Calculate FCFs (to the Firm) for the years 2013 - 2017, assuming depreciation and investment cancel each other out. That is: depreciation=investment in WC + investment in CAPEX.

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You are the CFO of New Horizons, a travel agency. You have prepared the following estimations regarding future income statements (numbers in € million) Sales EBIT Int. expense Tax @ 40% Net Income 2013 345,2 73,9 2,9 28,4 42,6 2014 367,3 75,7 3,7 28,8 43,2 2015 386,4 77,7 4,1 29,4 44,2 2016 413,8 89,8 5,5 33,7 50,6 2017 438,7 97,8 6,5 36,5 54,8 You are the CFO of New Horizons, a travel agency. You have prepared the following estimations regarding future income statements (numbers in € million) Sales EBIT Int. expense Tax @ 40% Net Income 2013 345,2 73,9 2,9 28,4 42,6 2014 367,3 75,7 3,7 28,8 43,2 2015 386,4 77,7 4,1 29,4 44,2 2016 413,8 89,8 5,5 33,7 50,6 2017 438,7 97,8 6,5 36,5 54,8

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To calculate the Free Cash Flows FCFs to the Firm for the years 20132017 we need to consider the cha... View the full answer