NWCISIIH NPVAnagrsis Free Cash Flaws EBITt} plus Ilepreciltiml less '3ch has capital expenllnm Free C ash Flew Terminal value 3.00% Initial Outlay: Net working capital Net yropelty, plant & equipment Dismnntfaemr 8.40% Present value Net Present Value NW without Ienuinal Value HER Anag'sis Cash Flows IRR Payback A W533 Cash aws Cumulative ash aw Payback period 0.202 0.195 0.169 0.169 0.169 0.169 0.169 0.169 0.169 0.169 2010 2011 2012 2013 2014 2015 2016 1".011II 2018 201.9 2020 (750) 350 596 766 835 902 974 1,052 1,136 1,227 1,325 0 152 152 152 152 I64 178 192 207 224 242 (mo) (10?) (427} (84) (113) {122) (132) (143) (154) (167) (19) ,4'70 2 152 1.52 4 6]. 421 491 530 (3,020) (557) 169 682 541 533 630 680 735 793 557 16,345 (two) (1470) 0.9225 0.0510 0.7851 0.7242 0.6681 0.6163 0.5686 0.5.245 0.4339 0.4464 (514) 144 536 392 390 388 387 385 384 7679 2010 2011 2012 2013 2014 2015 2016 2011'I 2018 201.9 2020 (3,020) (557) 169 682 541 533 630 680 735 793 17,202 7.6% 2010 2011 2012 2013 2014 2015 2016 2011'I 2018 201.9 2020 (3,020) (557) 169 682 541 553 630 6\" 735 793 17,202 (3.920) (3.577) (3,406) (2.126) (2.155) (1.6%} (972) (291) m 7.40 years