1996 1997 1998

0 1 2
R & D Expense 6000000
Tract of Land 3950000
dep Builiding Facility 10000000
dep Equipment 15000000

am 1575 1480
mar value Demand 61000 71050
Revenue 105154000
Variable cost 63092400
Gross profit 42061600
Fixed Cost 10000000
Plant Depreciation
equipment Dep
Amortization 1200000

Net Operating Income 30861600

Tax (46 %) 14196336
NOPAT 16665264
Add Dep
Networking Capital 31546200

FCFF -9950000 -25000000 -14880936

 1999 2000 2001 2002 2003 2004 2005
3 4 5 6 7 8 9

1391 1308 1229 1156 1086 1021 960

81700 93950 108000 124000 142800 164200 188850
113644700 122792650 132732000 143220000 155080800 167648200 181296000
68186820 73675590 79639200 85932000 93048480 100588920 108777600
45457880 49117060 53092800 57288000 62032320 67059280 72518400
10400000 10816000 11248640 11698585.6 12166529 12653190.185 13159317.7924
900000 900000 800000 700000 700000 600000 500000
2250000 3300000 3150000 3150000 3150000
1200000 1200000 1200000 1200000

30707880 32901060 36694160 40539414.4 46015791 53806089.815 58859082.2076

14125624.8 15134487.6 16879313.6 18648130.624 21167263.8 24750801.3149 27075177.8155
16582255.2 17766572.4 19814846.4 21891283.776 24848527.1 29055288.5001 31783904.3921
3150000 4200000 3950000 3850000 3850000 600000 500000
2547210 2744385 2981805 3146400 3558240 3770220 4094340

17185045 19222187 20783041 22594884 25140287 25885069 28189564

 2006 2007
10 11

902 848
217150 249700
195869300 211752158.121
117521580 127051294.872
78347720 84700863.2483
13685690.5041 14233118.1242
500000 500000

64162029.4959 69967745.1241
29514533.5681 32185162.7571
34647495.9278 37782582.367
500000 500000
4371990 4764857

30775506 33517725
 1996 1997
0 1
R & D Expense 6000000
Tract of Land 3950000
dep Builiding Facility 15000000
dep Equipment 21000000

am 1575
mar value Demand 61000
Revenue
Variable cost
Gross profit
Fixed Cost
Plant Depreciation
equipment Dep
Amortization
15750000
Net Operating Income
Tax (46 %)
NOPAT
Add Dep
Networking Capital

FCFF -9950000 -36000000

 1998 1999 2000 2001 2002 2003 2004
2 3 4 5 6 7 8

1480 1391 1308 1229 1156 1086 1021

71050 81700 93950 108000 124000 142800 164200
105154000 113644700 122792650 132732000 143220000 155080800 167648200
52577000 56822350 61396325 66366000 71610000 77540400 83824100
52577000 56822350 61396325 66366000 71610000 77540400 83824100
15750000 16380000 17035200 17716608 18425272.32 19162283.2 19928774.5413
1350000 900000 1200000 1050000 700000 600000
3150000 4620000 4410000 4410000 4410000
1200000 1200000 1200000 1200000 1200000

35627000 34742350 37641125 41839392 46524727.68 53268116.8 63295325.4587

16388420 15981481 17314917.5 19246120.32 21401374.7328 24503333.7 29115849.711
19238580 18760869 20326207.5 22593271.68 25123352.9472 28764783.1 34179475.7477
4500000 5520000 5610000 5460000 5110000 600000
31546200 2547210 2744385 2981805 3146400 3558240 3770220

-12307620 20713659 23101823 25221467 27436953 30316543 31009256

 2005 2006 2007
9 10 11

960 902 848

188850 217150 249700
181296000 195869300 211752158.121
90648000 97934650 105876079
90648000 97934650 105876079.06
20725925.523 21554962.5439 22417161.0456
500000 500000 500000

69422074.477 75879687.4561 82958918.0148

31934154.2594 34904656.2298 38161102.2868
37487920.2176 40975031.2263 44797815.728
500000 500000 500000
4094340 4371990 4764857

33893580 37103041 40532958

 1996 1997
0 1
R & D Expense 6000000
Tract of Land 3950000
dep Builiding Facility 8000000
dep Equipment 12000000
2000000
am 1575
mar value Demand 61000
Revenue
Variable cost
Gross profit
Fixed Cost
Plant Depreciation
equipment Dep
Amortization
15750000
Net Operating Income
Tax (46 %)
NOPAT
Add Dep
Networking Capital

FCFF -9950000 -20000000

NPV
 1998 1999 2000 2001 2002 2003 2004
2 3 4 5 6 7 8

1480 1391 1308 1229 1156 1086 1021

71050 81700 93950 108000 124000 142800 164200
105154000 113644700 122792650 132732000 143220000 155080800 167648200
73607800 79551290 85954855 92912400 100254000 108556560 117353740
31546200 34093410 36837795 39819600 42966000 46524240 50294460
7500000 7800000 8112000 8436480 8773939.2 9124896.77 9489892.63872
720000 900000 640000 560000 700000 600000
1800000 2640000 2520000 2520000 2520000
1200000 1200000 1200000 1200000 1200000

22846200 22573410 23985795 27023120 29912060.8 34179343.2 40204567.3613

10509252 10383768.6 11033465.7 12430635.2 13759547.968 15722497.9 18494100.9862
12336948 12189641.4 12952329.3 14592484.8 16152512.832 18456845.3 21710466.3751
2520000 3540000 3160000 3080000 3220000 600000
31546200 2547210 2744385 2981805 3146400 3558240 3770220

-19209252 12162431 13747944 14770680 16086113 18118605 18540246

 2005 2006 2007
9 10 11

960 902 848

188850 217150 249700
181296000 195869300 211752158.121
126907200 137108510 148226511
54388800 58760790 63525647.4362
9869488.34427 10264267.878 10674838.5932
500000 500000 500000

44019311.6557 47996522.122 52350808.8431

20248883.3616 22078400.1761 24081372.0678
23770428.2941 25918121.9459 28269436.7753
500000 500000 500000
4094340 4371990 4764857

20176088 22046132 24004579