$ figures in millions 2001 2002E 2003E 2004E 2005E 2006E 2007E 2008E 2009E 2010E Number of aircraft 21-24 34 48 62 74 86 98 108 113 117 S Revenue/plane $15.30 $17.60 $18.40 $19.20 $20.10 $21.00 $21.90 $22.80 $23.80 $24.90 Expected inflation rate ~4% Operating margin 8.40% 13.30% 15.20% 15.20% 15.20% 15.20% 15.20% 15.20% 15.20% 15.20% $ Depreciation per aircraft $0.50 $0.50 $0.50 $0.60 $0.60 $0.60 $0.70 $0.70 $0.70 $0.80 S Net capex per incremental $21.30 $22.30 $23.50 $24.60 $25.90 $27.10 $28.50 $29.90 $31.40 $33.00 Expected inflation rate-4% NWC tumover 9.4 9.4 9.4 9.4 9.4 9.4 9.4 9.4 9.4 9.4 Financial forecast Revenue $320 $600 $884 $1,192 $1,485 $1,802 $2,114 $2,466 $2,694 $2,912 Cash expenses 283 502 723 975 1,215 1,474 1,753 2,016 2,202 2,380 Depreciation 10 18 26 36 45 54 65 75 83 90 EBIT 27 80 134 181 226 274 326 375 410 443 Taxes (Tax rate=34%) 9 27 46 62 N 77 93 111 127 139 151 NOPAT 18 53 89 120 149 181 215 247 270 292 Capital expenditure Net working capital Fixed Assets 234 290 328 34 63 22 345 310 94 126 157 g 326 342 299 157 132 191 227 261 285 308 530 802 1104 1413 1679 1950 2227 2451 2526 2568 In Exhibit 13 you will find a set of forecasted cash flows. Using these numbers calculate the FCFs in each year from 2002-2010. Note that NOPAT=EBIT(1-t). What is your estimate for the FCFs in 2004? Select the answer that is closest to the right number. -244 -307 -315 -221 -274 84% Q [1:1]