BABAKAN TEXTILE GROUP

Financial Projection
and Company Valuation
Latest Update
February 22, 2022

STRICTLY PRIVATE AND CONFIDENTIAL

Other assumptions
Tax rate 20%

Sales Assumptions

Domestic Sales - Thread

Quantity 1398 1399 Y1 Y2 Y3 Y4 Y5

Base 0 848,198 1,000,000 1,210,000 1,320,000 2,200,000 2,420,000

Price - IRR 1398 1399 Y1 Y2 Y3 Y4 Y5

Base 0 302,442 500,000 660,000 792,000 950,400 1,140,480

256,530,663,890 500,000,000,000 798,600,000,000 1,045,440,000,000 2,090,880,000,000 2,759,961,600,000

Domestic Sales - Fabric

Quantity 1398 1399 Y1 Y2 Y3 Y4 Y5

Base 3,532,736 3,178,137 4,000,000 4,510,000 4,620,000 6,600,000 7,150,000

Price - IRR 1398 1399 Y1 Y2 Y3 Y4 Y5

Base 107,282 170,110 270,000 351,000 421,200 505,440 606,528

540,634,141,432 1,080,000,000,000 1,583,010,000,000 1,945,944,000,000 3,335,904,000,000 4,336,675,200,000

Export Sales - Thread

Quantity 1398 1399 Y1 Y2 Y3 Y4 Y5

Base 0 0 0 210,000 320,000 500,000 550,000

Price - IRR 1398 1399 Y1 Y2 Y3 Y4 Y5

Base 0 0 0% 660,000 792,000 950,400 1,140,480

Export Sales - Fabric

Quantity 1398 1399 Y1 Y2 Y3 Y4 Y5

Base 0 168,220 0 300000 400000 500000 600000

Price - IRR 1398 1399 Y1 Y2 Y3 Y4 Y5

Base 194,987 0 400,000 480,000 576,000 691,200

120,000,000,000 192,000,000,000 288,000,000,000 414,720,000,000

COGS Assumptions

Margins

Thread 1398 1399 Y1 Y2 Y3 Y4 Y5

Base 0% 13% 18% 20% 20% 25% 25%

Fabric 1398 1399 Y1 Y2 Y3 Y4 Y5

Base 6% 4% 7% 10% 12% 20% 20%

SG&A Assumptions

Other Expenses

Other expenses percentage of total costs (%) 1398 1399 Y1 Y2 Y3 Y4 Y5

Base 5.0% 8.0% 15.0% 20.0% 25.0%
 ‫‪STRICTLY PRIVATE AND CONFIDENTIAL‬‬

‫‪HR‬‬

‫‪# of employees‬‬ ‫‪1399‬‬ ‫‪Y1‬‬ ‫‪Y2‬‬

‫مدیریت ارشد‬ ‫‪1‬‬ ‫‪1‬‬ ‫‪1‬‬
‫تولید و برنامه‌ریزی‬ ‫‪160‬‬ ‫‪160‬‬ ‫‪160‬‬
‫بازرگانی‬ ‫‪4‬‬ ‫‪5‬‬ ‫‪5‬‬
‫توسعه کسب و کار‬ ‫‪1‬‬ ‫‪2‬‬ ‫‪2‬‬
‫پروژه‬ ‫‪0‬‬ ‫‪0‬‬ ‫‪0‬‬
‫بازاریابی و فروش‬ ‫‪4‬‬ ‫‪5‬‬ ‫‪5‬‬
‫مدیریت مالی و اداری‬ ‫‪12‬‬ ‫‪12‬‬ ‫‪15‬‬
‫‪R&D‬‬ ‫‪1‬‬ ‫‪1‬‬ ‫‪1‬‬
‫مسئول فنی‬ ‫‪7‬‬ ‫‪7‬‬ ‫‪7‬‬
‫‪IT‬‬ ‫‪1‬‬ ‫‪1‬‬ ‫‪1‬‬
‫‪# of employees‬‬ ‫‪191‬‬ ‫‪194‬‬ ‫‪197‬‬

‫)‪Monthly Gross Salary (IRT‬‬ ‫‪1399‬‬ ‫‪Y1‬‬ ‫‪Y2‬‬

‫مدیریت ارشد‬ ‫‪84,026,959‬‬ ‫‪100,832,351‬‬ ‫‪151,248,526‬‬
‫تولید و برنامه‌ریزی‬ ‫‪4,494,051,505‬‬ ‫‪5,392,861,806‬‬ ‫‪8,089,292,709‬‬
‫بازرگانی‬ ‫‪104,435,120‬‬ ‫‪125,322,144‬‬ ‫‪187,983,216‬‬
‫توسعه کسب و کار‬ ‫‪31,709,600‬‬ ‫‪38,051,520‬‬ ‫‪57,077,280‬‬
‫پروژه‬ ‫‪0‬‬ ‫‪0‬‬ ‫‪0‬‬
‫بازاریابی و فروش‬ ‫‪111,953,620‬‬ ‫‪134,344,344‬‬ ‫‪201,516,516‬‬
‫مدیریت مالی و اداری‬ ‫‪348,617,679‬‬ ‫‪418,341,215‬‬ ‫‪784,389,778‬‬
‫‪R&D‬‬ ‫‪28,020,991‬‬ ‫‪33,625,189‬‬ ‫‪50,437,784‬‬
‫مسئول فنی‬ ‫‪224,834,301‬‬ ‫‪269,801,161‬‬ ‫‪404,701,742‬‬
‫‪IT‬‬ ‫‪26,107,700‬‬ ‫‪31,329,240‬‬ ‫‪46,993,860‬‬
 Y3 Y4 Y5
1 1 1
160 200 200
5 6 6
2 2 2
0 5 5
5 8 8
15 15 15
1 2 2
7 10 10
1 2 2
197 251 251

Y3 Y4 Y5
226,872,789 340,309,184 510,463,776
12,133,939,064 22,751,135,744 34,126,703,616
281,974,824 507,554,683 761,332,025
85,615,920 128,423,880 192,635,820
0 0 0
302,274,774 725,459,458 1,088,189,186
1,176,584,667 1,764,877,000 2,647,315,500
75,656,676 226,970,027 340,455,041
607,052,613 1,300,827,027 1,951,240,541
70,490,790 211,472,370 317,208,555
Building and Real Estate Y1 Y2
New Assets Value (IRR) 0 0

Machinery and Equipment Y1 Y2

New Assets Value (IRR) 70,000,000,000 50,000,000,000

Vehicles Y1 Y2
New Assets Value (IRR) 0 5,000,000,000

Utility Assets Y1 Y2
New Assets Value (IRR) 0 10,000,000,000

Office Equipment Y1 Y2
New Assets Value (IRR) 0 10,000,000,000
 Y3 Y4 Y5
0 30,000,000,000 60,000,000,000

Y3 Y4 Y5
200,000,000,000 100,000,000,000 150,000,000,000

Y3 Y4 Y5
20,000,000,000 50,000,000,000 60,000,000,000

Y3 Y4 Y5
10,000,000,000 20,000,000,000 30,000,000,000

Y3 Y4 Y5
30,000,000,000 20,000,000,000 40,000,000,000