EBIT
		0	1	2	3	4	5	6	7	8	9	10
	CAPEX	12.000.000
	Operating costs
	Maintanance cost		10.000	10.250	10.506	10.769	11.038	11.314	11.597	11.887	12.184	12.489
	Project benefits
	Electricity production		825.389	883.166	944.988	1.011.137	1.081.917	1.157.651	1.238.686	1.325.395	1.418.172	1.517.444
	Accounting profit
	Revenue		825.389	883.166	944.988	1.011.137	1.081.917	1.157.651	1.238.686	1.325.395	1.418.172	1.517.444
	Depreciation		1.200.000	1.200.000	1.200.000	1.200.000	1.200.000	1.200.000	1.200.000	1.200.000	1.200.000	1.200.000
	Operating costs		10.000	10.250	10.506	10.769	11.038	11.314	11.597	11.887	12.184	12.489
A	EBIT		(384.611)	(327.084)	(265.518)	(199.632)	(129.121)	(53.663)	27.090	113.508	205.988	304.956
B	EBITDA		815.389	872.916	934.482	1.000.368	1.070.879	1.146.337	1.227.090	1.313.508	1.405.988	1.504.956
	Tax depreciation		2.400.000	2.400.000	2.400.000	2.400.000	2.400.000
	Taxable earnings		(1.584.611)	(1.527.084)	(1.465.518)	(1.399.632)	(1.329.121)	1.146.337	1.227.090	1.313.508	1.405.988	1.504.956
	Taxes		(475.383)	(458.125)	(439.655)	(419.890)	(398.736)	343.901	368.127	394.052	421.796	451.487
C	Cashflows	(12.000.000)	1.290.772	1.331.041	1.374.137	1.420.258	1.469.615	802.436	858.963	919.455	984.192	1.053.469
	PV	(12.000.000)	1.195.160	1.141.153	1.090.834	1.043.932	1.000.195	505.671	501.196	496.753	492.341	487.960
D	NPV	(4.044.804)
Scenario figures±
Warehouse	OUTSOURCED: Supply and installation	Insourced: installation costs
North	€                        5.000.000	€                225.000
South	€                        7.000.000	€                175.000
North & South	€                      12.000.000	€                400.000
Project	Usage kWh	Purchase cost	Yearly cost
North	12.000.000	€                       0,17	2.040.000
South	10.000.000	€                       0,16	1.600.000
Project	Solar system size:	Total capacity	Sun exposure: Average	Daily production kWh	Yearly production kWh	Savings Y1
North	6.000	1.020	8,9	9.078	3.313.470	563.290
South	4.000	680	6,6	4.488	1.638.120	262.099
Total	10.000	1.700		13.566	4.951.590	825.389
Solar-generated electricity kWh	North	South	Example
CO2 emissions factor			100.000
CO2 emissions (kg CO2) saved	0,87	1,17	0,87
CO2 emissions (tonnes CO2) saved			87.000
			87
Outsourced numerical assumptions:
Purchase price solar panel	$                              750,00	per panel	Only at INSOURCED
Usefull life solar panel accounting	10	the
Usefull life solar panel taks	5	the
Use solar panels	365	days p/y
Depreciation accounting	$                                75,00
Depreciation taks	$                              150,00	by hand
Maintenance solar panel	$                                  1,00
Please note: maintenance costs must increase annually with inflation
Annual inflation	2,5%	p/y
Electricity inflation	7%
Let op: 7% including purchase cost credits
Hurdle (discount) rate	8%
Tax rate	30%
Textual assumptions outsourced:
CAPEX takes place in Y0, operation of solar panels and depreciation from Y1
After 10 years, the solar panels will be removed free of charge
Cash Flow at the beginning of the year
There is no deferred tax asset; taxable loss = positive tax effect on CF in the relevant year
Own assumptions±
Incremental increase in revenue
WACC? -> can also be hurdle rate of 8%

2. For the outsourced alternative for Warehouse North, calculate: a. EBIT b. EBITDA c. Relevant cash flows for the discounted cash flow model d. NPV of the relevant cash flows

Give the answer including the calculation for question of this case? Is tried to answer this with the scenario figures and assumptions.