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855 4 7 9 15 17 19 21 A D G H 1 1 Frozen Catfish Fillet Project Inputs MACRS_20yrs MACRS (Modified Accerlerated Cost Recovery System) 2 Cost of Land 250,000 Year 1 2 3 4 6 3 Cost of Buildings & Equipment If the 400,000 Depreciation Rath 3.750% 7.219% 6.677% 6.177% 5.713% Recovery And the Recovery Periodis 4 MACRS Class 20 Year is 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year 5 Life of Project (Years) 5 Sensitivity % Pessimistic Best Optimistic 6 Terminal Value of Land 350,000 =350000+(1+D6) 0% The Depreciation Rate is: First Year 125000 200000 275000 33.33 20.00 1429 10.00 5.00 3.750 7 Terminal Valve of Buildings & Eq 200,000 =200000=(1-D7) 0% Price per P 2.25 2.50 44. 45 2.65 32.00 24.49 18.00 9.50 7.219 1481 19.20 17:49 8 First Year Catfish Sales (lbs) 6.677 200,000 =200000=(1-D8) 14.40 0% Variable Co 65% 60% 55% 7.41 11.52 12.49 11.52 7270 6.177 9 Price per Pound 2.50 =2.5*(1+D9) 5 11.52 0% 893 922 693 5.713 6 5.76 8.92 7.37 6.23 5.285 10 Unit Sales Growth Rate 8% =8%+(1+D10) 0% 7 8.93 6.55 5.90 4888 11 Variable costs as % of Sales 8 446 60% -60%+(1-D11) 6.55 5.90 4522 0% 6 56 591 4662 12 Fixed Costs 80,000 10 6.55 5.90 4.461 11 3.28 5.91 4462 13 Tax Rate 25% 12 5.90 4.461 14 WACC 10% 13 5.91 4.462 14 5.90 4451 15 5.91 16 16 2.95 4451 Annual Cash Flows for Frozen Catfish Fillet Project 4.462 17 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 18 4461 4462 18 Initial Outlay (650,000) >>Land, Building & Equipment 20 4.461 19 Revenve 500,000 >>8% of growth rate .2 231 20 Variable Costs 21 Fixed Costs 22 Depreciation Expense >>Only Buildings & Equipment 23 EBT 24 Taxes 25 Net Income 26 OCF 27 Terminal OCF >>Gain from sales of Land, and Building & Equipment (after tax) 28 Total Annual Cash Flows 29 Land B&E 30 Net Present Value Sales of Asset 31 Value in End of Yr5 32 Sales Gain 33 Tax 34 35 36 37 Sensitivity Tables 38 Terminal Value of Land 1 -30% -20% -10% 0% 10% 20% 30% 39 1 40 41 Terminal Value of Buildings & EqU -30% -20% -10% 0% 10% 20% 30% 1 1 42 43 44 First Year Catfish Sales (lbs) -30% -20% -10% 0% 10% 20% 30% 45 46 47 Price per Pound -30% -20% -10% 0% 0 10% 20% 30% 48 49 -30% -20% -10% 0% 10% 20% 30% 50 Unit Sales Growth Rate -30% -20% -10% 0% 10% 20% 30% 51 -Terminal Value of Land Terminal Value of Buildings & Equipment 52 First Year Catfish Sales (lbs) -Price per Pound 53 Variable Costs as % of Sales -30% -20% -10% 0% 10% 20% 30% -Unit Sales Growth Rate Variable Costs as of Sales 54 1 0 855 4 7 9 15 17 19 21 A D G H 1 1 Frozen Catfish Fillet Project Inputs MACRS_20yrs MACRS (Modified Accerlerated Cost Recovery System) 2 Cost of Land 250,000 Year 1 2 3 4 6 3 Cost of Buildings & Equipment If the 400,000 Depreciation Rath 3.750% 7.219% 6.677% 6.177% 5.713% Recovery And the Recovery Periodis 4 MACRS Class 20 Year is 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year 5 Life of Project (Years) 5 Sensitivity % Pessimistic Best Optimistic 6 Terminal Value of Land 350,000 =350000+(1+D6) 0% The Depreciation Rate is: First Year 125000 200000 275000 33.33 20.00 1429 10.00 5.00 3.750 7 Terminal Valve of Buildings & Eq 200,000 =200000=(1-D7) 0% Price per P 2.25 2.50 44. 45 2.65 32.00 24.49 18.00 9.50 7.219 1481 19.20 17:49 8 First Year Catfish Sales (lbs) 6.677 200,000 =200000=(1-D8) 14.40 0% Variable Co 65% 60% 55% 7.41 11.52 12.49 11.52 7270 6.177 9 Price per Pound 2.50 =2.5*(1+D9) 5 11.52 0% 893 922 693 5.713 6 5.76 8.92 7.37 6.23 5.285 10 Unit Sales Growth Rate 8% =8%+(1+D10) 0% 7 8.93 6.55 5.90 4888 11 Variable costs as % of Sales 8 446 60% -60%+(1-D11) 6.55 5.90 4522 0% 6 56 591 4662 12 Fixed Costs 80,000 10 6.55 5.90 4.461 11 3.28 5.91 4462 13 Tax Rate 25% 12 5.90 4.461 14 WACC 10% 13 5.91 4.462 14 5.90 4451 15 5.91 16 16 2.95 4451 Annual Cash Flows for Frozen Catfish Fillet Project 4.462 17 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 18 4461 4462 18 Initial Outlay (650,000) >>Land, Building & Equipment 20 4.461 19 Revenve 500,000 >>8% of growth rate .2 231 20 Variable Costs 21 Fixed Costs 22 Depreciation Expense >>Only Buildings & Equipment 23 EBT 24 Taxes 25 Net Income 26 OCF 27 Terminal OCF >>Gain from sales of Land, and Building & Equipment (after tax) 28 Total Annual Cash Flows 29 Land B&E 30 Net Present Value Sales of Asset 31 Value in End of Yr5 32 Sales Gain 33 Tax 34 35 36 37 Sensitivity Tables 38 Terminal Value of Land 1 -30% -20% -10% 0% 10% 20% 30% 39 1 40 41 Terminal Value of Buildings & EqU -30% -20% -10% 0% 10% 20% 30% 1 1 42 43 44 First Year Catfish Sales (lbs) -30% -20% -10% 0% 10% 20% 30% 45 46 47 Price per Pound -30% -20% -10% 0% 0 10% 20% 30% 48 49 -30% -20% -10% 0% 10% 20% 30% 50 Unit Sales Growth Rate -30% -20% -10% 0% 10% 20% 30% 51 -Terminal Value of Land Terminal Value of Buildings & Equipment 52 First Year Catfish Sales (lbs) -Price per Pound 53 Variable Costs as % of Sales -30% -20% -10% 0% 10% 20% 30% -Unit Sales Growth Rate Variable Costs as of Sales 54 1 0