Key Dates DSCR Minimum Average

Bid Date (Reference Date) 30-Sep-10 Total Debt 1.5 1.8

Project Effective Date 5-Apr-11 Senior Debt 1.5 1.8
Required Financial Close Date 30-Sep-11
Required Simple Cycle Commercial Operation Date 6-Apr-13
Scheduled Commercial Operation Date 6-Apr-14

Macroeconomic Assumptions IRR US$ terms Tk terms

Tk inflation growth rate 5.00% Project 7.6% 10.1%
US$ inflation growth rate 2.30% Equity 11.6% 14.3%
LIBOR 0.47%

Project Details Means of finance Total

Simple cycle capacity 222 MW Amount Percentage
Close cycle capacity 341 MW Equity Share Capital $88 30%
PLF 84.60% Shareholder loans $0 0%
Standby Equity $0 0%
Application of funds Total Additonal Equity $0 0%
Amount Percentage Sub-ordinated Debt $0 0%
EPC Cost $240 82% Senior Debt $206 70%
Site Housing, Start-up cost & Training, Spares Cost $20 7% Standby Debt $0 0%
Technical Fee $0 0% Total $294 100%
Project Development Cost $12 4%
Engineering, Consultants/Advisors & Insurance Cost $5 2%
Working Capital & Miscellenous $3 1%
Owner's Contingency $4 1%
DSRA Funded as Project Cost $0 0%
IDC and Financing Charges $10 3%
Cost Overrun $0 0%
Total cost financed $294 100%

405584004.xls: Summary Page No: 1

Assumptions

Key dates

Bid Date (Reference Date) bid.date 30-Sep-10

Time forecast for signing Project Agreements 187 Days

Project Effective Date 5-Apr-11
Time allowed for achieving financial close 178 Days
Financing Agreement Signing Date sgnng.dt 31-Aug-11
Time taken to meet CPs after Signing Date 30 Days
Required Financial Close Date 30-Sep-11

Construction period for Simple Cycle Operation 24 Months

Construction period for Project Operation 36 Months
Required Simple Cycle Commercial Operation rq.oc.cod 6-Apr-13
Date
Commercial Operation Date cod 6-Apr-14
Scheduled Commercial Operation Date s.cod 6-Apr-14

Macroeconomic parameters

Tk inflation growth rate 5.00%

US$ inflation growth rate 2.30%
Bid Exchange Rate bid.xrate 70.0
LIBOR libor 0.47%

PPA terms - Bonds/Security

Term of the PPA trm.ppa 22 Yrs

Proposal Security Deposit (US$/MW) 0
Proposal Security Deposit (US$ millions) prpsl.scrty.dpst $0.00
Proposal Security Deposit commencing from 30-Sep-10
Proposal Security Deposit valid up to 30-Sep-11

Performance Security Deposit (US$/MW) 36,000

Performance Security Deposit (US$ millions) prfmnc.scrty.dpst $12.28
Proposal Security Deposit commencing from 30-Sep-11
Performance Security Deposit valid up to 6-Apr-14

Operations Deposit oprtns.scrty.dpst $11.99

No. of months of capacity payments 2.00

Operating Costs

Annual Land rent in (Tk millions) ll.rnt 4.00

Number of years for which the rental is fixed blck.yrs.ll 5 Yrs
% increase in every block of time incr.ll.rnt 20%

405584004.xls: Assumptions Page: 2

Contingency cntngncy.om 1.00%

MMRA assumptions
Amount (USD Mn) Till Contract Year
Annual provisions made for funding the MMRA maj.mnt.1 maj.mnt.cy.1 6
a/c $1.30
Annual provisions made for funding the MMRA maj.mnt.2 maj.mnt.cy.2 22
a/c $1.90
Post Tax interest earned on MMRA cash balance int.inc.mmra 0.00%

Option of cash for MMRA A/c mmra.optn Funded

O&M Costs

Total cost in ('000s) 1st contract year Proportion of Fixed in total cost Proportion of foreign cost in total cost
Cost in ('000s) in 1st year of Simple Cycle operations

Onshore consumables prjct.co.om.rent 20,150.00 prjct.co.om.rent.fxd 100.00% prjct.co.om.rent.frgn 0.00% 20,150.00

Administrative plnt.om.admn 1,000.00 plnt.om.admn.fxd 100.00% plnt.om.admn.frgn 0.00% 1,000.00
Plant Insurance plnt.om.ins $1,000.00 plnt.om.ins.fxd 100.00% plnt.om.ins.frgn 100.00% $1,000.00
Planned Maintenance CSA fixed plnt.om.rm $216.00 plnt.om.rm.fxd 100.00% plnt.om.rm.frgn 100.00% $216.00
Offshore consumables plnt.om.ro $330.00 plnt.om.ro.fxd 100.00% plnt.om.ro.frgn 100.00% $330.00
Licence renewal Fee (BERC Fee) plnt.om.sm 1,500.00 plnt.om.sm.fxd 100.00% plnt.om.sm.frgn 0.00% 1,500.00
Staff Cost plnt.om.sc $3,000.00 plnt.om.sc.fxd 100.00% plnt.om.sc.frgn 100.00% $3,000.00
CSR plnt.om.exc $150.00 plnt.om.exc.fxd 0.00% plnt.om.exc.frgn 100.00% $150.00
Plant Replacement/ Improvements plnt.om.rplmnts $100.00 plnt.om.rplmnts.fxd 100.00% plnt.om.rplmnts.frgn 100.00% $100.00

Planned Maintenance CSA fixed upto 14

contract year
Annual planned maintenance after expiry of $2,000.00
CSA
Planned Maintenance CSA variable 75 US$/Hr
Technical know how fee tchncl.fee 0.00%

RFP assumptions

Annual load profile

PLF % of annual hours
100% 78%
70% 6%
40% 6%
0% 10%

Annual Plant Load Factor rfp.plf 84.60%

No. of hours in a year rfp.hrs.yr 8,760.00
Discount rate for levelisation of tariff disc.rt.lvlsn 12%
Reference price for Natural Gas (US$/GJ) rf.prc.ngas 2.40 US$/GJ
% of Contract year 1 Capacity Tariff which is 65%
applicable for Simple Cycle Operation
Maximum Hourly Qtty of Natural Gas

Working capital

405584004.xls: Assumptions Page: 3

Receivable days recv.dys 2.0 Mths
Payables days pybl.dys 1.5 Mths
Interest on working capital facillity int.wk.cptl.fclty 10.0%
Interest on surplus cash int.csh 0.00%
DSRA dsra.optn LC
Cost of LC in lieu of DSRA lc.mmra 1.30%

Company law assumptions

Book depreciation rates (SLM)

Civil works bk.dprctn.cvl.wrks 3.00%
Plant and Machinery bk.dprctn.plnt.mchnry 3.00%
IDC and Others bk.dprctn.idc.othrs 3.00%

Tax depreciation rates (WDV)

Civil works tx.dprctn.cvl.wrks 20.00%
Plant and Machinery tx.dprctn.plnt.mchnry 20.00%
IDC and Others tx.dprctn.idc.othrs 20.00%

Maximum depreciable value (Book depreciation) mx.dprctn.vl 66.00%

Tax holiday tx.hldy 22 Yrs

End date of tax holiday 5-Apr-36

LD assumptions

Simple Cycle Gas Supply PPA EPC

LD amount 50% 50 US$/MW per Day 66666 US$ per Day
112500 US$ per Day
Maximum LD 365 Days 12.5%
Maximum LD (US$ millions) $4.05 $30.00
LD amount $0.00 $0.00 $0.00

Combined Cycle
LD amount 100 US$/MW per Day 66666 US$ per Day
112500 US$ per Day
Maximum delay 365 Days 12.5%
Maximum LD (US$ millions) $12.45 $30.00
LD amount $0.00 $0.00

Performance shortfall
Dependable capacity
Simple cycle PPA EPC
LD amount 1000 US$/kW 1800 US$/kW
Rejection limit 10.00% 5.00%
Rejection limit in MW 22.20 11.10
Maximum LD $22.20 $19.98
LD amount $0.00 $0.00

405584004.xls: Assumptions Page: 4

 Combined cycle PPA EPC
LD amount 1000 US$/kW 1800 US$/kW
Rejection limit 10.00% 5.00%
Rejection limit in MW 34.10 17.05
Maximum LD $34.10 $30.69
LD amount $0.00 $0.00

Station Heat rate

Simple cycle EPC
LD amount 70000 US$ perkJ/kWh
Rejection limit 5.00%
Rejection limit in KJ/kWh 568.50
Maximum LD $39.80
LD amount $0.00

Combined cycle EPC

LD amount 70000 US$ perkJ/kWh
Rejection limit 5.00%
Rejection limit in KJ/kWh 380.70
Maximum LD $26.65
LD amount $0.00

Max heat rate rate LDs $42.00

Combined cap on LDs payable by EPC contractor 25.00%

Combined cap on LDs payable by EPC contractor $60.00

Net LD amount received/(payable by) Project $0.00

Company- Combined Cycle

Working for dates on indices sheet

Contract Year basis
No.of days in a period Post CoD Date 365 Days
No. of days in the stub - 1 period 64 Days 0 Days
Commencement of period number 15.0
No. of months pre Stub period 3 Months

Financial Year basis

FYE of Project CoD Date 31-Jan-15
No. of months Post CoD Date 12 Months
Commencement of period number 14.0
Commencement of year number 3.0
No. of days of offset between CY and FY 301.0
No. of time periods of 12 months of OC operation 4

405584004.xls: Assumptions Page: 5

Other assumptions

No. of KW in a MW 1000
Check for leap year
Year number should be divisble by and 400
Year number should be divisble by 4
No. of hours in a day 24
Comment Comment All figures in millions Taka unless mentioned otherwise
Comment US$ Comment.us All figures in millions US$ unless mentioned otherwise

405584004.xls: Assumptions Page: 6

 All figures in millions
Taka unless mentioned
Balance Sheet otherwise

Start Date 1-Feb-13 1-May-13 1-Aug-13 1-Nov-13 1-Feb-14 6-Apr-14 6-Apr-15 6-Apr-16 6-Apr-17 6-Apr-18 6-Apr-19 6-Apr-20 6-Apr-21 6-Apr-22
End Date 30-Apr-13 31-Jul-13 31-Oct-13 31-Jan-14 5-Apr-14 5-Apr-15 5-Apr-16 5-Apr-17 5-Apr-18 5-Apr-19 5-Apr-20 5-Apr-21 5-Apr-22 5-Apr-23
No. of days in period 89.00 92.00 92.00 92.00 64.00 365.00 366.00 365.00 365.00 365.00 366.00 365.00 365.00 365.00
Period number -5.00 -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00
Contract Year number 0.00 0.00 0.00 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00
No. of months in period 3.00 3.00 3.00 3.00 2.10 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-13 1-May-13 1-Aug-13 1-Nov-13 1-Feb-14 1-Feb-15 1-Feb-16 1-Feb-17 1-Feb-18 1-Feb-19 1-Feb-20 1-Feb-21 1-Feb-22 1-Feb-23
End Date 30-Apr-13 31-Jul-13 31-Oct-13 31-Jan-14 31-Jan-15 31-Jan-16 31-Jan-17 31-Jan-18 31-Jan-19 31-Jan-20 31-Jan-21 31-Jan-22 31-Jan-23 31-Jan-24
Period number -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00
Financial Year number 0.00 0.00 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00

Shareholder Funds 3,924.56 4,968.18 5,470.67 5,924.73 6,550.44 6,550.44 6,550.44 6,550.44 6,550.44 6,550.44 6,550.44 6,550.44 6,550.44 6,550.44
Surplus from Profit and Loss 20.46 142.62 250.93 351.84 343.67 343.67 362.47 841.43 1,347.00 1,911.82 2,540.26 3,270.43 4,078.82 4,960.09

Subordinated Debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Senior Debt 9,311.72 11,816.18 13,070.33 14,219.38 15,747.99 15,377.36 14,826.63 14,174.77 13,478.17 12,702.62 11,843.57 10,909.91 9,869.79 8,731.31

Working Capital Facility 41.78 144.34 145.23 146.11 147.20 436.33 442.51 454.26 458.90 471.83 485.05 499.34 516.06 530.83

Short term debt Facillity 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Net Deferred tax liability 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Payables 13.96 58.01 58.73 59.46 59.65 62.48 65.76 68.83 72.24 75.82 79.92 83.65 87.80 92.15

Total Liabilities & Equity 13,312.48 17,129.33 18,995.88 20,701.52 22,848.95 22,770.29 22,247.81 22,089.73 21,906.76 21,712.53 21,499.24 21,313.76 21,102.90 20,864.82

Gross Fixed Assets 13,081.86 16,560.61 18,235.56 19,749.10 21,834.80 21,834.80 21,878.03 21,923.42 22,102.15 22,152.19 22,204.74 22,618.54 22,676.47 22,737.30
Accumulated Depreciation 7.95 46.85 92.52 142.38 251.54 906.58 1,562.27 2,219.29 2,879.68 3,543.49 4,208.85 4,881.20 5,560.62 6,241.83
Net Fixed Assets 13,073.91 16,513.76 18,143.03 19,606.72 21,583.26 20,928.22 20,315.76 19,704.13 19,222.47 18,608.70 17,995.89 17,737.35 17,115.85 16,495.48

Fx loss 154.42 223.75 305.44 395.01 463.63 869.16 1,262.71 1,640.62 2,000.97 2,342.15 2,662.06 2,958.62 3,229.49 3,472.00

Receivables 55.74 202.36 203.96 205.57 206.85 498.81 508.27 523.09 531.14 547.65 564.97 582.99 603.86 622.98

Reserves
DSRA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
MMRA 0.00 0.00 0.00 0.00 0.00 100.82 161.07 221.89 152.18 214.03 276.33 34.80 153.70 274.37

405584004.xls: Balance Sheet Page: 7

 All figures in millions
Taka unless mentioned
Balance Sheet otherwise

Start Date 1-Feb-13 1-May-13 1-Aug-13 1-Nov-13 1-Feb-14 6-Apr-14 6-Apr-15 6-Apr-16 6-Apr-17 6-Apr-18 6-Apr-19 6-Apr-20 6-Apr-21 6-Apr-22
End Date 30-Apr-13 31-Jul-13 31-Oct-13 31-Jan-14 5-Apr-14 5-Apr-15 5-Apr-16 5-Apr-17 5-Apr-18 5-Apr-19 5-Apr-20 5-Apr-21 5-Apr-22 5-Apr-23
No. of days in period 89.00 92.00 92.00 92.00 64.00 365.00 366.00 365.00 365.00 365.00 366.00 365.00 365.00 365.00
Period number -5.00 -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00
Contract Year number 0.00 0.00 0.00 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00
No. of months in period 3.00 3.00 3.00 3.00 2.10 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-13 1-May-13 1-Aug-13 1-Nov-13 1-Feb-14 1-Feb-15 1-Feb-16 1-Feb-17 1-Feb-18 1-Feb-19 1-Feb-20 1-Feb-21 1-Feb-22 1-Feb-23
End Date 30-Apr-13 31-Jul-13 31-Oct-13 31-Jan-14 31-Jan-15 31-Jan-16 31-Jan-17 31-Jan-18 31-Jan-19 31-Jan-20 31-Jan-21 31-Jan-22 31-Jan-23 31-Jan-24
Period number -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00
Financial Year number 0.00 0.00 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00

Cash 28.41 189.47 343.45 494.21 595.21 373.28 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total Assets 13,312.48 17,129.33 18,995.88 20,701.52 22,848.95 22,770.29 22,247.81 22,089.73 21,906.76 21,712.53 21,499.24 21,313.76 21,102.90 20,864.82

check 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Reserves (orig) 0.00 0.00 0.00 0.00 0.00 100.82 161.07 221.89 152.18 214.03 276.33 34.80 153.70 274.37

Reserves (copy) 95.97 100.21 129.37 341.70 1,850.62 1,972.85 1,992.65 2,250.03 2,372.82 2,239.97 2,457.00 2,478.29 1,294.58 1,488.54
Reserves (copy) in US$ millions $1.29 $1.34 $1.71 $4.50 $24.23 $25.44 $25.03 $27.54 $28.30 $26.02 $27.81 $27.33 $13.91 $15.58

Amounts in US$ millions

Shareholder Funds $56.07 $70.97 $78.15 $84.64 $93.58 $93.58 $93.58 $93.58 $93.58 $93.58 $93.58 $93.58 $93.58 $93.58
Surplus from Proft and Loss $0.29 $2.04 $3.58 $5.03 $4.91 $4.91 $5.18 $12.02 $19.24 $27.31 $36.29 $46.72 $58.27 $70.86

Subordinated Debt $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Senior Debt $133.02 $168.80 $186.72 $203.13 $224.97 $219.68 $211.81 $202.50 $192.55 $181.47 $169.19 $155.86 $141.00 $124.73

Working Capital Facility $0.60 $2.06 $2.07 $2.09 $2.10 $6.23 $6.32 $6.49 $6.56 $6.74 $6.93 $7.13 $7.37 $7.58

Short term debt Facillity $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

405584004.xls: Balance Sheet Page: 8

 All figures in millions
Taka unless mentioned
Balance Sheet otherwise

Start Date 1-Feb-13 1-May-13 1-Aug-13 1-Nov-13 1-Feb-14 6-Apr-14 6-Apr-15 6-Apr-16 6-Apr-17 6-Apr-18 6-Apr-19 6-Apr-20 6-Apr-21 6-Apr-22
End Date 30-Apr-13 31-Jul-13 31-Oct-13 31-Jan-14 5-Apr-14 5-Apr-15 5-Apr-16 5-Apr-17 5-Apr-18 5-Apr-19 5-Apr-20 5-Apr-21 5-Apr-22 5-Apr-23
No. of days in period 89.00 92.00 92.00 92.00 64.00 365.00 366.00 365.00 365.00 365.00 366.00 365.00 365.00 365.00
Period number -5.00 -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00
Contract Year number 0.00 0.00 0.00 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00
No. of months in period 3.00 3.00 3.00 3.00 2.10 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-13 1-May-13 1-Aug-13 1-Nov-13 1-Feb-14 1-Feb-15 1-Feb-16 1-Feb-17 1-Feb-18 1-Feb-19 1-Feb-20 1-Feb-21 1-Feb-22 1-Feb-23
End Date 30-Apr-13 31-Jul-13 31-Oct-13 31-Jan-14 31-Jan-15 31-Jan-16 31-Jan-17 31-Jan-18 31-Jan-19 31-Jan-20 31-Jan-21 31-Jan-22 31-Jan-23 31-Jan-24
Period number -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00
Financial Year number 0.00 0.00 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00

Payables $0.20 $0.83 $0.84 $0.85 $0.85 $0.89 $0.94 $0.98 $1.03 $1.08 $1.14 $1.19 $1.25 $1.32

Total Liabilities & Equity $190.18 $244.70 $271.37 $295.74 $326.41 $325.29 $317.83 $315.57 $312.95 $310.18 $307.13 $304.48 $301.47 $298.07

Gross Fixed Assets $186.88 $236.58 $260.51 $282.13 $311.93 $311.93 $312.54 $313.19 $315.74 $316.46 $317.21 $323.12 $323.95 $324.82
Accumulated Depreciation $0.11 $0.67 $1.32 $2.03 $3.59 $12.95 $22.32 $31.70 $41.14 $50.62 $60.13 $69.73 $79.44 $89.17
Net Fixed Assets $186.77 $235.91 $259.19 $280.10 $308.33 $298.97 $290.23 $281.49 $274.61 $265.84 $257.08 $253.39 $244.51 $235.65

Receivables $0.80 $2.89 $2.91 $2.94 $2.96 $7.13 $7.26 $7.47 $7.59 $7.82 $8.07 $8.33 $8.63 $8.90

Reserves
DSRA $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
MMRA $0.00 $0.00 $0.00 $0.00 $0.00 $1.44 $2.30 $3.17 $2.17 $3.06 $3.95 $0.50 $2.20 $3.92

Cash $0.41 $2.71 $4.91 $7.06 $8.50 $5.33 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Total Assets $190.18 $244.70 $271.37 $295.74 $326.41 $325.29 $317.83 $315.57 $312.95 $310.18 $307.13 $304.48 $301.47 $298.07

check 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

405584004.xls: Balance Sheet Page: 9

 All figures in millions
Taka unless mentioned
Balance Sheet otherwise

Start Date 6-Apr-23 6-Apr-24 6-Apr-25 6-Apr-26 6-Apr-27 6-Apr-28 6-Apr-29 6-Apr-30 6-Apr-31 6-Apr-32 6-Apr-33 6-Apr-34 6-Apr-35
End Date 5-Apr-24 5-Apr-25 5-Apr-26 5-Apr-27 5-Apr-28 5-Apr-29 5-Apr-30 5-Apr-31 5-Apr-32 5-Apr-33 5-Apr-34 5-Apr-35 5-Apr-36
No. of days in period 366.00 365.00 365.00 365.00 366.00 365.00 365.00 365.00 366.00 365.00 365.00 365.00 366.00
Period number 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00
Contract Year number 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 22.00
No. of months in period 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-24 1-Feb-25 1-Feb-26 1-Feb-27 1-Feb-28 1-Feb-29 1-Feb-30 1-Feb-31 1-Feb-32 1-Feb-33 1-Feb-34 1-Feb-35 1-Feb-36
End Date 31-Jan-25 31-Jan-26 31-Jan-27 31-Jan-28 31-Jan-29 31-Jan-30 31-Jan-31 31-Jan-32 31-Jan-33 31-Jan-34 31-Jan-35 31-Jan-36 31-Jan-37
Period number 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 22.00
Financial Year number 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 22.00 23.00

Shareholder Funds 6,550.44 6,550.44 6,550.44 6,550.44 6,550.44 6,550.44 6,550.44 6,550.44 6,550.44 6,550.44 6,550.44 6,550.44 6,550.44
Surplus from Profit and Loss 5,914.38 7,056.47 8,244.86 9,556.37 11,050.34 11,050.34 11,050.34 11,050.34 11,050.34 11,050.34 11,050.34 11,050.34 11,050.34

Subordinated Debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Senior Debt 7,489.05 6,024.01 4,476.42 2,763.35 817.84 419.71 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Working Capital Facility 546.10 562.18 578.83 596.15 616.09 595.91 613.54 630.90 637.24 656.01 677.82 696.45 715.87

Short term debt Facillity 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Net Deferred tax liability 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Payables 96.99 101.67 106.71 112.00 117.88 161.64 169.85 178.29 187.53 196.46 206.23 216.70 227.93

Total Liabilities & Equity 20,596.95 20,294.76 19,957.26 19,578.31 19,152.58 18,778.04 18,384.17 18,409.97 18,425.55 18,453.25 18,484.83 18,513.92 18,544.57

Gross Fixed Assets 22,980.81 23,047.87 23,118.29 23,387.86 23,630.47 23,885.21 24,152.68 24,433.53 24,728.43 25,038.07 25,363.19 25,704.56 26,006.90
Accumulated Depreciation 6,927.60 7,618.03 8,310.52 9,008.11 9,713.39 10,426.12 11,146.69 11,875.49 12,612.92 13,359.41 14,115.43 14,881.45 15,558.87
Net Fixed Assets 16,053.21 15,429.85 14,807.77 14,379.74 13,917.08 13,459.08 13,005.99 12,558.05 12,115.51 11,678.65 11,247.75 10,823.11 10,448.02

Fx loss 3,683.51 3,859.79 3,996.84 4,091.44 4,138.42 4,154.61 4,160.15 4,160.15 4,160.15 4,160.15 4,160.15 4,160.15 4,160.15

Receivables 643.09 663.84 685.53 708.15 733.97 757.55 783.39 809.19 824.77 852.47 884.05 913.15 943.80

Reserves
DSRA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
MMRA 217.15 341.29 467.12 398.98 363.12 320.58 270.90 213.60 148.16 74.03 -9.37 -102.64 -150.33

405584004.xls: Balance Sheet Page: 10

 All figures in millions
Taka unless mentioned
Balance Sheet otherwise

Start Date 6-Apr-23 6-Apr-24 6-Apr-25 6-Apr-26 6-Apr-27 6-Apr-28 6-Apr-29 6-Apr-30 6-Apr-31 6-Apr-32 6-Apr-33 6-Apr-34 6-Apr-35
End Date 5-Apr-24 5-Apr-25 5-Apr-26 5-Apr-27 5-Apr-28 5-Apr-29 5-Apr-30 5-Apr-31 5-Apr-32 5-Apr-33 5-Apr-34 5-Apr-35 5-Apr-36
No. of days in period 366.00 365.00 365.00 365.00 366.00 365.00 365.00 365.00 366.00 365.00 365.00 365.00 366.00
Period number 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00
Contract Year number 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 22.00
No. of months in period 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-24 1-Feb-25 1-Feb-26 1-Feb-27 1-Feb-28 1-Feb-29 1-Feb-30 1-Feb-31 1-Feb-32 1-Feb-33 1-Feb-34 1-Feb-35 1-Feb-36
End Date 31-Jan-25 31-Jan-26 31-Jan-27 31-Jan-28 31-Jan-29 31-Jan-30 31-Jan-31 31-Jan-32 31-Jan-33 31-Jan-34 31-Jan-35 31-Jan-36 31-Jan-37
Period number 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 22.00
Financial Year number 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 22.00 23.00

Cash 0.00 0.00 0.00 0.00 0.00 86.22 163.73 668.98 1,176.95 1,687.94 2,202.24 2,720.16 3,142.93

Total Assets 20,596.95 20,294.76 19,957.26 19,578.31 19,152.58 18,778.04 18,384.17 18,409.97 18,425.55 18,453.25 18,484.83 18,513.92 18,544.57

check 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Reserves (orig) 217.15 341.29 467.12 398.98 363.12 320.58 270.90 213.60 148.16 74.03 -9.37 -102.64 -150.33

Reserves (copy) 1,421.82 603.70 862.67 858.51 926.61 1,032.24 1,321.78 0.00 207.13 444.16 526.26 0.00 0.00
Reserves (copy) in US$ millions $14.50 $6.00 $8.35 $8.10 $8.52 $9.24 $11.53 $0.00 $1.72 $3.58 $4.14 $0.00 $0.00

Amounts in US$ millions

Shareholder Funds $93.58 $93.58 $93.58 $93.58 $93.58 $93.58 $93.58 $93.58 $93.58 $93.58 $93.58 $93.58 $93.58
Surplus from Proft and Loss $84.49 $100.81 $117.78 $136.52 $157.86 $157.86 $157.86 $157.86 $157.86 $157.86 $157.86 $157.86 $157.86

Subordinated Debt $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Senior Debt $106.99 $86.06 $63.95 $39.48 $11.68 $6.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Working Capital Facility $7.80 $8.03 $8.27 $8.52 $8.80 $8.51 $8.76 $9.01 $9.10 $9.37 $9.68 $9.95 $10.23

Short term debt Facillity $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

405584004.xls: Balance Sheet Page: 11

 All figures in millions
Taka unless mentioned
Balance Sheet otherwise

Start Date 6-Apr-23 6-Apr-24 6-Apr-25 6-Apr-26 6-Apr-27 6-Apr-28 6-Apr-29 6-Apr-30 6-Apr-31 6-Apr-32 6-Apr-33 6-Apr-34 6-Apr-35
End Date 5-Apr-24 5-Apr-25 5-Apr-26 5-Apr-27 5-Apr-28 5-Apr-29 5-Apr-30 5-Apr-31 5-Apr-32 5-Apr-33 5-Apr-34 5-Apr-35 5-Apr-36
No. of days in period 366.00 365.00 365.00 365.00 366.00 365.00 365.00 365.00 366.00 365.00 365.00 365.00 366.00
Period number 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00
Contract Year number 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 22.00
No. of months in period 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-24 1-Feb-25 1-Feb-26 1-Feb-27 1-Feb-28 1-Feb-29 1-Feb-30 1-Feb-31 1-Feb-32 1-Feb-33 1-Feb-34 1-Feb-35 1-Feb-36
End Date 31-Jan-25 31-Jan-26 31-Jan-27 31-Jan-28 31-Jan-29 31-Jan-30 31-Jan-31 31-Jan-32 31-Jan-33 31-Jan-34 31-Jan-35 31-Jan-36 31-Jan-37
Period number 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 22.00
Financial Year number 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 22.00 23.00

Payables $1.39 $1.45 $1.52 $1.60 $1.68 $2.31 $2.43 $2.55 $2.68 $2.81 $2.95 $3.10 $3.26

Total Liabilities & Equity $294.24 $289.93 $285.10 $279.69 $273.61 $268.26 $262.63 $263.00 $263.22 $263.62 $264.07 $264.48 $264.92

Gross Fixed Assets $328.30 $329.26 $330.26 $334.11 $337.58 $341.22 $345.04 $349.05 $353.26 $357.69 $362.33 $367.21 $371.53
Accumulated Depreciation $98.97 $108.83 $118.72 $128.69 $138.76 $148.94 $159.24 $169.65 $180.18 $190.85 $201.65 $212.59 $222.27
Net Fixed Assets $229.33 $220.43 $211.54 $205.42 $198.82 $192.27 $185.80 $179.40 $173.08 $166.84 $160.68 $154.62 $149.26

Receivables $9.19 $9.48 $9.79 $10.12 $10.49 $10.82 $11.19 $11.56 $11.78 $12.18 $12.63 $13.04 $13.48

Reserves
DSRA $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
MMRA $3.10 $4.88 $6.67 $5.70 $5.19 $4.58 $3.87 $3.05 $2.12 $1.06 -$0.13 -$1.47 -$2.15

Cash $0.00 $0.00 $0.00 $0.00 $0.00 $1.23 $2.34 $9.56 $16.81 $24.11 $31.46 $38.86 $44.90

Total Assets $294.24 $289.93 $285.10 $279.69 $273.61 $268.26 $262.63 $263.00 $263.22 $263.62 $264.07 $264.48 $264.92

check 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

405584004.xls: Balance Sheet Page: 12

 All figures in millions
Taka unless mentioned
Profit and Loss otherwise

Start Date 1-Feb-13 1-May-13 1-Aug-13 1-Nov-13 1-Feb-14 6-Apr-14 6-Apr-15 6-Apr-16 6-Apr-17 6-Apr-18 6-Apr-19
End Date 30-Apr-13 31-Jul-13 31-Oct-13 31-Jan-14 5-Apr-14 5-Apr-15 5-Apr-16 5-Apr-17 5-Apr-18 5-Apr-19 5-Apr-20
No. of days in period 89.00 92.00 92.00 92.00 64.00 365.00 366.00 365.00 365.00 365.00 366.00
Period number -5.00 -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00
Contract Year number 0.00 0.00 0.00 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00
No. of months in period 3.00 3.00 3.00 3.00 2.10 12.00 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-13 1-May-13 1-Aug-13 1-Nov-13 1-Feb-14 1-Feb-15 1-Feb-16 1-Feb-17 1-Feb-18 1-Feb-19 1-Feb-20
End Date 30-Apr-13 31-Jul-13 31-Oct-13 31-Jan-14 31-Jan-15 31-Jan-16 31-Jan-17 31-Jan-18 31-Jan-19 31-Jan-20 31-Jan-21
Period number -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00
Financial Year number 0.00 0.00 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00

Operating Revenue (excluding fuel cost) 83.61 303.54 305.94 308.36 217.19 2,992.87 3,049.59 3,138.54 3,186.84 3,285.90 3,389.80
Payments for fuel 163.31 608.37 615.90 623.52 437.92 3,951.19 4,128.63 4,310.03 4,514.71 4,730.99 4,972.45
Operating Costs 27.92 116.03 117.46 118.92 83.51 499.86 526.05 550.61 577.90 606.56 639.35
Cost of fuel 159.25 593.22 600.56 607.99 427.01 3,871.11 4,064.90 4,252.81 4,462.48 4,683.24 4,928.71

Operating Profit 59.76 202.66 203.81 204.97 144.59 2,573.10 2,587.27 2,645.15 2,661.17 2,727.09 2,794.19

Interest income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest on working capital, finance charges 0.85 2.65 3.95 3.89 4.91 42.59 63.08 64.13 65.10 66.14 67.61
Interest on term debt (Senior and Subordinated) 30.18 38.94 45.88 50.32 38.68 655.77 636.17 611.08 582.82 551.93 517.52
Depreciation 7.95 38.91 45.67 49.85 109.16 655.04 655.69 657.02 660.38 663.82 665.35
Profit Before Tax 20.79 122.16 108.31 100.91 -8.16 1,219.69 1,232.32 1,312.92 1,352.87 1,445.21 1,543.71

Tax paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Profit After Tax 20.79 122.16 108.31 100.91 -8.16 1,219.69 1,232.32 1,312.92 1,352.87 1,445.21 1,543.71

Dividends 0.00 0.00 0.00 0.00 0.00 1,219.69 1,213.53 833.96 847.29 880.40 915.26
Transferred to Balance Sheet 20.79 122.16 108.31 100.91 -8.16 0.00 18.80 478.96 505.58 564.82 628.44

Figures in US$ millions

Operating Revenue $1.19 $4.34 $4.37 $4.41 $3.10 $42.76 $43.57 $44.84 $45.53 $46.94 $48.43
Recovery of fuel cost $2.33 $8.69 $8.80 $8.91 $6.26 $56.45 $58.98 $61.57 $64.50 $67.59 $71.03
Operating Costs $0.40 $1.66 $1.68 $1.70 $1.19 $7.14 $7.52 $7.87 $8.26 $8.67 $9.13

405584004.xls: Profit and Loss Page: 13

 All figures in millions
Taka unless mentioned
Profit and Loss otherwise

Start Date 1-Feb-13 1-May-13 1-Aug-13 1-Nov-13 1-Feb-14 6-Apr-14 6-Apr-15 6-Apr-16 6-Apr-17 6-Apr-18 6-Apr-19
End Date 30-Apr-13 31-Jul-13 31-Oct-13 31-Jan-14 5-Apr-14 5-Apr-15 5-Apr-16 5-Apr-17 5-Apr-18 5-Apr-19 5-Apr-20
No. of days in period 89.00 92.00 92.00 92.00 64.00 365.00 366.00 365.00 365.00 365.00 366.00
Period number -5.00 -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00
Contract Year number 0.00 0.00 0.00 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00
No. of months in period 3.00 3.00 3.00 3.00 2.10 12.00 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-13 1-May-13 1-Aug-13 1-Nov-13 1-Feb-14 1-Feb-15 1-Feb-16 1-Feb-17 1-Feb-18 1-Feb-19 1-Feb-20
End Date 30-Apr-13 31-Jul-13 31-Oct-13 31-Jan-14 31-Jan-15 31-Jan-16 31-Jan-17 31-Jan-18 31-Jan-19 31-Jan-20 31-Jan-21
Period number -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00
Financial Year number 0.00 0.00 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00

Cost of fuel $2.27 $8.47 $8.58 $8.69 $6.10 $55.30 $58.07 $60.75 $63.75 $66.90 $70.41
Operating Profit $0.85 $2.90 $2.91 $2.93 $2.07 $36.76 $36.96 $37.79 $38.02 $38.96 $39.92

Interest income $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Interest on working capital, finance charges $0.01 $0.04 $0.06 $0.06 $0.07 $0.61 $0.90 $0.92 $0.93 $0.94 $0.97
Interest on term debt (Senior and Subordinated) $0.43 $0.56 $0.66 $0.72 $0.55 $9.37 $9.09 $8.73 $8.33 $7.88 $7.39
Depreciation $0.11 $0.56 $0.65 $0.71 $1.56 $9.36 $9.37 $9.39 $9.43 $9.48 $9.51
Profit Before Tax $0.30 $1.75 $1.55 $1.44 -$0.12 $17.42 $17.60 $18.76 $19.33 $20.65 $22.05

Tax paid $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Deferred tax $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Profit After Tax $0.30 $1.75 $1.55 $1.44 -$0.12 $17.42 $17.60 $18.76 $19.33 $20.65 $22.05

Dividends $0.00 $0.00 $0.00 $0.00 $0.00 $17.42 $17.34 $11.91 $12.10 $12.58 $13.08
Transferred to Balance Sheet $0.30 $1.75 $1.55 $1.44 -$0.12 $0.00 $0.27 $6.84 $7.22 $8.07 $8.98

405584004.xls: Profit and Loss Page: 14

 All figures in millions
Taka unless mentioned
Profit and Loss otherwise

Start Date 6-Apr-20 6-Apr-21 6-Apr-22 6-Apr-23 6-Apr-24 6-Apr-25 6-Apr-26 6-Apr-27 6-Apr-28 6-Apr-29 6-Apr-30
End Date 5-Apr-21 5-Apr-22 5-Apr-23 5-Apr-24 5-Apr-25 5-Apr-26 5-Apr-27 5-Apr-28 5-Apr-29 5-Apr-30 5-Apr-31
No. of days in period 365.00 365.00 365.00 366.00 365.00 365.00 365.00 366.00 365.00 365.00 365.00
Period number 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00
Contract Year number 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00
No. of months in period 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-21 1-Feb-22 1-Feb-23 1-Feb-24 1-Feb-25 1-Feb-26 1-Feb-27 1-Feb-28 1-Feb-29 1-Feb-30 1-Feb-31
End Date 31-Jan-22 31-Jan-23 31-Jan-24 31-Jan-25 31-Jan-26 31-Jan-27 31-Jan-28 31-Jan-29 31-Jan-30 31-Jan-31 31-Jan-32
Period number 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00
Financial Year number 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00

Operating Revenue (excluding fuel cost) 3,497.94 3,623.13 3,737.86 3,858.52 3,983.05 4,113.20 4,248.91 4,403.80 4,545.31 4,700.35 4,855.14
Payments for fuel 5,222.61 5,469.21 5,732.52 6,026.41 6,301.75 6,608.49 6,961.22 7,309.78 7,640.70 8,010.41 8,399.28
Operating Costs 669.20 702.37 737.20 775.90 813.32 853.65 895.99 943.02 1,293.12 1,358.81 1,426.34
Cost of fuel 5,175.28 5,427.44 5,695.40 5,993.45 6,273.42 6,584.81 6,933.30 7,290.88 7,629.81 8,007.06 8,403.94

Operating Profit 2,876.08 2,962.53 3,037.78 3,115.58 3,198.06 3,283.24 3,380.85 3,479.68 3,263.07 3,344.90 3,424.15

Interest income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest on working capital, finance charges 69.15 70.88 72.63 74.31 76.06 77.89 79.79 71.27 71.45 68.72 70.69
Interest on term debt (Senior and Subordinated) 479.71 437.98 391.80 341.25 283.55 219.13 149.33 70.80 21.57 7.38 0.00
Depreciation 672.35 679.43 681.21 685.77 690.43 692.49 697.59 705.27 712.74 720.57 728.79
Profit Before Tax 1,654.87 1,774.25 1,892.14 2,014.25 2,148.02 2,293.72 2,454.14 2,632.33 2,457.33 2,548.23 2,624.67

Tax paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Profit After Tax 1,654.87 1,774.25 1,892.14 2,014.25 2,148.02 2,293.72 2,454.14 2,632.33 2,457.33 2,548.23 2,624.67

Dividends 924.71 965.86 1,010.86 1,059.97 1,005.93 1,105.33 1,142.63 1,138.37 2,457.33 2,548.23 2,624.67
Transferred to Balance Sheet 730.16 808.39 881.28 954.29 1,142.09 1,188.39 1,311.51 1,493.96 0.00 0.00 0.00

Figures in US$ millions

Operating Revenue $49.97 $51.76 $53.40 $55.12 $56.90 $58.76 $60.70 $62.91 $64.93 $67.15 $69.36
Recovery of fuel cost $74.61 $78.13 $81.89 $86.09 $90.03 $94.41 $99.45 $104.43 $109.15 $114.43 $119.99
Operating Costs $9.56 $10.03 $10.53 $11.08 $11.62 $12.19 $12.80 $13.47 $18.47 $19.41 $20.38

405584004.xls: Profit and Loss Page: 15

 All figures in millions
Taka unless mentioned
Profit and Loss otherwise

Start Date 6-Apr-20 6-Apr-21 6-Apr-22 6-Apr-23 6-Apr-24 6-Apr-25 6-Apr-26 6-Apr-27 6-Apr-28 6-Apr-29 6-Apr-30
End Date 5-Apr-21 5-Apr-22 5-Apr-23 5-Apr-24 5-Apr-25 5-Apr-26 5-Apr-27 5-Apr-28 5-Apr-29 5-Apr-30 5-Apr-31
No. of days in period 365.00 365.00 365.00 366.00 365.00 365.00 365.00 366.00 365.00 365.00 365.00
Period number 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00
Contract Year number 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00
No. of months in period 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-21 1-Feb-22 1-Feb-23 1-Feb-24 1-Feb-25 1-Feb-26 1-Feb-27 1-Feb-28 1-Feb-29 1-Feb-30 1-Feb-31
End Date 31-Jan-22 31-Jan-23 31-Jan-24 31-Jan-25 31-Jan-26 31-Jan-27 31-Jan-28 31-Jan-29 31-Jan-30 31-Jan-31 31-Jan-32
Period number 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00
Financial Year number 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00

Cost of fuel $73.93 $77.53 $81.36 $85.62 $89.62 $94.07 $99.05 $104.16 $109.00 $114.39 $120.06
Operating Profit $41.09 $42.32 $43.40 $44.51 $45.69 $46.90 $48.30 $49.71 $46.62 $47.78 $48.92

Interest income $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Interest on working capital, finance charges $0.99 $1.01 $1.04 $1.06 $1.09 $1.11 $1.14 $1.02 $1.02 $0.98 $1.01
Interest on term debt (Senior and Subordinated) $6.85 $6.26 $5.60 $4.87 $4.05 $3.13 $2.13 $1.01 $0.31 $0.11 $0.00
Depreciation $9.60 $9.71 $9.73 $9.80 $9.86 $9.89 $9.97 $10.08 $10.18 $10.29 $10.41
Profit Before Tax $23.64 $25.35 $27.03 $28.78 $30.69 $32.77 $35.06 $37.60 $35.10 $36.40 $37.50

Tax paid $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Deferred tax $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Profit After Tax $23.64 $25.35 $27.03 $28.78 $30.69 $32.77 $35.06 $37.60 $35.10 $36.40 $37.50

Dividends $13.21 $13.80 $14.44 $15.14 $14.37 $15.79 $16.32 $16.26 $35.10 $36.40 $37.50
Transferred to Balance Sheet $10.43 $11.55 $12.59 $13.63 $16.32 $16.98 $18.74 $21.34 $0.00 $0.00 $0.00

405584004.xls: Profit and Loss Page: 16

 All figures in millions
Taka unless mentioned
Profit and Loss otherwise

Start Date 6-Apr-31 6-Apr-32 6-Apr-33 6-Apr-34 6-Apr-35

End Date 5-Apr-32 5-Apr-33 5-Apr-34 5-Apr-35 5-Apr-36
No. of days in period 366.00 365.00 365.00 365.00 366.00
Period number 17.00 18.00 19.00 20.00 21.00
Contract Year number 18.00 19.00 20.00 21.00 22.00
No. of months in period 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-32 1-Feb-33 1-Feb-34 1-Feb-35 1-Feb-36

End Date 31-Jan-33 31-Jan-34 31-Jan-35 31-Jan-36 31-Jan-37
Period number 18.00 19.00 20.00 21.00 22.00
Financial Year number 19.00 20.00 21.00 22.00 23.00

Operating Revenue (excluding fuel cost) 4,948.63 5,114.84 5,304.31 5,478.88 5,662.78
Payments for fuel 8,832.19 9,278.34 9,716.17 10,183.75 10,705.92
Operating Costs 1,500.26 1,571.69 1,649.87 1,733.59 1,823.44
Cost of fuel 8,845.15 9,287.99 9,740.13 10,220.68 10,755.56

Operating Profit 3,435.41 3,533.50 3,630.48 3,708.36 3,789.69

Interest income 0.00 0.00 0.00 0.00 0.00

Interest on working capital, finance charges 72.09 73.58 75.84 78.11 80.26
Interest on term debt (Senior and Subordinated) 0.00 0.00 0.00 0.00 0.00
Depreciation 737.43 746.50 756.02 766.02 677.43
Profit Before Tax 2,625.89 2,713.42 2,798.62 2,864.24 3,032.01

Tax paid 0.00 0.00 0.00 0.00 0.00

Deferred tax 0.00 0.00 0.00 0.00 0.00
Profit After Tax 2,625.89 2,713.42 2,798.62 2,864.24 3,032.01

Dividends 2,625.89 2,713.42 2,798.62 2,864.24 3,032.01

Transferred to Balance Sheet 0.00 0.00 0.00 0.00 0.00

Figures in US$ millions

Operating Revenue $70.69 $73.07 $75.78 $78.27 $80.90
Recovery of fuel cost $126.17 $132.55 $138.80 $145.48 $152.94
Operating Costs $21.43 $22.45 $23.57 $24.77 $26.05

405584004.xls: Profit and Loss Page: 17

 All figures in millions
Taka unless mentioned
Profit and Loss otherwise

Start Date 6-Apr-31 6-Apr-32 6-Apr-33 6-Apr-34 6-Apr-35

End Date 5-Apr-32 5-Apr-33 5-Apr-34 5-Apr-35 5-Apr-36
No. of days in period 366.00 365.00 365.00 365.00 366.00
Period number 17.00 18.00 19.00 20.00 21.00
Contract Year number 18.00 19.00 20.00 21.00 22.00
No. of months in period 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-32 1-Feb-33 1-Feb-34 1-Feb-35 1-Feb-36

End Date 31-Jan-33 31-Jan-34 31-Jan-35 31-Jan-36 31-Jan-37
Period number 18.00 19.00 20.00 21.00 22.00
Financial Year number 19.00 20.00 21.00 22.00 23.00

Cost of fuel $126.36 $132.69 $139.14 $146.01 $153.65

Operating Profit $49.08 $50.48 $51.86 $52.98 $54.14

Interest income $0.00 $0.00 $0.00 $0.00 $0.00

Interest on working capital, finance charges $1.03 $1.05 $1.08 $1.12 $1.15
Interest on term debt (Senior and Subordinated) $0.00 $0.00 $0.00 $0.00 $0.00
Depreciation $10.53 $10.66 $10.80 $10.94 $9.68
Profit Before Tax $37.51 $38.76 $39.98 $40.92 $43.31

Tax paid $0.00 $0.00 $0.00 $0.00 $0.00

Deferred tax $0.00 $0.00 $0.00 $0.00 $0.00
Profit After Tax $37.51 $38.76 $39.98 $40.92 $43.31

Dividends $37.51 $38.76 $39.98 $40.92 $43.31

Transferred to Balance Sheet $0.00 $0.00 $0.00 $0.00 $0.00

405584004.xls: Profit and Loss Page: 18

 All figures in millions
Taka unless mentioned
Cash Flow otherwise

Start Date 1-Feb-13 1-May-13 1-Aug-13 1-Nov-13 1-Feb-14 6-Apr-14 6-Apr-15 6-Apr-16 6-Apr-17 6-Apr-18 6-Apr-19
End Date 30-Apr-13 31-Jul-13 31-Oct-13 31-Jan-14 5-Apr-14 5-Apr-15 5-Apr-16 5-Apr-17 5-Apr-18 5-Apr-19 5-Apr-20
No. of days in period 89.00 92.00 92.00 92.00 64.00 365.00 366.00 365.00 365.00 365.00 366.00
Period number -5.00 -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00
Contract Year number 0.00 0.00 0.00 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00
No. of months in period 3.00 3.00 3.00 3.00 2.10 12.00 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-13 1-May-13 1-Aug-13 1-Nov-13 1-Feb-14 1-Feb-15 1-Feb-16 1-Feb-17 1-Feb-18 1-Feb-19 1-Feb-20
End Date 30-Apr-13 31-Jul-13 31-Oct-13 31-Jan-14 31-Jan-15 31-Jan-16 31-Jan-17 31-Jan-18 31-Jan-19 31-Jan-20 31-Jan-21
Period number -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00
Financial Year number 0.00 0.00 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00

Operating Profit 59.76 202.66 203.81 204.97 144.59 2,573.10 2,587.27 2,645.15 2,661.17 2,727.09 2,794.19
Interest income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Change in working capital 41.78 102.56 0.88 0.89 1.08 289.13 6.18 11.75 4.64 12.93 13.22
Change in working capital funded by working capital facility 41.78 102.56 0.88 0.89 1.08 289.13 6.18 11.75 4.64 12.93 13.22
Income tax paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash utilised for Major Maintenance expenditure 0.00 0.00 0.00 0.00 0.00 0.00 43.23 45.39 178.73 50.04 52.55
Transfer to the MMRA 0.00 0.00 0.00 0.00 0.00 100.82 60.25 60.82 -69.71 61.85 62.30
Interest on working capital, finance charges 0.85 2.65 3.95 3.89 4.91 42.59 63.08 64.13 65.10 66.14 67.61
Surplus cash from operations 58.91 200.01 199.87 201.08 139.67 2,429.69 2,420.70 2,474.81 2,487.05 2,549.06 2,611.73

Capital expenditure 3,141.94 3,478.75 1,674.95 1,513.54 2,085.70 0.00 0.00 0.00 0.00 0.00 0.00
Draw down of shareholder funds 942.58 1,043.62 502.48 454.06 625.71 0.00 0.00 0.00 0.00 0.00 0.00
Draw down of Subordinated term debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Draw down of Senior term debt 2,199.36 2,435.12 1,172.46 1,059.48 1,459.99 0.00 0.00 0.00 0.00 0.00 0.00
Surplus cash available for debt service 58.91 200.01 199.87 201.08 139.67 2,429.69 2,420.70 2,474.81 2,487.05 2,549.06 2,611.73

Interest on Senior term debt 30.18 38.94 45.88 50.32 38.68 655.77 636.17 611.08 582.82 551.93 517.52
Interest on Subordinated term debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Repayment of Senior term debt 0.00 0.00 0.00 0.00 0.00 776.16 944.29 1,029.77 1,056.94 1,116.74 1,178.95
Repayment of Subordinated term debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Surplus cash after debt service 28.73 161.06 153.98 150.76 100.99 997.76 840.25 833.96 847.29 880.40 915.26

Transfer to the DSRA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Surplus cash after DSRA 28.73 161.06 153.98 150.76 100.99 997.76 840.25 833.96 847.29 880.40 915.26

Drawdown of short term debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Repayment of short term debt 0.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Surplus cash available for distribution 28.41 161.06 153.98 150.76 100.99 997.76 840.25 833.96 847.29 880.40 915.26

Dividends 0.00 0.00 0.00 0.00 0.00 1,219.69 1,213.53 833.96 847.29 880.40 915.26
Change in cash 28.41 161.06 153.98 150.76 100.99 -221.93 -373.28 0.00 0.00 0.00 0.00

Opening Cash (Orig) 0.00 28.41 189.47 343.45 494.21 595.21 373.28 0.00 0.00 0.00 0.00

405584004.xls: Cash Flow Page: 19

 All figures in millions
Taka unless mentioned
Cash Flow otherwise

Start Date 1-Feb-13 1-May-13 1-Aug-13 1-Nov-13 1-Feb-14 6-Apr-14 6-Apr-15 6-Apr-16 6-Apr-17 6-Apr-18 6-Apr-19
End Date 30-Apr-13 31-Jul-13 31-Oct-13 31-Jan-14 5-Apr-14 5-Apr-15 5-Apr-16 5-Apr-17 5-Apr-18 5-Apr-19 5-Apr-20
No. of days in period 89.00 92.00 92.00 92.00 64.00 365.00 366.00 365.00 365.00 365.00 366.00
Period number -5.00 -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00
Contract Year number 0.00 0.00 0.00 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00
No. of months in period 3.00 3.00 3.00 3.00 2.10 12.00 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-13 1-May-13 1-Aug-13 1-Nov-13 1-Feb-14 1-Feb-15 1-Feb-16 1-Feb-17 1-Feb-18 1-Feb-19 1-Feb-20
End Date 30-Apr-13 31-Jul-13 31-Oct-13 31-Jan-14 31-Jan-15 31-Jan-16 31-Jan-17 31-Jan-18 31-Jan-19 31-Jan-20 31-Jan-21
Period number -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00
Financial Year number 0.00 0.00 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00

Closing Cash 28.41 189.47 343.45 494.21 595.21 373.28 0.00 0.00 0.00 0.00 0.00

DSRA
Transfer to/(from) DSRA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DSRA balance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DSRA required 100.63 100.63 100.63 77.35 1,031.64 1,031.64 1,031.64 1,031.64 1,031.64 1,031.64 1,031.64
Cost of LC in lieu of DSRA 0.33 0.33 0.33 0.25 2.35 13.41 13.41 13.41 13.41 13.41 13.41

DSRA Funded as Project Cost $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
DSRA Funded as Project Cost Copy $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

MMRA
Scheduled Major Maintenance Cost (US$ million 100% Fixed
and Foreign)
Scheduled (Real
Major CY basis) Cost (US$ million 100% Fixed
Maintenance $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.48 $0.48 $1.80 $0.48 $0.48
and Foreign) (Nominal CY basis) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.54 $0.56 $2.13 $0.58 $0.59

MMRA
Opening $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.30 $2.06 $2.80 $1.97 $2.69
Addition (i.e provisioned in P&L) $0.00 $0.00 $0.00 $0.00 $0.00 $1.30 $1.30 $1.30 $1.30 $1.30 $1.30
Draw down (i.e. utilised for expenditure) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.54 $0.56 $2.13 $0.58 $0.59
MMRA a/c balance $0.00 $0.00 $0.00 $0.00 $0.00 $1.30 $2.06 $2.80 $1.97 $2.69 $3.39
Cost of LC in lieu of MMRA $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Cash available for debt service 58.91 200.01 199.87 201.08 139.67 2,429.69 2,420.70 2,474.81 2,487.05 2,549.06 2,611.73

DSCR
Total Debt service 30.18 38.94 45.88 50.32 38.68 1,431.93 1,580.46 1,640.84 1,639.76 1,668.66 1,696.47
Total DSCR 1.70 1.53 1.51 1.52 1.53 1.54
Start/End of Total debt service 10.00

Senior Debt service 30.18 38.94 45.88 50.32 38.68 1,431.93 1,580.46 1,640.84 1,639.76 1,668.66 1,696.47
Senior Debt DSCR 1.70 1.53 1.51 1.52 1.53 1.54
Start/End of Senior debt service 10.00

405584004.xls: Cash Flow Page: 20

 All figures in millions
Taka unless mentioned
Cash Flow otherwise

Start Date 1-Feb-13 1-May-13 1-Aug-13 1-Nov-13 1-Feb-14 6-Apr-14 6-Apr-15 6-Apr-16 6-Apr-17 6-Apr-18 6-Apr-19
End Date 30-Apr-13 31-Jul-13 31-Oct-13 31-Jan-14 5-Apr-14 5-Apr-15 5-Apr-16 5-Apr-17 5-Apr-18 5-Apr-19 5-Apr-20
No. of days in period 89.00 92.00 92.00 92.00 64.00 365.00 366.00 365.00 365.00 365.00 366.00
Period number -5.00 -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00
Contract Year number 0.00 0.00 0.00 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00
No. of months in period 3.00 3.00 3.00 3.00 2.10 12.00 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-13 1-May-13 1-Aug-13 1-Nov-13 1-Feb-14 1-Feb-15 1-Feb-16 1-Feb-17 1-Feb-18 1-Feb-19 1-Feb-20
End Date 30-Apr-13 31-Jul-13 31-Oct-13 31-Jan-14 31-Jan-15 31-Jan-16 31-Jan-17 31-Jan-18 31-Jan-19 31-Jan-20 31-Jan-21
Period number -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00
Financial Year number 0.00 0.00 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00

LLCR
NPV of Cash available for debt service 44,980.76 44,780.75 44,580.89 44,379.81 44,240.14 41,810.45 39,389.74 36,914.93 34,427.88 31,878.82 29,267.08
LLCR - Total Debt 4.83 3.79 3.41 3.12 2.81 2.72 2.66 2.60 2.55 2.51 2.47
LLCR - Senior Debt 4.83 3.79 3.41 3.12 2.81 2.72 2.66 2.60 2.55 2.51 2.47

405584004.xls: Cash Flow Page: 21

 All figures in millions
Taka unless mentioned
Cash Flow otherwise

Start Date 6-Apr-20 6-Apr-21 6-Apr-22 6-Apr-23 6-Apr-24 6-Apr-25 6-Apr-26 6-Apr-27 6-Apr-28 6-Apr-29 6-Apr-30 6-Apr-31
End Date 5-Apr-21 5-Apr-22 5-Apr-23 5-Apr-24 5-Apr-25 5-Apr-26 5-Apr-27 5-Apr-28 5-Apr-29 5-Apr-30 5-Apr-31 5-Apr-32
No. of days in period 365.00 365.00 365.00 366.00 365.00 365.00 365.00 366.00 365.00 365.00 365.00 366.00
Period number 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00
Contract Year number 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00
No. of months in period 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-21 1-Feb-22 1-Feb-23 1-Feb-24 1-Feb-25 1-Feb-26 1-Feb-27 1-Feb-28 1-Feb-29 1-Feb-30 1-Feb-31 1-Feb-32
End Date 31-Jan-22 31-Jan-23 31-Jan-24 31-Jan-25 31-Jan-26 31-Jan-27 31-Jan-28 31-Jan-29 31-Jan-30 31-Jan-31 31-Jan-32 31-Jan-33
Period number 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00
Financial Year number 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00

Operating Profit 2,876.08 2,962.53 3,037.78 3,115.58 3,198.06 3,283.24 3,380.85 3,479.68 3,263.07 3,344.90 3,424.15 3,435.41
Interest income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Change in working capital 14.29 16.72 14.77 15.27 16.08 16.65 17.33 19.93 -20.18 17.63 17.36 6.34
Change in working capital funded by working capital facility 14.29 16.72 14.77 15.27 16.08 16.65 17.33 19.93 -20.18 17.63 17.36 6.34
Income tax paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash utilised for Major Maintenance expenditure 413.80 57.93 60.83 243.51 67.06 70.42 269.57 242.61 254.74 267.48 280.85 294.89
Transfer to the MMRA -241.52 118.90 120.67 -57.22 124.14 125.83 -68.14 -35.86 -42.54 -49.67 -57.30 -65.44
Interest on working capital, finance charges 69.15 70.88 72.63 74.31 76.06 77.89 79.79 71.27 71.45 68.72 70.69 72.09
Surplus cash from operations 2,634.64 2,714.82 2,783.65 2,854.99 2,930.80 3,009.09 3,099.63 3,201.66 2,979.43 3,058.38 3,129.91 3,133.87

Capital expenditure 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Draw down of shareholder funds 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Draw down of Subordinated term debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Draw down of Senior term debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Surplus cash available for debt service 2,634.64 2,714.82 2,783.65 2,854.99 2,930.80 3,009.09 3,099.63 3,201.66 2,979.43 3,058.38 3,129.91 3,133.87

Interest on Senior term debt 479.71 437.98 391.80 341.25 283.55 219.13 149.33 70.80 21.57 7.38 0.00 0.00
Interest on Subordinated term debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Repayment of Senior term debt 1,230.23 1,310.99 1,380.99 1,453.77 1,641.32 1,684.64 1,807.68 1,992.49 414.32 425.25 0.00 0.00
Repayment of Subordinated term debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Surplus cash after debt service 924.71 965.86 1,010.86 1,059.97 1,005.93 1,105.33 1,142.63 1,138.37 2,543.54 2,625.75 3,129.91 3,133.87

Transfer to the DSRA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Surplus cash after DSRA 924.71 965.86 1,010.86 1,059.97 1,005.93 1,105.33 1,142.63 1,138.37 2,543.54 2,625.75 3,129.91 3,133.87

Drawdown of short term debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Repayment of short term debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Surplus cash available for distribution 924.71 965.86 1,010.86 1,059.97 1,005.93 1,105.33 1,142.63 1,138.37 2,543.54 2,625.75 3,129.91 3,133.87

Dividends 924.71 965.86 1,010.86 1,059.97 1,005.93 1,105.33 1,142.63 1,138.37 2,457.33 2,548.23 2,624.67 2,625.89
Change in cash 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 86.22 77.52 505.24 507.98

Opening Cash (Orig) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 86.22 163.73 668.98

405584004.xls: Cash Flow Page: 22

 All figures in millions
Taka unless mentioned
Cash Flow otherwise

Start Date 6-Apr-20 6-Apr-21 6-Apr-22 6-Apr-23 6-Apr-24 6-Apr-25 6-Apr-26 6-Apr-27 6-Apr-28 6-Apr-29 6-Apr-30 6-Apr-31
End Date 5-Apr-21 5-Apr-22 5-Apr-23 5-Apr-24 5-Apr-25 5-Apr-26 5-Apr-27 5-Apr-28 5-Apr-29 5-Apr-30 5-Apr-31 5-Apr-32
No. of days in period 365.00 365.00 365.00 366.00 365.00 365.00 365.00 366.00 365.00 365.00 365.00 366.00
Period number 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00
Contract Year number 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00
No. of months in period 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-21 1-Feb-22 1-Feb-23 1-Feb-24 1-Feb-25 1-Feb-26 1-Feb-27 1-Feb-28 1-Feb-29 1-Feb-30 1-Feb-31 1-Feb-32
End Date 31-Jan-22 31-Jan-23 31-Jan-24 31-Jan-25 31-Jan-26 31-Jan-27 31-Jan-28 31-Jan-29 31-Jan-30 31-Jan-31 31-Jan-32 31-Jan-33
Period number 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00
Financial Year number 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00

Closing Cash 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 86.22 163.73 668.98 1,176.95

DSRA
Transfer to/(from) DSRA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DSRA balance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DSRA required 1,031.64 1,031.64 1,031.64 1,031.64 1,031.64 1,031.64 1,031.64 217.94 216.31 0.00 0.00 0.00
Cost of LC in lieu of DSRA 13.41 13.41 13.41 13.41 13.41 13.41 13.41 2.83 2.81 0.00 0.00 0.00

DSRA Funded as Project Cost $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
DSRA Funded as Project Cost Copy $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

MMRA
Scheduled Major Maintenance Cost (US$ million 100% Fixed
and Foreign)
Scheduled (Real
Major CY basis) Cost (US$ million 100% Fixed
Maintenance $3.60 $0.48 $0.48 $1.83 $0.48 $0.48 $1.75 $1.50 $1.50 $1.50 $1.50 $1.50
and Foreign) (Nominal CY basis) $4.56 $0.62 $0.64 $2.48 $0.67 $0.68 $2.54 $2.23 $2.28 $2.33 $2.39 $2.44

MMRA
Opening $3.39 $0.73 $2.01 $3.27 $2.69 $3.92 $5.14 $4.50 $4.17 $3.79 $3.35 $2.87
Addition (i.e provisioned in P&L) $1.90 $1.90 $1.90 $1.90 $1.90 $1.90 $1.90 $1.90 $1.90 $1.90 $1.90 $1.90
Draw down (i.e. utilised for expenditure) $4.56 $0.62 $0.64 $2.48 $0.67 $0.68 $2.54 $2.23 $2.28 $2.33 $2.39 $2.44
MMRA a/c balance $0.73 $2.01 $3.27 $2.69 $3.92 $5.14 $4.50 $4.17 $3.79 $3.35 $2.87 $2.32
Cost of LC in lieu of MMRA $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Cash available for debt service 2,634.64 2,714.82 2,783.65 2,854.99 2,930.80 3,009.09 3,099.63 3,201.66 2,979.43 3,058.38 3,129.91 3,133.87

DSCR
Total Debt service 1,709.93 1,748.96 1,772.79 1,795.02 1,924.87 1,903.76 1,957.01 2,063.29 435.88 432.63 0.00 0.00
Total DSCR 1.54 1.55 1.57 1.59 1.52 1.58 1.58 1.55 6.84 7.07
Start/End of Total debt service 30.00

Senior Debt service 1,709.93 1,748.96 1,772.79 1,795.02 1,924.87 1,903.76 1,957.01 2,063.29 435.88 432.63 0.00 0.00
Senior Debt DSCR 1.54 1.55 1.57 1.59 1.52 1.58 1.58 1.55 6.84 7.07
Start/End of Senior debt service 30.00

405584004.xls: Cash Flow Page: 23

 All figures in millions
Taka unless mentioned
Cash Flow otherwise

Start Date 6-Apr-20 6-Apr-21 6-Apr-22 6-Apr-23 6-Apr-24 6-Apr-25 6-Apr-26 6-Apr-27 6-Apr-28 6-Apr-29 6-Apr-30 6-Apr-31
End Date 5-Apr-21 5-Apr-22 5-Apr-23 5-Apr-24 5-Apr-25 5-Apr-26 5-Apr-27 5-Apr-28 5-Apr-29 5-Apr-30 5-Apr-31 5-Apr-32
No. of days in period 365.00 365.00 365.00 366.00 365.00 365.00 365.00 366.00 365.00 365.00 365.00 366.00
Period number 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00
Contract Year number 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00
No. of months in period 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00

Start Date 1-Feb-21 1-Feb-22 1-Feb-23 1-Feb-24 1-Feb-25 1-Feb-26 1-Feb-27 1-Feb-28 1-Feb-29 1-Feb-30 1-Feb-31 1-Feb-32
End Date 31-Jan-22 31-Jan-23 31-Jan-24 31-Jan-25 31-Jan-26 31-Jan-27 31-Jan-28 31-Jan-29 31-Jan-30 31-Jan-31 31-Jan-32 31-Jan-33
Period number 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00
Financial Year number 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00

LLCR
NPV of Cash available for debt service 26,632.44 23,917.62 21,133.97 18,278.98 15,348.18 12,339.09 9,239.46 6,037.80 3,058.38 0.00 0.00 0.00
LLCR - Total Debt 2.44 2.42 2.42 2.44 2.55 2.76 3.34 7.38 7.29
LLCR - Senior Debt 2.44 2.42 2.42 2.44 2.55 2.76 3.34 7.38 7.29

405584004.xls: Cash Flow Page: 24

 All figures in millions
Taka unless mentioned
Cash Flow otherwise

Start Date 6-Apr-32 6-Apr-33 6-Apr-34 6-Apr-35

End Date 5-Apr-33 5-Apr-34 5-Apr-35 5-Apr-36
No. of days in period 365.00 365.00 365.00 366.00
Period number 18.00 19.00 20.00 21.00
Contract Year number 19.00 20.00 21.00 22.00
No. of months in period 12.00 12.00 12.00 12.00

Start Date 1-Feb-33 1-Feb-34 1-Feb-35 1-Feb-36

End Date 31-Jan-34 31-Jan-35 31-Jan-36 31-Jan-37
Period number 19.00 20.00 21.00 22.00
Financial Year number 20.00 21.00 22.00 23.00

Operating Profit 3,533.50 3,630.48 3,708.36 3,789.69

Interest income 0.00 0.00 0.00 0.00
Change in working capital 18.77 21.81 18.63 19.42
Change in working capital funded by working capital facility 18.77 21.81 18.63 19.42
Income tax paid 0.00 0.00 0.00 0.00
Cash utilised for Major Maintenance expenditure 309.64 325.12 341.38 302.34
Transfer to the MMRA -74.13 -83.40 -93.27 -47.69
Interest on working capital, finance charges 73.58 75.84 78.11 80.26
Surplus cash from operations 3,224.41 3,312.92 3,382.15 3,454.78

Capital expenditure 0.00 0.00 0.00 0.00

Draw down of shareholder funds 0.00 0.00 0.00 0.00
Draw down of Subordinated term debt 0.00 0.00 0.00 0.00
Draw down of Senior term debt 0.00 0.00 0.00 0.00
Surplus cash available for debt service 3,224.41 3,312.92 3,382.15 3,454.78

Interest on Senior term debt 0.00 0.00 0.00 0.00

Interest on Subordinated term debt 0.00 0.00 0.00 0.00
Repayment of Senior term debt 0.00 0.00 0.00 0.00
Repayment of Subordinated term debt 0.00 0.00 0.00 0.00
Surplus cash after debt service 3,224.41 3,312.92 3,382.15 3,454.78

Transfer to the DSRA 0.00 0.00 0.00 0.00

Surplus cash after DSRA 3,224.41 3,312.92 3,382.15 3,454.78

Drawdown of short term debt 0.00 0.00 0.00 0.00

Repayment of short term debt 0.00 0.00 0.00 0.00
Surplus cash available for distribution 3,224.41 3,312.92 3,382.15 3,454.78

Dividends 2,713.42 2,798.62 2,864.24 3,032.01

Change in cash 510.99 514.30 517.91 422.78

Opening Cash (Orig) 1,176.95 1,687.94 2,202.24 2,720.16

405584004.xls: Cash Flow Page: 25

 All figures in millions
Taka unless mentioned
Cash Flow otherwise

Start Date 6-Apr-32 6-Apr-33 6-Apr-34 6-Apr-35

End Date 5-Apr-33 5-Apr-34 5-Apr-35 5-Apr-36
No. of days in period 365.00 365.00 365.00 366.00
Period number 18.00 19.00 20.00 21.00
Contract Year number 19.00 20.00 21.00 22.00
No. of months in period 12.00 12.00 12.00 12.00

Start Date 1-Feb-33 1-Feb-34 1-Feb-35 1-Feb-36

End Date 31-Jan-34 31-Jan-35 31-Jan-36 31-Jan-37
Period number 19.00 20.00 21.00 22.00
Financial Year number 20.00 21.00 22.00 23.00

Closing Cash 1,687.94 2,202.24 2,720.16 3,142.93

DSRA
Transfer to/(from) DSRA 0.00 0.00 0.00 0.00
DSRA balance 0.00 0.00 0.00 0.00
DSRA required 0.00 0.00 0.00 0.00
Cost of LC in lieu of DSRA 0.00 0.00 0.00 0.00

DSRA Funded as Project Cost $0.00 $0.00 $0.00 $0.00

DSRA Funded as Project Cost Copy $0.00 $0.00 $0.00 $0.00

MMRA
Scheduled Major Maintenance Cost (US$ million 100% Fixed
and Foreign)
Scheduled (Real
Major CY basis) Cost (US$ million 100% Fixed
Maintenance $1.50 $1.50 $1.50 $1.50
and Foreign) (Nominal CY basis) $2.50 $2.56 $2.61 $2.67

MMRA
Opening $2.32 $1.73 $1.07 $0.36
Addition (i.e provisioned in P&L) $1.90 $1.90 $1.90 $1.90
Draw down (i.e. utilised for expenditure) $2.50 $2.56 $2.61 $2.26
MMRA a/c balance $1.73 $1.07 $0.36 $0.00
Cost of LC in lieu of MMRA $0.00 $0.00 $0.00 $0.00

Cash available for debt service 3,224.41 3,312.92 3,382.15 3,454.78

DSCR
Total Debt service 0.00 0.00 0.00 0.00
Total DSCR
Start/End of Total debt service

Senior Debt service 0.00 0.00 0.00 0.00

Senior Debt DSCR
Start/End of Senior debt service

405584004.xls: Cash Flow Page: 26

 All figures in millions
Taka unless mentioned
Cash Flow otherwise

Start Date 6-Apr-32 6-Apr-33 6-Apr-34 6-Apr-35

End Date 5-Apr-33 5-Apr-34 5-Apr-35 5-Apr-36
No. of days in period 365.00 365.00 365.00 366.00
Period number 18.00 19.00 20.00 21.00
Contract Year number 19.00 20.00 21.00 22.00
No. of months in period 12.00 12.00 12.00 12.00

Start Date 1-Feb-33 1-Feb-34 1-Feb-35 1-Feb-36

End Date 31-Jan-34 31-Jan-35 31-Jan-36 31-Jan-37
Period number 19.00 20.00 21.00 22.00
Financial Year number 20.00 21.00 22.00 23.00

LLCR
NPV of Cash available for debt service 0.00 0.00 0.00 0.00
LLCR - Total Debt
LLCR - Senior Debt

405584004.xls: Cash Flow Page: 27

Ratio Analysis

Other Ratios
Liquidity Ratios: Min Avg
Current Ratio = Current Assets/Current Liabilities 4.61 6.69
Quick Ratio = Current Assets – Inventory/ Current Liabilities 4.61 6.69

Profitability Ratios: Min Avg

Gross Profit to sales = Gross profit/Sales 0.16 0.24
Net Profit to sales= Net profit after tax/Sales 0.17 0.20
Return on Asset=Net profit after tax/ total assets 5.36% 9.20%
Return on Equity=Net profit after tax/total equity 13.96% 16.28%
EBIT/Total Asset=EBIT/total Asset 0.08 0.11

Debt Management Ratios: Min Avg

Total Liability to Equity Ratio = Total Liabilities / Total Equity 1.04 2.01
Times financial expense coverage = net operating profit/ financial expenses 3.68 11.75

Asset Utilization ratios: Min Avg

Asset Turnover = Net sales/ total assets 0.13 0.18
Account Receivable turnover = 365*Accounts receivable/Net Sales 60.83 60.83

Payback period 7.90

405584004.xls: Ratio Analysis Page: 28