Year 4 Year 5 Year 7 Year 1 55,000 Year 2 55,000 Year 3 55,000 Year 6 55,000 55,000 55,000 55,000 New club volume New club price New club VMC $ $ 825 395 (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) Prem club Volume Prem club price Prem club VMC $ $ 1,100 650 12,000 12,000 12,000 12,000 12,000 12,000 12,000 Disc club volume Disc club price Disc club VMC 410 $ $ 185 Sales VMC Fixed Costs Depreciation EBIT $ $ $ $ $ $ $ 39,295,000 $ 17,445,000 $ 9,200,000 $ 4,200,000 $ 8,450,000 $ 3,380,000 $ 5,070,000 $ 39,295,000 $ 39,295,000 $ 17,445,000 $ 17,445,000 $ 9,200,000 $ 9,200,000 $ 4,200,000 $ 4,200,000 $ 8,450,000 $ 8,450,000 $ 3,380,000 $ 3,380,000 $ 5,070,000 $ 5,070,000 $ 39,295,000 $ 17,445,000 $ 9,200,000 $ 4,200,000 $ 8,450,000 $ 3,380,000 $ 5,070,000 $ 39,295,000 $ 17,445,000 $ 9,200,000 $ 4,200,000 $ 8,450,000 $ 3,380,000 $ 5,070,000 $ 39,295,000 $ 17,445,000 $ 9,200,000 $ 4,200,000 $ 8,450,000 $ 3,380,000 $ 5,070,000 $ 39,295,000 17,445,000 9,200,000 4,200,000 8,450,000 3,380,000 5,070,000 Taxes 40% NI 4,200,000 $ 4,200,000 $ 4,200,000 $ 4,200,000 $ 4,200,000 $ 4,200,000 $ 4,200,000 Depreciation Capital Expenditure ANWC Total Cash Flow $ $ $ $ (29,400,000) (1,400,000) (30,800,000) $ $ $ 1,400,000 10,670,000 9,270,000 $ 9,270,000 $ 9,270,000 $ 9,270,000 $ 9,270,000 $ 9,270,000 NPV @ 10% $ IRR Payback 15,048,663.81 23.46% 3.32 Years Total Budget Year 1 55,000 Actual Year 1 55,000 New club volume New club price New club VMC Budget Units Price Sales $M 55,000 $ 825 $ 45,375 65,000 $ 1,100 $ 71,500 112,000 $ 410 $ 45,920 232,000 $ 701.70 162,795 Actual Units Price Sales $M 55,000 $ 825 $ 45,375 60,000 $ 1,000 $ 60,000 120,000 $ 420 $ 50,400 235,000 $ 662.87 155,775 825 825 $ $ New clubs Premium clubs Disc. Clubs Total $ $ 395 400 65,000 60,000 Prem club Volume Prem club price Prem club VMC $ 1,100 $ 650 $ 1,000 $ 665 Budget Units Var Cost VMC $M 55,000 $ 395 $ 21,725 65,000 $ 650 $ 42,250 112,000 $ 185 $ 20,720 232,000 $ 365.06 84,695 Actual Units Var Cost VMC $M 55,000 $ 400 $ 22,000 60,000 $ 665 $ 39,900 120,000 $ 190 $ 22,800 235,000 $ 360.43 84,700 112,000 New clubs Premium clubs Disc. Clubs Total 120,000 Disc club volume Disc club price Disc club VMC 410 420 $ $ $ $ 185 190 Total Units 232,000 235,000 Due To: Volume Rate Sales VMC Gross Profit Fixed Costs Depreciation EBIT Taxes NI $ % Sales $ per Unit $ 162,795,000 100.00% $ 701.70 $ 84,695,000 52.03% $ 365.06 $ 78,100,000 47.97% $ 336.64 $ 24,200,000 14.87% $ 104.31 $ 23,700,000 14.56% $ 102.16 $ 30,200,000 18.55% $ 130.17 $ 12,080,000 7.42% $ 52.07 $ 18,120,000 11.13% $ 78.10 sler islenmisinin $ $ $ $ $ $ $ $ $ 155,775,000 84,700,000 71,075,000 24,500,000 23,500,000 23,075,000 9,230,000 13,845,000 % Sales $ per Unit 100.00% $ 662.87 54.37% $ 360.43 45.63% $ 302.45 15.73% $ 104.26 15.09% $ 100.00 14.81% $ 98.19 5.93% $ 39.28 8.89% $ 58.91 Sales VMC Gross Profit Fixed Costs Depreciation EBIT Taxes NI $ $ $ $ $ $ $ $ ($000's) (7,020) (5) (7,025) (300) 200 (7,125) 2,850 (4,275) 40% Year 4 Year 5 Year 7 Year 1 55,000 Year 2 55,000 Year 3 55,000 Year 6 55,000 55,000 55,000 55,000 New club volume New club price New club VMC $ $ 825 395 (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) Prem club Volume Prem club price Prem club VMC $ $ 1,100 650 12,000 12,000 12,000 12,000 12,000 12,000 12,000 Disc club volume Disc club price Disc club VMC 410 $ $ 185 Sales VMC Fixed Costs Depreciation EBIT $ $ $ $ $ $ $ 39,295,000 $ 17,445,000 $ 9,200,000 $ 4,200,000 $ 8,450,000 $ 3,380,000 $ 5,070,000 $ 39,295,000 $ 39,295,000 $ 17,445,000 $ 17,445,000 $ 9,200,000 $ 9,200,000 $ 4,200,000 $ 4,200,000 $ 8,450,000 $ 8,450,000 $ 3,380,000 $ 3,380,000 $ 5,070,000 $ 5,070,000 $ 39,295,000 $ 17,445,000 $ 9,200,000 $ 4,200,000 $ 8,450,000 $ 3,380,000 $ 5,070,000 $ 39,295,000 $ 17,445,000 $ 9,200,000 $ 4,200,000 $ 8,450,000 $ 3,380,000 $ 5,070,000 $ 39,295,000 $ 17,445,000 $ 9,200,000 $ 4,200,000 $ 8,450,000 $ 3,380,000 $ 5,070,000 $ 39,295,000 17,445,000 9,200,000 4,200,000 8,450,000 3,380,000 5,070,000 Taxes 40% NI 4,200,000 $ 4,200,000 $ 4,200,000 $ 4,200,000 $ 4,200,000 $ 4,200,000 $ 4,200,000 Depreciation Capital Expenditure ANWC Total Cash Flow $ $ $ $ (29,400,000) (1,400,000) (30,800,000) $ $ $ 1,400,000 10,670,000 9,270,000 $ 9,270,000 $ 9,270,000 $ 9,270,000 $ 9,270,000 $ 9,270,000 NPV @ 10% $ IRR Payback 15,048,663.81 23.46% 3.32 Years Total Budget Year 1 55,000 Actual Year 1 55,000 New club volume New club price New club VMC Budget Units Price Sales $M 55,000 $ 825 $ 45,375 65,000 $ 1,100 $ 71,500 112,000 $ 410 $ 45,920 232,000 $ 701.70 162,795 Actual Units Price Sales $M 55,000 $ 825 $ 45,375 60,000 $ 1,000 $ 60,000 120,000 $ 420 $ 50,400 235,000 $ 662.87 155,775 825 825 $ $ New clubs Premium clubs Disc. Clubs Total $ $ 395 400 65,000 60,000 Prem club Volume Prem club price Prem club VMC $ 1,100 $ 650 $ 1,000 $ 665 Budget Units Var Cost VMC $M 55,000 $ 395 $ 21,725 65,000 $ 650 $ 42,250 112,000 $ 185 $ 20,720 232,000 $ 365.06 84,695 Actual Units Var Cost VMC $M 55,000 $ 400 $ 22,000 60,000 $ 665 $ 39,900 120,000 $ 190 $ 22,800 235,000 $ 360.43 84,700 112,000 New clubs Premium clubs Disc. Clubs Total 120,000 Disc club volume Disc club price Disc club VMC 410 420 $ $ $ $ 185 190 Total Units 232,000 235,000 Due To: Volume Rate Sales VMC Gross Profit Fixed Costs Depreciation EBIT Taxes NI $ % Sales $ per Unit $ 162,795,000 100.00% $ 701.70 $ 84,695,000 52.03% $ 365.06 $ 78,100,000 47.97% $ 336.64 $ 24,200,000 14.87% $ 104.31 $ 23,700,000 14.56% $ 102.16 $ 30,200,000 18.55% $ 130.17 $ 12,080,000 7.42% $ 52.07 $ 18,120,000 11.13% $ 78.10 sler islenmisinin $ $ $ $ $ $ $ $ $ 155,775,000 84,700,000 71,075,000 24,500,000 23,500,000 23,075,000 9,230,000 13,845,000 % Sales $ per Unit 100.00% $ 662.87 54.37% $ 360.43 45.63% $ 302.45 15.73% $ 104.26 15.09% $ 100.00 14.81% $ 98.19 5.93% $ 39.28 8.89% $ 58.91 Sales VMC Gross Profit Fixed Costs Depreciation EBIT Taxes NI $ $ $ $ $ $ $ $ ($000's) (7,020) (5) (7,025) (300) 200 (7,125) 2,850 (4,275) 40%