This document provides inputs and assumptions for a financial model of a Venture Capital fund. It includes details on committed capital, investment assumptions like number of deals per year and target returns, fee structures, and operating expenses. A link is provided to download a working Excel version of the full financial model for $30.
How to define and position your VC brand to attract funding and dealflow.
* note: more recent updated version below:
https://www.slideshare.net/dmc500hats/branding-strategies-for-better-dealflow-and-fundraising-aka-the-helpful-vc
Silverwood Capital Fund I LLC formed to take advantage of a narrow niche in the mortgage note industry. The Company will seek to acquire, workout, and manage nonperforming real estate notes secured by residential 1-4 unit properties. While the primary emphasis will be focusing on nonperforming junior and Home Equity Line Of Credit (“HELOC”) notes, we will purchase select senior liens and REOs.
Using our network of banking and equity fund contacts, and advanced marketing techniques, the Fund will purchase mortgages and real estate at significant discounts to its underlying value. By focusing on distressed mortgages and properties, we know the potential for above average returns exist.
These securities are being offered under an exemption provided by SEC Regulation D Rule 506(c). Only accredited investors who meet the SEC Regulation D 501 “accredited investor” accreditation standards and who provide suitable verification of accredited status may invest into this Offering.
• Any historical performance data represents past performance. Past performance does not guarantee future results;
• Current performance may be different than the performance data presented;
• The Company is not required by law to follow any standard methodology when calculating and representing performance data;
• The performance of the Company may not be directly comparable to the performance of other private or registered funds or companies;
• The securities are being offered in reliance on an exemption from the registration requirements, and therefore are not required to comply with certain specific disclosure requirements;
• The Securities and Exchange Commission has not passed upon the merits of or approved the securities, the terms of the offering, or the accuracy of the materials.
Susa Ventures - Fund IV - VC Pitch Deck ExamplesPitch Decks
Susa Ventures is an early-stage venture capital firm investing primarily in seed rounds, founded in 2013. The firm seeks to invest in early-stage companies operating in the enterprise software, fintech, logistics, healthcare, consumer, and frontier tech sectors.
Susa's portfolio includes fast-growing companies like Andela and Robinhood — they participated across all five funding rounds of the freight logistics unicorn Flexport ($3.2 billion valuation).
How to VC: Creating a VC fund portfolio modelDave McClure
This article aims to help VCs figure out how to size a venture capital fund, how many companies to include in your portfolio, and when and how to do follow-on investments. Most VCs aim to make a 3X (net) return on initial fund capital, at a ~20% net IRR. Note however, likely less than 10% of most VC funds achieve that goal.
How to define and position your VC brand to attract funding and dealflow.
* note: more recent updated version below:
https://www.slideshare.net/dmc500hats/branding-strategies-for-better-dealflow-and-fundraising-aka-the-helpful-vc
Silverwood Capital Fund I LLC formed to take advantage of a narrow niche in the mortgage note industry. The Company will seek to acquire, workout, and manage nonperforming real estate notes secured by residential 1-4 unit properties. While the primary emphasis will be focusing on nonperforming junior and Home Equity Line Of Credit (“HELOC”) notes, we will purchase select senior liens and REOs.
Using our network of banking and equity fund contacts, and advanced marketing techniques, the Fund will purchase mortgages and real estate at significant discounts to its underlying value. By focusing on distressed mortgages and properties, we know the potential for above average returns exist.
These securities are being offered under an exemption provided by SEC Regulation D Rule 506(c). Only accredited investors who meet the SEC Regulation D 501 “accredited investor” accreditation standards and who provide suitable verification of accredited status may invest into this Offering.
• Any historical performance data represents past performance. Past performance does not guarantee future results;
• Current performance may be different than the performance data presented;
• The Company is not required by law to follow any standard methodology when calculating and representing performance data;
• The performance of the Company may not be directly comparable to the performance of other private or registered funds or companies;
• The securities are being offered in reliance on an exemption from the registration requirements, and therefore are not required to comply with certain specific disclosure requirements;
• The Securities and Exchange Commission has not passed upon the merits of or approved the securities, the terms of the offering, or the accuracy of the materials.
Susa Ventures - Fund IV - VC Pitch Deck ExamplesPitch Decks
Susa Ventures is an early-stage venture capital firm investing primarily in seed rounds, founded in 2013. The firm seeks to invest in early-stage companies operating in the enterprise software, fintech, logistics, healthcare, consumer, and frontier tech sectors.
Susa's portfolio includes fast-growing companies like Andela and Robinhood — they participated across all five funding rounds of the freight logistics unicorn Flexport ($3.2 billion valuation).
How to VC: Creating a VC fund portfolio modelDave McClure
This article aims to help VCs figure out how to size a venture capital fund, how many companies to include in your portfolio, and when and how to do follow-on investments. Most VCs aim to make a 3X (net) return on initial fund capital, at a ~20% net IRR. Note however, likely less than 10% of most VC funds achieve that goal.
Transparency is one of our core values at Seedcamp and we are no strangers to how tough the fundraising process can be. In a continued spirit of openness and to show how - like with startups - our own story and proposition moves on, we're sharing the deck we used to raise our heavily-oversubscribed Seedcamp Fund V.
Read more about our plans to invest in and support the next generation of exceptional European talent on our blog: https://seedcamp.com/news/
Early Stage Funding PowerPoint Presentation SlidesSlideTeam
Early Stage Funding PowerPoint Presentation Slides is the perfect virtual counterpart of a compelling pitch deck. Entrepreneurs from all the industries can use this seed-stage funding PPT theme to convert potential investors into stakeholders. Our early-stage financing PowerPoint slideshow features a concise design to pack all the relevant comprehensive information effortlessly. This seed capital PPT presentation helps you in consolidating a stunning elevator pitch and a crisp company overview. The gripping data visualization tools of our seed money funding PowerPoint theme help you in putting forth a highly professional impression. By the means of early-stage venture capital PPT slideshow, you can communicate everything that your investor wants to know. Use our startup capital PowerPoint presentation to elaborate on business model, revenue streams, expense model, competitive analysis, and business strategies. Take advantage of this investment pitch deck PPT deck to illustrate use of funds, break-even analysis, shareholding pattern, and exit strategy. https://bit.ly/2Jl3dKQ
Basic concepts of marketing and branding for venture capital. Emphasis on competitive differentiation (aka "How are you different/better than other VCs in your category?"). Specific focus on defining areas of "value add" that aren't BS.
Gorilla Labs is a Venture builder (startup studio) designed to internalize ideation, rapidly iterate MVPs, and deploy accelerated go-to-market strategies for commercialization using Lean Startup methodology.
Co-founded by 2 INSEAD MBAs (Class of 2015)
Nikhil Jacob
Rubens Nigoghossian
More about venture builders:
http://venturebeat.com/2015/01/18/how-venture-builders-are-changing-the-startup-model/
What is a startup studio?
http://upstart.bizjournals.com/multimedia/interactives/2015/04/what-the-heck-is-a-startup-factory.html
Author's blog on experience in the Southeast Asia venture capital ecosystem
http://theventurevault.com/
Transforming investment banks shows how an unremitting focus on transforming existing business and operating models can help banks unlock investor returns of 12% - 15%.
Read more: http://www.ey.com/investmentbanking
investor pitch deck template 2017 is a template pitch deck for you to personalise and customise to help you present your business idea, vision and model to investors, shareholders and stakeholders, more help available at http://www.growyourbusiness.club
investor pitch deck template 2017
investor pitch deck template
investor pitch deck
pitch deck template
pitch deck
business plan template
pitch deck 2017
start-up pitch deck
Guest lecture corporate venture capital (herman kienhuis)Herman Kienhuis
Guest Lecture about Corporate Venture Capital by Herman Kienhuis for Corporate Venturing course, MSc Business Administration, Amsterdam Business School (University of Amsterdam - UvA)
Corporate Venture Capital best practices from interviews and researchMark S. Brooks
Summary research from interviews with 13 CVCs to identify best practices in creating a corporate venture capital (CVC) unit or a corporate accelerator.
Key takeaways include having clear objectives, clear processes and structure, easy to measure metrics, having patience and board or executive support, and making contributions to select startups that go well beyond capital.
I hope you find it useful. Feel free to distribute further to others who might find value in it.
You can reach me at https://www.linkedin.com/in/markbrooks
Startany.com. Remote Acceleration Program.
---------------------------------------------------------------
The Founder’s Guide to Early-Stage Valuation
Presented by Stephen R. Poland, co-founder 1x1 Media.
For many early-stage entrepreneurs assigning a valuation to your startup is one of the more intimidating tasks encountered during the fundraising quest. Based on the popular Founders’ Pocket Guide: Startup Valuation, this webinar provides a quick reference to all of the key topics around early-stage startup valuation and provides step-by- step examples for several valuation methods.
This webinar helps startup founders learn:
What a startup valuation is and when you need to start worrying about it.
Key terms and definitions associated with valuation, such as pre-money, post-money, and dilution.
How investors view the valuation task and what their expectations are for early-stage companies.
How the valuation fits with your target raise amount and resulting founder equity ownership.
How to do the simple math for calculating valuation percentages.
How to estimate your company valuation using several accepted methods.
Stephen R. Poland
Stephen R. Poland has worked with hundreds of startups and entrepreneurs, mentoring them on startup mechanics, funding plans, pitch decks, financial models, and due diligence documentation for the angel funding process.
Steve brings more than 20 years' experience in startups and entrepreneurship to his career. Leveraging leadership roles with the Walt Disney Company, MacMillan Publishing, and Bertelsmann, Steve co-founded startups in the digital music and on-demand media manufacturing sectors, as well an early days anti-virus product.
Along with being co-founder of 1x1 Media, Steve works as a venture growth advisor in Western North Carolina.
Presentation about Startup Factory - organization for developing the entrepreneurial ecosystem and IT community. Check out mission, goals, activities, achievements, results and contacts.
At the Notation annual LP meeting this past fall, we gave a short talk on how we think about pre-seed investing & risk, and why we think there's a particularly interesting risk versus reward tradeoff at this stage.
PRIVATE EQUITY / VC FINANCIAL MODEL. A Real Estate CaseManuel Lacarte
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.
Transparency is one of our core values at Seedcamp and we are no strangers to how tough the fundraising process can be. In a continued spirit of openness and to show how - like with startups - our own story and proposition moves on, we're sharing the deck we used to raise our heavily-oversubscribed Seedcamp Fund V.
Read more about our plans to invest in and support the next generation of exceptional European talent on our blog: https://seedcamp.com/news/
Early Stage Funding PowerPoint Presentation SlidesSlideTeam
Early Stage Funding PowerPoint Presentation Slides is the perfect virtual counterpart of a compelling pitch deck. Entrepreneurs from all the industries can use this seed-stage funding PPT theme to convert potential investors into stakeholders. Our early-stage financing PowerPoint slideshow features a concise design to pack all the relevant comprehensive information effortlessly. This seed capital PPT presentation helps you in consolidating a stunning elevator pitch and a crisp company overview. The gripping data visualization tools of our seed money funding PowerPoint theme help you in putting forth a highly professional impression. By the means of early-stage venture capital PPT slideshow, you can communicate everything that your investor wants to know. Use our startup capital PowerPoint presentation to elaborate on business model, revenue streams, expense model, competitive analysis, and business strategies. Take advantage of this investment pitch deck PPT deck to illustrate use of funds, break-even analysis, shareholding pattern, and exit strategy. https://bit.ly/2Jl3dKQ
Basic concepts of marketing and branding for venture capital. Emphasis on competitive differentiation (aka "How are you different/better than other VCs in your category?"). Specific focus on defining areas of "value add" that aren't BS.
Gorilla Labs is a Venture builder (startup studio) designed to internalize ideation, rapidly iterate MVPs, and deploy accelerated go-to-market strategies for commercialization using Lean Startup methodology.
Co-founded by 2 INSEAD MBAs (Class of 2015)
Nikhil Jacob
Rubens Nigoghossian
More about venture builders:
http://venturebeat.com/2015/01/18/how-venture-builders-are-changing-the-startup-model/
What is a startup studio?
http://upstart.bizjournals.com/multimedia/interactives/2015/04/what-the-heck-is-a-startup-factory.html
Author's blog on experience in the Southeast Asia venture capital ecosystem
http://theventurevault.com/
Transforming investment banks shows how an unremitting focus on transforming existing business and operating models can help banks unlock investor returns of 12% - 15%.
Read more: http://www.ey.com/investmentbanking
investor pitch deck template 2017 is a template pitch deck for you to personalise and customise to help you present your business idea, vision and model to investors, shareholders and stakeholders, more help available at http://www.growyourbusiness.club
investor pitch deck template 2017
investor pitch deck template
investor pitch deck
pitch deck template
pitch deck
business plan template
pitch deck 2017
start-up pitch deck
Guest lecture corporate venture capital (herman kienhuis)Herman Kienhuis
Guest Lecture about Corporate Venture Capital by Herman Kienhuis for Corporate Venturing course, MSc Business Administration, Amsterdam Business School (University of Amsterdam - UvA)
Corporate Venture Capital best practices from interviews and researchMark S. Brooks
Summary research from interviews with 13 CVCs to identify best practices in creating a corporate venture capital (CVC) unit or a corporate accelerator.
Key takeaways include having clear objectives, clear processes and structure, easy to measure metrics, having patience and board or executive support, and making contributions to select startups that go well beyond capital.
I hope you find it useful. Feel free to distribute further to others who might find value in it.
You can reach me at https://www.linkedin.com/in/markbrooks
Startany.com. Remote Acceleration Program.
---------------------------------------------------------------
The Founder’s Guide to Early-Stage Valuation
Presented by Stephen R. Poland, co-founder 1x1 Media.
For many early-stage entrepreneurs assigning a valuation to your startup is one of the more intimidating tasks encountered during the fundraising quest. Based on the popular Founders’ Pocket Guide: Startup Valuation, this webinar provides a quick reference to all of the key topics around early-stage startup valuation and provides step-by- step examples for several valuation methods.
This webinar helps startup founders learn:
What a startup valuation is and when you need to start worrying about it.
Key terms and definitions associated with valuation, such as pre-money, post-money, and dilution.
How investors view the valuation task and what their expectations are for early-stage companies.
How the valuation fits with your target raise amount and resulting founder equity ownership.
How to do the simple math for calculating valuation percentages.
How to estimate your company valuation using several accepted methods.
Stephen R. Poland
Stephen R. Poland has worked with hundreds of startups and entrepreneurs, mentoring them on startup mechanics, funding plans, pitch decks, financial models, and due diligence documentation for the angel funding process.
Steve brings more than 20 years' experience in startups and entrepreneurship to his career. Leveraging leadership roles with the Walt Disney Company, MacMillan Publishing, and Bertelsmann, Steve co-founded startups in the digital music and on-demand media manufacturing sectors, as well an early days anti-virus product.
Along with being co-founder of 1x1 Media, Steve works as a venture growth advisor in Western North Carolina.
Presentation about Startup Factory - organization for developing the entrepreneurial ecosystem and IT community. Check out mission, goals, activities, achievements, results and contacts.
At the Notation annual LP meeting this past fall, we gave a short talk on how we think about pre-seed investing & risk, and why we think there's a particularly interesting risk versus reward tradeoff at this stage.
PRIVATE EQUITY / VC FINANCIAL MODEL. A Real Estate CaseManuel Lacarte
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.
Total Costs (TC) = Fixed Costs (FC)+ Variable Costs (VC)
Average Costs = TC/Output (Q)
AC (unit costs) show the amount it costs to produce one unit of output on average
Marginal Costs (MC) – the cost of producing one extra or one fewer units of production
MC = TCn – TCn-1
A crash course about startup valuation. Why is DCF difficult not to say useless for startups and better metrcis are comparables on profits, and even better sales (PE and PS°
The return on Veritas' investments was 5.7 per cent in 2023. The return on fixed-income investments was 7.8 per cent, equity investments 8.7 per cent, real estate investments -4.1 per cent and other investments 4.8 per cent.
Analysis of Financial Statements.(Ratio analysis, Du Pont system ,Effects of ...Tanjin Tamanna urmi
Five Categories of Fin. Ratios
Liquidity: Ability to meet current obligations
Asset Mgmt: Proper & effective use of assets
Asset utilization (i.e., Total Asset Turnover Ratio:
TAT = Sales / T. Assets
Debt Mgmt: extent of debt & level of safety afforded creditors
Debt utilization (i.e., Equity Multiplier:
EM = T. Assets / T. Eqty
Profitability: reflects effects of liquidity, asset mgmt, & debt on operating results
Expense Control: Profit Margin:
PM = Net Income / Sales
Market Value: indicators of what investors think of firm’s past results & future prospects
IV Fluid (Intravenous Fluid) and Dialysis Solution - Manufacturing Plant, Det...Ajjay Kumar Gupta
Intravenous therapy IV therapy is the infusion of liquid substances directly into a vein. Intravenous simply means "within vein". Therapies administered intravenously are often called specialty pharmaceuticals.
Compared with other routes of administration, the intravenous route is the fastest way to deliver fluids and medications throughout the body. The bioavailability of the medication is 100% in IV therapy.
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Disposable Syringes made of plastic material have been successfully used in medical and pharmaceutical practice for many years. The constantly increasing use of this type Syringe indicates its importance which is based mainly on the advantages it offers regarding cost and hygienic applications. The manufacture of plastic syringes has been developed to such a degree that the products now satisfy the requirements and standards set by Hospital and physicians. At the same time they offer the best possible technique of application to the physician and the highest possible degree of safety to the patient.
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Mini Case112018Chapter 2 Mini CaseSituationJenny Cochran, a grad.docxpauline234567
Mini Case11/20/18Chapter 2 Mini CaseSituationJenny Cochran, a graduate of The University of Tennessee with 4 years of experience as an equities analyst, was recently brought in as assistant to the chairman of the board of Computron Industries, a manufacturer of computer components.
During the previous year, Computron had doubled its plant capacity, opened new sales offices outside its home territory, and launched an expensive advertising campaign. Cochran was assigned to evaluate the impact of the changes. She began by gathering financial statements and other data.Computron's Balance Sheets (Millions of Dollars)20182019AssetsCash and equivalents$ 60$ 50Short-term investments10010Accounts receivable400520Inventories620820Total current assets$ 1,180$ 1,400Gross fixed assets$ 3,900$ 4,820Less: Accumulated depreciation1,0001,320Net fixed assets$ 2,900$ 3,500Total assets$ 4,080$ 4,900Liabilities and equityAccounts payable$ 300$ 400Notes payable50250Accruals200240Total current liabilities$ 550$ 890Long-term bonds8001,100Total liabilities$ 1,350$ 1,990Common stock1,0001,000Retained earnings1,7301,910Total equity$ 2,730$ 2,910Total liabilities and equity$ 4,080$ 4,900Computron's Income Statement (Millions of Dollars)20182019Net sales$ 5,500$ 6,000Cost of goods sold (Excluding depr. & amort.)4,3004,800Depreciation and amortizationa290320Other operating expenses350420Total operating costs$ 4,940$ 5,540Earnings before interest and taxes (EBIT)$ 560$ 460Less interest 68108Pre-tax earnings$ 492$ 352Taxes (25%)12388Net Income $ 369$ 264Notes:a Computron has no amortization charges.Other Data20182019Stock price$50.00$30.00Shares outstanding (millions)100100Common dividends (millions)$90$84Tax rate25%25%Weighted average cost of capital (WACC)10.00%10.00%Computron's Statement of Cash Flows (Millions of Dollars)
Bart Kreps: The statement of cash flows provides information about cash inflows and outflows during an accounting period.
2019Operating Activities Net Income before preferred dividends$ 264Noncash adjustments Depreciation and amortization320Due to changes in working capital Change in accounts receivable(120) Change in inventories(200) Change in accounts payable100 Change in accruals40Net cash provided by operating activities$ 404Investing activities Cash used to acquire fixed assets$ (920)
Bart Kreps: Make sure to add back annual Depreciation to Net PP&E.
Bart Kreps: The statement of cash flows provides information about cash inflows and outflows during an accounting period.
Change in short-term investments90Net cash provided by investing activities$ (830)Financing Activities Change in notes payable$ 200 Change in long-term debt300 Payment of cash dividends(84)Net cash provided by financing activities$ 416Net change in cash.
Modelo de IFORME PERICIAL sobre SWAP de tipos de interés CONTRATADO ENTRE UN BANCO Y UNA PEQUEÑA/MEDIANA EMPRESA.
Para RECLAMACIÓN JUDICIAL contra el Banco
CASO REAL -Despersonalizado- pero con todos los planteamientos y cálculos necesarios.
Caso español, aunque fácilmente adaptable a otros mercados (países) UE y OCDE.
Applied Corporate Finance. What is a Company worth?Manuel Lacarte
A thoroughly researched Corporate Finance manual, the fruit of all the understanding the author has gained in this material over his years of professional practice. A rigorous approach to fundamental Ideas, avoiding unnecessary complications Highly convenient for those who: - Already know about these matters, but they would like to refresh them and keep a book for consulting by their side (financial managers, consultants, engineers, business & MBA students, etc). - Need to master financial concepts in order to enhance their professional or academic performance - Want to really know what their money & investments are worth. Here is the rationale.. The author deals with all questions clearly, pragmatically, allowing the readers intuition to guide them forward. However, he never sacrifices his rigorous analysis, necessary to meet the standards of the best business schools in the world. He includes some case studies which show how the key concepts are applied. In the Core chapters, written in an accessible style, the book presents the fundamentals it is necessary to master in order to understand corporate finance and its typical applications such as the valuation of companies and investments in general. The author leads us through questions like the cost of financial resources for the company, shareholders’ equity and external funds and the w.a.c.c, the search for the optimum capital structure and the strategic policies that ensure an adequate financial policy To explain all this, the analysis counts on solid tools and knowledge, which have been applied through the Gordon-Shapiro formula, the CAPM (Capital Asset Pricing Model) or the Modigliani and Miller model, among others. Suitable for beginners too: The first chapter starts at a basic level for inexpert readers and then moves into the key matters of corporate finance that it is necessary to master. This chapter deals with basic questions on the discounting and capitalization of different cashflows, methods for NPV (Net present Value), IRR (internal Rate of Return), Pay-back, etc. and the reasoning behind all of them. The book explains how to deal correctly with inflation when making any analysis. The author has explained the basic concepts in some exercises so that the reader can master them before moving on to more complex issues. There is also an Appendix on the value over time of money, a correct valuation of different structures of bonds and other basic financial concepts and some key basic exercises. The final part of the book explores the valuation of companies, applying all that the reader has learnt up to now. The author also brings together all the themes worked on and enriches them with a great deal of his experience and practical advice, reason why this book is such a useful tool for those who have to make investment decisions.
Finanzas Corporativas Aplicadas. ¿Cuánto Vale una Empresa?Manuel Lacarte
Manual de Finanzas Corporativas de alto nivel fruto de la recopilación sobre estos temas durante años de ejercicio de la profesión. Un enfoque riguroso a los conceptos fundamentales, evitando complicaciones innecesarias.
El primer capítulo arranca desde un nivel básico para lectores NO INICIADOS y se adentra poco a poco en los asuntos clave de las finanzas corporativas que es preciso dominar. Se abordan cuestiones básicas como los métodos del NPV (Net present Value), IRR (internal Rate of Return), Pay-back, etc. y el racional de todos ellos, y se explica cómo tratar de forma correcta la inflación al afrontar cualquier análisis. Hay algunos ejercicios resueltos sobre conceptos básicos para que el lector se familiarice con ellos antes de continuar.
En los siguientes capítulos, el libro presenta, de modo accesible, los fundamentos que es preciso dominar para desempeñarse con soltura y solvencia en financiación corporativa y sus aplicaciones típicas como la valoración de empresas, la gestión de la estructura financiera y las inversiones en general. Se enfrenta a cuestiones como la determinación del coste de los recursos financieros para la empresa (propios , ajenos y el waacc), la búsqueda de la estructura óptima de capital y qué directrices estratégicas se pueden establecer para una adecuada política financiera.
Para ello se exponen con rigor herramientas y conocimientos y la forma de aplicarlas como la fórmula de Gordon-Shapiro, el CAPM (Capital Asset Pricing Model) o la proposición de Modigliani & Miller, entre otros.
En la parte final se refiere a la valoración de empresas, materia donde se aplica, en mayor o menor grado, todo lo anterior, pero donde se presenta además una importante organización de conceptos y una gran dosis de experiencia y consejos prácticos que harán de este libro una útil herramienta para “practitioners”
Se añade un apéndice, al final, en el que se repasan algunos conceptos básicos sobre el valor inter-temporal del dinero, la adecuada valoración de distintas estructuras de bonos, el descuento y capitalización de flujos de fondos y también algunos ejercicios prácticos sobre estas materias, lo que resultará útil al lector menos experimentado y al que necesita refrescar la memoria.
Todas las cuestiones se abordan de un modo claro, pragmático e intuitivo, pero con gran rigor y al nivel de las mejores escuelas de negocios del mundo. Incluye algunos casos resumidos para los reincidir sobre la aplicación de los conceptos clave.
BANCA CORPORATIVA. Los préstamos sindicados, qué son y cómo funcionanManuel Lacarte
A la fecha de publicación de este libro ( final de Mayo 2012) el Gobierno de España estaba a punto de lanzar una de sus medidas económicas estrella: La gran operación de pago a empresas y autónomos que fueron Proveedores de ayuntamientos y CCAA españolas a quienes se adeudaba unos 35.000 Millones €. Ya era hora! pues esa deuda se demoraba tanto que había destruido una tremenda porción del tejido productivo español, cientos de miles de pequeñas empresas cerraron, y había dejado sin trabajo a millones de personas.
Para ello, el Gobierno ha tenido que figurar como garante (avalar) y ha habido que poner en marcha un PRESTAMO BANCARIO SINDICADO BRUTAL (...podría llegar a 30.000 millones de euros)
¿Cómo funcionan estas operaciones?
¿Cómo actúa este grupo de profesionales de banca de élite?
Para muchos es un mundo poco conocido... pero cada vez va a ser más útil manejarse en él.
Las grandes operaciones típicas de la banca corporativa están al alcance de unos pocos. Se trata unas prácticas de uso restringido entre un grupo muy estrecho de profesionales de las finanzas.
Pero lo cierto es que estas operaciones, conocidas en general como operaciones sindicadas, representan una gran porción del negocio bancario de las empresas e instituciones en todo el mundo, debido a que se trata de operaciones de gran volumen.
La tendencia actual se dirige hacia la sindicación de operaciones cada vez más pequeñas, lo que exige que, de modo creciente, empresas, instituciones y profesionales tengan que afrontar este tipo de operativa que, hasta hace muy poco tiempo, era coto privado de los grandes bancos y sus profesionales expertos.
Las oportunidades profesionales y de negocio son inmensas. En este libro se expone una explicación sencilla y clara, pero rigurosa de qué son y cómo funcionan estas operaciones de préstamo sindicado. Es una excelente herramienta para profesionales de la banca o de la dirección financiera, para empresarios e incluso para estudiosos de las finanzas para aproximarse al mundo de la banca corporativa más seductor e interesante.
NDA. Confidentiality Agreement- InSECTOR (When potential investor is in a cle...Manuel Lacarte
Letter Agreement / Confidentiality Agreement. NDA
When potential investor is in a clear dominant position, (i.e. a bigger player in same sector).
Looks after our client�s interests given that lots of “sensitive in Nature” information is expected to be shown.
Suitable for financial transactions, commercial and technical agreements, joint ventures or any other transaction.
BALANCED SCORECARD BANK -RRHH- (Manuel Lacarte)Manuel Lacarte
ENFOQUE METODOLOGICO PARA DISEnO E IMPLANTACION DE SISTEMA DE GESTION BASADO EN BALANCED SCORECARD PARA EL AREA DE RRHH DE UN GRAN BANCO (inicio de implantacion por area de Banca comercial)
RESUMEN EJECUTIVO de la PRESENTACION DE PROPUESTA DE FINANCIACION
Para proyectos, empresas y negocios
Sirve como guía para la elaboración del RESUMEN EJECUTIVO que recoge los estándares que se utilizan en el entorno financiero profesional para el análisis de proyectos de inversión /financiación.
La primera aproximación al inversor es crítica para captar su atención pues se compite con gran cantidad de propuestas y una presentación adecuada, sintética y profesional es la clave.
EXECUTIVE SUMMARY Guidelines. FUNDRAISING REQUEST FORM. start-ups, small bus...Manuel Lacarte
A template for small business, start-up... “How to” build an EXECUTIVE SUMMARY of your financial proposal (professional standards)
First approach to investors is critical to capture their attention because it competes with large number of proposals and a proper, synthetic and professional presentation is key.
Terminos y condiciones de fondo Venture Capital (TERMSHEETS) en español. Una muestra completa concretando para un caso. Incluye Resumen ejecutivo (Teaser document)
Venture Capital. Private equity. Modelo de Valoración. Entrada en Nuevo Negoc...Manuel Lacarte
Caso de start-up de negocio de nuevas tecnologías pero fácimennte adaptable a otros negocios.
Hojas que contiene:
Inputs
Esquema Operación
P&L- Anual
CF- Anual
BS-Anual
P&L- Mensual año 1
CF-Mensual año1
BS-Mensual año1
P&L Mensual año 2
CF-Mensual año 2
BS-Mensual año 2
Rentabilidad
Ppales. Magnitudes
Fuentes y Usos
Ingresos
Gastos de producción
Gastos Operativos
Inversiones y gastos activables
Financiación ajena
Impuestos
Fondo de maniobra
Personal
Modelo de VALORACION ( private equity and venture capital estandar) de FONDO ...Manuel Lacarte
Modelo de valoración completo para valorar el caso de un fondo de inversión inmobiliaria. En español. El modelo corre para un caso de inversiones en un país en Europa del Este, pero es fácimente adaptable a otro caso
Hojas que contiene:
-Disclaimer
-Hipótesis
-Portada (inputs)
-Capital
-Ingresos
-Gastos
-Financiación
-PyG
-Tesorería
-Cash Flow del accionista
-Balances previsionales
-Inversiones
-Amortizaciones
-Tesorería del IVA
Gestión del Conocimiento en fabricantes multiplanta ( PRAGMATICA MC)Manuel Lacarte
ENFOQUE METODOLOGICO PARA LA GESTION DEL "CONOCIMIENTO COMUN" EN EMPRESAS DE FABRICACION CON MULTIPLES PLANTAS PARA REDUCIR COSTES. ENFOQUE RADICALMENTE DISTINTO DE LOS TRADICIONALES SOBRE EL IMPORTANTE CONCEPTO DE GESTION DEL CONOCIMIENTO
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
2. disclaimer
The accompanying material (the “Material”) is being provided to certain persons (the “Recipients”) on the basis that such Material has been prepared by THE FUND ("THE FUND") and is being
provided to each of the Recipients for informational purposes only and THE FUND accepts no duty of care to such persons withregard 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 any person or making any decision relating to or in
connection with the transaction to which the Material relates and no responsibility, obligation or liability (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 respective employees 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 beenprovided to any of the Recipients or for any consequence whatsoever
should any such Recipient rely upon any Material. Each Recipient is deemed to have waived any 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 the Material. The Material remains the full property of THE FUND and may not be released toany third party without the prior written permission of THE FUND .
3. vc invest- inputs & assumptions
Working EXCEL version available to download ($30) at:
http://store.payloadz.com/details/961679-documents-and-forms-spreadsheets-vc-financial-model.html
Units year1 year2 year3 year4 year5 year6 year7 year8
Revenues Assumptions
Term of the fund
Final Closing (within 6 months from the legal set-up of the Fund)Yes/No yes
Duration of the Fund (8 to 10 years) Years 10
Extension of the Fund (1 or 2 years) Years 2
Accept Extension Yes/No No
Duration Investment period Years 4
Extension of Investment period (1 or 2 years) Years 1
Accept Extension Yes/No No
Commited Capital
Commited Capital by core investors Euro 000s 16.272
Commited Capital by other investors Euro 000s 5.288
Total Commited Capital Euro 000s 21.560
Initial Drawndown % 15,8% 15,8%
Initial Drawndown Euro 000s 2.571
Capital Increases ("Capital Calls") % 38,80% 17,00% 17,00% 11,40% 0,0% 0,0% 0,0% 0,0%
Capital Increases ("Capital Calls") Euro 000s 9.201 3.665 3.665 2.458 - - - -
Cumulative Drawndowns % 54,6% 71,6% 88,6% 100,0% 100,0% 100,0% 100,0% 100,0%
Cumulative Drawndowns Euro 000s 11.772 15.437 19.102 21.560 21.560 21.560 21.560 21.560
Capital Gains
Gains
Amount per investment average Euro 000s 1.200
# investments / year. (objective) companies # 6,0 3,0 3,0 3,0 - - - -
# investments / year. ( int number) companies # 6,0 3,0 3,0 3,0 - - - -
Cumulative # of investments # 6 9 12 15 15 15 15 15
Invested capital per year Euro 000s 7.400 3.900 3.600 3.600 - - - -
Cumulative invested capital Euro 000s 7.400 11.300 14.900 18.500 18.500 18.500 18.500 18.500
Invested capital per year/ Commited Capital % 34,3% 18,1% 16,7% 16,7% 0,0% 0,0% 0,0% 0,0%
Cumulative invested capital/Commited Capital % 34,3% 52,4% 69,1% 85,8% 85,8% 85,8% 85,8% 85,8%
Average IRR pare deal % 15,0%
average term to deinvest per deal ( 3 to 5 years) years 4
Multiple on invested capital x 1,75
# of deals deinvested per year # - - - - 2 7 3 3
Cumulative deals deinvested # - - - - 2 9 12 15
Investments (companies) in portfolio # 6 9 12 15 13 6 3 -
Cumulative Deinvestments/ deals in portfolio % 0,0% 0,0% 0,0% 0,0% 13,3% 60,0% 80,0% 100,0%
Deinvested Capital per year (cost) Euro 000s - - - - 2.600 8.700 3.600 3.600
Cumulative Deinvested Capital (cost) Euro 000s - - - - 2.600 11.300 14.900 18.500
Invested Capital in portfolio (cost) Euro 000s 7.400 11.300 14.900 18.500 15.900 7.200 3.600 -
Deinvested Capital per year (cost+gains) Euro 000s - - - - 7.468 35.586 6.296 6.296
Cumulative Deinvested Capital (cost+gains) Euro 000s - - - - 7.468 43.054 49.350 55.647
Gains/(Looses) Euro 000s - - - - 4.868 26.886 2.696 2.696
Cumulative Gains/(Looses) Euro 000s - - - - 4.868 31.754 34.450 37.147
Revenues Assumptions Cont'd
Dividends
% on invested capital % 0,0%
Dividends received Euro 000s - - - - - - - -
Debtors Euro 000s - - - - - - - -
Working excel
available to
download.
See avobe
4. vc invest- inputs & assumptions
Working EXCEL version available to download ($30) at:
http://store.payloadz.com/details/961679-documents-and-forms-spreadsheets-vc-financial-model.html
Units year1 year2 year3 year4 year5 year6 year7 year8
Total Capital Gains Euro 000s - - - - 4.868 26.886 2.696 2.696
Revenues/(Expenses) Financial
Cash return % 0,0%
Financial revenues Euro 000s (10) - - - - - - -
average collection period days 0
Debtors Euro 000s - - - - - - - -
Commissions & fees Assumptions
Comisiones & fees
Suscription fee
% on total committed capital % 0,5%
Total fee Euro 000s 108 - - - - - - -
Management Fee
% on Commited Capital % 2,5%
Months whithin Investment period months 11 12 12 12 1 - - -
Fees whithin Investment period Euro 000s 501 539 539 539 45 - - -
Months out of Investment period months - - - - 11 12 12 12
Fees out of Investment period Euro 000s - - - - 394 289 135 45
Total Management fee in period Euro 000s 501 539 539 539 439 289 135 45
Cumulative management fee Euro 000s 501 1.040 1.579 2.118 2.558 2.846 2.981 3.026
Management Fee payments Euro 000s 501 539 539 539 439 289 135 45
Cumulative payments Management fee Euro 000s 501 1.040 1.579 2.118 2.558 2.846 2.981 3.026
Success Fee ("Carried Interest")
IRR Objective % 7,0%
Multiple objective on invested capital x 1,31 -7.400 -3.900 -3.600 -3.600
Deinvested to reach IRR objective Euro 000s - - - - 22.451 16.013 - -
(Invested)/Deinvested Euro 000s
Shareholder´s IRR % 20,0%
Total Success fee payments Euro 000s - - - - - 3.915 1.259 1.259
Cumulative payments success fee Euro 000s - - - - - 3.915 5.174 6.433
Total success fee generated Euro 000s - - - - - - - 6.433
Cumulative generated success fee Euro 000s - - - - - - - 6.433
Other expenses Assumptions
Transaction expenses
% on invested capital per year % 0,0%
Investment realization expenses Euro 000s - - - - - - - -
Creditors Euro 000s - - - - - - - -
%on deinvested capital per year % 1,0%
Deinvestment realization expenses Euro 000s - - - - 75 356 63 63
Creditors Euro 000s - - - - - - - -
Total transaction expenses Euro 000s - - - - 75 356 63 63
Formation expenses
Total amount Euro 000s 25 25
Depreciation ( 5 years) Euro 000s 5 5 5 5 5 - - -
Services & expenses prior to formation Euro 000s 467
Other Operating expenses
RPI % 3,0%
5. vc invest- inputs & assumptions
Working EXCEL version available to download ($30) at:
http://store.payloadz.com/details/961679-documents-and-forms-spreadsheets-vc-financial-model.html
Units year1 year2 year3 year4 year5 year6 year7 year8
Legal expenses Euro 000s 18 17 19 19 20 20 21 21 22
Auditors Euro 000s 1,5 9 14 19 25 22 10 5 3
Auditor expected increase Euro 000s 1,5 1,5 1,6 1,6 1,7 1,7 1,8 1,8
Auditor Creditors Euro 000s - - - - - - - -
# members of the board # 7
Remuneration/member/month Euro 000s 0,150 12 13 13 14 14 15 15 15
Other / year Euro 000s 0 - - - - - - - -
TotalOther Operating expenses Euro 000s 37 45 52 58 56 46 42 41
average payment period days 0
Creditors (except auditors and members of board) Euro 000s - - - - - - - -
Taxes
Corporation Tax rate % 35,0%
Tax exemption ( capital gains) % 99,0%
Tax exemption (dividends) % 100,0%
Taxable Income Euro 000s - - - - - - - -
Cumulative looses befor taxes Euro 000s 1.128 1.718 2.313 2.915 2.915 2.915 2.915 6.801
Tax carryback usable next year due to looses Euro 000s 1.128 1.718 2.313 2.915 - - - 3.885
The treasury creditor - - - - - - - -
Increase /Decrease The Treasury Euro 000s - - - - - - - -
Working Capital Assumptions
Working Capital
Debtors Euro 000s - - - - - - - -
Creditors Euro 000s - - - - - - - -
Working Capital Euro 000s - - - - - - - -
Increase /Decrease Working Capital Euro 000s - - - - - - - -
Dividends & Reserves Assumptions
Dividends
"Pay-out Ratio" Objective % 100,0%
Earnings Euro 000s - - - - 4.293 26.195 2.457 -
10% Earnings Euro 000s - - - - 429 2.620 246 -
Cumulative Earnings Euro 000s - - - - 429 3.049 3.294 3.294
20% Reserves Euro 000s 2.354 3.087 3.820 4.312 3.792 2.052 1.332 -
Looses Euro 000s 1.128 589 596 602 - - - 3.885
Looses compensating Euro 000s 1.128 589 596 602 (2.915) - - 3.885
Cumulative looses Euro 000s 1.128 1.718 2.313 2.915 - - - 3.885
Legal Reserve Euro 000s (1.128) (1.718) (2.313) (2.915) 429 2.052 1.332 (2.553)
6. vc invest- shareholder´s IRR
Working EXCEL version available to download ($ 37) at:
www.gazhoo.com search: Venture Capital fund financial model
Units year 1 year 2 year 3 year 4 year 5 year 6 year 7 year 8 year 9
Shareholder´s Cash Flow
Commited capital drawndowns Euro 000s (11.772) (3.665) (3.665) (2.458) - - - - -
Share Capital reductions Euro 000s - - - - - 2.600 8.700 3.600 3.600
Dividends paid Euro 000s - - - - - - 948 24.572 3.177
Fund Liquidatión Euro 000s - - - - - - - - 507
Total Euro 000s (11.772) (3.665) (3.665) (2.458) - 2.600 9.648 28.172 7.283
Shareholder´s IRR % 14,1%
Copy & paste on your
navigator`s address bar
7. vc invest- P & L
Working EXCEL version available to download ($ 37) at:
Units year 1 year 2 year 3 year 4 year 5 year 6 year 7 year 8
Revenues
Gains from deinvestment operations Euro 000s - - - - 4.868 26.886 2.696 2.696
Dividends (assets in portfolio) Euro 000s - - - - - - - -
Total revenues Euro 000s - - - - 4.868 26.886 2.696 2.696
% growth % - - - - - 452,3% -90,0% 0,0%
Expenses
Suscription fee Euro 000s (108) - - - - - - -
Management Fee Euro 000s (501) (539) (539) (539) (439) (289) (135) (45)
Success Fee ("Carried Interest") Euro 000s - - - - - - - (6.433)
Transactions expenses Euro 000s - - - - (75) (356) (63) (63)
Other Operating expenses Euro 000s (37) (45) (52) (58) (56) (46) (42) (41)
Other expenses Euro 000s (467) - - - - - - -
Cap. Losses Euro 000s - - - - - - - -
Total expenses Euro 000s (1.113) (584) (591) (597) (570) (691) (240) (6.582)
% on revenues % - - - - 11,7% 2,6% 8,9% 244,1%
EBITDA Euro 000s (1.113) (584) (591) (597) 4.298 26.195 2.457 (3.885)
% on revenues % - - - - 88,3% 97,4% 91,1% -144,1%
Depreciation Euro 000s (5) (5) (5) (5) (5) - - -
EBIT Euro 000s (1.118) (589) (596) (602) 4.293 26.195 2.457 (3.885)
% on revenues % - - - - 88,2% 97,4% 91,1% -144,1%
Financial revenues Euro 000s (10) - - - - - - -
PRE-TAX INCOME Euro 000s (1.128) (589) (596) (602) 4.293 26.195 2.457 (3.885)
% on revenues % - - - - 88,2% 97,4% 91,1% -144,1%
Taxes Euro 000s - - - - - - - -
% effective Tax rate % 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0%
NET INCOME AFTER TAXES Euro 000s (1.128) (589) (596) (602) 4.293 26.195 2.457 (3.885)
% on revenues % - - - - 88,2% 97,4% 91,1% -144,1%
Dividends ( ordinary & extraordinary) Euro 000s - - - - (948) (24.572) (3.177) -
Pay-out Ratio % 0,0% 0,0% 0,0% 0,0% 22,1% 93,8% 129,3% 0,0%
8. vc invest- Cash Flow
Units year 1 year 2 year 3 year 4 year 5 year 6 year 7 year 8
Net Income after Taxes Euro 000s (1.128) (589) (596) (602) 4.293 26.195 2.457 (3.885)
Depreciation Euro 000s 5 5 5 5 5 - - -
Increase/Decrease The Treasury Euro 000s - - - - - - - -
Increase/Decrease of Working Capital Euro 000s - - - - - - - -
Operations Cash Flow Euro 000s (1.123) (584) (591) (597) 4.298 26.195 2.457 (3.885)
INVESTMENTS Euro 000s (7.400) (3.900) (3.600) (3.600) - - - -
DEINVESTMENTS Euro 000s - - - - 2.600 8.700 3.600 3.600
Formation expenses Euro 000s (25) - - - - - - -
Investments Cash Flow Euro 000s (7.425) (3.900) (3.600) (3.600) 2.600 8.700 3.600 3.600
Cash Flow before Financial Activities (8.548) (4.484) (4.191) (4.197) 6.898 34.895 6.057 (285)
Success Fee Advance Payments Euro 000s - - - - - (3.915) (1.259) 5.174
Shared Capital Reduction Euro 000s - - - - (2.600) (8.700) (3.600) (3.600)
Shared Capital Increase Euro 000s 9.201 3.665 3.665 2.458 - - - -
Fund Liquidation Euro 000s - - - - - - - (507)
Financial Activities Cash Flow Euro 000s 9.201 3.665 3.665 2.458 (2.600) (12.615) (4.859) 1.067
ash Flow before Dividends Euro 000s 653 (819) (525) (1.739) 4.298 22.280 1.197 782
payment of Dividends Euro 000s - - - - - (948) (24.572) (3.177)
Initial CASH Euro 000s 2.571 3.224 2.404 1.879 140 4.438 25.770 2.395
CASH Increase /Reduction Euro 000s 653 (819) (525) (1.739) 4.298 21.332 (23.375) (2.395)
final CASH Euro 000s 3.224 2.404 1.879 140 4.438 25.770 2.395 -
9. vc invest- Balance sheets
opening
Units balance sheet year 1 year 2 year 3 year 4 year 5 year 6 year 7 year 8
ASSETS
Fixed Assets
Formation expenses Euro 000s - 20 15 10 5 - - - -
INVESTMENTS Euro 000s - 7.400 11.300 14.900 18.500 15.900 7.200 3.600 -
Total Fixed Assets Euro 000s - 7.420 11.315 14.910 18.505 15.900 7.200 3.600 -
Current Assets
Cash Euro 000s 2.571 3.224 2.404 1.879 140 4.438 25.770 2.395 -
Advance fees Euro 000s - - - - - - 3.915 5.174 -
Debtors Euro 000s - - - - - - - - -
Total Current Assets Euro 000s 2.571 3.224 2.404 1.879 140 4.438 29.685 7.569 -
TOTAL ASSETS Euro 000s 2.571 10.644 13.719 16.789 18.645 20.338 36.885 11.169 -
LIABILITIES
Current Liabilities
Dividends to pay-out Euro 000s - - - - - 948 24.572 3.177 -
The Treasury Creditor Euro 000s - - - - - - - - -
Creditors Euro 000s - - - - - - - - -
Totalcurrent liabilities Euro 000s - - - - - 948 24.572 3.177 -
Equity
Share Capital Euro 000s 2.571 11.772 15.437 19.102 21.560 18.960 10.260 6.660 -
Reserves ( looses or legal reserves)) Euro 000s - (1.128) (1.718) (2.313) (2.915) 429 2.052 1.332 -
Total equity Euro 000s 2.571 10.644 13.719 16.789 18.645 19.389 12.312 7.992 -
TOTAL LIABILITIES Euro 000s 2.571 10.644 13.719 16.789 18.645 20.338 36.885 11.169 -
Check - - - - - - - - -
10. Example of investment criteria to launch an scenario (I)
Stage of Development. Focus on expansion / development capital to finance the sustainable growth of the SMEs in the medium and long term.
Exceptionally, investments in replacement capital, buyouts (LBOs, MBOs, MBIs), seed capital, and start-up capital will be considered. The last two
will require the express authorization of Möbius Board of Directors to start any preliminary due diligence on the target company and, in any case,
the total capital invested cannot represent more than 15% of the Fund’s committed capital.
Target Size. Focus on investments from €1 million to approx. €6 million per transaction. Any other amount will require the express authorization
of Board of Directors to start any preliminary due diligence on the target company. Nonetheless, we could
participate in larger transactions co-investing with other Private Equity firms, with our investors, or with strategic partners that provide value to
our portfolio companies.
Business Plan. Investment in companies with a Business Plan based on reasonable assumptions, which reflects the business strategy in the long
term (3 to 5 years) and permits achievement of the Fund’s return objectives. Management company intends to elaborate the Business Plan
alongside the management team and other existing shareholders as a first step of our value-added services.
Valuation. The investment process includes a rigorous and detailed valuation of the potential portfolio companies. Management company
considers that historical performance and realistic business prospects should support a reasonable valuation that permits achievement of the
Fund’s return objectives. Nonetheless, we believe that success is driven by business fundamentals and capable people involved rather than by
investing in undervalued situations.
Management Team. strongly believes that associating with the right management team is critical for investment success. We look for highly
qualified, motivated and experienced management teams, with a clear strategic and business vision of the company and the appropriate
management plan to implement it. The deal structure will include the provision of management incentives to achieve business and financial
objectives.
Holding Period. Realization of capital gains in approximately 4 years per transaction to allow the portfolio companies to benefit from our value-
added services and our continuous support. In any case, the sale of our stake in our portfolio companies will be driven by return maximization.
Industry Sectors. Focus on certain preferred sectors with superior growth potential: industrial products and services, energy, leisure & sports,
media & contents, healthcare, elderly services, and environment. However, investment opportunities in other sectors will be considered based
on the individual merits of each project.
Diversification. The portfolio of companies will be comprised of a balanced number of investments in different sectors, avoiding excessive
exposure to one in particular.
Working excel available to
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See at inputs sheet
11. Example of investment criteria to launch an scenario (II)
Minority Protection. Supermajority vote required to adopt certain relevant decisions to protect our minority interests when necessary.
Nonetheless, the fund does not intervene in the day-to-day business operations of our portfolio companies.
Representation. Proactive role in the Board of Directors of our portfolio companies to control and monitor their performance.
Securities. Investment in securities allowed by the existing regulation that facilitate the maximization of the Fund’s returns. Mainly, equity or
“participation loans”.
Exit. Incorporate analysis of options for realizations of gains as an integral component of an investment thesis, and continually review
alternatives to take advantage of favourable monetization opportunities. Negotiation of exit rights at time of investment.
Exclusivity. The management company will negotiate on an exclusive basis with our target companies from the beginning of the investment
process. In general, competitive processes (auctions) focused on maximizing entry multiples and limiting the negotiation capacity will be
expressly avoided.
Geographic focus. Focus on investments in Europe SMEs. Exceptionally, we will consider co-investment opportunities in non-european
companies if the fund is not the lead investor. It will require the express authorization of the Board of Directors to start any preliminary due
diligence on the target company.
Leverage. Use debt in the capital structure to enhance equity returns while allowing the company the flexibility to adapt to unforeseen economic
conditions.
Limited Number of Investments. The number of portfolio companies will be determined by the ability to control and monitor them successfully
Expected Returns. The main objective is to obtain a gross IRR (before fees and expenses) of 25%-35% in each investment based on a reasonable
Business Plan and a proactive monitoring of all portfolio companies. Assuming an investment holding period of approx. 4 years, this represents
2.4x-3.3x the capital invested in each transaction.
In any case, all investments made by the Fund have to comply with the limitations and obligations contained in the articles 16 to 20 of the
Spanish Law 1/1999, January 5th, regulating Private Equity funds and their management companies.
These investment limitations include, among others:
The obligation to invest at least 60% of the Fund’s assets in companies that meet the investment criteria.
No more than 25% of the Fund’s assets may be invested on a single company, and no more than 35% may be invested in companies belonging to
the same business group.
Working excel available to
download.
See at inputs sheet