Professional Documents
Culture Documents
Capital
R&D Investment Expenditure
Year
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
($1,100.00)
($2,200.00)
($2,200.00)
($2,200.00)
($1,320.00)
($880.00)
($660.00)
($440.00)
$0.00
($250.00)
($350.00)
($350.00)
($50.00)
$0.00
$0.00
$0.00
e=b+c+d
Total
Development
Working Capital Expenditure
$0.00
($150.00)
($300.00)
($300.00)
($200.00)
($50.00)
$0.00
$0.00
($1,100.00)
($2,600.00)
($2,850.00)
($2,850.00)
($1,570.00)
($930.00)
($660.00)
($440.00)
f
Number of
Planes
Delivered
$0.00
$0.00
$0.00
$0.00
$0.00
$12.00
$24.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
$48.00
2038
2039
2040
$48.00
$48.00
$48.00
h=f*g
$216.26
$220.59
$225.00
$229.50
$234.09
$238.77
$243.55
$248.42
$253.39
$258.45
$263.62
$268.90
$274.27
$279.76
$285.35
$291.06
$296.88
$302.82
$308.88
$315.05
$321.36
$327.78
$334.34
$341.02
$347.85
$354.80
$361.90
$369.14
$376.52
$384.05
$391.73
$399.57
$0.00
$0.00
$0.00
$0.00
$0.00
$2,595.16
$5,294.12
$10,800.00
$11,016.00
$11,236.32
$11,461.05
$11,690.27
$11,924.07
$12,162.55
$12,405.81
$12,653.92
$12,907.00
$13,165.14
$13,428.44
$13,697.01
$13,970.95
$14,250.37
$14,535.38
$14,826.09
$15,122.61
$15,425.06
$15,733.56
$16,048.23
$16,369.20
$16,696.58
$17,030.51
$17,371.12
$17,718.54
$18,072.92
$18,434.37
$18,803.06
$19,179.12
i=.175*h
Operating
Income (17.5%
of Revenue)
$0.00
$0.00
$0.00
$0.00
$0.00
$454.15
$926.47
$1,890.00
$1,927.80
$1,966.36
$2,005.68
$2,045.80
$2,086.71
$2,128.45
$2,171.02
$2,214.44
$2,258.72
$2,303.90
$2,349.98
$2,396.98
$2,444.92
$2,493.81
$2,543.69
$2,594.56
$2,646.46
$2,699.39
$2,753.37
$2,808.44
$2,864.61
$2,921.90
$2,980.34
$3,039.95
$3,100.75
$3,162.76
$3,226.02
$3,290.54
$3,356.35
j = e+i
BTCF
$0.00
($1,100.00)
($2,600.00)
($2,850.00)
($2,850.00)
($1,570.00)
($475.85)
$266.47
$1,450.00
$1,927.80
$1,966.36
$2,005.68
$2,045.80
$2,086.71
$2,128.45
$2,171.02
$2,214.44
$2,258.72
$2,303.90
$2,349.98
$2,396.98
$2,444.92
$2,493.81
$2,543.69
$2,594.56
$2,646.46
$2,699.39
$2,753.37
$2,808.44
$2,864.61
$2,921.90
$2,980.34
$3,039.95
$3,100.75
$3,162.76
$3,226.02
$3,290.54
$3,356.35
l = b+i-k
Depreciation of
Capital
Expenditure
Taxable Income
$0.00
($1,100.00)
$25.00
($2,225.00)
$60.00
($2,260.00)
$95.00
($2,295.00)
$100.00
($1,420.00)
($425.85)
$266.47
$1,450.00
$1,927.80
$1,966.36
$2,005.68
$2,045.80
$2,086.71
$2,128.45
$2,171.02
$2,214.44
$2,258.72
$2,303.90
$2,349.98
$2,396.98
$2,444.92
$2,493.81
$2,543.69
$2,594.56
$2,646.46
$2,699.39
$2,753.37
$2,808.44
$2,864.61
$2,921.90
$2,980.34
$3,039.95
$3,100.75
$3,162.76
$3,226.02
$3,290.54
$3,356.35
$407.56
$415.71
$424.02
$19,562.71
$19,953.96
$20,353.04
$3,423.47
$3,491.94
$3,561.78
$3,423.47
$3,491.94
$3,561.78
$3,423.47
$3,491.94
$3,561.78
m = .38*l
n=j-m
Taxes Paid
$0.00
($418.00)
($845.50)
($858.80)
($872.10)
($539.60)
($161.82)
$101.26
$551.00
$732.56
$747.22
$762.16
$777.40
$792.95
$808.81
$824.99
$841.49
$858.32
$875.48
$892.99
$910.85
$929.07
$947.65
$966.60
$985.93
$1,005.65
$1,025.77
$1,046.28
$1,067.21
$1,088.55
$1,110.32
$1,132.53
$1,155.18
$1,178.28
$1,201.85
$1,225.89
$1,250.40
$1,275.41
After-tax Cash
Flow
$0.00
($682.00)
($1,754.50)
($1,991.20)
($1,977.90)
($1,030.40)
($314.03)
$165.21
$899.00
$1,195.24
$1,219.14
$1,243.52
$1,268.39
$1,293.76
$1,319.64
$1,346.03
$1,372.95
$1,400.41
$1,428.42
$1,456.99
$1,486.13
$1,515.85
$1,546.17
$1,577.09
$1,608.63
$1,640.80
$1,673.62
$1,707.09
$1,741.23
$1,776.06
$1,811.58
$1,847.81
$1,884.77
$1,922.46
$1,960.91
$2,000.13
$2,040.13
$2,080.93
$1,300.92
$1,326.94
$1,353.48
PW
IRR
$2,122.55
$2,165.00
$2,208.30
$240.73
11.38%
Capital
R&D Investment Expenditure
Year
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
-1100
-2200
-2200
-2200
-1320
-880
-660
-440
0
-250
-350
-350
-50
0
0
0
e = b+c+d
Total
Development
Working Capital Expenditure
0
-150
-300
-300
-200
-50
0
0
-1100
-2600
-2850
-2850
-1570
-930
-660
-440
f = GOALSEEK
function
Number of
Planes
Delivered
0
0
0
0
0
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
2036
2037
2038
2039
2040
41.37
41.37
41.37
41.37
41.37
ble 2 - Break Even Analysis (all numbers in $ millions, unless otherwise stated)
g (includes
inflation)
h = f*g
216.26
220.59
225.00
229.50
234.09
238.77
243.55
248.42
253.39
258.45
263.62
268.90
274.27
279.76
285.35
291.06
296.88
302.82
308.88
315.05
321.36
327.78
334.34
341.02
347.85
354.80
361.90
369.14
376.52
384.05
0
0
0
0
0
8946.64
9125.57
9308.08
9494.25
9684.13
9877.81
10075.37
10276.88
10482.41
10692.06
10905.90
11124.02
11346.50
11573.43
11804.90
12041.00
12281.82
12527.45
12778.00
13033.56
13294.24
13560.12
13831.32
14107.95
14390.11
14677.91
14971.47
15270.90
15576.32
15887.84
i = .175*h
Operating
Income (17.5%
of Revenue)
0
0
0
0
0
1565.66
1596.98
1628.91
1661.49
1694.72
1728.62
1763.19
1798.45
1834.42
1871.11
1908.53
1946.70
1985.64
2025.35
2065.86
2107.17
2149.32
2192.30
2236.15
2280.87
2326.49
2373.02
2420.48
2468.89
2518.27
2568.63
2620.01
2672.41
2725.86
2780.37
j = e+i
BTCF
0
-1100.00
-2600.00
-2850.00
-2850.00
-1570.00
635.66
936.98
1188.91
1661.49
1694.72
1728.62
1763.19
1798.45
1834.42
1871.11
1908.53
1946.70
1985.64
2025.35
2065.86
2107.17
2149.32
2192.30
2236.15
2280.87
2326.49
2373.02
2420.48
2468.89
2518.27
2568.63
2620.01
2672.41
2725.86
2780.37
l = b+i-k
Depreciation of
Capital
Expenditure
Taxable Income
0
-1100.00
25
-2225.00
60
-2260.00
95
-2295.00
100
-1420.00
685.66
936.98
1188.91
1661.49
1694.72
1728.62
1763.19
1798.45
1834.42
1871.11
1908.53
1946.70
1985.64
2025.35
2065.86
2107.17
2149.32
2192.30
2236.15
2280.87
2326.49
2373.02
2420.48
2468.89
2518.27
2568.63
2620.01
2672.41
2725.86
2780.37
391.73
399.57
407.56
415.71
424.02
16205.60
16529.71
16860.31
17197.51
17541.46
2835.98
2892.70
2950.55
3009.56
3069.76
2835.98
2892.70
2950.55
3009.56
3069.76
2835.98
2892.70
2950.55
3009.56
3069.76
m = .38*l
Taxes Paid
0.00
-418.00
-845.50
-858.80
-872.10
-539.60
260.55
356.05
451.79
631.37
643.99
656.87
670.01
683.41
697.08
711.02
725.24
739.75
754.54
769.63
785.03
800.73
816.74
833.08
849.74
866.73
884.07
901.75
919.78
938.18
956.94
976.08
995.60
1015.51
1035.82
1056.54
n=j-m
o = NPV($N$7:N
of current year)
1077.67
1099.23
1121.21
1143.63
1166.51
PW
1758.31
1793.47
1829.34
1865.93
1903.25
($0.00)
($131.72)
($94.48)
($60.28)
($28.86)
($0.00)
Table 3 - Launch
Capital
R&D Investment Expenditure
Year
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
-1100
-2200
-2200
-2200
-1320
-880
-660
-440
0
-250
-350
-350
-50
0
0
0
e=b+c+d
Total
Development
Working Capital Expenditure
0
-150
-300
-300
-200
-50
0
0
-1100
-2600
-2850
-2850
-1570
-930
-660
-440
f = (3.6/13)*e
Launch Aid
Deduction
-304.62
-720.00
-789.23
-789.23
-434.77
-257.54
-182.77
-121.85
2037
2038
2039
2040
PW of Launch Aid
^ calculated as NPV(launch aid deduction)
($2,691.73)
Table 3 - Launch Aid Removal/Repayment (all numbers in $ millions unless otherwise stated)
j = launch aid
h=1/(1.0852^(arepayment per
k (includes
g
2000))
i=g*h
plane * g
inflation)
l = k*g
Number of
Planes
Delivered
Present Worth
Factor
0
0
0
0
0
12
24
48
48
48
48
48
48
48
48
48
48
48
48
48
48
48
48
48
48
48
48
48
48
48
48
48
48
48
48
48
0.612267616
0.564197951
0.519902277
0.479084295
0.441470968
0.406810697
0.374871634
0.345440134
0.318319328
0.293327799
0.270298377
0.249077016
0.229521762
0.211501808
0.194896616
0.179595112
0.165494943
# of Planes *
Present Worth
Factor
7.347211393
13.54075082
24.95530928
22.99604615
21.19060648
19.52691345
17.99383842
16.58112645
15.27932772
14.07973436
12.97432211
11.95569675
11.01704455
10.15208676
9.355037562
8.62056539
7.943757271
Launch Aid
Repayment
($131.57)
($263.13)
($526.26)
($526.26)
($526.26)
($526.26)
($526.26)
($526.26)
($526.26)
($526.26)
($526.26)
($526.26)
($526.26)
($526.26)
($526.26)
($526.26)
($526.26)
216.26
220.59
225.00
229.50
234.09
238.77
243.55
248.42
253.39
258.45
263.62
268.90
274.27
279.76
285.35
291.06
296.88
302.82
308.88
315.05
321.36
327.78
334.34
341.02
347.85
354.80
361.90
369.14
376.52
384.05
391.73
0
0
0
0
0
2595.16
5294.12
10800.00
11016.00
11236.32
11461.05
11690.27
11924.07
12162.55
12405.81
12653.92
12907.00
13165.14
13428.44
13697.01
13970.95
14250.37
14535.38
14826.09
15122.61
15425.06
15733.56
16048.23
16369.20
16696.58
17030.51
17371.12
17718.54
18072.92
18434.37
18803.06
(column i)
48
48
48
48
399.57
407.56
415.71
424.02
Sum of Col i
245.5093749
^ calculated as SUM(column i)
($10.96)
19179.12
19562.71
19953.96
20353.04
stated)
m = .175*l
Operating
Income (17.5%
of Revenue)
0
0
0
0
0
454.15
926.47
1890.00
1927.80
1966.36
2005.68
2045.80
2086.71
2128.45
2171.02
2214.44
2258.72
2303.90
2349.98
2396.98
2444.92
2493.81
2543.69
2594.56
2646.46
2699.39
2753.37
2808.44
2864.61
2921.90
2980.34
3039.95
3100.75
3162.76
3226.02
3290.54
n = e-f+j+m
BTCF
0.00
-795.38
-1880.00
-2060.77
-2060.77
-1135.23
-349.88
186.11
1045.58
1401.54
1440.09
1479.42
1519.53
1560.45
1602.18
1644.75
1688.17
1732.46
1777.63
1823.71
1870.71
1918.65
1967.55
2543.69
2594.56
2646.46
2699.39
2753.37
2808.44
2864.61
2921.90
2980.34
3039.95
3100.75
3162.76
3226.02
3290.54
p = b+m-o-f+j
q = .38*p
r=n-q
Depreciation of
Capital
After-tax Cash
Expenditure
Taxable Income Taxes Paid
Flow
0
0.00
0.00
-795.38
-302.25
-493.14
25
-1505.00
-571.90
-1308.10
60
-1470.77
-558.89
-1501.88
95
-1505.77
-572.19
-1488.58
100
-985.23
-374.39
-760.84
-299.88
-113.95
-235.92
186.11
70.72
115.39
1045.58
397.32
648.26
1401.54
532.58
868.95
1440.09
547.23
892.86
1479.42
562.18
917.24
1519.53
577.42
942.11
1560.45
592.97
967.48
1602.18
608.83
993.35
1644.75
625.01
1019.75
1688.17
641.51
1046.67
1732.46
658.33
1074.13
1777.63
675.50
1102.13
1823.71
693.01
1130.70
1870.71
710.87
1159.84
1918.65
729.09
1189.56
1967.55
747.67
1219.88
2543.69
966.60
1577.09
2594.56
985.93
1608.63
2646.46
1005.65
1640.80
2699.39
1025.77
1673.62
2753.37
1046.28
1707.09
2808.44
1067.21
1741.23
2864.61
1088.55
1776.06
2921.90
1110.32
1811.58
2980.34
1132.53
1847.81
3039.95
1155.18
1884.77
3100.75
1178.28
1922.46
3162.76
1201.85
1960.91
3226.02
1225.89
2000.13
3290.54
1250.40
2040.13
3356.35
3423.47
3491.94
3561.78
3356.35
3423.47
3491.94
3561.78
3356.35
3423.47
3491.94
3561.78
1275.41
1300.92
1326.94
1353.48
PW
IRR
$296.73
2080.93
2122.55
2165.00
2208.30
$537.46
11.96%
0
5
10
15
20
25
30
35
40
45
50
55
60
65
70
75
80
85
90
95
100
Annual Number of
A3XX's Produced
$10,000.00
Break-Even Analysis
y = 145.89x
$8,000.00
$6,000.00
$4,000.00
$2,000.00
$0.00
0
($2,000.00)
20
40
60
80
Break-even Point:
6035.3/145.89 = 41.37
planes/year
($4,000.00)
($6,000.00)
($8,000.00)
y = 145.89x - 6035.3
R = 1
100
120
Capital
R&D Investment Expenditure
Year
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
-1100
-2200
-2200
-2200
-1320
-880
-660
-440
0
-250
-350
-350
-50
0
0
0
e = b+c+d
Total
Development
Working Capital Expenditure
0
-150
-300
-300
-200
-50
0
0
-1100
-2600
-2850
-2850
-1570
-930
-660
-440
f = GOALSEEK
function
Number of
Planes
Delivered
0
0
0
0
0
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
41.37
2036
2037
2038
2039
2040
41.37
41.37
41.37
41.37
41.37
g (includes
inflation)
h = f*g
216.26
220.59
225.00
229.50
234.09
238.77
243.55
248.42
253.39
258.45
263.62
268.90
274.27
279.76
285.35
291.06
296.88
302.82
308.88
315.05
321.36
327.78
334.34
341.02
347.85
354.80
361.90
369.14
376.52
384.05
0
0
0
0
0
8946.64
9125.57
9308.08
9494.25
9684.13
9877.81
10075.37
10276.88
10482.41
10692.06
10905.90
11124.02
11346.50
11573.43
11804.90
12041.00
12281.82
12527.45
12778.00
13033.56
13294.24
13560.12
13831.32
14107.95
14390.11
14677.91
14971.47
15270.90
15576.32
15887.84
i = .175*h
Operating
Income (17.5%
of Revenue)
0
0
0
0
0
1565.66
1596.98
1628.91
1661.49
1694.72
1728.62
1763.19
1798.45
1834.42
1871.11
1908.53
1946.70
1985.64
2025.35
2065.86
2107.17
2149.32
2192.30
2236.15
2280.87
2326.49
2373.02
2420.48
2468.89
2518.27
2568.63
2620.01
2672.41
2725.86
2780.37
j = e+i
BTCF
0
-1100.00
-2600.00
-2850.00
-2850.00
-1570.00
635.66
936.98
1188.91
1661.49
1694.72
1728.62
1763.19
1798.45
1834.42
1871.11
1908.53
1946.70
1985.64
2025.35
2065.86
2107.17
2149.32
2192.30
2236.15
2280.87
2326.49
2373.02
2420.48
2468.89
2518.27
2568.63
2620.01
2672.41
2725.86
2780.37
l = b+i-k
Depreciation of
Capital
Expenditure
Taxable Income
0
-1100.00
25
-2225.00
60
-2260.00
95
-2295.00
100
-1420.00
685.66
936.98
1188.91
1661.49
1694.72
1728.62
1763.19
1798.45
1834.42
1871.11
1908.53
1946.70
1985.64
2025.35
2065.86
2107.17
2149.32
2192.30
2236.15
2280.87
2326.49
2373.02
2420.48
2468.89
2518.27
2568.63
2620.01
2672.41
2725.86
2780.37
391.73
399.57
407.56
415.71
424.02
16205.60
16529.71
16860.31
17197.51
17541.46
2835.98
2892.70
2950.55
3009.56
3069.76
2835.98
2892.70
2950.55
3009.56
3069.76
2835.98
2892.70
2950.55
3009.56
3069.76
m = .38*l
Taxes Paid
0.00
-418.00
-845.50
-858.80
-872.10
-539.60
260.55
356.05
451.79
631.37
643.99
656.87
670.01
683.41
697.08
711.02
725.24
739.75
754.54
769.63
785.03
800.73
816.74
833.08
849.74
866.73
884.07
901.75
919.78
938.18
956.94
976.08
995.60
1015.51
1035.82
1056.54
n=j-m
o = NPV($N$7:N
of current year)
1077.67
1099.23
1121.21
1143.63
1166.51
PW
1758.31
1793.47
1829.34
1865.93
1903.25
($0.00)
($131.72)
($94.48)
($60.28)
($28.86)
($0.00)