Installed cost of new asset Cost of new asset Installation costs Total cost of new asset...

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Installed cost of new asset Cost of new asset Installation costs Total cost of new asset After tax proceeds from sale of old asset Proceeds from sale of old asset Tax on sale of old asset Total proceeds, sale of old asset Change in working capital Initial Investment (b) Year Profits before Depreciation and Taxes Net Profits Calculation of Operating Cash Inflows for Holst A Depreciation Taxes Net Profits before Taxes after taxes Holst A 1 2 3 4 5 6 Calculation of Operating Cash Inflows for Holst B Net Profits before Taxes Taxes Year Profits before Depreciation and Taxes Depreciation Holst B 1 3 4 5 6 Net Profits after taxes Operating Cash Inflows Operating Cash inflows Installed cost of new asset Cost of new asset Installation costs Total cost of new asset After tax proceeds from sale of old asset Proceeds from sale of old asset Tax on sale of old asset Total proceeds, sale of old asset Change in working capital Initial Investment (b) Year Profits before Depreciation and Taxes Net Profits Calculation of Operating Cash Inflows for Holst A Depreciation Taxes Net Profits before Taxes after taxes Holst A 1 2 3 4 5 6 Calculation of Operating Cash Inflows for Holst B Net Profits before Taxes Taxes Year Profits before Depreciation and Taxes Depreciation Holst B 1 3 4 5 6 Net Profits after taxes Operating Cash Inflows Operating Cash inflows