Munchy Foods is a retail firm. In the last year (Year 0), Munchy reported $200 million in revenues, $40 million in earnings before interest, tax, depreciation and amortization (EBITDA). Operating working capital was $10 million during the last year. (a) What are your projected free cash flows to the firm in Year 1 and Year 2? Please use the following assumptions for Year 1 and Year 2: . Sales will grow at 10% p.a. EBITDA margin remains the same as in year 0 The capital expenditure will be 4% of revenue Beginning balance of net fixed assets was $ 100 million in Year 1, and depreciation and amortisation is 8% of the beginning net fixed assets for Year 1 and Year 2. Operating working capital as a percent of revenues remains unchanged Company's marginal tax rate is 0% . You are required to fill in all boxes. At the end of each row, you must show an example of the workings for one-year's result. Historical Projected Year 1 Projected Year 2 Year 0 Workings 200 40 ($ million) Revenue EBITDA EBITDA% D&A EBIT OWC % of sales OWC Free Cash Flow to Firm: Cash flow from operations CAPEX Chg. in OWC Free cash flow to firm Net Fixed Assets Beginning Addition (CAPEX) Subtraction (Depreciation) Ending 100