Financial Analysis

Financial Analysis of Projects for Henson Civil
Overview and Explanation

Henson Civil currently relies on Gross Margin as the main indicator of financial performance of projects. The
purpose of this analysis is to demonstrate that Gross Margin does NOT accurately measure and report value.
Therefore, a set of "value-based" metrics should compliment the current accounting metrics that are in place.
The use of value-based metrics will provide a more balanced view of financial performance.
Projects that are substantially complete have been evaluated based on their cash flows. Cash flow is the basis
for financial analysis since unlike Gross Margin, cash flow is real and not estimated or forecasted. The following
three metrics have been applied to ascertain if projects are creating value:
1. Net Cash Flow Ratio
The Net Cash Flow Ratio is the Net Cash Flow after expenses per the S11 Project Report in relation to
the project's total cost (amount paid out). For example, a 15% ratio would imply that for every
$ 1.00 in costs paid out, we were able to pocket $ 1.15 or 15% of the cost. The higher the
ratio, the more likely the project is to create value. A ratio below the Cost of Capital for
Henson would imply that the project may have negatively impacted shareholder value. This is
the first step for isolating projects that may not create value for Henson.
2. Rate of Return
Rate of Return is the return a project generates in relation to the cost of the investment Henson
makes in the project. The cost of the investment is considered the Cost of Capital.
Click Here for additional information on Rate of Return
3. Net Present Value
Net Present Value is the value of the project derived by discounting the cash inflows and
cash outflows at the Cost of Capital.
Click Here for additional information on Net Present Value
Why Evaluate Projects Using Cash Flow and not Gross Margin?
The value that a project creates is a function of the project's cash flow. The "Net" Cash Flow or the
residual amount that we can withdraw from the project after we pay for everything is often called
Free Cash Flow. When assigning a value to a company, business unit, or project, Analyst often
discount the Free Cash Flow to arrive at a Net Present Value to approximate the Fair Market
Value of what is being valued. Therefore, the use of "cash flow" type metrics is a preferred
way of ascertaining value-created by a project as opposed to looking at traditional accounting
metrics such as Gross Margin.
Table of Contents:
Summarize Results
Correlation Graph - Poor Relationship between Gross Margin and Rate of Return
Correlation Graph - Strong Relationship between Net Cash Flow Ratio and Rate of Return
Preliminary Review by Cash Flow Ratio
Summarize Rate of Return Analysis
Summarize Net Present Value Analysis
Detail Analysis for Project:
M5L88100 - Municipal Center East Ohio
S8K11561 - Sewer Plants - ST/ FM / LLM
S8K11562 - Water Pipelines - ST/ FM / LLM
M7L55220 - Office Parks - I 96 Corridor
S8K66100 - Cost Model for DS / LMT
S4C19901 - Stack & Block Model - PNT
M3L17001 - Central Subway - CA ODT
S4B16771 - Security Retrofit - Port Authority
M3C18901 - Design Specs for National Towers

M4B17701 - Security Upgrade - Chemical Facilities
S5M19910 - Research Lab Facility - US / CA / BZ
M7D19880 - School Upgrades - West NP
S5C81050 - Master Facility Plan - DLL SE Region
M9K10601 - Facility Support Team - ILBBC
S6X12677 - Tunnel Design for DOT
S8L72110 - CM Support for Yukon SC
S5L11850 - Surveys - Railroad West Lines
Summarize Results of Analysis
Project Name
Prj No.
< - - - - - - - - - - - Value Based Metric - - - - - - - - - - - - >

Cash Flow Ratio
Rate of Return
Net Present $
< Current Metrics >

Cost to Date
In House
Project
Gross
Gross
Margin
Margin
Ranked Best to Worst Performing by Rate of Return
Tunnel Design for DOT

CM Support for Yukon SC
Design Specs for Nat Towers
Security Retrofit - Port Auth
School Upgrades - West NP
Surveys - R/R West Lines
Stack/Block Model - PNT
Cost Model Program - DS/LMT
Mun Center - East Ohio
Master Fac Plan - DLL SE Region
Central Subway - CA ODT
Security Upgrade - Chem Fac
Research Lab Fac - US/CA/BZ
Sewer Plants - ST/FM/LLM
Water Pipelines - ST/FM/LLM
Office Parks - I96 Corridor
S6X12677
S8L72110
M3C18901
S4B16771
M7D19880
S5L11850
S4C19901
S8K66100
M5L88100
S5C81050
M3L17001
M4B17701
S5M19910
S8K11561
S8K11562
M7L55220
124.76%
99.02%
101.28%
75.59%
77.32%
66.09%
63.25%
46.52%
14.21%
34.17%
23.85%
14.12%
9.66%
6.18%
-3.34%
-4.25%
130%
106%
101%
80%
77%
68%
63%
63%
57%
49%
22%
13%
10%
9%
-8%
-41%
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
103,026
145,154
55,299
427,993
202,161
1,819,817
38,416
53,271
422,711
16,286
8,925
41,784
102
(2,509)
(53,681)
(34,929)
Recommendations to Management
Projects that provide marginal returns should not be developed as part of the company's growth strategy unless
there is some specific justification (such as establishing a toehold position in a new market, client is referring
other clients to Henson, client is helping Henson improve its overall processes, etc.) to warrant continued
investment in such projects. Projects that are marginal tend to be projects which have:
1. High Proportion of Direct Costs to Labor Costs. Since Direct Costs, such as Sub Contractors are not
marked up very high compared to Henson Labor, projects with cost structures that are primarily Direct
are very likely to be marginal projects for Henson. All costs must be paid and reported financially and as
such, management cannot simply focus on the "in-house service" portion of a project only, ignoring
36.74%
63.08%
51.31%
47.61%
43.81%
41.10%
40.00%
41.10%
49.62%
45.54%
46.44%
43.41%
43.97%
34.53%
8.90%
39.43%
36.26%
62.23%
49.03%
28.20%
41.15%
31.64%
38.83%
38.57%
11.33%
39.74%
44.89%
26.05%
4.68%
11.00%
6.54%
27.26%
the cash outflows that do not comprise in-house section on the S11 Report. Value is driven by ALL
cash outflows and cash inflows associated with a project.
2. Project costs (cash outflows) are too high in relation to project revenue billed (cash inflows). In order
to create positive valuations, Henson needs to consider a Toll Gate whereby Total Budgeted Project
Revenues are at least 35% higher than Total Budgeted Project Costs. This will "protect" projects from
negative valuations and ensure the entire portfolio of projects contributes to positive valuations.
3. Rates of Return and Net Cash Flow Ratios below 10% (Cost of Capital). Henson should consider
reporting the Net Cash Flow Ratio as the "approximate" project rate of return on the S11 Report.
For projects that are substantially complete (good history of both cash inflows and outflows),
there appears to be a high correlation between the Net Cash Flow Ratio and the Project's Rate of
Return. A quick and easy way to approximate a project's rate of return, is to calculate the Net Cash
Flow Ratio per the S11 Project Report.
For more information, click on this link =>
Correlation Graph #2
Basic Recommendation
Going forward, Henson should consider inclusion of "valuation" type metrics for evaluating the financial
performance of projects since it is critical that projects have positive impacts on shareholder value.
The current approach of evaluating performance by looking at Gross Margin is inappropriate
for meeting the financial objective of increasing shareholder wealth. This financial analysis provides
a basic introduction to "value-based" type metrics and the graph below illustrates the "poor"
correlation between Gross Margin and Value Based Metrics.
Correlation Graph #1 - Poor Correlation between Gross Margin and Rate of Return
The following graph summarizes the poor relationship between Gross Margin and Value Based Metrics. Therefore,
Gross Margin should not be relied upon as an indication of project value.
Correlation between GM and Rate of Return

140.00%
120.00%
Return % 's
100.00%
80.00%
60.00%
40.00%
Rate of Return
In House GM
140.00%
120.00%
GM & Return % 's
100.00%
80.00%
60.00%
Rate of Return
In House GM
Total Prj GM
40.00%
20.00%
0.00%
-20.00%
9 10 11 12 13 14 15
-40.00%
-60.00%
Number of Projects Analyzed
Correlation Graph # 2
The following graph illustrates the strong relationship between Net Cash Flow Ratio and a Project's Rate of Return. Therefore,
Managers can easily approximate value creation by simply calculating the Net Cash Flow Ratio off the S11. If the Ratio is
above 10%, then the project is most likely increasing shareholder value for Henson.
Strong Relationship between Net Cash Flow Ratio and Project Rate of Return
140%
120%
Ratio % & Return %
100%
80%
60%
40%
20%
0%
Cash Flow Ratio

Rate of Return
120%
Ratio % & Return %
100%
80%
60%
Cash Flow Ratio

Rate of Return
40%
20%
0%
-20%
9 10 11 12 13 14 15 16
-40%
-60%
16 Projects Analyzed - Best to Worst
Preliminary Review by Ranking Net Cash Flow Ratio

In an effort to quickly identify projects that could be destroying shareholder value, all projects that were considered substantially
complete or billed out were ranked according to the Ratio of Cash Inflows to Outflows per the S11 Project Report.
Projects that were considered marginal or suspect were selected for further analysis using Rate of Return and Net Present Value.
Net Cash Flow Ratio = Cash Collected in Excess of Cost / Total Cost per the Cash Flow Section on the S11.
Ranked from worst to best
Project Description
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Project
Number
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Net Cash
Flow
(9,046)
(29,417)
(31,507)
215,235
18,501
215,988
1,616,181
361,175
19,606
162,165
93,913
114,022
791,671
5,492
16,862
198,608
140,900
138,612
272,858
36,496
55,008
73,195
134,748
323,794
570,602
119,221
109,525
72,442
166,130
Total
Project Cost
38,017
691,519
944,581
3,485,161
191,594
1,530,148
11,373,498
1,528,886
82,205
651,149
354,193
415,302
2,423,894
16,479
49,345
576,282
386,220
377,385
729,571
97,262
146,393
189,214
346,977
757,549
1,320,746
273,892
250,005
158,139
362,508
Net Cash
Flow Ratio
-23.79%
-4.25%
-3.34%
6.18%
9.66%
14.12%
14.21%
23.62%
23.85%
24.90%
26.51%
27.46%
32.66%
33.33%
34.17%
34.46%
36.48%
36.73%
37.40%
37.52%
37.58%
38.68%
38.83%
42.74%
43.20%
43.53%
43.81%
45.81%
45.83%
Comments
Ouch!!!!!
Ouch!!!!!
Ouch!!!!!
:( Not creating value
:(
Marginal
:( Marginal
Project not complete

Project Description
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Project
Number
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Net Cash
Flow
55,872
245,839
9,681
58,430
154,073
118,107
1,492
91,553
25,499
292,216
22,107
50,559
2,282,078
114,668
260,077
130,290
54,072
142,112
2,495,106
383,502
37,226
31,767
39,636
548,158
73,065
277,583
32,049
130,923
14,448
4,281,268
152,058
19,408
150,480
293,034
59,681
14,942
208,548
26,827
Total
Project Cost
120,105
522,822
20,358
122,177
320,505
227,067
2,764
163,689
45,498
517,303
38,179
84,491
3,793,402
188,979
428,329
210,642
85,494
215,287
3,775,128
566,132
54,595
44,380
54,508
725,193
96,129
359,011
40,991
166,805
18,159
5,371,634
187,327
23,060
177,017
332,418
67,658
15,643
218,264
27,830
Net Cash
Flow Ratio
46.52%
47.02%
47.55%
47.82%
48.07%
52.01%
53.98%
55.93%
56.04%
56.49%
57.90%
59.84%
60.16%
60.68%
60.72%
61.85%
63.25%
66.01%
66.09%
67.74%
68.19%
71.58%
72.72%
75.59%
76.01%
77.32%
78.19%
78.49%
79.56%
79.70%
81.17%
84.16%
85.01%
88.15%
88.21%
95.52%
95.55%
96.40%
Comments
Project Description
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Number
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Net Cash
Flow
67,530
185,091
73,331
60,959
128,375
18,041
4,909
16,314
Total
Project Cost
68,432
186,925
72,404
59,784
102,899
12,011
2,653
5,491
Net Cash
Flow Ratio
Comments
98.68%
99.02% Project not complete
101.28%
101.97%
124.76%
150.20%
185.04%
297.10%
Rate of Return for Projects

Summarize Rates of Return
Basic Concept:
All investments must generate returns higher than the cost of the investment; otherwise
the investment will destroy value. The rate of return for Henson is based on the cost of
capital. When a projects's rate of return is higher than the Cost of Capital, the project
increases shareholder value. If the project's rate of return is below the Cost of Capital,
the project will negatively impact shareholder wealth. Additionally, we can add a "risk
premium" to those projects that carry higher risk. For the sake of keeping things
simple, we will simply use Henson's Cost of Capital as our discount rate.
Calculating Rate of Return:
Rate of Return is calculated as the Internal Rate of Return or IRR by discounting cash
inflows (payments made by clients) and cash outflows (amounts paid out for burdened
labor, direct costs, etc.) at a rate whereby the inflows = outflows. Another way of
understanding the calculation is to simply find the discount rate that gives a Net Present
Value of - 0 - for the project.
Required Inputs:
In order to calculate a project's rate of return, the Project Accountant will need to run:
1) OAR800 - Billing and Receipt History Report to ascertain cash inflows by month/year
2) Monthly Burdened Cost during the life of the project, summarized by month. Run Expenditure
Inquiry, export to Excel, format Expenditure Date to Month/Year, SubTotal by Expenditure Date.
3) Schedule the cash inflows (Step 1) and cash outflows (Step 2), calculate the Net Cash Flows,
and use the Excel Financial Functions to calculate Rate of Return and Net Present Value.
Summarize Rates of Returns for Projects Analyzed:
Project: M5L88100 - Municipal Center East Ohio
Project: S8K11561 - Sewer Plants - ST/FM/LLM
Project: S8K11562 - Water Pipelines -ST/FM/LLM
Project: M7L55220 - Office Parks I-96 Corridor
Project: S4C19901 - Stack & Block Model - PNT
Project: S8K66100 - Cost Model Program - DS/LMT
Project: M3L17001 - Central Subway - CA ODT
Project: S4B16771 - Security Retrofit - Port Authority
Project: M3C18901 - Design Specs for National Towers
Project: M4B17701 - Security Upgrades for Chem Facilities
Project: S5M19910 - Research Lab Facility - US/CA/BZ
Project: M7D19880 - School Upgrades - West NP
Project: S5C81050 - Master Plan Facility - DLL SE
Project: S6X12677 - Tunnel Design for DOT
Project: S8L72110 - CM Support for Yukon SC
57%
9%
-8%
-41%
63%
63%
22%
80%
101%
13%
10%
77%
49%
130%
106%
Project: S5L11850 - Railroad Surveys West Lines
68%
Net Present Value for Projects

Summarize Net Present Values
Basic Concept:
The Accounting Model tells us how much we invest in projects, but it tells us nothing about how well our
investment is doing over time. The Finance Model on the other hand considers the following:
1. Time Vaue of Money - $ 1,000 a year from now is not worth a $ 1,000 today
2. Risk - We expect to get paid $ 1,000 when the work is done, but we're not absolutely certain
3. Opportunity Cost - If we have the use of $ 1,000 now, we have an "opportunity" to do something with it
Because the Finance Model includes these assumptions in evaluating performance, it tends to be a more
accurate model than the Accounting Model. One of the primary metrics within the Finance Model is
Net Present Value. Net Present Value is what a project is worth today.
Calculating Net Present Value:
Net Present Value is calculated by discounting the cash inflows and cash outflows using a discount rate.
The discount rate used is the Cost of Capital (Cost of Debt + Cost of Equity). Projects that earn more than
the Cost of Capital have a positive Net Present Value and projects that earn less than the Cost of
Capital have a negative Net Present Value.
Required Inputs:
Same as Rate of Return. Within Microsoft Excel, use the financial function =NPV for annual cash flows
and the financial function =XNPV for monthly cash flows.
Summarize Amount of Value Created:
Project: S8K11561 - Sewer Plants ST/FM/LLM
Project: S8K11562 - Water Pipelines ST/FM/LLM
Project: M7L55220 - Office Parks I 96 Corridor
Project: S4C19901 - Stack & Block Model PNT
Project: S8K66100 - Cost Model Program DS / LMT
Project: M3L17001 - Central Subway - CA ODT
Project: S4B16771 - Security Retrofit for Port Authority
Project: M4B17701 - Security Upgrades - Chem Fac
Project: S5M19910 - Research Lab Fac - US / CA / BZ
Project: M7D19880 - School Upgrades West NP
Project: S5C81050 - Master Fac Plan - DLL SE Region
$
$
$
$
$
$
$
$
$
$
$
$
(2,509)
(53,681)
(34,929)
53,271
38,416
8,925
427,993
55,299
41,784
102
202,161
16,286

Project: S5L11850 - Surveys - R/R West Lines
$
$
$
103,026
145,154
1,819,817
Calculate Project Rate of Return & Net Present Value

Project: M5L88100 - Mun Center - East Ohio
Monthly
Period
Mo/Yr
1 Aug-99
2 Sep-99
3 Oct-99
4 Nov-99
5 Dec-99
6 Jan-00
7 Feb-00
8 Mar-00
9 Apr-00
10 May-00
11 Jun-00
12
Jul-00
13 Aug-00
14 Sep-00
15 Oct-00
16 Nov-00
17 Dec-00
18 Jan-01
19 Feb-01
20 Mar-01
21 Apr-01
22 May-01
23 Jun-01
24
Jul-01
25 Aug-01
26 Sep-01
27 Oct-01
28 Nov-01
29 Dec-01
TOTAL
Cash
Inflows
Cash
Outflows
Payments *
B-Labor/ODC **
0
473,289
794,309
398,970
455,191
454,364
364,702
942,948
0
429,794
985,343
0
296,744
0
0
324,021
0
0
0
0
0
0
0
0
0
187,986
0
0
0
6,107,661
619,306
74,799
540,350
1,237,911
668,203
147,003
280,725
650,551
37,955
424,520
212,622
586,256
104,678
-323,186
62,720
23,709
38,176
35,147
9,527
4,058
50,029
5,014
373
0
242
487
3,486
1,400
64
5,496,124
Net
Cash
-619,306
398,490
253,959
-838,941
-213,012
307,361
83,977
292,397
-37,955
5,274
772,721
-586,256
192,066
323,186
-62,720
300,312
-38,176
-35,147
-9,527
-4,058
-50,029
-5,014
-373
0
-242
187,499
-3,486
-1,400
-64
Present
Value
(simple calc)
(614,401)
392,203
247,972
(812,676)
(204,709)
293,041
79,430
274,376
(35,334)
4,871
708,003
(532,901)
173,203
289,138
(55,668)
264,435
(33,349)
(30,460)
(8,191)
(3,462)
(42,335)
(4,209)
(311)
0 Summarize Net Cash Flow on Annual Basis:
(199)
Year
Net Flow
152,479
1999 -1,018,809
(2,812)
2000 1,552,187
(1,120)
2001
78,159
(51)
496,964
Economic Analysis on Monthly Basis:

Project Rate of Return =>
Net Present Value =>
Monthly Cost of Investment =>
Economic Analysis on Annual Basis:

113.43%
57.23% (1)
504,867
$422,308.86 (2)
0.80% (Annual Cost of Capital divided by 12)
9.58% (3)
* Per Oracle Report OAR800 - Billing and Receipt History

** Total Burdened Cost per Detail Dump of all Charges
(1): Rate of Return for this project using annualized cash flows
(2): Net Present Value of project is negative when the Rate of Return is less than the Cost of Capital
(3): Cost of Capital is used as the Cost of Investment, no risk premium has been added to project

Project: S8K11561 - Sewer Plants - ST/FM/LLM
Monthly
Period
Mo/Yr
1 Nov-99
2 Dec-99
3 Jan-00
4 Feb-00
5 Mar-00
6 Apr-00
7 May-00
8 Jun-00
9
Jul-00
10 Aug-00
11 Sep-00
12 Oct-00
13 Nov-00
14 Dec-00
15 Jan-01
16 Feb-01
17 Mar-01
18 Apr-01
19 May-01
20 Jun-01
21
Jul-01
22 Aug-01
23 Sep-01
24 Oct-01
25 Nov-01
26 Dec-01
27 Jan-02
28 Feb-02
29 Mar-02
30 Apr-02
18
Cash
Inflows
Cash
Outflows
Payments *
B-Labor/ODC **
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13,827
43,995
53,120
0
0
96,520
0
0
88,315
69,322
-503
607,831
282,362
10,593
20,381
44,924
23,304
4,690
3,736
311
1,216
151
3,049
1,366
2,577
1,273
12,367
17,909
23,071
16,591
21,802
27,283
16,750
32,110
32,305
50,233
205,285
51,715
237,089
541,986
44,881
63,899
57,002
Net
Cash
-10,593
-20,381
-44,924
-23,304
-4,690
-3,736
-311
-1,216
-151
-3,049
-1,366
-2,577
-1,273
-12,367
-17,909
-23,071
-16,591
-7,975
16,712
36,370
-32,110
-32,305
46,287
-205,285
-51,715
-148,774
-472,664
-45,384
543,932
225,360
Present
Value
(simple calc)
(10,509)
(20,059)
(43,865)
(22,574)
(4,507)
(3,562)
(295)
(1,141)
(140)
(2,816)
(1,251)
(2,343)
(1,148)
(11,064)
(15,895)
(20,315)
(14,494)
(6,911)
14,368
31,023
(27,171)
(27,120)
38,551
(169,620)
(42,392)
(120,987)
(381,339)
(36,325)
431,912
177,532
339295458.xls
Matt H. Evans
31 May-02
32 Jun-02
33
Jul-02
34 Aug-02
35 Sep-02
36 Oct-02
37 Nov-02
38 Dec-02
TOTAL
186,651
0
338,337
228,807
555,619
432,531
595,904
112,941
3,705,579

242,078
37,202
187,047
352,155
376,016
479,497
246,225
147,855
3,637,922
-55,427
-37,202
151,290
-123,348
179,603
-46,966
349,679
-34,914
(43,318)
(28,844)
116,372
(94,127)
135,971
(35,274)
260,551
(25,809)
(8,935)
8.59%
-6,188
Summarize Net Cash Flow on Annual Basis:

Year
Net Flow
1999
-30,974
2000
-98,963
2001 -436,365
2002 633,960

9.08% (1)
($2,634.75) (2)
9.58% (3)

19
339295458.xls
Matt H. Evans

Project: S8K11562 - Water Pipelines - ST/FM/LLM
Monthly
Period
Mo/Yr
1 Apr-00
2 May-00
3 Jun-00
4
Jul-00
5 Aug-00
6 Sep-00
7 Oct-00
8 Nov-00
9 Dec-00
10 Jan-01
11 Feb-01
12 Mar-01
13 Apr-01
14 May-01
15 Jun-01
16
Jul-01
17 Aug-01
18 Sep-01
19 Oct-01
20 Nov-01
21 Dec-01
22 Jan-02
23 Feb-02
24 Mar-02
25 Apr-02
26 May-02
27 Jun-02
28
Jul-02
29 Aug-02
30 Sep-02
31 Oct-02
32 Nov-02
TOTAL
Cash
Inflows
Cash
Outflows
Payments *
B-Labor/ODC **
0
0
0
0
74,658
31,996
0
72,342
0
144,287
0
0
0
0
231,688
0
0
91,961
0
0
0
0
0
0
0
0
266,140
0
0
0
0
0
913,072
7,370
28,624
28,065
22,871
19,944
68,090
48,835
34,706
53,189
60,375
32,979
93,959
59,037
67,693
20,009
46,019
85,140
88,839
25,974
8,603
10,163
7,212
1,314
817
3
20,703
2,285
281
0
0
1,469
10
944,581
Net
Cash
-7,370
-28,624
-28,065
-22,871
54,714
-36,094
-48,835
37,636
-53,189
83,912
-32,979
-93,959
-59,037
-67,693
211,679
-46,019
-85,140
3,122
-25,974
-8,603
-10,163
-7,212
-1,314
-817
-3
-20,703
263,855
-281
0
0
-1,469
-10
Present
Value
(simple calc)
(7,312)
(28,172)
(27,404)
(22,155)
52,581
(34,413)
(46,191)
35,316
(49,516)
77,498
(30,217)
(85,408)
(53,239)
(60,561)
187,878
(40,522)
(74,374)
2,706
(22,332)
(7,338)
(8,600)
(6,055)
(1,094)
(675)
(3)
(16,837)
212,874
(225)
0
0
(1,148)
(8)
(54,945)

Year
Net Flow
2000 -132,699
2001 -130,855
2002 232,044

-9.05%
-54,562

-8.18% (1)
($53,722.26) (2)
9.58% (3)


Project: M7L55220 - Office Parks - I96 Corridor
Monthly
Period
Mo/Yr
1 Jun-01
2
Jul-01
3 Aug-01
4 Sep-01
5 Oct-01
6 Nov-01
7 Dec-01
8 Jan-02
9 Feb-02
10 Mar-02
11 Apr-02
12 May-02
13 Jun-02
14
Jul-02
15 Aug-02
16 Sep-02
17 Oct-02
18 Nov-02
TOTAL
Cash
Inflows
Cash
Outflows
Payments *
B-Labor/ODC **
0
0
0
0
0
0
142,462
0
47,254
47,225
94,450
0
47,225
47,355
94,450
0
0
141,675
662,096

3,848
7,701
23,474
33,426
45,373
66,787
44,294
57,594
72,093
47,348
34,892
47,205
36,811
34,592
40,292
30,650
30,430
39,331
696,141
Net
Cash
-3,848
-7,701
-23,474
-33,426
-45,373
-66,787
98,168
-57,594
-24,839
-123
59,558
-47,205
10,414
12,763
54,158
-30,650
-30,430
102,344
Present
Value
(simple calc)
(3,817)
(7,580)
(22,921)
(32,380)
(43,605)
(63,675)
92,853
(54,045)
(23,123)
(113)
54,570
(42,909)
9,391
11,418
48,068
(26,989)
(26,583)
88,696
(42,741)
-23.13%
-42,720

Year
Net Flow
2001
-82,441
2002
48,396

-41.30% (1)
($34,929.73) (2)
9.58% (3)


Project: S8K66100 - Cost Model Program/Study for DS/LMT
Monthly
Period
Mo/Yr
1 Aug-01
2 Sep-01
3 Oct-01
4 Nov-01
5 Dec-01
6 Jan-02
7 Feb-02
8 Mar-02
9 Apr-02
10 May-02
11 Jun-02
12
Jul-02
13 Aug-02
14 Sep-02
15 Oct-02
16 Nov-02
TOTAL
Cash
Inflows
Cash
Outflows
Payments *
B-Labor/ODC **
0
0
0
48,882
0
0
29,329
0
0
0
0
97,764
0
0
0
19,553
195,528

1,835
19,112
8,613
9,337
2,452
15,491
10,416
12,519
6,362
17,157
15,653
441
0
498
201
25
120,111
Net
Cash
-1,835
-19,112
-8,613
39,545
-2,452
-15,491
18,913
-12,519
-6,362
-17,157
-15,653
97,323
0
-498
-201
19,528
Present
Value
(simple calc)
(1,820)
(18,810)
(8,410)
38,307
(2,357)
(14,769)
17,889
(11,747)
(5,922)
(15,845)
(14,342)
88,466
0
(445)
(179)
17,195
67,210
956.43%
68,044

Year
Net Flow
OUTFLOW
-120,111
INFLOW
195,528

62.79%
$53,224.09 (2)
9.58% (3)


Project: S4C19901 - Stack & Block Model - PNT
Monthly
Period
Mo/Yr
1 Sep-01
2 Oct-01
3 Nov-01
4 Dec-01
5 Jan-02
6 Feb-02
7 Mar-02
8 Apr-02
9 May-02
10 Jun-02
11
Jul-02
12 Aug-02
13 Sep-02
14 Oct-02
15 Nov-02
TOTAL
Cash
Inflows
Cash
Outflows
Payments *
B-Labor/ODC **
0
0
0
0
0
139,566
0
0
0
0
0
0
0
0
207
23,078
24,064
20,892
16,603
674
183
0
0
0
0
0
0
0
0
0
139,773
85,494

Net
Cash
-23,078
-24,064
-20,892
-16,603
-674
139,383
0
0
0
0
0
0
0
0
207
Present
Value
(simple calc)
(22,895)
(23,684)
(20,399)
(16,084)
(648)
132,889
0
0
0
0
0
0 Summarize Net Cash Flow on Annual Basis:
0
Year
Net Flow
0 OUTFLOW
-85,494
184 INFLOW
139,773
49,363

386.72%
63.49%
49,906
$38,381.94 (2)
9.58% (3)

Project: M3L17001 - Central Subway System - CA ODT
Monthly
Period
1
2
3
4
5
6
Mo/Yr
Jun-02
Jul-02
Aug-02
Sep-02
Oct-02
Nov-02
TOTAL
Cash
Inflows
Cash
Outflows
Payments *
B-Labor/ODC **
0
0
0
0
0
101,766
101,766

4,386
20,898
33,354
30,749
-10,548
4,272
83,112
Net
Cash
-4,386
-20,898
-33,354
-30,749
10,548
97,494
Present
Value
(simple calc)
(4,352)
(20,568)
(32,568) Summarize Net Cash Flow on Annual Basis:
(29,786)
Year
Net Flow
10,137 OUTFLOW
-83,112
92,951 INFLOW
101,766
15,814

117.09%
22.45%
16,032
$8,904.43 (2)
9.58% (3)


Project: S4B16771 - Security Retrofit for Port Authority
Monthly
Period
Mo/Yr
1 Mar-01
2 Apr-01
3 May-01
4 Jun-01
5
Jul-01
6 Aug-01
7 Sep-01
8 Oct-01
9 Nov-01
10 Dec-01
11 Jan-02
12 Feb-02
13 Mar-02
14 Apr-02
15 May-02
16 Jun-02
17
Jul-02
18 Aug-02
19 Sep-02
20 Oct-02
21 Nov-02
22 Dec-02
TOTAL
Cash
Inflows
Cash
Outflows
Payments *
B-Labor/ODC **
0
0
0
0
45,760
181,834
103,587
195,554
19,617
456
4,816
33,128
159,260
32,148
11,224
25,578
60,873
226,957
41,701
58,249
72,604
41,232
1,314,578

2,457
2,843
3,316
58,052
81,482
21,380
15,193
16,095
116,624
57,250
60,800
24,073
51,958
20,738
26,340
53,640
44,081
23,396
25,905
9,575
11,409
4,414
731,021
Net
Cash
-2,457
-2,843
-3,316
-58,052
-35,722
160,454
88,394
179,459
-97,007
-56,794
-55,984
9,055
107,302
11,410
-15,116
-28,062
16,792
203,561
15,796
48,674
61,195
36,818
Present
Value
(simple calc)
(2,438)
(2,798)
(3,238)
(56,235)
(34,329)
152,978
83,608
168,399
(90,307)
(52,453)
(51,295)
8,231
96,764
10,208
(13,417)
(24,709)
14,669
176,414
13,581
41,517
51,784
30,909
517,843
22770.32%
524,251


Year
Net Flow
OUTFLOW
-731,021
INFLOW
1,314,578

79.83%
427,659 (2)
9.58% (3)

Monthly
Period
Mo/Yr
1 Mar-01
2 Apr-01
3 May-01
4 Jun-01
5
Jul-01
6 Aug-01
7 Sep-01
8 Oct-01
9 Nov-01
10 Dec-01
11 Jan-02
12 Feb-02
13 Mar-02
14 Apr-02
15 May-02
16 Jun-02
17
Jul-02
18 Aug-02
19 Sep-02
TOTAL
Cash
Inflows
Cash
Outflows
Payments *
B-Labor/ODC **
0
0
0
0
76,690
7,126
32,432
25,992
0
0
0
0
671
0
2,785
0
0
0
0
145,696

1,255
14,511
5,993
21,183
19,478
5,336
59
941
1,423
489
1,534
0
30
0
0
0
0
0
174
72,404
Net
Cash
-1,255
-14,511
-5,993
-21,183
57,212
1,790
32,373
25,051
-1,423
-489
-1,534
0
641
0
2,785
0
0
0
-174
Present
Value
(simple calc)
(1,245)
(14,282)
(5,852)
(20,520)
54,982
1,707
30,621
23,507
(1,324)
(452)
(1,406)
0
578
0
2,472
0
0
0
(149)
68,637
4923.99%
69,335


Year
Net Flow
OUTFLOW
-72,404
INFLOW
145,696

101.23%
55,260 (2)
9.58% (3)

Project: M4B17701 - Security Upgrade - Chemical Facility
Monthly
Period
Mo/Yr
1 Apr-01
2 May-01
3 Jun-01
4
Jul-01
5 Aug-01
6 Sep-01
7 Oct-01
8 Nov-01
9 Dec-01
10 Jan-02
11 Feb-02
12 Mar-02
13 Apr-02
14 May-02
15 Jun-02
16
Jul-02
17 Aug-02
18 Sep-02
19 Oct-02
20 Nov-02
TOTAL
Cash
Inflows
Cash
Outflows
Payments *
B-Labor/ODC **
0
63,214
3,278
37,772
64,744
165,911
541,648
461,777
201,106
206,654
1,746,104

725
3,638
13,617
12,892
4,801
10,308
8,772
12,927
17,043
37,733
25,227
40,638
54,576
48,656
178,709
227,891
288,165
136,454
153,581
271,667
1,548,022
Net
Cash
-725
-3,638
-13,617
-12,892
-4,801
-10,308
54,442
-9,649
-17,043
39
39,517
-40,638
-54,576
117,255
-178,709
313,757
-288,165
325,323
47,525
-65,013
Present
Value
(simple calc)
(719)
(3,581)
(13,296)
(12,488)
(4,614)
(9,828)
51,495
(9,054)
(15,866)
36
36,208
(36,940)
(49,217)
104,902
(158,616)
276,273
(251,730)
281,938
40,861
(55,454)
170,310
601.75%
174,705


Year
Net Flow
OUTFLOW
-1,548,022
INFLOW
1,746,104

12.80% (1)
$41,455.77 (2)
9.58% (3)

Project: S5M19910 - Research Lab Facility - US / CA / BZ Local
Monthly
Period
Mo/Yr
1 May-01
2 Jun-01
3
Jul-01
4 Aug-01
5 Sep-01
6 Oct-01
7 Nov-01
8 Dec-01
9 Jan-02
10 Feb-02
11 Mar-02
12 Apr-02
13 May-02
14 Jun-02
15
Jul-02
16 Aug-02
17 Sep-02
18 Oct-02
19 Nov-02
20 Dec-02
TOTAL
Cash
Inflows
Cash
Outflows
Payments *
B-Labor/ODC **
0
0
0
19,179
17,574
0
33,856
17,111
17,264
0
16,833
34,019
17,540
17,712
16,491
0
0
0
2,513
0
210,092

191
736
16,779
153
15,628
13,695
16,050
29,461
90
14,320
1,900
30,405
17,721
17,802
251
13,888
1
2,428
95
60
191,655
Net
Cash
-191
-736
-16,779
19,026
1,946
-13,695
17,806
-12,350
17,174
-14,320
14,933
3,614
-181
-90
16,240
-13,888
-1
-2,428
2,418
-60
Present
Value
(simple calc)
(189)
(725)
(16,384)
18,431
1,870
(13,057)
16,842
(11,589)
15,988
(13,225)
13,682
3,285
(164)
(81)
14,414
(12,229)
(1)
(2,104)
2,079
(52)
16,793
1136.34%
16,986


Year
Net Flow
OUTFLOW
-191,655
INFLOW
210,092

9.62% (1)
$63.61 (2)
9.58% (3)

Project: M7D19880 - K12 School Upgrades - West NP Schools
Monthly
Period
Mo/Yr
1 Aug-01
2 Sep-01
3 Oct-01
4 Nov-01
5 Dec-01
6 Jan-02
7 Feb-02
8 Mar-02
9 Apr-02
10 May-02
11 Jun-02
12
Jul-02
13 Aug-02
14 Sep-02
15 Oct-02
16 Nov-02
TOTAL
Cash
Inflows
Cash
Outflows
Payments *
B-Labor/ODC **
48,253
51,253
58,145
58,561
64,254
96,254
0
53,217
48,217
48,217
58,717
51,319
0
0
0
636,407
6,506
21,412
38,670
36,998
19,697
23,879
24,767
33,782
28,590
35,692
23,224
20,787
26,944
13,679
3,665
1,125
359,417
Net
Cash
-6,506
26,841
12,583
21,147
38,864
40,375
71,487
-33,782
24,627
12,525
24,993
37,930
24,375
-13,679
-3,665
-1,125
Present
Value
(simple calc)
(6,455)
26,418
12,286
20,485
37,349
38,494
67,617
(31,700)
22,926
11,567
22,900
34,478
21,981
(12,238)
(3,253)
(991)
261,866

9964463516.30% <=Too Distorted , Estimate and use =>
264,438

Year
Net Flow
outflow
-359,417
inflow
636,407

77.07%
$202,000.15 (2)
9.58% (3)


Project: S5C81050 - Master Facility Plan for DLL SE Region
Monthly
Period
Mo/Yr
1 Oct-01
2 Nov-01
3 Dec-01
4 Jan-02
5 Feb-02
6 Mar-02
7 Apr-02
8 May-02
9 Jun-02
10
Jul-02
11 Aug-02
12 Sep-02
13 Oct-02
14 Nov-02
15 Dec-02
TOTAL
Cash
Inflows
Cash
Outflows
Payments *
B-Labor/ODC **
0
0
4,647
35,218
5,362
9,325
0
0
0
11,591
0
0
45
0
7,419
73,607

2,179
13,362
702
4,637
6,597
418
5,136
5,760
7,128
1,328
2,093
7
0
0
0
49,345
Net
Cash
-2,179
-13,362
3,945
30,581
-1,235
8,907
-5,136
-5,760
-7,128
10,263
-2,093
-7
45
0
7,419
Present
Value
(simple calc)
(2,161)
(13,151)
3,852
29,624
(1,186)
8,492
(4,858)
(5,405)
(6,635)
9,479
(1,918)
(6)
41
0
6,585
22,751
11774.14%
22,984

Year
Net Flow
outflow
-49,345
inflow
73,607

49.17% (1)
$16,268.76 (2)
9.58% (3)


Project: M9K10601 - Support Team for Fac Mgmt - ILBBC
Monthly
Period
Cash
Inflows
Cash
Outflows
Net
Cash
Present
Mo/Yr
Value
(simple calc)
Payments *
B-Labor/ODC **
1 Sep-01
48,253
0
48,253
47,871
2 Oct-01
51,253
0
51,253
50,444
3 Nov-01
58,145
21,967
36,178
35,325
4 Dec-01
58,561
26,077
32,484
31,467
5 Jan-02
64,254
24,299
39,955
38,398
6 Feb-02
48,217
22,765
25,452
24,266
7 Mar-02
48,217
29,499
18,718
17,705
8 Apr-02
53,217
6,120
47,097
44,194
9 May-02
48,217
6,662
41,555
38,685
10 Jun-02
48,217
501
47,716
44,069
11
Jul-02
58,717
-13,262
71,979
65,951
Year
Net Flow
12 Aug-02
51,291
1,089
50,202
45,633
outflow
-151,829
13 Sep-02
0
5,071
-5,071
(4,573)
inflow
636,559
14 Oct-02
0
9,480
-9,480
(8,482)
15 Nov-02
0
6,643
-6,643
(5,896)
16 Dec-02
0
4,917
-4,917
(4,329)
TOTAL
636,559
151,829
460,727
DO NOT INCLUDE THIS PROJECT IN ANALYSIS - SOME COSTS ARE SITTING IN COMPANION PROJECT
Err:502
319%
465,280
$391,566.24 (2)
9.58% (3)

Monthly
Period
Mo/Yr
1 May-02
2 Jun-02
3
Jul-02
4 Aug-02
5 Sep-02
6 Oct-02
7 Nov-02
8 Dec-02
TOTAL
Cash
Inflows
Cash
Outflows
Payments *
B-Labor/ODC **
0
0
0
115,373
0
49,539
66,362
5,127
236,401

13,660
17,354
24,180
14,856
22,058
10,300
501
1
102,910
Net
Cash
-13,660
-17,354
-24,180
100,517
-22,058
39,239
65,861
5,126
Present
Value
(simple calc)
(13,552)
(17,080)
(23,610)
97,370
(21,198)
37,411
62,295
4,810
126,446

127,658


Year
Net Flow
outflow
-102,910
inflow
236,401

129.72%
$102,960.15 (2)
9.58% (3)

Monthly
Period
Mo/Yr
1 Nov-01
2 Dec-01
3 Jan-02
4 Feb-02
5 Mar-02
6 Apr-02
7 May-02
8 Jun-02
9
Jul-02
10 Aug-02
11 Sep-02
12 Oct-02
13 Nov-02
14 Dec-02
TOTAL
Cash
Inflows
Cash
Outflows
Payments *
B-Labor/ODC **
0
0
104,297
0
160,040
30,407
38,181
19,545
19,545
0
0
0
0
0
372,015
2,700
7,998
65,677
11,078
14,606
10,233
9,840
9,111
10,851
16,368
12,544
8,347
10,101
-8,914
180,540
Net
Cash
-2,700
-7,998
38,620
-11,078
145,434
20,174
28,341
10,434
8,694
-16,368
-12,544
-8,347
-10,101
8,914
Present
Value
(simple calc)
(2,679)
(7,872)
37,710
(10,731)
139,765
19,234
26,807
9,791
8,094
(15,117)
(11,493)
(7,587)
(9,109)
7,975
184,786

186,550

Year
Net Flow
outflow
-180,540
inflow
372,015

106.06%
$145,054.64 (2)
9.58% (3)

Project: S5L11850 - Surveys for R/R West Lines
Monthly
Period
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
Mo/Yr
Mar-99
Apr-99
May-99
Jun-99
Jul-99
Aug-99
Sep-99
Oct-99
Nov-99
Dec-99
Jan-00
Feb-00
Mar-00
Apr-00
May-00
Jun-00
Jul-00
Aug-00
Sep-00
Oct-00
Nov-00
Dec-00
Jan-01
Feb-01
Mar-01
Apr-01
May-01
Jun-01
Jul-01
Aug-01
Sep-01
Oct-01
Nov-01
Dec-01
Cash
Inflows
Cash
Outflows
Payments *
B-Labor/ODC **
0
0
0
0
0
0
0
541,112
0
0
53,200
122,800
53,200
53,200
53,200
63,060
53,200
0
117,167
356,980
348,039
0
286,669
366,254
187,644
229,747
53,200
617,678
53,200
226,513
25,737
300,711
0
406,624
18,004
19,123
21,624
29,786
68,217
39,922
35,095
58,543
36,409
17,082
53,464
43,003
44,497
46,648
53,364
90,251
72,005
87,541
122,576
117,905
116,370
110,489
107,025
138,081
159,527
122,754
124,095
132,278
89,699
138,205
108,423
139,030
150,906
122,966
Net
Cash
-18,004
-19,123
-21,624
-29,786
-68,217
-39,922
-35,095
482,569
-36,409
-17,082
-264
79,797
8,703
6,552
-164
-27,191
-18,805
-87,541
-5,409
239,075
231,669
-110,489
179,644
228,173
28,117
106,993
-70,895
485,400
-36,499
88,308
-82,686
161,681
-150,906
283,658
Present
Value
(simple calc)
(17,862)
(18,822)
(21,114)
(28,853)
(65,558)
(38,062)
(33,194)
452,827
(33,894)
(15,776)
(242)
72,535
7,848
5,862
(146)
(23,943)
(16,427)
(75,867)
(4,651)
203,923
196,041
(92,756)
149,618
188,531
23,048
87,009
(57,197)
388,512
(28,982)
69,566
(64,622)
125,357
(116,077)
216,461
35
36
37
38
39
40
41
42
43
44
45
46
Jan-02
Feb-02
Mar-02
Apr-02
May-02
Jun-02
Jul-02
Aug-02
Sep-02
Oct-02
Nov-02
Dec-02
TOTAL
0
454,929
275,923
0
299,430
0
0
340,864
0
174,747
154,969
0
6,269,997

112,147
94,555
96,468
79,595
81,832
69,690
64,688
89,689
61,758
57,350
66,018
20,673
3,729,372
-112,147
360,374
179,455
-79,595
217,598
-69,690
-64,688
251,175
-61,758
117,397
88,951
-20,673
(84,902)
270,665
133,715
(58,838)
159,578
(50,703)
(46,691)
179,860
(43,873)
82,739
62,194
(14,340)
2,022,495
1176.86%
2,055,878


Year
Net Flow
outflow
-3,729,372
inflow
6,269,997

68.12%
$1,818,272.77 (2)
9.58% (3)
Calculate Cost of Capital

Compare to Rate of Return
The following attributes are used to calculate Henson's Cost of Capital:
Risk free rate of return
Beta Factor
Market rate of return
Interest Rate on Debt
Effective Tax Rate
4.50%
0.55
16.50%
6.25%
34.50%
(per Henson 2001 10-K Filing with the SEC)

(per Yahoo Finance)
(per review of 5 year returns from Value Line)
Calculate Weighted Average Cost of Capital:

* B.V.
** %'s
Cost of Equity
11.10%
592 78.31%
Cost of Debt
4.09%
164 21.69%
756 100.00%
Weighted Average Cost of Capital
weighted
avg %
8.69%
0.89%
9.58%
* Book Values for Total Equity and Total Debt per 10-K Filing expressed in millions
** Market Value weights are suppose to be used, but in the absence of market values
for equity and debt, book value weights were used.
Summarize Cut Off Dates for Monthly Reporting Periods

FY 2000
Mo/Yr
Cutoff
FY 2001
Mo/Yr
Cutoff
FY 2002
Mo/Yr
Cutoff
FY 2003
Mo/Yr
Cutoff
Oct-99
Nov-99
Dec-99
Jan-00
Feb-00
Mar-00
Apr-00
May-00
Jun-00
Jul-00
Aug-00
Sep-00
Oct-00 10/27/2000
Nov-00 11/24/2000
Dec-00 12/29/2000
Jan-01 1/26/2001
Feb-01 2/23/2001
Mar-01 3/30/2001
Apr-01 4/27/2001
May-01 5/25/2001
Jun-01 6/29/2001
Jul-01 7/27/2001
Aug-01 8/24/2001
Sep-01 9/28/2001
Oct-01
Nov-01
Dec-01
Jan-02
Feb-02
Mar-02
Apr-02
May-02
Jun-02
Jul-02
Aug-02
Sep-02
Oct-02
Nov-02
Dec-02
Jan-03
Feb-03
Mar-03
Apr-03
May-03
Jun-03
Jul-03
Aug-03
Sep-03
10/29/1999
11/26/1999
12/31/1999
1/28/2000
2/25/2000
3/31/2000
4/28/2000
5/26/2000
6/30/2000
7/28/2000
8/25/2000
9/29/2000
10/26/2001
11/23/2001
12/28/2001
1/25/2002
2/22/2002
3/29/2002
4/26/2002
5/24/2002
6/28/2002
7/26/2002
8/23/2002
9/27/2002
10/25/2002
11/22/2002
12/27/2002
1/24/2003
Run Various Test to Verify Calculations

Compare Annual Calc's to Monthly Calc's - Should Not Vary Widely:
Year
Inflow
Outflow
Net
6/1/2002
90,000 180,000
-90,000
-180,000
90,000
12/1/2002 270,000 120,000
150,000
-120,000 270,000
Total
360,000 300,000
20.00%
NPV
42,149
IRR
8%
Date
XIRR
1.770035
Jan-00
7,500
15,000
-7,500
Feb-00
7,500
15,000
-7,500
Mar-00
7,500
15,000
-7,500
Apr-00
7,500
15,000
-7,500
May-00
7,500
15,000
-7,500
Jun-00
7,500
15,000
-7,500
Jul-00
7,500
15,000
-7,500
Aug-00
7,500
15,000
-7,500
Sep-00
7,500
15,000
-7,500
Oct-00
7,500
15,000
-7,500
Nov-00
7,500
15,000
-7,500
Dec-00
7,500
15,000
-7,500
-90,000
Jan-01
22,500
10,000
12,500
Feb-01
22,500
10,000
12,500
Mar-01
22,500
10,000
12,500
Apr-01
22,500
10,000
12,500
May-01
22,500
10,000
12,500
Jun-01
22,500
10,000
12,500
Jul-01
22,500
10,000
12,500
Aug-01
22,500
10,000
12,500
Sep-01
22,500
10,000
12,500
Oct-01
22,500
10,000
12,500
Nov-01
22,500
10,000
12,500
-90,000
Dec-01
22,500
10,000
12,500
150,000
NPV
$43,396
Finance Cost
Mo Rate
Cost of Capital
10.00% (used as reinvestment rate)
0.83%
Annual
Monthly
Regular Rate of Return
67%
4%
67%
Modified Rate of Return
5%
2%
Irregular Payment IRR
n/a
66.62%
USE THE IRR CALC IN BOLD FOR ALL RATE OF RETURN
CALCULATIONS ON ALL PROJECTS

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Financial Analysis of Projects for Henson Civil

Overview and Explanation

M3C18901 - Design Specs for National Towers

Summarize Results of Analysis

< - - - - - - - - - - - Value Based Metric - - - - - - - - - - - - >

< Current Metrics >

Ranked Best to Worst Performing by Rate of Return

Tunnel Design for DOT

Correlation between GM and Rate of Return

GM & Return % 's

Ratio % & Return %

Cash Flow Ratio

Ratio % & Return %

Cash Flow Ratio

Preliminary Review by Ranking Net Cash Flow Ratio

Project not complete

Project not complete

Rate of Return for Projects

Project: S5L11850 - Railroad Surveys West Lines

Net Present Value for Projects

Project: S6X12677 - Tunnel Design for DOT

Calculate Project Rate of Return & Net Present Value

Economic Analysis on Monthly Basis:

Economic Analysis on Annual Basis:

* Per Oracle Report OAR800 - Billing and Receipt History

Calculate Project Rate of Return & Net Present Value

Economic Analysis on Monthly Basis:

Summarize Net Cash Flow on Annual Basis:

Economic Analysis on Annual Basis:

* Per Oracle Report OAR800 - Billing and Receipt History

Calculate Project Rate of Return & Net Present Value

Summarize Net Cash Flow on Annual Basis:

Economic Analysis on Monthly Basis:

Economic Analysis on Annual Basis:

* Per Oracle Report OAR800 - Billing and Receipt History

Calculate Project Rate of Return & Net Present Value

Economic Analysis on Monthly Basis:

Summarize Net Cash Flow on Annual Basis:

Economic Analysis on Annual Basis:

* Per Oracle Report OAR800 - Billing and Receipt History

Calculate Project Rate of Return & Net Present Value

Economic Analysis on Monthly Basis:

Summarize Net Cash Flow on Annual Basis:

Economic Analysis on Annual Basis:

* Per Oracle Report OAR800 - Billing and Receipt History

Calculate Project Rate of Return & Net Present Value

Economic Analysis on Monthly Basis:

Economic Analysis on Annual Basis:

Calculate Project Rate of Return & Net Present Value

Economic Analysis on Monthly Basis:

Economic Analysis on Annual Basis:

* Per Oracle Report OAR800 - Billing and Receipt History

Calculate Project Rate of Return & Net Present Value

Economic Analysis on Monthly Basis:

* Per Oracle Report OAR800 - Billing and Receipt History

Summarize Net Cash Flow on Annual Basis:

Economic Analysis on Annual Basis:

Calculate Project Rate of Return & Net Present Value

Economic Analysis on Monthly Basis:

* Per Oracle Report OAR800 - Billing and Receipt History

Summarize Net Cash Flow on Annual Basis:

Economic Analysis on Annual Basis:

Calculate Project Rate of Return & Net Present Value

Economic Analysis on Monthly Basis: