Appendix I
Base Case Analysis of Park Hill Acres Without Superstore
WACC 15%
Sales Growth Rate 4%
Cost of Good Sold 75.30%
Salary Costs 11.90%
Employee Benefits 25%
Other Employee Costs 0.55%
Base Rent 97,900
% Rent 0.00%
Advertising 0.90%
Utilities Inflation 6.00%
Other Expenses 2.00%
Base Case Sales 19,500,000
Sales Erosion Factor 0.00
Incremental Sales % 1
MACRS % 20.00% 32.00% 19.20% 11.52% 11.52% 5.76%
Leashold Improvements
Equipment Costs 0
Inventory Turnover 11
Existing Inventory 1,335
Year
12345678910 11 12 13 14 15 16 17
Sales 19,500 20,280 21,091 21,935 22,812 23,725 24,674 25,661 26,687 27,755 28,865 30,019 31,220 32,469 33,768 35,118 36,523
Cost of Goods Sold 14,684 15,271 15,882 16,517 17,178 17,865 18,579 19,322 20,095 20,899 21,735 22,605 23,509 24,449 25,427 26,444 27,502
Gross Profit 4,817 5,009 5,210 5,418 5,635 5,860 6,094 6,338 6,592 6,855 7,130 7,415 7,711 8,020 8,341 8,674 9,021
Salaries 2,321 2,413 2,510 2,610 2,715 2,823 2,936 3,054 3,176 3,303 3,435 3,572 3,715 3,864 4,018 4,179 4,346
Other Employee Costs 107 112 116 121 125 130 136 141 147 153 159 165 172 179 186 193 201
Employee Benefits 580 603 627 653 679 706 734 763 794 826 859 893 929 966 1,005 1,045 1,087
Advertising 176 183 190 197 205 214 222 231 240 250 260 270 281 292 304 316 329
Rent 98 102 106 110 115 119 124 129 134 139 145 151 157 163 170 176 183
Building Costs:
Building Maintenance 24 25 26 27 28 29 30 32 33 34 36 37 38 40 42 43 45
Common Area Maintenance 25 26 27 28 29 30 32 33 34 36 37 38 40 42 43 45 47
Building Insurance 2 2 2 2 2 3 3 3 3 3 3 3 3 3 4 4 4
Real Estate Taxes 34 35 37 38 40 41 43 45 47 48 50 52 54 57 59 61 64
Building Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Building Costs 85 89 92 96 100 104 108 112 116 121 126 131 136 142 147 153 159
Utilities 143 151 160 170 180 191 202 214 227 241 255 271 287 304 322 342 362
Equipment Costs:
Equipment Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Equipment Maintneance 48 50 52 54 56 58 61 63 66 68 71 74 77 80 83 86 90
Other Equipment Costs 23 24 25 26 27 28 29 30 31 33 34 35 37 38 40 41 43
Total Equipment Costs 71 74 77 80 83 86 90 93 97 101 105 109 114 118 123 128 133
Other Expenses 390 406 422 439 456 474 493 513 534 555 577 600 624 649 675 702 730
Profit From Operations 847 878 910 943 977 1,013 1,049 1,087 1,127 1,167 1,209 1,252 1,297 1,343 1,391 1,440 1,491
Taxes 322 334 346 358 371 385 399 413 428 443 459 476 493 510 528 547 566
Net Profit After Taxes 525 544 564 585 606 628 651 674 698 724 750 776 804 833 862 893 924
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Yearly Inventory 1,335 1,388 1,444 1,502 1,562 1,624 1,689 1,757 1,827 1,900 1,976 2,055 2,137 2,223 2,312 2,404 2,500
Inventory Investment 0 -53 -56 -58 -60 -62 -65 -68 -70 -73 -76 -79 -82 -85 -89 -92 -96
Leasehold Improvements 0
Equipment Costs 0
Residual Value
Free Cash Flow Without Superstore 0 525 491 508 527 546 565 586 607 628 651 674 697 722 747 773 800 828
NPV $3,492
IRR #NUM!
Appendix II
Base Case Analysis of Park Hill Acres Superstore
WACC 15%
Sales Growth Rate 4%
Cost of Good Sold 74.20%
Salary Costs 11.80%
Employee Benefits 25%
Other Employee Costs 0.50%
Base Rent $234,960
% Rent 0.00%
Advertising 0.90%
Utilities Inflation 6.00%
Other Expenses 2.00%
Base Case Sales 48,750,000
Sales Erosion Factor 0.00
Incremental Sales % 1
MACRS % 20.00% 32.00% 19.20% 11.52% 11.52% 5.76%
Leashold Improvements 3,500,000
Equipment Costs 4,500,000
Inventory Turnover 11
Existing Inventory 1,335
Year
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Sales 48,750 50,700 52,728 54,837 57,031 59,312 61,684 64,152 66,718 69,386 72,162 75,048 78,050 81,172 84,419 87,796 91,308
Cost of Goods Sold 36,173 37,619 39,124 40,689 42,317 44,009 45,770 47,601 49,505 51,485 53,544 55,686 57,913 60,230 62,639 65,145 67,750
Gross Profit 12,578 13,081 13,604 14,148 14,714 15,302 15,915 16,551 17,213 17,902 18,618 19,362 20,137 20,942 21,780 22,651 23,557
Salaries 5,753 5,983 6,222 6,471 6,730 6,999 7,279 7,570 7,873 8,188 8,515 8,856 9,210 9,578 9,961 10,360 10,774
Other Employee Costs 244 254 264 274 285 297 308 321 334 347 361 375 390 406 422 439 457
Employee Benefits 1,438 1,496 1,555 1,618 1,682 1,750 1,820 1,892 1,968 2,047 2,129 2,214 2,302 2,395 2,490 2,590 2,694
Advertising 439 456 475 494 513 534 555 577 600 624 649 675 702 731 760 790 822
Rent 235 244 254 264 275 286 297 309 322 334 348 362 376 391 407 423 440
Building Costs:
Building Maintenance 60 62 65 67 70 73 76 79 82 85 89 92 96 100 104 108 112
Common Area Maintenance 63 65 68 70 73 76 79 82 86 89 93 96 100 104 108 113 117
Building Insurance 7 7 7 7 8 8 8 9 9 9 10 10 10 11 11 12 12
Real Estate Taxes 75 78 81 84 88 91 95 99 103 107 111 115 120 125 130 135 140
Building Depreciation 206 206 206 206 206 206 206 206 206 206 206 206 206 206 206 206 206
Total Building Costs 410 418 427 435 445 454 464 474 485 496 508 520 532 546 559 573 588
Utilities 300 318 337 357 379 401 426 451 478 507 537 569 604 640 678 719 762
Equipment Costs:
Equipment Depreciation 900 1,440 864 518 518 259 0 0 0 0 0 0 0 0 0 0 0
Equipment Maintneance 63 65 68 70 73 76 79 82 86 89 93 96 100 104 108 113 117
Other Equipment Costs 31 32 34 35 36 38 39 41 42 44 46 48 50 52 54 56 58
Total Equipment Costs 994 1,537 965 624 628 373 118 123 128 133 138 144 150 156 162 168 175
Other Expenses 975 1,014 1,055 1,097 1,141 1,186 1,234 1,283 1,334 1,388 1,443 1,501 1,561 1,623 1,688 1,756 1,826
Profit From Operations 1,791 1,361 2,051 2,515 2,637 3,023 3,414 3,550 3,691 3,837 3,989 4,146 4,309 4,477 4,652 4,833 5,020
Taxes 681 517 779 956 1,002 1,149 1,297 1,349 1,403 1,458 1,516 1,576 1,637 1,701 1,768 1,836 1,908
Net Profit After Taxes 1,110 844 1,272 1,559 1,635 1,874 2,116 2,201 2,289 2,379 2,473 2,571 2,671 2,776 2,884 2,996 3,112
Depreciation 1,106 1,646 1,070 724 724 465 206 206 206 206 206 206 206 206 206 206 206
Yearly Inventory 3,288 3,420 3,557 3,699 3,847 4,001 4,161 4,327 4,500 4,680 4,868 5,062 5,265 5,475 5,694 5,922 6,159
Inventory Investment -1,953 -132 -137 -142 -148 -154 -160 -166 -173 -180 -187 -195 -202 -211 -219 -228 -237
Leasehold Improvements 3500
Equipment Costs 4500
Residual Value
Free Cash Flow With Superstore -8000 263 2,358 2,205 2,141 2,211 2,185 2,162 2,240 2,321 2,405 2,492 2,582 2,675 2,771 2,871 2,974 3,081
Incremental FCF with Superstore -8000 -262 1,867 1,696 1,614 1,665 1,620 1,577 1,634 1,693 1,755 1,818 1,884 1,953 2,024 2,098 2,174 2,253
NPV $838
IRR 16.65%
Appendix III
Base Case Analysis of Park Hill Acres Superstore
With 30% Sales Erosion
WACC 15%
Sales Growth Rate 4%
Cost of Good Sold 74.20%
Salary Costs 11.80%
Employee Benefits 25%
Other Employee Costs 0.50%
Base Rent $234,960
% Rent 0.00%
Advertising 0.90%
Utilities Inflation 6.00%
Other Expenses 2.00%
Base Case Sales 43,980,000
Sales Erosion Factor 0.30
Webster Store Sales 15,900,000
Incremental Sales % 1
MACRS % 20.00% 32.00% 19.20% 11.52% 11.52% 5.76%
Leashold Improvements 3,500,000
Equipment Costs 4,500,000
Inventory Turnover 11
Existing Inventory 1,335
Year
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Sales 43,980 45,739 47,569 49,472 51,450 53,508 55,649 57,875 60,190 62,597 65,101 67,705 70,413 73,230 76,159 79,205 82,374
Cost of Goods Sold 32,633 33,938 35,296 36,708 38,176 39,703 41,291 42,943 44,661 46,447 48,305 50,237 52,247 54,337 56,510 58,770 61,121
Gross Profit 11,347 11,801 12,273 12,764 13,274 13,805 14,357 14,932 15,529 16,150 16,796 17,468 18,167 18,893 19,649 20,435 21,252
Salaries 5,190 5,397 5,613 5,838 6,071 6,314 6,567 6,829 7,102 7,386 7,682 7,989 8,309 8,641 8,987 9,346 9,720
Other Employee Costs 220 229 238 247 257 268 278 289 301 313 326 339 352 366 381 396 412
Employee Benefits 1,297 1,349 1,403 1,459 1,518 1,578 1,642 1,707 1,776 1,847 1,920 1,997 2,077 2,160 2,247 2,337 2,430
Advertising 396 412 428 445 463 482 501 521 542 563 586 609 634 659 685 713 741
Rent 235 244 254 264 275 286 297 309 322 334 348 362 376 391 407 423 440
Building Costs:
Building Maintenance 60 62 65 67 70 73 76 79 82 85 89 92 96 100 104 108 112
Common Area Maintenance 63 65 68 70 73 76 79 82 86 89 93 96 100 104 108 113 117
Building Insurance 7 7 7 7 8 8 8 9 9 9 10 10 10 11 11 12 12
Real Estate Taxes 75 78 81 84 88 91 95 99 103 107 111 115 120 125 130 135 140
Building Depreciation 206 206 206 206 206 206 206 206 206 206 206 206 206 206 206 206 206
Total Building Costs 410 418 427 435 445 454 464 474 485 496 508 520 532 546 559 573 588
Utilities 300 318 337 357 379 401 426 451 478 507 537 569 604 640 678 719 762
Equipment Costs:
Equipment Depreciation 900 1,440 864 518 518 259 0 0 0 0 0 0 0 0 0 0 0
Equipment Maintneance 63 65 68 70 73 76 79 82 86 89 93 96 100 104 108 113 117
Other Equipment Costs 31 32 34 35 36 38 39 41 42 44 46 48 50 52 54 56 58
Total Equipment Costs 994 1,537 965 624 628 373 118 123 128 133 138 144 150 156 162 168 175
Other Expenses 880 915 951 989 1,029 1,070 1,113 1,157 1,204 1,252 1,302 1,354 1,408 1,465 1,523 1,584 1,647
Profit From Operations 1,426 981 1,656 2,104 2,210 2,579 2,952 3,070 3,192 3,318 3,449 3,584 3,725 3,870 4,020 4,175 4,336
Taxes 542 373 629 800 840 980 1,122 1,167 1,213 1,261 1,311 1,362 1,415 1,471 1,528 1,587 1,648
Net Profit After Taxes 884 608 1,027 1,305 1,370 1,599 1,830 1,903 1,979 2,057 2,138 2,222 2,309 2,399 2,492 2,589 2,689
Depreciation 1,106 1,646 1,070 724 724 465 206 206 206 206 206 206 206 206 206 206 206
Yearly Inventory 2,967 3,085 3,209 3,337 3,471 3,609 3,754 3,904 4,060 4,222 4,391 4,567 4,750 4,940 5,137 5,343 5,556
Inventory Investment -1,632 -119 -123 -128 -133 -139 -144 -150 -156 -162 -169 -176 -183 -190 -198 -205 -214
Leasehold Improvements 3500
Equipment Costs 4500
Residual Value
Free Cash Flow with Superstore -8000 358 2,136 1,973 1,900 1,961 1,925 1,892 1,959 2,029 2,101 2,175 2,253 2,332 2,415 2,501 2,589 2,681
Incremental FCF with Superstore -8000 -166 1,645 1,465 1,374 1,415 1,360 1,306 1,352 1,400 1,450 1,502 1,555 1,611 1,668 1,727 1,789 1,853
NPV ($485)
IRR 13.99%
Microsoft Excel 11.0 Answer Report
Worksheet: [County Line Store Remodel Revised.xls]Appendix IV
Report Created: 5/26/2008 10:34:45 PM
Target Cell (Value Of)
Cell Name Original Value Final Value
$B$63 NPV $574 $0
Adjustable Cells
Cell Name Original Value Final Value
$C$18 Sales Erosion Factor 0.06 0.19
Constraints
NONE
Appendix IV
Maximum Sales Erosion Park Hill Acres Superstore
WACC 15%
Sales Growth Rate 4%
Cost of Good Sold 74.20%
Salary Costs 11.80%
Employee Benefits 25%
Other Employee Costs 0.50%
Base Rent $234,960
% Rent 0.00%
Advertising 0.90%
Utilities Inflation 6.00%
Other Expenses 2.00%
Base Case Sales 45,729,000
Sales Erosion Factor 0.19
Webster Street Store 15,900,000
Incremental Sales % 1
MACRS % 20.00% 32.00% 19.20% 11.52% 11.52% 5.76%
Leashold Improvements 3,500,000
Equipment Costs 4,500,000
Inventory Turnover 11
Existing Inventory 1,335
Year
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Sales 45,729 47,558 49,460 51,439 53,496 55,636 57,862 60,176 62,583 65,087 67,690 70,398 73,214 76,142 79,188 82,355 85,650
Cost of Goods Sold 33,931 35,288 36,700 38,168 39,694 41,282 42,933 44,651 46,437 48,294 50,226 52,235 54,324 56,497 58,757 61,108 63,552
Gross Profit 11,798 12,270 12,761 13,271 13,802 14,354 14,928 15,525 16,146 16,792 17,464 18,163 18,889 19,645 20,430 21,248 22,098
Salaries 5,396 5,612 5,836 6,070 6,313 6,565 6,828 7,101 7,385 7,680 7,987 8,307 8,639 8,985 9,344 9,718 10,107
Other Employee Costs 229 238 247 257 267 278 289 301 313 325 338 352 366 381 396 412 428
Employee Benefits 1,349 1,403 1,459 1,517 1,578 1,641 1,707 1,775 1,846 1,920 1,997 2,077 2,160 2,246 2,336 2,429 2,527
Advertising 412 428 445 463 481 501 521 542 563 586 609 634 659 685 713 741 771
Rent 235 244 254 264 275 286 297 309 322 334 348 362 376 391 407 423 440
Building Costs:
Building Maintenance 60 62 65 67 70 73 76 79 82 85 89 92 96 100 104 108 112
Common Area Maintenance 63 65 68 70 73 76 79 82 86 89 93 96 100 104 108 113 117
Building Insurance 7 7 7 7 8 8 8 9 9 9 10 10 10 11 11 12 12
Real Estate Taxes 75 78 81 84 88 91 95 99 103 107 111 115 120 125 130 135 140
Building Depreciation 206 206 206 206 206 206 206 206 206 206 206 206 206 206 206 206 206
Total Building Costs 410 418 427 435 445 454 464 474 485 496 508 520 532 546 559 573 588
Utilities 300 318 337 357 379 401 426 451 478 507 537 569 604 640 678 719 762
Equipment Costs:
Equipment Depreciation 900 1,440 864 518 518 259 0 0 0 0 0 0 0 0 0 0 0
Equipment Maintneance 63 65 68 70 73 76 79 82 86 89 93 96 100 104 108 113 117
Other Equipment Costs 31 32 34 35 36 38 39 41 42 44 46 48 50 52 54 56 58
Total Equipment Costs 994 1,537 965 624 628 373 118 123 128 133 138 144 150 156 162 168 175
Other Expenses 915 951 989 1,029 1,070 1,113 1,157 1,204 1,252 1,302 1,354 1,408 1,464 1,523 1,584 1,647 1,713
Profit From Operations 1,560 1,121 1,801 2,255 2,367 2,742 3,121 3,246 3,375 3,509 3,647 3,790 3,939 4,093 4,252 4,416 4,587
Taxes 593 426 684 857 899 1,042 1,186 1,233 1,282 1,333 1,386 1,440 1,497 1,555 1,616 1,678 1,743
Net Profit After Taxes 967 695 1,117 1,398 1,467 1,700 1,935 2,012 2,092 2,175 2,261 2,350 2,442 2,537 2,636 2,738 2,844
Depreciation 1,106 1,646 1,070 724 724 465 206 206 206 206 206 206 206 206 206 206 206
Yearly Inventory 3,085 3,208 3,336 3,470 3,609 3,753 3,903 4,059 4,222 4,390 4,566 4,749 4,939 5,136 5,342 5,555 5,777
Inventory Investment -1,750 -123 -128 -133 -139 -144 -150 -156 -162 -169 -176 -183 -190 -198 -205 -214 -222
Leasehold Improvements 3500
Equipment Costs 4500
Residual Value
Free Cash Flow With Superstore -8000 323 2,217 2,058 1,989 2,053 2,021 1,991 2,062 2,136 2,212 2,291 2,373 2,458 2,546 2,636 2,730 2,828
Incremental FCF with Superstore -8000 -201 1,726 1,550 1,462 1,507 1,455 1,405 1,456 1,508 1,562 1,618 1,676 1,736 1,799 1,863 1,930 2,000
NPV $0
IRR 15.00%
Appendix V
Base Case Analysis of Webster Street Store (Business as Usual)
WACC 15%
Sales Growth Rate 4%
Cost of Good Sold 75.90%
Salary Costs 12.10%
Employee Benefits 25%
Other Employee Costs 0.60%
Base Rent $79,400
% Rent 0.00%
Advertising 1.00%
Utilities Inflation 6.00%
Other Expenses 2.00%
Base Case Sales 15,900,000
Sales Erosion Factor 0.00
Incremental Sales % 1
MACRS % 20.00% 32.00% 19.20% 11.52% 11.52% 5.76%
Leashold Improvements 0
Equipment Costs 0
Inventory Turnover 11
Existing Inventory 1,097
Year
12345678910 11 12 13 14 15 16 17
Sales 15,900 16,536 17,197 17,885 18,601 19,345 20,119 20,923 21,760 22,631 23,536 24,477 25,456 26,475 27,534 28,635 29,780
Cost of Goods Sold 12,068 12,551 13,053 13,575 14,118 14,683 15,270 15,881 16,516 17,177 17,864 18,578 19,321 20,094 20,898 21,734 22,603
Gross Profit 3,832 3,985 4,145 4,310 4,483 4,662 4,849 5,043 5,244 5,454 5,672 5,899 6,135 6,380 6,636 6,901 7,177
Salaries 1,924 2,001 2,081 2,164 2,251 2,341 2,434 2,532 2,633 2,738 2,848 2,962 3,080 3,203 3,332 3,465 3,603
Other Employee Costs 95 99 103 107 112 116 121 126 131 136 141 147 153 159 165 172 179
Employee Benefits 481 500 520 541 563 585 609 633 658 685 712 740 770 801 833 866 901
Advertising 159 165 172 179 186 193 201 209 218 226 235 245 255 265 275 286 298
Rent 79 83 86 89 93 97 100 104 109 113 118 122 127 132 137 143 149
Building Costs:
Building Maintenance 21 22 23 24 25 26 27 28 29 30 31 32 34 35 36 38 39
Common Area Maintenance 23 23 24 25 26 27 28 30 31 32 33 35 36 37 39 41 42
Building Insurance 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 4
Real Estate Taxes 27 28 29 30 31 33 34 35 37 38 40 41 43 45 47 48 50
Building Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Building Costs 72 75 78 81 85 88 91 95 99 103 107 111 116 120 125 130 135
Utilities 116 123 130 138 146 155 165 174 185 196 208 220 233 247 262 278 295
Equipment Costs:
Equipment Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Equipment Maintneance 39 40 42 43 45 47 49 51 53 55 57 59 62 64 67 69 72
Other Equipment Costs 17 18 18 19 20 21 22 22 23 24 25 26 27 28 29 31 32
Total Equipment Costs 56 58 60 62 65 68 70 73 76 79 82 85 89 92 96 100 104
Other Expenses 318 331 344 358 372 387 402 418 435 453 471 490 509 529 551 573 596
Profit From Operations 531 550 570 590 611 632 655 678 701 726 751 776 803 831 859 888 918
Taxes 202 209 217 224 232 240 249 257 266 276 285 295 305 316 326 337 349
Net Profit After Taxes 329 341 353 366 379 392 406 420 435 450 465 481 498 515 532 551 569
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Yearly Inventory 1,097 1,141 1,187 1,234 1,283 1,335 1,388 1,444 1,501 1,562 1,624 1,689 1,756 1,827 1,900 1,976 2,055
Inventory Investment 0 -44 -46 -47 -49 -51 -53 -56 -58 -60 -62 -65 -68 -70 -73 -76 -79
Leasehold Improvements 0
Equipment Costs 0
Residual Value
Free Cash Flow Without Superstore 0 329 297 308 318 329 341 352 365 377 390 403 416 430 445 459 475 490
NPV $2,112
IRR #NUM!
Microsoft Excel 11.0 Answer Report
Worksheet: [County Line Store Remodel.xls]Appendix 1I
Report Created: 1/14/2007 7:09:32 PM
Target Cell (Value Of)
Cell Name Original Value Final Value
$B$61 NPV $838.41 $0.00
Adjustable Cells
Cell Name Original Value Final Value
$C$18 Sales Erosion Factor 0.00 0.06
Constraints
NONE
Appendix VI
Base Case Analysis of Park Hill Acres With 30% Loss to Albertson Superstore
WACC 15%
Sales Growth Rate 4%
Cost of Good Sold 75.30%
Salary Costs 11.90%
Employee Benefits 25%
Other Employee Costs 0.55%
Base Rent 97,900
% Rent 0.00%
Advertising 0.90%
Utilities Inflation 6.00%
Other Expenses 2.00%
Base Case Sales 13,650,000
Sales Erosion Factor 0.30
Incremental Sales % 1
MACRS % 20.00% 32.00% 19.20% 11.52% 11.52% 5.76%
Leashold Improvements
Equipment Costs 0
Inventory Turnover 11
Existing Inventory 1,335
Year
12345678910 11 12 13 14 15 16 17
Sales 13,650 14,196 14,764 15,354 15,969 16,607 17,272 17,962 18,681 19,428 20,205 21,014 21,854 22,728 23,637 24,583 25,566
Cost of Goods Sold 10,278 10,690 11,117 11,562 12,024 12,505 13,006 13,526 14,067 14,629 15,215 15,823 16,456 17,114 17,799 18,511 19,251
Gross Profit 3,372 3,506 3,647 3,793 3,944 4,102 4,266 4,437 4,614 4,799 4,991 5,190 5,398 5,614 5,838 6,072 6,315
Salaries 1,624 1,689 1,757 1,827 1,900 1,976 2,055 2,138 2,223 2,312 2,404 2,501 2,601 2,705 2,813 2,925 3,042
Other Employee Costs 75 78 81 84 88 91 95 99 103 107 111 116 120 125 130 135 141
Employee Benefits 406 422 439 457 475 494 514 534 556 578 601 625 650 676 703 731 761
Advertising 123 128 133 138 144 149 155 162 168 175 182 189 197 205 213 221 230
Rent 98 102 106 110 115 119 124 129 134 139 145 151 157 163 170 176 183
Building Costs:
Building Maintenance 24 25 26 27 28 29 30 32 33 34 36 37 38 40 42 43 45
Common Area Maintenance 25 26 27 28 29 30 32 33 34 36 37 38 40 42 43 45 47
Building Insurance 2 2 2 2 2 3 3 3 3 3 3 3 3 3 4 4 4
Real Estate Taxes 34 35 37 38 40 41 43 45 47 48 50 52 54 57 59 61 64
Building Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Building Costs 85 89 92 96 100 104 108 112 116 121 126 131 136 142 147 153 159
Utilities 143 151 160 170 180 191 202 214 227 241 255 271 287 304 322 342 362
Equipment Costs:
Equipment Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Equipment Maintneance 48 50 52 54 56 58 61 63 66 68 71 74 77 80 83 86 90
Other Equipment Costs 23 24 25 26 27 28 29 30 31 33 34 35 37 38 40 41 43
Total Equipment Costs 71 74 77 80 83 86 90 93 97 101 105 109 114 118 123 128 133
Other Expenses 273 284 295 307 319 332 345 359 374 389 404 420 437 455 473 492 511
Profit From Operations 474 490 506 523 541 559 578 597 616 636 657 678 700 722 745 768 792
Taxes 180 186 192 199 206 212 219 227 234 242 250 258 266 274 283 292 301
Net Profit After Taxes 294 304 314 325 335 347 358 370 382 394 407 420 434 448 462 476 491
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Yearly Inventory 1,335 972 1,011 1,051 1,093 1,137 1,182 1,230 1,279 1,330 1,383 1,438 1,496 1,556 1,618 1,683 1,750
Inventory Investment 0 363 -39 -40 -42 -44 -45 -47 -49 -51 -53 -55 -58 -60 -62 -65 -67
Leasehold Improvements 0
Equipment Costs 0
Residual Value
Free Cash Flow Without Superstore 0 294 667 275 284 293 303 313 323 333 343 354 365 376 388 400 412 424
NPV $2,175
IRR #NUM!