 4204
3 4204.375 23% 13% 946 525.55 946.0 3258
4 3258.3906 23% 14% 733.14 465.48 733.1 2525
5 2525.2527 23% 17% 568.18 420.88 568.2 1957
6 1957.0709 23% 20% 440.34 391.41 440.3 1517
7 1516.7299 23% 25% 341.26 379.18 379.2 1138
8 1137.5474 23% 33% 255.95 379.18 379.2 758.36
9 758.36496 23% 50% 170.63 379.18 379.2 379.18
10 379.18248 23% 100% 85.316 379.18 379.2 0
7000.0
 Ru Royaltiesamount reg. income income tax CF CF@ cumul CF@ State Ru
0 0 0 0 -7000 -7000 -7000 0
3800 190 1575 135 41 1670 1590 -5410 230.5
3800 190 1220.6 489 147 1563 1417.8571 -3992.143 336.8125
3800 190 946 764 229 1481 1279.1667 -2712.976 419.20469
3800 190 733 977 293 1417 1165.7212 -1547.255 483.05863
3800 190 568 1142 343 1367 1071.4364 -475.8186 532.54544
3800 190 440 1270 381 1329 991.79659 515.978 570.89772
3800 190 379 1331 399 1311 931.52893 1447.5069 589.24526
3800 190 379 1331 399 1311 887.1704 2334.6773 589.24526
3800 190 379 1331 399 1311 844.9242 3179.6015 589.24526
3800 190 379 1331 399 1311 804.68971 3984.2912 589.24526
3800 190 1710 513 1197 699.86111 4684.1523 703
3800 190 1710 513 1197 666.53439 5350.6867 703
3800 190 1710 513 1197 634.79466 5985.4814 703
3800 190 1710 513 1197 604.56634 6590.0477 703
3800 190 1710 513 1197 575.77747 7165.8252 703
3000 150 1350 405 945 432.91539 7598.7406 555
Ru state @
cumul Ru state
0 0
219.52381 219.52381
305.49887 525.02268
362.12477 887.14745
397.41353 1284.561
417.26329 1701.8243
426.01267 2127.8369
418.7656 2546.6025
398.82438 2945.4269
379.83275 3325.2597
361.74547 3687.0051
411.02954 4098.0347
391.4567 4489.4914
372.81591 4862.3073
355.06277 5217.3701
338.15502 5555.5251
254.25189 5809.777
Reserves 600 Time Ivt Reserves Y Oc Ru Roy Loan intérêt
capacity 38 0 7000 600 0 0 0 3000
N 15.789474 1 562 38 1900 3800 190 360.00
Ivt 7000 2 524 38 1900 3800 190 324.32
Oc 50 3 486 38 1900 3800 190 284.35
revenues 100 4 448 38 1900 3800 190 239.59
Loan cst pay 3000 5 410 38 1900 3800 190 189.46
N loan 7 6 372 38 1900 3800 190 133.32
i loan 0.12 7 334 38 1900 3800 190 70.43
Royalties 5 8 296 38 1900 3800 190
income tax 0.3 9 258 38 1900 3800 190
Depreciation 8 10 220 38 1900 3800 190
@ 0.05 11 182 38 1900 3800 190
12 144 38 1900 3800 190
13 106 38 1900 3800 190
14 68 38 1900 3800 190
15 30 38 1900 3800 190
16 0 30 1500 3000 150

Time principal intérêt amort Pay Time base reg rate

1 3000 360 297.3532 657.353 1 7000 28%
2 2702.6468 324.32 333.0356 657.353 2 5031 28%
3 2369.6112 284.35 373 657.353 3 3616 28%
4 1996.6113 239.59 417.7598 657.353 4 2599 28%
5 1578.8515 189.46 467.891 657.353 5 1868 28%
6 1110.9605 133.32 524.038 657.353 6 1343 28%
7 586.92251 70.431 586.9225 657.353 7 895 28%
8 448 28%
3000
 amort Pay amount profit tax profit CF CF@ cumul CF@
0 0 -4000 -4000 -4000
297.35 657.35 1968.75 -618.75 0 1052.6468 1002.5208 -2997.479
333.04 657.35 1415.0391 -29.35667758 0 1052.6468 954.78167 -2042.698
373.00 657.35 1017.0593 408.5873299 122.5762 930.07059 803.42995 -1239.268
417.76 657.35 731.01139 739.395249 221.81857 830.82822 683.52443 -555.7432
467.89 657.35 525.41444 995.1233843 298.53702 754.10978 590.86474 35.121547
524.04 657.35 447.57526 1129.109484 338.73285 713.91395 532.73358 567.85513
586.92 657.35 447.57526 1191.994038 357.59821 695.04858 493.95805 1061.8132
447.57526 1262.424739 378.72742 1331.2726 901.05768 1962.8709
1710 513 1197 771.59687 2734.4677
1710 513 1197 734.85416 3469.3219
1710 513 1197 699.86111 4169.183
1710 513 1197 666.53439 4835.7174
1710 513 1197 634.79466 5470.5121
1710 513 1197 604.56634 6075.0784
1710 513 1197 575.77747 6650.8559
1350 405 945 432.91539 7083.7712

7,083.77 €
VAN
line rate deg amount lin amount amount book value
13% 1968.75 875 1968.75 5031.25
14% 1415.03906 718.75 1415.039063 3616.2109
17% 1017.05933 602.70182 1017.059326 2599.1516
20% 731.011391 519.83032 731.0113907 1868.1402
25% 525.414437 467.03506 525.4144371 1342.7258
33% 377.641627 447.57526 447.5752612 895.15052
50% 251.761084 447.57526 447.5752612 447.57526
100% 125.880542 447.57526 447.5752612 0

7000
 VAN/TRI
12,684.54 €
11,286.32 €
10,046.38 €
8,944.01 €
7,961.54 €
7,083.77 €
6,297.65 €
5,591.92 €
4,956.88 €
4,384.11 €
3,866.33 €
3,397.20 €
2,971.21 €
2,583.54 €
2,230.00 €
1,906.89 €
1,610.99 €

24%
TRI
 200000

150000

0.1
Taux VAN 1 VAN 2 ivt RU CF CF@
0% 70000 100000
140000 0 90000 -90000 -90000
1% 67197 130701 1 80000 80000 72727.273
2% 64484 121881 2 50000 50000 41322.314
3% 61858 113513 3 20000 20000 15026.296
50000
4% 59314 105567 4 5000 5000 3415.0673
5% 56850 98019 5 5000 5000 3104.6066
6% 54461 90845 6
7% 52144 84022 7 VAN 45595.557
0
8% 49896 77530
1 4 7 10 813 16 19 22 25 28 31 TRI 42%
3 4 37 40 4 3 46 4 9 5 2 55 5 8 61 64 67 70 7 3 7 6 7 9 8 2 8
9% 47714 71350 9
10% 45596 65463 10
11% 43538 -50000 59854 11
12% 41539 54506 12
13% 39595 49404 13
14% 37705 44535 14
15% 35867-100000 39887 15
16% 34079 35447 16
17% 32338 31204 17
18% 30643 27147 18
19% 28992 23268 19
20% 27384 19555 20
21% 25816 16001 21
22% 24288 12598 22
23% 22798 9337 23
24% 21344 6212 24
25% 19926 3216 25
26% 18542 342 26
27% 17191 -2415 27
28% 15872 -5062 28
29% 14584 -7604 29
30% 13325 -10045 30
31% 12095 -12392 31
32% 10892 -14647 32
33% 9717 -16815 33
34% 8568 -18901 34
35% 7443 -20908 35
36% 6343 -22840 36
37% 5267 -24701 37
38% 4214 -26492 38
39% 3183 -28218 39
40% 2173 -29882 40
41% 1184 -31486 41
42% 215 -33033 42
43% -734 -34525 43
44% -1663 -35965 44
45% -2575 -37354 45
46% -3468 -38696 46
47% -4344 -39991 47
48% -5203 -41243 48
49% -6046 -42452 49
50% -6872 -43621 50
51% -7683 -44752 51
52% -8479 -45844 52
53% -9260 -46901 53
54% -10027 -47924 54
55% -10780 -48914 55
56% -11519 -49872 56
57% -12245 -50800 57
58% -12958 -51699 58
59% -13658 -52569 59
60% -14346 -53412 60
61% -15022 -54230 61
62% -15687 -55022 62
63% -16340 -55791 63
64% -16983 -56536 64
65% -17614 -57259 65
66% -18235 -57960 66
67% -18846 -58641 67
68% -19446 -59301 68
69% -20037 -59943 69
70% -20619 -60566 70
71% -21191 -61171 71
72% -21753 -61758 72
73% -22307 -62330 73
74% -22853 -62885 74
75% -23390 -63424 75
76% -23918 -63949 76
77% -24439 -64459 77
78% -24951 -64955 78
79% -25456 -65438 79
80% -25953 -65907 80
81% -26443 -66364 81
82% -26926 -66809 82
83% -27401 -67242 83
84% -27869 -67664 84
85% -28331 -68074 85
86% -28786 -68474 86
87% -29235 -68864 87
88% -29677 -69244 88
89% -30113 -69614 89
90% -30543 -69974 90
91% -30967 -70326 91
92% -31385 -70669 92
93% -31797 -71003 93
94% -32204 -71329 94
 ivt RU CF CF@
90000 -90000 -90000
5000 5000 4545.4545
5000 5000 4132.2314
40000 40000 30052.592
VAN 1
80000 80000 54641.076
VAN 2
100000 100000 62092.132

VAN 65463.487
TRI 26%
55 5 8 61 64 67 70 7 3 7 6 7 9 8 2 85 8 8 91 94
 @ 0.05 0.1 0.15 0.2
VAN 1 486.46 € 341.73 € 241.01 € 169.25 €
VAN 2 554.41 € 442.35 € 354.91 € 285.82 €

0 -200
600.00 €
1 100
2 100
3 100
4 100 500.00 €
5 100
6 100
7 100 400.00 €
8 100
9 100
700
300.00 €

0 -225
1 200
2 200 200.00 €
3 200
4 200
5 125 554.41 € 100.00 €
6 0
7 0
8 0
0.00 €
9 0 1 2 3 4
700

-100.00 €
 0.25 0.3 0.35 0.4 0.45 0.5 0.55 0.6 0.65 0.7
117.05 € 78.38 € 49.28 € 27.07 € 9.92 € -3.47 € -14.00 € -22.35 € -29.00 € -34.32 €
230.62 € 186.09 € 149.83 € 120.06 € 95.45 € 74.97 € 57.81 € 43.37 € 31.15 € 20.77 €

600.00 €

500.00 €

400.00 €

300.00 €
VAN 1
VAN 2
200.00 €

100.00 €

0.00 €
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

-100.00 €
 0.75 0.8 0.85 0.9
-38.59 € -42.02 € -44.77 € -46.96 €
11.91 € 4.33 € -2.18 € -7.78 €

VAN 1
VAN 2

18
 The limits of the NPV criterium (17)

• Problem 1 : 2 projects with 2 different

durations ?
– Example : which is the best project between
– Project 1 : 6 years, I = 450, CF = 190 CF, i = 3%
– Project 2 : 12 years, I = 4000, CF = 530, i = 3%
??!
• Problem 2 : The NPV value is VERY sensistive
to the hypothesis chosen…
Becarefull : not relevant for mining project evaluation
 0
1
2
3
4
5
6
7

NPV

CRYP
 0.03
P1 P2
-500 -1200
160 255
160 255
160 255
160 255
160 255
160 255
255

366.75 € 388.72 € 300

67.70125 62.392375
 VAN
7.50 €

7.00 €

6.50 €

6.00 €

5.50 €

5.00 €
1 2 3 4 5 6

time ivt Ru CF
D E 0 8.5 -8.5
800 1500 1 3 3
0.045 0.07 2 3 3
@ 0.061304347826087 3 3 3
r 0.02 4 5 5
@+r 0.081304347826087 5 5 5

VAN 6.25 €

r VAN
0.005 6.92 €
0.01 6.69 €
0.015 6.47 €
0.02 6.25 €
0.025 6.04 €
0.03 5.83 €
0.035 5.63 €
0.04 5.43 €
 VAN

VAN

3 4 5 6 7 8

IRR 30%

ROI 74%
 0 1 2 3 4 5 6
S1 -300 60
S1@ -300 0 0 0 0 0 44.772924
S2 -300 -300 260
-300 0 0 0 0 -235.0578 194.016
S3 -300 -300 220
-300 0 0 0 -246.8107 164.16739
S4 -300 -300 -120
-300 0 0 -259.1513 0 0 -89.54585
S5 -300 -300 -160
-300 0 -272.1088 -119.3945
S6 -300 -300 -200
-300 -285.7143 -149.2431

0.95 -259.5178
0.95 -265.6741
0.95 -284.8252
0.95 -305.1591 0.05 -382.6434
-326.6491
0.05 -648.6971
0.05 -691.5033
0.05 -734.9574
VAN

-255.2271

-341.0418

-382.6434

-648.6971

-691.5033

-734.9574

0.95 -255.2271
0.05 -341.0418
Reserves 2500 time ivt reserve Y Oc R CF
capacity 40 0 15500 2500 0 0 -15500
N 62.5 1 2460 40 1600 4000 2400
Ivt 15500 2 2420 40 1600 4000 2400
Oc 40 3 2380 40 1600 4000 2400
Ru 100 4 2340 40 1600 4000 2400
rate 0,05 0.05 5 2300 40 1600 4000 2400
6 2260 40 1600 4000 2400
ivt 2 9000 7 2220 40 1600 4000 2400
capacity 100 8 2180 40 1600 4000 2400
Oc 35 9 2140 40 1600 4000 2400
10 2100 40 1600 4000 2400
11 2060 40 1600 4000 2400
12 2020 40 1600 4000 2400
13 1980 40 1600 4000 2400
14 1940 40 1600 4000 2400
15 1900 40 1600 4000 2400
16 1860 40 1600 4000 2400
17 1820 40 1600 4000 2400
18 1780 40 1600 4000 2400
19 1740 40 1600 4000 2400
20 1700 40 1600 4000 2400
21 1660 40 1600 4000 2400
22 1620 40 1600 4000 2400
23 1580 40 1600 4000 2400
24 1540 40 1600 4000 2400
25 1500 40 1600 4000 2400
26 1460 40 1600 4000 2400
27 1420 40 1600 4000 2400
28 1380 40 1600 4000 2400
29 1340 40 1600 4000 2400
30 1300 40 1600 4000 2400
31 1260 40 1600 4000 2400
32 1220 40 1600 4000 2400
33 1180 40 1600 4000 2400
34 1140 40 1600 4000 2400
35 1100 40 1600 4000 2400
36 1060 40 1600 4000 2400
37 1020 40 1600 4000 2400
38 980 40 1600 =/=
4000CF 2400
39 6000940 40 1600 4000 2400
40 900 40 1600 4000 2400
4000

2000

0
1 4 7 10 1 3 1 6 19 22 2 5 2 8 31 34 3 7 4 0 43 46 4 9 5 2
 =/= CF
6000

4000
41 860 40 1600 4000 2400
2000
42 820 40 1600 4000 2400
43 0780 40 1600 4000 2400
44 1 4 7 0 3 6 9 2 5 8 1 4 7 4 0 43 46 4 9 5 2
-2000740 40 1 1 16001 1 2 2 4000
2 3 3 32400
45 700 40 1600 4000 2400
-4000
46 660 40 1600 4000 2400
47 -6000620 40 1600 4000 2400
48 -8000580 40 1600 4000 2400
49 -10000540 40 1600 4000 2400
50 500 40 1600 4000 2400
51 460 40 1600 4000 2400
52 420 40 1600 4000 2400
53 380 40 1600 4000 2400
54 340 40 1600 4000 2400
55 300 40 1600 4000 2400
56 260 40 1600 4000 2400
57 220 40 1600 4000 2400
58 180 40 1600 4000 2400
59 140 40 1600 4000 2400
60 100 40 1600 4000 2400
61 60 40 1600 4000 2400
62 20 40 1600 4000 2400
63 0 20 800 2000 1200
 0.05 30,224.70 €
CF@ Cumul CF@ VAN 30224.696885 VAN 74337
-15500 -15500 IRR 15% IRR 72%
2285.7143 -13214.285714 ROI 1.9499804442 ROI 8.2597
2176.8707 -11037.414966
2073.2102 -8964.2047295 44,293.77 € 74,337.49 € 30,043.72 €
1974.4859 -6989.71879
1880.4628 -5109.2559905
1790.917 -3318.3390386
1705.6352 -1612.7038462
1624.4145 11.710622623
1547.0614 1558.7720215 Time Ivt reserve Y Oc R CF
1473.3918 3032.16383 0 9000 2100 -9000
1403.2303 4435.3941239 1 2000 100 3500 10000 6500
1336.4098 5771.8039275 2 1900 100 3500 10000 6500
1272.7712 7044.575169 3 1800 100 3500 10000 6500
1212.1631 8256.7382562 4 1700 100 3500 10000 6500
1154.441 9411.1792916 5 1600 100 3500 10000 6500
1099.4677 10510.646944 6 1500 100 3500 10000 6500
1047.1121 11557.758995 7 1400 100 3500 10000 6500
997.24957 12555.008566 8 1300 100 3500 10000 6500
949.7615 13504.770063 9 1200 100 3500 10000 6500
904.53476 14409.304822 10 1100 100 3500 10000 6500
861.46168 15270.766497 11 1000 100 3500 10000 6500
820.43969 16091.206188 12 900 100 3500 10000 6500
781.37113 16872.577322 13 800 100 3500 10000 6500
744.16298 17616.740306 14 700 100 3500 10000 6500
708.72665 18325.466959 15 600 100 3500 10000 6500
674.97776 19000.444722 16 500 100 3500 10000 6500
642.83597 19643.280688 17 400 100 3500 10000 6500
612.22473 20255.505417 18 300 100 3500 10000 6500
583.07117 20838.576588 19 200 100 3500 10000 6500
555.30588 21393.882465 20 100 100 3500 10000 6500
528.86274 21922.745204 21 0 100 3500 10000 6500
503.6788 22426.424004 22
479.6941 22906.118099 23
456.85152 23362.969618 24
435.09668 23798.066303 25
414.3778 24212.444098 26
394.64552 24607.089617 27
CF 375.85288 24982.942493 28
357.95512 25340.897612 29
340.90964 25681.80725 30

=/= CF
1 34 3 7 4 0 43 46 4 9 5 2
CF

324.67585 26006.483095 31
309.21509 26315.698186 32
294.49056 26610.188748
=/= CF 33
1 34 37 40 43280.4672
46 4 9 5 2 26890.655951 34
267.11162 27157.767572 35
254.39202 27412.159592 36
242.27811 27654.437707 37
230.74106 27885.178769 38
219.75339 28104.932161 39
209.28894 28314.221105 40
199.3228 28513.54391 41
189.83124 28703.375152 42
180.79166 28884.166812 43
172.18253 29056.349344 44
163.98336 29220.332709 45
156.17463 29376.507342 46
148.73775 29525.245088 47
141.655 29666.900083 48
134.90952 29801.809603 49
128.48526 29930.29486 50
122.36691 30052.661772 51
116.53992 30169.201687 52
55.495198 30224.696885 53
VAN 30043.7216
IRR 46%
ROI 3.33819129

CF@ Cumul CF@ =/= CF =/= CF@

-9000 -9000 -9000 -9000 -9000
6190 -2809.5238 4100 3904.7619 -5095.238
5896 3086.1678 4100 3718.8209 -1376.417
5615 8701.11219 4100 3541.7342 2165.3169
5348 14048.6783 4100 3373.0801 5538.3971
5093 19141.5984 4100 3212.4573 8750.8543
4850 23991.9984 4100 3059.4831 11810.337
4619 28611.4271 4100 2913.7935 14724.131
4399 33010.8829 4100 2775.0414 17499.172
4190 37200.8409 4100 2642.8966 20142.069
3990 41191.277 4100 2517.0443 22659.113
3800 44991.6924 4100 2397.1851 25056.298
3619 48611.1356 4100 2283.0334 27339.332
3447 52058.2244 4100 2174.3175 29513.649
3283 55341.1661 4100 2070.7786 31584.428
3127 58467.7772 4100 1972.1701 33556.598
2978 61445.5021 4100 1878.2572 35434.855
2836 64281.4306 4100 1788.8164 37223.672
2701 66982.3149 4100 1703.6347 38927.306
2572 69554.5856 4100 1622.5092 40549.816
2450 72004.3672 4100 1545.2469 42095.062
2333 74337.4926 4100 1471.6637 43566.726
-2400 -820.4397 42746.286
-2400 -781.3711 41964.915
-2400 -744.163 41220.752
-2400 -708.7267 40512.026
-2400 -674.9778 39837.048
-2400 -642.836 39194.212
-2400 -612.2247 38581.987
-2400 -583.0712 37998.916
-2400 -555.3059 37443.61
-2400 -528.8627 36914.747
-2400 -503.6788 36411.069
-2400 -479.6941 35931.374
-2400 -456.8515 35474.523
-2400 -435.0967 35039.426
-2400 -414.3778 34625.048
-2400 -394.6455 34230.403
-2400 -375.8529 33854.55
-2400 -357.9551 33496.595
-2400 -340.9096 33155.685
-2400 -324.6758 32831.01
-2400 -309.2151 32521.794
-2400 -294.4906 32227.304
-2400 -280.4672 31946.837
-2400 -267.1116 31679.725
-2400 -254.392 31425.333
-2400 -242.2781 31183.055
-2400 -230.7411 30952.314
-2400 -219.7534 30732.56
-2400 -209.2889 30523.271
-2400 -199.3228 30323.949
-2400 -189.8312 30134.117
-1200 -90.39583 30043.722
 0.65

25 40
Ivt Y Oc Ru minerai A CF
0 600 -600
1 75 1875 1950 75
2 75 1875 1950 75
3 75 1875 1950 75
4 75 1875 1950 75 Tech 1 ivt 600
5 75 1875 1950 75 Y 75
6 75 1875 1950 75 Oc 25
7 75 1875 1950 75
8 75 1875 1950 75 Tech 2 ivt 800
9 75 1875 1950 75 Y 80
10 75 1875 1950 75 Oc 20

0.165 -244.15 €
teneur Pays A 0.65 teneur Pays B 0.55
risque pays A 0.05 Risque Pays B 0.07

-244.15 -1593.46

1477.41 -93.54
Pays A N 37.5

40
20 0.65
Time IVT 1 IVT 2 Reserve Y oc RU
0 1500 800 3000
1 2920 80 1600 2080
2 2840 80 1600 2080
3 2760 80 1600 2080
4 2680 80 1600 2080
5 2600 80 1600 2080
6 2520 80 1600 2080
7 2440 80 1600 2080
8 2360 80 1600 2080
9 2280 80 1600 2080
10 800 2200 80 1600 2080
11 2120 80 1600 2080
12 2040 80 1600 2080
13 1960 80 1600 2080
14 1880 80 1600 2080
15 1800 80 1600 2080
16 1720 80 1600 2080
17 1640 80 1600 2080
18 1560 80 1600 2080
19 1480 80 1600 2080
20 800 1400 80 1600 2080
21 1320 80 1600 2080
22 1240 80 1600 2080
23 1160 80 1600 2080
24 1080 80 1600 2080
25 1000 80 1600 2080
26 920 80 1600 2080
27 840 80 1600 2080
28 760 80 1600 2080
29 680 80 1600 2080
30 800 600 80 1600 2080
31 520 80 1600 2080
32 440 80 1600 2080
33 360 80 1600 2080
34 280 80 1600 2080
35 200 80 1600 2080
36 120 80 1600 2080
37 40 80 1600 2080
38 0 40 800 1040
39
40
0.1153846 0.1653846

VAN 374.24 €
irr 19%

CF
-2300
480
480
480
480
480
480
480
480
480
-320
480
480
480
480
480
480
480
480
480
-320
480
480
480
480
480
480
480
480
480
-320
480
480
480
480
480
480
480
240
 teneur Pays A 0.65 teneur Pays B 0.55
risque pays A 0.05 Risque Pays B 0.07
Ivt 1 pays A 1500 Ivt pays B 2000
reserves pays A 3000 reserves pays B 3500
Tech 1 ivt 600 royalties A 0.03 Royalties B 5
Y 75 IS 0.3 IS 0.33
Oc 25
Tech 2 ivt 800
Y 80
Oc 20

Time Ivt 1 Ivt2 reserve y Oc

0 1500 800 3000
1 2920 80 1600
2 2840 80 1600
3 2760 80 1600
4 2680 80 1600
5 2600 80 1600
6 2520 80 1600
7 2440 80 1600
8 2360 80 1600
9 2280 80 1600
10 800 2200 80 1600
11 2120 80 1600
12 2040 80 1600
13 1960 80 1600
14 1880 80 1600
15 1800 80 1600
16 1720 80 1600
17 1640 80 1600
18 1560 80 1600
19 1480 80 1600
20 800 1400 80 1600
21 1320 80 1600
22 1240 80 1600
23 1160 80 1600
24 1080 80 1600
25 1000 80 1600
26 920 80 1600
27 840 80 1600
28 760 80 1600
29 680 80 1600
30 800 600 80 1600
31 520 80 1600
32 440 80 1600
33 360 80 1600
34 280 80 1600
35 200 80 1600
36 120 80 1600
37 40 80 1600
38 0 40 800
39 0 0 0
40 0 0 0
41 0 0 0
42 0 0 0
43 0 0 0
44 0 0 0
45 0 0 0
46 0 0 0
47 0 0 0
48 0 0 0
49 0 0 0
50 0 0 0
51 0 0 0
52 0 0 0
53 0 0 0
54 0 0 0
55 0 0 0
56 0 0 0
57 0 0 0
58 0 0 0
59 0 0 0
60 0 0 0
61 0 0 0
62 0 0 0
63 0 0 0
64 0 0 0
65 0 0 0
66 0 0 0
67 0 0 0
68 0 0 0
69 0 0 0
70 0 0 0
71 0 0 0
72 0 0 0
73 0 0 0
74 0 0 0
75 0 0 0
76 0 0 0
77 0 0 0
78 0 0 0
79 0 0 0
80 0 0 0
81 0 0 0

IN FINE
Time principal interet amort
1 1300 162.5 0
2 162.5 0
3 162.5 0
4 162.5 0
5 162.5 0
6 162.5 0
7 162.5 0
8 162.5 0
9 162.5 0
10 162.5 1300

Amort constant
Time principal interet amort
1 1300 156 130
2 1170 140.4 130
3 1040 124.8 130
4 910 109.2 130
5 780 93.6 130
6 650 78 130
7 520 62.4 130
8 390 46.8 130
9 260 31.2 130
10 130 15.6 130

paiement constant
Time principal interet amort
1 1300 156 74
2 1226 147 83
3 1143 137 93
4 1050 126 104
5 946 114 117
6 829 100 131
7 699 84 146
8 553 66 164
9 389 47 183
10 205 25 205
time Base taux deg taux lin montant deg
1 1500 6% 3% 96.4285714
2 1403.57142857 6% 3% 90.2295918
3 1313.34183673 6% 3% 84.4291181
4 1228.91271866 6% 3% 79.0015319
5 1149.91118675 6% 3% 73.922862
6 1075.98832474 6% 3% 69.170678
7 1006.81764672 6% 3% 64.7239916
8 942.093655146 6% 4% 60.5631635
9 881.530491601 6% 4% 56.6698173
10 824.860674284 6% 4% 53.0267576
11 771.833916651 6% 4% 49.6178946
12 722.216022009 6% 4% 46.4281728
13 675.787849166 6% 4% 43.4435046
14 632.344344577 6% 5% 40.6507079
15 591.693636711 6% 5% 38.0374481
16 553.656188637 6% 5% 35.5921836
17 518.064005082 6% 5% 33.3041146
18 484.759890469 6% 6% 31.1631358
19 453.596754653 6% 6% 29.1597914
20 424.436963283 6% 6% 27.2852334
21 397.151729929 6% 7% 25.5311826
22 370.674947934 6% 7% 23.8291038
23 344.198165938 6% 8% 22.127025
24 317.721383943 6% 8% 20.4249461
25 291.244601948 6% 9% 18.7228673
26 264.767819953 6% 10% 17.0207884
27 238.291037957 6% 11% 15.3187096
28 211.814255962 6% 13% 13.6166307
29 185.337473967 6% 14% 11.9145519
30 158.860691972 6% 17% 10.2124731
31 132.383909976 6% 20% 8.51039421
32 105.907127981 6% 25% 6.80831537
33 79.4303459858 6% 33% 5.10623653
34 52.9535639905 6% 50% 3.40415769
35 26.4767819953 6% 100% 1.70207884
 @ 0.1153846
Pays a Ru/MT 41.25
Tech 2 0.1653846

teneur 0.65
risque 0.05
Ivt1 1500 VAN 2396.8866
reserves 3000 IRR 61.5%
Ivt2 800
Y 80 Durée loan 10
Oc 20 type empruntin fine
N 37.5

Ru Royalties Loan interet amort paiement Depreciation 1

1300
2145 64.35 162.5 0 162.5 96.42857143
2145 64.35 162.5 0 162.5 90.22959184
2145 64.35 162.5 0 162.5 84.42911808
2145 64.35 162.5 0 162.5 79.00153191
2145 64.35 162.5 0 162.5 73.92286201
2145 64.35 162.5 0 162.5 69.17067802
2145 64.35 162.5 0 162.5 64.72399157
2145 64.35 162.5 0 162.5 60.56316355
2145 64.35 162.5 0 162.5 56.66981732
2145 64.35 162.5 1300 1462.5 53.02675763
2145 64.35 49.61789464
2145 64.35 46.42817284
2145 64.35 43.44350459
2145 64.35 40.65070787
2145 64.35 38.03744807
2145 64.35 35.59218356
2145 64.35 33.30411461
2145 64.35 31.16313582
2145 64.35 29.15979137
2145 64.35 27.28523335
2145 64.35 26.476782
2145 64.35 26.476782
2145 64.35 26.476782
2145 64.35 26.476782
2145 64.35 26.476782
2145 64.35 26.476782
2145 64.35 26.476782
2145 64.35 26.476782
2145 64.35 26.476782
2145 64.35 26.476782
2145 64.35 26.476782
 2145 64.35 26.476782
2145 64.35 26.476782
2145 64.35 26.476782
2145 64.35 26.476782
2145 64.35
2145 64.35
1072.5 32.175
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
 0 0
0 0
0 0
0 0

paiement
162.5
162.5
162.5
162.5
162.5
162.5
162.5
162.5
162.5
1462.5

paiement
286
270.4
254.8
239.2
223.6
208
192.4
176.8
161.2
145.6

paiement
230
230
230
230
230
230
230
230
230
230
montant lin montant book value time Base taux deg
42.8571429 96.428571 1403.5714 1 800 0.225
41.2815126 90.229592 1313.3418 2 620 0.225
39.7982375 84.429118 1228.9127 3 480.5 0.225
38.4035225 79.001532 1149.9112 4 372.3875 0.225
37.0939092 73.922862 1075.9883 5 288.60031 0.225
35.8662775 69.170678 1006.8176 6 223.66524 0.225
34.7178499 64.723992 942.09366 7 173.34056 0.225
33.646202 60.563164 881.53049 8 130.00542 0.225
32.6492775 56.669817 824.86067 9 86.670281 0.225
31.7254105 53.026758 771.83392 10 43.335141 0.225
30.8733567 49.617895 722.21602
30.0923343 46.428173 675.78785
29.3820804 43.443505 632.34434
28.7429248 40.650708 591.69364
28.1758875 38.037448 553.65619
27.6828094 35.592184 518.06401
27.2665266 33.304115 484.75989
26.931105 31.163136 453.59675
26.682162 29.159791 424.43696
26.5273102 27.285233 397.15173
26.476782 26.476782 370.67495
26.476782 26.476782 344.19817
26.476782 26.476782 317.72138
26.476782 26.476782 291.2446
26.476782 26.476782 264.76782
26.476782 26.476782 238.29104
26.476782 26.476782 211.81426
26.476782 26.476782 185.33747
26.476782 26.476782 158.86069
26.476782 26.476782 132.38391
26.476782 26.476782 105.90713
26.476782 26.476782 79.430346
26.476782 26.476782 52.953564
26.476782 26.476782 26.476782
26.476782 26.476782 0

1500
 5
A B in fine 2131
1 -1811.55 -3946.44 Amort constant 2118
2 374.24 -2115.02 paiement constant 2117

van impot 2,427.55 €

in fine
Amort constant
paiement constant

Depreciation 2 profit IS CF CF@ cumul CF@ VAN/TRI

-1000 -1000 -1000 14,013.56 €
180 41.721429 12.516429 630.63357 541.13772 -458.8623 11,859.50 €
139.5 88.420408 26.526122 616.62388 454.0271 -4.835181 10,159.34 €
108.1125 125.60838 37.682515 605.46749 382.5454 377.71022 8,800.13 €
83.7871875 155.36128 46.608384 596.54162 323.41758 701.1278 7,699.74 €
64.9350703125 179.29207 53.78762 589.36238 274.18015 975.30795 6,797.90 €
50.3246794921875 198.65464 59.596393 583.55361 232.95127 1208.2592 6,050.02 €
43.3351406738281 210.09087 63.02726 580.12274 198.71696 1406.9762 5,422.80 €
43.3351406738281 214.2517 64.275509 578.87449 170.1493 1577.1255 4,891.16 €
43.3351406738281 218.14504 65.443513 577.70649 145.70811 1722.8336 4,436.03 €
43.3351406738281 221.7881 66.536431 1076.6136 233.00597 1955.8395 4,042.80 €
180 251.03211 75.309632 405.34037 75.276215 2031.1158 3,700.12 €
139.5 294.72183 88.416548 392.23345 62.504785 2093.6205 3,399.15 €
108.1125 329.094 98.728199 381.9218 52.224441 2145.845 3,132.91 €
83.7871875 356.2121 106.86363 373.78637 43.858476 2189.7035 2,895.84 €
64.9350703125 377.67748 113.30324 367.34676 36.985969 2226.6894 2,683.47 €
50.3246794921875 394.73314 118.41994 362.23006 31.295075 2257.9845 2,492.20 €
43.3351406738281 404.01074 121.20322 359.44678 26.647522 2284.632 2,319.07 €
43.3351406738281 406.15172 121.84552 358.80448 22.825001 2307.457 2,161.64 €
43.3351406738281 408.15507 122.44652 358.20348 19.553003 2327.01 2,017.90 €
43.3351406738281 410.02963 123.00889 -442.3589 -20.71997 2306.2901 1,886.16 €
180 274.17322 82.251965 398.39803 16.012616 2322.3027 1,765.00 €
139.5 314.67322 94.401965 386.24803 13.321162 2335.6238 1,653.21 €
108.1125 346.06072 103.81822 376.83178 11.152034 2346.7759 1,549.77 €
83.7871875 370.38603 111.11581 369.53419 9.3840842 2356.16 1,453.78 €
64.9350703125 389.23815 116.77144 363.87856 7.9291101 2364.0891 1,364.49 €
50.3246794921875 403.84854 121.15456 359.49544 6.7219007 2370.811 1,281.23 €
43.3351406738281 410.83808 123.25142 357.39858 5.7343242 2376.5453 1,203.42 €
43.3351406738281 410.83808 123.25142 357.39858 4.9205422 2381.4658 1,130.56 €
43.3351406738281 410.83808 123.25142 357.39858 4.2222475 2385.6881 1,062.20 €
43.3351406738281 410.83808 123.25142 -442.6014 -4.486776 2381.2013 997.95 €
180 274.17322 82.251965 398.39803 3.4655286 2384.6668 937.45 €
 139.5 314.67322 94.401965 386.24803 2.883031 2387.5499 880.40 €
108.1125 346.06072 103.81822 376.83178 2.4135776 2389.9634 826.51 €
83.7871875 370.38603 111.11581 369.53419 2.0309493 2391.9944 775.55 €
64.9350703125 389.23815 116.77144 363.87856 1.7160567 2393.7105 727.27 €
50.3246794921875 430.32532 129.0976 351.5524 1.4226431 2395.1331 681.49 €
43.3351406738281 437.31486 131.19446 349.45554 1.2134686 2396.3466 638.01 €
43.3351406738281 196.98986 59.096958 181.22804 0.5399987 2396.8866 596.67 €
0 0 0 0 0 2396.8866 557.33 €
0 0 0 0 0 2396.8866 519.84 €
0 0 0 0 0 2396.8866 484.07 €
0 0 0 0 0 2396.8866 449.93 €
0 0 0 0 0 2396.8866 417.29 €
0 0 0 0 0 2396.8866 386.07 €
0 0 0 0 0 2396.8866 356.18 €
0 0 0 0 0 2396.8866 327.53 €
0 0 0 0 0 2396.8866 300.06 €
0 0 0 0 0 2396.8866 273.69 €
0 0 0 0 0 2396.8866 248.35 €
0 0 0 0 0 2396.8866 224.00 €
0 0 0 0 0 2396.8866 200.56 €
0 0 0 0 0 2396.8866 178.01 €
0 0 0 0 0 2396.8866 156.28 €
0 0 0 0 0 2396.8866 135.33 €
0 0 0 0 0 2396.8866 115.13 €
0 0 0 0 0 2396.8866 95.62 €
0 0 0 0 0 2396.8866 76.79 €
0 0 0 0 0 2396.8866 58.59 €
0 0 0 0 0 2396.8866 41.00 €
0 0 0 0 0 2396.8866 23.98 €
0 0 0 0 0 2396.8866 7.50 €
0 0 0 0 0 2396.8866 -8.45 €
0 0 0 0 0 2396.8866 -23.91 €
0 0 0 0 0 2396.8866 -38.89 €
0 0 0 0 0 2396.8866 -53.42 €
0 0 0 0 0 2396.8866 -67.51 €
0 0 0 0 0 2396.8866 -81.19 €
0 0 0 0 0 2396.8866 -94.48 €
0 0 0 0 0 2396.8866 -107.38 €
0 0 0 0 0 2396.8866 -119.93 €
0 0 0 0 0 2396.8866 -132.12 €
0 0 0 0 0 2396.8866 -143.98 €
0 0 0 0 0 2396.8866 -155.52 €
0 0 0 0 0 2396.8866 -166.75 €
0 0 0 0 0 2396.8866 -177.69 €
0 0 0 0 0 2396.8866 -188.34 €
0 0 0 0 0 2396.8866 -198.72 €
0 0 0 0 0 2396.8866 -208.83 €
0 0 0 0 0 2396.8866 -218.70 €
0 0 0 0 0 2396.8866 -228.32 €
0 0 0 0 0 2396.8866 -237.70 €
 taux lin montant degmontant lin montant book value
0.1 180 80 180 620
0.11111111111111 139.5 68.888889 139.5 480.5
0.125 108.1125 60.0625 108.1125 372.3875
0.14285714285714 83.787188 53.198214 83.787188 288.60031
0.16666666666667 64.93507 48.100052 64.93507 223.66524
0.2 50.324679 44.733048 50.324679 173.34056
0.25 39.001627 43.335141 43.335141 130.00542
0.33333333333333 29.25122 43.335141 43.335141 86.670281
0.5 19.500813 43.335141 43.335141 43.335141
1 9.7504067 43.335141 43.335141 0
10
2125
2106
2101