Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Incr. Sales COGS @ 70% Incr. fixed costs BASE CASE Depreciation EBIT Tax @ 26% NI Capital Expenditure A WC Depreciation add-back Net Cash Flow NPV @ 10% ooo 0 0 0 ooo 0 0 0 0 0 0 0 0 0 ooo 0 0 0 ooo 0 0 0 0 000 ooo 0 0 0 ooo 0 0 0 ooo 0 0 0 0 0 0 0 0 IRR Incr. A/R Incr. Inv #NUM! 0 Incr A/P 0 Total incr. WC 0 A WC 0 000 00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ooooo 0 0 0 0 0 ooooo 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0