PARTICULARS

R&D
CAPEX
WC

PARTICULARS
DEPRECIATION
R&D
TOTAL EXP (R&D + DEP)
AFTER TAX EXP.
CAPEX
Depreciation
Increase in WC
AFTER TAX EXPENDITURE
PV of EXPENDITURE
TOTAL PV OF OUTFLOW

Airbus Development Expenditure by Year ($ Millions)

2001
2002
2003
2004
2005
1100
0
0
1100

2200
250
150
2600

2200
350
300
2850

2200
350
300
2850

1320
50
200
1570

Computation of PV of Expenditure
2002
2003
2004
1
2
3
25
60
95
1100
2200
2200
2200
1100
2225
2260
2295
682
1379.5
1401.2
1422.9
0
250
350
350
25
60
95
0
150
300
300
682
1754.5
1991.2
1977.9
$682.00 $1,580.63 $1,616.10 $1,446.22
$6,646.17

2005
4
100
1320
1420
880.4
50
100
200
1030.4
$678.76

2001
0

Computation of PV of Revenue
Sales
EBITDA
DEPRECIATION
AFTER TAX INFLOW (REVENUE)
PERPETUITY VALUE
TOTAL REVENUE (Incl Perpetuity)
PV of REVENUE
SURPLUS

6931.559
$285.39

$ Millions)
2006

2007

2008 Total

880
0
50
930

660
0
0
660

440
0
0
440

2006
5
100
880
980
607.6
0
100
50
557.6
$330.91

2007
6
100
660
760
471.2
0
100
0
371.2
$198.46

2008
7
100
440
540
334.8
0
100
0
234.8
$113.09

9900
1782
100
1166.84
13224.19
14391.03

11000
1000
1000
13000