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a b c d e=b+c+d f

Year R&D Investment

Capital

Expenditure Working Capital

TotalDevelopment

Expenditure

Number ofPlanes

Delivered

2000

2001 ($1,100.00) $0.00 $0.00 ($1,100.00) $0.00

2002 ($2,200.00) ($250.00) ($150.00) ($2,600.00) $0.00

2003 ($2,200.00) ($350.00) ($300.00) ($2,850.00) $0.00

2004 ($2,200.00) ($350.00) ($300.00) ($2,850.00) $0.00

2005 ($1,320.00) ($50.00) ($200.00) ($1,570.00) $0.00

2006 ($880.00) $0.00 ($50.00) ($930.00) $12.00

2007 ($660.00) $0.00 $0.00 ($660.00) $24.00

2008 ($440.00) $0.00 $0.00 ($440.00) $48.00

2009 $48.00

2010 $48.00

2011 $48.00

2012 $48.00

2013 $48.00

2014 $48.00

2015 $48.00

2016 $48.00

2017 $48.00

2018 $48.002019 $48.00

2020 $48.00

2021 $48.00

2022 $48.00

2023 $48.00

2024 $48.00

2025 $48.00

2026 $48.00

2027 $48.00

2028 $48.00

2029 $48.002030 $48.00

2031 $48.00

2032 $48.00

2033 $48.00

2034 $48.00

2035 $48.00

2036 $48.00

2037 $48.00

Table 1: Present Worth Anal

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2038 $48.00

2039 $48.00

2040 $48.00

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g (includes

inflation) h=f*g i=.175*h j = e+i k l = b+i-k

Price per Plane Revenue

OperatingIncome (17.5%

of Revenue) BTCF

Depreciation ofCapital

Expenditure Taxable Income

$0.00 $0.00

$0.00 $0.00 ($1,100.00) ($1,100.00)

$0.00 $0.00 ($2,600.00) $25.00 ($2,225.00)

$0.00 $0.00 ($2,850.00) $60.00 ($2,260.00)

$0.00 $0.00 ($2,850.00) $95.00 ($2,295.00)

$0.00 $0.00 ($1,570.00) $100.00 ($1,420.00)

$216.26 $2,595.16 $454.15 ($475.85) ($425.85)

$220.59 $5,294.12 $926.47 $266.47 $266.47

$225.00 $10,800.00 $1,890.00 $1,450.00 $1,450.00

$229.50 $11,016.00 $1,927.80 $1,927.80 $1,927.80

$234.09 $11,236.32 $1,966.36 $1,966.36 $1,966.36

$238.77 $11,461.05 $2,005.68 $2,005.68 $2,005.68

$243.55 $11,690.27 $2,045.80 $2,045.80 $2,045.80

$248.42 $11,924.07 $2,086.71 $2,086.71 $2,086.71

$253.39 $12,162.55 $2,128.45 $2,128.45 $2,128.45

$258.45 $12,405.81 $2,171.02 $2,171.02 $2,171.02

$263.62 $12,653.92 $2,214.44 $2,214.44 $2,214.44

$268.90 $12,907.00 $2,258.72 $2,258.72 $2,258.72

$274.27 $13,165.14 $2,303.90 $2,303.90 $2,303.90$279.76 $13,428.44 $2,349.98 $2,349.98 $2,349.98

$285.35 $13,697.01 $2,396.98 $2,396.98 $2,396.98

$291.06 $13,970.95 $2,444.92 $2,444.92 $2,444.92

$296.88 $14,250.37 $2,493.81 $2,493.81 $2,493.81

$302.82 $14,535.38 $2,543.69 $2,543.69 $2,543.69

$308.88 $14,826.09 $2,594.56 $2,594.56 $2,594.56

$315.05 $15,122.61 $2,646.46 $2,646.46 $2,646.46

$321.36 $15,425.06 $2,699.39 $2,699.39 $2,699.39

$327.78 $15,733.56 $2,753.37 $2,753.37 $2,753.37

$334.34 $16,048.23 $2,808.44 $2,808.44 $2,808.44

$341.02 $16,369.20 $2,864.61 $2,864.61 $2,864.61$347.85 $16,696.58 $2,921.90 $2,921.90 $2,921.90

$354.80 $17,030.51 $2,980.34 $2,980.34 $2,980.34

$361.90 $17,371.12 $3,039.95 $3,039.95 $3,039.95

$369.14 $17,718.54 $3,100.75 $3,100.75 $3,100.75

$376.52 $18,072.92 $3,162.76 $3,162.76 $3,162.76

$384.05 $18,434.37 $3,226.02 $3,226.02 $3,226.02

$391.73 $18,803.06 $3,290.54 $3,290.54 $3,290.54

$399.57 $19,179.12 $3,356.35 $3,356.35 $3,356.35

sis of A3XX (all numbers in $ millions unless otherwise stated)

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$407.56 $19,562.71 $3,423.47 $3,423.47 $3,423.47

$415.71 $19,953.96 $3,491.94 $3,491.94 $3,491.94

$424.02 $20,353.04 $3,561.78 $3,561.78 $3,561.78

8/2/2019 Airbus Spreadsheet

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m = .38*l n=j-m

Taxes Paid

After-tax Cash

Flow

$0.00 $0.00

($418.00) ($682.00)

($845.50) ($1,754.50)

($858.80) ($1,991.20)

($872.10) ($1,977.90)

($539.60) ($1,030.40)

($161.82) ($314.03)

$101.26 $165.21

$551.00 $899.00

$732.56 $1,195.24

$747.22 $1,219.14

$762.16 $1,243.52

$777.40 $1,268.39

$792.95 $1,293.76

$808.81 $1,319.64

$824.99 $1,346.03

$841.49 $1,372.95

$858.32 $1,400.41

$875.48 $1,428.42$892.99 $1,456.99

$910.85 $1,486.13

$929.07 $1,515.85

$947.65 $1,546.17

$966.60 $1,577.09

$985.93 $1,608.63

$1,005.65 $1,640.80

$1,025.77 $1,673.62

$1,046.28 $1,707.09

$1,067.21 $1,741.23

$1,088.55 $1,776.06$1,110.32 $1,811.58

$1,132.53 $1,847.81

$1,155.18 $1,884.77

$1,178.28 $1,922.46

$1,201.85 $1,960.91

$1,225.89 $2,000.13

$1,250.40 $2,040.13

$1,275.41 $2,080.93

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$1,300.92 $2,122.55

$1,326.94 $2,165.00

$1,353.48 $2,208.30

PW $240.73

IRR 11.38%

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a b c d e = b+c+d

f = GOALSEEK

function

Year R&D Investment

Capital

Expenditure Working Capital

Total

Development

Expenditure

Number of

Planes

Delivered

2000

2001 -1100 0 0 -1100 0

2002 -2200 -250 -150 -2600 0

2003 -2200 -350 -300 -2850 0

2004 -2200 -350 -300 -2850 0

2005 -1320 -50 -200 -1570 0

2006 -880 0 -50 -930 41.37

2007 -660 0 0 -660 41.37

2008 -440 0 0 -440 41.37

2009 41.37

2010 41.37

2011 41.37

2012 41.37

2013 41.37

2014 41.37

2015 41.37

2016 41.372017 41.37

2018 41.37

2019 41.37

2020 41.37

2021 41.37

2022 41.37

2023 41.37

2024 41.37

2025 41.37

2026 41.37

2027 41.372028 41.37

2029 41.37

2030 41.37

2031 41.37

2032 41.37

2033 41.37

2034 41.37

2035 41.37

Table 2 - Brea

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2036 41.37

2037 41.37

2038 41.37

2039 41.37

2040 41.37

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g (includes

inflation) h = f*g i = .175*h j = e+i k l = b+i-k

Price per Plane Revenue

Operating

Income (17.5%

of Revenue) BTCF

Depreciation of

Capital

Expenditure Taxable Income

0 0

0 0 -1100.00 -1100.00

0 0 -2600.00 25 -2225.00

0 0 -2850.00 60 -2260.00

0 0 -2850.00 95 -2295.00

0 0 -1570.00 100 -1420.00

216.26 8946.64 1565.66 635.66 685.66

220.59 9125.57 1596.98 936.98 936.98

225.00 9308.08 1628.91 1188.91 1188.91

229.50 9494.25 1661.49 1661.49 1661.49

234.09 9684.13 1694.72 1694.72 1694.72

238.77 9877.81 1728.62 1728.62 1728.62

243.55 10075.37 1763.19 1763.19 1763.19

248.42 10276.88 1798.45 1798.45 1798.45

253.39 10482.41 1834.42 1834.42 1834.42

258.45 10692.06 1871.11 1871.11 1871.11

263.62 10905.90 1908.53 1908.53 1908.53268.90 11124.02 1946.70 1946.70 1946.70

274.27 11346.50 1985.64 1985.64 1985.64

279.76 11573.43 2025.35 2025.35 2025.35

285.35 11804.90 2065.86 2065.86 2065.86

291.06 12041.00 2107.17 2107.17 2107.17

296.88 12281.82 2149.32 2149.32 2149.32

302.82 12527.45 2192.30 2192.30 2192.30

308.88 12778.00 2236.15 2236.15 2236.15

315.05 13033.56 2280.87 2280.87 2280.87

321.36 13294.24 2326.49 2326.49 2326.49

327.78 13560.12 2373.02 2373.02 2373.02334.34 13831.32 2420.48 2420.48 2420.48

341.02 14107.95 2468.89 2468.89 2468.89

347.85 14390.11 2518.27 2518.27 2518.27

354.80 14677.91 2568.63 2568.63 2568.63

361.90 14971.47 2620.01 2620.01 2620.01

369.14 15270.90 2672.41 2672.41 2672.41

376.52 15576.32 2725.86 2725.86 2725.86

384.05 15887.84 2780.37 2780.37 2780.37

Even Analysis (all numbers in $ millions, unless otherwise stated)

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391.73 16205.60 2835.98 2835.98 2835.98

399.57 16529.71 2892.70 2892.70 2892.70

407.56 16860.31 2950.55 2950.55 2950.55

415.71 17197.51 3009.56 3009.56 3009.56

424.02 17541.46 3069.76 3069.76 3069.76

8/2/2019 Airbus Spreadsheet

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m = .38*l n=j-m

o = NPV($N$7:N

of current year)

Taxes Paid

After-tax Cash

Flow

Cumulative

Present Worth

0.00 0.00

-418.00 -682.00 ($614.19)

-845.50 -1754.50 ($2,037.16)

-858.80 -1991.20 ($3,491.53)

-872.10 -1977.90 ($4,792.56)

-539.60 -1030.40 ($5,402.95)

260.55 375.11 ($5,202.84)

356.05 580.92 ($4,923.73)

451.79 737.13 ($4,604.80)

631.37 1030.13 ($4,203.40)

643.99 1050.73 ($3,834.68)

656.87 1071.74 ($3,495.98)

670.01 1093.18 ($3,184.85)

683.41 1115.04 ($2,899.05)

697.08 1137.34 ($2,636.52)

711.02 1160.09 ($2,395.37)

725.24 1183.29 ($2,173.84)739.75 1206.96 ($1,970.36)

754.54 1231.10 ($1,783.43)

769.63 1255.72 ($1,611.73)

785.03 1280.83 ($1,454.00)

800.73 1306.45 ($1,309.12)

816.74 1332.58 ($1,176.03)

833.08 1359.23 ($1,053.77)

849.74 1386.41 ($941.47)

866.73 1414.14 ($838.31)

884.07 1442.42 ($743.55)

901.75 1471.27 ($656.51)919.78 1500.70 ($576.55)

938.18 1530.71 ($503.10)

956.94 1561.33 ($435.63)

976.08 1592.55 ($373.65)

995.60 1624.40 ($316.72)

1015.51 1656.89 ($264.42)

1035.82 1690.03 ($216.38)

1056.54 1723.83 ($172.26)

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1077.67 1758.31 ($131.72)

1099.23 1793.47 ($94.48)

1121.21 1829.34 ($60.28)

1143.63 1865.93 ($28.86)

1166.51 1903.25 ($0.00)

PW ($0.00)

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a b c d e=b+c+d f = (3.6/13)*e

Year R&D Investment

Capital

Expenditure Working Capital

Total

Development

Expenditure

Launch Aid

Deduction

2000

2001 -1100 0 0 -1100 -304.62

2002 -2200 -250 -150 -2600 -720.00

2003 -2200 -350 -300 -2850 -789.23

2004 -2200 -350 -300 -2850 -789.23

2005 -1320 -50 -200 -1570 -434.77

2006 -880 0 -50 -930 -257.54

2007 -660 0 0 -660 -182.77

2008 -440 0 0 -440 -121.85

2009

2010

2011

2012

2013

2014

2015

2016

20172018

2019

2020

2021

2022

2023

2024

2025

2026

2027

20282029

2030

2031

2032

2033

2034

2035

2036

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2037

2038

2039

2040

($2,691.73)

^ calculated as PW of Launch Aid / SUM (column i)

PW of Launch Aid

^ calculated as NPV(launch aid deduction)

Launch Repayment per Plane

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g

h=1/(1.0852^(a-

2000)) i=g*h

j = launch aid

repayment per

plane * g

k (includes

inflation) l = k*g

Number of

Planes

Delivered

Present Worth

Factor

# of Planes *

Present Worth

Factor

Launch Aid

Repayment Price per Plane Revenue

0 0

0 0

0 0

0 0

0 0

12 0.612267616 7.347211393 ($131.57) 216.26 2595.16

24 0.564197951 13.54075082 ($263.13) 220.59 5294.12

48 0.519902277 24.95530928 ($526.26) 225.00 10800.00

48 0.479084295 22.99604615 ($526.26) 229.50 11016.00

48 0.441470968 21.19060648 ($526.26) 234.09 11236.32

48 0.406810697 19.52691345 ($526.26) 238.77 11461.05

48 0.374871634 17.99383842 ($526.26) 243.55 11690.27

48 0.345440134 16.58112645 ($526.26) 248.42 11924.07

48 0.318319328 15.27932772 ($526.26) 253.39 12162.55

48 0.293327799 14.07973436 ($526.26) 258.45 12405.81

48 0.270298377 12.97432211 ($526.26) 263.62 12653.92

48 0.249077016 11.95569675 ($526.26) 268.90 12907.0048 0.229521762 11.01704455 ($526.26) 274.27 13165.14

48 0.211501808 10.15208676 ($526.26) 279.76 13428.44

48 0.194896616 9.355037562 ($526.26) 285.35 13697.01

48 0.179595112 8.62056539 ($526.26) 291.06 13970.95

48 0.165494943 7.943757271 ($526.26) 296.88 14250.37

48 302.82 14535.38

48 308.88 14826.09

48 315.05 15122.61

48 321.36 15425.06

48 327.78 15733.56

48 334.34 16048.2348 341.02 16369.20

48 347.85 16696.58

48 354.80 17030.51

48 361.90 17371.12

48 369.14 17718.54

48 376.52 18072.92

48 384.05 18434.37

48 391.73 18803.06

Table 3 - Launch Aid Removal/Repayment (all numbers in $ millions unless otherwise stated)

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48 399.57 19179.12

48 407.56 19562.71

48 415.71 19953.96

48 424.02 20353.04

Sum of Col i 245.5093749

($10.96)

^ calculated as SUM(column i)

8/2/2019 Airbus Spreadsheet

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m = .175*l n = e-f+j+m o p = b+m-o-f+j q = .38*p r=n-q

Operating

Income (17.5%

of Revenue) BTCF

Depreciation of

Capital

Expenditure Taxable Income Taxes Paid

After-tax Cash

Flow

0.00 0 0.00 0.00

0 -795.38 -795.38 -302.25 -493.14

0 -1880.00 25 -1505.00 -571.90 -1308.10

0 -2060.77 60 -1470.77 -558.89 -1501.88

0 -2060.77 95 -1505.77 -572.19 -1488.58

0 -1135.23 100 -985.23 -374.39 -760.84

454.15 -349.88 -299.88 -113.95 -235.92

926.47 186.11 186.11 70.72 115.39

1890.00 1045.58 1045.58 397.32 648.26

1927.80 1401.54 1401.54 532.58 868.95

1966.36 1440.09 1440.09 547.23 892.86

2005.68 1479.42 1479.42 562.18 917.24

2045.80 1519.53 1519.53 577.42 942.11

2086.71 1560.45 1560.45 592.97 967.48

2128.45 1602.18 1602.18 608.83 993.35

2171.02 1644.75 1644.75 625.01 1019.75

2214.44 1688.17 1688.17 641.51 1046.67

2258.72 1732.46 1732.46 658.33 1074.132303.90 1777.63 1777.63 675.50 1102.13

2349.98 1823.71 1823.71 693.01 1130.70

2396.98 1870.71 1870.71 710.87 1159.84

2444.92 1918.65 1918.65 729.09 1189.56

2493.81 1967.55 1967.55 747.67 1219.88

2543.69 2543.69 2543.69 966.60 1577.09

2594.56 2594.56 2594.56 985.93 1608.63

2646.46 2646.46 2646.46 1005.65 1640.80

2699.39 2699.39 2699.39 1025.77 1673.62

2753.37 2753.37 2753.37 1046.28 1707.09

2808.44 2808.44 2808.44 1067.21 1741.232864.61 2864.61 2864.61 1088.55 1776.06

2921.90 2921.90 2921.90 1110.32 1811.58

2980.34 2980.34 2980.34 1132.53 1847.81

3039.95 3039.95 3039.95 1155.18 1884.77

3100.75 3100.75 3100.75 1178.28 1922.46

3162.76 3162.76 3162.76 1201.85 1960.91

3226.02 3226.02 3226.02 1225.89 2000.13

3290.54 3290.54 3290.54 1250.40 2040.13

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3356.35 3356.35 3356.35 1275.41 2080.93

3423.47 3423.47 3423.47 1300.92 2122.55

3491.94 3491.94 3491.94 1326.94 2165.00

3561.78 3561.78 3561.78 1353.48 2208.30

PW $537.46

IRR 11.96%

$296.73

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Annual Number of

A3XX's Produced

Present Worth (in $

millions)

0 ($6,035.33)

5 ($5,305.88)10 ($4,576.44)

15 ($3,846.99)

20 ($3,117.55)

25 ($2,388.10)

30 ($1,658.65)

35 ($929.21)

40 ($199.76)

45 $529.69

50 $1,259.13

55 $1,988.58

60 $2,718.02

65 $3,447.47

70 $4,176.92

75 $4,906.36

80 $5,635.81

85 $6,365.26

90 $7,094.70

95 $7,824.15

100 $8,553.60

8/2/2019 Airbus Spreadsheet

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y = 1

($8,000.00)

($6,000.00)

($4,000.00)

($2,000.00)

$0.00

$2,000.00

$4,000.00

$6,000.00

$8,000.00

$10,000.00

0 20 40 60 80

PresentWorth($

millions)

Uniform Annual Number of A3XX Aircrafts Sold

Break-Even Analysis

Break-even Point:

6035.3/145.89 = 41.37

planes/year

8/2/2019 Airbus Spreadsheet

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5.89x - 6035.3

R = 1

100 120

8/2/2019 Airbus Spreadsheet

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a b c d e = b+c+d

f = GOALSEEK

function

Year R&D Investment

Capital

Expenditure Working Capital

Total

Development

Expenditure

Number of

Planes

Delivered

2000

2001 -1100 0 0 -1100 0

2002 -2200 -250 -150 -2600 0

2003 -2200 -350 -300 -2850 0

2004 -2200 -350 -300 -2850 0

2005 -1320 -50 -200 -1570 0

2006 -880 0 -50 -930 41.37

2007 -660 0 0 -660 41.37

2008 -440 0 0 -440 41.37

2009 41.37

2010 41.37

2011 41.37

2012 41.37

2013 41.37

2014 41.37

2015 41.37

2016 41.372017 41.37

2018 41.37

2019 41.37

2020 41.37

2021 41.37

2022 41.37

2023 41.37

2024 41.37

2025 41.37

2026 41.37

2027 41.372028 41.37

2029 41.37

2030 41.37

2031 41.37

2032 41.37

2033 41.37

2034 41.37

2035 41.37

all numbers are in millions (unless otherwise stated)

8/2/2019 Airbus Spreadsheet

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2036 41.37

2037 41.37

2038 41.37

2039 41.37

2040 41.37

8/2/2019 Airbus Spreadsheet

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g (includes

inflation) h = f*g i = .175*h j = e+i k l = b+i-k

Price per Plane Revenue

Operating

Income (17.5%

of Revenue) BTCF

Depreciation of

Capital

Expenditure Taxable Income

0 0

0 0 -1100.00 -1100.00

0 0 -2600.00 25 -2225.00

0 0 -2850.00 60 -2260.00

0 0 -2850.00 95 -2295.00

0 0 -1570.00 100 -1420.00

216.26 8946.64 1565.66 635.66 685.66

220.59 9125.57 1596.98 936.98 936.98

225.00 9308.08 1628.91 1188.91 1188.91

229.50 9494.25 1661.49 1661.49 1661.49

234.09 9684.13 1694.72 1694.72 1694.72

238.77 9877.81 1728.62 1728.62 1728.62

243.55 10075.37 1763.19 1763.19 1763.19

248.42 10276.88 1798.45 1798.45 1798.45

253.39 10482.41 1834.42 1834.42 1834.42

258.45 10692.06 1871.11 1871.11 1871.11

263.62 10905.90 1908.53 1908.53 1908.53268.90 11124.02 1946.70 1946.70 1946.70

274.27 11346.50 1985.64 1985.64 1985.64

279.76 11573.43 2025.35 2025.35 2025.35

285.35 11804.90 2065.86 2065.86 2065.86

291.06 12041.00 2107.17 2107.17 2107.17

296.88 12281.82 2149.32 2149.32 2149.32

302.82 12527.45 2192.30 2192.30 2192.30

308.88 12778.00 2236.15 2236.15 2236.15

315.05 13033.56 2280.87 2280.87 2280.87

321.36 13294.24 2326.49 2326.49 2326.49

327.78 13560.12 2373.02 2373.02 2373.02334.34 13831.32 2420.48 2420.48 2420.48

341.02 14107.95 2468.89 2468.89 2468.89

347.85 14390.11 2518.27 2518.27 2518.27

354.80 14677.91 2568.63 2568.63 2568.63

361.90 14971.47 2620.01 2620.01 2620.01

369.14 15270.90 2672.41 2672.41 2672.41

376.52 15576.32 2725.86 2725.86 2725.86

384.05 15887.84 2780.37 2780.37 2780.37

8/2/2019 Airbus Spreadsheet

25/27

391.73 16205.60 2835.98 2835.98 2835.98

399.57 16529.71 2892.70 2892.70 2892.70

407.56 16860.31 2950.55 2950.55 2950.55

415.71 17197.51 3009.56 3009.56 3009.56

424.02 17541.46 3069.76 3069.76 3069.76

8/2/2019 Airbus Spreadsheet

26/27

m = .38*l n=j-m

o = NPV($N$7:N

of current year)

Taxes Paid

After-tax Cash

Flow

Cumulative

Present Worth

0.00 0.00

-418.00 -682.00 ($614.19)

-845.50 -1754.50 ($2,037.16)

-858.80 -1991.20 ($3,491.53)

-872.10 -1977.90 ($4,792.56)

-539.60 -1030.40 ($5,402.95)

260.55 375.11 ($5,202.84)

356.05 580.92 ($4,923.73)

451.79 737.13 ($4,604.80)

631.37 1030.13 ($4,203.40)

643.99 1050.73 ($3,834.68)

656.87 1071.74 ($3,495.98)

670.01 1093.18 ($3,184.85)

683.41 1115.04 ($2,899.05)

697.08 1137.34 ($2,636.52)

711.02 1160.09 ($2,395.37)

725.24 1183.29 ($2,173.84)739.75 1206.96 ($1,970.36)

754.54 1231.10 ($1,783.43)

769.63 1255.72 ($1,611.73)

785.03 1280.83 ($1,454.00)

800.73 1306.45 ($1,309.12)

816.74 1332.58 ($1,176.03)

833.08 1359.23 ($1,053.77)

849.74 1386.41 ($941.47)

866.73 1414.14 ($838.31)

884.07 1442.42 ($743.55)

901.75 1471.27 ($656.51)919.78 1500.70 ($576.55)

938.18 1530.71 ($503.10)

956.94 1561.33 ($435.63)

976.08 1592.55 ($373.65)

995.60 1624.40 ($316.72)

1015.51 1656.89 ($264.42)

1035.82 1690.03 ($216.38)

1056.54 1723.83 ($172.26)

8/2/2019 Airbus Spreadsheet

27/27

1077.67 1758.31 ($131.72)

1099.23 1793.47 ($94.48)

1121.21 1829.34 ($60.28)

1143.63 1865.93 ($28.86)

1166.51 1903.25 ($0.00)

PW ($0.00)