Year 0 1 2 3
1. Revenue 100 120 140
2. Other revenue
2.1 liquidation of fixed assets
2.2 working capital recovery
3. Investment 300
4. operating costs 25 30 35
5. Depreciation 29.5 29.5 29.5
6. Interest 12 12 12
7. Income taxes 33.5 48.5 63.5
8. Tax 6.7 9.7 12.7
9. After-tax income 26.8 38.8 50.8
10. Additional investment value 5 5
11. After-tax cash flow -300 63.3 75.3 92.3
12. Discount rate (1/(1+r)^n) 0.869565217 0.756143667 0.657516232
13. PVCFi -300 55.04347826 56.93761815 60.68874825
14. NPV 141.742834
15. T 55.04347826 111.9810964 172.6698447
17. IRR 25%
interset 0 1 2 3
original 50 50
remainding debt 150 150 100 50
interest 12 12 12
