Changes in :

Initial Situation

Revenues

Years 1 to n

- Operating expenses

Revenues

= EBITDA

- Operating expenses

- Depreciation & Amortization

= EBIT

= EBIT

- Taxes

- Interest expense

+ Depreciation & Amortization

=EBT

+/- Change in WCR

- Taxes

- Capex

=Net income

Free Cash Flow

+ Depreciation & Amortization

Discount rate (WACC)

= Cash Flow from operations

PV of FCF

+/- Change in WCR

=Operational CF to Equity

Discount rate for project

=PV of CF

ECOFINE.COM  / 15.04.2010