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Private Equity.Venture Capital Fund VALUATION MODEL & BUSINESS PLAN. A Real Estate Fund case

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Financial Valuation Model made for a real estate fund case, but easily adapted to any other investment profile.
Works automatically and allows to calculate different business scenarios by entering new assumptions just changing data (blue figures in "Front page & Inputs" sheet)
Sheets included:
-Front Page & Inputs
-Capital
-Revenues
-Expenses
-Financing
-P&L
-Cash Flow
-Shareholder`s Cash Flow
-Balance Sheets
-Investments
-Depreciations
-V.A.T.

Published in: Economy & Finance, Business
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Private Equity.Venture Capital Fund VALUATION MODEL & BUSINESS PLAN. A Real Estate Fund case

  1. 1. Fund AAA Business Valuation 27/03/2011The accompanying material (the “Material”) is being provided to certain persons (the “Recipients”) on the basis that such Material has beenprepared by THE FUND ("THE FUND") and is being provided to each of the Recipients for informational purposes only and THE FUND accepts noduty of care to such persons with regard to the Material.None of the Recipients is entitled to rely on such Material for any purpose, including without limitation, providing any professional advice to anyperson or making any decision relating to or in connection with the transaction to which the Material relates and no responsibility, obligation orliability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by THE FUND or any of its affiliates or any of their respectiveemployees or agents (the “FUND Parties”) in relation thereto.THE FUND and each of the FUND Parties expressly disclaim any and all liability which may arise from the Material having been provided to any ofthe Recipients or for any consequence whatsoever should any such Recipient rely upon any Material. Each Recipient is deemed to have waivedany claim for liability against THE FUND or any of the FUND Parties that may otherwise arise out of or in connection with the provision of theMaterial. The Material remains the full property of THE FUND and may not be released to any third party without the prior written permission ofTHE FUND .
  2. 2. Project Title Fund AAA COST STRUCTURE FINANCIAL STRUCTURE BALANCE SHEET FIGURES Fees Long Term Loan Año 2008 E Año 2009 E Año 2010 E Suscription fee (on total committed capital.) 0,00% Leverage ratio objective 33,00% Formation expenses 25.000 25.000 25.000 BASIC ASSUMPTIONS Management Fee (on real assets value) 1,80% Leverage ratio average (2008-2012) 25,83% Intangible fixed assets 0 0 0Firs year considered 2008 Revaluation of fixed assets rate 1,00 x Max % covered with debt (in every single investment) 40,00% Tangible fixed assets 12.265.000 24.515.000 24.515.000# years considered 6 years Success Fee ("Carried Interest") 15,00% Expiry date 5 years Depreciation -6.800 -13.600 -20.400RPI 3,00% Apply succes fee on "return on investment by investment performance" Current Assets 78.315 75.411 9.641Personnel Social Security contribution ( Company cost) 28,00% Suscription Other Availability cash 307.155 1.673.984 7.581.767Annual Increasing costs assumption 3,00% Hurdle Rate 15,00% fees & expenses 0,50% 0,00% 0,00% TOTAL ASSESTS 12.668.670 26.275.795 32.111.009collections period 30 days Lowest multiple on Invested (objective) 1,52 xcurrent payments period 30 days Other expenses interest rate considered 5,20% Equity 12.668.003 25.050.108 28.656.112 Euros / year Euribor (Swap 6 años) 4,00% Current Liabilities 667 687 707 Fund Manager (Salary) 60.000 Spread 1,20% Long term Creditors 0 1.225.000 3.454.190 Basics of the Fund`s structure Fund Manager (bonus) 30% TOTAL LIABILITIES 12.668.670 26.275.795 32.111.009 Terms Travel expenses 12.000 Average Debit Balance 2.665.588Definitive closing 12 monts from the founding prospective investments and realizations (% on amount invested) 3,00% Ratio AnalysisTerm of the fund 6 years Realizations deinvestments ( % on amount deinvested) 1,50% Line of credit Short term Leverage ratio 0,00% 4,66% 10,76%Extension (if decided) 2 years Legal expenses 10.000 Year 1st. Disposal year WACC 13,05% 12,65% 12,12%Investment period 4 years Annual Auditors 5.000 interest rate considered 2,90%Investment period extension (if decided) 1 years Board remuneration 0 Euros / member / year 0 Euribor 2,50% Building / land ratio CAPITAL # members of the board 9 Spread 0,40%Total Commited Capital 50.000.000 office expenses Suscriiption fee 0,20% 2009 2010 2011Initial Drawndown 27,00% Cost office space 84.000 Total amount disposed 0 Building / land ratio 1/4 1/2 2/3Initial Drawndown 13.500.000 Comucicatios 3.600Partial Drawndowns ("Capital Call 1") year 2009 27,00% supllies 5.400 Fund `s RESULTSPartial Drawndowns ("Capital Call 2") year 2010 25,00% Other Operat. expenses 7.200 FINANCIAL RATIOSPartial Drawndowns ("Capital Call 3") year 2011 21,00% Insurance 1.500 Fund`s net IRR 38,95%Partial Drawndowns ("Capital Call 4") year 2012 0,00% Office furniture 1.000 Lverage Ratio (average) (%) 25,83% Shareholder´s NPV 13,05% 21.465.517 Representatión 24.000 WACC (%) 11,18%Total funds invested in new assets 49.000.000 Other 3.000 ROE (%) 221,64% Cash taken back 149.382.625Supplementary financial needs 0 ROCE (%) 59,93% Gross Gains of the Fund 100.382.625 ROA (%) 74,20% INVESTMENTS Net Debt/Equity (times) -0,22 REVENUE ASSUMPTIONS WACC Net Debt/EBITDA (times) -0,04Amount per investment average 3,06% s/ commited capital 1.532.000 Formation expenses year 2008 year 2009 year 2010 Coste del Equity (Ke)# investments / year. (Objective) 8,0 Legal expenses 25.000 Prime rate (German Bond 10 years ) 4,25%Maximum # investments in portfolio (objective) 33 Patents Risk premiun (sector) 8,00% OPERATIONAL RATIOSIRR average per investment 45,00% Otros Beta of Sector 1,10average period to deinvest ( 2-5 years) 3 years Intangible fixed assets EBITDA/Revenues 81,49% Equity Cost (Ke) 13,05%multiple on invested capital (per investment) 3,05 x deferred expenses EBIT/Revenues 81,45%Dividends (assets in portfolio) 0,00% Intercalarios Gross Margin (EBI/Revenues) 81,31% Debt Cost Pre-Tax 4,37%interest rate for cash allocation 2,50% Tangible fixed assets Net Margin (EAI/Revenues) 52,85% Euribor 4,00% lands&buildings, real state 3.000 Spread 1,20% 2010 2011 2012 HW & SW specific 12.000 Tax 16,00% TAX INPUTSGains from Deinvestments 25.095.656 25.095.656 25.095.656 furniture & fittings 12.250.000 12.250.000 12.250.000 Lerage rate avarage (2008-2012) 25,83%Dividends (assets in portfolio) - - - Input V.A.T. rate 19,00%Other income - - - TOTAL 12.290.000 12.250.000 12.250.000 Output V.A.T. rate 19,00% WACC 10,81%Total Income 25.095.656 25.095.656 25.095.656 Cumulative 12.290.000 24.540.000 36.790.000 Corporation Tax rate 16,00% WACC average 11,18% Cash Flow BUSINESS SUMMARY miles de euros Internal Rate of Return IRR Net Wealth evolution Eur 000 Fund AAA year 2008 year 2010 year 2012 35.000 50,00% 60.000 30.000 40,00% Debt Debt 50.000 25.000 30,00% Debt 6,10% 0,00% 14,26% 20.000 20,00% Net Assets 40.000 37,32% 15.000 10,00% Net Assets 10.000 0,00% 43,30% 30.000 Net Assets 5.000 -10,00% Equity 49,23% 50,77% 20.000 0 -20,00% Equity -5.000 1 2 3 4 5 6 7 -30,00% 50,60% Equity 10.000 48,42% -10.000 -40,00% 0 -15.000 38,95% -50,00% 2008 2009 2010 2011 2012 2013 -20.000 -60,00% Investments Deinvestments (cost) GAINS Shareholder´s Cash Flows IRR
  3. 3. Project Fund AAA - Capital Private & Confidential Working EXCEL version available to download ($ 25) at: http// store.payloadz.com/details/930970-Documents-and-Forms-Spreadsheets-Private-Equity-Venture-Capital-Fund-VALUATION-MODEL-BUSINESS-PLAN.-A-Real-Estate-Fund-case.html Copy & paste on your 2008 2009 2010 2011 2012 2013 navigator`s address bar Units year 1 year 2 year 3 year 4 year 5 year 6Share Capital Initial Drawndown Euros 13.500.000 Capital Call 1 Euros - 13.500.000 - - - - Capital Call 2 Euros - - 12.500.000 - - - Capital Call 3 Euros - - - 10.500.000 - - Capital Call 4 Euros - - - - - -Capital Increase Euros 13.500.000 13.500.000 12.500.000 10.500.000 - - Capital Reductions - - 12.250.000 12.250.000 12.250.000 12.250.000Cumulative Capital Euros 13.500.000 27.000.000 27.250.000 25.500.000 13.250.000 1.000.000 % drawndown 27,00% 54,00% 54,50% 51,00% 26,50% 2,00%Shareholders Commited Capital Drawndowns chart ( Euros) % ´000 Euros Investor 1 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 2 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 3 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 4 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 5 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 6 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 7 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 8 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 9 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 10 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 11 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 12 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 13 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 14 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 15 6,67% 3.333 900.000 900.000 833.333 700.000 - - TOTAL 100% 50.000 13.500.000 13.500.000 12.500.000 10.500.000 - -
  4. 4. Project Fund AAA -Revenues Private & Confidential 2008 2009 2010 2011 2012 2013 year 1 year 2 year 3 year 4 year 5 year 6Income fron Capital Invested Gains Amount per investment average 1.532.000 # investments / year. (Objective) 8,00 Maximum # investments in portfolio (objective) 32 # investments / year 8,00 8,00 8,00 8,00 - - Total investments. Cumulative 8 16 24 32 32 32 Invested Capital 12.250.000 12.250.000 12.250.000 12.250.000 - - % on Commited Capital 24,50% 24,50% 24,50% 24,50% 0,00% 0,00% Invested Capital. Cumulative 12.250.000 24.500.000 36.750.000 49.000.000 49.000.000 49.000.000 % on Commited Capital 24,50% 49,00% 73,50% 98,00% 98,00% 98,00% IRR average per investment 45,00% average period to deinvest ( 2-5 years) 3 years multiple on invested capital (per investment) 3,05 x # Deinvestments / year - - 8 8 8 8 Total Deinvestments. Cumulative - - 8 16 24 32 Total Investments IN PORTFOLIO 8 16 16 16 8 - Deinvestments Cumul./Investments Cumul. 0,00% 0,00% 33,33% 50,00% 75,00% 100,00% Deinvested Capital / year (cost) - - 12.250.000 12.250.000 12.250.000 12.250.000 Deinvested Capital . Cumulative (cost) - - 12.250.000 24.500.000 36.750.000 49.000.000 Invested Capìtal IN PORTFOLIO 12.250.000 24.500.000 24.500.000 24.500.000 12.250.000 - Deinvested Capital ( Cost+Gains) - - 37.345.656 37.345.656 37.345.656 37.345.656 Deinvested Capital ( Cost+Gains). Cumulative - - 37.345.656 74.691.313 112.036.969 149.382.625 Gains / (loos) - - 25.095.656 25.095.656 25.095.656 25.095.656 Gains / (loos). Cumulative - - 25.095.656 50.191.313 75.286.969 100.382.625 Dividends (assets in portfolio) % s/ invested capital 0,00% Dividends reported - - - - - -Total Income from capital invested - - 25.095.656 25.095.656 25.095.656 25.095.656 Financial Income Cash return 2,50% Financial revenues 3.839 24.764 115.697 215.706 224.787 160.291
  5. 5. Project Fund AAA -Expenses Private & Confidential 2008 2009 2010 2011 2012 2013 year 1 year 2 year 3 year 4 year 5 year 6Estructura de Comisiones Suscription fee % on total committed capital 0,00% - Management Fee % on real assets value 1,80% Total Assets value in books 12.668.670 26.275.795 32.111.009 34.205.492 20.582.964 4.533.205 Revaluation of fixed assets rate 1,00 x Portfolio Assets market value 12.668.670 26.275.795 32.111.009 34.205.492 20.582.964 4.533.205 Total Management fee / year 228.036 472.964 577.998 615.699 370.493 81.598 Total Management fee. Cumulative 228.036 701.000 1.278.999 1.894.697 2.265.191 2.346.788 Total Management fee payments / year 228.036 472.964 577.998 615.699 370.493 81.598 Total Management fee payments. Cumulative 228.036 701.000 1.278.999 1.894.697 2.265.191 2.346.788 Success fee ("Carried Interest") A) Succes fee on "return on global fund performance" "Hurdle Rate") 15,00% Lowest multiple on Invested (objective) 1,52 x Gains to reach the hurdle rate - - 6.380.719 6.380.719 6.380.719 6.380.719 Gains to reach the hurdle rate. Cumulative - - 6.380.719 12.761.438 19.142.156 25.522.875 Total Gains to reach the hurdle rate 25.522.875 % success fee 15,00% Total Success fee earning - - - - - 11.228.963 Total success fee. Cumulative - - - - - 11.228.963 Total success fee payments (can be anticipated under certain conditions) - - - 3.700.266 3.764.348 3.764.348 Total success fee payments Cumulative - - - 3.700.266 7.464.614 11.228.963 B) Succes fee on "return on investment by investment performance" 3.068.436 Gains to reach the hurdle rate per investment operation - - 797.980 797.980 797.980 797.980 Gains to reach the hurdle rate. Cumulative - - 797.980 1.595.961 2.393.942 3.191.922
  6. 6. Project Fund AAA -Expenses Private & Confidential 2008 2009 2010 2011 2012 2013 year 1 year 2 year 3 year 4 year 5 year 6 Unit gains per deinvestment - - 3.068.436 3.068.436 3.068.436 3.068.436 Total success fee earnings and payments - - 2.723.213 2.723.213 2.723.213 2.723.213 Total success fee earnings and payments. Cumulative - - 2.723.213 5.446.426 8.169.639 10.892.852
  7. 7. Project Fund AAA -Expenses Private & Confidential 2008 2009 2010 2011 2012 2013 year 1 year 2 year 3 year 4 year 5 year 6Other expenses Personal Fund Manager Salary 60.000 60.000 61.800 63.654 65.564 67.531 69.556 Bonus 30,00% 18.000 18.540 19.096 19.669 20.259 Travel expenses 12.000 12.000 12.360 12.731 13.113 13.506 13.911 Social security contribution 28,00% 16.800 22.344 23.014 23.705 24.416 25.148 Total Fund Manager 88.800 114.504 117.939 121.477 125.122 128.875 Office expenses Cost office space 84.000 84.000 86.520 89.116 91.789 94.543 97.379 Comunicatios 3.600 3.600 3.708 3.819 3.934 4.052 4.173 supllies 5.400 5.400 5.562 5.729 5.901 6.078 6.260 Other Operat. expenses 7.200 7.200 7.416 7.638 7.868 8.104 8.347 Insurance 1.500 1.500 1.545 1.591 1.639 1.688 1.739 Office furniture 1.000 1.000 1.030 1.061 1.093 1.126 1.159 Representatión 24.000 24.000 24.720 25.462 26.225 27.012 27.823 Total Office expenses 126.700 130.501 134.416 138.449 142.602 146.880 Realization Investments/Deinvestments % on amount invested 3,00% prospective investments and realizations 367.500 367.500 367.500 367.500 - - % on amount deinvested 1,50% Expenses associated with realizations deinvestments - - 560.185 560.185 560.185 560.185 Total transactions expenses 367.500 367.500 927.685 927.685 560.185 560.185 Formation expenses Total amount 25.000 25.000 Other operating expenses Legal expenses 10.000 10.000 10.300 10.609 10.927 11.255 11.593 Annual Auditors 5.000 5.000 5.150 5.305 5.464 5.628 5.796
  8. 8. Project Fund AAA -Expenses Private & Confidential 2008 2009 2010 2011 2012 2013 year 1 year 2 year 3 year 4 year 5 year 6 Board remuneration 0 - - - - - - Other 3.000 3.000 3.090 3.183 3.278 3.377 3.478 Total Other operating expenses 18.000 18.540 19.096 19.669 20.259 20.867
  9. 9. Project Fund AAA - Financing Private & Confidential 2008 2009 2010 2011 2012 2013 year 1 year 2 year 3 year 4 year 5 year 6Leverage AssumptionsFondos Propios Share Capital 13.500.000 27.000.000 27.250.000 25.500.000 13.250.000 1.000.000 Share premium Legal Reserves - - 1.406.112 2.739.487 2.650.000 200.000 Voluntary Reserves - (831.997) (1.949.892) - - - Retained earnings (831.997) (1.117.895) 1.949.892 - - - Total Equity 12.668.003 25.050.108 28.656.112 28.239.487 15.900.000 1.200.000Leverage ratio objective 33,00%Financiación de Operaciones Investments in real state 12.250.000 12.250.000 12.250.000 12.250.000 - - % de buildings (no land) 0,00% 25,00% 50,00% 65,00% 0,00% 0,00% Investments covered with debt - 3.062.500 6.125.000 7.962.500 - - Resort to bank debt 40% - 1.225.000 2.450.000 3.185.000 - - Payments Chart Loan year 1 - - - - - Loan year 2 (220.810) (232.292) (244.372) (257.079) Loan year 3 (441.620) (464.585) (488.743) loan year 4 (574.107) (603.960) Bank debt debit Balance - 1.225.000 3.454.190 5.965.277 4.682.214 3.332.432 Leverage 0,00% 4,66% 10,76% 17,44% 22,75% 73,52% Financial expenses - 31.850 121.659 244.906 276.835 208.381
  10. 10. Project Fund AAA - P & L Private & Confidential Euros 2008 2009 2010 2011 2012 2013 Total year 1 year 2 year 3 year 4 year 5 year 6 Revenues Gains from deinvestment operations 100.382.625 - - 25.095.656 25.095.656 25.095.656 25.095.656 Dividends (assets in portfolio) - - - - - - - Other revenues - - - - - - - Total Ordinary revenues 100.382.625 - - 25.095.656 25.095.656 25.095.656 25.095.656 % Growth - - 0,00% 0,00% 0,00% Expenses Suscription fee - - - - - - - Management Fee 2.346.788 228.036 472.964 577.998 615.699 370.493 81.598 Success Fee ("Carried Interest") 10.892.852 - - 2.723.213 2.723.213 2.723.213 2.723.213 Transactions expenses 3.710.739 367.500 367.500 927.685 927.685 560.185 560.185 Other Operating expenses 116.431 18.000 18.540 19.096 19.669 20.259 20.867 Personnel 696.717 88.800 114.504 117.939 121.477 125.122 128.875 Office expenses 819.548 126.700 130.501 134.416 138.449 142.602 146.880 - - - - - - - Total Expenses 18.583.076 829.036 1.104.009 4.500.347 4.546.191 3.941.874 3.661.618 % on revenues 18,51% - - 17,93% 18,12% 15,71% 14,59% EBITDA 81.799.549 (829.036) (1.104.009) 20.595.309 20.549.465 21.153.782 21.434.039 % on revenues 81,49% - - 82,07% 81,88% 84,29% 85,41% Depreciation 35.200 6.800 6.800 6.800 6.800 6.800 1.200 EBIT 81.764.349 (835.836) (1.110.809) 20.588.509 20.542.665 21.146.982 21.432.839 % on revenues 81,45% - - 82,04% 81,86% 84,27% 85,40% Financial Income Financialrevenues 745.084 3.839 24.764 115.697 215.706 224.787 160.291 Financial expenses (883.631) - (31.850) (121.659) (244.906) (276.835) (208.381) Other financial expenses - - - - - - - Total Financial Income (138.546) 3.839 (7.086) (5.962) (29.200) (52.048) (48.090) ORDINARY PROFIT 81.625.803 (831.997) (1.117.895) 20.582.547 20.513.465 21.094.935 21.384.749 % on revenues 81,31% - - 82,02% 81,74% 84,06% 85,21% extraordinary revenues - - - - - - - extraordinary expenses - - - - - - - Total Extraordinary items - - - - - - - PROFIT BEFORE TAXATION 81.625.803 (831.997) (1.117.895) 20.582.547 20.513.465 21.094.935 21.384.749 % on revenues 81,31% - - 82,02% 81,74% 84,06% 85,21% Corporation Tax 28.569.031 - - 6.521.429 7.179.713 7.383.227 7.484.662 PROFIT AFTER TAXES 53.056.772 (831.997) (1.117.895) 14.061.118 13.333.752 13.711.707 13.900.087 % on revenues 52,85% - - 56,03% 53,13% 54,64% 55,39%
  11. 11. Project Fund AAA - Cash Flow Private & Confidential Euros 2008 2009 2010 2011 2012 2013 2014 TOTAL year 1 year 2 year 3 year 4 year 5 year 6 year 7 Net Earning Bef. Div. FREE EARNINGS 53.056.772 (831.997) (1.117.895) 14.061.118 13.333.752 13.711.707 13.900.087 - Depreciation 35.200 6.800 6.800 6.800 6.800 6.800 1.200 - Increase/decrease Payable V.A.T. - (77.995) 4.647 73.348 - - - - Increase/decrease Working Capital Debtors - (320) (1.744) (7.578) (8.334) (757) 5.375 13.358 Creditors - 667 20 21 21 22 23 (773) -Operation Cash Flow 53.091.972 (902.845) (1.108.171) 14.133.708 13.332.239 13.717.773 13.906.684 12.585 Formation expenses (25.000) (25.000) - - - - - - Tangible fixed assets (15.000) (15.000) - - - - - - Real State Investments (core) (49.000.000) (12.250.000) (12.250.000) (12.250.000) (12.250.000) - - - Deinvestments 49.000.000 - - 12.250.000 12.250.000 12.250.000 12.250.000 -Investments Cash Flow (40.000) (12.290.000) (12.250.000) - - 12.250.000 12.250.000 -Cash Flow before Financial Activities 53.051.972 (13.192.845) (13.358.171) 14.133.708 13.332.239 25.967.773 26.156.684 12.585 Shared Capital Increase 50.000.000 13.500.000 13.500.000 12.500.000 10.500.000 - - - Reductions (49.000.000) - - (12.250.000) (12.250.000) (12.250.000) (12.250.000) - supplementary drawndowns Increase - - - - - - - - Reductions - - - - - - - - Long Term Financial facilities Increase / (Reduction) - - 1.225.000 2.229.190 2.511.087 (1.283.063) (1.349.782) (3.332.432) Success Fee Advance Payments - - - - - - - - Fund Liquidation (1.195.200) (1.195.200)Financial Activities Cash Flow (195.200) 13.500.000 14.725.000 2.479.190 761.087 (13.533.063) (13.599.782) (4.527.632)CASH FLOW BEFORE DIVIDENDS 52.856.772 307.155 1.366.829 16.612.898 14.093.326 12.434.710 12.556.902 (4.515.047) payment of Dividends 54.051.972 - - 10.705.114 12.000.377 13.801.194 16.350.087 1.195.200SHAREHOLDER´S CASH FLOW 53.051.972 (13.500.000) (13.500.000) 10.455.114 13.750.377 26.051.194 28.600.087 1.195.200SHAREHOLDER´S IRR 38,95%Initial CASH - - 307.155 1.673.984 7.581.767 9.674.717 8.308.232 4.515.047 CASH Increase /Reduction (1.195.200) 307.155 1.366.829 5.907.784 2.092.950 (1.366.485) (3.793.185) (4.515.047)final CASH (1.195.200) 307.155 1.673.984 7.581.767 9.674.717 8.308.232 4.515.047 -
  12. 12. Project Fund AAA -Shareholder`s CF Private & Confidential Euros TOTAL 2008 2009 2010 2011 2012 2013 2014 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7FREE EARNINGS . Cumulative 52.856.772 (831.997) (1.949.892) 10.705.114 22.705.491 36.506.685 52.856.772 -cumulative CASH-FLOW 53.051.972 (13.192.845) (25.326.016) (8.963.118) 6.880.208 31.564.918 56.371.819 53.051.972Share capital Increase (50.000.000) (13.500.000) (13.500.000) (12.500.000) (10.500.000) - - - Reduction 49.000.000 - - 12.250.000 12.250.000 12.250.000 12.250.000 -Share premiun - - - - - - - -Increase by charge reserves - - - - - - - -Increase by aditional contributions - - - - - - - -Dividends payd 54.051.972 - - 10.705.114 12.000.377 13.801.194 16.350.087 1.195.200SHAREHOLDER`S CASH FLOW 53.051.972 (13.500.000) (13.500.000) 10.455.114 13.750.377 26.051.194 28.600.087 1.195.200 Shareholder`s TIR 38,95% Shareholder`s NPV 21.465.517Annual free earnings Cumulative)Dividend genereted ( 52.856.772 (831.997) - (1.117.895) - 12.655.006 10.705.114 12.000.377 22.705.491 13.801.194 36.506.685 16.350.087 52.856.772 -Shareholder`s Cash para dividendosTesorería disponible 53.051.972 86.112.875 (13.500.000) 307.155 (27.000.000) 1.673.984 (16.544.886) 18.286.882 (2.794.509) 21.675.094 23.256.685 22.109.427 51.856.772 20.865.134 53.051.972 1.195.200pay-out 0% 0% 100% 100% 100% 100% 100%
  13. 13. Project Fund AAA - Balance Sheets Private & Confidential Euros December-08 December-09 December-10 December-11 December-12 December-13 December-14 year 1 year 2 year 3 year 4 year 5 year 6 year 7Fixed Assets 12.283.200 24.526.400 24.519.600 24.512.800 12.256.000 4.800 4.800Formation expenses 25.000 25.000 25.000 25.000 25.000 25.000 25.000Intangible fixed assets - - - - - - -Tangible fixed assets 12.265.000 24.515.000 24.515.000 24.515.000 12.265.000 15.000 15.000Deferred expenses (6.800) (13.600) (20.400) (27.200) (34.000) (35.200) (35.200)Current Assets 78.315 75.411 9.641 17.976 18.732 13.358 -The Treasury receivable for V.A.T. 77.995 73.348 - - - - -Trade debtors 320 2.064 9.641 17.976 18.732 13.358 -Advance fees - - - - - - -Shor-term investments - - - - - - -Cash 307.155 1.673.984 7.581.767 9.674.717 8.308.232 4.515.047 - TOTAL ASSETS 12.668.670 26.275.795 32.111.009 34.205.492 20.582.964 4.533.205 4.800Capital and Reserves 12.668.003 25.050.108 28.656.112 28.239.487 15.900.000 1.200.000 4.800Share Capital 13.500.000 27.000.000 27.250.000 25.500.000 13.250.000 1.000.000 1.000.000Share premium - - - - - - -Legal Reserves - - 1.406.112 2.739.487 2.650.000 200.000 200.000Voluntary Reserves - (831.997) (1.949.892) - - - -Retained earnings (831.997) (1.117.895) 1.949.892 - - - (1.195.200)Current liabilities 667 687 707 728 750 773 -Trade creditors 667 687 707 728 750 773 -Other creditorsLong-term creditors - 1.225.000 3.454.190 5.965.277 4.682.214 3.332.432 -Other loans - - - - - - -The treasury for Taxes - - - - - - -Bank debt - 1.225.000 3.454.190 5.965.277 4.682.214 3.332.432 - TOTAL LIABILITIES 12.668.670 26.275.795 32.111.009 34.205.492 20.582.964 4.533.205 4.800Checking - - - - - - -OKLeverage ratio 0,00% 4,66% 10,76% 17,44% 22,75% 73,52% 0,00%WACC 13,05% 12,65% 12,12% 11,54% 11,07% 6,67% 13,05%ROE -6,57% -4,46% 49,07% 47,22% 86,24% 1158,34% 0,00%
  14. 14. Project Fund AAA - Investments Private & Confidential Total Inversión por año 12.290.000 12.250.000 12.250.000 12.250.000 0 0 0 Formation expenses 25.000 0 0 0 0 0 0 Intangible fixed assets 0 0 0 0 0 0 0 Tangible fixed assets 12.265.000 12.250.000 12.250.000 12.250.000 0 0 0Years of analysis 6 Detail of amout per investment / yerar 2008 2009 2010 2011 2012 2013 2014 Item Price Unit. Un. Amount Year icorp. term deprc Test 1 2 3 4 5 6 7Investnents year 2008Formation expenses OK 0 0 0 0 0 0 0Legal expenses 25.000 1 25.000 1 OK 25.000 0 0 0 0 0 0Patents 0 1 0 1 OK 0 0 0 0 0 0 0Others 0 1 0 1 OK 0 0 0 0 0 0 0Intangible fixed assetsdeferred expenses 0 1 0 1 OK 0 0 0 0 0 0 0Intercalarios 0 1 0 1 OK 0 0 0 0 0 0 0Tangible fixed assetslands&buildings, real state 12.250.000 1 12.250.000 1 OK 12.250.000 0 0 0 0 0 0HW & SW specific 3.000 1 3.000 1 OK 3.000 0 0 0 0 0 0furniture & fittings 12.000 1 12.000 1 OK 12.000 0 0 0 0 0 0 1 0 1 OK 0 0 0 0 0 0 0 OK 0 0 0 0 0 0 0Investnents year 2009Formation expenses OK 0 0 0 0 0 0 0Legal expenses 0 1 0 2 OK 0 0 0 0 0 0 0Patents 0 1 0 2 OK 0 0 0 0 0 0 0Others 0 1 0 2 OK 0 0 0 0 0 0 0Intangible fixed assetsdeferred expenses 0 1 0 2 OK 0 0 0 0 0 0 0Intercalarios 0 1 0 2 OK 0 0 0 0 0 0 0Tangible fixed assetslands&buildings, real state 12.250.000 1 12.250.000 2 OK 0 12.250.000 0 0 0 0 0HW & SW specific 0 1 0 2 OK 0 0 0 0 0 0 0furniture & fittings 0 1 0 2 OK 0 0 0 0 0 0 0 1 0 2 OK 0 0 0 0 0 0 0 OK 0 0 0 0 0 0 0Investnents year 2010Formation expenses OK 0 0 0 0 0 0 0Legal expenses 0 1 0 3 OK 0 0 0 0 0 0 0Patents 0 1 0 3 OK 0 0 0 0 0 0 0Others 0 1 0 3 OK 0 0 0 0 0 0 0Intangible fixed assetsdeferred expenses 0 1 0 3 OK 0 0 0 0 0 0 0Intercalarios 0 1 0 3 OK 0 0 0 0 0 0 0Tangible fixed assetslands&buildings, real state 12.250.000 1 12.250.000 3 OK 0 0 12.250.000 0 0 0 0HW & SW specific 0 1 0 3 OK 0 0 0 0 0 0 0
  15. 15. Project Fund AAA - Investments Private & Confidential Total Inversión por año 12.290.000 12.250.000 12.250.000 12.250.000 0 0 0 Formation expenses 25.000 0 0 0 0 0 0 Intangible fixed assets 0 0 0 0 0 0 0 Tangible fixed assets 12.265.000 12.250.000 12.250.000 12.250.000 0 0 0Years of analysis 6 Detail of amout per investment / yerar 2008 2009 2010 2011 2012 2013 2014 Item Price Unit. Un. Amount Year icorp. term deprc Test 1 2 3 4 5 6 7furniture & fittings 0 1 0 3 OK 0 0 0 0 0 0 0 1 0 3 OK 0 0 0 0 0 0 0 OK 0 0 0 0 0 0 0Investnents year 2011Formation expenses OK 0 0 0 0 0 0 0Legal expenses 1 0 4 OK 0 0 0 0 0 0 0Patents 1 0 4 OK 0 0 0 0 0 0 0Others 1 0 4 OK 0 0 0 0 0 0 0Intangible fixed assetsdeferred expenses 1 0 4 OK 0 0 0 0 0 0 0Intercalarios 1 0 4 OK 0 0 0 0 0 0 0Tangible fixed assetslands&buildings, real state 12.250.000 1 12.250.000 4 OK 0 0 0 12.250.000 0 0 0HW & SW specific 1 0 4 OK 0 0 0 0 0 0 0furniture & fittings 1 0 4 OK 0 0 0 0 0 0 0 1 0 4 OK 0 0 0 0 0 0 0 OK 0 0 0 0 0 0 0
  16. 16. Project Fund AAA - Investments Private & Confidential Total Inversión por año 12.290.000 12.250.000 12.250.000 12.250.000 0 0 0 Formation expenses 25.000 0 0 0 0 0 0 Intangible fixed assets 0 0 0 0 0 0 0 Tangible fixed assets 12.265.000 12.250.000 12.250.000 12.250.000 0 0 0Years of analysis 6 Detail of amout per investment / yerar 2008 2009 2010 2011 2012 2013 2014 Item Price Unit. Un. Amount Year icorp. term deprc Test 1 2 3 4 5 6 7Investnents year 2012Formation expenses OK 0 0 0 0 0 0 0Legal expenses 1 0 5 OK 0 0 0 0 0 0 0Patents 1 0 5 OK 0 0 0 0 0 0 0Others 1 0 5 OK 0 0 0 0 0 0 0Intangible fixed assetsdeferred expenses 1 0 5 OK 0 0 0 0 0 0 0Intercalarios 1 0 5 OK 0 0 0 0 0 0 0Tangible fixed assetslands&buildings, real state 0 1 0 5 OK 0 0 0 0 0 0 0HW & SW specific 1 0 5 OK 0 0 0 0 0 0 0furniture & fittings 1 0 5 OK 0 0 0 0 0 0 0 1 0 5 OK 0 0 0 0 0 0 0 OK 0 0 0 0 0 0 0Investnents year 2013Formation expenses OK 0 0 0 0 0 0 0Legal expenses 1 0 6 OK 0 0 0 0 0 0 0Patents 1 0 6 OK 0 0 0 0 0 0 0Others 1 0 6 OK 0 0 0 0 0 0 0Intangible fixed assetsdeferred expenses 1 0 6 OK 0 0 0 0 0 0 0Intercalarios 1 0 6 OK 0 0 0 0 0 0 0Tangible fixed assetslands&buildings, real state 0 1 0 6 OK 0 0 0 0 0 0 0HW & SW specific 1 0 6 OK 0 0 0 0 0 0 0furniture & fittings 1 0 6 OK 0 0 0 0 0 0 0 1 0 6 OK 0 0 0 0 0 0 0 OK 0 0 0 0 0 0 0 RPI anual constant 3,0%
  17. 17. Project Fund AAA - Depreciations Private & Confidential Total depreciation per year 6.800 6.800 6.800 6.800 6.800 1.200 1.200 1.200 1.200 1.200 accelerated depreciation rates Investments year 2005 40,00% 30,00% 20,00% 10,00% Investments year 2006 40,00% 30,00% 20,00% 10,00% do not aplly accelerated depreciation Investments year 2007 40,00% 30,00% 20,00% 10,00% Investments year 2008 40,00% 30,00% 20,00% 10,00% Investments year 2009 40,00% 30,00% 20,00% 10,00% Investments year 2010 40,00% 30,00% 20,00% 10,00%Period of depreciation 6 Depreciation amount per investment /year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Item Price Unit. Un. Amount Year icorp. term deprc Test 1 2 3 4 5 6 7 8 9 10Investnents year 2008Formation expensesLegal expenses 25.000 1 25.000 1 5 OK 5.000 5.000 5.000 5.000 5.000 0 0 0 0 0Patents 0 1 0 1 5 OK 0 0 0 0 0 0 0 0 0 0Others 0 1 0 1 5 OK 0 0 0 0 0 0 0 0 0 0Intangible fixed assetsdeferred expenses 0 1 0 1 5 OK 0 0 0 0 0 0 0 0 0 0Intercalarios 0 1 0 1 5 OK 0 0 0 0 0 0 0 0 0 0Tangible fixed assetslands&buildings, real state 12.250.000 1 12.250.000 1 0 # 0 0 0 0 0 0 0 0 0 0HW & SW specific 3.000 1 3.000 1 5 OK 600 600 600 600 600 0 0 0 0 0furniture & fittings 12.000 1 12.000 1 10 OK 1.200 1.200 1.200 1.200 1.200 1.200 1.200 1.200 1.200 1.2000 0 1 0 1 5 OK 0 0 0 0 0 0 0 0 0 0 OKInvestnents year 2009Formation expensesLegal expenses 0 1 0 2 5 OK 0 0 0 0 0 0 0 0 0 0Patents 0 1 0 2 5 OK 0 0 0 0 0 0 0 0 0 0Others 0 1 0 2 5 OK 0 0 0 0 0 0 0 0 0 0Intangible fixed assetsdeferred expenses 0 1 0 2 5 OK 0 0 0 0 0 0 0 0 0 0Intercalarios 0 1 0 2 5 OK 0 0 0 0 0 0 0 0 0 0Tangible fixed assetslands&buildings, real state 12.250.000 1 12.250.000 2 0 # 0 0 0 0 0 0 0 0 0 0HW & SW specific 0 1 0 2 0 OK 0 0 0 0 0 0 0 0 0 0furniture & fittings 0 1 0 2 0 OK 0 0 0 0 0 0 0 0 0 00 0 1 0 2 0 OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 OK 0 0 0 0 0 0 0 0 0 0Investnents year 2010Formation expensesLegal expenses 0 1 0 3 5 OK 0 0 0 0 0 0 0 0 0 0Patents 0 1 0 3 5 OK 0 0 0 0 0 0 0 0 0 0Others 0 1 0 3 5 OK 0 0 0 0 0 0 0 0 0 0Intangible fixed assetsdeferred expenses 0 1 0 3 5 OK 0 0 0 0 0 0 0 0 0 0Intercalarios 0 1 0 3 5 OK 0 0 0 0 0 0 0 0 0 0Tangible fixed assetslands&buildings, real state 12.250.000 1 12.250.000 3 0 # 0 0 0 0 0 0 0 0 0 0HW & SW specific 0 1 0 3 0 OK 0 0 0 0 0 0 0 0 0 0furniture & fittings 0 1 0 3 0 OK 0 0 0 0 0 0 0 0 0 0

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