Professional Documents
Culture Documents
Sheet Tab
1 Table of Contents
2 Ex1
3 Free Cash
4 Equity Cash
5 Cash Waterfall
6 NPV Example
7 IRR Example
8 Sheet5
9 Sheet3
Description
Author
File Name:
C:\Documents and Settings\Administrator\My Documents\4 Day Exercise.xls
Colour Codes
Ex1
Annunity
Base Case
Equity IRR
Min DSCR
Project IRR
2008
2009
1
80
80
112
3%
60%
30%
Assumptions
Operating Assumptions
Revenues Assumptions
Number of Rooms
RevPar - USD/Day
Inflation Rate
Occupancy Rate
Other Revenues - Room Service and Conferences
Operating Expense Assumptions
Number of Staff
Average Salary per Annum USD
Overhead Percent
75
3,000
30%
Other Cost
Cost of Food
60%
40%
Corp Tax
30%
130,000
100%
Financing Assumptions
Financing Assumptions
Gearing Percentage
Repayment Period
LIBOR Rate
Credit Spread
Target Min DSCR
63%
8
5%
1.50%
1.3
Working Section
Revenues
Number of Rooms
RevPar
Utilisation
80
112.00
60%
Room Revenues
1,962,240
30%
588,672
Total Revenues
2,550,912
Operating Expenses
Number of Staff
Cost per Staff
Overhead Percentage
Total Staff Costs
75
3,000
30%
292,500
60%
175,500
40%
235,469
Total Expenses
703,469
EBITDA
Cost/Room
S-Curve
Rooms
Investment
200
130,000
100%
80
10,400,000
10400000
6,579,085.78
3,820,914.22
10,400,000.00
Debt Schedule
Debt Schedule
Opening Balance
Add: Drawdown
Less: Repayments
Closing Balance
6,579,085.78
6,579,085.78
6,579,085.78
652,890.69
5,926,195.09
LIBOR Rate
Credit Spread
Total Interest Rate
Repayment Percentage
Repayment Percentage
5.00%
1.50%
6.500%
5.00%
1.50%
6.500%
Annunity
Level
9.924%
12.500%
9.9%
1
1
Interest Expense
427,640.58
Depreciation Schedule
Fixed Asset Balance
Opening Balance
Add: Capital Expenditures
Closing Balance
10,400,000
10,400,000
10,400,000
10,400,000
Depreciation
Accumulated Depreciation Balance
Opening Balance
Add: Depreciation Charge
Closing Balance
1,155,555.56
0
0.00
0.00
0.00
1,155,555.56
1,155,555.56
0.00
0.00
0.00
0.00
0.00
0.00
0.00
200.00
1,155,555.56
-1,155,355.56
427,640.58
-1,582,996.13
-474,898.84
-1,108,097.29
Cash Flow
Cash Flow Statement
EBTIDA
Less: Taxes
Cash From Operations
Less: Capital Expenditures
Cash Before Financing
Add: Cash From Equity Holders
Add: Cash From Debt Issues
Cash Before Debt Service
Less: Interest Expense
Less: Debt Repayment
10,400,000.00
- 10,400,000.00
3,820,914.22
6,579,085.78
-
200.00
474,898.84
475,098.84
475,098.84
475,098.84
427,640.58
652,890.69
Dividends
605,432.43
Balance Sheet
Equity Balance
Opening Balance
Add: Net Profit for Year
Less: Dividends
Add: Equity Injection
Closing Balance
3,820,914.22
3,820,914.22
3,820,914.22
- 1,108,097.29
605,432.43
3,318,249.36
Balance Sheet
Fixed Assets
Accumulated Depreciation
Net Assets
10,400,000.00
10,400,000.00
10,400,000.00
1,155,555.56
9,244,444.44
Debt
Equity
Total Equity and Debt
6,579,085.78
3,820,914.22
10,400,000.00
5,926,195.09
3,318,249.36
9,244,444.44
Difference
0.00
(1,155,355.56)
(346,606.67)
200.00
(346,606.67)
10,400,000.00
(10,400,000.00)
346,806.67
3,820,914.22
(3,820,914.22)
(605,432.43)
(605,432.43)
2008
(10,400,000.00)
-3,820,914.22
2009
346,806.67
-605,432.43
7.07%
0.00
9.73%
Free Cash
Equity Cas
PR
7.07% Eq IRR
9.73% Gearing
2009
475,098.84
1,080,531.27
0.44
0.44
ROE
0.00%
-33.39%
Return on Investment
0.00%
-8.75%
Sensitivity Analysis
Oil Price
0.44
140
130
120
110
100
90
80
70
60
50
40
30
Oil Price
Hurdle Rate
9.73%
140
130
120
110
100
90
80
70
60
50
40
30
9.7%
0.44
7.07%
2010
2
RevPar
112
Tenor
2011
3
2012
4
Sheet Name
2013
5
2014
6
#VALUE!
80
112
3%
60%
30%
80
112
3%
60%
30%
80
112
3%
60%
30%
80
112
3%
60%
30%
80
112
3%
60%
30%
75
3,000
30%
75
3,000
30%
75
3,000
30%
75
3,000
30%
75
3,000
30%
60%
40%
60%
40%
60%
40%
60%
40%
60%
40%
30%
30%
30%
30%
30%
80
115.36
60%
80
118.82
60%
80
122.39
60%
80
126.06
60%
80
129.84
60%
2,021,107
30%
606,332
2,627,439
2,081,740
30%
624,522
2,706,263
2,144,193
30%
643,258
2,787,450
2,208,518
2,274,774
30%
662,556
2,871,074
30%
682,432
2,957,206
75
3,090
30%
301,275
75
3,183
30%
310,313
75
3,278
30%
319,623
75
3,377
30%
329,211
75
3,478
30%
339,088
60%
180,765
60%
186,188
60%
191,774
60%
197,527
60%
203,453
40%
242,533
40%
249,809
40%
257,303
40%
265,022
40%
272,973
724,573
746,310
768,699
791,760
815,513
1,902,866
1,959,952
2,018,751
2,079,314
2,141,693
9.73%
0.44 Gearing
5,926,195.09
5,230,866.50
4,490,341.56
3,701,682.50
2,861,760.59
695,328.58
5,230,866.50
740,524.94
4,490,341.56
788,659.06
3,701,682.50
839,921.90
2,861,760.59
894,516.83
1,967,243.77
5.00%
1.50%
6.500%
5.00%
1.50%
6.500%
5.00%
1.50%
6.500%
5.00%
1.50%
6.500%
5.00%
1.50%
6.500%
10.569%
12.500%
10.6%
11.256%
12.500%
11.3%
11.987%
12.500%
12.0%
12.767%
12.500%
12.8%
13.596%
12.500%
13.6%
385,202.68
340,006.32
291,872.20
240,609.36
186,014.44
10,400,000
10,400,000
10,400,000
10,400,000
10,400,000
10,400,000
10,400,000
10,400,000
10,400,000
10,400,000
1,155,555.56
1,155,555.56
1,155,555.56
1,155,555.56
1,155,555.56
1,155,555.56
1,155,555.56
2,311,111.11
2,311,111.11
1,155,555.56
3,466,666.67
3,466,666.67
1,155,555.56
4,622,222.22
4,622,222.22
1,155,555.56
5,777,777.78
5,777,777.78
1,155,555.56
6,933,333.33
1,902,866.50
1,155,555.56
747,310.94
385,202.68
362,108.26
108,632.48
253,475.78
1,959,952.49
1,155,555.56
804,396.94
340,006.32
464,390.61
139,317.18
325,073.43
2,018,751.07
1,155,555.56
863,195.51
291,872.20
571,323.31
171,396.99
399,926.32
2,079,313.60
1,155,555.56
923,758.04
240,609.36
683,148.68
204,944.60
478,204.08
2,141,693.01
1,155,555.56
986,137.45
186,014.44
800,123.01
240,036.90
560,086.11
1,902,866.50
108,632.48
1,794,234.02
1,794,234.02
1,794,234.02
385,202.68
695,328.58
1,959,952.49
139,317.18
1,820,635.31
1,820,635.31
1,820,635.31
340,006.32
740,524.94
2,018,751.07
171,396.99
1,847,354.07
1,847,354.07
1,847,354.07
291,872.20
788,659.06
2,079,313.60
204,944.60
1,874,368.99
1,874,368.99
1,874,368.99
240,609.36
839,921.90
2,141,693.01
240,036.90
1,901,656.10
1,901,656.10
1,901,656.10
186,014.44
894,516.83
713,702.75
740,104.04
766,822.81
793,837.73
821,124.84
3,318,249.36
253,475.78
713,702.75
2,858,022.39
2,858,022.39
325,073.43
740,104.04
2,442,991.77
2,442,991.77
399,926.32
766,822.81
2,076,095.28
2,076,095.28
478,204.08
793,837.73
1,760,461.63
1,760,461.63
560,086.11
821,124.84
1,499,422.90
10,400,000.00
2,311,111.11
8,088,888.89
10,400,000.00
3,466,666.67
6,933,333.33
10,400,000.00
4,622,222.22
5,777,777.78
10,400,000.00
5,777,777.78
4,622,222.22
10,400,000.00
6,933,333.33
3,466,666.67
5,230,866.50
2,858,022.39
8,088,888.89
4,490,341.56
2,442,991.77
6,933,333.33
3,701,682.50
2,076,095.28
5,777,777.78
2,861,760.59
1,760,461.63
4,622,222.22
1,967,243.77
1,499,422.90
3,466,666.67
0.00
0.00
0.00
0.00
0.00
747,310.94
224,193.28
804,396.94
241,319.08
863,195.51
258,958.65
923,758.04
277,127.41
986,137.45
295,841.23
1,902,866.50
224,193.28
1,959,952.49
241,319.08
2,018,751.07
258,958.65
2,079,313.60
277,127.41
2,141,693.01
295,841.23
1,678,673.21
1,718,633.41
1,759,792.41
1,802,186.18
1,845,851.77
713,702.75
713,702.75
740,104.04
740,104.04
766,822.81
766,822.81
793,837.73
793,837.73
821,124.84
821,124.84
2010
1,678,673.21
713,702.75
2011
1,718,633.41
740,104.04
2012
1,759,792.41
766,822.81
2013
1,802,186.18
793,837.73
2014
1,845,851.77
821,124.84
63% Term
2010
1,794,234.02
1,080,531.27
1.66
8 DSCR
2011
1,820,635.31
1,080,531.27
1.68
2012
1,847,354.07
1,080,531.27
0.44
2013
1,874,368.99
1,080,531.27
1.71
1.73
2014
1,901,656.10
1,080,531.27
1.76
8.87%
13.31%
19.26%
27.16%
37.35%
6.47%
8.12%
10.46%
13.99%
19.91%
30%
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
40%
0.63
0.63
0.63
0.63
0.63
0.63
0.63
0.63
0.63
0.63
0.63
0.63
50%
0.52
0.52
0.52
0.52
0.52
0.52
0.52
0.52
0.52
0.52
0.52
0.52
Gearing
60%
0.46
0.46
0.46
0.46
0.46
0.46
0.46
0.46
0.46
0.46
0.46
0.46
70%
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
60%
9.5%
9.5%
9.5%
9.5%
9.5%
9.5%
9.5%
9.5%
9.5%
9.5%
9.5%
9.5%
70%
10.4%
10.4%
10.4%
10.4%
10.4%
10.4%
10.4%
10.4%
10.4%
10.4%
10.4%
10.4%
20%
Gearing
30%
7.9%
7.9%
7.9%
7.9%
7.9%
7.9%
7.9%
7.9%
7.9%
7.9%
7.9%
7.9%
40%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
50%
8.8%
8.8%
8.8%
8.8%
8.8%
8.8%
8.8%
8.8%
8.8%
8.8%
8.8%
8.8%
2015
7
2016
8
2017
9
80
112
3%
60%
30%
80
112
3%
60%
30%
80
112
3%
60%
30%
75
3,000
30%
75
3,000
30%
75
3,000
30%
60%
40%
60%
40%
60%
40%
30%
30%
30%
80
133.73
60%
80
137.75
60%
80
141.88
60%
2,343,017
30%
702,905
3,045,922
2,413,308
30%
723,992
3,137,300
2,485,707
30%
745,712
3,231,419
75
3,582
30%
349,260
75
3,690
30%
359,738
75
3,800
30%
370,530
60%
209,556
60%
215,843
60%
222,318
40%
281,162
40%
289,597
40%
298,285
839,979
865,178
891,133
2,205,944
2,272,122
2,340,286
1,967,243.77
1,014,583.35
952,660.42
1,014,583.35
1,014,583.35
-
5.00%
1.50%
6.500%
5.00%
1.50%
6.500%
5.00%
1.50%
6.500%
14.480%
12.500%
14.5%
15.421%
12.500%
15.4%
0.000%
0.000%
0.0%
127,870.84
65,947.92
10,400,000
10,400,000
10,400,000
10,400,000
10,400,000
10,400,000
1,155,555.56
1,155,555.56
1,155,555.56
6,933,333.33
1,155,555.56
8,088,888.89
8,088,888.89
1,155,555.56
9,244,444.44
9,244,444.44
1,155,555.56
10,400,000.00
2,205,943.80
1,155,555.56
1,050,388.24
127,870.84
922,517.40
276,755.22
645,762.18
2,272,122.11
1,155,555.56
1,116,566.55
65,947.92
1,050,618.64
315,185.59
735,433.05
2,340,285.77
1,155,555.56
1,184,730.22
0.00
1,184,730.22
355,419.07
829,311.15
2,205,943.80
276,755.22
1,929,188.58
1,929,188.58
1,929,188.58
127,870.84
952,660.42
2,272,122.11
315,185.59
1,956,936.52
1,956,936.52
1,956,936.52
65,947.92
1,014,583.35
2,340,285.77
355,419.07
1,984,866.71
1,984,866.71
1,984,866.71
-
848,657.31
876,405.25
1,984,866.71
1,499,422.90
645,762.18
848,657.31
1,296,527.76
1,296,527.76
735,433.05
876,405.25
1,155,555.56
1,155,555.56
829,311.15
1,984,866.71
-
10,400,000.00
8,088,888.89
2,311,111.11
10,400,000.00
9,244,444.44
1,155,555.56
10,400,000.00
10,400,000.00
-
1,014,583.35
1,296,527.76
2,311,111.11
1,155,555.56
1,155,555.56
0.00
0.00
0.00
1,050,388.24
315,116.47
1,116,566.55
334,969.97
1,184,730.22
355,419.07
2,205,943.80
315,116.47
2,272,122.11
334,969.97
2,340,285.77
355,419.07
1,890,827.32
1,937,152.14
1,984,866.71
848,657.31
848,657.31
876,405.25
876,405.25
1,984,866.71
1,984,866.71
2015
1,890,827.32
848,657.31
2016
1,937,152.14
876,405.25
2017
1,984,866.71
1,984,866.71
RevPar
112
2015
1,929,188.58
1,080,531.27
1.79
2016
1,956,936.52
1,080,531.27
1.81
49.81%
63.64%
31.81%
67.64%
80%
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
90%
0.34
0.34
0.34
0.34
0.34
0.34
0.34
0.34
0.34
0.34
0.34
0.34
80%
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%
90%
14.3%
14.3%
14.3%
14.3%
14.3%
14.3%
14.3%
14.3%
14.3%
14.3%
14.3%
14.3%
2017
1,984,866.71
0.00
Base Case
1
Room
Rate
Occupancy
Rate
Cost
per Room
Other
Rev Pct
Base Case
Downside Case
Upside Case
Rate Low
Rate Low
per Room Low
Rev Pct Low
Staff Low
Staff Low
Food Low
Rate Low
Rate Low
Rate High
Rate High
per Room High
Rev Pct High
Staff High
Staff High
Food High
Rate High
Rate High
Stress Case
Batlang Case
Lucas Case
Good Case
120
100
130
100
120
120
120
120
120
120
120
120
130
120
120
120
120
120
120
120
120
60
100
130
130
60%
55%
70%
60%
55%
60%
60%
60%
60%
60%
60%
60%
60%
70%
60%
60%
60%
60%
60%
60%
60%
45%
55%
60%
70%
130,000
143,000
129,000
130000
130000
143,000
130000
130000
130000
130000
130000
130000
130000
130000
129,000
130000
130000
130000
130000
130000
130000
156,000
130,000
130,000
130,000
30%
25%
31%
30%
30%
30%
25%
30%
30%
30%
30%
30%
30%
30%
30%
31%
30%
30%
30%
30%
30%
25%
25%
30%
30%
Base Case
120
60%
130,000
30%
Cost of
Staff
3,000.00
4,000.00
2,900.00
3,000.00
3,000.00
3,000.00
3,000.00
4,000.00
3,000.00
3,000.00
3,000.00
3,000.00
3,000.00
3,000.00
3,000.00
3,000.00
2,900.00
3,000.00
3,000.00
3,000.00
3,000.00
4,500.00
4,000.00
3,000.00
3,000.00
3,000
Gearing
Rate
Rate
per Room
Rev Pct
Staff
Staff
Food
Rate
63% DSCR
Num of
Staff
Cost of
Food
Interest
Rate
Inflation
Rate
75
80
60
75
75
75
75
75
80
75
75
75
75
75
75
75
75
60
75
75
75
80
70
75
60
40%
50%
39%
40%
40%
40%
40%
40%
40%
50%
40%
40%
40%
40%
40%
40%
40%
40%
39%
40%
40%
50%
50%
40%
40%
5.0%
7.0%
4.5%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
7.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
4.5%
5.0%
8.0%
7.0%
5.0%
5.0%
3.0%
3.5%
2.5%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.5%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
2.5%
4.0%
3.5%
3.0%
3.0%
75
40%
5.0%
3%
Stress Case
60
45%
156,000
25%
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00
21.00
22.00
23.00
24.00
25.00
Equity
Project
DSCR IRR
IRR
0.44
9.73%
7.07%
0.44
9.7%
7.07%
0.44
-4.1%
1.40%
0.44
18.0%
11.10%
0.44
9.7%
7.07%
0.44
6.1%
5.32%
0.44
6.6%
5.55%
0.44
8.7%
6.55%
0.44
6.9%
5.66%
0.44
9.2%
6.79%
0.44
8.7%
6.55%
0.44
8.3%
7.07%
0.44
10.4%
7.41%
0.44
9.7%
7.07%
0.44
16.1%
10.32%
0.44
10.0%
7.20%
0.44
9.9%
7.17%
0.44
10.0%
7.21%
0.44
11.4%
7.89%
0.44
9.8%
7.12%
0.44
10.1%
7.07%
0.44
9.1%
6.73%
0.44
Err:523
-4.21%
0.44
0.8%
3.57%
0.44
9.7%
7.07%
0.44
17.5%
11.06%
7.07% PR IRR
Equity
Cash
(3,820,914)
(3,820,914.22)
(4,203,005.64)
(3,791,522.57)
(3,820,914.22)
(3,820,914.22)
(4,203,005.64)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,791,522.57)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(4,585,097.07)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(605,432)
(605,432.43)
(717,324.25)
(589,666.92)
(605,432.43)
(605,432.43)
(665,989.67)
(605,432.43)
(605,432.43)
(605,432.43)
(605,432.43)
(652,100.23)
(605,432.43)
(605,432.43)
(605,432.43)
(600,774.18)
(605,432.43)
(605,432.43)
(605,432.43)
(605,432.43)
(594,239.07)
(605,432.43)
(811,877.48)
(652,100.23)
(605,432.43)
(605,432.43)
713,703
713,702.75
249,338.76
1,091,808.68
713,702.75
574,583.21
651,872.37
671,259.50
601,226.75
691,207.55
671,259.50
664,276.31
720,168.80
713,702.75
991,941.84
718,458.94
722,191.40
724,950.35
781,188.35
717,947.08
725,662.44
707,236.70
(171,873.64)
376,390.19
713,702.75
1,059,427.44
740,104
740,104.04
265,285.91
1,121,560.51
740,104.04
596,810.91
676,917.77
696,387.49
624,253.76
716,933.99
696,387.49
687,429.85
753,456.44
740,104.04
1,026,690.31
744,964.52
748,847.35
751,689.07
809,614.21
744,475.70
752,939.70
726,816.31
(167,405.54)
396,127.74
740,104.04
1,096,200.47
766,823
766,822.81
280,866.84
1,151,615.66
766,822.81
619,230.88
702,192.51
721,794.76
647,497.02
742,957.65
721,794.76
710,353.63
787,502.37
766,822.81
1,062,006.66
771,794.37
775,828.42
778,755.39
838,418.28
771,325.61
780,654.79
746,343.05
(163,965.35)
415,715.78
766,822.81
1,133,602.13
793,838
793,837.73
295,990.17
1,181,955.27
793,837.73
641,818.04
727,669.55
747,458.84
670,932.17
769,256.62
747,458.84
732,962.18
822,306.71
793,837.73
1,097,877.10
798,927.59
803,113.51
806,128.28
867,581.07
798,475.62
808,798.02
765,780.34
(161,708.84)
435,077.64
793,837.73
1,171,620.43
3,000,000.00
2,000,000.00
1,000,000.00
(1,000,000.00)
(2,000,000.00)
(3,000,000.00)
(4,000,000.00)
(5,000,000.00)
1 2 3 4 5 6 7 8 9 10
Row 5
Row 6
821,125
821,124.84
310,554.62
1,212,558.44
821,124.84
664,544.56
753,318.81
773,354.58
694,532.11
795,806.29
773,354.58
755,160.81
857,867.83
821,124.84
1,134,285.39
826,340.69
830,678.89
833,784.11
897,080.47
825,901.86
837,358.02
785,088.42
(160,808.88)
454,127.90
821,124.84
1,210,241.02
9 10
Row 5
Row 6
848,657
848,657.31
324,448.15
1,243,402.05
848,657.31
687,379.63
779,106.98
799,453.95
718,266.80
822,579.21
799,453.95
776,844.71
894,182.23
848,657.31
1,171,212.68
854,007.34
858,497.98
861,696.36
926,891.62
853,577.65
866,321.66
804,224.06
(161,457.16)
472,771.57
848,657.31
1,249,446.98
876,405
876,405.25
337,546.91
1,274,460.65
876,405.25
710,289.24
804,997.23
825,725.79
742,103.03
849,544.81
825,725.79
797,898.08
931,244.35
876,405.25
1,208,637.28
881,898.18
886,541.15
889,835.48
956,986.59
881,473.20
895,673.85
823,140.37
(163,866.13)
490,903.19
876,405.25
1,289,218.61
1,984,867
1,984,866.71
1,633,055.13
2,357,025.77
1,984,866.71
1,813,767.21
2,019,533.37
1,932,666.86
1,846,535.41
1,957,200.45
1,932,666.86
1,984,866.71
2,049,577.60
1,984,866.71
2,327,065.69
1,982,200.04
1,995,306.68
1,998,699.84
2,067,865.48
1,990,086.69
1,984,866.71
1,922,317.77
1,284,751.21
1,675,079.42
1,984,866.71
2,410,064.47
Interest
Rate
Cost of
Food
Num of
Staf
Cost of
Staf
High vs
Base
Other
Rev Pct
Cost
per Room
Occupancy
Rate
Room
Rate
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
Base Case
2,000,000.00
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
(2,000,000.00)
(4,000,000.00)
(6,000,000.00)
(8,000,000.00)
(10,000,000.00)
(12,000,000.00)
Annunity
4,000,000.00
2,000,000.00
0.00
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
-2,000,000.00
-4,000,000.00
-6,000,000.00
-8,000,000.00
-10,000,000.00
-12,000,000.00
Free Cash
Equity Cash
Base Case
Base Case
Downside Case
Upside Case
1
100
4000
2
200
5000
3
300
6000
=INDEX(E5:G7,1,1)--
=INDEX(E5:G7,3,3)--
6000
=INDEX(E5:G7,1,3)--
Base Case
=INDEX(E5:E7,2)-->
100
=INDEX(E7:G7,3)-->
6000
Annunity
PR IRR 9.64% Eq IRR 16.03% Gearing 63% Term 8 DSCR 1.64 RevPar 112
2,500,000.00
2,000,000.00
1,500,000.00
Divide by Debt Service
Cash Before Debt Service
1,000,000.00
500,000.00
0.00
2009
2010
2011
2012
2013
2014
2015
2016
2017