Professional Documents
Culture Documents
a-I
1
1a
1b
2a
2b
3
4a
4b
5
6
7
Demand total
Mahawangsa Demand
Other Demand
Price per Unit to mahawangsa
Price per unit to other
Total Revenue = (1)x(2)
Variable cost not manufacturing in malaysia per unit
Variable cost manufacturing in malaysia
Total Variable cost = (1)x(4)
Annual Lease Expense
Other fixed annual expenses
Ye
0
1
400,000.00
400,000.00
200.00
2
400,000.00
###
200.00
3
400,000.00
400,000.00
200.00
80,000,000.00
120.00
98.00
44,040,000.00
80,000,000.00
129.60
105.84
47,563,200.00
80,000,000.00
139.97
114.31
51,368,256.00
1,500,000.00
1,620,000.00
1,749,600.00
1,500,000.00
47,040,000.00
32,960,000.00
1,500,000.00
50,683,200.00
29,316,800.00
1,200,000.00
54,317,856.00
25,682,144.00
4,944,000.00
28,016,000.00
29,516,000.00
29,516,000.00
1,475,800.00
28,040,200.00
4,397,520.00
24,919,280.00
26,419,280.00
26,419,280.00
1,320,964.00
25,098,316.00
3,852,321.60
21,829,822.40
23,029,822.40
23,029,822.40
1,151,491.12
21,878,331.28
0.0250
701,005.00
584,170.83
###
627,457.90
435,734.65
0.0250
546,958.28
316,526.78
(290,829.17)
144,905.49
461,432.27
875,000.00
Year
4
400,000.00
400,000.00
200.00
5
500,000.00
400,000.00
100,000.00
200.00
6
500,000.00
###
100,000.00
200.00
7
800,000.00
400,000.00
400,000.00
200.00
80,000,000.00
151.17
123.45
55,477,716.48
300.00
110,000,000.00
163.26
133.33
76,241,801.32
301.08
110,108,000.00
176.32
143.99
82,341,145.42
302.16
200,864,000.00
190.42
155.51
146,055,912.68
1,889,568.00
2,040,733.44
2,203,992.12
2,380,311.48
1,200,000.00
58,567,284.48
21,432,715.52
1,200,000.00
79,482,534.76
30,517,465.24
1,200,000.00
85,745,137.54
24,362,862.46
1,200,000.00
149,636,224.17
51,227,775.83
3,214,907.33
18,217,808.19
19,417,808.19
19,417,808.19
970,890.41
18,446,917.78
4,577,619.79
25,939,845.46
27,139,845.46
27,139,845.46
1,356,992.27
25,782,853.18
3,654,429.37
20,708,433.09
21,908,433.09
21,908,433.09
1,095,421.65
20,813,011.44
7,684,166.37
43,543,609.46
44,743,609.46
44,743,609.46
2,237,180.47
42,506,428.98
0.0250
461,172.94
222,402.08
0.0253
651,017.04
261,629.15
0.0258
536,091.66
179,536.01
0.0265
1,128,035.77
314,814.08
683,834.35
945,463.49
1,124,999.51
1,439,813.59
8
800,000.00
400,000.00
400,000.00
200.00
303.24
201,296,000.00
205.66
167.95
157,740,385.70
2,570,736.40
1,000,000.00
161,311,122.10
39,984,877.90
5,997,731.68
33,987,146.21
34,987,146.21
34,987,146.21
1,749,357.31
33,237,788.90
55,000,000.00
0.0276
2,436,735.35
566,706.76
2,006,520.35
a-II
1
1a
1b
2a
2b
3
4a
4b
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
AL BUDGETING
Demand total
Mahawangsa Demand
Other Demand
Price per Unit to mahawangsa
Price per unit to other
Total Revenue = (1)x(2)
Variable cost not manufacturing in malaysia per unit
Variable cost manufacturing in malaysia
Total Variable cost = (1)x(4)
Annual Lease Expense
Other fixed annual expenses
Noncash expenses (depreciation)
Total expenses = (5)+(6)+(7)+(8)
Before Tax Earnings of subsidiary = (3)-(9)
Host Government Tax (15%)
After Tax Earnings of subsidiary = (10) - (11)
Net Cash Flow to subsidiary = (12) + (8)
MYR remitted by subsidiary (100% of net cash flow)
Withholding tax on remitted funds (5%)
MYR remitted after withholding taxes = (14) - (15)
Salvage Value
Exchange rate of MYR
Cash Flow to Parent (US$)
PV of parent cash flows (20% discount rate) (US$)
Initial investment by parent (US$)
Cumulative NPV (US$)
Racket of course should still renew the agreement with Mahawangsa because Racket will receive b
1
400,000.00
400,000.00
200.00
2
400,000.00
###
200.00
80,000,000.00
120.00
98.00
44,040,000.00
80,000,000.00
129.60
105.84
47,563,200.00
1,500,000.00
1,620,000.00
1,500,000.00
47,040,000.00
32,960,000.00
1,500,000.00
50,683,200.00
29,316,800.00
4,944,000.00
28,016,000.00
29,516,000.00
29,516,000.00
1,475,800.00
28,040,200.00
4,397,520.00
24,919,280.00
26,419,280.00
26,419,280.00
1,320,964.00
25,098,316.00
0.0250
701,005.00
584,170.83
###
627,457.90
435,734.65
(290,829.17)
144,905.49
875,000.00
Year
3
400,000.00
400,000.00
200.00
4
400,000.00
###
200.00
5
200,000.00
15,000.00
185,000.00
201.08
6
###
###
185,000.00
202.16
80,000,000.00
139.97
114.31
51,368,256.00
80,000,000.00
151.17
123.45
55,477,716.48
300.00
58,516,200.00
163.26
133.33
27,264,198.76
301.08
58,732,200.00
176.32
143.99
29,445,334.66
1,749,600.00
1,889,568.00
2,040,733.44
2,203,992.12
1,200,000.00
54,317,856.00
25,682,144.00
1,200,000.00
58,567,284.48
21,432,715.52
1,200,000.00
30,504,932.20
28,011,267.80
1,200,000.00
32,849,326.77
25,882,873.23
3,852,321.60
21,829,822.40
23,029,822.40
23,029,822.40
1,151,491.12
21,878,331.28
3,214,907.33
18,217,808.19
19,417,808.19
19,417,808.19
970,890.41
18,446,917.78
4,201,690.17
23,809,577.63
25,009,577.63
25,009,577.63
1,250,478.88
23,759,098.75
3,882,430.98
22,000,442.24
23,200,442.24
23,200,442.24
1,160,022.11
22,040,420.13
0.0250
546,958.28
316,526.78
###
461,172.94
222,402.08
0.0253
599,917.24
241,093.29
0.0258
567,706.67
190,123.82
461,432.27
683,834.35
924,927.63
1,115,051.45
7
300,000.00
15,000.00
285,000.00
203.24
8
###
###
285,000.00
204.32
302.16
89,164,200.00
190.42
155.51
50,843,453.31
303.24
89,488,200.00
205.66
167.95
54,910,929.57
2,380,311.48
2,570,736.40
1,200,000.00
54,423,764.79
34,740,435.21
1,000,000.00
58,481,665.97
31,006,534.03
5,211,065.28
29,529,369.93
30,729,369.93
30,729,369.93
1,536,468.50
29,192,901.43
0.0265
774,721.33
216,210.50
4,650,980.10
26,355,553.92
27,355,553.92
27,355,553.92
1,367,777.70
25,987,776.23
55,000,000.00
0.0276
2,236,522.24
520,143.59
1,331,261.95
1,851,405.54
1
28,040,200.00
0.0250
0.0240
672,964.80
560,804.00
875,000.00
(314,196.00)
Year
2
25,098,316.00
21,878,331.28
18,446,917.78
25,782,853.18
20,813,011.44
0.0221
555,134.59
385,510.13
0.0196
428,135.86
247,763.81
0.0166
306,602.82
147,860.16
0.0136
349,413.34
140,421.38
0.0106
220,785.64
73,940.66
71,314.13
319,077.94
466,938.10
607,359.48
681,300.15
Racket wil lost about MYR. 1.112.650,00, but still receive positive N
4,950,000.00
7
42,506,428.98
4,450,000.00
88,237,788.90
3,950,000.00
0.0080
338,835.69
94,562.82
0.0058
507,409.99
118,007.35
775,862.97
893,870.32
3,450,000.00
2,950,000.00
Weak MYR
2,450,000.00
1,950,000.00
1,450,000.00
950,000.00
450,000.00
(50,000.00)
Main Scenario
MYR
6
7
8
2a
1
1a
1b
2a
2b
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
2b
Demand total
Mahawangsa Demand
Other Demand
Price per Unit to mahawangsa
Price per unit to other
Total Revenue = (1)x(2)
Variable cost per unit
Total Variable cost = (1)x(4)
Annual Lease Expense
Other fixed annual expenses
Noncash expenses (depreciation)
Total expenses = (5)+(6)+(7)+(8)
Before Tax Earnings of subsidiary = (3)-(9)
Host Government Tax (15%)
After Tax Earnings of subsidiary = (10) - (11)
Net Cash Flow to subsidiary = (12) + (8)
If Established
If Acquisition
maksimum Fikri possible pay
###
###
220.00
###
2,500,000.00
15%
15%
1
800,000.00
2
800,000.00
15%
100%
10%
0.025
80,000,000.00
20%
300.00
324.00
240,000,000.00
220.00
176,000,000.00
259,200,000.00
237.60
190,080,000.00
2,500,000.00
2,700,000.00
5,250,000.00
183,750,000.00
56,250,000.00
5,250,000.00
198,030,000.00
61,170,000.00
8,437,500.00
47,812,500.00
53,062,500.00
9,175,500.00
51,994,500.00
57,244,500.00
53,062,500.00
57,244,500.00
53,062,500.00
57,244,500.00
0.0250
1,326,562.50
1,105,468.75
###
1,431,112.50
993,828.13
1,500,000.00
(394,531.25)
80,260,814.04
207,130,074.32
126,869,260.28
599,296.88
300.00
800,000.00
300.00
800,000.00
300.00
800,000.00
220.00
220.00
220.00
12%
12%
12%
4
800,000.00
5
800,000.00
Year
3
800,000.00
349.92
377.91
408.15
279,936,000.00
256.61
205,286,400.00
302,330,880.00
277.14
221,709,312.00
326,517,350.40
299.31
239,446,056.96
2,916,000.00
3,149,280.00
3,401,222.40
4,200,000.00
212,402,400.00
67,533,600.00
4,200,000.00
229,058,592.00
73,272,288.00
4,200,000.00
247,047,279.36
79,470,071.04
10,130,040.00
57,403,560.00
61,603,560.00
10,990,843.20
62,281,444.80
66,481,444.80
11,920,510.66
67,549,560.38
71,749,560.38
61,603,560.00
66,481,444.80
71,749,560.38
61,603,560.00
66,481,444.80
71,749,560.38
0.0250
1,540,089.00
891,255.21
0.0250
1,662,036.12
801,522.05
0.0250
1,793,739.01
720,863.48
1,490,552.08
2,292,074.13
3,012,937.61
300.00
800,000.00
300.00
800,000.00
###
###
220.00
220.00
###
12%
12%
10%
6
800,000.00
7
800,000.00
8
800,000.00
440.80
476.06
514.15
352,638,738.43
323.25
258,601,741.52
380,849,837.51
349.11
279,289,880.84
411,317,824.51
377.04
301,633,071.31
3,673,320.19
3,967,185.81
4,284,560.67
4,200,000.00
266,475,061.71
86,163,676.72
4,200,000.00
287,457,066.65
93,392,770.86
3,500,000.00
309,417,631.98
101,900,192.53
12,924,551.51
73,239,125.21
77,439,125.21
14,008,915.63
79,383,855.23
83,583,855.23
15,285,028.88
86,615,163.65
90,115,163.65
77,439,125.21
7,743,912.52
69,695,212.69
83,583,855.23
8,358,385.52
75,225,469.71
0.0254
1,768,516.02
592,272.44
0.0261
1,966,541.17
548,825.55
90,115,163.65
9,011,516.37
81,103,647.29
80,000,000.00
0.0273
4,403,942.45
1,024,216.26
3,605,210.05
4,154,035.60
5,178,251.86
6
7
8
a-II
1
1a
1b
2a
2b
3
4a
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
AL BUDGETING
Data
Initial investment MYR
spot rate/ MYR 1
Initial investment UMYR
Price MYR
Demand singapore (units)
Variable cost/ unit MYR
Leasing office space cost MYR/ year
Other Annual oVerhead expense cost MYR/ year
Depreciation MYR/year
Tax Rate on income
Remitted to holding
Remmited withholding tax
Exchange rate/ MYR1
Salvage Value MYR (end of 4 year)
rate of return
Demand total
Mahawangsa Demand
Other Demand
Price per Unit to mahawangsa
Price per unit to other
Total Revenue = (1)x(2)
Variable cost not manufacturing in malaysia per unit
Total Variable cost = (1)x(4)
Annual Lease Expense
Other fixed annual expenses
Noncash expenses (depreciation)
Total expenses = (5)+(6)+(7)+(8)
Before Tax Earnings of subsidiary = (3)-(9)
Host Government Tax (15%)
After Tax Earnings of subsidiary = (10) - (11)
Net Cash Flow to subsidiary = (12) + (8)
Racket of course should still renew the agreement with Mahawangsa because Racket will receive b
###
###
120.00
###
1,500,000.00
15%
15%
1
400,000.00
400,000.00
200.00
2
400,000.00
###
200.00
80,000,000.00
120.00
#REF!
80,000,000.00
129.60
#REF!
2,500,000.00
2,700,000.00
1,500,000.00
#REF!
#REF!
1,500,000.00
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
15%
100%
5%
0.025
55,000,000.00
20%
#REF!
#REF!
#REF!
#REF!
0.0250
#REF!
#REF!
###
#REF!
#REF!
#REF!
#REF!
875,000.00
200.00
400,000.00
###
###
200.00
500,000.00
###
###
120.00
###
120.00
###
12%
12%
12%
12%
4
400,000.00
###
200.00
5
200,000.00
15,000.00
185,000.00
201.08
6
###
###
185,000.00
202.16
80,000,000.00
139.97
#REF!
80,000,000.00
151.17
#REF!
300.00
58,516,200.00
163.26
#REF!
301.08
58,732,200.00
176.32
#REF!
2,916,000.00
3,149,280.00
3,401,222.40
3,673,320.19
1,200,000.00
#REF!
#REF!
1,200,000.00
#REF!
#REF!
1,200,000.00
#REF!
#REF!
1,200,000.00
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
Year
3
400,000.00
400,000.00
200.00
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
0.0250
#REF!
#REF!
###
#REF!
#REF!
0.0253
#REF!
#REF!
0.0258
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
200.00
800,000.00
###
###
120.00
###
12%
10%
7
300,000.00
15,000.00
285,000.00
203.24
8
###
###
285,000.00
204.32
302.16
89,164,200.00
190.42
#REF!
303.24
89,488,200.00
205.66
#REF!
3,967,185.81
4,284,560.67
1,200,000.00
#REF!
#REF!
1,000,000.00
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
0.0265
#REF!
#REF!
#REF!
55,000,000.00
0.0276
#REF!
#REF!
#REF!
#REF!
3a
14
15
16
17
18
19
20
21
22
14
15
16
17
18
19
20
21
22
14
15
16
17
18
19
20
21
22
14
15
16
17
18
19
20
21
22
3b
3c
0%
Yes of course, because there is reason to refuse the offer from malaysian gov
nalysis of Project Based on a 6% withholding tax, salvage value 20 mio ; Fikri established subsidiary
0
MYR remitted by subsidiary (100% of net cash flow)
Withholding tax on remitted funds (6%)
MYR remitted after withholding taxes = (14) - (15)
Salvage Value
Exchange rate of MYR
Cash Flow to Parent (US$)
PV of parent cash flows (20% discount rate) (US$)
Initial investment by parent (US$)
Cumulative NPV (US$)
875,000.00
-
nalysis of Project Based on a 11% withholding tax, salvage value 20 mio ; Fikri established subsidiary
0
875,000.00
-
nalysis of Project Based on a 6% withholding tax, salvage value 50 mio ; Fikri established subsidiary
0
MYR remitted by subsidiary (100% of net cash flow)
Withholding tax on remitted funds (6%)
MYR remitted after withholding taxes = (14) - (15)
Salvage Value
Exchange rate of MYR
Cash Flow to Parent (US$)
PV of parent cash flows (20% discount rate) (US$)
Initial investment by parent (US$)
Cumulative NPV (US$)
875,000.00
-
nalysis of Project Based on a 11% withholding tax, salvage value 20 mio ; Fikri established subsidiary
0
875,000.00
-
es of course, because there is reason to refuse the offer from malaysian government, Its showing by the data
stablished subsidiary
Year
1
29,516,000.00
1,770,960.00
27,745,040.00
0.0250
693,626.00
578,021.67
(296,978.33)
2
26,419,280.00
1,585,156.80
24,834,123.20
0.0250
620,853.08
431,147.97
134,169.64
3
23,029,822.40
1,381,789.34
21,648,033.06
0.0250
541,200.83
313,194.92
447,364.56
4
19,417,808.19
1,165,068.49
18,252,739.70
0.0250
456,318.49
220,061.00
667,425.56
established subsidiary
Year
1
29,516,000.00
3,246,760.00
26,269,240.00
0.03
656,731.00
547,275.83
(327,724.17)
2
26,419,280.00
2,906,120.80
23,513,159.20
0.03
587,828.98
408,214.57
80,490.40
3
23,029,822.40
2,533,280.46
20,496,541.94
0.03
512,413.55
296,535.62
377,026.02
4
19,417,808.19
2,135,958.90
17,281,849.29
0.03
432,046.23
208,355.63
585,381.65
stablished subsidiary
Year
1
29,516,000.00
1,770,960.00
27,745,040.00
0.03
693,626.00
578,021.67
(296,978.33)
2
26,419,280.00
1,585,156.80
24,834,123.20
0.03
620,853.08
431,147.97
134,169.64
3
23,029,822.40
1,381,789.34
21,648,033.06
0.03
541,200.83
313,194.92
447,364.56
4
19,417,808.19
1,165,068.49
18,252,739.70
0.03
456,318.49
220,061.00
667,425.56
established subsidiary
Year
1
29,516,000.00
3,246,760.00
26,269,240.00
0.03
656,731.00
547,275.83
(327,724.17)
NPV
1,755,119.52
1,622,051.98
1,947,794.37
1,814,726.84
26,419,280.00
2,906,120.80
23,513,159.20
0.03
587,828.98
408,214.57
23,029,822.40
2,533,280.46
20,496,541.94
0.03
512,413.55
296,535.62
19,417,808.19
2,135,958.90
17,281,849.29
0.03
432,046.23
208,355.63
80,490.40
377,026.02
585,381.65
Probability
(20%)(15%)
(80%)(15%)
(20%)(85%)
(80%)(85%)
NPVscenario
3.00%
52,653.59
12.00%
194,646.24
17.00%
331,125.04
68.00%
1,234,014.25
1,812,439.12
ment, Its showing by the data either established or acquisition give positive NPV
ear
5
27,139,845.46
1,628,390.73
25,511,454.73
0.0253
644,164.23
258,875.16
926,300.72
6
21,908,433.09
1,314,505.99
20,593,927.11
0.0258
530,448.59
177,646.16
7
44,743,609.46
2,684,616.57
42,058,992.89
0.0265
1,116,161.71
311,500.25
8
34,987,146.21
2,099,228.77
32,887,917.44
20,000,000.00
0.0276
1,460,529.09
339,672.39
1,103,946.88
1,415,447.13
1,755,119.52
6
21,908,433.09
2,409,927.64
19,498,505.45
0.03
502,233.24
168,196.90
7
44,743,609.46
4,921,797.04
39,821,812.42
0.03
1,056,791.41
294,931.09
8
34,987,146.21
3,848,586.08
31,138,560.13
20,000,000.00
0.03
1,412,219.62
328,437.15
1,293,614.84
1,622,051.98
ear
5
27,139,845.46
2,985,383.00
24,154,462.46
0.03
609,900.18
245,105.20
830,486.85
998,683.75
ear
5
27,139,845.46
1,628,390.73
25,511,454.73
0.03
644,164.23
258,875.16
926,300.72
6
21,908,433.09
1,314,505.99
20,593,927.11
0.03
530,448.59
177,646.16
1,103,946.88
7
44,743,609.46
2,684,616.57
42,058,992.89
0.03
1,116,161.71
311,500.25
1,415,447.13
8
34,987,146.21
2,099,228.77
32,887,917.44
50,000,000.00
0.03
2,288,995.69
532,347.24
1,947,794.37
ear
27,139,845.46
2,985,383.00
24,154,462.46
0.03
609,900.18
245,105.20
21,908,433.09
2,409,927.64
19,498,505.45
0.03
502,233.24
168,196.90
44,743,609.46
4,921,797.04
39,821,812.42
0.03
1,056,791.41
294,931.09
34,987,146.21
3,848,586.08
31,138,560.13
50,000,000.00
0.03
2,240,686.22
521,112.00
830,486.85
998,683.75
1,293,614.84
1,814,726.84
is ENPV
Analysis of Project Based on a 6% withholding tax, salvage value 20 mio ; Fikri acquaire Alor Star
14
15
16
17
18
19
20
21
22
Analysis of Project Based on a 11% withholding tax, salvage value 20 mio ; Fikri established subsid
14
15
16
17
18
19
20
21
22
Analysis of Project Based on a 6% withholding tax, salvage value 50 mio ; Fikri established subsidi
14
15
16
17
18
19
20
21
22
Analysis of Project Based on a 11% withholding tax, salvage value 20 mio ; Fikri established subsid
14
15
16
17
18
19
20
21
22
1
53,062,500.00
3,183,750.00
49,878,750.00
2
57,244,500.00
3,434,670.00
53,809,830.00
3
61,603,560.00
3,696,213.60
57,907,346.40
0.025
1,246,968.75
1,039,140.63
0.025
1,345,245.75
934,198.44
0.025
1,447,683.66
837,779.90
473,339.06
1,311,118.96
(460,859.38)
1
53,062,500.00
5,836,875.00
47,225,625.00
0.025
1,180,640.63
983,867.19
(516,132.81)
2
57,244,500.00
6,296,895.00
50,947,605.00
0.025
1,273,690.13
884,507.03
368,374.22
3
61,603,560.00
6,776,391.60
54,827,168.40
0.025
1,370,679.21
793,217.14
1,161,591.35
1
53,062,500.00
3,183,750.00
49,878,750.00
0.025
1,246,968.75
1,039,140.63
(460,859.38)
2
57,244,500.00
3,434,670.00
53,809,830.00
0.025
1,345,245.75
934,198.44
473,339.06
3
61,603,560.00
3,696,213.60
57,907,346.40
0.025
1,447,683.66
837,779.90
1,311,118.96
1,500,000.00
-
Salvage value
NPV
20000000
20000000
50000000
50000000
53,062,500.00
5,836,875.00
47,225,625.00
0.025
1,180,640.63
983,867.19
(516,132.81)
4,599,657.42
4,281,970.85
4,790,382.38
4,472,695.82
57,244,500.00
6,296,895.00
50,947,605.00
0.025
1,273,690.13
884,507.03
61,603,560.00
6,776,391.60
54,827,168.40
0.025
1,370,679.21
793,217.14
368,374.22
1,161,591.35
Probability
(20%)(15%)
(80%)(15%)
(20%)(85%)
(80%)(85%)
3.00%
12.00%
17.00%
68.00%
Year
4
66,481,444.80
3,988,886.69
62,492,558.11
5
71,749,560.38
4,304,973.62
67,444,586.76
6
77,439,125.21
4,646,347.51
72,792,777.70
7
83,583,855.23
5,015,031.31
78,568,823.92
0.025
1,562,313.95
753,430.73
0.025
1,686,114.67
677,611.67
0.025
1,847,116.73
618,595.66
0.026
2,053,943.00
573,217.80
2,064,549.68
2,742,161.35
3,360,757.01
3,933,974.81
4
66,481,444.80
7,312,958.93
59,168,485.87
0.025
1,479,212.15
713,354.62
5
71,749,560.38
7,892,451.64
63,857,108.74
0.025
1,596,427.72
641,568.50
6
77,439,125.21
8,518,303.77
68,920,821.44
0.025
1,748,865.84
585,691.63
7
83,583,855.23
9,194,224.08
74,389,631.16
0.026
1,944,690.72
542,727.49
1,874,945.98
2,516,514.47
3,102,206.11
3,644,933.59
5
71,749,560.38
4,304,973.62
67,444,586.76
0.025
1,686,114.67
677,611.67
2,742,161.35
6
77,439,125.21
4,646,347.51
72,792,777.70
0.025
1,847,116.73
618,595.66
3,360,757.01
7
83,583,855.23
5,015,031.31
78,568,823.92
0.026
2,053,943.00
573,217.80
3,933,974.81
Year
Year
4
66,481,444.80
3,988,886.69
62,492,558.11
0.025
1,562,313.95
753,430.73
2,064,549.68
Year
4
66,481,444.80
7,312,958.93
59,168,485.87
0.025
1,479,212.15
713,354.62
71,749,560.38
7,892,451.64
63,857,108.74
0.025
1,596,427.72
641,568.50
77,439,125.21
8,518,303.77
68,920,821.44
0.025
1,748,865.84
585,691.63
83,583,855.23
9,194,224.08
74,389,631.16
0.026
1,944,690.72
542,727.49
1,874,945.98
2,516,514.47
3,102,206.11
3,644,933.59
NPVscenario
137,989.72
513,836.50
814,365.01
3,041,433.16
4,507,624.38 is ENPV
8
90,115,163.65
5,406,909.82
84,708,253.83
20,000,000.00
0.027
2,862,313.37
665,682.61
4,599,657.42
8
90,115,163.65
9,912,668.00
80,202,495.65
20,000,000.00
0.027
2,739,143.60
637,037.26
4,281,970.85
8
90,115,163.65
5,406,909.82
84,708,253.83
50,000,000.00
0.027
3,682,395.82
856,407.58
4,790,382.38
90,115,163.65
9,912,668.00
80,202,495.65
50,000,000.00
0.027
3,559,226.05
827,762.22
4,472,695.82