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Please find the year 2 unlevered free cash flows Year 1 Year 2 -111.00 Checks NCF - Change in cash 0 A- (L+E) = 0

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Please find the year 2 unlevered free cash flows

Year 1 Year 2 -111.00 Checks NCF - Change in cash 0 A- (L+E) = 0 Net operating assets - Invested capital = 0 Method 1 - Method 2 = 0 Method1 - Method3 = 0 Enterprise cash flow + Financing cash flow = 0 Income statement Sales COGS SG&A = Operating income Interest income Interest expense = Earnings before tax Tax expense = Net income Depreciation in COGS and SG&A Ending balance sheet Cash needed for liquidity = Current financial assets Current receivables Inventories = Current operating assets = Current assets Non-current financial assets Long-term receivables PP&E, net = Non-current operating assets = Non-current assets Total assets 19254.00 2219.00 4351.00 12684.00 Assume that there is no interest receivable or payable 43.59 6.00% Interest yield 635.65 10.00% Interest expense 12091.94 3022.99 25.00% Tax rate 9068.96 There are no deferred taxes. 1479.00 671.00 782.00 671.00 782.00 2781.00 3451.00 4621.00 4921.00 7402.00 8372.00 8073.00 9154.00 0.00 0.00 1498.00 1792.00 6400.00 7900.00 7898.00 9692.00 7898.00 9692.00 15971.00 18846.00 Note payable to the banks = Current financial liabilities Accounts payable to suppliers Current deferred revenue Salary payable = Current operating liabilities = Current liabilities Long-term debt = Non-current financial liabilities Long-term deferred revenue Long-term accrued warranties = Non-current operating liabilities = Non-current liabilities Total liabilities Paid-in capital Retained earnings = Total equity = Total liabilities + Total equity 719.00 219.00 719.00 219.00 1976.00 2319.00 1231.00 1345.00 612.00 692.00 3819.00 4356.00 4538.00 4575.00 6534.00 5241.00 6534.00 5241.00 987.00 1029.00 1820.00 1400.00 2807.00 2429.00 9341.00 7670.00 13879.00 12245.00 2000.00 6500.00 92.00 101.00 2092.00 6601.00 15971.00 18846.00 YEAR 2 Unlevered Free Cash Flows Working capital Current operating assets [No - before the number.] Current operating liabilities [No - before the number.] Operating working capital Non-current operating assets [No - before the number.] Non-current operating liabilities [No - before the number.] Net operating assets Net debt Invested capital GAAP Operating Cash Flow GAAP Investing Cash Flow OPAT or EBIT*(1-tax) CapEx [Put - before the number.] Unlevered or enterprise free cash flow Year 1 Year 2 -111.00 Checks NCF - Change in cash 0 A- (L+E) = 0 Net operating assets - Invested capital = 0 Method 1 - Method 2 = 0 Method1 - Method3 = 0 Enterprise cash flow + Financing cash flow = 0 Income statement Sales COGS SG&A = Operating income Interest income Interest expense = Earnings before tax Tax expense = Net income Depreciation in COGS and SG&A Ending balance sheet Cash needed for liquidity = Current financial assets Current receivables Inventories = Current operating assets = Current assets Non-current financial assets Long-term receivables PP&E, net = Non-current operating assets = Non-current assets Total assets 19254.00 2219.00 4351.00 12684.00 Assume that there is no interest receivable or payable 43.59 6.00% Interest yield 635.65 10.00% Interest expense 12091.94 3022.99 25.00% Tax rate 9068.96 There are no deferred taxes. 1479.00 671.00 782.00 671.00 782.00 2781.00 3451.00 4621.00 4921.00 7402.00 8372.00 8073.00 9154.00 0.00 0.00 1498.00 1792.00 6400.00 7900.00 7898.00 9692.00 7898.00 9692.00 15971.00 18846.00 Note payable to the banks = Current financial liabilities Accounts payable to suppliers Current deferred revenue Salary payable = Current operating liabilities = Current liabilities Long-term debt = Non-current financial liabilities Long-term deferred revenue Long-term accrued warranties = Non-current operating liabilities = Non-current liabilities Total liabilities Paid-in capital Retained earnings = Total equity = Total liabilities + Total equity 719.00 219.00 719.00 219.00 1976.00 2319.00 1231.00 1345.00 612.00 692.00 3819.00 4356.00 4538.00 4575.00 6534.00 5241.00 6534.00 5241.00 987.00 1029.00 1820.00 1400.00 2807.00 2429.00 9341.00 7670.00 13879.00 12245.00 2000.00 6500.00 92.00 101.00 2092.00 6601.00 15971.00 18846.00 YEAR 2 Unlevered Free Cash Flows Working capital Current operating assets [No - before the number.] Current operating liabilities [No - before the number.] Operating working capital Non-current operating assets [No - before the number.] Non-current operating liabilities [No - before the number.] Net operating assets Net debt Invested capital GAAP Operating Cash Flow GAAP Investing Cash Flow OPAT or EBIT*(1-tax) CapEx [Put - before the number.] Unlevered or enterprise free cash flow

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