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StartupCo commenced operations at the beginning of 2020. $125 million of equity was raised to...

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Finance

StartupCo commenced operations at the beginning of 2020. $125 million of equity was raised to fund the purchase of equipment as well as for general corporate purposes. As part of its business planning process, a 5-year forecast was developed (Base Case) as well as upside and downside scenarios (High and Low Cases, respectively). At the end of 2020, StartupCo issued $150 million of 5-year debt, repayable in equal annual installments at the end of each year, to finance its future capital program. Using the High Case, calculate the change in non-cash working capital in 2023E that would appear on the Cash Flow Statement.

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