Calculate the free cash flows for 1998 – 2003.
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Extracted text: You are considering a geographic expansion into the European market for Canopy Pharmaceuticals Below are the incremental cash flows for the Canopy project for you to use in your analysis. Assume Canopy's marginal tax rate is 35%, their cost of capital is 15.7 % and an expected growth rate of 5% after 2003 1998 2000 1999 2001 2002 2003 15,000 Net Sales 8,500 3,100 35,500 46,000 52,000 60,000 5,500 100 Cost of Sales 13,900 18,000 20,000 24,400 Depreciation 100 100 100 100 100 7,800 SG&A 3,500 5,410 6,400 5,300 7,200 R&D 1,100 2,800 4,100 5,400 6,500 7,000 EBIT 700 1,190 417 11,000 17,200 6,020 18,200 20,700 Income Tax (35%) 6,370 11,830 245 3,850 7,245 Net Eamings Depreciation Operating Cash Flows 455 774 7,150 11,180 13,455 Net PPE (906) (1394) (900) (800) (300) (200) Working Capital (2,030) (780) (2457) (1267) (738) (912) Terminal Value Free Cash Flows O