Google Company Analysis
Prepared by Matt Decuir
Exhibit 13 – Projected Free Cash Flows(Note Hidden Years)
| Free Cash Flows (in millions) | Projections | ||||
| Particulars/Forecast Years | 2007 | 2008 | 2009 | 2016 | 2026 |
| NOPAT = EBIT(1-Tc) | 3,633 | 5,660 | 8,762 | 34,258 | 55,874 |
| Less Increases in: | |||||
| Minimum cash | 374 | (1,763) | (2,697) | (1,499) | (2,314) |
| Accounts recievable | (738) | (1,146) | (1,753) | (974) | (1,504) |
| Inventory | - | - | - | - | - |
| Other current assets | (243) | (402) | (615) | (342) | (527) |
| Plus increases in: | |||||
| Accounts payable | 122 | 183 | 281 | 156 | 241 |
| Accrued expenses | 508 | 839 | 1,284 | 714 | 1,102 |
| Income taxes payable | (0) | - | - | - | - |
| Other current liabilities | 54 | 89 | 137 | 76 | 117 |
| Less increases in: | |||||
| Net fixed assets | (1,337) | (2,075) | (3,175) | (1,764) | (2,724) |
| Investment & Advances | 0 | 0 | 0 | 0 | 0 |
| Deferred charges | 0 | 0 | 0 | 0 | 0 |
| Intangibles | 0 | 0 | 0 | 0 | 0 |
| Deposits & other assets | 0 | 0 | 0 | 0 | 0 |
| Plus increases in: | |||||
| Deferred taxes | 0 | 0 | 0 | 0 | 0 |
| Other non-current liabilities | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flows | 2,373 | 1,386 | 2,223 | 30,624 | 50,264 |
| Years to FCF | 1 | 2 | 3 | 10 | 20 |
| Present Values | 2,088 | 1,074 | 1,516 | 8,547 | 3,915 |