Format Of the cash flows (At end of Year 0- (At

year: 2009) ('000) beginning 2010) Year 1 - 2010 Year 2 - 2011 Year 3 - 2012

Initial investment (if any) 24,200,000

REVENUE:
Ferry Fare Income 3808000 4188800 4607680
Number of passenger per annum 280 308 338.8
(multiply by) fare per trip 40 40 40
Number of Working Days 340 340 340
Food & Beverages Income 95200 104720 115192

Total Revenue (Ferry Fare Income +

Food & Beverages income) 3903200 4293520 4722872

EXPENSES:
(State clearly each category of
examples from the information given)
Example:
Advertising agent commision 761600 837760 921536
Fixed advertising costs 20,000 20,000 20,000
Fuel cost 272,000 272,000 272,000

SALARY PER STAFF

- Management (full-time):
Salary 16916 16916 17254.32
Increment Amount 0 338.32 345.0864
Salary After Increment 16916 17254.32 17599.4064
Bonus 2819.333333333 2819.3333333 2875.72
Salary and Bonus 36651.33333333 20073.653333 20475.1264
CPF Contribution 5314.443333333 2910.6797333 2968.893328
Salary Payable 31336.89 17162.9736 17506.233072

- Operational Staff (full&part-time): 20,000 20,000 20,000

Total Salary Payable 51,337 37,163 37,506

Ferry Operating License 40,000 40,000 40,000

Depreciation 1,200,000 1,200,000 1,200,000
Maintenance and Repair Cost 200,000 200,000 200,000
Total Expenses 1,491,337 1,477,163 1,477,506

Net profit before tax 2,411,863 2,816,357 3,245,366

Tax @ 18% 434135.3598 506944.26475 584165.838047

After tax operating cash flows 1,977,728 2,309,413 2,661,200

Terminal value (if any)
Overall net cash flows -24,200,000 1,977,728 2,309,413 2,661,200
CPF Contribution: 0.145
Year 4 - 2013 Year 5 - 2014 Workings/Formulae

6018782 6620660.2
372.68 409.948
47.5 47.5
340 340
126711.2 139382.32

6145493.2 6760042.52

1203756.4 1324132.04
20,000 20,000
272,000 272,000 400 x 2 trip x (365- 25) days

17599.4064 17951.394528
351.988128 359.02789056
17951.394528 18310.4224186
2933.2344 2991.899088
20884.628928 21302.3215066
3028.2711946 3088.83661845
17856.357733 18213.4848881

20,000 20,000
37,856 38,213

40,000 40,000
1,200,000 1,200,000
200,000 200,000
1,477,856 1,478,213

4,667,637 5,281,829

840174.63161 950729.22632

3,827,462 4,331,100
14000000
3,827,462 18,331,100
 0.145

2010 2011 2012 2013 2014

salary 16916 16916 17254.32 17599.41 17951.39
increment AMOUNT 0 338.32 345.0864 351.9881 359.0279
salary after increment 16916 17254.32 17599.41 17951.39 18310.42
bonus 2819.333 2819.333 2875.72 2933.234 2991.899
salary and bonus 36651.33 20073.65 20475.13 20884.63 21302.32
CPF 5314.443 2910.68 2968.893 3028.271 3088.837