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Free cash flow to Equity
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To calculate NPV we first estimated FCFE based on EBIT adjusted for operations adjustments and financing adjustments
| Free cash flow to equity | ||||||||||||||||||
| AZNm | H2 2014 | 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 | ||||||||||||||||||
| 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) | (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 | ||||||||||||||||||
| (+) 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) | 50,624 | 103,850 | 106,980 | 106,955 |
Source: Management data and KPMG analysis
Financial projections
NPV calculations (2/2)
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