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• Paco Colín

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Conway Useful life on rehabilitation Book value now Rehabilitation costs Salvage value Crew size Cost of spare parts Rehabilitation costs when spare parts are used Salvage value of spare parts Annual operating costs

20 years 39,500 115,000 25,000 20 43,500 71,500 30,000 203,150

Diesel boat Cost of Diesel Boat Hull (25yr) Enginge (10yr) Basic parts inventory Life of Diesel Boat Overhaul costs every 10 years Annual operating costs Salvage value at end of 20 years Salvage value of inventory at end of 20 years

325,000 265,000 60,000 75,000 25 years 60,000 156,640 32,500 37,500

Hurdle rate Tax rate

10% 48%

Y 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

a) Sell the boat and parts NPV 68,440 Income

D&A (28,000)

Tax Shield CAPEX CF 0 (13,440) 0 68,440

b)Repair and sell new spares NPV -946,308 Y Income D&A 0 (13,500) 1 (7,725) 2 (7,725) 3 (7,725) 4 (7,725) 5 (7,725) 6 (7,725) 7 (7,725) 8 (7,725) 9 (7,725) 10 (7,725) 11 (7,725) 12 (7,725) 13 (7,725) 14 (7,725) 15 (7,725) 16 (7,725) 17 (7,725) 18 (7,725) 19 (7,725) 20 (7,725)

sell new spares

Opex

Tax Shield CAPEX (6,480) 115,000 (203,150) (101,220) (203,150) (101,220) (203,150) (101,220) (203,150) (101,220) (203,150) (101,220) (203,150) (101,220) (203,150) (101,220) (203,150) (101,220) (203,150) (101,220) (203,150) (101,220) (203,150) (101,220) (203,150) (101,220) (203,150) (101,220) (203,150) (101,220) (203,150) (101,220) (203,150) (101,220) (203,150) (101,220) (203,150) (101,220) (203,150) (101,220) (203,150) (101,220)

c)Repair and use new spares NPV -939,288 CF (78,520) (101,930) (101,930) (101,930) (101,930) (101,930) (101,930) (101,930) (101,930) (101,930) (101,930) (101,930) (101,930) (101,930) (101,930) (101,930) (101,930) (101,930) (101,930) (101,930) (101,930)

Y Income 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

D&A (7,725) (7,725) (7,725) (7,725) (7,725) (7,725) (7,725) (7,725) (7,725) (7,725) (7,725) (7,725) (7,725) (7,725) (7,725) (7,725) (7,725) (7,725) (7,725) (7,725)

Opex (203,150) (203,150) (203,150) (203,150) (203,150) (203,150) (203,150) (203,150) (203,150) (203,150) (203,150) (203,150) (203,150) (203,150) (203,150) (203,150) (203,150) (203,150) (203,150) (203,150)

Direct method ###

Tax Shield CAPEX CF 71,500 (71,500) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930) (101,220) (101,930)

d)Purchase diesel boat and sell Conway NPV -957,788 Y Income D&A Opex 0 1 (19,600) (156,640) 2 (19,600) (156,640) 3 (19,600) (156,640) 4 (19,600) (156,640) 5 (19,600) (156,640) 6 (19,600) (156,640) 7 (19,600) (156,640) 8 (19,600) (156,640) 9 (19,600) (156,640) 10 (19,600) (156,640) 11 (19,600) (156,640) 12 (19,600) (156,640) 13 (19,600) (156,640) 14 (19,600) (156,640) 15 (19,600) (156,640) 16 (19,600) (156,640) 17 (19,600) (156,640) 18 (19,600) (156,640) 19 (19,600) (156,640) 20 2,000 (19,600) (156,640) 20500 9,840 42,340

and sell Conway

Direct method (72,044.8) Cross over rate

Tax Shield CAPEX CF 400,000 (400,000) (84,595) (72,045) (84,595) (72,045) (84,595) (72,045) (84,595) (72,045) (84,595) (72,045) (84,595) (72,045) (84,595) (72,045) (84,595) (72,045) (84,595) (72,045) (84,595) 60,000 (132,045) (84,595) (72,045) (84,595) (72,045) (84,595) (72,045) (84,595) (72,045) (84,595) (72,045) (84,595) (72,045) (84,595) (72,045) (84,595) (72,045) (84,595) (72,045) (83,635) (3,005)

Compare projects (260,060) 29,885 29,885 29,885 29,885 29,885 29,885 29,885 29,885 29,885 (30,115) 29,885 29,885 29,885 29,885 29,885 29,885 29,885 29,885 29,885 98,925

9%

($800,000) 7.50% ($850,000) ($900,000) ($950,000) ($1,000,000) ($1,050,000) ($1,100,000) ($1,150,000)

8.00

Rate sensibility Comway Diesel Depende la tasa el proyecto q haces 7.50% -$1,110,625 -$1,078,879 Diesel 8.00% -$1,072,264 -$1,051,886 Diesel 8.50% -$1,036,098 -$1,026,376 Diesel 8.99% -$1,002,922 -$1,002,922 Same 9.5% -$969,746 -$979,416 Comway 10.0% -$939,288 -$957,788 Comway 10.5% -$910,477 -$937,289 Comway 11.0% -$883,202 -$917,844 Comway 11.5% -$857,362 -$899,387 Comway 12.0% -$832,860 -$881,856 Comway

Chart Title ($800,000) 7.50% ($850,000)

8.00%

8.50%

8.99%

9.50% 10.00% 10.50% 11.00% 11.50% 12.00%

($900,000) ($950,000) ($1,000,000) ($1,050,000) ($1,100,000) ($1,150,000) Comway

Diesel

royecto q haces

50% 12.00%