=1/Boomwichers NV Period n n+1 n+2 n+3 n+4 n+5 Operating inflows Operating outflows 165 165 200 175 240 180 280 185 320 180 360 190 Operating cash flows 0 25 60 95 140 170 Investments −200 0 0 0 0 0 Free cash flows −200 25 60 95 140 170 Flows . . .

. . . to creditors −100 5 5 5 5 105

. . . to shareholders −100 20 55 90 135 65 The investment makes it possible to repay creditors and leave cash for shareholders.