FINANCE 2
Cash Flow
Cash flow
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Initial expenses 15,000,000
Revenues 2400000
0
24768000 25560576 26378514.
43
27222626.
89
(-) Operating
expenses other
than depreciation
9,600,00
0
9907200 10224230.
4
10551405.
77
10889050.
76
Income from
operations
14,400,0
00
14,860,80
0
15,336,346 15,827,109 16,333,576
(-) Depreciation 1,500,00
0
1,500,000 1,500,000 1,500,000 1,500,000
EBIT 12,900,0
00
13,360,80
0
13,836,346 14,327,109 14,833,576
(-) Interest on
debt in foreign
country
1260000 1260000 1260000 1260000 1260000
EBT 11,640,0
00
12,100,80
0
12,576,346 13,067,109 13,573,576
(-) Taxes in
foreign country
4656000 4840320 5030538.2
4
5226843.4
64
5429430.4
55
Net income 6,984,00
0
7,260,480 7,545,807 7,840,265 8,144,146
(+ )Depreciation 1,500,00
0
1,500,000 1,500,000 1,500,000 1,500,000
CFs 8,484,00
0
8,760,480 9,045,807 9,340,265 9,644,146
(-) Withholding
tax/ blocked
funds
848400 876048 904580.73
6
934026.51
96
964414.56
82
CFs after
withholding tax
7,635,60
0
7,884,432 8,141,227 8,406,239 8,679,731
(-) Changes in
working capital
15,000,000 15,000,000
Total CFs
(foreign
currency)
30,000,000 7,635,60
0
7,884,432 8,141,227 8,406,239 23,679,731
Exchange rate 0.056 0.056 0.056 0.056 0.056 0.056
Net CFs
(domestic
currency)
1680000 427593.6 441528.1
92
455908.69
09
470749.36
59
1326064.9
42
Net present value

FINANCE. Finance. FINANCE Cash Flow Cash flow Initial e

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