2006

Revenue
Less: Divisional operating Expenses
Less: Corporate Taxes
EBIT
Less: Taxes
NOPAT
Plus: Depreciation
Net working Capital
Less: Change in working Capital
Less: Capital Expenditure
Free Cash Flow
Terminal Value
Discount Rate
Growth Rate

431,121.00
388,822.00
366.00
41,933.00
16,773.20
25,159.80
9,506.00
104,117.00

7.65%
2.00%
277,022.45

2007

2008

2009

479,329.00
423,837.00
8,487.00
47,005.00
18,802.00
28,203.00
9,587.00
108,685.00
4,568.00
11,983.00
21,239.00

489,028.00
427,333.00
8,659.00
53,036.00
21,214.40
31,821.60
9,781.00
111,333.00
2,648.00
12,226.00
26,728.60

532,137.00
465,110.00
9,422.00
57,605.00
23,042.00
34,563.00
10,643.00
121,138.00
9,805.00
13,303.00
22,098.00

2010

2011

570,319.00
498,535.00
10,098.00
61,686.00
24,674.40
37,011.60
11,406.00
129,825.00
8,687.00
14,258.00
25,472.60

597,717.00
522,522.00
10,583.00
64,612.00
25,844.80
38,767.20
11,954.00
136,059.00
6,234.00
14,934.00
29,553.20