2000 2001 2002 2003

Units Price Units Price Units Price Units Price

500,000.00 540,000.00 577,800.00 621,135.00
Revenue
Product ### 50.00 ### 52.00 ### 53.56 ### 54.80
Service 1,500,000.00 3.00 1,593,000.00 2.95 1,675,620.00 2.90 2,172,664.36 3.50
Total Revenue ### 53.00 ### 54.95 ### 56.46 ### 58.30
Expense
COGS ### 20.00 ### 20.60 ### 21.22 ### 22.15
Admin 5,000,000.00 10.00 5,151,600.00 9.54 5,304,204.00 9.18 6,880,103.81 11.08
Utilities 200,000.00 0.40 205,200.00 0.38 213,786.00 0.37 275,204.15 0.44
Rent 500,000.00 1.00 513,000.00 0.95 531,576.00 0.92 688,010.38 1.11
Depreciation 500,000.00 1.00 502,200.00 0.93 502,686.00 0.87 688,010.38 1.11
Consultants 35,000.00 0.07 43,200.00 0.08 40,446.00 0.07 481,607.27 0.78
Bad debt 15,000.00 0.03 10,800.00 0.02 17,334.00 0.03 206,403.11 0.33
Total Expense ### 32.50 ### 32.50 ### 32.66 ### 37.00

EBIT ### 20.50 ### 22.45 ### 23.80 ### 21.30

Margin 38.68 40.86 42.15 36.54

EBITDA ### 21.50 ### 23.38 ### 24.67 ### 22.41

Margin 40.57 42.55 43.69 38.44
Assumption
Service is accounted for 6% of revenue
Units are increased by 7.5% each year
Revenue growth by 11% each year
COGS is represent by 38% of Total Revenue
Admin is accounted for 50% of COGS
Utilities is accounted for 2% of COGS
Rent is accounted for 5% of COGS
Depreciation is accounted for 5% of COGS
Consultants is accounted for 3.5% of COGS
Bad debt is accounted for 1.5% of COGS
 2004 2005
Units Price Units Price
667,720.13 717,799.13
Revenue
Product ### 56.58 ### 58.43
Service 2,411,657.44 3.61 2,676,939.76 3.73
Total Revenue ### 60.20 ### 62.16
Expense
COGS ### 22.87 ### 23.62
Admin 7,636,915.23 11.44 8,476,975.90 11.81
Utilities 305,476.61 0.46 339,079.04 0.47
Rent 763,691.52 1.14 847,697.59 1.18
Depreciation 763,691.52 1.14 847,697.59 1.18
433,868.29 Consultants 534,584.07 0.80 593,388.31 0.83
Bad debt 229,107.46 0.34 254,309.28 0.35
433,446.54 Total Expense ### 38.20 ### 39.44

EBIT ### 22.00 ### 22.71

185,324.38 Margin 36.54 36.54
0.37
688,679.82 EBITDA ### 23.14 ### 23.89
Margin 38.44 38.44
Assumption
Service is accounted for 6% of revenue
21141183 Units are increased by 7.5% each year
Revenue growth by 11% each year
COGS is represent by 38% of Total Revenue
Admin is accounted for 50% of COGS
1,300,000.00 Utilities is accounted for 2% of COGS
0.08 1196000 Rent is accounted for 5% of COGS
Depreciation is accounted for 5% of COGS
Consultants is accounted for 3.5% of COGS
Bad debt is accounted for 1.5% of COGS
 2006 2007 2008
Units Price Units Price Units Price
771,634.07 829,506.62 891,719.62
Revenue
### 60.33 ### 62.29 Product ### 64.32
2,971,403.13 3.85 3,298,257.48 3.98 Service 3,661,065.80 4.11
### 64.18 ### 66.27 Total Revenue ### 68.43
Expense
### 24.39 ### 25.18 COGS ### 26.00
9,409,443.25 12.19 ### 12.59 Admin ### 13.00
376,377.73 0.49 417,779.28 0.50 Utilities 463,735.00 0.52
940,944.33 1.22 1,044,448.20 1.26 Rent 1,159,337.50 1.30
940,944.33 1.22 1,044,448.20 1.26 Depreciation 1,159,337.50 1.30
658,661.03 0.85 731,113.74 0.88 Consultants 811,536.25 0.91
282,283.30 0.37 313,334.46 0.38 Bad debt 347,801.25 0.39
### 40.73 ### 42.05 Total Expense ### 43.42

### 23.45 ### 24.21 EBIT ### 25.00

36.54 36.54 Margin 36.54

### 24.67 ### 25.47 EBITDA ### 26.30

38.44 38.44 Margin 38.44
sumption Assu
nted for 6% of revenue Service is account
sed by 7.5% each year Units are increase
wth by 11% each year Revenue growth
by 38% of Total Revenue COGS is represent by
nted for 50% of COGS Admin is account
unted for 2% of COGS Utilities is accoun
nted for 5% of COGS Rent is accounte
ccounted for 5% of COGS Depreciation is acco
ounted for 3.5% of COGS Consultants is accou
unted for 1.5% of COGS Bad debt is accoun
 2009 2010 2011 2012
Units Price Units Price Units Price Units Price
958,598.59 1,030,493.49 1,107,780.50 1,190,864.04

### 66.42 ### 68.58 ### 76.12 ### 84.49

4,063,783.04 4.24 4,510,799.17 4.38 5,006,987.08 4.86 5,557,755.66 5.39
### 70.65 ### 72.96 ### 80.98 ### 89.89

### 26.85 ### 27.72 ### 30.77 ### 34.16

### 13.42 ### 13.86 ### 15.39 ### 17.08
514,745.85 0.54 571,367.90 0.55 634,218.36 0.62 703,982.38 0.68
1,286,864.63 1.34 1,428,419.74 1.39 1,585,545.91 1.54 1,759,955.96 1.71
1,286,864.63 1.34 1,428,419.74 1.39 1,585,545.91 1.54 1,759,955.96 1.71
900,805.24 0.94 999,893.82 0.97 1,109,882.14 1.08 1,231,969.17 1.20
386,059.39 0.40 428,525.92 0.42 475,663.77 0.46 527,986.79 0.51
### 44.84 ### 46.30 ### 51.39 ### 57.04

### 25.82 ### 26.66 ### 29.59 ### 32.85

36.54 36.54 36.54 36.54

### 27.16 ### 28.04 ### 31.13 ### 34.55

38.44 38.44 38.44 38.44
Assumption
Service is accounted for 6% of revenue
Units are increased by 7.5% each year
Revenue growth by 11% each year
COGS is represent by 38% of Total Revenue
Admin is accounted for 50% of COGS
Utilities is accounted for 2% of COGS
Rent is accounted for 5% of COGS
Depreciation is accounted for 5% of COGS
Consultants is accounted for 3.5% of COGS
Bad debt is accounted for 1.5% of COGS
 NUTTANAI ANUNTARUMPORN
Assumption
1. Import Data from previous assignment 2. Tax is 40%
3. Tax Depreciation and Amortization is 24.9%
Year0 Year1 Year2 Year3 Year4
EBIT 0.00 13,231,525.96 14,686,993.81 16,302,563.13 18,095,845.08
Add back
Depreciation
and
Amortization 0.00 688,010.38 763,691.52 847,697.59 940,944.33
Profit Before
Depre/Amort 0.00 13,919,536.34 15,450,685.33 17,150,260.72 19,036,789.41
Tax
Depre/Amort 0.00 (171,314.58) (190,159.19) (211,076.70) (234,295.14)

Profit- Tax Basis 0.00 13,748,221.76 15,260,526.14 16,939,184.02 18,802,494.27

Tax 0.00 ### ### (6,775,673.61) (7,520,997.71)
Profit After
Taxes 0.00 8,248,933.05 9,156,315.68 ### ###
Add back Tax
Depre/Amort 0.00 171,314.58 190,159.19 211,076.70 234,295.14
Cash flow
from
operation 0.00 8,420,247.64 9,346,474.87 ### ###
N NUTTANAI ANUNTARUMPORN
Assumption
Tax is 40% 1. Import Data from previous assignment 2. Tax is 40%
24.9% 3. Tax Depreciation and Amortization is 24.9%
Year5 Year6 Year7 Year8 Year9
20,086,388.03 22,295,890.72 EBIT 24,748,438.70 27,470,766.95 30,492,551.32
Add back
Depreciation
and
1,044,448.20 1,159,337.50 Amortization 1,286,864.63 1,428,419.74 1,585,545.91
Profit Before
21,130,836.23 23,455,228.22 Depre/Amort 26,035,303.33 28,899,186.69 32,078,097.23
Tax
(260,067.60) (288,675.04) Depre/Amort (320,429.29) (355,676.52) (394,800.93)
Profit- Tax
20,870,768.63 23,166,553.18 Basis 25,714,874.04 28,543,510.17 31,683,296.30
(8,348,307.45) (9,266,621.27) Tax ### ### ###
Profit After
### ### Taxes ### ### ###
Add back Tax
260,067.60 288,675.04 Depre/Amort 320,429.29 355,676.52 394,800.93
Cash flow
from
### ### operation ### ### ###
AI ANUNTARUMPORN

t 2. Tax is 40%
n is 24.9%
Year10
33,846,731.96

1,759,955.96

35,606,687.92

(438,229.03)

35,168,458.89
###

###

438,229.03

###
 Capital Expenditure 50000 Depreciation Constant increase
Lease improvement 10000 Discount rate 15%
DSO 75 Company Growth rate 5%
Inventory Turnover 12 Residual Value= CF year10/[ i-(g/2)]
AP Days 30 Residual Value ###
Find A/R DSO=AR Year1/(Rev Year1/360)
Year0 Year1 Year2 Year3 Year4
Revenue 32,227,854.69 36,211,072.68 40,194,290.67 44,615,662.65 49,523,385.54
DSO 75.00 75.00 75.00 75.00 75.00
A/R 7,543,973.48 8,373,810.56 9,294,929.72 ### ###

Find Inventory I turnover= COGS Year1/Inventory Year0

Year0 Year1 Year2 Year3 Year4
COGS 12,246,584.78 13,760,207.62 15,273,830.46 16,953,951.81 18,818,886.51
I turnover 12 12 12 12 12
Inventory 1,146,683.97 1,272,819.20 1,412,829.32 1,568,240.54 1,740,747.00

Find A/P A/P Days= AP/[(Expense-Depreciation)/360]

Year0 Year1 Year2 Year3 Year4
Expense 21,141,183.00 22,979,546.72 25,507,296.86 28,313,099.52 31,427,540.46
Depreciation 612,329.24 688,010.38 763,691.52 847,697.59 940,944.33
Expense-Depre 20,528,853.76 22,291,536.34 24,743,605.34 27,465,401.93 30,486,596.14
A/P Days 30.00 30.00 30.00 30.00 30.00
A/P 1,857,628.03 2,061,967.11 2,288,783.49 2,540,549.68 2,820,010.14

Working Capital
Year0 Year1 Year2 Year3 Year4
A/R 7,543,973.48 8,373,810.56 9,294,929.72 ### ###
Inventory 1,146,683.97 1,272,819.20 1,412,829.32 1,568,240.54 1,740,747.00
A/P 1,857,628.03 2,061,967.11 2,288,783.49 2,540,549.68 2,820,010.14
Total Working
Capital 6,833,029.41 7,584,662.65 8,418,975.54 9,345,062.85 10,373,019.77
Incremental
WC 6,833,029.41 751,633.24 834,312.89 926,087.31 1,027,956.91
Cash Flow Statement Nuttanai Anuntar
Year0 Year1 Year2 Year3 Year4
EBIT 0.00 13,231,525.96 14,686,993.81 16,302,563.13 18,095,845.08
Add back
Depreciation
and
Amortization 0.00 688,010.38 763,691.52 847,697.59 940,944.33
Profit Before
Depre/Amort 0.00 13,919,536.34 15,450,685.33 17,150,260.72 19,036,789.41
Tax
Depre/Amort 0.00 (688,010.38) (763,691.52) (847,697.59) (940,944.33)
Profit- Tax Basis 0.00 13,231,525.96 14,686,993.81 16,302,563.13 18,095,845.08
Tax 0.00 (5,292,610.38) (5,874,797.52) (6,521,025.25) (7,238,338.03)
Profit After
Taxes 0.00 7,938,915.58 8,812,196.29 9,781,537.88 ###
Add back Tax
Depre/Amort 0.00 688,010.38 763,691.52 847,697.59 940,944.33
 Cash flow
from
operation 0.00 8,626,925.96 9,575,887.81 ### ###
Capital
Expenditure (50,000.00) (50,000.00) (50,000.00) (50,000.00) (50,000.00)
Working Capital (6,833,029.41) (751,633.24) (834,312.89) (926,087.31) (1,027,956.91)
Leashold
Improvement (10,000.00) (10,000.00) (10,000.00) (10,000.00) (10,000.00)
Total Additional
Investment (6,843,029.41) (761,633.24) (844,312.89) (936,087.31) (1,037,956.91)
Total Capital
Investment (6,893,029.41) (811,633.24) (894,312.89) (986,087.31) (1,087,956.91)
Net CashFlow
without Residual (6,893,029.41) 7,815,292.72 8,681,574.91 9,643,148.16 10,710,494.46
Residual Value 0.00 0.00 0.00 0.00 0.00
Net CashFlow (6,893,029.41) 7,815,292.72 8,681,574.91 9,643,148.16 10,710,494.46

Net Present Value @ 15% ###

Year0 Year1 Year2 Year3 Year4

n 0 1 2 3 4
Factor=1/(1+i)n 1 0.8695652174 0.7561436673 0.6575162324 0.5717532456
Present Value -6,893,029.41 6,795,906.71 6,564,517.89 6,340,526.45 6,123,759.97
Net Present
Value ###
 Year5 Year6 Year7 Year8 Year9 Year10
54,970,957.95 61,017,763.32 67,729,717.29 75,179,986.19 83,449,784.67 92,629,260.99
75.00 75.00 75.00 75.00 75.00 75.00
### ### 15,662,497.12 ### ### 21,420,516.60

Year5 Year6 Year7 Year8 Year9 Year10

20,888,964.02 23,186,750.06 25,737,292.57 28,568,394.75 31,710,918.18 35,199,119.18
12 12 12 12 12 12
1,932,229.17 2,144,774.38 2,380,699.56 2,642,576.51 2,933,259.93 3,255,918.52

Year5 Year6 Year7 Year8 Year9 Year10

34,884,569.91 38,721,872.61 42,981,278.59 47,709,219.24 52,957,233.35 58,782,529.02
1,044,448.20 1,159,337.50 1,286,864.63 1,428,419.74 1,585,545.91 1,759,955.96
33,840,121.71 37,562,535.10 41,694,413.96 46,280,799.50 51,371,687.44 57,022,573.06
30.00 30.00 30.00 30.00 30.00 30.00
3,130,211.26 3,474,534.50 3,856,733.29 4,280,973.95 4,751,881.09 5,127,631.69

Year5 Year6 Year7 Year8 Year9 Year10

### ### 15,662,497.12 ### ### 21,420,516.60
1,932,229.17 2,144,774.38 2,380,699.56 2,642,576.51 2,933,259.93 3,255,918.52
3,130,211.26 3,474,534.50 3,856,733.29 4,280,973.95 4,751,881.09 5,127,631.69

11,514,051.94 12,780,597.65 14,186,463.39 15,746,974.37 17,479,141.55 19,548,803.44

1,141,032.17 1,266,545.71 1,405,865.74 1,560,510.97 1,732,167.18 2,069,661.89

Nuttanai Anuntarumporn
Year5 Year6 Year7 Year8 Year9
20,086,388.03 22,295,890.72 EBIT 24,748,438.70 27,470,766.95 30,492,551.32
Add back
Depreciation
and
1,044,448.20 1,159,337.50 Amortization 1,286,864.63 1,428,419.74 1,585,545.91
Profit Before
21,130,836.23 23,455,228.22 Depre/Amort 26,035,303.33 28,899,186.69 32,078,097.23
Tax
(1,044,448.20) (1,159,337.50) Depre/Amort (1,286,864.63) (1,428,419.74) (1,585,545.91)
20,086,388.03 22,295,890.72 Profit- Tax Basis 24,748,438.70 27,470,766.95 30,492,551.32
(8,034,555.21) (8,918,356.29) Tax (9,899,375.48) ### ###
Profit After
### ### Taxes ### ### 18,295,530.79
Add back Tax
1,044,448.20 1,159,337.50 Depre/Amort 1,286,864.63 1,428,419.74 1,585,545.91
 Cash flow
from
### ### operation ### ### 19,881,076.70
Capital
(50,000.00) (50,000.00) Expenditure (50,000.00) (50,000.00) (50,000.00)
(1,141,032.17) (1,266,545.71) Working Capital (1,405,865.74) (1,560,510.97) (1,732,167.18)
Leashold
(10,000.00) (10,000.00) Improvement (10,000.00) (10,000.00) (10,000.00)
Total Additional
(1,151,032.17) (1,276,545.71) Investment (1,415,865.74) (1,570,510.97) (1,742,167.18)
Total Capital
(1,201,032.17) (1,326,545.71) Investment (1,465,865.74) (1,620,510.97) (1,792,167.18)
Net CashFlow
11,895,248.84 13,210,326.22 without Residual 14,670,062.11 16,290,368.94 18,088,909.52
0.00 0.00 Residual Value 0.00 0.00 0.00
11,895,248.84 13,210,326.22 Net CashFlow 14,670,062.11 16,290,368.94 18,088,909.52

Year5 Year6 Year7 Year8 Year9

5 6 n 7 8 9
0.4971767353 0.4323275959 Factor=1/(1+i)n 0.3759370399 0.32690177385 0.28426241204
5,914,040.99 5,711,188.58 Present Value 5,515,019.72 5,325,350.50 5,141,997.05
 Year11
102,818,479.70
75.00

Year11
39,071,022.29
12

Year11
63,485,131.34
1,953,551.11
61,531,580.23
30.00

Year10 Year11
33,846,731.96

1,759,955.96

35,606,687.92
(1,759,955.96)
33,846,731.96
###

20,308,039.18

1,759,955.96
22,067,995.14 ###

(50,000.00)
(2,069,661.89)

(10,000.00)

(2,079,661.89)

(2,129,661.89)

19,938,333.24
###
###

Year10
10
0.24718470612
53,367,704.57