S 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 $ 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 turnover 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%) 27 46 62 77 | 93 111 127 139 151 NOPAT 18 53 89 120 149 181 215 247 270 292 Capital expenditure 234 290 328 345 310 326 342 299 157 132 Net working capital 34 63 94 126 157 191 227 261 285 308 Fixed Assets 1:1 530 802 1104 1413 1679 1950 2227 2451 2526 2568 FCFs in each year from 2002-2010. Note that NOPAT=EBIT(1-t). In what year do your forecasted FCFs first turn positive? 2002 they don't turn positive by 2010 2003 2010 2009 84%