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R&D
CAPEX
WC
PARTICULARS
DEPRECIATION
R&D
TOTAL EXP (R&D + DEP)
AFTER TAX EXP.
CAPEX
Depreciation
Increase in WC
AFTER TAX EXPENDITURE
PV of EXPENDITURE
TOTAL PV OF OUTFLOW
2200
250
150
2600
2200
350
300
2850
2200
350
300
2850
1320
50
200
1570
Computation of PV of Expenditure
2002
2003
2004
1
2
3
25
60
95
1100
2200
2200
2200
1100
2225
2260
2295
682
1379.5
1401.2
1422.9
0
250
350
350
25
60
95
0
150
300
300
682
1754.5
1991.2
1977.9
$682.00 $1,580.63 $1,616.10 $1,446.22
$6,646.17
2005
4
100
1320
1420
880.4
50
100
200
1030.4
$678.76
2001
0
Computation of PV of Revenue
Sales
EBITDA
DEPRECIATION
AFTER TAX INFLOW (REVENUE)
PERPETUITY VALUE
TOTAL REVENUE (Incl Perpetuity)
PV of REVENUE
SURPLUS
6931.559
$285.39
$ Millions)
2006
2007
2008 Total
880
0
50
930
660
0
0
660
440
0
0
440
2006
5
100
880
980
607.6
0
100
50
557.6
$330.91
2007
6
100
660
760
471.2
0
100
0
371.2
$198.46
2008
7
100
440
540
334.8
0
100
0
234.8
$113.09
9900
1782
100
1166.84
13224.19
14391.03
11000
1000
1000
13000