Years 0 1 2

Development Stage

Total Project Cost for Period = HC + SC

Fixed Assets, Gross
Hard Cost 2500000
Phasing 25% 50%

Funding Mix
Equity 40%
Debt 60%

Equity Capital

Capitalised Interest
Capitalis 12%

Debt Schedule
Opening Debt
Additions / Repayment
Closing Debt

Assumptions
Current Cas Base
Initial Sale 100000
Initial Sales 125
Initial Cost 75
Growth in S 15%
Growth in Sa 20%
Growth in C 20%

Income Statement

Sales
Cost of Goods Sold

Selling
&
Adminis
tration
Costs 25%
EBITDA
Depreciation
EBIT
Interest, Net
EBT
Tax 30%
PAT/NI

Balance Sheet

Liabilities
Debt
Equity Capital
Retained Earnings
Total Liabilities

Assets
Fixed Assets, Gross
Accumula 4
FIXED ASSET, NET
Cash
Worki 10%
Total Assets
Checksum - -

Cash Flow Statement

Net Income
Depreciation
Change in W/C
Net OCF

CHANGE IN FIXED ASSET, GROSS

Net ICF

CHANGE IN DEBT
CHANGE IN EQUITY
Net FCF

Net Change in Cash

BOP Cash
EOP Cash

Interest, Net

Interest Ex 12%
Interest In 5%
Interest, Net

Computation of Free Cash Flow

FCFE = OCF + ICF + CHANGE IN DEBT

Returns Analysis
IRR Sensitivity with Initial Sales
Net Present 15%
Internal Rate of Return 10.0%
12.5%
ACCEPT AS IRR > COST OF EQUITY 15.0%
17.5%
20.0%
3 4 5 6 7

25%
- - - - -
IRR Sensitivity with Initial Sales Price and Growth in Sales Volume
115 120 125 130 135
Income Statement Balance Sheet

Sales Liabilities
Cost of Goods Sold Debt
Selling & Administration Costs Net Additional Financing
EBITDA Shareholders' Equity
Depreciation Total Liabilities
EBIT
Interest, Net Assets
EBT Fixed Assets
Tax Accumulated Depreciation
PAT/NI Net Fixed Assets
Cash
Working Capital
Total Assets
Cash Flow Statement

Net Income

Depreciation
Change in W/C

Net OCF

Capex
Net ICF

New Equity
Debt Raised/Repaid
Additional Funding
Net FCF

Net Change in Cash

BOP Cash
EOP Cash