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Free cash flow to Equity
To calculate NPV we first estimated FCFE based on EBIT adjusted for operations adjustments and financing adjustments
Free cash flow to equity
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| AZNm
| H2 2014
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| TY
| EBIT
| 2,223
| 12,519
| 8,531
| 42,945
| 62,389
| 64,694
| 66,152
| 67,849
| 69,666
| 71,588
| 73,859
| 76,553
| 79,554
| 84,303
| 88,670
| 94,404
| 100,924
| 136,222
| Interest paid
| 5,433
| 16,214
| 16,214
| 31,424
| 35,303
| 29,603
| 23,922
| 17,494
| 39,424
| 33,928
| 28,428
| 23,068
| 17,210
| 10,790
| 3,735
| -
| -
| -
| Profit before tax (EBT)
| (6,799)
| (5,922)
| (9,381)
| 10,033
| 25,598
| 33,850
| 41,238
| 49,611
| 29,746
| 37,412
| 45,431
| 53,486
| 62,345
| 73,513
| 84,935
| 94,404
| 100,924
| 136,222
| Operating adjustments
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| Corporate income tax paid
| -
| -
| -
| -
| -
| -
| -
| -
| -
| (7,204)
| (12,799)
| (15,037)
| (17,362)
| (19,854)
| (22,545)
| (24,524)
| (25,562)
| (27,244)
| (+) Depreciation and amortization
| 7,830
| 23,900
| 24,111
| 43,028
| 43,876
| 44,745
| 45,629
| 46,527
| 47,442
| 48,376
| 49,306
| 50,185
| 51,138
| 50,981
| 51,871
| 51,401
| 49,394
| 18,755
| (-) Change in NWC
| 4,619
| (9,817)
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| (22,539)
| (9,047)
| (1,208)
| (1,000)
| (1,125)
| (1,203)
| (1,281)
| (1,424)
| (1,574)
| (1,694)
| (1,888)
| (2,054)
| (2,096)
| (1,965)
| (2,023)
| (-) Change in net VAT receivable
| (5,650)
| (7,227)
| (6,395)
| 1,812
| 17,460
| -
| -
| -
| -
| -
| -
| -
| -
| -
| -
| -
| -
| -
| Capital expenditures
| (44,790)
| (83,572)
| (75,283)
| (90,909)
| (11,989)
| (12,229)
| (12,425)
| (12,649)
| (12,889)
| (13,147)
| (13,436)
| (13,758)
| (14,102)
| (14,483)
| (14,889)
| (15,335)
| (15,811)
| (18,755)
| Total
| (37,990)
| (76,715)
| (57,477)
| (68,609)
| 40,299
| 31,308
| 32,203
| 32,753
| 33,350
| 26,744
| 21,646
| 19,816
| 17,980
| 14,756
| 12,383
| 9,446
| 6,056
| (29,267)
| Financing adjustments
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| (+) Change in debt
| 5,535
| 84,075
| 74,380
| 51,397
| (65,309)
| (65,102)
| (73,394)
| (82,310)
| (63,039)
| (64,095)
| (67,009)
| (73,227)
| (80,245)
| (88,181)
| (46,693)
| -
| -
| -
| Total
| 5,535
| 84,075
| 74,380
| 51,397
| (65,309)
| (65,102)
| (73,394)
| (82,310)
| (63,039)
| (64,095)
| (67,009)
| (73,227)
| (80,245)
| (88,181)
| (46,693)
| -
| -
| -
| Free cash flows to equity
| (39,254)
| 1,438
| 7,521
| (7,179)
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| 50,624
| 103,850
| 106,980
| 106,955
| Source: Management data and KPMG analysis
![](https://konspekta.net/bazaimgstudall2/4641978076231.files/image005.png)
Financial projections
NPV calculations (2/2) 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | Поиск по сайту:
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