Years 0 1 2

I INITIAL INVESTMENT
Investment 5,000,000
CF, Initial Investment (5,000,000)
Salvage Value

II OPERATING CASH FLOWS

Revenues 5,250,000 5,775,000
Growth Rate 10%
Sales Qty 10,000 11,000
Variable Costs 2,500,000 2,750,000
Var COGS of Revenues 250 250
Fixed Costs 1,100,000 1,100,000
Rent 500,000 500,000
General & Admin Costs 600,000 600,000
EBITDA 1,650,000 1,925,000
Depreciation 500,000 500,000
EBIT 1,150,000 1,425,000
Corporate Tax 230,000 285,000
Tax Rate 20% 20%
Net Income 920,000 1,140,000
Cash Flow From Operations 1,420,000 1,640,000

III WORKING CAPITAL

Working Capital 1,000,000 937,500 1,031,250
Changes in Working Capital 1,000,000 (62,500) 93,750
CF, Inv. İn Working Capital (1,000,000) 62,500 (93,750)

Inventory 20% 500,000 550,000

Account Receivables 437,500 481,250

IV PROJECT VALUATION
Total Project Cash Flows (6,000,000) 1,482,500 1,546,250
Discount Rate 12% 12%
PV of Cash Flow (6,000,000) 1,323,661 1,232,661
NPV 6,889,639

IRR 30.79%
 3 4 5 6 7 8 9

6,352,500 6,987,750 7,686,525 8,070,851 8,474,394 8,898,114 9,343,019

10% 10% 10% 5% 5% 5% 5%
12,100 13,310 14,641 15,373 16,142 16,949 17,796
3,025,000 3,327,500 3,660,250 3,843,263 4,035,426 4,237,197 4,449,057
250 250 250 250 250 250 250
1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
500,000 500,000 500,000 500,000 500,000 500,000 500,000
600,000 600,000 600,000 600,000 600,000 600,000 600,000
2,227,500 2,560,250 2,926,275 3,127,589 3,338,968 3,560,917 3,793,962
500,000 500,000 500,000 500,000 500,000 500,000 500,000
1,727,500 2,060,250 2,426,275 2,627,589 2,838,968 3,060,917 3,293,962
345,500 412,050 485,255 525,518 567,794 612,183 658,792
20% 20% 20% 20% 20% 20% 20%
1,382,000 1,648,200 1,941,020 2,102,071 2,271,175 2,448,733 2,635,170
1,882,000 2,148,200 2,441,020 2,602,071 2,771,175 2,948,733 3,135,170

1,134,375 1,247,813 1,372,594 1,441,223 1,513,285 1,588,949 1,668,396

103,125 113,438 124,781 68,630 72,061 75,664 79,447
(103,125) (113,438) (124,781) (68,630) (72,061) (75,664) (79,447)

605,000 665,500 732,050 768,653 807,085 847,439 889,811

529,375 582,313 640,544 672,571 706,199 741,509 778,585

1,778,875 2,034,763 2,316,239 2,533,441 2,699,113 2,873,069 3,055,722

12% 12% 12% 12% 12% 12% 12%
1,266,168 1,293,128 1,314,296 1,283,520 1,220,942 1,160,384 1,101,924
 10 11

500,000

9,810,170
5%
18,686
4,671,510
250
1,100,000
500,000
600,000
4,038,661
500,000
3,538,661 -
707,732 - -
20%
2,830,928
3,330,928

1,751,816
83,420 1,751,816
(83,420)

934,302
817,514

3,247,509 2,251,816
12% 12%
1,045,611 647,343
 Years 0 1 2
I INITIAL INVESTMENT
Investment 10,000,000
CF, Initial Investment (10,000,000)
Salvage Value

II OPERATING CASH FLOWS

Revenues 5,250,000 6,300,000
Growth Rate 20%
Sales Qty 10,000 12,000
Variable Costs 2,500,000 3,000,000
Var COGS of Revenues 250 250
Fixed Costs 1,100,000 1,100,000
Rent 500,000 500,000
General & Admin Costs 600,000 600,000
EBITDA 1,650,000 2,200,000
Depreciation 1,000,000 1,000,000
EBIT 650,000 1,200,000
Corporate Tax 130,000 240,000
Tax Rate 20% 20%
Net Income 520,000 960,000
Cash Flow From Operations 1,520,000 1,960,000

III WORKING CAPITAL

Working Capital 1,000,000 937,500 1,125,000
Changes in Working Capital 1,000,000 (62,500) 187,500
CF, Inv. İn Working Capital (1,000,000) 62,500 (187,500)

Inventory 20% 500,000 600,000

Account Receivables 437,500 525,000

IV PROJECT VALUATION
Total Project Cash Flows (11,000,000) 1,582,500 1,772,500
Discount Rate 12% 12%
PV of Cash Flow (11,000,000) 1,412,946 1,413,026
NPV 14,384,827

IRR 28.16%
 3 4 5 6 7 8 9

7,560,000 9,072,000 10,886,400 13,608,000 17,010,000 21,262,500 26,578,125

20% 20% 20% 25% 25% 25% 25%
14,400 17,280 20,736 25,920 32,400 40,500 50,625
3,600,000 4,320,000 5,184,000 6,480,000 8,100,000 10,125,000 12,656,250
250 250 250 250 250 250 250
1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
500,000 500,000 500,000 500,000 500,000 500,000 500,000
600,000 600,000 600,000 600,000 600,000 600,000 600,000
2,860,000 3,652,000 4,602,400 6,028,000 7,810,000 10,037,500 12,821,875
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
1,860,000 2,652,000 3,602,400 5,028,000 6,810,000 9,037,500 11,821,875
372,000 530,400 720,480 1,005,600 1,362,000 1,807,500 2,364,375
20% 20% 20% 20% 20% 20% 20%
1,488,000 2,121,600 2,881,920 4,022,400 5,448,000 7,230,000 9,457,500
2,488,000 3,121,600 3,881,920 5,022,400 6,448,000 8,230,000 10,457,500

1,350,000 1,620,000 1,944,000 2,430,000 3,037,500 3,796,875 4,746,094

225,000 270,000 324,000 486,000 607,500 759,375 949,219
(225,000) (270,000) (324,000) (486,000) (607,500) (759,375) (949,219)

720,000 864,000 1,036,800 1,296,000 1,620,000 2,025,000 2,531,250

630,000 756,000 907,200 1,134,000 1,417,500 1,771,875 2,214,844

2,263,000 2,851,600 3,557,920 4,536,400 5,840,500 7,470,625 9,508,281

12% 12% 12% 12% 12% 12% 12%
1,610,759 1,812,243 2,018,859 2,298,281 2,641,946 3,017,260 3,428,782
 10 11

500,000

33,222,656
25%
63,281
15,820,313
250
1,100,000
500,000
600,000
16,302,344
1,000,000
15,302,344 -
3,060,469 - -
20%
12,241,875
13,241,875

5,932,617
1,186,523 5,932,617
(1,186,523)

3,164,063
2,768,555

12,055,352 6,432,617
12% 12%
3,881,501 1,849,224
 Years 0 1 2
I INITIAL INVESTMENT
Investment 8,000,000
CF, Initial Investment (8,000,000)
Salvage Value

II OPERATING CASH FLOWS

Revenues 5,250,000 5,775,000
Growth Rate 10%
Sales Qty 10,000 11,000
Variable Costs 2,500,000 2,750,000
Var COGS of Revenues 250 250
Fixed Costs 1,100,000 1,100,000
Rent 500,000 500,000
General & Admin Costs 600,000 600,000
EBITDA 1,650,000 1,925,000
Depreciation 800,000 800,000
EBIT 850,000 1,125,000
Corporate Tax 170,000 225,000
Tax Rate 20% 20%
Net Income 680,000 900,000
Cash Flow From Operations 1,480,000 1,700,000

III WORKING CAPITAL

Working Capital 1,000,000 937,500 1,031,250
Changes in Working Capital 1,000,000 (62,500) 93,750
CF, Inv. İn Working Capital (1,000,000) 62,500 (93,750)

Inventory 20% 500,000 550,000

Account Receivables 437,500 481,250

IV PROJECT VALUATION
Total Project Cash Flows (9,000,000) 1,542,500 1,606,250
Discount Rate 12% 12%
PV of Cash Flow (9,000,000) 1,377,232 1,280,493
NPV 6,049,429

IRR 22.81%
 3 4 5 6 7 8 9

6,352,500 6,987,750 7,686,525 8,455,178 9,723,454 11,181,972 12,859,268

10% 10% 10% 10% 15% 15% 15%
12,100 13,310 14,641 16,105 18,521 21,299 24,494
3,025,000 3,327,500 3,660,250 4,026,275 4,630,216 5,324,749 6,123,461
250 250 250 250 250 250 250
1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
500,000 500,000 500,000 500,000 500,000 500,000 500,000
600,000 600,000 600,000 600,000 600,000 600,000 600,000
2,227,500 2,560,250 2,926,275 3,328,903 3,993,238 4,757,224 5,635,807
800,000 800,000 800,000 800,000 800,000 800,000 800,000
1,427,500 1,760,250 2,126,275 2,528,903 3,193,238 3,957,224 4,835,807
285,500 352,050 425,255 505,781 638,648 791,445 967,161
20% 20% 20% 20% 20% 20% 20%
1,142,000 1,408,200 1,701,020 2,023,122 2,554,590 3,165,779 3,868,646
1,942,000 2,208,200 2,501,020 2,823,122 3,354,590 3,965,779 4,668,646

1,134,375 1,247,813 1,372,594 1,509,853 1,736,331 1,996,781 2,296,298

103,125 113,438 124,781 137,259 226,478 260,450 299,517
(103,125) (113,438) (124,781) (137,259) (226,478) (260,450) (299,517)

605,000 665,500 732,050 805,255 926,043 1,064,950 1,224,692

529,375 582,313 640,544 704,598 810,288 931,831 1,071,606

1,838,875 2,094,763 2,376,239 2,685,863 3,128,112 3,705,329 4,369,129

12% 12% 12% 12% 12% 12% 12%
1,308,875 1,331,259 1,348,342 1,360,742 1,414,999 1,496,520 1,575,552
 10 11

500,000

14,788,158
15%
28,168
7,041,980
250
1,100,000
500,000
600,000
6,646,178
800,000
5,846,178 -
1,169,236 - -
20%
4,676,943
5,476,943

2,640,743
344,445 2,640,743
(344,445)

1,408,396
1,232,347

5,132,498 3,140,743
12% 12%
1,652,527 902,888
 Years 0 1 2
I INITIAL INVESTMENT
Investment 5,000,000
CF, Initial Investment (5,000,000)
Salvage Value

II OPERATING CASH FLOWS

Revenues 3,675,000 3,858,750
Growth Rate 5%
Sales Qty 7,000 7,350
Variable Costs 1,750,000 1,837,500
Var COGS of Revenues 250 250
Fixed Costs 1,100,000 1,100,000
Rent 500,000 500,000
General & Admin Costs 600,000 600,000
EBITDA 825,000 921,250
Depreciation 500,000 500,000
EBIT 325,000 421,250
Corporate Tax 65,000 84,250
Tax Rate 20% 20%
Net Income 260,000 337,000
Cash Flow From Operations 760,000 837,000

III WORKING CAPITAL

Working Capital 1,000,000 656,250 689,063
Changes in Working Capital 1,000,000 (343,750) 32,813
CF, Inv. İn Working Capital (1,000,000) 343,750 (32,813)

Inventory 20% 350,000 367,500

Account Receivables 306,250 321,563

IV PROJECT VALUATION
Total Project Cash Flows (6,000,000) 1,103,750 804,188
Discount Rate 12% 12%
PV of Cash Flow (6,000,000) 985,491 641,093
NPV 303,230

IRR 13.07%
 3 4 5 6 7 8 9

4,051,688 4,254,272 4,466,985 4,690,335 4,831,045 4,782,734 4,734,907

5% 5% 5% 5% 3% -1% -1%
7,718 8,103 8,509 8,934 9,202 9,110 9,019
1,929,375 2,025,844 2,127,136 2,233,493 2,300,498 2,277,493 2,254,718
250 250 250 250 250 250 250
1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
500,000 500,000 500,000 500,000 500,000 500,000 500,000
600,000 600,000 600,000 600,000 600,000 600,000 600,000
1,022,313 1,128,428 1,239,850 1,356,842 1,430,547 1,405,242 1,380,189
500,000 500,000 500,000 500,000 500,000 500,000 500,000
522,313 628,428 739,850 856,842 930,547 905,242 880,189
104,463 125,686 147,970 171,368 186,109 181,048 176,038
20% 20% 20% 20% 20% 20% 20%
417,850 502,743 591,880 685,474 744,438 724,193 704,152
917,850 1,002,743 1,091,880 1,185,474 1,244,438 1,224,193 1,204,152

723,516 759,691 797,676 837,560 862,687 854,060 845,519

34,453 36,176 37,985 39,884 25,127 (8,627) (8,541)
(34,453) (36,176) (37,985) (39,884) (25,127) 8,627 8,541

385,875 405,169 425,427 446,699 460,100 455,499 450,944

337,641 354,523 372,249 390,861 402,587 398,561 394,576

883,397 966,567 1,053,895 1,145,590 1,219,311 1,232,820 1,212,692

12% 12% 12% 12% 12% 12% 12%
628,784 614,271 598,008 580,391 551,554 497,915 437,309
 10 11

500,000

4,687,558
-1%
8,929
2,232,170
250
1,100,000
500,000
600,000
1,355,387
500,000
855,387 -
171,077 - -
20%
684,310
1,184,310

837,064
(8,455) 837,064
8,455

446,434
390,630

1,192,765 1,337,064
12% 12%
384,038 384,374
 Years 0 1 2
I INITIAL INVESTMENT
Investment 12,500,000
CF, Initial Investment (12,500,000)
Salvage Value

II OPERATING CASH FLOWS

Revenues 5,250,000 5,775,000
Growth Rate 10%
Sales Qty 10,000 11,000
Variable Costs 2,500,000 2,750,000
Var COGS of Revenues 250 250
Fixed Costs 1,100,000 1,100,000
Rent 500,000 500,000
General & Admin Costs 600,000 600,000
EBITDA 1,650,000 1,925,000
Depreciation 1,250,000 1,250,000
EBIT 400,000 675,000
Corporate Tax 80,000 135,000
Tax Rate 20% 20%
Net Income 320,000 540,000
Cash Flow From Operations 1,570,000 1,790,000

III WORKING CAPITAL

Working Capital 1,000,000 937,500 1,031,250
Changes in Working Capital 1,000,000 (62,500) 93,750
CF, Inv. İn Working Capital (1,000,000) 62,500 (93,750)

Inventory 20% 500,000 550,000

Account Receivables 437,500 481,250

IV PROJECT VALUATION
Total Project Cash Flows (13,500,000) 1,632,500 1,696,250
Discount Rate 12% 12%
PV of Cash Flow (13,500,000) 1,457,589 1,352,240
NPV 237,172

IRR 12.35%
 3 4 5 6 7 8 9

6,352,500 6,987,750 7,686,525 8,070,851 8,474,394 8,898,114 9,343,019

10% 10% 10% 5% 5% 5% 5%
12,100 13,310 14,641 15,373 16,142 16,949 17,796
3,025,000 3,327,500 3,660,250 3,843,263 4,035,426 4,237,197 4,449,057
250 250 250 250 250 250 250
1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
500,000 500,000 500,000 500,000 500,000 500,000 500,000
600,000 600,000 600,000 600,000 600,000 600,000 600,000
2,227,500 2,560,250 2,926,275 3,127,589 3,338,968 3,560,917 3,793,962
1,250,000 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000
977,500 1,310,250 1,676,275 1,877,589 2,088,968 2,310,917 2,543,962
195,500 262,050 335,255 375,518 417,794 462,183 508,792
20% 20% 20% 20% 20% 20% 20%
782,000 1,048,200 1,341,020 1,502,071 1,671,175 1,848,733 2,035,170
2,032,000 2,298,200 2,591,020 2,752,071 2,921,175 3,098,733 3,285,170

1,134,375 1,247,813 1,372,594 1,441,223 1,513,285 1,588,949 1,668,396

103,125 113,438 124,781 68,630 72,061 75,664 79,447
(103,125) (113,438) (124,781) (68,630) (72,061) (75,664) (79,447)

605,000 665,500 732,050 768,653 807,085 847,439 889,811

529,375 582,313 640,544 672,571 706,199 741,509 778,585

1,928,875 2,184,763 2,466,239 2,683,441 2,849,113 3,023,069 3,205,722

12% 12% 12% 12% 12% 12% 12%
1,372,935 1,388,456 1,399,410 1,359,515 1,288,794 1,220,967 1,156,016
 10 11

500,000

9,810,170
5%
18,686
4,671,510
250
1,100,000
500,000
600,000
4,038,661
1,250,000
2,788,661 -
557,732 - -
20%
2,230,928
3,480,928

1,751,816
83,420 1,751,816
(83,420)

934,302
817,514

3,397,509 2,251,816
12% 12%
1,093,907 647,343
 Years 0 1 2
I INITIAL INVESTMENT
Investment 10,000,000
CF, Initial Investment (10,000,000)
Salvage Value

II OPERATING CASH FLOWS

Revenues 5,250,000 5,775,000
Growth Rate 10%
Sales Qty 10,000 11,000
Variable Costs 2,500,000 2,750,000
Var COGS of Revenues 250 250
Fixed Costs 1,100,000 1,100,000
Rent 500,000 500,000
General & Admin Costs 600,000 600,000
EBITDA 1,650,000 1,925,000
Depreciation 1,000,000 1,000,000
EBIT 650,000 925,000
Corporate Tax 130,000 185,000
Tax Rate 20% 20%
Net Income 520,000 740,000
Cash Flow From Operations 1,520,000 1,740,000

III WORKING CAPITAL

Working Capital 1,000,000 937,500 1,031,250
Changes in Working Capital 1,000,000 (62,500) 93,750
CF, Inv. İn Working Capital (1,000,000) 62,500 (93,750)

Inventory 20% 500,000 550,000

Account Receivables 437,500 481,250

IV PROJECT VALUATION
Total Project Cash Flows (11,000,000) 1,582,500 1,646,250
Discount Rate 12% 12%
PV of Cash Flow (11,000,000) 1,412,946 1,312,380
NPV 2,454,661

IRR 16.26%
 3 4 5 6 7 8 9

6,352,500 6,987,750 7,686,525 8,070,851 8,474,394 8,898,114 9,343,019

10% 10% 10% 5% 5% 5% 5%
12,100 13,310 14,641 15,373 16,142 16,949 17,796
3,025,000 3,327,500 3,660,250 3,843,263 4,035,426 4,237,197 4,449,057
250 250 250 250 250 250 250
1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
500,000 500,000 500,000 500,000 500,000 500,000 500,000
600,000 600,000 600,000 600,000 600,000 600,000 600,000
2,227,500 2,560,250 2,926,275 3,127,589 3,338,968 3,560,917 3,793,962
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
1,227,500 1,560,250 1,926,275 2,127,589 2,338,968 2,560,917 2,793,962
245,500 312,050 385,255 425,518 467,794 512,183 558,792
20% 20% 20% 20% 20% 20% 20%
982,000 1,248,200 1,541,020 1,702,071 1,871,175 2,048,733 2,235,170
1,982,000 2,248,200 2,541,020 2,702,071 2,871,175 3,048,733 3,235,170

1,134,375 1,247,813 1,372,594 1,441,223 1,513,285 1,588,949 1,668,396

103,125 113,438 124,781 68,630 72,061 75,664 79,447
(103,125) (113,438) (124,781) (68,630) (72,061) (75,664) (79,447)

605,000 665,500 732,050 768,653 807,085 847,439 889,811

529,375 582,313 640,544 672,571 706,199 741,509 778,585

1,878,875 2,134,763 2,416,239 2,633,441 2,799,113 2,973,069 3,155,722

12% 12% 12% 12% 12% 12% 12%
1,337,346 1,356,680 1,371,039 1,334,183 1,266,177 1,200,773 1,137,985
 10 11

500,000

9,810,170
5%
18,686
4,671,510
250
1,100,000
500,000
600,000
4,038,661
1,000,000
3,038,661 -
607,732 - -
20%
2,430,928
3,430,928

1,751,816
83,420 1,751,816
(83,420)

934,302
817,514

3,347,509 2,251,816
12% 12%
1,077,808 647,343
 Years 0 1 2
I INITIAL INVESTMENT
Investment 10,000,000
CF, Initial Investment (10,000,000)
Salvage Value

II OPERATING CASH FLOWS

Revenues 5,250,000 5,512,500
Growth Rate 5%
Sales Qty 10,000 10,500
Variable Costs 2,500,000 2,625,000
Var COGS of Revenues 250 250
Fixed Costs 1,100,000 1,100,000
Rent 500,000 500,000
General & Admin Costs 600,000 600,000
EBITDA 1,650,000 1,787,500
Depreciation 1,000,000 1,000,000
EBIT 650,000 787,500
Corporate Tax 130,000 157,500
Tax Rate 20% 20%
Net Income 520,000 630,000
Cash Flow From Operations 1,520,000 1,630,000

III WORKING CAPITAL

Working Capital 1,000,000 937,500 984,375
Changes in Working Capital 1,000,000 (62,500) 46,875
CF, Inv. İn Working Capital (1,000,000) 62,500 (46,875)

Inventory 20% 500,000 525,000

Account Receivables 437,500 459,375

IV PROJECT VALUATION
Total Project Cash Flows (11,000,000) 1,582,500 1,583,125
Discount Rate 12% 12%
PV of Cash Flow (11,000,000) 1,412,946 1,262,058
NPV (571,642)

IRR 10.82%
 3 4 5 6 7 8 9

5,788,125 6,077,531 6,381,408 6,381,408 6,381,408 6,062,337 5,759,221

5% 5% 5% 0% 0% -5% -5%
11,025 11,576 12,155 12,155 12,155 11,547 10,970
2,756,250 2,894,063 3,038,766 3,038,766 3,038,766 2,886,827 2,742,486
250 250 250 250 250 250 250
1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
500,000 500,000 500,000 500,000 500,000 500,000 500,000
600,000 600,000 600,000 600,000 600,000 600,000 600,000
1,931,875 2,083,469 2,242,642 2,242,642 2,242,642 2,075,510 1,916,735
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
931,875 1,083,469 1,242,642 1,242,642 1,242,642 1,075,510 916,735
186,375 216,694 248,528 248,528 248,528 215,102 183,347
20% 20% 20% 20% 20% 20% 20%
745,500 866,775 994,114 994,114 994,114 860,408 733,388
1,745,500 1,866,775 1,994,114 1,994,114 1,994,114 1,860,408 1,733,388

1,033,594 1,085,273 1,139,537 1,139,537 1,139,537 1,082,560 1,028,432

49,219 51,680 54,264 - - (56,977) (54,128)
(49,219) (51,680) (54,264) - - 56,977 54,128

551,250 578,813 607,753 607,753 607,753 577,365 548,497

482,344 506,461 531,784 531,784 531,784 505,195 479,935

1,696,281 1,815,095 1,939,850 1,994,114 1,994,114 1,917,385 1,787,516

12% 12% 12% 12% 12% 12% 12%
1,207,379 1,153,526 1,100,723 1,010,280 902,036 774,400 644,596
 10 11

500,000

5,471,260
-5%
10,421
2,605,362
250
1,100,000
500,000
600,000
1,765,898
1,000,000
765,898 -
153,180 - -
20%
612,718
1,612,718

977,011
(51,422) 977,011
51,422

521,072
455,938

1,664,140 1,477,011
12% 12%
535,809 424,605
 Years 0 1 2
I INITIAL INVESTMENT
Investment 8,000,000
CF, Initial Investment (8,000,000)
Salvage Value

II OPERATING CASH FLOWS

Revenues 3,675,000 3,858,750
Growth Rate 5%
Sales Qty 7,000 7,350
Variable Costs 1,750,000 1,837,500
Var COGS of Revenues 250 250
Fixed Costs 1,100,000 1,100,000
Rent 500,000 500,000
General & Admin Costs 600,000 600,000
EBITDA 825,000 921,250
Depreciation 800,000 800,000
EBIT 25,000 121,250
Corporate Tax 5,000 24,250
Tax Rate 20% 20%
Net Income 20,000 97,000
Cash Flow From Operations 820,000 897,000

III WORKING CAPITAL

Working Capital 1,000,000 656,250 689,063
Changes in Working Capital 1,000,000 (343,750) 32,813
CF, Inv. İn Working Capital (1,000,000) 343,750 (32,813)

Inventory 20% 350,000 367,500

Account Receivables 306,250 321,563

IV PROJECT VALUATION
Total Project Cash Flows (9,000,000) 1,163,750 864,188
Discount Rate 12% 12%
PV of Cash Flow (9,000,000) 1,039,063 688,925
NPV (2,357,756)

IRR 5.95%
 3 4 5 6 7 8 9

4,051,688 4,254,272 4,466,985 4,690,335 4,831,045 4,782,734 4,734,907

5% 5% 5% 5% 3% -1% -1%
7,718 8,103 8,509 8,934 9,202 9,110 9,019
1,929,375 2,025,844 2,127,136 2,233,493 2,300,498 2,277,493 2,254,718
250 250 250 250 250 250 250
1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
500,000 500,000 500,000 500,000 500,000 500,000 500,000
600,000 600,000 600,000 600,000 600,000 600,000 600,000
1,022,313 1,128,428 1,239,850 1,356,842 1,430,547 1,405,242 1,380,189
800,000 800,000 800,000 800,000 800,000 800,000 800,000
222,313 328,428 439,850 556,842 630,547 605,242 580,189
44,463 65,686 87,970 111,368 126,109 121,048 116,038
20% 20% 20% 20% 20% 20% 20%
177,850 262,743 351,880 445,474 504,438 484,193 464,152
977,850 1,062,743 1,151,880 1,245,474 1,304,438 1,284,193 1,264,152

723,516 759,691 797,676 837,560 862,687 854,060 845,519

34,453 36,176 37,985 39,884 25,127 (8,627) (8,541)
(34,453) (36,176) (37,985) (39,884) (25,127) 8,627 8,541

385,875 405,169 425,427 446,699 460,100 455,499 450,944

337,641 354,523 372,249 390,861 402,587 398,561 394,576

943,397 1,026,567 1,113,895 1,205,590 1,279,311 1,292,820 1,272,692

12% 12% 12% 12% 12% 12% 12%
671,491 652,402 632,054 610,789 578,695 522,148 458,946
 10 11

500,000

4,687,558
-1%
8,929
2,232,170
250
1,100,000
500,000
600,000
1,355,387
800,000
555,387 -
111,077 - -
20%
444,310
1,244,310

837,064
(8,455) 837,064
8,455

446,434
390,630

1,252,765 1,337,064
12% 12%
403,357 384,374