FS Model - 05112018-1

AVERY TOWER HOTELS & RESORTS Months
1 2
FINANCIAL STATEMENTS PROJECTION MODEL
Timelines & associated flags
Income statement
Sales 45,788,750 41,945,000
Cost of sales (33,718,813) (30,929,750)
Gross profit 12,069,938 11,015,250
SG&A expenses (7,803,875) (7,419,500)
EBITDA 4,266,063 3,595,750
Depreciation (248,611) (34,028)
EBIT 4,017,451 3,561,722
Financial charges
Income before tax 4,017,451 3,561,722
Taxation (1,285,584) (1,139,751)
Income after tax 2,731,867 2,421,971
Statement of financial position

Non-current assets
Property, plant & equipment 73,751,389 75,317,361
Current assets
Stock-in-trade 1,288,226 1,295,000
Trade debts 22,155,847 22,470,536
Other current assets
Cash and bank 0 0
Total current assets 23,444,073 23,765,536
Total assets 97,195,461 99,082,897
Shareholders' equity
Share capital 20,000,000 20,000,000
Reserves 2,731,867 5,153,838
Total shareholders' equity 22,731,867 25,153,838
Non-current liabilities
Term loans
Current liabilities
Trade payable 21,754,073 22,092,679
Other current liabilities 1,285,584 2,425,336
Short term running finance 51,423,938 49,411,045
Total current liabilities 74,463,595 73,929,059
Total shareholders' equity and liabilities 97,195,461 99,082,897

check 0 0
Statement of changes in equity
Share capital
Opening balance 0 20,000,000
Shares issued for cash 20,000,000 0
Bonus shares issued 0 0
Closing balance 20,000,000 20,000,000
Reserves
Profit for the period 2,731,867 2,421,971
Dividends paid 0 0
Bonus shares issued 0 0
Closing balance 2,731,867 5,153,838
22,731,867 25,153,838
Cash flow statement

Cash flows from operating activities
EBITDA for the period 4,266,063 3,595,750
Working capital changes
(Increase)/decrease in stock in trade (1,288,226) (6,774)
(Increase)/decrease in receivables (22,155,847) (314,689)
Increase/(decrease) in payables 21,754,073 338,606
Taxes paid 0 0
Net cash flows from operating activities 2,576,063 3,612,893
Cash flows from investing activities

Capital expenditure (74,000,000) (1,600,000)
Net cash flows from investing activities (74,000,000) (1,600,000)
Cash flows from financing activities

Shares issued for cash 20,000,000 0
Dividends paid 0 0
Long term financing
Net cash flows from financing activities 20,000,000 0

Net cash flows for the period (51,423,938) 2,012,893
Opening balance: cash and cash equivalents 0 (51,423,938)
Closing balance: cash and cash equivalents (51,423,938) (49,411,045)
3 4 5 6 7 8
47,306,250 44,507,500 45,788,750 46,025,000 45,788,750 46,547,500

(34,943,438) (32,789,125) (33,718,813) (34,013,750) (33,718,813) (34,331,125)
12,362,813 11,718,375 12,069,938 12,011,250 12,069,938 12,216,375
(7,955,625) (7,675,750) (7,803,875) (7,827,500) (7,803,875) (7,879,750)
4,407,188 4,042,625 4,266,063 4,183,750 4,266,063 4,336,625
0 0 0 0 0 0
4,407,188 4,042,625 4,266,063 4,183,750 4,266,063 4,336,625
4,407,188 4,042,625 4,266,063 4,183,750 4,266,063 4,336,625

(1,410,300) (1,293,640) (1,365,140) (1,338,800) (1,365,140) (1,387,720)
2,996,888 2,748,985 2,900,923 2,844,950 2,900,923 2,948,905
75,317,361 75,317,361 75,317,361 75,317,361 75,317,361 75,317,361
1,304,032 1,290,333 1,288,226 1,306,667 1,288,226 1,296,129

22,890,121 22,253,750 22,155,847 23,012,500 22,155,847 22,522,984
0 0 0 0 0 0
24,194,153 23,544,083 23,444,073 24,319,167 23,444,073 23,819,113
99,511,514 98,861,444 98,761,434 99,636,528 98,761,434 99,136,474
20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000

8,150,726 10,899,711 13,800,633 16,645,583 19,546,506 22,495,411
28,150,726 30,899,711 33,800,633 36,645,583 39,546,506 42,495,411
22,544,153 21,859,417 21,754,073 22,675,833 21,754,073 22,149,113
3,835,636 1,293,640 2,658,780 3,997,580 1,365,140 2,752,860
44,981,000 44,808,677 40,547,948 36,317,531 36,095,716 31,739,091
71,360,789 67,961,734 64,960,801 62,990,945 59,214,928 56,641,063
99,511,514 98,861,444 98,761,434 99,636,528 98,761,434 99,136,474

0 0 0 0 0 0
20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000

0 0 0 0 0 0
0 0 0 0 0 0
20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
5,153,838 8,150,726 10,899,711 13,800,633 16,645,583 19,546,506

2,996,888 2,748,985 2,900,923 2,844,950 2,900,923 2,948,905
0 0 0 0 0 0
0 0 0 0 0 0
8,150,726 10,899,711 13,800,633 16,645,583 19,546,506 22,495,411
28,150,726 30,899,711 33,800,633 36,645,583 39,546,506 42,495,411
4,407,188 4,042,625 4,266,063 4,183,750 4,266,063 4,336,625
(9,032) 13,699 2,108 (18,441) 18,441 (7,903)

(419,585) 636,371 97,903 (856,653) 856,653 (367,137)
451,475 (684,737) (105,344) 921,761 (921,761) 395,040
0 (3,835,636) 0 0 (3,997,580) 0
4,430,045 172,323 4,260,729 4,230,417 221,816 4,356,625
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
4,430,045 172,323 4,260,729 4,230,417 221,816 4,356,625
(49,411,045) (44,981,000) (44,808,677) (40,547,948) (36,317,531) (36,095,716)
(44,981,000) (44,808,677) (40,547,948) (36,317,531) (36,095,716) (31,739,091)
9 10 11 12 13 14
45,266,250 45,788,750 45,266,250 46,547,500 48,078,188 46,184,250

(33,401,438) (33,718,813) (33,401,438) (34,331,125) (35,404,753) (34,095,338)
11,864,813 12,069,938 11,864,813 12,216,375 12,673,434 12,088,913
(7,751,625) (7,803,875) (7,751,625) (7,879,750) (8,386,485) (8,197,092)
4,113,188 4,266,063 4,113,188 4,336,625 4,286,949 3,891,821
0 0 0 0 (25,000) 0
4,113,188 4,266,063 4,113,188 4,336,625 4,261,949 3,891,821
4,113,188 4,266,063 4,113,188 4,336,625 4,261,949 3,891,821

(1,316,220) (1,365,140) (1,316,220) (1,387,720) (1,363,824) (1,245,383)
2,796,968 2,900,923 2,796,968 2,948,905 2,898,125 2,646,438
75,317,361 75,317,361 75,317,361 75,317,361 76,792,361 76,792,361
1,298,500 1,288,226 1,298,500 1,296,129 1,352,637 1,366,086

22,633,125 22,155,847 22,633,125 22,522,984 23,263,639 23,888,405
0 0 0 0 0 0
23,931,625 23,444,073 23,931,625 23,819,113 24,616,276 25,254,491
99,248,986 98,761,434 99,248,986 99,136,474 101,408,637 102,046,852
20,000,000 20,000,000 20,000,000 20,000,000 35,000,000 35,000,000

25,292,378 28,193,301 30,990,268 33,939,173 36,837,298 39,483,737
45,292,378 48,193,301 50,990,268 53,939,173 71,837,298 74,483,737
22,267,625 21,754,073 22,267,625 22,149,113 22,841,776 23,514,026
4,069,080 1,365,140 2,681,360 4,069,080 1,363,824 2,609,206
27,619,903 27,448,921 23,309,733 18,979,108 5,365,739 1,439,884
53,956,608 50,568,133 48,258,718 45,197,301 29,571,339 27,563,116
99,248,986 98,761,434 99,248,986 99,136,474 101,408,637 102,046,852

0 0 0 0 0 0
20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 35,000,000

0 0 0 0 15,000,000 0
0 0 0 0 0 0
20,000,000 20,000,000 20,000,000 20,000,000 35,000,000 35,000,000
22,495,411 25,292,378 28,193,301 30,990,268 33,939,173 36,837,298

2,796,968 2,900,923 2,796,968 2,948,905 2,898,125 2,646,438
0 0 0 0 0 0
0 0 0 0 0 0
25,292,378 28,193,301 30,990,268 33,939,173 36,837,298 39,483,737
45,292,378 48,193,301 50,990,268 53,939,173 71,837,298 74,483,737
4,113,188 4,266,063 4,113,188 4,336,625 4,286,949 3,891,821
(2,371) 10,274 (10,274) 2,371 (56,508) (13,449)

(110,141) 477,278 (477,278) 110,141 (740,655) (624,766)
118,512 (513,552) 513,552 (118,512) 692,663 672,250
0 (4,069,080) 0 0 (4,069,080) 0
4,119,188 170,983 4,139,188 4,330,625 113,369 3,925,855
0 0 0 0 (1,500,000) 0
0 0 0 0 (1,500,000) 0
0 0 0 0 15,000,000 0
0 0 0 0 0 0
0 0 0 0 15,000,000 0
4,119,188 170,983 4,139,188 4,330,625 13,613,369 3,925,855
(31,739,091) (27,619,903) (27,448,921) (23,309,733) (18,979,108) (5,365,739)
(27,619,903) (27,448,921) (23,309,733) (18,979,108) (5,365,739) (1,439,884)
15 16 17 18 19 20
48,874,875 46,732,875 49,671,563 46,732,875 48,078,188 49,671,563

(36,047,681) (34,428,581) (36,690,609) (34,428,581) (35,404,753) (36,690,609)
12,827,194 12,304,294 12,980,953 12,304,294 12,673,434 12,980,953
(8,466,154) (8,251,954) (8,545,823) (8,251,954) (8,386,485) (8,545,823)
4,361,040 4,052,340 4,435,130 4,052,340 4,286,949 4,435,130
0 0 0 0 (10,417) 0
4,361,040 4,052,340 4,435,130 4,052,340 4,276,532 4,435,130
4,361,040 4,052,340 4,435,130 4,052,340 4,276,532 4,435,130

(1,395,533) (1,296,749) (1,419,242) (1,296,749) (1,368,490) (1,419,242)
2,965,507 2,755,591 3,015,889 2,755,591 2,908,042 3,015,889
76,792,361 76,792,361 76,792,361 76,792,361 77,281,944 77,281,944
1,360,935 1,354,850 1,369,234 1,354,850 1,352,637 1,369,234

23,649,133 23,366,438 24,034,627 23,366,438 23,263,639 24,034,627
2,908,121 2,940,322 0 0 0 0
27,918,190 27,661,609 25,403,861 24,721,288 24,616,276 25,403,861
104,710,551 104,453,971 102,196,222 101,513,649 101,898,221 102,685,805
35,000,000 35,000,000 42,000,000 42,000,000 42,000,000 42,000,000

42,449,243 45,204,834 23,720,723 26,476,314 29,384,356 32,400,244
77,449,243 80,204,834 65,720,723 68,476,314 71,384,356 74,400,244
23,256,569 22,952,388 23,671,361 22,952,388 22,841,776 23,671,361
4,004,739 1,296,749 2,715,990 4,012,739 1,368,490 2,787,732
0 0 10,088,148 6,072,208 6,303,598 1,826,468
27,261,308 24,249,136 36,475,499 33,037,335 30,513,865 28,285,561
104,710,551 104,453,971 102,196,222 101,513,649 101,898,221 102,685,805

0 0 0 0 0 0
35,000,000 35,000,000 35,000,000 42,000,000 42,000,000 42,000,000

0 0 0 0 0 0
0 0 7,000,000 0 0 0
35,000,000 35,000,000 42,000,000 42,000,000 42,000,000 42,000,000
39,483,737 42,449,243 45,204,834 23,720,723 26,476,314 29,384,356

2,965,507 2,755,591 3,015,889 2,755,591 2,908,042 3,015,889
0 0 (17,500,000) 0 0 0
0 0 (7,000,000) 0 0 0
42,449,243 45,204,834 23,720,723 26,476,314 29,384,356 32,400,244
77,449,243 80,204,834 65,720,723 68,476,314 71,384,356 74,400,244
4,361,040 4,052,340 4,435,130 4,052,340 4,286,949 4,435,130
5,151 6,085 (14,384) 14,384 2,213 (16,597)

239,272 282,696 (668,190) 668,190 102,798 (770,988)
(257,457) (304,181) 718,973 (718,973) (110,611) 829,585
0 (4,004,739) 0 0 (4,012,739) 0
4,348,005 32,201 4,471,530 4,015,940 268,610 4,477,130
0 0 0 0 (500,000) 0
0 0 0 0 (500,000) 0
0 0 0 0 0 0
0 0 (17,500,000) 0 0 0
0 0 (17,500,000) 0 0 0
4,348,005 32,201 (13,028,470) 4,015,940 (231,390) 4,477,130
(1,439,884) 2,908,121 2,940,322 (10,088,148) (6,072,208) (6,303,598)
2,908,121 2,940,322 (10,088,148) (6,072,208) (6,303,598) (1,826,468)
21 22 23 24 25 26
46,732,875 48,874,875 47,529,563 48,078,188 52,155,141 46,244,363

(34,428,581) (36,047,681) (35,071,509) (35,404,753) (38,525,140) (34,100,049)
12,304,294 12,827,194 12,458,053 12,673,434 13,630,001 12,144,313
(8,251,954) (8,466,154) (8,331,623) (8,386,485) (9,098,807) (8,507,730)
4,052,340 4,361,040 4,126,430 4,286,949 4,531,193 3,636,584
0 0 0 0 0 0
4,052,340 4,361,040 4,126,430 4,286,949 4,531,193 3,636,584
4,052,340 4,361,040 4,126,430 4,286,949 4,531,193 3,636,584

(1,296,749) (1,395,533) (1,320,458) (1,371,824) (1,449,982) (1,163,707)
2,755,591 2,965,507 2,805,973 2,915,125 3,081,212 2,472,877
77,281,944 77,281,944 77,281,944 77,281,944 77,281,944 77,281,944
1,354,850 1,360,935 1,363,425 1,352,637 1,437,696 1,427,738

23,366,438 23,649,133 23,764,781 23,263,639 25,236,358 24,773,766
2,189,471 2,481,430 6,614,161 10,873,810 11,272,564 14,883,947

26,910,759 27,491,499 31,742,367 35,490,086 37,946,618 41,085,451
104,192,703 104,773,443 109,024,311 112,772,030 115,228,562 118,367,395
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000

35,155,835 38,121,342 40,927,315 43,842,440 46,923,651 49,396,528
77,155,835 80,121,342 82,927,315 85,842,440 88,923,651 91,396,528
22,952,388 23,256,569 23,381,006 22,841,776 24,854,929 24,357,178
4,084,481 1,395,533 2,715,990 4,087,814 1,449,982 2,613,689
0 0 0 0 0 0
27,036,868 24,652,101 26,096,997 26,929,590 26,304,911 26,970,867
104,192,703 104,773,443 109,024,311 112,772,030 115,228,562 118,367,395

0 0 0 0 0 0
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000

0 0 0 0 0 0
0 0 0 0 0 0
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000
32,400,244 35,155,835 38,121,342 40,927,315 43,842,440 46,923,651

2,755,591 2,965,507 2,805,973 2,915,125 3,081,212 2,472,877
0 0 0 0 0 0
0 0 0 0 0 0
35,155,835 38,121,342 40,927,315 43,842,440 46,923,651 49,396,528
77,155,835 80,121,342 82,927,315 85,842,440 88,923,651 91,396,528
4,052,340 4,361,040 4,126,430 4,286,949 4,531,193 3,636,584
14,384 (6,085) (2,490) 10,788 (85,058) 9,958

668,190 (282,696) (115,648) 501,142 (1,972,719) 462,593
(718,973) 304,181 124,438 (539,230) 2,013,153 (497,751)
0 (4,084,481) 0 0 (4,087,814) 0
4,015,940 291,959 4,132,730 4,259,649 398,754 3,611,384
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
4,015,940 291,959 4,132,730 4,259,649 398,754 3,611,384
(1,826,468) 2,189,471 2,481,430 6,614,161 10,873,810 11,272,564
2,189,471 2,481,430 6,614,161 10,873,810 11,272,564 14,883,947
27 28 29 30 31 32
50,482,097 49,069,519 52,155,141 49,069,519 51,318,619 51,318,619

(37,174,991) (36,150,010) (38,525,140) (36,150,010) (37,850,065) (37,850,065)
13,307,106 12,919,508 13,630,001 12,919,508 13,468,553 13,468,553
(8,931,503) (8,790,245) (9,098,807) (8,790,245) (9,015,155) (9,015,155)
4,375,603 4,129,263 4,531,193 4,129,263 4,453,398 4,453,398
0 0 0 0 0 0
4,375,603 4,129,263 4,531,193 4,129,263 4,453,398 4,453,398
4,375,603 4,129,263 4,531,193 4,129,263 4,453,398 4,453,398

(1,400,193) (1,321,364) (1,449,982) (1,321,364) (1,425,087) (1,425,087)
2,975,410 2,807,899 3,081,212 2,807,899 3,028,311 3,028,311
77,281,944 77,281,944 77,281,944 77,281,944 77,281,944 77,281,944
1,420,269 1,422,593 1,437,696 1,422,593 1,428,982 1,428,982

24,426,821 24,534,759 25,236,358 24,534,759 24,831,590 24,831,590
19,240,651 19,361,912 0 0 0 0
45,087,741 45,319,264 26,674,054 25,957,352 26,260,572 26,260,572
122,369,685 122,601,208 103,955,998 103,239,296 103,542,516 103,542,516
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000

52,371,938 55,179,837 16,261,049 19,068,948 22,097,259 25,125,569
94,371,938 97,179,837 58,261,049 61,068,948 64,097,259 67,125,569
23,983,865 24,100,007 24,854,929 24,100,007 24,419,397 24,419,397
4,013,882 1,321,364 2,771,346 4,092,710 1,425,087 2,850,175
0 0 18,068,674 13,977,631 13,600,773 9,147,375
27,997,747 25,421,371 45,694,950 42,170,348 39,445,258 36,416,947
122,369,685 122,601,208 103,955,998 103,239,296 103,542,516 103,542,516

0 0 0 0 0 0
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000

0 0 0 0 0 0
0 0 0 0 0 0
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000
49,396,528 52,371,938 55,179,837 16,261,049 19,068,948 22,097,259

2,975,410 2,807,899 3,081,212 2,807,899 3,028,311 3,028,311
0 0 (42,000,000) 0 0 0
0 0 0 0 0 0
52,371,938 55,179,837 16,261,049 19,068,948 22,097,259 25,125,569
94,371,938 97,179,837 58,261,049 61,068,948 64,097,259 67,125,569
4,375,603 4,129,263 4,531,193 4,129,263 4,453,398 4,453,398
7,469 (2,324) (15,103) 15,103 (6,390) 0

346,945 (107,938) (701,599) 701,599 (296,830) 0
(373,313) 116,142 754,922 (754,922) 319,390 0
0 (4,013,882) 0 0 (4,092,710) 0
4,356,703 121,262 4,569,413 4,091,043 376,858 4,453,398
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 (42,000,000) 0 0 0
0 0 (42,000,000) 0 0 0
4,356,703 121,262 (37,430,587) 4,091,043 376,858 4,453,398
14,883,947 19,240,651 19,361,912 (18,068,674) (13,977,631) (13,600,773)
19,240,651 19,361,912 (18,068,674) (13,977,631) (13,600,773) (9,147,375)
33 34 35 36 37 38
49,069,519 52,155,141 49,069,519 50,482,097 54,762,898 48,556,581

(36,150,010) (38,525,140) (36,150,010) (37,174,991) (40,451,397) (35,805,052)
12,919,508 13,630,001 12,919,508 13,307,106 14,311,501 12,751,529
(8,790,245) (9,098,807) (8,790,245) (8,931,503) (9,670,247) (9,049,615)
4,129,263 4,531,193 4,129,263 4,375,603 4,641,254 3,701,914
0 0 0 0 0 0
4,129,263 4,531,193 4,129,263 4,375,603 4,641,254 3,701,914
4,129,263 4,531,193 4,129,263 4,375,603 4,641,254 3,701,914

(1,321,364) (1,449,982) (1,321,364) (1,400,193) (1,485,201) (1,184,612)
2,807,899 3,081,212 2,807,899 2,975,410 3,156,053 2,517,301
77,281,944 77,281,944 77,281,944 77,281,944 77,281,944 77,281,944
1,422,593 1,437,696 1,422,593 1,420,269 1,509,580 1,499,124

24,534,759 25,236,358 24,534,759 24,426,821 26,498,176 26,012,454
0 0 0 3,824,359 4,247,218 7,922,672

25,957,352 26,674,054 25,957,352 29,671,449 32,254,974 35,434,250
103,239,296 103,955,998 103,239,296 106,953,393 109,536,919 112,716,194
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000

27,933,468 31,014,680 33,822,579 36,797,989 39,954,042 42,471,343
69,933,468 73,014,680 75,822,579 78,797,989 81,954,042 84,471,343
24,100,007 24,854,929 24,100,007 23,983,865 26,097,675 25,575,037
4,171,539 1,449,982 2,771,346 4,171,539 1,485,201 2,669,814
5,034,282 4,636,408 545,364 0 0 0
33,305,828 30,941,318 27,416,717 28,155,404 27,582,877 28,244,851
103,239,296 103,955,998 103,239,296 106,953,393 109,536,919 112,716,194

0 0 0 0 0 0
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000

0 0 0 0 0 0
0 0 0 0 0 0
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000
25,125,569 27,933,468 31,014,680 33,822,579 36,797,989 39,954,042

2,807,899 3,081,212 2,807,899 2,975,410 3,156,053 2,517,301
0 0 0 0 0 0
0 0 0 0 0 0
27,933,468 31,014,680 33,822,579 36,797,989 39,954,042 42,471,343
69,933,468 73,014,680 75,822,579 78,797,989 81,954,042 84,471,343
4,129,263 4,531,193 4,129,263 4,375,603 4,641,254 3,701,914
6,390 (15,103) 15,103 2,324 (89,311) 10,456

296,830 (701,599) 701,599 107,938 (2,071,355) 485,722
(319,390) 754,922 (754,922) (116,142) 2,113,810 (522,638)
0 (4,171,539) 0 0 (4,171,539) 0
4,113,093 397,874 4,091,043 4,369,723 422,859 3,675,454
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
4,113,093 397,874 4,091,043 4,369,723 422,859 3,675,454
(9,147,375) (5,034,282) (4,636,408) (545,364) 3,824,359 4,247,218
(5,034,282) (4,636,408) (545,364) 3,824,359 4,247,218 7,922,672
39 40 41 42 43 44
53,006,202 52,401,343 53,884,550 51,522,995 54,762,898 53,006,202

(39,033,740) (38,666,339) (39,742,569) (37,957,511) (40,451,397) (39,033,740)
13,972,461 13,735,004 14,141,981 13,565,484 14,311,501 13,972,461
(9,494,577) (9,434,091) (9,582,412) (9,346,256) (9,670,247) (9,494,577)
4,477,884 4,300,913 4,559,569 4,219,228 4,641,254 4,477,884
0 0 0 0 0 0
4,477,884 4,300,913 4,559,569 4,219,228 4,641,254 4,477,884
4,477,884 4,300,913 4,559,569 4,219,228 4,641,254 4,477,884

(1,432,923) (1,376,292) (1,459,062) (1,350,153) (1,485,201) (1,432,923)
3,044,961 2,924,621 3,100,507 2,869,075 3,156,053 3,044,961
77,281,944 77,281,944 77,281,944 77,281,944 77,281,944 77,281,944
1,491,282 1,503,176 1,500,431 1,493,722 1,509,580 1,491,282

25,648,162 26,200,671 26,073,169 25,761,497 26,498,176 25,648,162
12,380,711 12,608,985 0 0 0 0
39,520,155 40,312,832 27,573,601 27,255,219 28,007,757 27,139,445
116,802,100 117,594,777 104,855,545 104,537,164 105,289,701 104,421,389
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000

45,516,305 48,440,925 (11,458,568) (8,589,493) (5,433,440) (2,388,478)
87,516,305 90,440,925 30,541,432 33,410,507 36,566,560 39,611,522
25,183,058 25,777,559 25,640,367 25,305,007 26,097,675 25,183,058
4,102,737 1,376,292 2,835,354 4,185,507 1,485,201 2,918,124
0 0 45,838,392 41,636,142 41,140,264 36,708,685
29,285,795 27,153,851 74,314,113 71,126,657 68,723,141 64,809,867
116,802,100 117,594,777 104,855,545 104,537,164 105,289,701 104,421,389

0 0 0 0 0 0
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000

0 0 0 0 0 0
0 0 0 0 0 0
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000
42,471,343 45,516,305 48,440,925 (11,458,568) (8,589,493) (5,433,440)

3,044,961 2,924,621 3,100,507 2,869,075 3,156,053 3,044,961
0 0 (63,000,000) 0 0 0
0 0 0 0 0 0
45,516,305 48,440,925 (11,458,568) (8,589,493) (5,433,440) (2,388,478)
87,516,305 90,440,925 30,541,432 33,410,507 36,566,560 39,611,522
4,477,884 4,300,913 4,559,569 4,219,228 4,641,254 4,477,884
7,842 (11,894) 2,745 6,709 (15,858) 18,298

364,292 (552,509) 127,502 311,672 (736,679) 850,014
(391,979) 594,501 (137,193) (335,360) 792,668 (914,617)
0 (4,102,737) 0 0 (4,185,507) 0
4,458,039 228,274 4,552,624 4,202,249 495,878 4,431,579
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 (63,000,000) 0 0 0
0 0 (63,000,000) 0 0 0
4,458,039 228,274 (58,447,376) 4,202,249 495,878 4,431,579
7,922,672 12,380,711 12,608,985 (45,838,392) (41,636,142) (41,140,264)
12,380,711 12,608,985 (45,838,392) (41,636,142) (41,140,264) (36,708,685)
45 46 47 48 49 50
51,522,995 54,762,898 51,522,995 53,884,550 56,578,777 50,984,410

(37,957,511) (40,451,397) (37,957,511) (39,742,569) (41,729,697) (37,595,304)
13,565,484 14,311,501 13,565,484 14,141,981 14,849,080 13,389,105
(9,346,256) (9,670,247) (9,346,256) (9,582,412) (10,104,696) (9,545,260)
4,219,228 4,641,254 4,219,228 4,559,569 4,744,384 3,843,846
0 0 0 0 (27,778) 0
4,219,228 4,641,254 4,219,228 4,559,569 4,716,606 3,843,846
4,219,228 4,641,254 4,219,228 4,559,569 4,716,606 3,843,846

(1,350,153) (1,485,201) (1,350,153) (1,459,062) (1,509,314) (1,230,031)
2,869,075 3,156,053 2,869,075 3,100,507 3,207,292 2,613,815
77,281,944 77,281,944 77,281,944 77,281,944 81,654,167 81,654,167
1,493,722 1,509,580 1,493,722 1,500,431 1,575,453 1,574,081

25,761,497 26,498,176 25,761,497 26,073,169 27,376,828 27,313,077
0 0 0 0 0 0
27,255,219 28,007,757 27,255,219 27,573,601 28,952,281 28,887,157
104,537,164 105,289,701 104,537,164 104,855,545 110,606,447 110,541,324
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000

480,596 3,636,649 6,505,724 9,606,231 12,813,523 15,427,338
42,480,596 45,636,649 48,505,724 51,606,231 54,813,523 57,427,338
25,305,007 26,097,675 25,305,007 25,640,367 26,922,385 26,853,789
4,268,277 1,485,201 2,835,354 4,294,416 1,509,314 2,739,345
32,483,283 32,070,175 27,891,079 23,314,531 27,361,225 23,520,852
62,056,568 59,653,052 56,031,440 53,249,314 55,792,924 53,113,986
104,537,164 105,289,701 104,537,164 104,855,545 110,606,447 110,541,324

0 0 0 0 0 0
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000

0 0 0 0 0 0
0 0 0 0 0 0
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000
(2,388,478) 480,596 3,636,649 6,505,724 9,606,231 12,813,523

2,869,075 3,156,053 2,869,075 3,100,507 3,207,292 2,613,815
0 0 0 0 0 0
0 0 0 0 0 0
480,596 3,636,649 6,505,724 9,606,231 12,813,523 15,427,338
42,480,596 45,636,649 48,505,724 51,606,231 54,813,523 57,427,338
4,219,228 4,641,254 4,219,228 4,559,569 4,744,384 3,843,846
(2,440) (15,858) 15,858 (6,709) (75,022) 1,372

(113,335) (736,679) 736,679 (311,672) (1,303,658) 63,751
121,949 792,668 (792,668) 335,360 1,282,018 (68,596)
0 (4,268,277) 0 0 (4,294,416) 0
4,225,402 413,108 4,179,097 4,576,548 353,306 3,840,373
0 0 0 0 (4,400,000) 0
0 0 0 0 (4,400,000) 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
4,225,402 413,108 4,179,097 4,576,548 (4,046,694) 3,840,373
(36,708,685) (32,483,283) (32,070,175) (27,891,079) (23,314,531) (27,361,225)
(32,483,283) (32,070,175) (27,891,079) (23,314,531) (27,361,225) (23,520,852)
51 52 53 54 55 56
55,656,512 55,943,675 55,656,512 54,099,144 57,501,043 55,656,512

(40,985,427) (41,343,926) (40,985,427) (39,855,386) (42,473,967) (40,985,427)
14,671,084 14,599,749 14,671,084 14,243,758 15,027,076 14,671,084
(10,012,470) (10,041,186) (10,012,470) (9,856,733) (10,196,923) (10,012,470)
4,658,615 4,558,563 4,658,615 4,387,025 4,830,153 4,658,615
0 0 0 0 0 0
4,658,615 4,558,563 4,658,615 4,387,025 4,830,153 4,658,615
4,658,615 4,558,563 4,658,615 4,387,025 4,830,153 4,658,615

(1,490,757) (1,458,740) (1,490,757) (1,403,848) (1,545,649) (1,490,757)
3,167,858 3,099,823 3,167,858 2,983,177 3,284,504 3,167,858
81,654,167 81,654,167 81,654,167 81,654,167 81,654,167 81,654,167
1,565,847 1,588,262 1,565,847 1,568,408 1,585,059 1,565,847

26,930,570 27,971,838 26,930,570 27,049,572 27,823,085 26,930,570
0 0 0 0 0 0
28,496,417 29,560,099 28,496,417 28,617,980 29,408,144 28,496,417
110,150,583 111,214,266 110,150,583 110,272,147 111,062,311 110,150,583
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000

18,595,196 21,695,019 24,862,877 27,846,054 31,130,558 34,298,416
60,595,196 63,695,019 66,862,877 69,846,054 73,130,558 76,298,416
26,442,211 27,562,617 26,442,211 26,570,258 27,402,559 26,442,211
4,230,101 1,458,740 2,949,497 4,353,345 1,545,649 3,036,406
18,883,075 18,497,889 13,895,998 9,502,490 8,983,545 4,373,550
49,555,387 47,519,247 43,287,706 40,426,093 37,931,753 33,852,167
110,150,583 111,214,266 110,150,583 110,272,147 111,062,311 110,150,583

0 0 0 0 0 0
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000

0 0 0 0 0 0
0 0 0 0 0 0
42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000
15,427,338 18,595,196 21,695,019 24,862,877 27,846,054 31,130,558

3,167,858 3,099,823 3,167,858 2,983,177 3,284,504 3,167,858
0 0 0 0 0 0
0 0 0 0 0 0
18,595,196 21,695,019 24,862,877 27,846,054 31,130,558 34,298,416
60,595,196 63,695,019 66,862,877 69,846,054 73,130,558 76,298,416
4,658,615 4,558,563 4,658,615 4,387,025 4,830,153 4,658,615
8,234 (22,415) 22,415 (2,562) (16,651) 19,213

382,506 (1,041,267) 1,041,267 (119,002) (773,513) 892,515
(411,578) 1,120,406 (1,120,406) 128,046 832,302 (960,348)
0 (4,230,101) 0 0 (4,353,345) 0
4,637,777 385,186 4,601,891 4,393,508 518,946 4,609,994
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
4,637,777 385,186 4,601,891 4,393,508 518,946 4,609,994
(23,520,852) (18,883,075) (18,497,889) (13,895,998) (9,502,490) (8,983,545)
(18,883,075) (18,497,889) (13,895,998) (9,502,490) (8,983,545) (4,373,550)
57 58 59 60
55,021,410 56,578,777 54,099,144 57,501,043

(40,599,656) (41,729,697) (39,855,386) (42,473,967)
14,421,754 14,849,080 14,243,758 15,027,076
(9,948,960) (10,104,696) (9,856,733) (10,196,923)
4,472,794 4,744,384 4,387,025 4,830,153
0 0 0 0
4,472,794 4,744,384 4,387,025 4,830,153
4,472,794 4,744,384 4,387,025 4,830,153

(1,431,294) (1,518,203) (1,403,848) (1,545,649)
3,041,500 3,226,181 2,983,177 3,284,504
81,654,167 81,654,167 81,654,167 81,654,167
1,578,335 1,575,453 1,568,408 1,585,059

27,510,705 27,376,828 27,049,572 27,823,085
130,847 400,238 4,769,435 9,641,726

29,219,887 29,352,518 33,387,416 39,049,870
110,874,053 111,006,685 115,041,582 120,704,037
42,000,000 42,000,000 42,000,000 42,000,000

37,339,916 40,566,097 43,549,274 46,833,778
79,339,916 82,566,097 85,549,274 88,833,778
27,066,437 26,922,385 26,570,258 27,402,559
4,467,700 1,518,203 2,922,051 4,467,700
0 0 0 0
31,534,137 28,440,588 29,492,308 31,870,259
110,874,053 111,006,685 115,041,582 120,704,037

0 0 0 0
42,000,000 42,000,000 42,000,000 42,000,000

0 0 0 0
0 0 0 0
42,000,000 42,000,000 42,000,000 42,000,000
34,298,416 37,339,916 40,566,097 43,549,274

3,041,500 3,226,181 2,983,177 3,284,504
0 0 0 0
0 0 0 0
37,339,916 40,566,097 43,549,274 46,833,778
79,339,916 82,566,097 85,549,274 88,833,778
4,472,794 4,744,384 4,387,025 4,830,153
(12,488) 2,882 7,045 (16,651)

(580,135) 133,877 327,255 (773,513)
624,226 (144,052) (352,128) 832,302
0 (4,467,700) 0 0
4,504,397 269,391 4,369,198 4,872,291
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
4,504,397 269,391 4,369,198 4,872,291
(4,373,550) 130,847 400,238 4,769,435
130,847 400,238 4,769,435 9,641,726
1 2
Projection assumptions
Revenue assumptions
SG&A expenses
Capital expenditure
Working capital
Share capital and reserves
Income Tax
Effective Tax Rate insert ETR # 32%
Tax payment Quaterly

3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 32 33 34 35 36 37
38 39 40 41 42 43 44 45 46 47
48 49 50 51 52 53 54 55 56 57
58 59 60
1
Timelines & counters

Start date =IF(L2=1,proj_st_date,K8+1) 1-Jan-19
End date =EOMONTH(L7,0) 31-Jan-19
Month number =MONTH(L8) 1
Number of days in the month =DAY(L8) 31
Weekdays =NETWORKDAYS(L7,L8) 23
Weekends =L10-L11 8
Running year =YEAR(L8)-YEAR(proj_st_date)+1 1
Running twelve months =ROUNDUP(L2/12,0) 1
Flags
Beginning of the quarter =IF(MOD(L9,3)=1,1,0) 1
End of the quarter =IF(MOD(L9,3)=0,1,0) 0
Indexation
Revenue indexation
room rates indexation =(1+rev_rate_inc)^(L14-1) 1.00
event rates indexation =(1+rev_evnt_rate_inc)^(L14-1) 1.00
restaurant rates indexation =(1+rev_rest_rate_inc)^(L14-1) 1.00
Salary increase =1+INDEX(sga_infl_sal,,L14) 1.00
Other expense increase =1+INDEX(sga_infl_oth,,L14) 1.00
2 3 4 5 6 7 8
1-Feb-19 1-Mar-19 1-Apr-19 1-May-19 1-Jun-19 1-Jul-19 1-Aug-19

2 3 4 5 6 7 8
28 31 30 31 30 31 31
20 21 22 23 20 23 22
8 10 8 8 10 8 9
1 1 1 1 1 1 1
1 1 1 1 1 1 1
0 0 1 0 0 1 0
0 1 0 0 1 0 0
1.00 1.00 1.00 1.00 1.00 1.00 1.00

1.00 1.00 1.00 1.00 1.00 1.00 1.00
1.00 1.00 1.00 1.00 1.00 1.00 1.00
1.00 1.00 1.00 1.00 1.00 1.00 1.00
1.00 1.00 1.00 1.00 1.00 1.00 1.00
9 10 11 12 13 14 15
1-Sep-19 1-Oct-19 1-Nov-19 1-Dec-19 1-Jan-20 1-Feb-20 1-Mar-20

9 10 11 12 1 2 3
30 31 30 31 31 29 31
21 23 21 22 23 20 22
9 8 9 9 8 9 9
1 1 1 1 2 2 2
1 1 1 1 2 2 2
0 1 0 0 1 0 0
1 0 0 1 0 0 1
1.00 1.00 1.00 1.00 1.05 1.05 1.05

1.00 1.00 1.00 1.00 1.05 1.05 1.05
1.00 1.00 1.00 1.00 1.05 1.05 1.05
1.00 1.00 1.00 1.00 1.10 1.10 1.10
1.00 1.00 1.00 1.00 1.12 1.12 1.12
16 17 18 19 20 21 22
1-Apr-20 1-May-20 1-Jun-20 1-Jul-20 1-Aug-20 1-Sep-20 1-Oct-20

4 5 6 7 8 9 10
30 31 30 31 31 30 31
22 21 22 23 21 22 22
8 10 8 8 10 8 9
2 2 2 2 2 2 2
2 2 2 2 2 2 2
1 0 0 1 0 0 1
0 0 1 0 0 1 0
1.05 1.05 1.05 1.05 1.05 1.05 1.05

1.05 1.05 1.05 1.05 1.05 1.05 1.05
1.05 1.05 1.05 1.05 1.05 1.05 1.05
1.10 1.10 1.10 1.10 1.10 1.10 1.10
1.12 1.12 1.12 1.12 1.12 1.12 1.12
23 24 25 26 27 28 29
1-Nov-20 1-Dec-20 1-Jan-21 1-Feb-21 1-Mar-21 1-Apr-21 1-May-21

11 12 1 2 3 4 5
30 31 31 28 31 30 31
21 23 21 20 23 22 21
9 8 10 8 8 8 10
2 2 3 3 3 3 3
2 2 3 3 3 3 3
0 0 1 0 0 1 0
0 1 0 0 1 0 0
1.05 1.05 1.10 1.10 1.10 1.10 1.10

1.05 1.05 1.10 1.10 1.10 1.10 1.10
1.05 1.05 1.10 1.10 1.10 1.10 1.10
1.10 1.10 1.09 1.09 1.09 1.09 1.09
1.12 1.12 1.08 1.08 1.08 1.08 1.08
30 31 32 33 34 35 36
1-Jun-21 1-Jul-21 1-Aug-21 1-Sep-21 1-Oct-21 1-Nov-21 1-Dec-21

6 7 8 9 10 11 12
30 31 31 30 31 30 31
22 22 22 22 21 22 23
8 9 9 8 10 8 8
3 3 3 3 3 3 3
3 3 3 3 3 3 3
0 1 0 0 1 0 0
1 0 0 1 0 0 1
1.10 1.10 1.10 1.10 1.10 1.10 1.10

1.10 1.10 1.10 1.10 1.10 1.10 1.10
1.10 1.10 1.10 1.10 1.10 1.10 1.10
1.09 1.09 1.09 1.09 1.09 1.09 1.09
1.08 1.08 1.08 1.08 1.08 1.08 1.08
37 38 39 40 41 42 43 44 45 46
1-Jan-22 1-Feb-22 1-Mar-22 1-Apr-22 1-May-22 1-Jun-22 1-Jul-22 1-Aug-22 1-Sep-22 1-Oct-22
31-Jan-22 28-Feb-22 31-Mar-22 30-Apr-22 ### 30-Jun-22 31-Jul-22 31-Aug-22 30-Sep-22 31-Oct-22
1 2 3 4 5 6 7 8 9 10
31 28 31 30 31 30 31 31 30 31
21 20 23 21 22 22 21 23 22 21
10 8 8 9 9 8 10 8 8 10
4 4 4 4 4 4 4 4 4 4
4 4 4 4 4 4 4 4 4 4
1 0 0 1 0 0 1 0 0 1
0 0 1 0 0 1 0 0 1 0
1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16
1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16
1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16
1.08 1.08 1.08 1.08 1.08 1.08 1.08 1.08 1.08 1.08
1.08 1.08 1.08 1.08 1.08 1.08 1.08 1.08 1.08 1.08
47 48 49 50 51 52 53 54 55 56
1-Nov-22 1-Dec-22 1-Jan-23 1-Feb-23 1-Mar-23 1-Apr-23 1-May-23 1-Jun-23 1-Jul-23 1-Aug-23
30-Nov-22 31-Dec-22 31-Jan-23 28-Feb-23 31-Mar-23 30-Apr-23 ### 30-Jun-23 31-Jul-23 31-Aug-23
11 12 1 2 3 4 5 6 7 8
30 31 31 28 31 30 31 30 31 31
22 22 22 20 23 20 23 22 21 23
8 9 9 8 8 10 8 8 10 8
4 4 5 5 5 5 5 5 5 5
4 4 5 5 5 5 5 5 5 5
0 0 1 0 0 1 0 0 1 0
0 1 0 0 1 0 0 1 0 0
1.16 1.16 1.22 1.22 1.22 1.22 1.22 1.22 1.22 1.22
1.16 1.16 1.22 1.22 1.22 1.22 1.22 1.22 1.22 1.22
1.16 1.16 1.22 1.22 1.22 1.22 1.22 1.22 1.22 1.22
1.08 1.08 1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07
1.08 1.08 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05
57 58 59 60
1-Sep-23 1-Oct-23 1-Nov-23 1-Dec-23

30-Sep-23 31-Oct-23 30-Nov-23 31-Dec-23
9 10 11 12
30 31 30 31
21 22 22 21
9 9 8 10
5 5 5 5
5 5 5 5
0 1 0 0
1 0 0 1
1.22 1.22 1.22 1.22

1.22 1.22 1.22 1.22
1.22 1.22 1.22 1.22
1.07 1.07 1.07 1.07
1.05 1.05 1.05 1.05
1 2
Timelines & flags

Start date 1-Jan-19 1-Feb-19
End date 31-Jan-19 28-Feb-19
Number of days in the month 31 28
Weekdays 23 20
Weekends 8 8
room rates indexation 1.00 1.00
event rates indexation 1.00 1.00
restaurant rates indexation 1.00 1.00
Revenue calculations
Room revenue # of roomsRoom
Occupancy
- Weekdays 150 ### 75% 19,406,250 16,875,000
- Weekends 150 ### 60% 4,320,000 4,320,000
23,726,250 21,195,000
Event revenue # of eventEvenEvent takeup
- Weekdays 5 ### 50% 4,312,500 3,750,000
- Weekends 10 ### 80% 9,600,000 9,600,000
13,912,500 13,350,000
Restaurants revenue
- Weekdays 250,000 5,750,000 5,000,000
- Weekends 300,000 2,400,000 2,400,000
8,150,000 7,400,000
45,788,750 41,945,000
Gross margins
Room revenue GM%
- Weekdays 25% 4,851,563 4,218,750
- Weekends 20% 864,000 864,000
5,715,563 5,082,750
Event revenue
- Weekdays 35% 1,509,375 1,312,500
- Weekends 25% 2,400,000 2,400,000
3,909,375 3,712,500
Restaurants revenue
- Weekdays 30% 1,725,000 1,500,000
- Weekends 30% 720,000 720,000
2,445,000 2,220,000
12,069,938 11,015,250
Cost of sales
Room revenue
- Weekdays 14,554,688 12,656,250
- Weekends 3,456,000 3,456,000
18,010,688 16,112,250
Event revenue
- Weekdays 2,803,125 2,437,500
- Weekends 7,200,000 7,200,000
10,003,125 9,637,500
Restaurants revenue
- Weekdays 4,025,000 3,500,000
- Weekends 1,680,000 1,680,000
5,705,000 5,180,000
33,718,813 30,929,750
3 4 5 6 7 8 9
1-Mar-19 1-Apr-19 1-May-19 1-Jun-19 1-Jul-19 1-Aug-19 1-Sep-19

31 30 31 30 31 31 30
21 22 23 20 23 22 21
10 8 8 10 8 9 9
1.00 1.00 1.00 1.00 1.00 1.00 1.00
1.00 1.00 1.00 1.00 1.00 1.00 1.00
1.00 1.00 1.00 1.00 1.00 1.00 1.00
17,718,750 18,562,500 19,406,250 16,875,000 19,406,250 18,562,500 17,718,750

5,400,000 4,320,000 4,320,000 5,400,000 4,320,000 4,860,000 4,860,000
23,118,750 22,882,500 23,726,250 22,275,000 23,726,250 23,422,500 22,578,750
3,937,500 4,125,000 4,312,500 3,750,000 4,312,500 4,125,000 3,937,500

12,000,000 9,600,000 9,600,000 12,000,000 9,600,000 10,800,000 10,800,000
15,937,500 13,725,000 13,912,500 15,750,000 13,912,500 14,925,000 14,737,500
5,250,000 5,500,000 5,750,000 5,000,000 5,750,000 5,500,000 5,250,000

3,000,000 2,400,000 2,400,000 3,000,000 2,400,000 2,700,000 2,700,000
8,250,000 7,900,000 8,150,000 8,000,000 8,150,000 8,200,000 7,950,000
47,306,250 44,507,500 45,788,750 46,025,000 45,788,750 46,547,500 45,266,250
4,429,688 4,640,625 4,851,563 4,218,750 4,851,563 4,640,625 4,429,688

1,080,000 864,000 864,000 1,080,000 864,000 972,000 972,000
5,509,688 5,504,625 5,715,563 5,298,750 5,715,563 5,612,625 5,401,688
1,378,125 1,443,750 1,509,375 1,312,500 1,509,375 1,443,750 1,378,125

3,000,000 2,400,000 2,400,000 3,000,000 2,400,000 2,700,000 2,700,000
4,378,125 3,843,750 3,909,375 4,312,500 3,909,375 4,143,750 4,078,125
1,575,000 1,650,000 1,725,000 1,500,000 1,725,000 1,650,000 1,575,000

900,000 720,000 720,000 900,000 720,000 810,000 810,000
2,475,000 2,370,000 2,445,000 2,400,000 2,445,000 2,460,000 2,385,000
12,362,813 11,718,375 12,069,938 12,011,250 12,069,938 12,216,375 11,864,813
13,289,063 13,921,875 14,554,688 12,656,250 14,554,688 13,921,875 13,289,063

4,320,000 3,456,000 3,456,000 4,320,000 3,456,000 3,888,000 3,888,000
17,609,063 17,377,875 18,010,688 16,976,250 18,010,688 17,809,875 17,177,063
2,559,375 2,681,250 2,803,125 2,437,500 2,803,125 2,681,250 2,559,375

9,000,000 7,200,000 7,200,000 9,000,000 7,200,000 8,100,000 8,100,000
11,559,375 9,881,250 10,003,125 11,437,500 10,003,125 10,781,250 10,659,375
3,675,000 3,850,000 4,025,000 3,500,000 4,025,000 3,850,000 3,675,000

2,100,000 1,680,000 1,680,000 2,100,000 1,680,000 1,890,000 1,890,000
5,775,000 5,530,000 5,705,000 5,600,000 5,705,000 5,740,000 5,565,000
34,943,438 32,789,125 33,718,813 34,013,750 33,718,813 34,331,125 33,401,438

10 11 12 13 14 15 16
1-Oct-19 1-Nov-19 1-Dec-19 1-Jan-20 1-Feb-20 1-Mar-20 1-Apr-20

31-Oct-19 30-Nov-19 31-Dec-19 31-Jan-20 29-Feb-20 31-Mar-20 30-Apr-20
31 30 31 31 29 31 30
23 21 22 23 20 22 22
8 9 9 8 9 9 8
1.00 1.00 1.00 1.05 1.05 1.05 1.05
1.00 1.00 1.00 1.05 1.05 1.05 1.05
1.00 1.00 1.00 1.05 1.05 1.05 1.05
19,406,250 17,718,750 18,562,500 20,376,563 17,718,750 19,490,625 19,490,625

4,320,000 4,860,000 4,860,000 4,536,000 5,103,000 5,103,000 4,536,000
23,726,250 22,578,750 23,422,500 24,912,563 22,821,750 24,593,625 24,026,625
4,312,500 3,937,500 4,125,000 4,528,125 3,937,500 4,331,250 4,331,250

9,600,000 10,800,000 10,800,000 10,080,000 11,340,000 11,340,000 10,080,000
13,912,500 14,737,500 14,925,000 14,608,125 15,277,500 15,671,250 14,411,250
5,750,000 5,250,000 5,500,000 6,037,500 5,250,000 5,775,000 5,775,000

2,400,000 2,700,000 2,700,000 2,520,000 2,835,000 2,835,000 2,520,000
8,150,000 7,950,000 8,200,000 8,557,500 8,085,000 8,610,000 8,295,000
45,788,750 45,266,250 46,547,500 48,078,188 46,184,250 48,874,875 46,732,875
4,851,563 4,429,688 4,640,625 5,094,141 4,429,688 4,872,656 4,872,656

864,000 972,000 972,000 907,200 1,020,600 1,020,600 907,200
5,715,563 5,401,688 5,612,625 6,001,341 5,450,288 5,893,256 5,779,856
1,509,375 1,378,125 1,443,750 1,584,844 1,378,125 1,515,938 1,515,938

2,400,000 2,700,000 2,700,000 2,520,000 2,835,000 2,835,000 2,520,000
3,909,375 4,078,125 4,143,750 4,104,844 4,213,125 4,350,938 4,035,938
1,725,000 1,575,000 1,650,000 1,811,250 1,575,000 1,732,500 1,732,500

720,000 810,000 810,000 756,000 850,500 850,500 756,000
2,445,000 2,385,000 2,460,000 2,567,250 2,425,500 2,583,000 2,488,500
12,069,938 11,864,813 12,216,375 12,673,434 12,088,913 12,827,194 12,304,294
14,554,688 13,289,063 13,921,875 15,282,422 13,289,063 14,617,969 14,617,969

3,456,000 3,888,000 3,888,000 3,628,800 4,082,400 4,082,400 3,628,800
18,010,688 17,177,063 17,809,875 18,911,222 17,371,463 18,700,369 18,246,769
2,803,125 2,559,375 2,681,250 2,943,281 2,559,375 2,815,313 2,815,313

7,200,000 8,100,000 8,100,000 7,560,000 8,505,000 8,505,000 7,560,000
10,003,125 10,659,375 10,781,250 10,503,281 11,064,375 11,320,313 10,375,313
4,025,000 3,675,000 3,850,000 4,226,250 3,675,000 4,042,500 4,042,500

1,680,000 1,890,000 1,890,000 1,764,000 1,984,500 1,984,500 1,764,000
5,705,000 5,565,000 5,740,000 5,990,250 5,659,500 6,027,000 5,806,500
33,718,813 33,401,438 34,331,125 35,404,753 34,095,338 36,047,681 34,428,581

17 18 19 20 21 22 23
1-May-20 1-Jun-20 1-Jul-20 1-Aug-20 1-Sep-20 1-Oct-20 1-Nov-20

31-May-20 30-Jun-20 31-Jul-20 31-Aug-20 30-Sep-20 31-Oct-20 30-Nov-20
31 30 31 31 30 31 30
21 22 23 21 22 22 21
10 8 8 10 8 9 9
1.05 1.05 1.05 1.05 1.05 1.05 1.05
1.05 1.05 1.05 1.05 1.05 1.05 1.05
1.05 1.05 1.05 1.05 1.05 1.05 1.05
18,604,688 19,490,625 20,376,563 18,604,688 19,490,625 19,490,625 18,604,688

5,670,000 4,536,000 4,536,000 5,670,000 4,536,000 5,103,000 5,103,000
24,274,688 24,026,625 24,912,563 24,274,688 24,026,625 24,593,625 23,707,688
4,134,375 4,331,250 4,528,125 4,134,375 4,331,250 4,331,250 4,134,375

12,600,000 10,080,000 10,080,000 12,600,000 10,080,000 11,340,000 11,340,000
16,734,375 14,411,250 14,608,125 16,734,375 14,411,250 15,671,250 15,474,375
5,512,500 5,775,000 6,037,500 5,512,500 5,775,000 5,775,000 5,512,500

3,150,000 2,520,000 2,520,000 3,150,000 2,520,000 2,835,000 2,835,000
8,662,500 8,295,000 8,557,500 8,662,500 8,295,000 8,610,000 8,347,500
49,671,563 46,732,875 48,078,188 49,671,563 46,732,875 48,874,875 47,529,563
4,651,172 4,872,656 5,094,141 4,651,172 4,872,656 4,872,656 4,651,172

1,134,000 907,200 907,200 1,134,000 907,200 1,020,600 1,020,600
5,785,172 5,779,856 6,001,341 5,785,172 5,779,856 5,893,256 5,671,772
1,447,031 1,515,938 1,584,844 1,447,031 1,515,938 1,515,938 1,447,031

3,150,000 2,520,000 2,520,000 3,150,000 2,520,000 2,835,000 2,835,000
4,597,031 4,035,938 4,104,844 4,597,031 4,035,938 4,350,938 4,282,031
1,653,750 1,732,500 1,811,250 1,653,750 1,732,500 1,732,500 1,653,750

945,000 756,000 756,000 945,000 756,000 850,500 850,500
2,598,750 2,488,500 2,567,250 2,598,750 2,488,500 2,583,000 2,504,250
12,980,953 12,304,294 12,673,434 12,980,953 12,304,294 12,827,194 12,458,053
13,953,516 14,617,969 15,282,422 13,953,516 14,617,969 14,617,969 13,953,516

4,536,000 3,628,800 3,628,800 4,536,000 3,628,800 4,082,400 4,082,400
18,489,516 18,246,769 18,911,222 18,489,516 18,246,769 18,700,369 18,035,916
2,687,344 2,815,313 2,943,281 2,687,344 2,815,313 2,815,313 2,687,344

9,450,000 7,560,000 7,560,000 9,450,000 7,560,000 8,505,000 8,505,000
12,137,344 10,375,313 10,503,281 12,137,344 10,375,313 11,320,313 11,192,344
3,858,750 4,042,500 4,226,250 3,858,750 4,042,500 4,042,500 3,858,750

2,205,000 1,764,000 1,764,000 2,205,000 1,764,000 1,984,500 1,984,500
6,063,750 5,806,500 5,990,250 6,063,750 5,806,500 6,027,000 5,843,250
36,690,609 34,428,581 35,404,753 36,690,609 34,428,581 36,047,681 35,071,509

24 25 26 27 28 29 30
1-Dec-20 1-Jan-21 1-Feb-21 1-Mar-21 1-Apr-21 1-May-21 1-Jun-21

31-Dec-20 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21 30-Jun-21
31 31 28 31 30 31 30
23 21 20 23 22 21 22
8 10 8 8 8 10 8
1.05 1.10 1.10 1.10 1.10 1.10 1.10
1.05 1.10 1.10 1.10 1.10 1.10 1.10
1.05 1.10 1.10 1.10 1.10 1.10 1.10
20,376,563 19,534,922 18,604,688 21,395,391 20,465,156 19,534,922 20,465,156

4,536,000 5,953,500 4,762,800 4,762,800 4,762,800 5,953,500 4,762,800
24,912,563 25,488,422 23,367,488 26,158,191 25,227,956 25,488,422 25,227,956
4,528,125 4,341,094 4,134,375 4,754,531 4,547,813 4,341,094 4,547,813

10,080,000 13,230,000 10,584,000 10,584,000 10,584,000 13,230,000 10,584,000
14,608,125 17,571,094 14,718,375 15,338,531 15,131,813 17,571,094 15,131,813
6,037,500 5,788,125 5,512,500 6,339,375 6,063,750 5,788,125 6,063,750

2,520,000 3,307,500 2,646,000 2,646,000 2,646,000 3,307,500 2,646,000
8,557,500 9,095,625 8,158,500 8,985,375 8,709,750 9,095,625 8,709,750
48,078,188 52,155,141 46,244,363 50,482,097 49,069,519 52,155,141 49,069,519
5,094,141 4,883,730 4,651,172 5,348,848 5,116,289 4,883,730 5,116,289

907,200 1,190,700 952,560 952,560 952,560 1,190,700 952,560
6,001,341 6,074,430 5,603,732 6,301,408 6,068,849 6,074,430 6,068,849
1,584,844 1,519,383 1,447,031 1,664,086 1,591,734 1,519,383 1,591,734

2,520,000 3,307,500 2,646,000 2,646,000 2,646,000 3,307,500 2,646,000
4,104,844 4,826,883 4,093,031 4,310,086 4,237,734 4,826,883 4,237,734
1,811,250 1,736,438 1,653,750 1,901,813 1,819,125 1,736,438 1,819,125

756,000 992,250 793,800 793,800 793,800 992,250 793,800
2,567,250 2,728,688 2,447,550 2,695,613 2,612,925 2,728,688 2,612,925
12,673,434 13,630,001 12,144,313 13,307,106 12,919,508 13,630,001 12,919,508
15,282,422 14,651,191 13,953,516 16,046,543 15,348,867 14,651,191 15,348,867

3,628,800 4,762,800 3,810,240 3,810,240 3,810,240 4,762,800 3,810,240
18,911,222 19,413,991 17,763,756 19,856,783 19,159,107 19,413,991 19,159,107
2,943,281 2,821,711 2,687,344 3,090,445 2,956,078 2,821,711 2,956,078

7,560,000 9,922,500 7,938,000 7,938,000 7,938,000 9,922,500 7,938,000
10,503,281 12,744,211 10,625,344 11,028,445 10,894,078 12,744,211 10,894,078
4,226,250 4,051,688 3,858,750 4,437,563 4,244,625 4,051,688 4,244,625

1,764,000 2,315,250 1,852,200 1,852,200 1,852,200 2,315,250 1,852,200
5,990,250 6,366,938 5,710,950 6,289,763 6,096,825 6,366,938 6,096,825
35,404,753 38,525,140 34,100,049 37,174,991 36,150,010 38,525,140 36,150,010

31 32 33 34 35 36 37
1-Jul-21 1-Aug-21 1-Sep-21 1-Oct-21 1-Nov-21 1-Dec-21 1-Jan-22

31-Jul-21 31-Aug-21 30-Sep-21 31-Oct-21 30-Nov-21 31-Dec-21 31-Jan-22
31 31 30 31 30 31 31
22 22 22 21 22 23 21
9 9 8 10 8 8 10
1.10 1.10 1.10 1.10 1.10 1.10 1.16
1.10 1.10 1.10 1.10 1.10 1.10 1.16
1.10 1.10 1.10 1.10 1.10 1.10 1.16
20,465,156 20,465,156 20,465,156 19,534,922 20,465,156 21,395,391 20,511,668

5,358,150 5,358,150 4,762,800 5,953,500 4,762,800 4,762,800 6,251,175
25,823,306 25,823,306 25,227,956 25,488,422 25,227,956 26,158,191 26,762,843
4,547,813 4,547,813 4,547,813 4,341,094 4,547,813 4,754,531 4,558,148

11,907,000 11,907,000 10,584,000 13,230,000 10,584,000 10,584,000 13,891,500
16,454,813 16,454,813 15,131,813 17,571,094 15,131,813 15,338,531 18,449,648
6,063,750 6,063,750 6,063,750 5,788,125 6,063,750 6,339,375 6,077,531

2,976,750 2,976,750 2,646,000 3,307,500 2,646,000 2,646,000 3,472,875
9,040,500 9,040,500 8,709,750 9,095,625 8,709,750 8,985,375 9,550,406
51,318,619 51,318,619 49,069,519 52,155,141 49,069,519 50,482,097 54,762,898
5,116,289 5,116,289 5,116,289 4,883,730 5,116,289 5,348,848 5,127,917

1,071,630 1,071,630 952,560 1,190,700 952,560 952,560 1,250,235
6,187,919 6,187,919 6,068,849 6,074,430 6,068,849 6,301,408 6,378,152
1,591,734 1,591,734 1,591,734 1,519,383 1,591,734 1,664,086 1,595,352

2,976,750 2,976,750 2,646,000 3,307,500 2,646,000 2,646,000 3,472,875
4,568,484 4,568,484 4,237,734 4,826,883 4,237,734 4,310,086 5,068,227
1,819,125 1,819,125 1,819,125 1,736,438 1,819,125 1,901,813 1,823,259

893,025 893,025 793,800 992,250 793,800 793,800 1,041,863
2,712,150 2,712,150 2,612,925 2,728,688 2,612,925 2,695,613 2,865,122
13,468,553 13,468,553 12,919,508 13,630,001 12,919,508 13,307,106 14,311,501
15,348,867 15,348,867 15,348,867 14,651,191 15,348,867 16,046,543 15,383,751

4,286,520 4,286,520 3,810,240 4,762,800 3,810,240 3,810,240 5,000,940
19,635,387 19,635,387 19,159,107 19,413,991 19,159,107 19,856,783 20,384,691
2,956,078 2,956,078 2,956,078 2,821,711 2,956,078 3,090,445 2,962,796

8,930,250 8,930,250 7,938,000 9,922,500 7,938,000 7,938,000 10,418,625
11,886,328 11,886,328 10,894,078 12,744,211 10,894,078 11,028,445 13,381,421
4,244,625 4,244,625 4,244,625 4,051,688 4,244,625 4,437,563 4,254,272

2,083,725 2,083,725 1,852,200 2,315,250 1,852,200 1,852,200 2,431,013
6,328,350 6,328,350 6,096,825 6,366,938 6,096,825 6,289,763 6,685,284
37,850,065 37,850,065 36,150,010 38,525,140 36,150,010 37,174,991 40,451,397

38 39 40 41 42 43 44

28 31 30 31 30 31 31
20 23 21 22 22 21 23
8 8 9 9 8 10 8
1.16 1.16 1.16 1.16 1.16 1.16 1.16
1.16 1.16 1.16 1.16 1.16 1.16 1.16
1.16 1.16 1.16 1.16 1.16 1.16 1.16
19,534,922 22,465,160 20,511,668 21,488,414 21,488,414 20,511,668 22,465,160

5,000,940 5,000,940 5,626,058 5,626,058 5,000,940 6,251,175 5,000,940
24,535,862 27,466,100 26,137,725 27,114,472 26,489,354 26,762,843 27,466,100
4,341,094 4,992,258 4,558,148 4,775,203 4,775,203 4,558,148 4,992,258

11,113,200 11,113,200 12,502,350 12,502,350 11,113,200 13,891,500 11,113,200
15,454,294 16,105,458 17,060,498 17,277,553 15,888,403 18,449,648 16,105,458
5,788,125 6,656,344 6,077,531 6,366,938 6,366,938 6,077,531 6,656,344

2,778,300 2,778,300 3,125,588 3,125,588 2,778,300 3,472,875 2,778,300
8,566,425 9,434,644 9,203,119 9,492,525 9,145,238 9,550,406 9,434,644
48,556,581 53,006,202 52,401,343 53,884,550 51,522,995 54,762,898 53,006,202
4,883,730 5,616,290 5,127,917 5,372,104 5,372,104 5,127,917 5,616,290

1,000,188 1,000,188 1,125,212 1,125,212 1,000,188 1,250,235 1,000,188
5,883,918 6,616,478 6,253,128 6,497,315 6,372,292 6,378,152 6,616,478
1,519,383 1,747,290 1,595,352 1,671,321 1,671,321 1,595,352 1,747,290

2,778,300 2,778,300 3,125,588 3,125,588 2,778,300 3,472,875 2,778,300
4,297,683 4,525,590 4,720,939 4,796,909 4,449,621 5,068,227 4,525,590
1,736,438 1,996,903 1,823,259 1,910,081 1,910,081 1,823,259 1,996,903

833,490 833,490 937,676 937,676 833,490 1,041,863 833,490
2,569,928 2,830,393 2,760,936 2,847,758 2,743,571 2,865,122 2,830,393
12,751,529 13,972,461 13,735,004 14,141,981 13,565,484 14,311,501 13,972,461
14,651,191 16,848,870 15,383,751 16,116,311 16,116,311 15,383,751 16,848,870

4,000,752 4,000,752 4,500,846 4,500,846 4,000,752 5,000,940 4,000,752
18,651,943 20,849,622 19,884,597 20,617,157 20,117,063 20,384,691 20,849,622
2,821,711 3,244,968 2,962,796 3,103,882 3,103,882 2,962,796 3,244,968

8,334,900 8,334,900 9,376,763 9,376,763 8,334,900 10,418,625 8,334,900
11,156,611 11,579,868 12,339,559 12,480,645 11,438,782 13,381,421 11,579,868
4,051,688 4,659,441 4,254,272 4,456,856 4,456,856 4,254,272 4,659,441

1,944,810 1,944,810 2,187,911 2,187,911 1,944,810 2,431,013 1,944,810
5,996,498 6,604,251 6,442,183 6,644,768 6,401,666 6,685,284 6,604,251
35,805,052 39,033,740 38,666,339 39,742,569 37,957,511 40,451,397 39,033,740

45 46 47 48 49 50 51

30 31 30 31 31 28 31
22 21 22 22 22 20 23
8 10 8 9 9 8 8
1.16 1.16 1.16 1.16 1.22 1.22 1.22
1.16 1.16 1.16 1.16 1.22 1.22 1.22
1.16 1.16 1.16 1.16 1.22 1.22 1.22
21,488,414 20,511,668 21,488,414 21,488,414 22,562,835 20,511,668 23,588,418

5,000,940 6,251,175 5,000,940 5,626,058 5,907,360 5,250,987 5,250,987
26,489,354 26,762,843 26,489,354 27,114,472 28,470,195 25,762,655 28,839,405
4,775,203 4,558,148 4,775,203 4,775,203 5,013,963 4,558,148 5,241,871

11,113,200 13,891,500 11,113,200 12,502,350 13,127,468 11,668,860 11,668,860
15,888,403 18,449,648 15,888,403 17,277,553 18,141,431 16,227,008 16,910,731
6,366,938 6,077,531 6,366,938 6,366,938 6,685,284 6,077,531 6,989,161

2,778,300 3,472,875 2,778,300 3,125,588 3,281,867 2,917,215 2,917,215
9,145,238 9,550,406 9,145,238 9,492,525 9,967,151 8,994,746 9,906,376
51,522,995 54,762,898 51,522,995 53,884,550 56,578,777 50,984,410 55,656,512
5,372,104 5,127,917 5,372,104 5,372,104 5,640,709 5,127,917 5,897,105

1,000,188 1,250,235 1,000,188 1,125,212 1,181,472 1,050,197 1,050,197
6,372,292 6,378,152 6,372,292 6,497,315 6,822,181 6,178,114 6,947,302
1,671,321 1,595,352 1,671,321 1,671,321 1,754,887 1,595,352 1,834,655

2,778,300 3,472,875 2,778,300 3,125,588 3,281,867 2,917,215 2,917,215
4,449,621 5,068,227 4,449,621 4,796,909 5,036,754 4,512,567 4,751,870
1,910,081 1,823,259 1,910,081 1,910,081 2,005,585 1,823,259 2,096,748

833,490 1,041,863 833,490 937,676 984,560 875,165 875,165
2,743,571 2,865,122 2,743,571 2,847,758 2,990,145 2,698,424 2,971,913
13,565,484 14,311,501 13,565,484 14,141,981 14,849,080 13,389,105 14,671,084
16,116,311 15,383,751 16,116,311 16,116,311 16,922,126 15,383,751 17,691,314

4,000,752 5,000,940 4,000,752 4,500,846 4,725,888 4,200,790 4,200,790
20,117,063 20,384,691 20,117,063 20,617,157 21,648,014 19,584,541 21,892,103
3,103,882 2,962,796 3,103,882 3,103,882 3,259,076 2,962,796 3,407,216

8,334,900 10,418,625 8,334,900 9,376,763 9,845,601 8,751,645 8,751,645
11,438,782 13,381,421 11,438,782 12,480,645 13,104,677 11,714,441 12,158,861
4,456,856 4,254,272 4,456,856 4,456,856 4,679,699 4,254,272 4,892,413

1,944,810 2,431,013 1,944,810 2,187,911 2,297,307 2,042,051 2,042,051
6,401,666 6,685,284 6,401,666 6,644,768 6,977,006 6,296,322 6,934,463
37,957,511 40,451,397 37,957,511 39,742,569 41,729,697 37,595,304 40,985,427

52 53 54 55 56 57 58

30 31 30 31 31 30 31
20 23 22 21 23 21 22
10 8 8 10 8 9 9
1.22 1.22 1.22 1.22 1.22 1.22 1.22
1.22 1.22 1.22 1.22 1.22 1.22 1.22
1.22 1.22 1.22 1.22 1.22 1.22 1.22
20,511,668 23,588,418 22,562,835 21,537,251 23,588,418 21,537,251 22,562,835

6,563,734 5,250,987 5,250,987 6,563,734 5,250,987 5,907,360 5,907,360
27,075,402 28,839,405 27,813,822 28,100,985 28,839,405 27,444,612 28,470,195
4,558,148 5,241,871 5,013,963 4,786,056 5,241,871 4,786,056 5,013,963

14,586,075 11,668,860 11,668,860 14,586,075 11,668,860 13,127,468 13,127,468
19,144,223 16,910,731 16,682,823 19,372,131 16,910,731 17,913,523 18,141,431
6,077,531 6,989,161 6,685,284 6,381,408 6,989,161 6,381,408 6,685,284

3,646,519 2,917,215 2,917,215 3,646,519 2,917,215 3,281,867 3,281,867
9,724,050 9,906,376 9,602,499 10,027,927 9,906,376 9,663,275 9,967,151
55,943,675 55,656,512 54,099,144 57,501,043 55,656,512 55,021,410 56,578,777
5,127,917 5,897,105 5,640,709 5,384,313 5,897,105 5,384,313 5,640,709

1,312,747 1,050,197 1,050,197 1,312,747 1,050,197 1,181,472 1,181,472
6,440,664 6,947,302 6,690,906 6,697,060 6,947,302 6,565,785 6,822,181
1,595,352 1,834,655 1,754,887 1,675,120 1,834,655 1,675,120 1,754,887

3,646,519 2,917,215 2,917,215 3,646,519 2,917,215 3,281,867 3,281,867
5,241,871 4,751,870 4,672,102 5,321,638 4,751,870 4,956,986 5,036,754
1,823,259 2,096,748 2,005,585 1,914,422 2,096,748 1,914,422 2,005,585

1,093,956 875,165 875,165 1,093,956 875,165 984,560 984,560
2,917,215 2,971,913 2,880,750 3,008,378 2,971,913 2,898,982 2,990,145
14,599,749 14,671,084 14,243,758 15,027,076 14,671,084 14,421,754 14,849,080
15,383,751 17,691,314 16,922,126 16,152,939 17,691,314 16,152,939 16,922,126

5,250,987 4,200,790 4,200,790 5,250,987 4,200,790 4,725,888 4,725,888
20,634,738 21,892,103 21,122,916 21,403,926 21,892,103 20,878,827 21,648,014
2,962,796 3,407,216 3,259,076 3,110,936 3,407,216 3,110,936 3,259,076

10,939,556 8,751,645 8,751,645 10,939,556 8,751,645 9,845,601 9,845,601
13,902,353 12,158,861 12,010,721 14,050,493 12,158,861 12,956,537 13,104,677
4,254,272 4,892,413 4,679,699 4,466,985 4,892,413 4,466,985 4,679,699

2,552,563 2,042,051 2,042,051 2,552,563 2,042,051 2,297,307 2,297,307
6,806,835 6,934,463 6,721,750 7,019,549 6,934,463 6,764,292 6,977,006
41,343,926 40,985,427 39,855,386 42,473,967 40,985,427 40,599,656 41,729,697

59 60
1-Nov-23 1-Dec-23
30-Nov-23 31-Dec-23
30 31
22 21
8 10
1.22 1.22
1.22 1.22
1.22 1.22
22,562,835 21,537,251
5,250,987 6,563,734
27,813,822 28,100,985
5,013,963 4,786,056
11,668,860 14,586,075
16,682,823 19,372,131
6,685,284 6,381,408
2,917,215 3,646,519
9,602,499 10,027,927
54,099,144 57,501,043
5,640,709 5,384,313
1,050,197 1,312,747
6,690,906 6,697,060
1,754,887 1,675,120
2,917,215 3,646,519
4,672,102 5,321,638
2,005,585 1,914,422
875,165 1,093,956
2,880,750 3,008,378
14,243,758 15,027,076
16,922,126 16,152,939
4,200,790 5,250,987
21,122,916 21,403,926
3,259,076 3,110,936
8,751,645 10,939,556
12,010,721 14,050,493
4,679,699 4,466,985
2,042,051 2,552,563
6,721,750 7,019,549
39,855,386 42,473,967
1
Timelines & flags

Start date 1-Jan-19
End date 31-Jan-19
Running twelve months 1
Salary increase 1.00
Other expense increase 1.00
SG&A expenses
Salaries and wages 119,589,688 1,666,667

Rent 55,270,420 766,667
Supplies 19,524,877 270,833
Training 14,418,371 200,000
Insurance 9,011,482 125,000
Travelling 6,608,420 91,667
Advertisement 302,326,948 4,578,875
Misc 7,509,568 104,167
… 0 0
… 0 0
7,803,875
2 3 4 5 6 7 8

1 1 1 1 1 1 1
1.00 1.00 1.00 1.00 1.00 1.00 1.00
1.00 1.00 1.00 1.00 1.00 1.00 1.00
1,666,667 1,666,667 1,666,667 1,666,667 1,666,667 1,666,667 1,666,667

766,667 766,667 766,667 766,667 766,667 766,667 766,667
270,833 270,833 270,833 270,833 270,833 270,833 270,833
200,000 200,000 200,000 200,000 200,000 200,000 200,000
125,000 125,000 125,000 125,000 125,000 125,000 125,000
91,667 91,667 91,667 91,667 91,667 91,667 91,667
4,194,500 4,730,625 4,450,750 4,578,875 4,602,500 4,578,875 4,654,750
104,167 104,167 104,167 104,167 104,167 104,167 104,167
0 0 0 0 0 0 0
0 0 0 0 0 0 0
7,419,500 7,955,625 7,675,750 7,803,875 7,827,500 7,803,875 7,879,750
9 10 11 12 13 14 15

1 1 1 1 2 2 2
1.00 1.00 1.00 1.00 1.10 1.10 1.10
1.00 1.00 1.00 1.00 1.12 1.12 1.12
1,666,667 1,666,667 1,666,667 1,666,667 1,833,333 1,833,333 1,833,333

766,667 766,667 766,667 766,667 858,667 858,667 858,667
270,833 270,833 270,833 270,833 303,333 303,333 303,333
200,000 200,000 200,000 200,000 224,000 224,000 224,000
125,000 125,000 125,000 125,000 140,000 140,000 140,000
91,667 91,667 91,667 91,667 102,667 102,667 102,667
4,526,625 4,578,875 4,526,625 4,654,750 4,807,819 4,618,425 4,887,488
104,167 104,167 104,167 104,167 116,667 116,667 116,667
0 0 0 0 0 0 0
0 0 0 0 0 0 0
7,751,625 7,803,875 7,751,625 7,879,750 8,386,485 8,197,092 8,466,154
16 17 18 19 20 21 22

2 2 2 2 2 2 2
1.10 1.10 1.10 1.10 1.10 1.10 1.10
1.12 1.12 1.12 1.12 1.12 1.12 1.12
1,833,333 1,833,333 1,833,333 1,833,333 1,833,333 1,833,333 1,833,333

858,667 858,667 858,667 858,667 858,667 858,667 858,667
303,333 303,333 303,333 303,333 303,333 303,333 303,333
224,000 224,000 224,000 224,000 224,000 224,000 224,000
140,000 140,000 140,000 140,000 140,000 140,000 140,000
102,667 102,667 102,667 102,667 102,667 102,667 102,667
4,673,288 4,967,156 4,673,288 4,807,819 4,967,156 4,673,288 4,887,488
116,667 116,667 116,667 116,667 116,667 116,667 116,667
0 0 0 0 0 0 0
0 0 0 0 0 0 0
8,251,954 8,545,823 8,251,954 8,386,485 8,545,823 8,251,954 8,466,154
23 24 25 26 27 28 29

2 2 3 3 3 3 3
1.10 1.10 1.09 1.09 1.09 1.09 1.09
1.12 1.12 1.08 1.08 1.08 1.08 1.08
1,833,333 1,833,333 1,998,333 1,998,333 1,998,333 1,998,333 1,998,333

858,667 858,667 927,360 927,360 927,360 927,360 927,360
303,333 303,333 327,600 327,600 327,600 327,600 327,600
224,000 224,000 241,920 241,920 241,920 241,920 241,920
140,000 140,000 151,200 151,200 151,200 151,200 151,200
102,667 102,667 110,880 110,880 110,880 110,880 110,880
4,752,956 4,807,819 5,215,514 4,624,436 5,048,210 4,906,952 5,215,514
116,667 116,667 126,000 126,000 126,000 126,000 126,000
0 0 0 0 0 0 0
0 0 0 0 0 0 0
8,331,623 8,386,485 9,098,807 8,507,730 8,931,503 8,790,245 9,098,807
30 31 32 33 34 35 36

3 3 3 3 3 3 3
1.09 1.09 1.09 1.09 1.09 1.09 1.09
1.08 1.08 1.08 1.08 1.08 1.08 1.08
1,998,333 1,998,333 1,998,333 1,998,333 1,998,333 1,998,333 1,998,333

927,360 927,360 927,360 927,360 927,360 927,360 927,360
327,600 327,600 327,600 327,600 327,600 327,600 327,600
241,920 241,920 241,920 241,920 241,920 241,920 241,920
151,200 151,200 151,200 151,200 151,200 151,200 151,200
110,880 110,880 110,880 110,880 110,880 110,880 110,880
4,906,952 5,131,862 5,131,862 4,906,952 5,215,514 4,906,952 5,048,210
126,000 126,000 126,000 126,000 126,000 126,000 126,000
0 0 0 0 0 0 0
0 0 0 0 0 0 0
8,790,245 9,015,155 9,015,155 8,790,245 9,098,807 8,790,245 8,931,503
37 38 39 40 41 42 43
1-Jan-22 1-Feb-22 1-Mar-22 1-Apr-22 1-May-22 1-Jun-22 1-Jul-22

31-Jan-22 28-Feb-22 31-Mar-22 30-Apr-22 31-May-22 30-Jun-22 31-Jul-22
4 4 4 4 4 4 4
1.08 1.08 1.08 1.08 1.08 1.08 1.08
1.08 1.08 1.08 1.08 1.08 1.08 1.08
2,158,200 2,158,200 2,158,200 2,158,200 2,158,200 2,158,200 2,158,200

1,001,549 1,001,549 1,001,549 1,001,549 1,001,549 1,001,549 1,001,549
353,808 353,808 353,808 353,808 353,808 353,808 353,808
261,274 261,274 261,274 261,274 261,274 261,274 261,274
163,296 163,296 163,296 163,296 163,296 163,296 163,296
119,750 119,750 119,750 119,750 119,750 119,750 119,750
5,476,290 4,855,658 5,300,620 5,240,134 5,388,455 5,152,299 5,476,290
136,080 136,080 136,080 136,080 136,080 136,080 136,080
0 0 0 0 0 0 0
0 0 0 0 0 0 0
9,670,247 9,049,615 9,494,577 9,434,091 9,582,412 9,346,256 9,670,247
44 45 46 47 48 49 50
1-Aug-22 1-Sep-22 1-Oct-22 1-Nov-22 1-Dec-22 1-Jan-23 1-Feb-23

31-Aug-22 30-Sep-22 31-Oct-22 30-Nov-22 31-Dec-22 31-Jan-23 28-Feb-23
4 4 4 4 4 5 5
1.08 1.08 1.08 1.08 1.08 1.07 1.07
1.08 1.08 1.08 1.08 1.08 1.05 1.05
2,158,200 2,158,200 2,158,200 2,158,200 2,158,200 2,309,274 2,309,274

1,001,549 1,001,549 1,001,549 1,001,549 1,001,549 1,051,626 1,051,626
353,808 353,808 353,808 353,808 353,808 371,498 371,498
261,274 261,274 261,274 261,274 261,274 274,337 274,337
163,296 163,296 163,296 163,296 163,296 171,461 171,461
119,750 119,750 119,750 119,750 119,750 125,738 125,738
5,300,620 5,152,299 5,476,290 5,152,299 5,388,455 5,657,878 5,098,441
136,080 136,080 136,080 136,080 136,080 142,884 142,884
0 0 0 0 0 0 0
0 0 0 0 0 0 0
9,494,577 9,346,256 9,670,247 9,346,256 9,582,412 10,104,696 9,545,260
51 52 53 54 55 56 57

5 5 5 5 5 5 5
1.07 1.07 1.07 1.07 1.07 1.07 1.07
1.05 1.05 1.05 1.05 1.05 1.05 1.05
2,309,274 2,309,274 2,309,274 2,309,274 2,309,274 2,309,274 2,309,274

1,051,626 1,051,626 1,051,626 1,051,626 1,051,626 1,051,626 1,051,626
371,498 371,498 371,498 371,498 371,498 371,498 371,498
274,337 274,337 274,337 274,337 274,337 274,337 274,337
171,461 171,461 171,461 171,461 171,461 171,461 171,461
125,738 125,738 125,738 125,738 125,738 125,738 125,738
5,565,651 5,594,368 5,565,651 5,409,914 5,750,104 5,565,651 5,502,141
142,884 142,884 142,884 142,884 142,884 142,884 142,884
0 0 0 0 0 0 0
0 0 0 0 0 0 0
10,012,470 10,041,186 10,012,470 9,856,733 10,196,923 10,012,470 9,948,960
58 59 60
1-Oct-23 1-Nov-23 1-Dec-23

31-Oct-23 30-Nov-23 31-Dec-23
5 5 5
1.07 1.07 1.07
1.05 1.05 1.05
2,309,274 2,309,274 2,309,274

1,051,626 1,051,626 1,051,626
371,498 371,498 371,498
274,337 274,337 274,337
171,461 171,461 171,461
125,738 125,738 125,738
5,657,878 5,409,914 5,750,104
142,884 142,884 142,884
0 0 0
0 0 0
10,104,696 9,856,733 10,196,923
1 2 3
Timelines & flags
Capital expenditure
Property, plant & equipment
Opening balance - cost 0 74,000,000 75,600,000
Additions 74,000,000 1,600,000 0
Disposals 0 0 0
Closing balance - cost 74,000,000 75,600,000 75,600,000
Opening balance - provision for depreciation 0 (248,611) (282,639)
Charge for the period (248,611) (34,028) 0
Released on disposal 0 0 0
Closing balance - provision for depreciation (248,611) (282,639) (282,639)
Net carrying value 73,751,389 75,317,361 75,317,361
Land
Additions 50,000,000 0 0
Disposals
Opening balance - provision for depreciation 0 0 0
Charge for the period
Released on disposal
Closing balance - provision for depreciation 0 0 0
Buildings
Additions 15,000,000 0 0
Disposals
Charge for the period (62,500) 0 0
Office equipment
Additions 2,000,000 1,500,000 0
Disposals
Computers
Additions 2,500,000 100,000 0
Disposals
Vehicles
Additions 4,500,000 0 0
Disposals
Charge for the period (75,000) 0 0
4 5 6 7 8 9 10
75,600,000 75,600,000 75,600,000 75,600,000 75,600,000 75,600,000 75,600,000

0 0 0 0 0 0 0
0 0 0 0 0 0 0
75,600,000 75,600,000 75,600,000 75,600,000 75,600,000 75,600,000 75,600,000
(282,639) (282,639) (282,639) (282,639) (282,639) (282,639) (282,639)
0 0 0 0 0 0 0
0 0 0 0 0 0 0
(282,639) (282,639) (282,639) (282,639) (282,639) (282,639) (282,639)
75,317,361 75,317,361 75,317,361 75,317,361 75,317,361 75,317,361 75,317,361
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000

0 0 0 0 0 0 0
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000

0 0 0 0 0 0 0
0 0 0 0 0 0 0
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

0 0 0 0 0 0 0
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

(62,500) (62,500) (62,500) (62,500) (62,500) (62,500) (62,500)
0 0 0 0 0 0 0
(62,500) (62,500) (62,500) (62,500) (62,500) (62,500) (62,500)

14,937,500 14,937,500 14,937,500 14,937,500 14,937,500 14,937,500 14,937,500
3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000

0 0 0 0 0 0 0
3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000
(72,917) (72,917) (72,917) (72,917) (72,917) (72,917) (72,917)
0 0 0 0 0 0 0
(72,917) (72,917) (72,917) (72,917) (72,917) (72,917) (72,917)

3,427,083 3,427,083 3,427,083 3,427,083 3,427,083 3,427,083 3,427,083
2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000

0 0 0 0 0 0 0
2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000

(72,222) (72,222) (72,222) (72,222) (72,222) (72,222) (72,222)
0 0 0 0 0 0 0
(72,222) (72,222) (72,222) (72,222) (72,222) (72,222) (72,222)

2,527,778 2,527,778 2,527,778 2,527,778 2,527,778 2,527,778 2,527,778
4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000

0 0 0 0 0 0 0
4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000

(75,000) (75,000) (75,000) (75,000) (75,000) (75,000) (75,000)
0 0 0 0 0 0 0
(75,000) (75,000) (75,000) (75,000) (75,000) (75,000) (75,000)

4,425,000 4,425,000 4,425,000 4,425,000 4,425,000 4,425,000 4,425,000
11 12 13 14 15 16 17
75,600,000 75,600,000 75,600,000 77,100,000 77,100,000 77,100,000 77,100,000

0 0 1,500,000 0 0 0 0
0 0 0 0 0 0 0
75,600,000 75,600,000 77,100,000 77,100,000 77,100,000 77,100,000 77,100,000
(282,639) (282,639) (282,639) (307,639) (307,639) (307,639) (307,639)
0 0 (25,000) 0 0 0 0
0 0 0 0 0 0 0
(282,639) (282,639) (307,639) (307,639) (307,639) (307,639) (307,639)
75,317,361 75,317,361 76,792,361 76,792,361 76,792,361 76,792,361 76,792,361
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000

0 0 0 0 0 0 0
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000

0 0 0 0 0 0 0
0 0 0 0 0 0 0
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

0 0 0 0 0 0 0
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

(62,500) (62,500) (62,500) (62,500) (62,500) (62,500) (62,500)
0 0 0 0 0 0 0
(62,500) (62,500) (62,500) (62,500) (62,500) (62,500) (62,500)

14,937,500 14,937,500 14,937,500 14,937,500 14,937,500 14,937,500 14,937,500
3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000

0 0 0 0 0 0 0
3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000
(72,917) (72,917) (72,917) (72,917) (72,917) (72,917) (72,917)
0 0 0 0 0 0 0
(72,917) (72,917) (72,917) (72,917) (72,917) (72,917) (72,917)

3,427,083 3,427,083 3,427,083 3,427,083 3,427,083 3,427,083 3,427,083
2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000

0 0 0 0 0 0 0
2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000

(72,222) (72,222) (72,222) (72,222) (72,222) (72,222) (72,222)
0 0 0 0 0 0 0
(72,222) (72,222) (72,222) (72,222) (72,222) (72,222) (72,222)

2,527,778 2,527,778 2,527,778 2,527,778 2,527,778 2,527,778 2,527,778
4,500,000 4,500,000 4,500,000 6,000,000 6,000,000 6,000,000 6,000,000

0 0 1,500,000 0 0 0 0
4,500,000 4,500,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000

(75,000) (75,000) (75,000) (100,000) (100,000) (100,000) (100,000)
0 0 (25,000) 0 0 0 0
(75,000) (75,000) (100,000) (100,000) (100,000) (100,000) (100,000)

4,425,000 4,425,000 5,900,000 5,900,000 5,900,000 5,900,000 5,900,000
18 19 20 21 22 23 24
77,100,000 77,100,000 77,600,000 77,600,000 77,600,000 77,600,000 77,600,000

0 500,000 0 0 0 0 0
0 0 0 0 0 0 0
77,100,000 77,600,000 77,600,000 77,600,000 77,600,000 77,600,000 77,600,000
(307,639) (307,639) (318,056) (318,056) (318,056) (318,056) (318,056)
0 (10,417) 0 0 0 0 0
0 0 0 0 0 0 0
(307,639) (318,056) (318,056) (318,056) (318,056) (318,056) (318,056)
76,792,361 77,281,944 77,281,944 77,281,944 77,281,944 77,281,944 77,281,944
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000

0 0 0 0 0 0 0
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000

0 0 0 0 0 0 0
0 0 0 0 0 0 0
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

0 0 0 0 0 0 0
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

(62,500) (62,500) (62,500) (62,500) (62,500) (62,500) (62,500)
0 0 0 0 0 0 0
(62,500) (62,500) (62,500) (62,500) (62,500) (62,500) (62,500)

14,937,500 14,937,500 14,937,500 14,937,500 14,937,500 14,937,500 14,937,500
3,500,000 3,500,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000

0 500,000 0 0 0 0 0
3,500,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000
(72,917) (72,917) (83,333) (83,333) (83,333) (83,333) (83,333)
0 (10,417) 0 0 0 0 0
(72,917) (83,333) (83,333) (83,333) (83,333) (83,333) (83,333)

3,427,083 3,916,667 3,916,667 3,916,667 3,916,667 3,916,667 3,916,667
2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000

0 0 0 0 0 0 0
2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000

(72,222) (72,222) (72,222) (72,222) (72,222) (72,222) (72,222)
0 0 0 0 0 0 0
(72,222) (72,222) (72,222) (72,222) (72,222) (72,222) (72,222)

2,527,778 2,527,778 2,527,778 2,527,778 2,527,778 2,527,778 2,527,778
6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000

0 0 0 0 0 0 0
6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000

(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)
0 0 0 0 0 0 0
(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)

5,900,000 5,900,000 5,900,000 5,900,000 5,900,000 5,900,000 5,900,000
25 26 27 28 29 30 31
77,600,000 77,600,000 77,600,000 77,600,000 77,600,000 77,600,000 77,600,000

0 0 0 0 0 0 0
0 0 0 0 0 0 0
77,600,000 77,600,000 77,600,000 77,600,000 77,600,000 77,600,000 77,600,000
(318,056) (318,056) (318,056) (318,056) (318,056) (318,056) (318,056)
0 0 0 0 0 0 0
0 0 0 0 0 0 0
(318,056) (318,056) (318,056) (318,056) (318,056) (318,056) (318,056)
77,281,944 77,281,944 77,281,944 77,281,944 77,281,944 77,281,944 77,281,944
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000

0 0 0 0 0 0 0
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000

0 0 0 0 0 0 0
0 0 0 0 0 0 0
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

0 0 0 0 0 0 0
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

(62,500) (62,500) (62,500) (62,500) (62,500) (62,500) (62,500)
0 0 0 0 0 0 0
(62,500) (62,500) (62,500) (62,500) (62,500) (62,500) (62,500)

14,937,500 14,937,500 14,937,500 14,937,500 14,937,500 14,937,500 14,937,500
4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000

0 0 0 0 0 0 0
4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000
(83,333) (83,333) (83,333) (83,333) (83,333) (83,333) (83,333)
0 0 0 0 0 0 0
(83,333) (83,333) (83,333) (83,333) (83,333) (83,333) (83,333)

3,916,667 3,916,667 3,916,667 3,916,667 3,916,667 3,916,667 3,916,667
2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000

0 0 0 0 0 0 0
2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000

(72,222) (72,222) (72,222) (72,222) (72,222) (72,222) (72,222)
0 0 0 0 0 0 0
(72,222) (72,222) (72,222) (72,222) (72,222) (72,222) (72,222)

2,527,778 2,527,778 2,527,778 2,527,778 2,527,778 2,527,778 2,527,778
6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000

0 0 0 0 0 0 0
6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000

(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)
0 0 0 0 0 0 0
(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)

5,900,000 5,900,000 5,900,000 5,900,000 5,900,000 5,900,000 5,900,000
32 33 34 35 36 37 38
77,600,000 77,600,000 77,600,000 77,600,000 77,600,000 77,600,000 77,600,000

0 0 0 0 0 0 0
0 0 0 0 0 0 0
77,600,000 77,600,000 77,600,000 77,600,000 77,600,000 77,600,000 77,600,000
(318,056) (318,056) (318,056) (318,056) (318,056) (318,056) (318,056)
0 0 0 0 0 0 0
0 0 0 0 0 0 0
(318,056) (318,056) (318,056) (318,056) (318,056) (318,056) (318,056)
77,281,944 77,281,944 77,281,944 77,281,944 77,281,944 77,281,944 77,281,944
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000

0 0 0 0 0 0 0
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000

0 0 0 0 0 0 0
0 0 0 0 0 0 0
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

0 0 0 0 0 0 0
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

(62,500) (62,500) (62,500) (62,500) (62,500) (62,500) (62,500)
0 0 0 0 0 0 0
(62,500) (62,500) (62,500) (62,500) (62,500) (62,500) (62,500)

14,937,500 14,937,500 14,937,500 14,937,500 14,937,500 14,937,500 14,937,500
4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000

0 0 0 0 0 0 0
4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000
(83,333) (83,333) (83,333) (83,333) (83,333) (83,333) (83,333)
0 0 0 0 0 0 0
(83,333) (83,333) (83,333) (83,333) (83,333) (83,333) (83,333)

3,916,667 3,916,667 3,916,667 3,916,667 3,916,667 3,916,667 3,916,667
2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000

0 0 0 0 0 0 0
2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000

(72,222) (72,222) (72,222) (72,222) (72,222) (72,222) (72,222)
0 0 0 0 0 0 0
(72,222) (72,222) (72,222) (72,222) (72,222) (72,222) (72,222)

2,527,778 2,527,778 2,527,778 2,527,778 2,527,778 2,527,778 2,527,778
6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000

0 0 0 0 0 0 0
6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000

(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)
0 0 0 0 0 0 0
(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)

5,900,000 5,900,000 5,900,000 5,900,000 5,900,000 5,900,000 5,900,000
39 40 41 42 43 44 45
77,600,000 77,600,000 77,600,000 77,600,000 77,600,000 77,600,000 77,600,000

0 0 0 0 0 0 0
0 0 0 0 0 0 0
77,600,000 77,600,000 77,600,000 77,600,000 77,600,000 77,600,000 77,600,000
(318,056) (318,056) (318,056) (318,056) (318,056) (318,056) (318,056)
0 0 0 0 0 0 0
0 0 0 0 0 0 0
(318,056) (318,056) (318,056) (318,056) (318,056) (318,056) (318,056)
77,281,944 77,281,944 77,281,944 77,281,944 77,281,944 77,281,944 77,281,944
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000

0 0 0 0 0 0 0
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000

0 0 0 0 0 0 0
0 0 0 0 0 0 0
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

0 0 0 0 0 0 0
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

(62,500) (62,500) (62,500) (62,500) (62,500) (62,500) (62,500)
0 0 0 0 0 0 0
(62,500) (62,500) (62,500) (62,500) (62,500) (62,500) (62,500)

14,937,500 14,937,500 14,937,500 14,937,500 14,937,500 14,937,500 14,937,500
4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000

0 0 0 0 0 0 0
4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000
(83,333) (83,333) (83,333) (83,333) (83,333) (83,333) (83,333)
0 0 0 0 0 0 0
(83,333) (83,333) (83,333) (83,333) (83,333) (83,333) (83,333)

3,916,667 3,916,667 3,916,667 3,916,667 3,916,667 3,916,667 3,916,667
2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000

0 0 0 0 0 0 0
2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000

(72,222) (72,222) (72,222) (72,222) (72,222) (72,222) (72,222)
0 0 0 0 0 0 0
(72,222) (72,222) (72,222) (72,222) (72,222) (72,222) (72,222)

2,527,778 2,527,778 2,527,778 2,527,778 2,527,778 2,527,778 2,527,778
6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000

0 0 0 0 0 0 0
6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000

(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)
0 0 0 0 0 0 0
(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)

5,900,000 5,900,000 5,900,000 5,900,000 5,900,000 5,900,000 5,900,000
46 47 48 49 50 51 52
77,600,000 77,600,000 77,600,000 77,600,000 82,000,000 82,000,000 82,000,000

0 0 0 4,400,000 0 0 0
0 0 0 0 0 0 0
77,600,000 77,600,000 77,600,000 82,000,000 82,000,000 82,000,000 82,000,000
(318,056) (318,056) (318,056) (318,056) (345,833) (345,833) (345,833)
0 0 0 (27,778) 0 0 0
0 0 0 0 0 0 0
(318,056) (318,056) (318,056) (345,833) (345,833) (345,833) (345,833)
77,281,944 77,281,944 77,281,944 81,654,167 81,654,167 81,654,167 81,654,167
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000

0 0 0 0 0 0 0
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000

0 0 0 0 0 0 0
0 0 0 0 0 0 0
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000
15,000,000 15,000,000 15,000,000 15,000,000 19,000,000 19,000,000 19,000,000

0 0 0 4,000,000 0 0 0
15,000,000 15,000,000 15,000,000 19,000,000 19,000,000 19,000,000 19,000,000

(62,500) (62,500) (62,500) (62,500) (79,167) (79,167) (79,167)
0 0 0 (16,667) 0 0 0
(62,500) (62,500) (62,500) (79,167) (79,167) (79,167) (79,167)

14,937,500 14,937,500 14,937,500 18,920,833 18,920,833 18,920,833 18,920,833
4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000

0 0 0 0 0 0 0
4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000
(83,333) (83,333) (83,333) (83,333) (83,333) (83,333) (83,333)
0 0 0 0 0 0 0
(83,333) (83,333) (83,333) (83,333) (83,333) (83,333) (83,333)

3,916,667 3,916,667 3,916,667 3,916,667 3,916,667 3,916,667 3,916,667
2,600,000 2,600,000 2,600,000 2,600,000 3,000,000 3,000,000 3,000,000

0 0 0 400,000 0 0 0
2,600,000 2,600,000 2,600,000 3,000,000 3,000,000 3,000,000 3,000,000

(72,222) (72,222) (72,222) (72,222) (83,333) (83,333) (83,333)
0 0 0 (11,111) 0 0 0
(72,222) (72,222) (72,222) (83,333) (83,333) (83,333) (83,333)

2,527,778 2,527,778 2,527,778 2,916,667 2,916,667 2,916,667 2,916,667
6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000

0 0 0 0 0 0 0
6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000

(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)
0 0 0 0 0 0 0
(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)

5,900,000 5,900,000 5,900,000 5,900,000 5,900,000 5,900,000 5,900,000
53 54 55 56 57 58 59
82,000,000 82,000,000 82,000,000 82,000,000 82,000,000 82,000,000 82,000,000

0 0 0 0 0 0 0
0 0 0 0 0 0 0
82,000,000 82,000,000 82,000,000 82,000,000 82,000,000 82,000,000 82,000,000
(345,833) (345,833) (345,833) (345,833) (345,833) (345,833) (345,833)
0 0 0 0 0 0 0
0 0 0 0 0 0 0
(345,833) (345,833) (345,833) (345,833) (345,833) (345,833) (345,833)
81,654,167 81,654,167 81,654,167 81,654,167 81,654,167 81,654,167 81,654,167
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000

0 0 0 0 0 0 0
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000

0 0 0 0 0 0 0
0 0 0 0 0 0 0
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000
19,000,000 19,000,000 19,000,000 19,000,000 19,000,000 19,000,000 19,000,000

0 0 0 0 0 0 0
19,000,000 19,000,000 19,000,000 19,000,000 19,000,000 19,000,000 19,000,000

(79,167) (79,167) (79,167) (79,167) (79,167) (79,167) (79,167)
0 0 0 0 0 0 0
(79,167) (79,167) (79,167) (79,167) (79,167) (79,167) (79,167)

18,920,833 18,920,833 18,920,833 18,920,833 18,920,833 18,920,833 18,920,833
4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000

0 0 0 0 0 0 0
4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000
(83,333) (83,333) (83,333) (83,333) (83,333) (83,333) (83,333)
0 0 0 0 0 0 0
(83,333) (83,333) (83,333) (83,333) (83,333) (83,333) (83,333)

3,916,667 3,916,667 3,916,667 3,916,667 3,916,667 3,916,667 3,916,667
3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000

0 0 0 0 0 0 0
3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000

(83,333) (83,333) (83,333) (83,333) (83,333) (83,333) (83,333)
0 0 0 0 0 0 0
(83,333) (83,333) (83,333) (83,333) (83,333) (83,333) (83,333)

2,916,667 2,916,667 2,916,667 2,916,667 2,916,667 2,916,667 2,916,667
6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000

0 0 0 0 0 0 0
6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000

(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)
0 0 0 0 0 0 0
(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)

5,900,000 5,900,000 5,900,000 5,900,000 5,900,000 5,900,000 5,900,000
60
82,000,000
0
0
82,000,000
(345,833)
0
0
(345,833)
81,654,167
50,000,000
0
50,000,000
0
0
50,000,000
19,000,000
0
19,000,000
(79,167)
0
(79,167)
18,920,833
4,000,000
0
4,000,000
(83,333)
0
(83,333)
3,916,667
3,000,000
0
3,000,000
(83,333)
0
(83,333)
2,916,667
6,000,000
0
6,000,000
(100,000)
0
(100,000)
5,900,000
1 2
Timelines & flags

Start date 1-Jan-19 1-Feb-19
End date 31-Jan-19 28-Feb-19
Number of days in the month 31 28
Beginning of the quarter 1 0
Working capital
Inventory
Inventory days 7 7
Cost of sales (restaurant) 5,705,000 5,180,000
Inventory value 1,288,226 1,295,000
Receivables
Receivable days 15 15
Sales 45,788,750 41,945,000
Receivable value 22,155,847 22,470,536
Payables
Payable days 20 20
Cost of sales 33,718,813 30,929,750
Payable value 21,754,073 22,092,679
Cash flow statement balancing

Closing balance of cash and cash equivalents (51,423,938) (49,411,045)
Cash and bank balance 0 0

Short term borrowing 51,423,938 49,411,045
51,423,938 49,411,045
Income Tax
Tax charge for the period 32% 1,285,584 1,139,751
tax payment 0 0
Closing Balance 1,285,584 2,425,336
tax payment-monthly 0 (1,285,584)
tax payment-quaterly 0 0
3 4 5 6 7 8
1-Mar-19 1-Apr-19 1-May-19 1-Jun-19 1-Jul-19 1-Aug-19

31 30 31 30 31 31
0 1 0 0 1 0
7 7 7 7 7 7
5,775,000 5,530,000 5,705,000 5,600,000 5,705,000 5,740,000
1,304,032 1,290,333 1,288,226 1,306,667 1,288,226 1,296,129
15 15 15 15 15 15
47,306,250 44,507,500 45,788,750 46,025,000 45,788,750 46,547,500
22,890,121 22,253,750 22,155,847 23,012,500 22,155,847 22,522,984
20 20 20 20 20 20
34,943,438 32,789,125 33,718,813 34,013,750 33,718,813 34,331,125
22,544,153 21,859,417 21,754,073 22,675,833 21,754,073 22,149,113
(44,981,000) (44,808,677) (40,547,948) (36,317,531) (36,095,716) (31,739,091)
0 0 0 0 0 0
44,981,000 44,808,677 40,547,948 36,317,531 36,095,716 31,739,091
44,981,000 44,808,677 40,547,948 36,317,531 36,095,716 31,739,091
2,425,336 3,835,636 1,293,640 2,658,780 3,997,580 1,365,140

1,410,300 1,293,640 1,365,140 1,338,800 1,365,140 1,387,720
0 (3,835,636) 0 0 (3,997,580) 0
3,835,636 1,293,640 2,658,780 3,997,580 1,365,140 2,752,860
(2,425,336) (3,835,636) (1,293,640) (2,658,780) (3,997,580) (1,365,140)
0 (3,835,636) 0 0 (3,997,580) 0
9 10 11 12 13 14
1-Sep-19 1-Oct-19 1-Nov-19 1-Dec-19 1-Jan-20 1-Feb-20

30 31 30 31 31 29
0 1 0 0 1 0
7 7 7 7 7 7
5,565,000 5,705,000 5,565,000 5,740,000 5,990,250 5,659,500
1,298,500 1,288,226 1,298,500 1,296,129 1,352,637 1,366,086
15 15 15 15 15 15
45,266,250 45,788,750 45,266,250 46,547,500 48,078,188 46,184,250
22,633,125 22,155,847 22,633,125 22,522,984 23,263,639 23,888,405
20 20 20 20 20 20
33,401,438 33,718,813 33,401,438 34,331,125 35,404,753 34,095,338
22,267,625 21,754,073 22,267,625 22,149,113 22,841,776 23,514,026
(27,619,903) (27,448,921) (23,309,733) (18,979,108) (5,365,739) (1,439,884)
0 0 0 0 0 0
27,619,903 27,448,921 23,309,733 18,979,108 5,365,739 1,439,884
27,619,903 27,448,921 23,309,733 18,979,108 5,365,739 1,439,884
2,752,860 4,069,080 1,365,140 2,681,360 4,069,080 1,363,824

1,316,220 1,365,140 1,316,220 1,387,720 1,363,824 1,245,383
0 (4,069,080) 0 0 (4,069,080) 0
4,069,080 1,365,140 2,681,360 4,069,080 1,363,824 2,609,206
(2,752,860) (4,069,080) (1,365,140) (2,681,360) (4,069,080) (1,363,824)
0 (4,069,080) 0 0 (4,069,080) 0
15 16 17 18 19 20

31 30 31 30 31 31
0 1 0 0 1 0
7 7 7 7 7 7
6,027,000 5,806,500 6,063,750 5,806,500 5,990,250 6,063,750
1,360,935 1,354,850 1,369,234 1,354,850 1,352,637 1,369,234
15 15 15 15 15 15
48,874,875 46,732,875 49,671,563 46,732,875 48,078,188 49,671,563
23,649,133 23,366,438 24,034,627 23,366,438 23,263,639 24,034,627
20 20 20 20 20 20
36,047,681 34,428,581 36,690,609 34,428,581 35,404,753 36,690,609
23,256,569 22,952,388 23,671,361 22,952,388 22,841,776 23,671,361
2,908,121 2,940,322 (10,088,148) (6,072,208) (6,303,598) (1,826,468)
2,908,121 2,940,322 0 0 0 0
0 0 10,088,148 6,072,208 6,303,598 1,826,468
2,908,121 2,940,322 10,088,148 6,072,208 6,303,598 1,826,468
2,609,206 4,004,739 1,296,749 2,715,990 4,012,739 1,368,490

1,395,533 1,296,749 1,419,242 1,296,749 1,368,490 1,419,242
0 (4,004,739) 0 0 (4,012,739) 0
4,004,739 1,296,749 2,715,990 4,012,739 1,368,490 2,787,732
(2,609,206) (4,004,739) (1,296,749) (2,715,990) (4,012,739) (1,368,490)
0 (4,004,739) 0 0 (4,012,739) 0
21 22 23 24 25 26

30 31 30 31 31 28
0 1 0 0 1 0
7 7 7 7 7 7
5,806,500 6,027,000 5,843,250 5,990,250 6,366,938 5,710,950
1,354,850 1,360,935 1,363,425 1,352,637 1,437,696 1,427,738
15 15 15 15 15 15
46,732,875 48,874,875 47,529,563 48,078,188 52,155,141 46,244,363
23,366,438 23,649,133 23,764,781 23,263,639 25,236,358 24,773,766
20 20 20 20 20 20
34,428,581 36,047,681 35,071,509 35,404,753 38,525,140 34,100,049
22,952,388 23,256,569 23,381,006 22,841,776 24,854,929 24,357,178
2,189,471 2,481,430 6,614,161 10,873,810 11,272,564 14,883,947
2,189,471 2,481,430 6,614,161 10,873,810 11,272,564 14,883,947

0 0 0 0 0 0
2,189,471 2,481,430 6,614,161 10,873,810 11,272,564 14,883,947
2,787,732 4,084,481 1,395,533 2,715,990 4,087,814 1,449,982

1,296,749 1,395,533 1,320,458 1,371,824 1,449,982 1,163,707
0 (4,084,481) 0 0 (4,087,814) 0
4,084,481 1,395,533 2,715,990 4,087,814 1,449,982 2,613,689
(2,787,732) (4,084,481) (1,395,533) (2,715,990) (4,087,814) (1,449,982)
0 (4,084,481) 0 0 (4,087,814) 0
27 28 29 30 31 32

31 30 31 30 31 31
0 1 0 0 1 0
7 7 7 7 7 7
6,289,763 6,096,825 6,366,938 6,096,825 6,328,350 6,328,350
1,420,269 1,422,593 1,437,696 1,422,593 1,428,982 1,428,982
15 15 15 15 15 15
50,482,097 49,069,519 52,155,141 49,069,519 51,318,619 51,318,619
24,426,821 24,534,759 25,236,358 24,534,759 24,831,590 24,831,590
20 20 20 20 20 20
37,174,991 36,150,010 38,525,140 36,150,010 37,850,065 37,850,065
23,983,865 24,100,007 24,854,929 24,100,007 24,419,397 24,419,397
19,240,651 19,361,912 (18,068,674) (13,977,631) (13,600,773) (9,147,375)
19,240,651 19,361,912 0 0 0 0
0 0 18,068,674 13,977,631 13,600,773 9,147,375
19,240,651 19,361,912 18,068,674 13,977,631 13,600,773 9,147,375
2,613,689 4,013,882 1,321,364 2,771,346 4,092,710 1,425,087

1,400,193 1,321,364 1,449,982 1,321,364 1,425,087 1,425,087
0 (4,013,882) 0 0 (4,092,710) 0
4,013,882 1,321,364 2,771,346 4,092,710 1,425,087 2,850,175
(2,613,689) (4,013,882) (1,321,364) (2,771,346) (4,092,710) (1,425,087)
0 (4,013,882) 0 0 (4,092,710) 0
33 34 35 36 37 38

30 31 30 31 31 28
0 1 0 0 1 0
7 7 7 7 7 7
6,096,825 6,366,938 6,096,825 6,289,763 6,685,284 5,996,498
1,422,593 1,437,696 1,422,593 1,420,269 1,509,580 1,499,124
15 15 15 15 15 15
49,069,519 52,155,141 49,069,519 50,482,097 54,762,898 48,556,581
24,534,759 25,236,358 24,534,759 24,426,821 26,498,176 26,012,454
20 20 20 20 20 20
36,150,010 38,525,140 36,150,010 37,174,991 40,451,397 35,805,052
24,100,007 24,854,929 24,100,007 23,983,865 26,097,675 25,575,037
(5,034,282) (4,636,408) (545,364) 3,824,359 4,247,218 7,922,672
0 0 0 3,824,359 4,247,218 7,922,672

5,034,282 4,636,408 545,364 0 0 0
5,034,282 4,636,408 545,364 3,824,359 4,247,218 7,922,672
2,850,175 4,171,539 1,449,982 2,771,346 4,171,539 1,485,201

1,321,364 1,449,982 1,321,364 1,400,193 1,485,201 1,184,612
0 (4,171,539) 0 0 (4,171,539) 0
4,171,539 1,449,982 2,771,346 4,171,539 1,485,201 2,669,814
(2,850,175) (4,171,539) (1,449,982) (2,771,346) (4,171,539) (1,485,201)
0 (4,171,539) 0 0 (4,171,539) 0
39 40 41 42 43 44

31 30 31 30 31 31
0 1 0 0 1 0
7 7 7 7 7 7
6,604,251 6,442,183 6,644,768 6,401,666 6,685,284 6,604,251
1,491,282 1,503,176 1,500,431 1,493,722 1,509,580 1,491,282
15 15 15 15 15 15
53,006,202 52,401,343 53,884,550 51,522,995 54,762,898 53,006,202
25,648,162 26,200,671 26,073,169 25,761,497 26,498,176 25,648,162
20 20 20 20 20 20
39,033,740 38,666,339 39,742,569 37,957,511 40,451,397 39,033,740
25,183,058 25,777,559 25,640,367 25,305,007 26,097,675 25,183,058
12,380,711 12,608,985 (45,838,392) (41,636,142) (41,140,264) (36,708,685)
12,380,711 12,608,985 0 0 0 0
0 0 45,838,392 41,636,142 41,140,264 36,708,685
12,380,711 12,608,985 45,838,392 41,636,142 41,140,264 36,708,685
2,669,814 4,102,737 1,376,292 2,835,354 4,185,507 1,485,201

1,432,923 1,376,292 1,459,062 1,350,153 1,485,201 1,432,923
0 (4,102,737) 0 0 (4,185,507) 0
4,102,737 1,376,292 2,835,354 4,185,507 1,485,201 2,918,124
(2,669,814) (4,102,737) (1,376,292) (2,835,354) (4,185,507) (1,485,201)
0 (4,102,737) 0 0 (4,185,507) 0
45 46 47 48 49 50

30 31 30 31 31 28
0 1 0 0 1 0
7 7 7 7 7 7
6,401,666 6,685,284 6,401,666 6,644,768 6,977,006 6,296,322
1,493,722 1,509,580 1,493,722 1,500,431 1,575,453 1,574,081
15 15 15 15 15 15
51,522,995 54,762,898 51,522,995 53,884,550 56,578,777 50,984,410
25,761,497 26,498,176 25,761,497 26,073,169 27,376,828 27,313,077
20 20 20 20 20 20
37,957,511 40,451,397 37,957,511 39,742,569 41,729,697 37,595,304
25,305,007 26,097,675 25,305,007 25,640,367 26,922,385 26,853,789
(32,483,283) (32,070,175) (27,891,079) (23,314,531) (27,361,225) (23,520,852)
0 0 0 0 0 0
32,483,283 32,070,175 27,891,079 23,314,531 27,361,225 23,520,852
32,483,283 32,070,175 27,891,079 23,314,531 27,361,225 23,520,852
2,918,124 4,268,277 1,485,201 2,835,354 4,294,416 1,509,314

1,350,153 1,485,201 1,350,153 1,459,062 1,509,314 1,230,031
0 (4,268,277) 0 0 (4,294,416) 0
4,268,277 1,485,201 2,835,354 4,294,416 1,509,314 2,739,345
(2,918,124) (4,268,277) (1,485,201) (2,835,354) (4,294,416) (1,509,314)
0 (4,268,277) 0 0 (4,294,416) 0
51 52 53 54 55 56

31 30 31 30 31 31
0 1 0 0 1 0
7 7 7 7 7 7
6,934,463 6,806,835 6,934,463 6,721,750 7,019,549 6,934,463
1,565,847 1,588,262 1,565,847 1,568,408 1,585,059 1,565,847
15 15 15 15 15 15
55,656,512 55,943,675 55,656,512 54,099,144 57,501,043 55,656,512
26,930,570 27,971,838 26,930,570 27,049,572 27,823,085 26,930,570
20 20 20 20 20 20
40,985,427 41,343,926 40,985,427 39,855,386 42,473,967 40,985,427
26,442,211 27,562,617 26,442,211 26,570,258 27,402,559 26,442,211
(18,883,075) (18,497,889) (13,895,998) (9,502,490) (8,983,545) (4,373,550)
0 0 0 0 0 0
18,883,075 18,497,889 13,895,998 9,502,490 8,983,545 4,373,550
18,883,075 18,497,889 13,895,998 9,502,490 8,983,545 4,373,550
2,739,345 4,230,101 1,458,740 2,949,497 4,353,345 1,545,649

1,490,757 1,458,740 1,490,757 1,403,848 1,545,649 1,490,757
0 (4,230,101) 0 0 (4,353,345) 0
4,230,101 1,458,740 2,949,497 4,353,345 1,545,649 3,036,406
(2,739,345) (4,230,101) (1,458,740) (2,949,497) (4,353,345) (1,545,649)
0 (4,230,101) 0 0 (4,353,345) 0
57 58 59 60
1-Sep-23 1-Oct-23 1-Nov-23 1-Dec-23

30-Sep-23 31-Oct-23 30-Nov-23 31-Dec-23
30 31 30 31
0 1 0 0
7 7 7 7
6,764,292 6,977,006 6,721,750 7,019,549
1,578,335 1,575,453 1,568,408 1,585,059
15 15 15 15
55,021,410 56,578,777 54,099,144 57,501,043
27,510,705 27,376,828 27,049,572 27,823,085
20 20 20 20
40,599,656 41,729,697 39,855,386 42,473,967
27,066,437 26,922,385 26,570,258 27,402,559
130,847 400,238 4,769,435 9,641,726
130,847 400,238 4,769,435 9,641,726

0 0 0 0
130,847 400,238 4,769,435 9,641,726
3,036,406 4,467,700 1,518,203 2,922,051

1,431,294 1,518,203 1,403,848 1,545,649
0 (4,467,700) 0 0
4,467,700 1,518,203 2,922,051 4,467,700
(3,036,406) (4,467,700) (1,518,203) (2,922,051)
0 (4,467,700) 0 0

FS Model - 05112018-1

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AVERY TOWER HOTELS & RESORTS Months

FINANCIAL STATEMENTS PROJECTION MODEL

Timelines & associated flags

Statement of financial position

Total assets 97,195,461 99,082,897

Total shareholders' equity and liabilities 97,195,461 99,082,897

Cash flow statement

Net cash flows from operating activities 2,576,063 3,612,893

Cash flows from investing activities

Net cash flows from investing activities (74,000,000) (1,600,000)

Cash flows from financing activities

Net cash flows from financing activities 20,000,000 0

47,306,250 44,507,500 45,788,750 46,025,000 45,788,750 46,547,500

4,407,188 4,042,625 4,266,063 4,183,750 4,266,063 4,336,625

75,317,361 75,317,361 75,317,361 75,317,361 75,317,361 75,317,361

1,304,032 1,290,333 1,288,226 1,306,667 1,288,226 1,296,129

99,511,514 98,861,444 98,761,434 99,636,528 98,761,434 99,136,474

20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000

99,511,514 98,861,444 98,761,434 99,636,528 98,761,434 99,136,474

20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000

5,153,838 8,150,726 10,899,711 13,800,633 16,645,583 19,546,506

28,150,726 30,899,711 33,800,633 36,645,583 39,546,506 42,495,411

4,407,188 4,042,625 4,266,063 4,183,750 4,266,063 4,336,625

(9,032) 13,699 2,108 (18,441) 18,441 (7,903)

4,430,045 172,323 4,260,729 4,230,417 221,816 4,356,625

45,266,250 45,788,750 45,266,250 46,547,500 48,078,188 46,184,250

4,113,188 4,266,063 4,113,188 4,336,625 4,261,949 3,891,821

75,317,361 75,317,361 75,317,361 75,317,361 76,792,361 76,792,361

1,298,500 1,288,226 1,298,500 1,296,129 1,352,637 1,366,086

99,248,986 98,761,434 99,248,986 99,136,474 101,408,637 102,046,852

20,000,000 20,000,000 20,000,000 20,000,000 35,000,000 35,000,000

99,248,986 98,761,434 99,248,986 99,136,474 101,408,637 102,046,852

20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 35,000,000

22,495,411 25,292,378 28,193,301 30,990,268 33,939,173 36,837,298

45,292,378 48,193,301 50,990,268 53,939,173 71,837,298 74,483,737

4,113,188 4,266,063 4,113,188 4,336,625 4,286,949 3,891,821

(2,371) 10,274 (10,274) 2,371 (56,508) (13,449)

4,119,188 170,983 4,139,188 4,330,625 113,369 3,925,855

48,874,875 46,732,875 49,671,563 46,732,875 48,078,188 49,671,563

4,361,040 4,052,340 4,435,130 4,052,340 4,276,532 4,435,130

76,792,361 76,792,361 76,792,361 76,792,361 77,281,944 77,281,944

1,360,935 1,354,850 1,369,234 1,354,850 1,352,637 1,369,234

104,710,551 104,453,971 102,196,222 101,513,649 101,898,221 102,685,805

35,000,000 35,000,000 42,000,000 42,000,000 42,000,000 42,000,000

104,710,551 104,453,971 102,196,222 101,513,649 101,898,221 102,685,805

35,000,000 35,000,000 35,000,000 42,000,000 42,000,000 42,000,000

39,483,737 42,449,243 45,204,834 23,720,723 26,476,314 29,384,356

77,449,243 80,204,834 65,720,723 68,476,314 71,384,356 74,400,244

4,361,040 4,052,340 4,435,130 4,052,340 4,286,949 4,435,130

5,151 6,085 (14,384) 14,384 2,213 (16,597)

4,348,005 32,201 4,471,530 4,015,940 268,610 4,477,130

46,732,875 48,874,875 47,529,563 48,078,188 52,155,141 46,244,363

4,052,340 4,361,040 4,126,430 4,286,949 4,531,193 3,636,584

77,281,944 77,281,944 77,281,944 77,281,944 77,281,944 77,281,944

1,354,850 1,360,935 1,363,425 1,352,637 1,437,696 1,427,738

2,189,471 2,481,430 6,614,161 10,873,810 11,272,564 14,883,947

104,192,703 104,773,443 109,024,311 112,772,030 115,228,562 118,367,395

42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000

104,192,703 104,773,443 109,024,311 112,772,030 115,228,562 118,367,395

42,000,000 42,000,000 42,000,000 42,000,000 42,000,000 42,000,000

32,400,244 35,155,835 38,121,342 40,927,315 43,842,440 46,923,651

77,155,835 80,121,342 82,927,315 85,842,440 88,923,651 91,396,528

4,052,340 4,361,040 4,126,430 4,286,949 4,531,193 3,636,584