Changelog

Minty

Date Notes
9/1/2022 Implemented basic 3-statements model

9/4/2022 Finalized Corporate model

9/7/2022 Built Dev model

9/8/2022 Built Pipeline model

9/10/2022 Built Solids model

Corporate
Minty

USD'000
ACTUAL ACTUAL ACTUAL
CY 2020 CY 2021 CY 2022

Assumptions CY 2020 CY 2021 CY 2022

Income Statement Drivers

Operating Expenses Growth % 5.5% 9.7%

Operating Expenses
Salaries and Benefits % of Operating Expenses 72.6% 72.0% 71.8%
Supplies % of Operating Expenses 3.9% 4.1% 4.3%
Hired Services % of Operating Expenses 15.6% 16.2% 15.9%
Repairs and Maintenance % of Operating Expenses 1.3% 1.5% 1.1%
Facility Leases % of Operating Expenses 2.7% 2.9% 2.4%
Equipment Rent % of Operating Expenses 0.5% 0.6% 0.4%
Insurance % of Operating Expenses 0.7% 0.6% 0.8%
Advertising and Marketing % of Operating Expenses 1.2% 1.1% 1.4%
Utilities % of Operating Expenses 0.4% 0.5% 0.3%
Other % of Operating Expenses 1.1% 0.5% 1.6%

Non-operating Expenses
Depreciation & Amortization % of Operating Expenses 1.2% 1.3% 1.3%
Interest
Otner non-operating expense/(income) % of Operating Expenses -269.4% 0.0% 0.0%

Taxes % of Pre-tax income 35.0% 0.0% 0.0%

Debt Schedule

Opening Balance
New Debt
Debt Amortization
Closing Balance

Interest Expense

Debt Repayment Schedule Year Period

Principal Starting Balance 150,000 2020 1
Interest 6.0% 2021 2
Term (years) 10 2022 3
Start Date 1/1/2020 2023 4
2024 5
2025 6
2026 7
2027 8
2028 9
2029 10

Cash Conversion Cycle

Accounts Receivable
Days 365 365 365
Accounts Receivable Days - - -
Revenue - - -
Average Balance - - -
Opening Balance - -
Closing Balance - - -

Inventory
Days 365 365 365
Inventory Days - - -
Supplies (IS) 724 807 924
Average Balance - - -
Opening Balance - -
Closing Balance - - -

Accounts Payable
Days 365 365 365
Accounts Payable Days 164 160 157
Operating Expenses (IS) 18,560 19,581 21,480
Average Balance 8,352 8,582 9,239
Opening Balance 8,352 8,811
Closing Balance 8,352 8,811 9,666

Net Working Capital (8,352) (8,811) (9,666)

Change in Net Working Capital (459) (855)

Property, Plant & Equipment

PPE Opening Balance 1,520 1,798

Depreciation (258) (271)
CAPEX 536 293
PPE Closing Balance 1,520 1,798 1,820

Goodwill

Goodwill OB 125,700 125,700

Acquisitions
Goodwill Closing Balance 125,700 125,700 125,700

Equity Schedule

Equity OB 50,000 50,000

Issued Equity
Equity CB 50,000 50,000 50,000

Retained Earnings OB 14,439 (13,717)

Current Result (28,156) (29,345)
Dividend Payments
Retained Earnings CB 14,439 (13,717) (43,061)

Income Statement CY 2020 CY 2021 CY 2022

Reveneue - - -
Cost of Sales - - -
Gross Profit - - -

Expenses
Salaries and Benefits 13,475 14,098 15,423
Supplies 724 807 924
Hired Services 2,895 3,172 3,415
Repairs and Maintenance 241 294 236
Facility Leases 501 568 516
Equipment Rent 93 117 86
Insurance 130 117 172
Advertising and Marketing 223 215 301
Utilities 74 98 64
Other 204 94 344
Total Operating Expenses 18,560 19,581 21,480
EBITDA (18,560) (19,581) (21,480)
EBITDA Margin %

Depreciation & Amortization 226 258 271

Interest 9,000 8,317 7,593
Otner non-operating income (50,000) - -
Total Non-Operating Expenses (40,774) 8,575 7,864
Earnings Before Tax 22,214 (28,156) (29,345)

Taxes 7,775 - -
Net Earnings 14,439 (28,156) (29,345)
Profit Margin %

Balance Sheet CY 2020 CY 2021 CY 2022

Assets
Cash & Cash equivalents 17,791 (22,247) (63,545)
Accounts Receivable - - -
Intercompany Receivables 51,400 51,400 51,400
Inventory - - -
Property, Plant & Equipment 1,520 1,798 1,820
Goodwill 125,700 125,700 125,700
Investments 15,000 15,000 15,000
Total Assets 211,411 171,651 130,375

Liabilities
Accounts Payable 8,352 8,811 9,666
Intercompany Payables - - -
Debt 138,620 126,557 113,770
Other Liabilities - - -
Total Liabilities 146,972 135,368 123,436
Shareholder's Equity
Equity Capital 50,000 50,000 50,000
Retained Earnings 14,439 (13,717) (43,061)
Shareholder's Equity 64,439 36,283 6,939
Total Liabilities & Shareholder's Equity 211,411 171,651 130,375

Check - - -

Cash Flow Statement CY 2020 CY 2021 CY 2022

Operating Cash Flow
Net Earnings 14,439 (28,156) (29,345)
Plus: Depreciation & Amortization 226 258 271
Plus: Interest 9,000 8,317 7,593
Less: Changes in Working Capital 43,048 (459) (855)
Cash from Operations (19,383) (19,121) (20,625)

Investing Cash Flow

Investments in Property & Equipment (1,746) (536) (293)
Acquisition of Goodwill (125,700) - -
Investment in subs (15,000) - -
Dividends Income / (Payment) 50,000 - -
Cash from Investing (92,446) (536) (293)

Financing Cash Flow

Issuance (repayment) of debt 129,620 (20,380) (20,380)
Issuance (repayment) of equity - - -
Cash from Financing 129,620 (20,380) (20,380)

Net Increase (decrease) in Cash 17,791 (40,038) (41,299)

Opening Cash Balance - 17,791 (22,247)
Closing Cash Balance 17,791 (22,247) (63,545)

Check Cash - - -
Check NI - - -
Check DA - - -
Check Interest - - -
FORECAST FORECAST FORECAST FORECAST FORECAST
CY 2023 CY 2024 CY 2025 CY 2026 CY 2027 Notes

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

5.0% 5.0% 5.0% 5.0% 5.0%

72.1% 72.0% 72.0% 72.0% 72.0% Moving average (3)

4.1% 4.2% 4.2% 4.2% 4.2% Moving average (3)
15.9% 16.0% 15.9% 15.9% 16.0% Moving average (3)
1.3% 1.3% 1.2% 1.3% 1.3% Moving average (3)
2.7% 2.7% 2.6% 2.6% 2.6% Moving average (3)
0.5% 0.5% 0.5% 0.5% 0.5% Moving average (3)
0.7% 0.7% 0.7% 0.7% 0.7% Moving average (3)
1.2% 1.2% 1.3% 1.3% 1.3% Moving average (3)
0.4% 0.4% 0.4% 0.4% 0.4% Moving average (3)
1.1% 1.0% 1.2% 1.1% 1.1% Moving average (3)

1.3% 1.3% 1.3% 1.3% 1.3% Moving average (3)

Debt Schedule
0.0% 0.0% 0.0% 0.0% 0.0%

35.0% 35.0% 35.0% 35.0% 35.0%

113,770 100,216 85,849 70,620 54,477

- - - - - New Debt Assumptions here
(13,554) (14,367) (15,229) (16,143) (17,112)
100,216 85,849 70,620 54,477 37,365

(6,826) (6,013) (5,151) (4,237) (3,269)

OB Repayment Interest Principal CB

150,000 (20,380) (9,000) (11,380) 138,620
138,620 (20,380) (8,317) (12,063) 126,557
126,557 (20,380) (7,593) (12,787) 113,770
113,770 (20,380) (6,826) (13,554) 100,216
100,216 (20,380) (6,013) (14,367) 85,849
85,849 (20,380) (5,151) (15,229) 70,620
70,620 (20,380) (4,237) (16,143) 54,477
54,477 (20,380) (3,269) (17,112) 37,365
37,365 (20,380) (2,242) (18,138) 19,227
19,227 (20,380) (1,154) (19,227) (0)

365 365 365 365 365

- - - - -
- - - - -
 - - - - -
- - - - -
- - - - -

365 365 365 365 365

- - - - -
926 989 1,043 1,086 1,145
- - - - -
- - - - -
- - - - -

365 365 365 365 365

160 159 159 159 159
22,554 23,682 24,866 26,109 27,415
9,912 10,324 10,821 11,406 11,953
9,666 10,157 10,491 11,151 11,661
10,157 10,491 11,151 11,661 12,244

(10,157) (10,491) (11,151) (11,661) (12,244)

(491) (334) (660) (510) (583)

1,820 1,820 1,820 1,820 1,820

(285) (304) (316) (332) (349)
285 304 316 332 349
1,820 1,820 1,820 1,820 1,820

125,700 125,700 125,700 125,700 125,700

125,700 125,700 125,700 125,700 125,700

50,000 50,000 50,000 50,000 50,000

- - - - -
50,000 50,000 50,000 50,000 50,000

(43,061) (72,727) (102,726) (133,058) (163,737)

(29,666) (29,998) (30,333) (30,679) (31,033)
- - - - -
(72,727) (102,726) (133,058) (163,737) (194,769)

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

- - - - -

16,269 17,046 17,896 18,806 19,736

926 989 1,043 1,086 1,145
3,586 3,789 3,962 4,163 4,375
 293 308 307 334 348
601 629 640 687 718
113 118 116 128 133
158 166 182 186 196
278 295 321 328 347
90 95 91 102 106
239 248 307 291 310
22,554 23,682 24,866 26,109 27,415
(22,554) (23,682) (24,866) (26,109) (27,415)

285 304 316 332 349

6,826 6,013 5,151 4,237 3,269 Debt Schedule
- - - - -
7,112 6,316 5,467 4,569 3,618
(29,666) (29,998) (30,333) (30,679) (31,033)

- - - - -
(29,666) (29,998) (30,333) (30,679) (31,033)

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

(106,274) (150,306) (195,208) (241,519) (289,080) Cash Flow Statement

- - - - - Cash Conversion Cycle
51,400 51,400 51,400 51,400 51,400 Remains the same
- - - - - Cash Conversion Cycle
1,820 1,820 1,820 1,820 1,820 PPE Schedule
125,700 125,700 125,700 125,700 125,700 Goodwill Schedule
15,000 15,000 15,000 15,000 15,000 Remains the same
87,646 43,614 (1,288) (47,599) (95,160)

10,157 10,491 11,151 11,661 12,244 Cash Conversion Cycle

- - - - - Remains the same
100,216 85,849 70,620 54,477 37,365 Debt Schedule
- - - - - Remains the same
110,373 96,340 81,771 66,138 49,609

50,000 50,000 50,000 50,000 50,000 Equity Schedule

(72,727) (102,726) (133,058) (163,737) (194,769) Equity Schedule
(22,727) (52,726) (83,058) (113,737) (144,769)
87,646 43,614 (1,288) (47,599) (95,160)

- - (0) - -

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

(29,666) (29,998) (30,333) (30,679) (31,033)

285 304 316 332 349
6,826 6,013 5,151 4,237 3,269
(491) (334) (660) (510) (583)
(22,063) (23,348) (24,206) (25,599) (26,832)

(285) (304) (316) (332) (349)

- - - - -

- - - - -
 (285) (304) (316) (332) (349)

(20,380) (20,380) (20,380) (20,380) (20,380)

- - - - -
(20,380) (20,380) (20,380) (20,380) (20,380)

(42,729) (44,032) (44,902) (46,312) (47,561)

(63,545) (106,274) (150,306) (195,208) (241,519)
(106,274) (150,306) (195,208) (241,519) (289,080)

- - - - -
- - - - -
- - - - -
- - - - -
Minty Dev
Minty

USD'000
ACTUAL ACTUAL ACTUAL
CY 2020 CY 2021 CY 2022

Assumptions CY 2020 CY 2021 CY 2022

Income Statement Drivers

Revenue Growth % 15.8% 11.2%

Cost of Sales % of Revenue 38.3% 40.7% 39.3%

Operating Expenses
Salaries and Benefits % of Revenue 21.3% 19.2% 18.2%
Supplies % of Revenue 3.8% 3.6% 4.0%
Hired Services % of Revenue 8.6% 8.2% 9.1%
Repairs and Maintenance % of Revenue 2.1% 2.0% 2.2%
Facility Leases % of Revenue 3.0% 2.9% 3.2%
Equipment Rent % of Revenue 0.2% 0.1% 0.2%
Insurance % of Revenue 0.4% 0.3% 0.4%
Advertising and Marketing % of Revenue 0.5% 0.4% 0.5%
Utilities % of Revenue 1.9% 1.8% 2.0%
Other % of Revenue 1.0% 0.9% 1.0%

Non-operating Expenses
Depreciation & Amortization % of Revenue 11.2% 9.0% 8.7%
Interest
Otner non-operating expense/(income) % of Revenue 0.5% 0.5% 0.5%

Taxes % of Pre-tax income 35.0% 35.0% 35.0%

Debt Schedule

Opening Balance
New Debt
Debt Amortization
Closing Balance

Interest Expense

Debt Repayment Schedule Year Period

Principal Starting Balance - 2020 1
Interest 6.0% 2021 2
Term (years) 10 2022 3
Start Date 1/1/2020 2023 4
2024 5
2025 6
2026 7
2027 8
2028 9
2029 10

Cash Conversion Cycle

Accounts Receivable
Days 365 365 365
Accounts Receivable Days 22 20 21
Revenue 282,131 326,602 363,274
Average Balance 17,108 18,219 20,747
Opening Balance 17,108 19,330
Closing Balance 17,108 19,330 22,164

Inventory
Days 365 365 365
Inventory Days 427 448 428
Supplies (IS) 10,749 11,858 14,618
Average Balance 12,568 14,561 17,139
Opening Balance 12,568 16,554
Closing Balance 12,568 16,554 17,723

Accounts Payable
Days 365 365 365
Accounts Payable Days 60 58 59
Operating Expenses (IS) 120,346 129,138 147,965
Average Balance 19,793 20,535 23,932
Opening Balance 19,793 21,277
Closing Balance 19,793 21,277 26,586

Net Working Capital 9,883 14,607 13,301

Change in Net Working Capital 4,724 (1,306)

Property, Plant & Equipment

PPE Opening Balance 85,844 98,135

Depreciation (29,283) (31,758)
CAPEX 41,574 40,972
PPE Closing Balance 85,844 98,135 107,349

Goodwill

Goodwill OB - -
Acquisitions
Goodwill Closing Balance - - -

Equity Schedule

Equity OB 5,000 5,000

Issued Equity
Equity CB 5,000 5,000 5,000

Retained Earnings OB 66,284 88,305

Current Result 22,021 25,217
Dividend Payments
Retained Earnings CB 66,284 88,305 113,522

Income Statement CY 2020 CY 2021 CY 2022

Reveneue 282,131 326,602 363,274

Cost of Sales 107,930 132,769 142,864
Gross Profit 174,201 193,833 220,410

Expenses
Salaries and Benefits 60,092 62,667 66,025
Supplies 10,749 11,858 14,618
Hired Services 24,304 26,812 33,051
Repairs and Maintenance 5,796 6,394 7,882
Facility Leases 8,464 9,337 11,510
Equipment Rent 442 487 601
Insurance 996 1,099 1,354
Advertising and Marketing 1,321 1,458 1,797
Utilities 5,400 5,958 7,344
Other 2,781 3,068 3,782
Total Operating Expenses 120,346 129,138 147,965
EBITDA 53,855 64,695 72,445
EBITDA Margin %

Depreciation & Amortization 31,461 29,283 31,758

Interest - - -
Otner non-operating income 1,391 1,534 1,891
Total Non-Operating Expenses 32,852 30,817 33,649
Earnings Before Tax 21,003 33,878 38,796

Taxes 7,351 11,857 13,579

Net Earnings 13,652 22,021 25,217
Profit Margin %

Balance Sheet CY 2020 CY 2021 CY 2022

Assets
Cash & Cash equivalents 11,357 16,363 33,673
Accounts Receivable 17,108 19,330 22,164
Intercompany Receivables - - -
Inventory 12,568 16,554 17,723
Property, Plant & Equipment 85,844 98,135 107,349
Goodwill - - -
Investments - - -
Total Assets 126,877 150,382 180,909

Liabilities
Accounts Payable 19,793 21,277 26,586
Intercompany Payables 35,800 35,800 35,800
Debt - - -
Other Liabilities - - -
Total Liabilities 55,593 57,077 62,386
Shareholder's Equity
Equity Capital 5,000 5,000 5,000
Retained Earnings 66,284 88,305 113,522
Shareholder's Equity 71,284 93,305 118,522
Total Liabilities & Shareholder's Equity 126,877 150,382 180,908

Check (0) (0) (0)

Cash Flow Statement CY 2020 CY 2021 CY 2022

Operating Cash Flow
Net Earnings 13,652 22,021 25,217
Plus: Depreciation & Amortization 31,461 29,283 31,758
Plus: Interest - - -
Less: Changes in Working Capital (46,786) 4,724 (1,306)
Cash from Operations 91,899 46,580 58,282

Investing Cash Flow

Investments in Property & Equipment (35,684) (41,574) (40,972)
Acquisition of Goodwill - - -
Investment in subs - - -
Dividends Income / (Payment) (50,000) - -
Cash from Investing (85,684) (41,574) (40,972)

Financing Cash Flow

Issuance (repayment) of debt - - -
Issuance (repayment) of equity - - -
Cash from Financing - - -

Net Increase (decrease) in Cash 6,215 5,006 17,310

Opening Cash Balance 5,142 11,357 16,363
Closing Cash Balance 11,357 16,363 33,673

Check Cash - - -
Check NI - - -
Check DA - - -
Check Interest - - -
FORECAST FORECAST FORECAST FORECAST FORECAST
CY 2023 CY 2024 CY 2025 CY 2026 CY 2027 Notes

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

5.0% 5.0% 5.0% 5.0% 5.0%

39.4% 39.8% 39.5% 39.6% 39.6% Moving average (3)

19.6% 19.0% 18.9% 19.1% 19.0% Moving average (3)

3.8% 3.8% 3.9% 3.8% 3.9% Moving average (3)
8.6% 8.6% 8.8% 8.7% 8.7% Moving average (3)
2.1% 2.1% 2.1% 2.1% 2.1% Moving average (3)
3.0% 3.0% 3.1% 3.0% 3.0% Moving average (3)
0.2% 0.2% 0.2% 0.2% 0.2% Moving average (3)
0.4% 0.4% 0.4% 0.4% 0.4% Moving average (3)
0.5% 0.5% 0.5% 0.5% 0.5% Moving average (3)
1.9% 1.9% 2.0% 1.9% 1.9% Moving average (3)
1.0% 1.0% 1.0% 1.0% 1.0% Moving average (3)

9.6% 9.1% 9.2% 9.3% 9.2% Moving average (3)

Debt Schedule
0.5% 0.5% 0.5% 0.5% 0.5% Moving average (3)

35.0% 35.0% 35.0% 35.0% 35.0%

- - - - -
- - - - - New Debt Assumptions here
- - - - -
- - - - -

- - - - -

OB Repayment Interest Principal CB

- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -

365 365 365 365 365

21 21 21 21 21
381,438 400,510 420,535 441,562 463,640
22,064 22,794 24,092 25,323 26,513
22,164 21,964 23,624 24,560 26,086
21,964 23,624 24,560 26,086 26,940

365 365 365 365 365

434 437 433 435 435
14,577 15,321 16,360 16,981 17,868
17,344 18,335 19,409 20,225 21,287
17,723 16,966 19,705 19,112 21,337
16,966 19,705 19,112 21,337 21,237

365 365 365 365 365

59 59 59 59 59
156,296 161,867 171,188 179,713 188,272
25,279 26,033 27,636 28,994 30,350
26,586 23,973 28,094 27,178 30,810
23,973 28,094 27,178 30,810 29,889

14,957 15,235 16,494 16,612 18,287

1,657 278 1,259 118 1,675

107,349 107,349 107,349 107,349 107,349

(36,693) (36,484) (38,509) (41,045) (42,596)
36,693 36,484 38,509 41,045 42,596
107,349 107,349 107,349 107,349 107,349

- - - - -

- - - - -

5,000 5,000 5,000 5,000 5,000

- - - - -
5,000 5,000 5,000 5,000 5,000

113,522 137,074 163,586 191,251 219,764

23,551 26,512 27,665 28,514 30,377
- - - - -
137,074 163,586 191,251 219,764 250,141

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

381,438 400,510 420,535 441,562 463,640

150,329 159,389 166,160 174,740 183,727
231,108 241,120 254,375 266,822 279,913

74,586 75,986 79,483 84,525 88,115

14,577 15,321 16,360 16,981 17,868
 32,959 34,641 36,990 38,395 40,400
7,860 8,261 8,822 9,157 9,635
11,478 12,064 12,882 13,371 14,069
599 630 672 698 734
1,350 1,419 1,516 1,573 1,655
1,792 1,883 2,011 2,087 2,196
7,324 7,697 8,219 8,532 8,977
3,771 3,964 4,233 4,393 4,623
156,296 161,867 171,188 179,713 188,272
74,812 79,253 83,187 87,109 91,641

36,693 36,484 38,509 41,045 42,596

- - - - - Debt Schedule
1,886 1,982 2,116 2,197 2,311
38,579 38,466 40,625 43,242 44,907
36,233 40,787 42,562 43,867 46,734

12,682 14,276 14,897 15,354 16,357

23,551 26,512 27,665 28,514 30,377

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

55,568 81,802 108,207 136,603 165,305 Cash Flow Statement

21,964 23,624 24,560 26,086 26,940 Cash Conversion Cycle
- - - - - Remains the same
16,966 19,705 19,112 21,337 21,237 Cash Conversion Cycle
107,349 107,349 107,349 107,349 107,349 PPE Schedule
- - - - - Goodwill Schedule
- - - - - Remains the same
201,847 232,480 259,229 291,375 320,831

23,973 28,094 27,178 30,810 29,889 Cash Conversion Cycle

35,800 35,800 35,800 35,800 35,800 Remains the same
- - - - - Debt Schedule
- - - - - Remains the same
59,773 63,894 62,978 66,610 65,689

5,000 5,000 5,000 5,000 5,000 Equity Schedule

137,074 163,586 191,251 219,764 250,141 Equity Schedule
142,074 168,586 196,251 224,764 255,141
201,847 232,479 259,229 291,375 320,830

(0) (0) (0) (0) (0)

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

23,551 26,512 27,665 28,514 30,377

36,693 36,484 38,509 41,045 42,596
- - - - -
1,657 278 1,259 118 1,675
58,588 62,717 64,915 69,441 71,298

(36,693) (36,484) (38,509) (41,045) (42,596)

- - - - -
 - - - - -
(36,693) (36,484) (38,509) (41,045) (42,596)

- - - - -
- - - - -
- - - - -

21,895 26,234 26,406 28,396 28,702

33,673 55,568 81,802 108,207 136,603
55,568 81,802 108,207 136,603 165,305

- - - - -
- - - - -
- - - - -
- - - - -
Minty Pipeline
Minty

USD'000
ACTUAL ACTUAL ACTUAL
CY 2020 CY 2021 CY 2022

Assumptions CY 2020 CY 2021 CY 2022

Income Statement Drivers

Revenue Growth % 4.7% 8.2%

Cost of Sales % of Revenue 51.7% 49.5% 50.3%

Operating Expenses
Salaries and Benefits % of Revenue 17.0% 17.0% 17.0%
Supplies % of Revenue 3.9% 3.7% 3.5%
Hired Services % of Revenue 6.5% 6.5% 6.5%
Repairs and Maintenance % of Revenue 2.2% 2.3% 2.1%
Facility Leases % of Revenue 4.0% 3.9% 4.1%
Equipment Rent % of Revenue 0.5% 0.7% 0.6%
Insurance % of Revenue 0.5% 0.5% 0.6%
Advertising and Marketing % of Revenue 0.6% 0.5% 0.8%
Utilities % of Revenue 2.1% 1.9% 2.3%
Other % of Revenue 0.7% 0.6% 1.1%

Non-operating Expenses
Depreciation & Amortization % of Revenue 9.0% 9.0% 9.0%
Interest
Otner non-operating expense/(income) % of Revenue 0.8% 0.6% 0.7%

Taxes % of Pre-tax income 0.0% 0.0% 0.0%

Debt Schedule

Opening Balance
New Debt
Debt Amortization
Closing Balance

Interest Expense

Debt Repayment Schedule Year Period

Principal Starting Balance 52,000 2020 1
Interest 6.0% 2021 2
Term (years) 7 2022 3
Start Date 1/1/2020 2023 4
2024 5
2025 6
2026 7
2027 8
2028 9
2029 10

Cash Conversion Cycle

Accounts Receivable
Days 365 365 365
Accounts Receivable Days 44 43 42
Revenue 62,598 65,540 70,914
Average Balance 7,574 7,654 8,228
Opening Balance 7,574 7,734
Closing Balance 7,574 7,734 8,722

Inventory
Days 365 365 365
Inventory Days 702 704 702
Supplies (IS) 2,441 2,425 2,482
Average Balance 4,695 4,674 4,773
Opening Balance 4,695 4,653
Closing Balance 4,695 4,653 4,893

Accounts Payable
Days 365 365 365
Accounts Payable Days 192 192 186
Operating Expenses (IS) 23,787 24,643 27,373
Average Balance 12,520 12,978 13,916
Opening Balance 12,520 13,436
Closing Balance 12,520 13,436 14,396

Net Working Capital (250) (1,049) (780)

Change in Net Working Capital (798) 269

Property, Plant & Equipment

PPE Opening Balance 37,844 42,135

Depreciation (5,899) (6,382)
CAPEX 10,190 9,596
PPE Closing Balance 37,844 42,135 45,349

Goodwill

Goodwill OB - -
Acquisitions
Goodwill Closing Balance - - -

Equity Schedule

Equity OB 5,000 5,000

Issued Equity
Equity CB 5,000 5,000 5,000

Retained Earnings OB 24,166 23,581

Current Result (585) (1,361)
Dividend Payments
Retained Earnings CB 24,166 23,581 22,219

Income Statement CY 2020 CY 2021 CY 2022

Reveneue 62,598 65,540 70,914

Cost of Sales 32,363 32,442 35,670
Gross Profit 30,235 33,098 35,244

Expenses
Salaries and Benefits 10,642 11,142 12,055
Supplies 2,441 2,425 2,482
Hired Services 4,069 4,260 4,609
Repairs and Maintenance 1,377 1,507 1,489
Facility Leases 2,504 2,556 2,907
Equipment Rent 313 459 425
Insurance 313 328 425
Advertising and Marketing 376 328 567
Utilities 1,315 1,245 1,631
Other 438 393 780
Total Operating Expenses 23,787 24,643 27,373
EBITDA 6,448 8,455 7,871
EBITDA Margin %

Depreciation & Amortization 5,634 5,899 6,382

Interest 3,120 2,748 2,354
Otner non-operating income 501 393 496
Total Non-Operating Expenses 9,255 9,040 9,233
Earnings Before Tax (2,807) (585) (1,361)

Taxes - - -
Net Earnings (2,807) (585) (1,361)
Profit Margin %

Balance Sheet CY 2020 CY 2021 CY 2022

Assets
Cash & Cash equivalents 52,977 42,332 30,527
Accounts Receivable 7,574 7,734 8,722
Intercompany Receivables - - -
Inventory 4,695 4,653 4,893
Property, Plant & Equipment 37,844 42,135 45,349
Goodwill - - -
Investments - - -
Total Assets 103,090 96,854 89,492

Liabilities
Accounts Payable 12,520 13,436 14,396
Intercompany Payables 15,600 15,600 15,600
Debt 45,805 39,238 32,278
Other Liabilities - - -
Total Liabilities 73,925 68,274 62,273
Shareholder's Equity
Equity Capital 5,000 5,000 5,000
Retained Earnings 24,166 23,581 22,219
Shareholder's Equity 29,166 28,581 27,219
Total Liabilities & Shareholder's Equity 103,091 96,855 89,492

Check 0 0 0

Cash Flow Statement CY 2020 CY 2021 CY 2022

Operating Cash Flow
Net Earnings (2,807) (585) (1,361)
Plus: Depreciation & Amortization 5,634 5,899 6,382
Plus: Interest 3,120 2,748 2,354
Less: Changes in Working Capital (250) (798) 269
Cash from Operations 6,197 8,860 7,107

Investing Cash Flow

Investments in Property & Equipment (15,684) (10,190) (9,596)
Acquisition of Goodwill - - -
Investment in subs - - -
Dividends Income / (Payment) - - -
Cash from Investing (15,684) (10,190) (9,596)

Financing Cash Flow

Issuance (repayment) of debt 48,880 (9,315) (9,315)
Issuance (repayment) of equity - - -
Cash from Financing 48,880 (9,315) (9,315)

Net Increase (decrease) in Cash 39,393 (10,645) (11,805)

Opening Cash Balance 13,584 52,977 42,332
Closing Cash Balance 52,977 42,332 30,527

Check Cash - - -
Check NI - - -
Check DA - - -
Check Interest - - -
FORECAST FORECAST FORECAST FORECAST FORECAST
CY 2023 CY 2024 CY 2025 CY 2026 CY 2027 Notes

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

5.0% 5.0% 5.0% 5.0% 5.0%

50.5% 50.1% 50.3% 50.3% 50.2% Moving average (3)

17.0% 17.0% 17.0% 17.0% 17.0% Moving average (3)

3.7% 3.6% 3.6% 3.6% 3.6% Moving average (3)
6.5% 6.5% 6.5% 6.5% 6.5% Moving average (3)
2.2% 2.2% 2.2% 2.2% 2.2% Moving average (3)
4.0% 4.0% 4.0% 4.0% 4.0% Moving average (3)
0.6% 0.6% 0.6% 0.6% 0.6% Moving average (3)
0.5% 0.5% 0.6% 0.5% 0.5% Moving average (3)
0.6% 0.6% 0.7% 0.7% 0.7% Moving average (3)
2.1% 2.1% 2.2% 2.1% 2.1% Moving average (3)
0.8% 0.8% 0.9% 0.8% 0.9% Moving average (3)

9.0% 9.0% 9.0% 9.0% 9.0% Moving average (3)

Debt Schedule
0.7% 0.7% 0.7% 0.7% 0.7% Moving average (3)

35.0% 35.0% 35.0% 35.0% 35.0%

32,278 24,899 17,078 8,788 -

- - - - - New Debt Assumptions here
(7,378) (7,821) (8,290) (8,788) -
24,899 17,078 8,788 - -

(1,937) (1,494) (1,025) (527) -

OB Repayment Interest Principal CB

52,000 (9,315) (3,120) (6,195) 45,805
45,805 (9,315) (2,748) (6,567) 39,238
39,238 (9,315) (2,354) (6,961) 32,278
32,278 (9,315) (1,937) (7,378) 24,899
24,899 (9,315) (1,494) (7,821) 17,078
17,078 (9,315) (1,025) (8,290) 8,788
8,788 (9,315) (527) (8,788) -
- (9,315) - - -
- (9,315) - - -
- (9,315) - - -

365 365 365 365 365

43 43 43 43 43
 74,460 78,183 82,092 86,197 90,507
8,782 9,141 9,602 10,108 10,594
8,722 8,841 9,441 9,762 10,455
8,841 9,441 9,762 10,455 10,733

365 365 365 365 365

702 703 702 702 702
2,755 2,841 2,964 3,145 3,286
5,302 5,468 5,704 6,052 6,325
4,893 5,711 5,226 6,183 5,921
5,711 5,226 6,183 5,921 6,728

365 365 365 365 365

190 189 188 189 189
28,344 29,779 31,402 32,872 34,536
14,752 15,440 16,196 17,035 17,872
14,396 15,107 15,772 16,620 17,451
15,107 15,772 16,620 17,451 18,294

(555) (1,106) (674) (1,075) (833)

225 (550) 431 (400) 242

45,349 45,349 45,349 45,349 45,349

(6,701) (7,036) (7,388) (7,758) (8,146)
6,701 7,036 7,388 7,758 8,146
45,349 45,349 45,349 45,349 45,349

- - - - -

- - - - -

5,000 5,000 5,000 5,000 5,000

- - - - -
5,000 5,000 5,000 5,000 5,000

22,219 21,573 21,692 21,964 22,674

(646) 119 273 710 1,134
- - - - -
21,573 21,692 21,964 22,674 23,808

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

74,460 78,183 82,092 86,197 90,507

37,602 39,170 41,292 43,357 45,465
36,858 39,013 40,800 42,840 45,042

12,658 13,291 13,956 14,653 15,386

2,755 2,841 2,964 3,145 3,286
 4,840 5,082 5,336 5,603 5,883
1,638 1,720 1,779 1,887 1,978
2,978 3,127 3,311 3,457 3,634
447 495 502 530 561
397 426 459 470 498
472 504 569 566 602
1,564 1,642 1,779 1,829 1,927
596 652 748 731 782
28,344 29,779 31,402 32,872 34,536
8,513 9,234 9,398 9,968 10,506

6,701 7,036 7,388 7,758 8,146

1,937 1,494 1,025 527 - Debt Schedule
521 521 566 591 616
9,159 9,052 8,979 8,876 8,761
(646) 183 420 1,092 1,745

- 64 147 382 611

(646) 119 273 710 1,134

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

22,278 15,126 6,677 (1,000) (108) Cash Flow Statement

8,841 9,441 9,762 10,455 10,733 Cash Conversion Cycle
- - - - - Remains the same
5,711 5,226 6,183 5,921 6,728 Cash Conversion Cycle
45,349 45,349 45,349 45,349 45,349 PPE Schedule
- - - - - Goodwill Schedule
- - - - - Remains the same
82,179 75,142 67,972 60,725 62,702

15,107 15,772 16,620 17,451 18,294 Cash Conversion Cycle

15,600 15,600 15,600 15,600 15,600 Remains the same
24,899 17,078 8,788 - - Debt Schedule
- - - - - Remains the same
55,607 48,450 41,007 33,051 33,894

5,000 5,000 5,000 5,000 5,000 Equity Schedule

21,573 21,692 21,964 22,674 23,808 Equity Schedule
26,573 26,692 26,964 27,674 28,808
82,180 75,142 67,972 60,725 62,702

0 0 0 0 0

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

(646) 119 273 710 1,134

6,701 7,036 7,388 7,758 8,146
1,937 1,494 1,025 527 -
225 (550) 431 (400) 242
7,767 9,199 8,254 9,395 9,038

(6,701) (7,036) (7,388) (7,758) (8,146)

- - - - -
 - - - - -
(6,701) (7,036) (7,388) (7,758) (8,146)

(9,315) (9,315) (9,315) (9,315) -

- - - - -
(9,315) (9,315) (9,315) (9,315) -

(8,249) (7,152) (8,449) (7,677) 892

30,527 22,278 15,126 6,677 (1,000)
22,278 15,126 6,677 (1,000) (108)

- - - - -
0 - - - -
- - - - -
- - - - -
Minty Solids
Minty

USD'000
ACTUAL ACTUAL ACTUAL
CY 2020 CY 2021 CY 2022

Assumptions CY 2020 CY 2021 CY 2022

Income Statement Drivers

Revenue Growth % 7.8% 8.9%

Cost of Sales % of Revenue 52.0% 54.0% 53.0%

Operating Expenses
Salaries and Benefits % of Revenue 12.1% 11.6% 12.8%
Supplies % of Revenue 4.0% 4.1% 4.2%
Hired Services % of Revenue 3.9% 3.1% 3.0%
Repairs and Maintenance % of Revenue 2.1% 2.4% 2.2%
Facility Leases % of Revenue 2.5% 2.6% 2.4%
Equipment Rent % of Revenue 0.9% 1.1% 0.8%
Insurance % of Revenue 0.6% 0.6% 0.6%
Advertising and Marketing % of Revenue 0.6% 0.5% 0.8%
Utilities % of Revenue 1.0% 1.1% 0.9%
Other % of Revenue 1.4% 1.6% 1.5%

Non-operating Expenses
Depreciation & Amortization % of Revenue 6.4% 6.7% 6.1%
Interest
Otner non-operating expense/(income) % of Revenue 0.3% 0.4% 0.3%

Taxes % of Pre-tax income 35.0% 35.0% 35.0%

Debt Schedule

Opening Balance
New Debt
Debt Amortization
Closing Balance

Interest Expense

Debt Repayment Schedule Year Period

Principal Starting Balance - 2020 1
Interest 6.0% 2021 2
Term (years) 7 2022 3
Start Date 1/1/2020 2023 4
2024 5
2025 6
2026 7
2027 8
2028 9
2029 10

Cash Conversion Cycle

Accounts Receivable
Days 365 365 365
Accounts Receivable Days 37 37 37
Revenue 135,697 146,281 159,300
Average Balance 13,705 14,825 16,256
Opening Balance 13,705 15,945
Closing Balance 13,705 15,945 16,567

Inventory
Days 365 365 365
Inventory Days 776 708 688
Supplies (IS) 5,428 6,027 6,691
Average Balance 11,534 11,692 12,615
Opening Balance 11,534 11,849
Closing Balance 11,534 11,849 13,381

Accounts Payable
Days 365 365 365
Accounts Payable Days 238 234 230
Operating Expenses (IS) 39,488 42,012 46,516
Average Balance 25,782 26,934 29,256
Opening Balance 25,782 28,086
Closing Balance 25,782 28,086 30,426

Net Working Capital (543) (293) (478)

Change in Net Working Capital 250 (185)

Property, Plant & Equipment

PPE Opening Balance 22,844 27,159

Depreciation (9,801) (9,717)
CAPEX 14,116 15,216
PPE Closing Balance 22,844 27,159 32,658

Goodwill

Goodwill OB - -
Acquisitions
Goodwill Closing Balance - - -

Equity Schedule

Equity OB 5,000 5,000

Issued Equity
Equity CB 5,000 5,000 5,000

Retained Earnings OB 22,660 32,339

Current Result 9,679 11,804
Dividend Payments
Retained Earnings CB 22,660 32,339 44,144

Income Statement CY 2020 CY 2021 CY 2022

Reveneue 135,697 146,281 159,300

Cost of Sales 70,562 78,992 84,429
Gross Profit 65,135 67,289 74,871

Expenses
Salaries and Benefits 16,419 16,969 20,390
Supplies 5,428 6,027 6,691
Hired Services 5,292 4,535 4,779
Repairs and Maintenance 2,850 3,511 3,505
Facility Leases 3,392 3,803 3,823
Equipment Rent 1,221 1,609 1,274
Insurance 814 878 956
Advertising and Marketing 814 731 1,274
Utilities 1,357 1,609 1,434
Other 1,900 2,341 2,390
Total Operating Expenses 39,488 42,012 46,516
EBITDA 25,647 25,277 28,355
EBITDA Margin %

Depreciation & Amortization 8,685 9,801 9,717

Interest - - -
Otner non-operating income 407 585 478
Total Non-Operating Expenses 9,092 10,386 10,195
Earnings Before Tax 16,555 14,891 18,160

Taxes 5,794 5,212 6,356

Net Earnings 10,761 9,679 11,804
Profit Margin %

Balance Sheet CY 2020 CY 2021 CY 2022

Assets
Cash & Cash equivalents 5,359 10,473 16,964
Accounts Receivable 13,705 15,945 16,567
Intercompany Receivables - - -
Inventory 11,534 11,849 13,381
Property, Plant & Equipment 22,844 27,159 32,658
Goodwill - - -
Investments - - -
Total Assets 53,443 65,426 79,570

Liabilities
Accounts Payable 25,782 28,086 30,426
Intercompany Payables - - -
Debt - - -
Other Liabilities - - -
Total Liabilities 25,782 28,086 30,426
Shareholder's Equity
Equity Capital 5,000 5,000 5,000
Retained Earnings 22,660 32,339 44,144
Shareholder's Equity 27,660 37,339 49,144
Total Liabilities & Shareholder's Equity 53,442 65,425 79,570

Check (0) (0) (0)

Cash Flow Statement CY 2020 CY 2021 CY 2022

Operating Cash Flow
Net Earnings 10,761 9,679 11,804
Plus: Depreciation & Amortization 8,685 9,801 9,717
Plus: Interest - - -
Less: Changes in Working Capital (543) 250 (185)
Cash from Operations 19,988 19,230 21,707

Investing Cash Flow

Investments in Property & Equipment (21,587) (14,116) (15,216)
Acquisition of Goodwill - - -
Investment in subs - - -
Dividends Income / (Payment) - - -
Cash from Investing (21,587) (14,116) (15,216)

Financing Cash Flow

Issuance (repayment) of debt - - -
Issuance (repayment) of equity - - -
Cash from Financing - - -

Net Increase (decrease) in Cash (1,599) 5,114 6,490

Opening Cash Balance 6,958 5,359 10,473
Closing Cash Balance 5,359 10,473 16,964

Check Cash - - -
Check NI - - -
Check DA - - -
Check Interest - - -
FORECAST FORECAST FORECAST FORECAST FORECAST
CY 2023 CY 2024 CY 2025 CY 2026 CY 2027 Notes

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

5.0% 5.0% 5.0% 5.0% 5.0%

53.0% 53.3% 53.1% 53.1% 53.2% Moving average (3)

12.2% 12.2% 12.4% 12.2% 12.3% Moving average (3)

4.1% 4.1% 4.1% 4.1% 4.1% Moving average (3)
3.3% 3.1% 3.2% 3.2% 3.2% Moving average (3)
2.2% 2.3% 2.2% 2.2% 2.3% Moving average (3)
2.5% 2.5% 2.5% 2.5% 2.5% Moving average (3)
0.9% 0.9% 0.9% 0.9% 0.9% Moving average (3)
0.6% 0.6% 0.6% 0.6% 0.6% Moving average (3)
0.6% 0.6% 0.7% 0.7% 0.7% Moving average (3)
1.0% 1.0% 1.0% 1.0% 1.0% Moving average (3)
1.5% 1.5% 1.5% 1.5% 1.5% Moving average (3)

6.4% 6.4% 6.3% 6.4% 6.4% Moving average (3)

Debt Schedule
0.3% 0.3% 0.3% 0.3% 0.3% Moving average (3)

35.0% 35.0% 35.0% 35.0% 35.0%

- - - - -
- - - - - New Debt Assumptions here
- - - - -
- - - - -

- - - - -

OB Repayment Interest Principal CB

- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -

365 365 365 365 365

37 37 37 37 37
167,265 175,629 184,410 193,631 203,312
16,971 17,847 18,756 19,672 20,665
16,567 17,376 18,319 19,194 20,151
17,376 18,319 19,194 20,151 21,179

365 365 365 365 365

724 707 706 712 708
6,869 7,275 7,652 8,002 8,420
13,625 14,086 14,808 15,618 16,344
13,381 13,868 14,305 15,311 15,925
13,868 14,305 15,311 15,925 16,763

365 365 365 365 365

234 233 232 233 232
48,518 50,889 53,591 56,181 58,995
31,100 32,417 34,065 35,837 37,571
30,426 31,773 33,062 35,069 36,605
31,773 33,062 35,069 36,605 38,537

(530) (438) (564) (529) (595)

(52) 92 (126) 35 (66)

32,658 32,658 32,658 32,658 32,658

(10,705) (11,240) (11,618) (12,328) (12,922)
10,705 11,240 11,618 12,328 12,922
32,658 32,658 32,658 32,658 32,658

- - - - -

- - - - -

5,000 5,000 5,000 5,000 5,000

- - - - -
5,000 5,000 5,000 5,000 5,000

44,144 56,386 68,882 82,310 96,326

12,242 12,497 13,428 14,016 14,662
- - - - -
56,386 68,882 82,310 96,326 110,989

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

167,265 175,629 184,410 193,631 203,312

88,651 93,669 97,942 102,911 108,157
78,615 81,960 86,468 90,720 95,155

20,351 21,407 22,840 23,714 24,954

6,869 7,275 7,652 8,002 8,420
 5,576 5,523 5,826 6,220 6,449
3,736 4,000 4,125 4,355 4,584
4,182 4,391 4,549 4,819 5,053
1,561 1,659 1,646 1,788 1,871
1,004 1,054 1,106 1,162 1,220
1,059 1,132 1,277 1,272 1,351
1,673 1,756 1,783 1,915 2,003
2,509 2,693 2,787 2,933 3,090
48,518 50,889 53,591 56,181 58,995
30,097 31,071 32,877 34,539 36,160

10,705 11,240 11,618 12,328 12,922

- - - - - Debt Schedule
558 605 601 648 681
11,263 11,845 12,219 12,976 13,603
18,834 19,225 20,658 21,563 22,558

6,592 6,729 7,230 7,547 7,895

12,242 12,497 13,428 14,016 14,662

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

29,258 41,663 55,217 69,198 83,926 Cash Flow Statement

17,376 18,319 19,194 20,151 21,179 Cash Conversion Cycle
- - - - - Remains the same
13,868 14,305 15,311 15,925 16,763 Cash Conversion Cycle
32,658 32,658 32,658 32,658 32,658 PPE Schedule
- - - - - Goodwill Schedule
- - - - - Remains the same
93,159 106,944 122,379 137,932 154,526

31,773 33,062 35,069 36,605 38,537 Cash Conversion Cycle

- - - - - Remains the same
- - - - - Debt Schedule
- - - - - Remains the same
31,773 33,062 35,069 36,605 38,537

5,000 5,000 5,000 5,000 5,000 Equity Schedule

56,386 68,882 82,310 96,326 110,989 Equity Schedule
61,386 73,882 87,310 101,326 115,989
93,159 106,944 122,379 137,931 154,526

(0) (0) (0) (0) (0)

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

12,242 12,497 13,428 14,016 14,662

10,705 11,240 11,618 12,328 12,922
- - - - -
(52) 92 (126) 35 (66)
22,999 23,645 25,172 26,309 27,650

(10,705) (11,240) (11,618) (12,328) (12,922)

- - - - -
 - - - - -
(10,705) (11,240) (11,618) (12,328) (12,922)

- - - - -
- - - - -
- - - - -

12,294 12,405 13,554 13,981 14,728

16,964 29,258 41,663 55,217 69,198
29,258 41,663 55,217 69,198 83,926

- - - - -
- - - - -
- - - - -
- - - - -
RockCode (Acquisition)
Minty

USD'000
ACTUAL ACTUAL ACTUAL
CY 2020 CY 2021 CY 2022

Assumptions CY 2020 CY 2021 CY 2022

Income Statement Drivers

Revenue Growth % 21.5% 27.8%

Cost of Sales % of Revenue 33.4% 32.9% 33.7%

Operating Expenses
Salaries and Benefits % of Revenue 11.3% 11.9% 11.5%
Supplies % of Revenue 3.9% 4.1% 4.3%
Hired Services % of Revenue 3.2% 3.4% 3.7%
Repairs and Maintenance % of Revenue 5.0% 5.3% 4.9%
Facility Leases % of Revenue 12.5% 12.9% 12.3%
Equipment Rent % of Revenue 0.0% 0.0% 0.0%
Insurance % of Revenue 0.7% 0.6% 0.8%
Advertising and Marketing % of Revenue 0.0% 0.0% 0.0%
Utilities % of Revenue 3.5% 3.8% 4.1%
Other % of Revenue 5.6% 5.8% 4.2%

Non-operating Expenses
Depreciation & Amortization % of Revenue 14.0% 14.0% 14.0%
Interest
Otner non-operating expense/(income) % of Revenue 1.0% 1.0% 1.2%

Taxes % of Pre-tax income 35.0% 35.0% 35.0%

Debt Schedule

Opening Balance
New Debt
Debt Amortization
Closing Balance

Interest Expense

Debt Repayment Schedule Year Period

Principal Starting Balance - 2020 1
Interest 6.0% 2021 2
Term (years) 7 2022 3
Start Date 1/1/2020 2023 4
2024 5
2025 6
2026 7
2027 8
2028 9
2029 10

Cash Conversion Cycle

Accounts Receivable
Days 365 365 365
Accounts Receivable Days 66 60 59
Revenue 45,860 55,720 71,210
Average Balance 8,255 9,142 11,424
Opening Balance 8,255 10,030
Closing Balance 8,255 10,030 12,818

Inventory
Days 365 365 365
Inventory Days 1,638 1,395 1,328
Supplies (IS) 1,789 2,296 3,062
Average Balance 8,026 8,777 11,137
Opening Balance 8,026 9,528
Closing Balance 8,026 9,528 12,747

Accounts Payable
Days 365 365 365
Accounts Payable Days 220 194 199
Operating Expenses (IS) 20,958 26,645 32,614
Average Balance 12,612 14,162 17,790
Opening Balance 12,612 15,713
Closing Balance 12,612 15,713 19,868

Net Working Capital 3,669 3,845 5,697

Change in Net Working Capital 176 1,852

Property, Plant & Equipment

PPE Opening Balance 62,844 63,159

Depreciation (7,801) (9,969)
CAPEX 8,116 5,977
PPE Closing Balance 62,844 63,159 59,167

Goodwill

Goodwill OB - -
Acquisitions
Goodwill Closing Balance - - -

Equity Schedule

Equity OB 5,000 5,000

Issued Equity
Equity CB 5,000 5,000 5,000

Retained Earnings OB 72,816 74,366

Current Result 1,550 2,453
Dividend Payments
Retained Earnings CB 72,816 74,366 76,819

Income Statement CY 2020 CY 2021 CY 2022

Reveneue 45,860 55,720 71,210

Cost of Sales 15,317 18,332 23,998
Gross Profit 30,543 37,388 47,212

Expenses
Salaries and Benefits 5,182 6,631 8,189
Supplies 1,789 2,296 3,062
Hired Services 1,468 1,894 2,635
Repairs and Maintenance 2,293 2,953 3,489
Facility Leases 5,733 7,188 8,759
Equipment Rent - - -
Insurance 321 334 570
Advertising and Marketing - - -
Utilities 1,605 2,117 2,920
Other 2,568 3,232 2,991
Total Operating Expenses 20,958 26,645 32,614
EBITDA 9,585 10,743 14,598
EBITDA Margin %

Depreciation & Amortization 6,420 7,801 9,969

Interest - - -
Otner non-operating income 459 557 855
Total Non-Operating Expenses 6,879 8,358 10,824
Earnings Before Tax 2,706 2,385 3,774

Taxes 947 835 1,321

Net Earnings 1,759 1,550 2,453
Profit Margin %

Balance Sheet CY 2020 CY 2021 CY 2022

Assets
Cash & Cash equivalents 11,303 12,363 16,956
Accounts Receivable 8,255 10,030 12,818
Intercompany Receivables - - -
Inventory 8,026 9,528 12,747
Property, Plant & Equipment 62,844 63,159 59,167
Goodwill - - -
Investments - - -
Total Assets 90,428 95,079 101,687

Liabilities
Accounts Payable 12,612 15,713 19,868
Intercompany Payables - - -
Debt - - -
Other Liabilities - - -
Total Liabilities 12,612 15,713 19,868
Shareholder's Equity
Equity Capital 5,000 5,000 5,000
Retained Earnings 72,816 74,366 76,819
Shareholder's Equity 77,816 79,366 81,819
Total Liabilities & Shareholder's Equity 90,428 95,079 101,687

Check (0) (0) (0)

Cash Flow Statement CY 2020 CY 2021 CY 2022

Operating Cash Flow
Net Earnings 1,759 1,550 2,453
Plus: Depreciation & Amortization 6,420 7,801 9,969
Plus: Interest - - -
Less: Changes in Working Capital 3,669 176 1,852
Cash from Operations 4,510 9,175 10,570

Investing Cash Flow

Investments in Property & Equipment (17,894) (8,116) (5,977)
Acquisition of Goodwill - - -
Investment in subs - - -
Dividends Income / (Payment) - - -
Cash from Investing (17,894) (8,116) (5,977)

Financing Cash Flow

Issuance (repayment) of debt - - -
Issuance (repayment) of equity - - -
Cash from Financing - - -

Net Increase (decrease) in Cash (13,384) 1,059 4,593

Opening Cash Balance 24,687 11,303 12,363
Closing Cash Balance 11,303 12,363 16,956

Check Cash - - -
Check NI - - -
Check DA - - -
Check Interest - - -
FORECAST FORECAST FORECAST FORECAST FORECAST
CY 2023 CY 2024 CY 2025 CY 2026 CY 2027 Notes

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

5.0% 5.0% 5.0% 5.0% 5.0%

33.3% 33.3% 33.4% 33.4% 33.4% Moving average (3)

11.6% 11.7% 11.6% 11.6% 11.6% Moving average (3)

4.1% 4.2% 4.2% 4.2% 4.2% Moving average (3)
3.4% 3.5% 3.5% 3.5% 3.5% Moving average (3)
5.1% 5.1% 5.0% 5.1% 5.1% Moving average (3)
12.6% 12.6% 12.5% 12.5% 12.5% Moving average (3)
0.0% 0.0% 0.0% 0.0% 0.0% Moving average (3)
0.7% 0.7% 0.7% 0.7% 0.7% Moving average (3)
0.0% 0.0% 0.0% 0.0% 0.0% Moving average (3)
3.8% 3.9% 3.9% 3.9% 3.9% Moving average (3)
5.2% 5.1% 4.8% 5.0% 5.0% Moving average (3)

14.0% 14.0% 14.0% 14.0% 14.0% Moving average (3)

Debt Schedule
1.1% 1.1% 1.1% 1.1% 1.1% Moving average (3)

35.0% 35.0% 35.0% 35.0% 35.0%

- - - - -
- - - - - New Debt Assumptions here
- - - - -
- - - - -

- - - - -

OB Repayment Interest Principal CB

- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -

365 365 365 365 365

61 60 60 60 60
 74,771 78,509 82,435 86,556 90,884
12,574 12,893 13,541 14,330 14,967
12,818 12,330 13,456 13,627 15,032
12,330 13,456 13,627 15,032 14,902

365 365 365 365 365

1,454 1,392 1,391 1,412 1,399
3,071 3,278 3,457 3,600 3,795
12,229 12,504 13,177 13,929 14,543
12,747 11,711 13,297 13,057 14,800
11,711 13,297 13,057 14,800 14,286

365 365 365 365 365

204 199 201 201 200
34,723 36,653 38,175 40,230 42,253
19,431 19,995 21,003 22,198 23,204
19,868 18,993 20,997 21,010 23,385
18,993 20,997 21,010 23,385 23,022

5,047 5,756 5,675 6,447 6,165

(650) 709 (82) 772 (281)

59,167 59,167 59,167 59,167 59,167

(10,468) (10,991) (11,541) (12,118) (12,724)
10,468 10,991 11,541 12,118 12,724
59,167 59,167 59,167 59,167 59,167

- - - - -

- - - - -

5,000 5,000 5,000 5,000 5,000

- - - - -
5,000 5,000 5,000 5,000 5,000

76,819 79,327 81,834 84,580 87,430

2,508 2,507 2,746 2,850 2,974
- - - - -
79,327 81,834 84,580 87,430 90,405

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

74,771 78,509 82,435 86,556 90,884

24,924 26,152 27,573 28,879 30,332
49,847 52,357 54,862 57,677 60,552

8,648 9,151 9,541 10,039 10,551

3,071 3,278 3,457 3,600 3,795
 2,567 2,757 2,925 3,027 3,198
3,788 3,995 4,137 4,378 4,594
9,396 9,883 10,292 10,860 11,397
- - - - -
523 550 605 616 650
- - - - -
2,841 3,062 3,242 3,356 3,548
3,888 3,978 3,975 4,353 4,520
34,723 36,653 38,175 40,230 42,253
15,124 15,704 16,687 17,447 18,299

10,468 10,991 11,541 12,118 12,724

- - - - - Debt Schedule
798 855 922 945 999
11,265 11,846 12,463 13,063 13,723
3,858 3,857 4,224 4,385 4,576

1,350 1,350 1,479 1,535 1,601

2,508 2,507 2,746 2,850 2,974

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

20,113 21,911 24,739 26,817 30,072 Cash Flow Statement

12,330 13,456 13,627 15,032 14,902 Cash Conversion Cycle
- - - - - Remains the same
11,711 13,297 13,057 14,800 14,286 Cash Conversion Cycle
59,167 59,167 59,167 59,167 59,167 PPE Schedule
- - - - - Goodwill Schedule
- - - - - Remains the same
103,321 107,831 110,590 115,816 118,427

18,993 20,997 21,010 23,385 23,022 Cash Conversion Cycle

- - - - - Remains the same
- - - - - Debt Schedule
- - - - - Remains the same
18,993 20,997 21,010 23,385 23,022

5,000 5,000 5,000 5,000 5,000 Equity Schedule

79,327 81,834 84,580 87,430 90,405 Equity Schedule
84,327 86,834 89,580 92,430 95,405
103,321 107,831 110,590 115,816 118,427

(0) (0) (0) (0) (0)

CY 2023 CY 2024 CY 2025 CY 2026 CY 2027

2,508 2,507 2,746 2,850 2,974

10,468 10,991 11,541 12,118 12,724
- - - - -
(650) 709 (82) 772 (281)
13,625 12,790 14,368 14,196 15,979

(10,468) (10,991) (11,541) (12,118) (12,724)

- - - - -
 - - - - -
(10,468) (10,991) (11,541) (12,118) (12,724)

- - - - -
- - - - -
- - - - -

3,157 1,798 2,827 2,078 3,255

16,956 20,113 21,911 24,739 26,817
20,113 21,911 24,739 26,817 30,072

- - - - -
- - - - -
- - - - -
- - - - -
RockCode Distributions
Target Acquisition

USD'000

Purchase Price 45,000

At Close 15,000
Deferred Purchase Price 30,000 $10m in each of CY2024, CY2025 & CY2026

FY2020 FY2021 FY2022

Income Statement FY2020 FY2021 FY2022

Reveneue 45,860 55,720 71,210
Cost of Sales 15,317 18,332 23,998
Gross Profit 30,543 37,388 47,212

Expenses
Salaries and Benefits 5,182 6,631 8,189
Materials 1,789 2,296 3,062
External Services 1,468 1,894 2,635
Maintenance 2,293 2,953 3,489
Rent Expenses 5,733 7,188 8,759
Insurance 321 334 570
Utilities & Servicing 1,605 2,117 2,920
Other Expenses 2,568 3,232 2,991
Total Operating Expenses 20,958 26,645 32,614
EBITDA 9,585 10,743 14,598

Depreciation & Amortization 6,420 7,801 9,969

Interest - - -
Otner non-operating expenses 459 557 855
Total Non-Operating Expenses 6,879 8,358 10,824
Earnings Before Tax 2,706 2,385 3,774

Taxes 947 835 1,321

Net Earnings 1,759 1,550 2,453

Balance Sheet FY2020 FY2021 FY2022

Assets
Cash & Cash equivalents 11,303 12,363 16,956
Accounts Receivable 8,255 10,030 12,818
Inventory 8,026 9,528 12,747
Property, Plant & Equipment 62,844 63,159 59,167
Total Assets 90,428 95,079 101,687

Liabilities
Accounts Payable 12,612 15,713 19,868
Total Liabilities 12,612 15,713 19,868
Shareholder's Equity
Equity Capital 5,000 5,000 5,000
Retained Earnings 72,816 74,366 76,819
Shareholder's Equity 77,816 79,366 81,819
Total Liabilities & Shareholder's Equity 90,428 95,079 101,687

Check (0) (0) (0)

Cash Flow Statement FY2020 FY2021 FY2022
Operating Cash Flow
Net Earnings 1,759 1,550 2,453
Plus: Depreciation & Amortization 6,420 7,801 9,969
Less: Changes in Working Capital 3,669 176 1,852
Cash from Operations 4,510 9,175 10,570

Investing Cash Flow

Investments in Property & Equipment (17,894) (8,116) (5,977)
Cash from Investing (17,894) (8,116) (5,977)

Net Increase (decrease) in Cash (13,384) 1,059 4,593

Opening Cash Balance 24,687 11,303 12,363
Closing Cash Balance 11,303 12,363 16,956

Check Cash - - -
Check NI - - -
Check DA - - -
Minty Holding
Minty Group Entity

USD'000

FY2020 FY2021 FY2022

Income Statement FY2020 FY2021 FY2022

Reveneue - - -
Cost of Sales - - -
Gross Profit - - -

Expenses
Salaries and Benefits 13,475 14,098 15,423
Supplies 724 807 924
Hired Services 2,895 3,172 3,415
Repairs and Maintenance 241 294 236
Facility Leases 501 568 516
Equipment Rent 93 117 86
Insurance 130 117 172
Advertising and Marketing 223 215 301
Utilities 74 98 64
Other 204 94 344
Total Operating Expenses 18,560 19,581 21,480
EBITDA (18,560) (19,581) (21,480)
EBITDA Margin %

Depreciation & Amortization 226 258 271

Interest 9,000 8,317 7,593
Otner non-operating income (50,000) - -
Total Non-Operating Expenses (40,774) 8,575 7,864
Earnings Before Tax 22,214 (28,156) (29,345)

Taxes 7,775 - -
Net Earnings 14,439 (28,156) (29,345)
Profit Margin %

Balance Sheet FY2020 FY2021 FY2022

Assets
Cash & Cash equivalents 17,791 (22,247) (63,545)
Accounts Receivable - - -
Intercompany Receivables 51,400 51,400 51,400
Inventory - - -
Property, Plant & Equipment 1,520 1,798 1,820
Goodwill 125,700 125,700 125,700
Investments 15,000 15,000 15,000
Total Assets 211,411 171,651 130,375

Liabilities
Accounts Payable 8,352 8,811 9,666
Intercompany Payables - - -
Debt 138,620 126,557 113,770
Other Liabilities - - -
Total Liabilities 146,972 135,368 123,436
Shareholder's Equity
Equity Capital 50,000 50,000 50,000
Retained Earnings 14,439 (13,717) (43,061)
Shareholder's Equity 64,439 36,283 6,939
Total Liabilities & Shareholder's Equity 211,411 171,651 130,375

Check - - -

Cash Flow Statement FY2020 FY2021 FY2022

Operating Cash Flow
Net Earnings 14,439 (28,156) (29,345)
Plus: Depreciation & Amortization 226 258 271
Plus: Interest 9,000 8,317 7,593
Less: Changes in Working Capital 43,048 (459) (855)
Cash from Operations (19,383) (19,121) (20,625)

Investing Cash Flow

Investments in Property & Equipment (1,746) (536) (293)
Acquisition of Goodwill (125,700) - -
Investment in subs (15,000) - -
Dividends Income / (Payment) 50,000 - -
Cash from Investing (92,446) (536) (293)

Financing Cash Flow

Issuance (repayment) of debt 129,620 (20,380) (20,380)
Issuance (repayment) of equity - - -
Cash from Financing 129,620 (20,380) (20,380)

Net Increase (decrease) in Cash 17,791 (40,038) (41,299)

Opening Cash Balance - 17,791 (22,247)
Closing Cash Balance 17,791 (22,247) (63,545)

Check Cash - - -
Check NI - - -
Check DA - - -
Check Interest - - -
Minty Dev
Minty Group Entity

USD'000

FY2020 FY2021 FY2022

Income Statement FY2020 FY2021 FY2022

Reveneue 282,131 326,602 363,274
Cost of Sales 107,930 132,769 142,864
Gross Profit 174,201 193,833 220,410

Expenses
Salaries and Benefits 60,092 62,667 66,025
Supplies 10,749 11,858 14,618
Hired Services 24,304 26,812 33,051
Repairs and Maintenance 5,796 6,394 7,882
Facility Leases 8,464 9,337 11,510
Equipment Rent 442 487 601
Insurance 996 1,099 1,354
Advertising and Marketing 1,321 1,458 1,797
Utilities 5,400 5,958 7,344
Other 2,781 3,068 3,782
Total Operating Expenses 120,346 129,138 147,965
EBITDA 53,855 64,695 72,445

Depreciation & Amortization 31,461 29,283 31,758

Interest - - -
Otner non-operating expenses 1,391 1,534 1,891
Total Non-Operating Expenses 32,852 30,817 33,649
Earnings Before Tax 21,003 33,878 38,796

Taxes 7,351 11,857 13,579

Net Earnings 13,652 22,021 25,217

Balance Sheet FY2020 FY2021 FY2022

Assets
Cash & Cash equivalents 11,357 16,363 33,673
Accounts Receivable 17,108 19,330 22,164
Intercompany Receivables - - -
Inventory 12,568 16,554 17,723
Property, Plant & Equipment 85,844 98,135 107,349
Total Assets 126,877 150,382 180,909

Liabilities
Accounts Payable 19,793 21,277 26,586
Intercompany Payables 35,800 35,800 35,800
Debt - - -
Total Liabilities 55,593 57,077 62,386
Shareholder's Equity
Equity Capital 5,000 5,000 5,000
Retained Earnings 66,284 88,305 113,522
Shareholder's Equity 71,284 93,305 118,522
Total Liabilities & Shareholder's Equity 126,877 150,382 180,908

Check (0) (0) (0)

Cash Flow Statement FY2020 FY2021 FY2022
Operating Cash Flow
Net Earnings 13,652 22,021 25,217
Plus: Depreciation & Amortization 31,461 29,283 31,758
Plus: Interest - - -
Less: Changes in Working Capital (46,786) 4,724 (1,306)
Cash from Operations 91,899 46,580 58,282

Investing Cash Flow

Investments in Property & Equipment (35,684) (41,574) (40,972)
Dividend payments (50,000) - -
Cash from Investing (85,684) (41,574) (40,972)

Financing Cash Flow

Issuance (repayment) of debt - - -
Issuance (repayment) of equity - - -
Cash from Financing - - -

Net Increase (decrease) in Cash 6,215 5,006 17,310

Opening Cash Balance 5,142 11,357 16,363
Closing Cash Balance 11,357 16,363 33,673

Check Cash - - -
Check NI - - -
Check DA - - -
Check Interest - - -
Minty Pipeline
Minty Group Entity

USD'000

FY2020 FY2021 FY2022

Income Statement FY2020 FY2021 FY2022

Reveneue 62,598 65,540 70,914
Cost of Sales 32,363 32,442 35,670
Gross Profit 30,235 33,098 35,244

Expenses
Salaries and Benefits 10,642 11,142 12,055
Supplies 2,441 2,425 2,482
Hired Services 4,069 4,260 4,609
Repairs and Maintenance 1,377 1,507 1,489
Facility Leases 2,504 2,556 2,907
Equipment Rent 313 459 425
Insurance 313 328 425
Advertising and Marketing 376 328 567
Utilities 1,315 1,245 1,631
Other 438 393 780
Total Operating Expenses 23,787 24,643 27,373
EBITDA 6,448 8,455 7,871

Depreciation & Amortization 5,634 5,899 6,382

Interest 3,120 2,748 2,354
Otner non-operating expenses 501 393 496
Total Non-Operating Expenses 9,255 9,040 9,233
Earnings Before Tax (2,807) (585) (1,361)

Taxes - - -
Net Earnings (2,807) (585) (1,361)

Balance Sheet FY2020 FY2021 FY2022

Assets
Cash & Cash equivalents 52,977 42,332 30,527
Accounts Receivable 7,574 7,734 8,722
Intercompany Receivables - - -
Inventory 4,695 4,653 4,893
Property, Plant & Equipment 37,844 42,135 45,349
Total Assets 103,090 96,854 89,492

Liabilities
Accounts Payable 12,520 13,436 14,396
Intercompany Payables 15,600 15,600 15,600
Debt 45,805 39,238 32,278
Total Liabilities 73,925 68,274 62,273
Shareholder's Equity
Equity Capital 5,000 5,000 5,000
Retained Earnings 24,166 23,581 22,219
Shareholder's Equity 29,166 28,581 27,219
Total Liabilities & Shareholder's Equity 103,091 96,855 89,492

Check 0 0 0
Cash Flow Statement FY2020 FY2021 FY2022
Operating Cash Flow
Net Earnings (2,807) (585) (1,361)
Plus: Depreciation & Amortization 5,634 5,899 6,382
Plus: Interest 3,120 2,748 2,354
Less: Changes in Working Capital (250) (798) 269
Cash from Operations 6,197 8,860 7,107

Investing Cash Flow

Investments in Property & Equipment (15,684) (10,190) (9,596)
Dividend payments - - -
Cash from Investing (15,684) (10,190) (9,596)

Financing Cash Flow

Issuance (repayment) of debt 48,880 (9,315) (9,315)
Issuance (repayment) of equity - - -
Cash from Financing 48,880 (9,315) (9,315)

Net Increase (decrease) in Cash 39,393 (10,645) (11,805)

Opening Cash Balance 13,584 52,977 42,332
Closing Cash Balance 52,977 42,332 30,527

Check Cash - - -
Check NI - 0 0
Check DA - - -
Check Interest - - -
Minty Solids
Minty Group Entity

USD'000

FY2020 FY2021 FY2022

Income Statement FY2020 FY2021 FY2022

Reveneue 135,697 146,281 159,300
Cost of Sales 70,562 78,992 84,429
Gross Profit 65,135 67,289 74,871

Expenses
Salaries and Benefits 16,419 16,969 20,390
Supplies 5,428 6,027 6,691
Hired Services 5,292 4,535 4,779
Repairs and Maintenance 2,850 3,511 3,505
Facility Leases 3,392 3,803 3,823
Equipment Rent 1,221 1,609 1,274
Insurance 814 878 956
Advertising and Marketing 814 731 1,274
Utilities 1,357 1,609 1,434
Other 1,900 2,341 2,390
Total Operating Expenses 39,488 42,012 46,516
EBITDA 25,647 25,277 28,355

Depreciation & Amortization 8,685 9,801 9,717

Interest - - -
Otner non-operating expenses 407 585 478
Total Non-Operating Expenses 9,092 10,386 10,195
Earnings Before Tax 16,555 14,891 18,160

Taxes 5,794 5,212 6,356

Net Earnings 10,761 9,679 11,804

Balance Sheet FY2020 FY2021 FY2022

Assets
Cash & Cash equivalents 5,359 10,473 16,964
Accounts Receivable 13,705 15,945 16,567
Intercompany Receivables - - -
Inventory 11,534 11,849 13,381
Property, Plant & Equipment 22,844 27,159 32,658
Total Assets 53,443 65,426 79,570

Liabilities
Accounts Payable 25,782 28,086 30,426
Intercompany Payables - - -
Debt - - -
Total Liabilities 25,782 28,086 30,426
Shareholder's Equity
Equity Capital 5,000 5,000 5,000
Retained Earnings 22,660 32,339 44,144
Shareholder's Equity 27,660 37,339 49,144
Total Liabilities & Shareholder's Equity 53,442 65,425 79,570

Check (0) (0) (0)

Cash Flow Statement FY2020 FY2021 FY2022
Operating Cash Flow
Net Earnings 10,761 9,679 11,804
Plus: Depreciation & Amortization 8,685 9,801 9,717
Plus: Interest - - -
Less: Changes in Working Capital (543) 250 (185)
Cash from Operations 19,988 19,230 21,707

Investing Cash Flow

Investments in Property & Equipment (21,587) (14,116) (15,216)
Cash from Investing (21,587) (14,116) (15,216)

Financing Cash Flow

Issuance (repayment) of debt - - -
Issuance (repayment) of equity - - -
Cash from Financing - - -

Net Increase (decrease) in Cash (1,599) 5,114 6,490

Opening Cash Balance 6,958 5,359 10,473
Closing Cash Balance 5,359 10,473 16,964

Check Cash - - -
Check NI - - -
Check DA - - -
Check Interest - - -