. 2016 Mar 11;3:195–204. doi: 10.1016/j.mex.2016.03.003

Table 3.

Cash flow, values in thousand Euros, results are rounded to thousands.

Time	1	2	3	4	5	6	7	8	9
Investment costs
Equity conferral (a)	−698	−1	0	−11	−442	−795	−819	0	0
Net operating revenues (b)
Sports arena	0	232	232	232	232	232	232	495	495
Shopping mall	0	0	0	0	0	0	0	564	564
Financial and tax items
Debt reimbursement (c)	0	−207	−207	−207	−207	−207	−207	−875	−875
Taxes	0	0	0	0	0	0	0	−35	−35
Discounting back
Cash flow	−698	24	25	14	−417	−770	−794	149	149
Discount rate	6.77%	6.77%	6.77%	6.77%	6.77%	6.77%	6.77%	6.77%	6.77%
Discount factor	0.937	0.877	0.822	0.769	0.721	0.675	0.632	0.592	0.555
Discounted cash flow	−654	21	21	11	−301	−520	−502	88	83

(a) Equity is intended to finance construction, refurbishment, and design costs.

(b) Operating costs are already deducted from gross operating revenues.