ExE: Business Plan 1

[Paste your company logo here, if available]

ExE
[Company Address]
[Company Email/Phone Number]

Business Plan

Prepared for

Kuwait National Fund for SME Development

9th Floor, Global Tower
Khalid Bin Al Waleed Street, Sharq
Kuwait City, Kuwait

Prepared by

[Applicant Name(s), (Title)]

[Applicant Contact Details, if different from above]

[Month] [Day], [Year]

 ExE: Business Plan 2

Table of Contents
I- Executive Summary..................................................................................................................................4
II- Legal Matters...........................................................................................................................................7
A. Legal Structure....................................................................................................................................7
B. License, Permits, and Insurance Policies.............................................................................................7
C. External Support..................................................................................................................................8
III- Organization Summary...........................................................................................................................9
A. Company Organizational Structure.....................................................................................................9
B. National Hiring...................................................................................................................................10
C. Founders’ Profiles..............................................................................................................................10
D. Management.....................................................................................................................................11
E. Operating Team’s Profile...................................................................................................................11
IV- Physical Location..................................................................................................................................12
V- Products/Services..................................................................................................................................14
A. Portfolio Composition.......................................................................................................................14
B. Production/Service Delivery/Operation Process...............................................................................14
C. Environmental Impact.......................................................................................................................16
VI- Market Analysis....................................................................................................................................17
A. Market Overview and Sizing..............................................................................................................17
B. Sector Trends.....................................................................................................................................17
C. Target Market Segmentation.............................................................................................................18
D. Competition......................................................................................................................................18
E. Customers..........................................................................................................................................19
F. Suppliers............................................................................................................................................20
G. Timing of Market Entry.....................................................................................................................20
VII- SWOT Analysis.....................................................................................................................................21
A. Strengths...........................................................................................................................................21
B. Weaknesses.......................................................................................................................................21
C. Opportunities....................................................................................................................................21
D. Threats..............................................................................................................................................21
 ExE: Business Plan 3

VIII- Strategy..............................................................................................................................................23
A. Action Plan........................................................................................................................................23
B. Marketing Strategy............................................................................................................................23
C. Sales Strategy....................................................................................................................................24
D. Pricing Strategy.................................................................................................................................25
IX- Financial Plan........................................................................................................................................27
A. Funding Requirements......................................................................................................................27
B. Financial information.........................................................................................................................28
References.................................................................................................................................................30
CVs.............................................................................................................................................................31
Financial Statements.................................................................................................................................32
A. Income Statement.............................................................................................................................32
B. Balance Sheet....................................................................................................................................33
C. Cash Flow Statement.........................................................................................................................35
ExE 4

I- Executive Summary

Fashion industry is one of the growing industries in Kuwait. People are embracing
new trends and fashion rapidly with the rapid speed of globalization. Their demand
for international fashion brand has increase so much that it has motivated local
business to launch their fashion company, ExE is one of them. ExE is a sole
Proprietorship company owned by Elham. It offers its own fashion brand “ExE”
and other famous international fashion brands, that are not available locally. It
manufactures its ExE brand in China and get the international brands from their
respective suppliers. Its products are fashioned in very convenient/flexible manner
that are created according to seasons, categories and brands. Its assortment ranges
from luxurious to casual and cheap and all can be found and bought either from
their online catalogue or from its ExE outlet. It offers both online and offline
platform to their customer to get high quality, well-fashioned and UpToDate
fashion products. Its offline platform includes physical outlet that will be establish
in the first year i.e. by March 2020. In addition, it has collaborated with Korean
cosmetic company that supplies cosmetic products. Finally, it will launch its
physical store in Korea by 2023 to expand its business.

Mission
ExE strive to provide high quality, well-fashioned and UpToDate fashion products
to that meets the world standards and satisfy its customers demand.

Vision
ExE vision is to become top Fashion brand in Asia.

Marketing Strategy
We will be using differentiation strategy for our ExE brand. We will position our
brand as fashion brand that provide high quality, dynamic and market trend fashion
products. We are unique and have differentiated our products as we are launching
four different products every year that covers Spring, Summer, Fall and Winter
seasons. Our well-developed supply chain will be in full action during these
ExE 5

seasons to meet the customers demand in time. similarly, we will be following

market competitive pricing strategy for majority of our products except the
luxurious ones. For luxurious products, we will be charging premium prices. In this
regard, our main partner is Korean based cosmetic company. She will be supplying
cosmetic products and she will also be helping us in setting up our Store in Korea.

Promotion: We will be using various channels to promote our ExE brand. These
channels include social media channels like Instagram, Facebook and Twitter. In
addition, we will launch yearly LOOKBOOKS, Photobook, Documentary and will
also organize different fashion shows to promote our business effectively. Finally,
we will use pop ups to get new customer and to build long-term relationship with
them.

Market Analysis

Traditionally, Kuwait’s Muslim women would wear hijabs and abayas and men
would use very distinctive Arab headdresses, called ghutras and long thobes, called
dishdasha. However, nowadays people lifestyles have changed, most of them wear
Western fashion clothing – modern girls match colorful hijabs to their layered
apparels, consisting of shirts, blazers and patterned pants and much more. So, ExE
with its fashion brand, will target all such customer specifically the age group from
15 to 35 years, who belong to middle class and upper missile class. In this regard,
the main competitive advantage that ExE will bi having is its unique fashion
brands that would be supplied from china.

Financial Performance

Company is expecting sales of 145,000 KWD in its first year and then 15% growth
in the second year. In the 3rd year ExE will expand and will open its in Korea as
well. The 3rd year sales projection is 200,100 KWD.
ExE 6

Funding Required

we need total of 350,000 KWD initial investment from KNF. This investment will
be spent in starting ExE Business formally. These expenditures include
establishing physical outlet with office and storage room, designing online
platform and bringing inventories from China.

Team

We are having Highly Trained and professional traders, in coordination and

collaboration with Marketing Specialist, Creative Director, management gurus.
Initially, we are starting with group of four people. These include our CEO Elham,
inventory manager, Sales officer and a driver. All the employees will be local
Kuwaitis.
ExE 7

II- Legal Matters

A. Legal Structure

Since ExE is new company so, it will initiate its business as “sole proprietorship”.
The owner wants to take full control of decision making in the initial years so that
he can make a company, a giant and successful company. Once the company
sustained itself and started meeting its targets, ExE will then go for IPO.

B. License, Permits, and Insurance Policies

To start a business in Kuwait is not easy. There are number of licenses that a start-
up company must acquire before starting a business. Some of the necessary
licenses are 1) company must be registered under KCCI and MCI. 2) company
must get the commercial license from Ministry of commerce for their business.

One of the hindrances to get the commercial license/permit is to have physical

commercial location in Kuwait. Which means it’s necessary for a company to have
physically owned commercial location. Such conditions would push companies
like us to have handsome amount of cash before launching a business.

In addition to license and permits, having sound insurance policies play vital role
in success of new business. it protects businesses from potential losses which they
couldn’t afford to cover on their own and allows businesses to operate when it
might otherwise be too risky to do so. So, ExE would get KQIC property and
commercial insurance in this regard.

To launch our business under the following laws and policies, we require total
capital of 350,000 KWD. We are looking forward to the full support of KNF in
regard.
ExE 8

III- Organization Summary

A. Company Organizational Structure

Following is the ExE organizational structure. ExE believe in open cultural system
where ideas are respected, and employees are treated as part of family.

CEO

Inventory Sales
Managor officer

Assistant Driver

We will be offering higher salary packages to our employees as compare to market

average. It’s because we will be offering limited benefits to our employees as
compare to our competitors, but our salaries will be higher than them. Hence our
focus would be to attract employees who are looking for high salaries rather than
benefits they might get with lower salaries.

We will use both internal and external hiring strategies. External hiring/
outsourcing will be done for managerial level while lower level of staff would be
hired internally. In addition, our employees would be from local area, who got the
better experience of the competitive environment.
ExE 9

Hiring is not enough; we will continuously polish our employees’ skill through
various training programs and mentorship programs. Initially, these programs will
be internal, and our CEO Elham would train our employees as per the needs and
requirements of the situation.

C. National Hiring

We would hire most of our employees from local community i.e. Kuwaitis. This is
due the fact that Kuwaitis are more familiar to the local trends and environment
and in a better position to work with our company. Moreover, laws are quiet relax
when it comes to Kuwaitis as compare to foreigners. Finally, this approach would
reduce the unemployment rate in Kuwait.

D. Founders’ Profiles

i- Describe the shareholders who founded the business

Name, Title Brief Job Education/ Experience Basic Benefits/ Annual Date and
(% share) Description/ Qualifications Annual bonus Increase period of
(Full/ Part time) Salary hiring

E. Management

i- Describe the management team, excluding the founders mentioned before, needed to
run the business
Position Brief Job Education/ Experience Basic Benefits/ Annual Date and
(Nationality) Description/ Qualifications Annual bonus Increase period of
(Full/ Part time) Salary hiring

ii- In case your company is already operational, highlight any changes happened within
the management team in the last 3 years. If any changes happened, elaborate on the
reason behind the change and the impact on the business
ExE 10

IV- Products/Services

A. Portfolio Composition
Name Description Life cycle stage Development Average %
stage contribution to total
sales over 5 years
Streetwear’s Casual clothing Introduction Finalized
Internationa Int. brands not Introduction Finalized
l brands available
locally
ExE brand Customer Introduction Depending
insight
Cosmetics Korean Brand Introduction Development

F. Production/Service Delivery/Operation Process

Activity Internal/ Duration Cost Average contribution of

1. ExE Brand Supply Chain
Subcontractor the activity to make the
name product/service available
Shipments Subcontractor Approx. 20 days 60% 50% of sales
from China
Inventory Internal Approx. 2 days 10% NA
storage
Display Internal Approx. 1 day 10% NA
China Subcontractor Store5days
Approx. 15%
ExE
40% of sales
Shiped to Kuwait
International Screening Customer
brandsmarket outlet
shipments
Cosmetics Subcontractor Approx. 20 days 15% 10% of sales

A. 2. International Brands Supply

Chain

International Kuwait
ExE Outlet
brands Market
ExE 11

ExE will mainly be dealing with two kind of inventories/Products. First is ExE
fashion brand which will manufactured in China and will shipped to Kuwait
thereafter. Secondly, we will be offering international fashion brands that are not
available locally. Finally, we would be displaying Cosmetic products which will
provided by our Korean partner.

B. Environmental Impact

ExE is not only offering quality fashion products, but also contributing to the
society and its environment. ExE is working on zero waste of pollution inside
Kuwait. Moreover, it will give employment opportunity to local people and will
play its role in decreasing the unemployment from the country
ExE 12

V- Market Analysis

A. Market Overview and Sizing

A report by AT Kearney in ranked Kuwait third in Retail Apparel Index, and said
the capital, Kuwait City, was well on track to become “a fashion hub” in the
middle east region. Real estate consultant CBRE also came to a similar conclusion
in one of its recent reports, saying that Kuwait attracted more new retailers and
wholesaler than any other country in the world except India and Turkey, and that
Kuwait City was among the top five Middle Eastern cities leading the mid-range
fashion sector.

Kuwait is becoming one of the most fashionable Middle East country. It’s worlds
fourth richest country in the world on the basis per capita income. Its per capita
income is 25305 KWD. Its fashion industry is at boom. The Growth of this
industry is growing in double figures. Ans Kuwait is becoming the leading fashion
market in middle eastern countries.

G. Sector Trends

Traditionally, Kuwait’s Muslim women would wear hijabs and abayas and men
would use very distinctive Arab headdresses, called ghutras and long thobes, called
dishdasha. However, nowadays people lifestyles have changed, most of them wear
Western fashion clothing – modern girls match colorful hijabs to their layered
apparels, consisting of shirts, blazers and patterned pants. Guys select original and
branded sneakers, jeans and fashionable jumpers for their clothing apparel. All
modern fashion details are loved and purchased in Kuwait.

Due to the growing Fashion industry of Kuwait, lots of Global players,

international brands, wants to inter into the market and want to grab the potential
market. However, they would not be able to compete effectively because of the
high regulation and taxes impose by Kuwait to foreign companies. So, local
players have the greater opportunity to establish and grow their business in fast
changing environment.
ExE 13

Although, there is growing fashion market in Kuwait but political instability in

neighboring countries can badly affect the supply of international brands and raw
material for local producers. To cope up with this challenge, ExE is making
alliance with Korean companies and would open a small store in Korea in the 3rd
year of its business

H. Target Market Segmentation

Our main target market are young adults and youth of the country. They age rang
that we would be targeting is from 15 year to 35 years. It’s this segment, who are
desperately looking for new fashion and international brand. And it’s this segment
who not only buy from physical store and outlets, but also do online shopping. So,
we would target both men and women belonging to this segment of our target and
would provide them with our own clothing brand and international brand that are
not available locally.

ExE is expecting moderate growth i.e. 6 to 7 percent growth in initial 2 years.

Thereafter, it aims to grow in double figures and will get maximum share of the
market. Following are the few strategies related to our target market that we will be
implementing throughout the course of five years.

I. ExE 5-year goals

Year 1

Our 1st year goal also includes creating small clothing line like merch. In addition,
we would launch online store along with physical office and storage room.
Similarly, In the 1st year we would make our own brand and would market it via
different channels, most importantly through Instagram. In addition, we would also
be reselling the streetwear brands. These streetwear brands are international brands
that are not available locally. Finally, we will collaborate with other local brands
for a line up and pop up and would market our brand and would increase our
market share as much as possible.
Year 2

ExE will create new clothing line for both Fall/Winter and Spring/Summer seasons
in the second year of its business. In addition, it will Collaborate with accessories
ExE 14

brand like Gentle Monster and other similar brands. Exe will also target the Korean
market in its second year and will analysis the potential opportunities in that
market. Finally, ExE will launch its Mini Magazine, LOOKBOOK x2 and will
arrange Fashion show x2 in the same year.
Year 3

Our 3rd year will start with new and wonderful designs for both Fall/Winter and
Spring/Summer seasons. With the success of last year LOOKBOOK, this time we
will go further and will introduce 2 more LOOKBOOKs along with a Photobook.
This year goal also includes looking for unique and limited-edition pieces for the
Archive i.e. Luxurious fashion cloths. In addition, we will now formally launch our
business in Korea by opening a small store in Korea. To make our Korean store
more successful, we will collaborate with Korean and Japanese streetwear brands.
Finally, we will make short movie/documentary of our Business in order penetrate
our business and catch more and more customers.
Year 4

ExE 4rth year will bring new fashion streetwear and international brands for both
Fall/Winter and Spring/Summer seasons. ExE will continue making new addition
of LOOKBOOK, Photobook and Fashion shows. In addition, this year ExE will
Participate in Seoul fashion week in Kuwait to attract more and more customers
and to increase its customer shares. Finally, we will go further and will hire an
influential personality to be our brand ambassador in order to penetrate our
business more and more.
Year 5

In the 5th year, our main goal would be to sustain all the initiative that so far, we
have taken. We will continue bringing new fashion streetwear and international
brands for both Fall/Winter and Spring/Summer seasons. We will launch new
addition of our LOOKBOOK, Photobook and a new documentary. In addition, this
time, we will make two fashion shows and will design our fashion week in Kuwait.
Finally, we will pop up in both Kuwait and Korea for an exclusive collection.
ExE 15

J. Customers

In the first year, our potential customers will only be local Kuwaitis lying in age
group of 15 to 35 years. Along with It, we will also be targeting online customers
who could be parents or young adults. After 1st year, we are going to expand our
target market by including Korean market as our potential customers. Our strategy
would remain same in Korea as well i.e. targeting the age group of 15 to 35 years.

In addition to the age group criterion for our target market, income level will be
another determinant of our target market. So, in this case, we will mainly target
middle and upper middle class of Kuwait. And especially targeting the Millennials
because they are heavily influence by new western trends and are more brand
conscious.

Yet another factor which would keep our customer intact and loyal to us is our
differentiation strategy. Our customer would not get such high quality, well
fashioned and unique brand anywhere else in the Kuwait. So, the switching cost
will be too high for our customer. Hence, we will be having long term relationship
with our customers.

K. Suppliers

When it comes fashion industry of Kuwait, suppliers have very little control over
the market. Inventories are mostly supplied from China and Europe. So, ExE could
easily use their supply chain to bring product from various markets to Kuwait.

ExE would mainly use two suppliers:

I. For ExE brand

Since ExE brands will be manufactured in China, there would be very little power
of supplier in this case. There are numerous suppliers and plenty of cheap labors in
China who are desperately looking for work. So, ExE would easily ship its
inventories from China.
ExE 16

II. For International Brands

In case of selling international brands, our suppliers would be those companies

itself, whose products, we are selling. So, we will be a kind of franchise for them,
selling their brands. Again, in this case, the supplier power is very low because
supplier is completely dependent on us.

With the expansion of our business in Korea, we would need few new suppliers.
These suppliers would include: first, ExE brand itself will be supplier for Korean
outlet and it will be supplying inventories directly from china. Secondly, we would
target Japanese supplier as well to get inventories at Korean Fashion store.

L. Timing of Market Entry

Our Physical store will be constructed till March 2020. Our agreements with
Chinese manufacturers will be finalize February 2020. So, we will start its business
from April 2020. And our 1st product, through which we will formally launch our
business, would be 2020 summer collections.
ExE 17

VI- SWOT Analysis

The following outlines the most important and significant strengths, weaknesses,
opportunities and threats that exist in our environment. Our objective is to leverage
our strengths and to take advantage of the opportunities the present in market,
develop those areas that are weak, and devise contingency plans to address threats
if this should become a reality.

A. Strengths

 Well-developed Supply chain

 Excess to Chinese and Korean market
 Highly professional team

M. Weaknesses
 Low initial investment
 Low brand loyalty

N. Opportunities
 Growing Fashion industry
 70% youth population (our Target market)

O. Threats
 Threat of new entry
 Political instability (both in china and Kuwait)

The biggest opportunity in heavily youth populated Kuwait is growing fashion

industry. We will use our well-developed supply chain to exploit this opportunity
by bring new, UpToDate and quality fashion product for our target market.
Moreover, we are looking forward to the support of KNF for the initial investment
which is about 350,000 KWD.
ExE 18

VII- Strategy

A. Action Plan

Following are the key milestones/decision that ExE would take in the coming 5-
years
Year 1

 Construct and design ExE outlet with office and a storage room
 Launch online platform
 Create a small clothing line like a merch
Year 2

 Create clothing line for both Fall/Winter and Spring/Summer seasons

 Organize fashion show x2
 Design LOOKBOOK
 Launch a mini Magazine, Zine.
Year 3

 Create a Short Movie/Documentary

 Set up small portion of luxurious fashion
 Set up small store in Korea
Year 4

 Participate in Seoul fashion week

 Hire an ambassador for the ExE brand
Year 5

 Sustains the business

 Set pop up in both Kuwait and Korea for an exclusive collection

B. Marketing Strategy
ExE 19

We will be using differentiation strategy for our ExE brand. We will position our
brand as fashion brand that provide high quality, dynamic and market trend fashion
products. We are unique and have differentiated our products as we are launching
four different products every year that covers Spring, Summer, Fall and Winter
seasons. Our well-developed supply chain will be in full action during these
seasons to meet the customers demand in time.

Launching new brands are not enough, they must be effectively promoted
throughout the year. ExE would promote its product through the following
channels.
Instagram: Instagram is a popular and growing social media channel. It allows
users to upload 15-second promotional clips/video. So, will fully utilize this
channel as it’s the most popular social media channel in Kuwait. So, by using
various filters, ExE will convey our promotional message to our potential
customers.

LOOKBOOK: Another marketing tool that ExE will be using to promote its
business is “LOOKBOOK”.  LOOKBOOK is becoming a great tool to share
stories and to get customers excited and inspired. LOOKBOOKS serves as
building brand awareness, encouraging word of mouth, educating and increasing
sales of the company. So, ExE will launch its LOOKBOOKS every year to
promote its brand.

Photobook: yet another important tool, we will be using is Photobook. It connects

customer with brands using brand ambassadors. Customer get new insight about
their brand and new trend of the market. So, ExE will be launching Photobook
every year or may be every month depending on the need.

Pop ups: to promote our Online and offline platforms pop up ads will also be used
as our promotional strategy. We will collaborate with famous Café, Restaurant or
food company to get this done. It will not only promote our brand but also will
provide the customer insights.

Fashion Week: Finally, we will be organizing and participating in different

Fashion weeks. These Fashion weeks will expose new audiences to our fashion
brand, will generate interest and will encourage sales. Hence, it will help us to
reach out to more and more potential customers and to increase our market shares.
ExE 20

P. Promotional Budget (yearly)

Activity Frequency Cost/Activity Total Cost

Instagram 1000 0.2/Visit 200
LOOKBOOK 2 40 80
Photobook 2 25 50
Pop up 30 10 300
Fashion Week 2 200 400
Grand Total 1,030 KWD

Q. Sales Strategy

We will be using both offline and online platform to sell our fashion products. We
would reach our customer via different channels. These channels include social
media channels, most dominantly Instagram, Facebook and Twitter. In addition,
we will set pop ups every second month to increase our sales. Besides it, we
organize our yearly fashion shows to boost our sales.

To satisfy our customer needs and wants, we are setting various distribution
channels/platform to make the availability of our fashion product. These
distribution channels include our online platform from which customer could order
directly and would get the product at their doorstep. Secondly, our ExE outlet is
yet another distribution channel to facilitate our customers. Finally, by using
Fashion shows and pop ups we would target specific group of people and would
make them our long-term customers.
Sales projections:
Product/Service Year 1 Year 2 Year 3 Year 4 Year 5

Streetwear (ExE) 25,000 KWD 28,750 KWD 34,500 KWD 43,125 KWD 51,750
ExE brand 35,000 40,250 48,300 60,375 72,450
Cosmetics 15,000 17,250 20,700 25,875 31,050
Luxurious 30,000 34,500 41,400 51,750 62,100
International brand 40,000 46,000 55,200 69,000 82,800
Total 145,000 KWD 166,750 KDW 200,100 KWD 250,125 KWD 300,150 KWD
ExE 21

R. Pricing Strategy

As our target customer are middle class and upper middle-class group, so we will
be charging market competitive pricing. Along with it, for exclusive category, we
will be charging premium prices. Finally, for international brands, we would be
charging the same prices as been charges by International brands.

To sell the off-season cloths, we would be offering different types of offers and
discounts. These discounts will very according to the type of fashion product and
market. These sales will mainly be promoted via pop ups and fashion shows.
ExE 22

VIII- Financial Plan

A. Funding Requirements

Total KNF Equity Commercial Tenure Grace Period

Amount (100%) (0%) Loan (0%) (KNF Loan) (KNF Loan)
350,000 350,000 Nil Nil 5 years 5 Years

Following amounts will be spend in 1st year on initial investments which includes
setting up the storage room and office, cost of manufacturing inventory from
China, Inventories from International brands and finally Marketing and operation
expenses.

Purpose Amount Date of spending the amount

Setting up office and storage room 60,000 Before starting operations
Inventory from China 50,000 Sign contract before operations
Inventory from International brands 30,000 1st month of the operations
Marketing and operating expenses 15,000 1st quarter of 1st year

S. Financial information

we are expecting 145,000 KWD sales in 1st year of our business, as already been
mentioned in the sales projection. Moreover, we are expecting 18% of Profit
margin in the 1st year of our operations. Which means our net profit would be
36,250 KWD (145,000*25%) in first year. We are expecting that our profit margin
would increase by 15% in the next four years and the total return on investment at
the end of 5th year would be 369,366 KWD (36,250 + 47940 + 66,153 + 95048 +
131,225). We are having high probability of mentioned result as there is very high
growth in the fashion industry and the growth will increase even more in the
coming years.
ExE 23

The only concern we have towards our estimations is increase in manufacturing

cost in china which might happen because China want to take off the label of
providing cheap labors. So, if policies did change regarding compensation, we
might face some decline in our Profit Margin.

References
https://www.marketresearch.com/Global-Research-Data-Services-v3891/Clothing-Kuwait-Size-
Development-Forecasts-10718357/

https://www.doingbusiness.org/content/dam/doingBusiness/country/k/kuwait/KWT.pdf

https://www.qickwt.com/about-2/

https://www.arabianbusiness.com/kuwait-s-retail-sector-trend-setting-445695.html

http://www.wow-wholesale.com/kuwait-clothing-wholesale
ExE 24

CVs
Attach the CVs of the team members
ExE 25

Financial Statements
Fill in the below financial statements

A. Income Statement
Period Forecast period
Start of period  2020 2021  2022  2023  2024 
End of period  2021  2022  2023  2024  2025
Revenue 145,000  166,750  200,100  250,125  300,150 
Cost  50,000  55,000  68,000  80,000 89,000 
Gross Profit  100,000  117750  132,100  170,125  211,150
Staff Cost  45000  45,000 45,000  45,000  45,000 
General &
Administrative Expenses  2,500 2,000   2,500  3,000  3,300
Sales & Marketing
Expenses  1,030  1,500  2,200  3,000  3,500
Other Expenses  1,000  1,200  1,500  2,000  2,500
EBITDA  50,470  62,050  80,900  117,125  160,350
Depreciation &
Amortization  2,000  2,000 2,000  2,000  2,000 
EBIT  48,470  60,050  78,900 115,125  158,350
Finance Cost  5,832  3,650  1,030  3,304  3,968
EBT  42,647 56,400   77,827  111,821  154382
Tax Provisions (KFAS,
Zakat, other)  6,397  8,460  11,674  16,773  23,157
Net Profit  36,250  47,940  66,153  95,048  131,225
ExE 26

B. Balance Sheet
Period Forecast period
Start of period  2020 2021  2022  2023  2024 
End of period  2021  2022  2023  2024  2025
Assets        
Current Assets          
Cash & Bank Balance  284,000  395,000  415,000 440,000  480,000 
Accounts Receivables  8,647  9,000  12,000 16,000  18,000 
Inventories  5,000  7,000  11,500 11,000  13,000 
Total current assets  297,647  411,000  438,500 467,000  511,000 
Non-current Assets          
Property Plant &
Equipment 60,000 60,000 60,000 60,000 60,000
Other Fixed Assets 35,000 35,000 47,000 47,000 55,000
Total non-current Assets  95,000  95,000 107,000  107,000  115,000 
Total assets  392,647  506,000 545,500  574,000  626,000 
Liabilities & Equities          
Current liabilities          
Accounts payable 35,000 35,000 35,000 35,000 35,000
Tax Payable 6397 8460 11,674 16,773 23,157
Total Current Liabilities  41,397  43,460 46,674  51,773  58,157 
Non-current liabilities          
Long-term Portion of
Loan  315,000  280,000 245,000  210,000  175,000 
Total non-current
liabilities  315,000  280,000 245,000  210,000  175,000 
Shareholders’ Equity          
Equity 178,060 187,673 217,179 261,618
Net Profit 36,250 47,940 66,153 95,048 131,225
Total Liabilities &
Equity  392,647  506,000 545,500  574,000  626,000 
ExE 27

T. Cash Flow Statement

Period Forecast period
Start of period          
End of period          
Operating Activities          
Net Profit  36,250 47,940  66,153  95,048  131,2225 
Add:          
Depreciation &
Amortization  2,000 2,000  2,000  2,000  2,000 
Finance Cost  5,832  3,650  1,030  3,304  3,968
Deduct:
Tax Paid  6,397  8,460  11,674  16,773  23,157
Working Capital
Changes          
Accounts
Receivables  8,647  9,000  12,000 16,000  18,000 
Inventories  5,000  7,000  11,500 11,000  13,000 
Accounts Payable 35,000 35,000 35,000 35,000 35,000
Cash Flow from
Operations
Investing Activities
Purchase of Fixed
Assets 95,000 95,000 107,000 107,000 115,000
Cash flow from
Financing
Change in cash
Opening Cash 350,000  284,000  395,000  415,000 440,000 
Net Cash Flow (66,000) 679,000 20,000 25,000 35,000
Closing Cash  284,000  395,000  415,000 440,000  475,000