2. A S S U M P T I O N S
Year 0
10.00% Sales 8,736
74.48% Cost of Production 6,506
EBITDA 2,230
4.40% Depreciation and Amortisation 1,131
PBIT 2,238
11.22% Interest 777
PBT 1,461
45.26% Tax rate 661
PAT 800
SALES ARE ESTIMATED TO GROW AT 10.00%
COST OF PRODUCTION ASSUME TO BE
74.48%
DEPRICIATION 4.40%
INTEREST 11.22%
TAX RATE 45.26%
3. Capex schedule | This is
based on estimated Asset
turnover
Asset turnover 0.34 2.945571347
say based on Fixed Assets Opening
balance
Year 1 2 3 4 5 Explanation
Sales 9609.424 10570.3664 11627.40304 12790.14334 14069.15768 Estimated Sales as above
Fixed Assets (estimated) = Z 28305.244 31135.7684 34249.34524 37674.27976 41441.70774
Sales / FA | Fixed Asset is based on
Asset turnover as mentioned above
and remain constant
Opening Fixed Assets taken
from previous year
24,601 27059.81326 29765.79459 32742.37405 36016.61145
Opening bal of FA before additional
capex and depreciation - This closing
balance of previous year
Incremental capex 3,704 4,076 4,484 4,932 5,425
Difference between estimated
Opening balance and actual opening
balance
Depreciation 1245.430736 1369.97381 1506.971191 1657.66831 1823.435141 Depreciation at 21% 4%
Closing Net Fixed Assets 27059.81326 29765.79459 32742.37405 36016.61145 39618.2726
Annual closing balance of Net Fixed
Asset to be reported in B/S
4. Working capital schedule (not
detailed one estimating net
working capital cycle | It is only
an indicative one)
This is estimated based on Net
Working capital Turnover
81.46064901
NWC at t0 107 Sales at t0 8735.84
Cash and CE are considered over
and above the requirement
Estimated Sales 9609.424 10570.3664 11627.40304 12790.14334 14069.15768
Estimated NWC for t1 to t5 117.964 129.7604 142.73644 157.010084 172.7110924
Estimated at NWC turnover at 4
constant
Incremental NWC 10.724 12 13 14 16