Acquaculture Fish Farming

Financial Model Template

Project name

Fish Farm Valuation

Last updated
July 31st, 2016

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Abbreviations

Input Cells
Calculations
Links from other sheets

A Actual figures
CAPEX Capital Expenditures
CFF Cash Flow from Financing
CFI Cash Flow from Investments
CFO Cash Flow from Operation
COGS Cost of goods sold
DCF Discounted Free Cash Flows
DSCR Debt service coverage ratio (Debt Service / Free Cash Flow to Firm)
EBIT Earnings before interest and taxes
EBITDA Earnings before interest, taxes, depreciation and amortization
F Forecasted figures
FCFF Free Cash Flow to Firm (Unlevered cash flows)
G&A General & Admin
NPV Net Present Value
NWC Net Working Capital
OPEX Operating costs
ROIC Return on invested capital
t Tax rate %
TV Terminal Value
USD United States Dollar

x
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All amounts in USD

Executive Summary

Financial Projections Revenue Breakdown

USD USD
4000... Revenues 10 Subsidies Frozen Fish
4000,000 Fresh Fish Fingerlings
EBITDA
3500... Hatchery eggs
EBITDA 3500,000
Margin % 8
3000... 3000,000
2500... 6 2500,000
2000... 2000,000
1500... 4 1500,000

1000... 1000,000
2
500 500,000
,0
,0 2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 F
2 2 2 2 2 2 2 2 2 2

Fish Sold Cumulative Free Cash Flows - FCFF

kg USD
Fish Sales Volume
6000...

5000...

4000...
672
3000...

2000...

1000...

672 ,0
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Per kg analysis Prices

USD / kg of fish USD
6.00
EBIT
5.00 Depreciation

1.19 OPEX
4.00
Other Costs
3.00 Direct labor 40.00
4.77 Fingerlings
2.00
Feed 15.00
1.32
1.00 5.00 4.00
Processing 0.0
USD/1000... U U U
0.78 Revenue Hatchery... Finger... Fresh... Frozen...
0.00
Revenue Costs and Profit

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All amounts in USD
Financial Overview

Financials 2015 A 2016 F 2017 F 2018 F 2019 F 2020 F

Revenues USD 0 3,206,582 3,222,565 3,238,628 3,254,771 3,270,995

COGS USD 0 (1,946,449) (1,956,181) (1,965,962) (1,975,792) (1,985,671)
Gross Margin USD 0 1,260,133 1,266,383 1,272,665 1,278,979 1,285,324
% % NA 39.3% 39.3% 39.3% 39.3% 39.3%

OPEX USD 0 (362,066) (363,876) (365,695) (367,522) (369,360)

EBITDA USD 0 898,067 902,508 906,971 911,456 915,964
% % NA 28.0% 28.0% 28.0% 28.0% 28.0%

Net Income USD 0 559,614 555,504 551,409 547,330 543,268

% % NA 17.5% 17.2% 17.0% 16.8% 16.6%

CAPEX USD 0 100,000 100,000 100,000 100,000 500,000

Revenue growth % NA 0.5% 0.5% 0.5% 0.5%

Breeder flock # 0 5,000 5,000 5,000 5,000 5,000

Fish produced # 0 1,485,279 1,485,279 1,485,279 1,485,279 1,485,279

All amounts in USD

Key Performance Indicators

DCF Valuation Ratios

Discount rate % 12.0% Current Ratio Year 1 4.6x
Enterprise Value USD 4,374,387 EBITDA Margin Year 1 28.0%
Cash USD 110,000 ROIC Year 1 40.5%
Financial debt USD (500,000) ROE Year 1 59.8%
Equity value USD 3,984,387
Financial Leverage
Operational Metrics DSCR Min. 5.28x
Hatchability % 70.00% Term loan A / EBITDA Max. 0.40x
Mortality % 10.00% Term loan B / EBITDA Max. 0.10x
Fresh Fish % 70.00% Financial Debt / EBITDA Max. 0.50x
Frozen Fish % 30.00%

Feed Conversion ratio x 0.8x

Fish average weight kg 0.5
Growth initial weight x 25.0x

Prices
Fresh Fish USD/kg 5.00
Frozen Fish USD/kg 4.00 Balance Sheet Check 0.0

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All amounts in USD
Assumptions

General Assumptions Inflation

Currency USD Cost Inflation % 0.50%
First year 2016 Breeder fish % 0.50%
Forecast period Years 30 Hatchery eggs % 0.50%
Fingerlings % 0.50%
Animals Fresh Fish % 0.50%
Breeder Fish # 2016 5,000 Frozen Fish % 0.50%
Increase in breeder flock %/Year 0%
Prices
Breeder Fish Hatchery eggs USD/1000 Eggs 40.00
Eggs per Breeder Fish # 300 Fingerlings USD/kg 15.00
Life expectation Weeks 104 Fresh Fish USD/kg 5.00
Hatchery eggs into hatchery % 80% Frozen Fish USD/kg 4.00
Hatchery eggs sold % 20%
Total % 100% Costs
Hatchery eggs produced % 50% Breeder fish USD/Breeder 10.00
Hatchery eggs purchased % 50% Feed USD/kg 1.40
Total % 100% Antibiotics & nutritients USD/breeder fish 0.05
Antibiotics & nutritients USD/fingerling 0.05
Breeder fish weight kg/fish 2.00 Processing cost USD/kg 0.70
Packaging costs USD/kg 0.05
Fingerlings Transport costs Eggs USD/ 1000 eggs 0.10
Average weight per Fingerling gram 20 Transport costs Fingerlings USD/ kg 0.10
Rejected eggs % 1% Transport costs Fish USD/kg 0.10
Hatched eggs % 70% Direct labour cost USD 40,000
Fingerlings go into Fish Farm % 90%
Fingerlings sold % 10% Subsidies
Total % 10% Yearly subsidies received USD 10,000

Fish OPEX
Fingerlings from hatchery % 50% Sales & Marketing USD 30,000
Fingerlings purchased % 50% General & Admin USD 150,000
Total % 100% Other operating costs USD 150,000
Mortality rate % 10% Provisions for doubtful receivables % 1.00%
Transport losses % 2%
Fish average weight kg 0.5000 Depreciation
Gutting Yield % 90% Depreciation period (years) Years 8
Fresh Fish % 70%
Frozen Fish % 30% Net Working Capital
Total % 100% Days Receivables Days Sales 60
Days Inventory Days COGS 60
Feed Days Payables Days COGS 30
Feed per Breeder Fish kg 2.00 Other current assets Days Sales 3
Feed per Fingerling kg 0.37 Other current liabilities Days Sales 0

CAPEX Interest, Taxes and Dividends

2016 USD 100,000 Interest rate Term loan A % 4%
2017 USD 100,000 Interest rate Term loan B % 6%
2018 USD 100,000 Tax rate % 28%
2019 USD 100,000 Dividend of Net Income % 100%
2020 USD 500,000
2021 USD 100,000 Financing
2022 USD 100,000 Loan A Years 10
2023 USD 100,000 Loan A Years 8
2024 USD 100,000
2025 USD 100,000 Discount rate % 12.0%
Total 10 Years USD 1,400,000 Terminal Value Growth rate % 0.5%

All amounts in USD

Chart Data

Operating Profitability
Revenue Costs and Profit
Revenue USD/ kg 4.77
Processing USD/ kg 0.78
Feed USD/ kg 1.32
Fingerlings USD/ kg 0.38
Direct labor USD/ kg 0.06
Other Costs USD/ kg 0.36
OPEX USD/ kg 0.54
Depreciation USD/ kg 0.15
EBIT USD/ kg 1.19

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Forecast Year 0 1 2 3 4 5 6 7 8 9 10

All amounts in USD

VOLUMES Unit 2015 A 2016 F 2017 F 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F

Breeder Fish
Breeder Flock increase % 0% 0% 0% 0% 0% 0% 0% 0% 0%
Breeder Fish # 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
Life expectation Weeks 104 104 104 104 104 104 104 104 104 104
Breeder Fish annualized # 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500
Eggs per Breeder Fish # 300 300 300 300 300 300 300 300 300 300
Hatchery eggs produced # 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000
Hatchery eggs into hatchery % 80.00% 80.00% 80.00% 80.00% 80.00% 80.00% 80.00% 80.00% 80.00% 80.00%
Hatchery eggs sold % 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%

Hatchery eggs
Hatchery eggs produced % 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
Hatchery eggs purchased % 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
Hatchery eggs from Breeders # 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000
Hatchery eggs purchased # 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000
Hatechery eggs for hatchery # 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000
Hatchery eggs sold # 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000

Fingerlings
Hatchery eggs received # 1,350,000 1,350,000 1,350,000 1,350,000 1,350,000 1,350,000 1,350,000 1,350,000 1,350,000 1,350,000
Rejected eggs % 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Eggs put into the hatchery # 1,336,500 1,336,500 1,336,500 1,336,500 1,336,500 1,336,500 1,336,500 1,336,500 1,336,500 1,336,500
Hatched eggs % 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00%
Fingerlings # 935,550 935,550 935,550 935,550 935,550 935,550 935,550 935,550 935,550 935,550
Fingerlings go into Fish Farm % 90.00% 90.00% 90.00% 90.00% 90.00% 90.00% 90.00% 90.00% 90.00% 90.00%
Fingerlings sold % 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Fingerlings go into Fish Farm # 841,995 841,995 841,995 841,995 841,995 841,995 841,995 841,995 841,995 841,995
Fingerlings sold # 93,555 93,555 93,555 93,555 93,555 93,555 93,555 93,555 93,555 93,555
Weight per Fingerling gram 20 20 20 20 20 20 20 20 20 20
Fingerlings go into Fish Farm kg 16,840 16,840 16,840 16,840 16,840 16,840 16,840 16,840 16,840 16,840
Fingerlings sold kg 1,871 1,871 1,871 1,871 1,871 1,871 1,871 1,871 1,871 1,871

Fish
Fingerlings from hatchery % 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
Fingerlings purchased % 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
Fingerlings from hatchery # 841,995 841,995 841,995 841,995 841,995 841,995 841,995 841,995 841,995 841,995
Fingerlings purchased # 841,995 841,995 841,995 841,995 841,995 841,995 841,995 841,995 841,995 841,995
Fingerlings go into the fish farm # 1,683,990 1,683,990 1,683,990 1,683,990 1,683,990 1,683,990 1,683,990 1,683,990 1,683,990 1,683,990

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Mortality rate % 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Transport losses % 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Fish produced # 1,485,279 1,485,279 1,485,279 1,485,279 1,485,279 1,485,279 1,485,279 1,485,279 1,485,279 1,485,279
Fish average weight kg 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50
Feed conversion ratio x 0.81x 0.81x 0.81x 0.81x 0.81x 0.81x 0.81x 0.81x 0.81x 0.81x
Breeder fish end of life # 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500
Breeder fish weight kg 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x
Fish Production Volume kg 747,640 747,640 747,640 747,640 747,640 747,640 747,640 747,640 747,640 747,640
Gutting Yield % 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%
Fish Sales Volume kg 672,876 672,876 672,876 672,876 672,876 672,876 672,876 672,876 672,876 672,876

Fish Sales
Fresh Fish % 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00%
Frozen Fish % 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
Fresh Fish kg 471,013 471,013 471,013 471,013 471,013 471,013 471,013 471,013 471,013 471,013
Frozen Fish kg 201,863 201,863 201,863 201,863 201,863 201,863 201,863 201,863 201,863 201,863

Feed
Feed per Breeder Fish kg 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
Feed per Fish kg 0.37 0.37 0.37 0.37 0.37 0.37 0.37 0.37 0.37 0.37
Required feed kg 633,076 633,076 633,076 633,076 633,076 633,076 633,076 633,076 633,076 633,076

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All amounts in USD
Prices and Costs Unit 2015 A 2016 F 2017 F 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F

Inflation
Cost Inflation % 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Breeder Fish % 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Hatchery eggs % 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Fingerlings % 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Fresh Fish % 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Frozen Fish % 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

Prices
Hatchery eggs USD/1000 Eggs 40.00 40.20 40.40 40.60 40.81 41.01 41.22 41.42 41.63 41.84
Fingerlings USD/kg 15.00 15.08 15.15 15.23 15.30 15.38 15.46 15.53 15.61 15.69
Fresh Fish USD/kg 5.00 5.03 5.05 5.08 5.10 5.13 5.15 5.18 5.20 5.23
Frozen Fish USD/kg 4.00 4.02 4.04 4.06 4.08 4.10 4.12 4.14 4.16 4.18

Costs
Breeder fish USD/Breeder 10.00 10.05 10.10 10.15 10.20 10.25 10.30 10.36 10.41 10.46
Feed USD/kg 1.40 1.41 1.41 1.42 1.43 1.44 1.44 1.45 1.46 1.46
Antibiotics & nutritients USD/breeder fish 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05
Antibiotics & nutritients USD/fingerling 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05
Hatchery eggs USD/1000 Eggs 40.00 40.20 40.40 40.60 40.81 41.01 41.22 41.42 41.63 41.84
Fingerlings USD/kg 15.00 15.08 15.15 15.23 15.30 15.38 15.46 15.53 15.61 15.69
Processing cost USD/kg 0.70 0.70 0.71 0.71 0.71 0.72 0.72 0.72 0.73 0.73
Packaging costs USD/kg 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05
Transport costs Eggs USD/ 1000 eggs 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
Transport costs Fingerlings USD/ kg 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
Transport costs Fish USD/kg 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10

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All amounts in USD
Income Statement Unit 2015 A 2016 F 2017 F 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F

Hatchery eggs USD 6,000 6,030 6,060 6,090 6,121 6,152 6,182 6,213 6,244 6,275
Fingerlings USD 28,067 28,207 28,348 28,490 28,632 28,775 28,919 29,064 29,209 29,355
Fresh Fish USD 2,355,065 2,366,840 2,378,674 2,390,568 2,402,520 2,414,533 2,426,606 2,438,739 2,450,932 2,463,187
Frozen Fish USD 807,451 811,488 815,545 819,623 823,721 827,840 831,979 836,139 840,320 844,521
Subsidies USD 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
Revenues USD 3,206,582 3,222,565 3,238,628 3,254,771 3,270,995 3,287,300 3,303,686 3,320,155 3,336,705 3,353,339
Growth % NA 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%

Breeder fish USD (25,000) (25,125) (25,251) (25,377) (25,504) (25,631) (25,759) (25,888) (26,018) (26,148)
Feed USD (886,307) (890,738) (895,192) (899,668) (904,166) (908,687) (913,231) (917,797) (922,386) (926,998)
Antibiotics & nutritients USD (84,325) (84,746) (85,170) (85,596) (86,024) (86,454) (86,886) (87,320) (87,757) (88,196)
Hatchery eggs USD (30,000) (30,150) (30,301) (30,452) (30,605) (30,758) (30,911) (31,066) (31,221) (31,377)
Fingerlings USD (252,599) (253,861) (255,131) (256,406) (257,688) (258,977) (260,272) (261,573) (262,881) (264,195)
Processing cost USD (523,348) (525,964) (528,594) (531,237) (533,893) (536,563) (539,246) (541,942) (544,652) (547,375)
Packaging costs USD (37,382) (37,569) (37,757) (37,946) (38,135) (38,326) (38,518) (38,710) (38,904) (39,098)
Transport costs USD (67,490) (67,827) (68,166) (68,507) (68,850) (69,194) (69,540) (69,888) (70,237) (70,588)
Direct labor cost USD (40,000) (40,200) (40,401) (40,603) (40,806) (41,010) (41,215) (41,421) (41,628) (41,836)
COGS USD (1,946,449) (1,956,181) (1,965,962) (1,975,792) (1,985,671) (1,995,599) (2,005,577) (2,015,605) (2,025,683) (2,035,812)
Gross Margin USD 1,260,133 1,266,383 1,272,665 1,278,979 1,285,324 1,291,700 1,298,109 1,304,549 1,311,022 1,317,527
Gross Margin % % 39.3% 39.3% 39.3% 39.3% 39.3% 39.3% 39.3% 39.3% 39.3% 39.3%

Sales & Marketing USD (30,000) (30,150) (30,301) (30,452) (30,605) (30,758) (30,911) (31,066) (31,221) (31,377)
General & Admin USD (150,000) (150,750) (151,504) (152,261) (153,023) (153,788) (154,557) (155,329) (156,106) (156,887)
Other operating costs USD (150,000) (150,750) (151,504) (152,261) (153,023) (153,788) (154,557) (155,329) (156,106) (156,887)
Provisions for doubtful receivables USD (32,066) (32,226) (32,386) (32,548) (32,710) (32,873) (33,037) (33,202) (33,367) (33,533)
OPEX USD (362,066) (363,876) (365,695) (367,522) (369,360) (371,206) (373,061) (374,926) (376,800) (378,684)
EBITDA USD 898,067 902,508 906,971 911,456 915,964 920,494 925,047 929,623 934,222 938,843
EBITDA Margin % % 28.0% 28.0% 28.0% 28.0% 28.0% 28.0% 28.0% 28.0% 28.0% 28.0%

Depreciation USD (100,000) (112,500) (125,000) (137,500) (150,000) (212,500) (225,000) (237,500) (150,000) (150,000)
EBIT USD 798,067 790,008 781,971 773,956 765,964 707,994 700,047 692,123 784,222 788,843
EBIT Margin % % 24.9% 24.5% 24.1% 23.8% 23.4% 21.5% 21.2% 20.8% 23.5% 23.5%

Interest payment USD (20,825) (18,475) (16,125) (13,775) (11,425) (9,075) (6,725) (4,375) (2,400) (800)
EBT USD 777,242 771,533 765,846 760,181 754,539 698,919 693,322 687,748 781,822 788,043
EBT Margin % % 24.2% 23.9% 23.6% 23.4% 23.1% 21.3% 21.0% 20.7% 23.4% 23.5%

Tax rate % 28% 28% 28% 28% 28% 28% 28% 28% 28% 28%
Taxes paid USD (217,628) (216,029) (214,437) (212,851) (211,271) (195,697) (194,130) (192,569) (218,910) (220,652)
Net Income USD 559,614 555,504 551,409 547,330 543,268 503,222 499,192 495,179 562,912 567,391
Net Income Margin % % 17.5% 17.2% 17.0% 16.8% 16.6% 15.3% 15.1% 14.9% 16.9% 16.9%

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All amounts in USD
Balance Sheet Unit 2015 A 2016 F 2017 F 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F

Cash USD 110,000 (129,947) (173,506) (204,582) (223,176) (629,288) (572,919) (504,067) (422,734) (416,419) (460,122)
Receivables USD 416,000 527,109 529,737 532,377 535,031 537,698 540,378 543,072 545,779 548,500 551,234
Inventory USD 300,000 319,964 321,564 323,172 324,788 326,412 328,044 329,684 331,332 332,989 334,654
Other current assets USD 20,000 26,355 26,487 26,619 26,752 26,885 27,019 27,154 27,289 27,425 27,562
Fixed Assets USD 800,000 800,000 787,500 762,500 725,000 1,075,000 962,500 837,500 700,000 650,000 650,000
Assets USD 1,646,000 1,543,482 1,491,782 1,440,086 1,388,394 1,336,706 1,285,022 1,233,342 1,181,666 1,142,495 1,103,327

Payables USD 200,000 159,982 160,782 161,586 162,394 163,206 164,022 164,842 165,666 166,495 167,327
Other current liabiliites USD 10,000 0 0 0 0 0 0 0 0 0 0
Financial debt USD 500,000 447,500 395,000 342,500 290,000 237,500 185,000 132,500 80,000 40,000 0
Equity USD 936,000 936,000 936,000 936,000 936,000 936,000 936,000 936,000 936,000 936,000 936,000
Liabilities & shareholder's equity USD 1,646,000 1,543,482 1,491,782 1,440,086 1,388,394 1,336,706 1,285,022 1,233,342 1,181,666 1,142,495 1,103,327
Check 0 0 0 0 0 0 0 0 0 0 0

All amounts in USD

Cash Flow Statement Unit 2015 A 2016 F 2017 F 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F

Cash Flow from Operations (CFO)

Net income USD 559,614 555,504 551,409 547,330 543,268 503,222 499,192 495,179 562,912 567,391
Addback interest USD 20,825 18,475 16,125 13,775 11,425 9,075 6,725 4,375 2,400 800
Depreciation USD 100,000 112,500 125,000 137,500 150,000 212,500 225,000 237,500 150,000 150,000
Change in receivables USD (111,109) (2,627) (2,640) (2,654) (2,667) (2,680) (2,694) (2,707) (2,721) (2,734)
Change in inventory USD (19,964) (1,600) (1,608) (1,616) (1,624) (1,632) (1,640) (1,648) (1,657) (1,665)
Change in other current assets USD (6,355) (131) (132) (133) (133) (134) (135) (135) (136) (137)
Change in payables USD (40,018) 800 804 808 812 816 820 824 828 832
Change in other current liabilities USD (10,000) 0 0 0 0 0 0 0 0 0
CFO USD 492,992 682,920 688,958 695,011 701,081 721,167 727,269 733,387 711,627 714,488

Investing Cash Flow (CFI)

CAPEX USD (100,000) (100,000) (100,000) (100,000) (500,000) (100,000) (100,000) (100,000) (100,000) (150,000)
CFI USD (100,000) (100,000) (100,000) (100,000) (500,000) (100,000) (100,000) (100,000) (100,000) (150,000)

Cash Flow from Financing

Change in Financial debt USD (52,500) (52,500) (52,500) (52,500) (52,500) (52,500) (52,500) (52,500) (40,000) (40,000)
Interest charges USD (20,825) (18,475) (16,125) (13,775) (11,425) (9,075) (6,725) (4,375) (2,400) (800)
Equity financing USD
Dividends USD (559,614) (555,504) (551,409) (547,330) (543,268) (503,222) (499,192) (495,179) (562,912) (567,391)
CFI USD (632,939) (626,479) (620,034) (613,605) (607,193) (564,797) (558,417) (552,054) (605,312) (608,191)

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Change in Cash USD (239,947) (43,559) (31,076) (18,594) (406,112) 56,370 68,852 81,333 6,315 (43,703)

Cash beginning USD 110,000 (129,947) (173,506) (204,582) (223,176) (629,288) (572,919) (504,067) (422,734) (416,419)
Cash end of year USD 110,000 (129,947) (173,506) (204,582) (223,176) (629,288) (572,919) (504,067) (422,734) (416,419) (460,122)

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All amounts in USD
DCF Valuation Unit 2015 A 2016 F 2017 F 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F

Discounted Free Cash Flows (DCF)

EBIT USD 798,067 790,008 781,971 773,956 765,964 707,994 700,047 692,123 784,222 788,843
Adjusted Tax (1-t) USD (223,459) (221,202) (218,952) (216,708) (214,470) (198,238) (196,013) (193,794) (219,582) (220,876)
Addback depreciation USD 100,000 112,500 125,000 137,500 150,000 212,500 225,000 237,500 150,000 150,000
Change in NWC USD (187,447) (3,559) (3,576) (3,594) (3,612) (3,630) (3,648) (3,667) (3,685) (3,703)
CAPEX USD (100,000) (100,000) (100,000) (100,000) (500,000) (100,000) (100,000) (100,000) (100,000) (150,000)
Free Cash Flow to Firm (FCFF) USD 387,161 577,747 584,443 591,154 197,882 618,626 625,386 632,162 610,955 564,264
Terminal Value USD 4,906,640
Discount rate % 12.00%
Terminal Value Growth rate % 0.50%
Net Present Value USD 4,374,387

Cum. FCFF USD 387,161 964,908 1,549,351 2,140,505 2,338,387 2,957,012 3,582,398 4,214,560 4,825,514 5,389,778

All amounts in USD

Debt Schedule Unit 2015 A 2016 F 2017 F 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F

Loan A 400,000
Term Years 10
Interest rate % 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Repayment % / Loan amount % 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%

Financial Debt
Beginning of year USD 400,000 360,000 320,000 280,000 240,000 200,000 160,000 120,000 80,000 40,000
Change USD (40,000) (40,000) (40,000) (40,000) (40,000) (40,000) (40,000) (40,000) (40,000) (40,000)
End of year USD 400,000 360,000 320,000 280,000 240,000 200,000 160,000 120,000 80,000 40,000 0
Average debt outstanding USD 380,000 340,000 300,000 260,000 220,000 180,000 140,000 100,000 60,000 20,000
Interest USD 15,200 13,600 12,000 10,400 8,800 7,200 5,600 4,000 2,400 800

Loan A 100,000
Term Years 8
Interest rate % 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
Repayment % / Loan amount % 12.50% 3.13% 3.13% 3.13% 3.13% 3.13% 3.13% 3.13% 0.00% 0.00%

Financial Debt
Beginning of year USD 100,000 87,500 75,000 62,500 50,000 37,500 25,000 12,500 0 0
Change USD (12,500) (12,500) (12,500) (12,500) (12,500) (12,500) (12,500) (12,500) 0 0

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End of year USD 100,000 87,500 75,000 62,500 50,000 37,500 25,000 12,500 0 0 0
Average debt outstanding USD 93,750 81,250 68,750 56,250 43,750 31,250 18,750 6,250 0 0
Interest USD 5,625 4,875 4,125 3,375 2,625 1,875 1,125 375 0 0

Totals
Change in Financial Debt USD 0 (52,500) (52,500) (52,500) (52,500) (52,500) (52,500) (52,500) (52,500) (40,000) (40,000)
Financial Debt (year end) USD 500,000 447,500 395,000 342,500 290,000 237,500 185,000 132,500 80,000 40,000 0
Interest USD 0 20,825 18,475 16,125 13,775 11,425 9,075 6,725 4,375 2,400 800

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All amounts in USD
Key Financial Ratios Unit 2015 A 2016 F 2017 F 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F

Loan A / EBITDA x 0.40x 0.35x 0.31x 0.26x 0.22x 0.17x 0.13x 0.09x 0.04x 0.00x
Loan A / EBITDA x 0.10x 0.08x 0.07x 0.05x 0.04x 0.03x 0.01x 0.00x 0.00x 0.00x
Financial Debt / EBITDA x 0.50x 0.44x 0.38x 0.32x 0.26x 0.20x 0.14x 0.09x 0.04x 0.00x

Debt Service Coverage x 5.3x 8.1x 8.5x 8.9x 3.1x 10.0x 10.6x 11.1x 14.4x 13.8x
EBIT/Interest x 38.3x 42.8x 48.5x 56.2x 67.0x 78.0x 104.1x 158.2x 326.8x 986.1x

Current Ratio x 4.6x 4.4x 4.2x 4.1x 1.6x 2.0x 2.4x 2.9x 3.0x 2.7x
Days Receivables Days 60 60 60 60 60 60 60 60 60 60
Days Inventory Days 60 60 60 60 60 60 60 60 60 60
Days Payables Days 30 30 30 30 30 30 30 30 30 30

Revenue growth % NA 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
EBITDA Margin % 28.0% 28.0% 28.0% 28.0% 28.0% 28.0% 28.0% 28.0% 28.0% 28.0%
ROIC % 40.5% 37.7% 37.7% 38.0% 33.9% 29.2% 30.9% 33.1% 39.9% 40.7%
ROE % 59.8% 59.3% 58.9% 58.5% 58.0% 53.8% 53.3% 52.9% 60.1% 60.6%
Revenues/Assets x 2.1x 2.2x 2.2x 2.3x 2.4x 2.6x 2.7x 2.8x 2.9x 3.0x
Invested Capital USD 1,326,000 1,513,447 1,504,506 1,483,082 1,449,176 1,802,788 1,693,919 1,572,567 1,438,734 1,392,419 1,396,122

All amounts in USD

Operating Profitability Unit 2015 A 2016 F 2017 F 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F

Revenue USD/ kg 4.77 4.79 4.81 4.84 4.86 4.89 4.91 4.93 4.96 4.98
Processing USD/ kg (0.78) (0.78) (0.79) (0.79) (0.79) (0.80) (0.80) (0.81) (0.81) (0.81)
Feed USD/ kg (1.32) (1.32) (1.33) (1.34) (1.34) (1.35) (1.36) (1.36) (1.37) (1.38)
Fingerlings USD/ kg (0.38) (0.38) (0.38) (0.38) (0.38) (0.38) (0.39) (0.39) (0.39) (0.39)
Direct labor USD/ kg (0.06) (0.06) (0.06) (0.06) (0.06) (0.06) (0.06) (0.06) (0.06) (0.06)
Other Costs USD/ kg (0.36) (0.36) (0.37) (0.37) (0.37) (0.37) (0.37) (0.38) (0.38) (0.38)
Gross Profit USD/ kg 1.87 1.88 1.89 1.90 1.91 1.92 1.93 1.94 1.95 1.96
OPEX USD/ kg (0.54) (0.54) (0.54) (0.55) (0.55) (0.55) (0.55) (0.56) (0.56) (0.56)
EBITDA USD/ kg 1.33 1.34 1.35 1.35 1.36 1.37 1.37 1.38 1.39 1.40
Depreciation USD/ kg (0.15) (0.17) (0.19) (0.20) (0.22) (0.32) (0.33) (0.35) (0.22) (0.22)
EBIT USD/ kg 1.19 1.17 1.16 1.15 1.14 1.05 1.04 1.03 1.17 1.17
Interest USD/ kg (0.03) (0.03) (0.02) (0.02) (0.02) (0.01) (0.01) (0.01) (0.00) (0.00)
Taxes USD/ kg (0.32) (0.32) (0.32) (0.32) (0.31) (0.29) (0.29) (0.29) (0.33) (0.33)
Net Income USD/ kg 0.83 0.83 0.82 0.81 0.81 0.75 0.74 0.74 0.84 0.84

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All amounts in USD
CAPEX and Depreciation Unit 2015 A 2016 F 2017 F 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F

CAPEX USD 100,000 100,000 100,000 100,000 500,000 100,000 100,000 100,000 100,000 150,000

Fixed Assets (Gross) USD 800,000 900,000 1,000,000 1,100,000 1,200,000 1,700,000 1,800,000 1,900,000 2,000,000 2,100,000 2,250,000

Depreciation period Years 8

Depreciation
2015 800,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 0 0
2016 100,000 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 0
2017 100,000 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500
2018 100,000 12,500 12,500 12,500 12,500 12,500 12,500 12,500
2019 100,000 12,500 12,500 12,500 12,500 12,500 12,500
2020 500,000 62,500 62,500 62,500 62,500 62,500
2021 100,000 12,500 12,500 12,500 12,500
2022 100,000 12,500 12,500 12,500
2023 100,000 12,500 12,500
2024 100,000 12,500
2025 150,000
Depreciation USD 0 100,000 112,500 125,000 137,500 150,000 212,500 225,000 237,500 150,000 150,000

Accumulated depreciation USD 0 100,000 212,500 337,500 475,000 625,000 837,500 1,062,500 1,300,000 1,450,000 1,600,000

Fixed Assets (Net) USD 800,000 800,000 787,500 762,500 725,000 1,075,000 962,500 837,500 700,000 650,000 650,000

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