1,996.

00
-
R & D Expense 6,000,000.00
Tract of Land 3,950,000.00
Depreciation Builiding Facility
Depreciation Equipment

Demand
Revenue
Variable cost
Gross profit
Fixed Cost
Plant Depreciation
equipment Dep
Amortization

Net Operating Income

Tax (46 %)
NOPAT
Add Dep
Networking Capital

FCFF (9,950,000.00)
 1,997.00 1,998.00 1,999.00 2,000.00 2,001.00
1.00 2.00 3.00 4.00 5.00

8,000,000.00
12,000,000.00
2,000,000.00
1,574.50 1,480.03 1,391.23 1,307.75 1,229.29
61,000.00 71,050.00 81,700.00 93,950.00 108,000.00
105,154,000.00 113,644,700.00 122,792,650.00 132,732,000.00
73,607,800.00 79,551,290.00 85,954,855.00 92,912,400.00
31,546,200.00 34,093,410.00 36,837,795.00 39,819,600.00
7,500,000.00 7,800,000.00 8,112,000.00 8,436,480.00
720,000.00 900,000.00 640,000.00
1,800,000.00 2,640,000.00 2,520,000.00
1,200,000.00 1,200,000.00 1,200,000.00 1,200,000.00
1,200,000.00 1,200,000.00 1,200,000.00 1,200,000.00

- (3,480,000.00) (4,140,000.00) (4,280,000.00)

- (1,600,800.00) (1,904,400.00) (1,968,800.00)
- (1,879,200.00) (2,235,600.00) (2,311,200.00)
2,520,000.00 3,540,000.00 3,160,000.00
9,463,860.00 764,163.00 823,315.50 894,541.50

(20,000,000.00) (19,209,252.00) 12,162,431.40 13,747,944.30 14,770,679.80

 2,002.00 2,003.00 2,004.00 2,005.00 2,006.00
6.00 7.00 8.00 9.00 10.00

1,155.53 1,086.20 1,021.03 959.74 902.16

124,000.00 142,800.00 164,200.00 188,850.00 217,150.00
143,220,000.00 155,080,800.00 167,648,200.00 181,296,000.00 195,869,300.00
100,254,000.00 108,556,560.00 117,353,740.00 126,907,200.00 137,108,510.00
42,966,000.00 46,524,240.00 50,294,460.00 54,388,800.00 58,760,790.00
8,773,939.20 9,124,896.77 9,489,892.64 9,869,488.34 10,264,267.88
560,000.00 700,000.00 600,000.00 500,000.00 500,000.00
2,520,000.00 2,520,000.00
1,200,000.00
1,200,000.00

(4,360,000.00) (1,820,000.00) 600,000.00 500,000.00 500,000.00

(2,005,600.00) (837,200.00) 276,000.00 230,000.00 230,000.00
(2,354,400.00) (982,800.00) 324,000.00 270,000.00 270,000.00
3,080,000.00 3,220,000.00 600,000.00 500,000.00 500,000.00
943,920.00 1,067,472.00 1,131,066.00 1,228,302.00 1,311,597.00

16,086,112.83 18,118,605.35 18,540,246.38 20,176,088.29 22,046,131.95

 2,007.00
11.00

848.03
249,700.00
211,752,158.12
148,226,510.68
63,525,647.44
10,674,838.59
500,000.00

500,000.00
230,000.00
270,000.00
500,000.00
1,429,457.23

24,004,579.34
 R & D Expense
Tract of Land
Depriciation Builiding Facility
Depriciation Equipment

Demand
WAC 10.9 Revenue
Variable cost
Gross profit
Fixed Cost
Plant Depreciation
equipment Dep
Amortization
15750000
Net Operating Income
Tax (46 %)
NOPAT
Add Dep
Networking Capital

FCFF

NPV
 1,996.00 1,997.00 1,998.00 1,999.00 2,000.00 2,001.00
- 1.00 2.00 3.00 4.00 5.00
6,000,000.00
3,950,000.00
15,000,000.00
21,000,000.00

1,574.50 1,480.03 1,391.23 1,307.75 1,229.29

61,000.00 71,050.00 81,700.00 93,950.00 108,000.00
105,154,000.00 113,644,700.00 122,792,650.00 132,732,000.00
52,577,000.00 56,822,350.00 61,396,325.00 66,366,000.00
52,577,000.00 56,822,350.00 61,396,325.00 66,366,000.00
15,750,000.00 16,380,000.00 17,035,200.00 17,716,608.00
1,350,000.00 900,000.00 1,200,000.00
3,150,000.00 4,620,000.00 4,410,000.00
1,200,000.00 1,200,000.00 1,200,000.00 1,200,000.00

35,627,000.00 34,742,350.00 37,641,125.00 41,839,392.00

16,388,420.00 15,981,481.00 17,314,917.50 19,246,120.32
19,238,580.00 18,760,869.00 20,326,207.50 22,593,271.68
4,500,000.00 5,520,000.00 5,610,000.00
31,546,200.00 2,547,210.00 2,744,385.00 2,981,805.00

(9,950,000.00) (36,000,000.00) (12,307,620.00) 20,713,659.00 23,101,822.50 25,221,466.68

$75,044,784.08
 2,002.00 2,003.00 2,004.00 2,005.00 2,006.00
6.00 7.00 8.00 9.00 10.00

1,155.53 1,086.20 1,021.03 959.74 902.16

124,000.00 142,800.00 164,200.00 188,850.00 217,150.00
143,220,000.00 155,080,800.00 167,648,200.00 181,296,000.00 195,869,300.00
71,610,000.00 77,540,400.00 83,824,100.00 90,648,000.00 97,934,650.00
71,610,000.00 77,540,400.00 83,824,100.00 90,648,000.00 97,934,650.00
18,425,272.32 19,162,283.21 19,928,774.54 20,725,925.52 21,554,962.54
1,050,000.00 700,000.00 600,000.00 500,000.00 500,000.00
4,410,000.00 4,410,000.00
1,200,000.00

46,524,727.68 53,268,116.79 63,295,325.46 69,422,074.48 75,879,687.46

21,401,374.73 24,503,333.72 29,115,849.71 31,934,154.26 34,904,656.23
25,123,352.95 28,764,783.07 34,179,475.75 37,487,920.22 40,975,031.23
5,460,000.00 5,110,000.00 600,000.00 500,000.00 500,000.00
3,146,400.00 3,558,240.00 3,770,220.00 4,094,340.00 4,371,990.00

27,436,952.95 30,316,543.07 31,009,255.75 33,893,580.22 37,103,041.23

 2,007.00
11.00

848.03
249,700.00
211,752,158.12
105,876,079.06
105,876,079.06
22,417,161.05
500,000.00

82,958,918.01
38,161,102.29
44,797,815.73
500,000.00
4,764,857.44

40,532,958.29