in USD 000 Period 1 Period 2 Period 3 Period 4 Period 5 Period 6

Accounting 750 863 992 1,141 1,312 1,400

Payroll 250 280 315 350 390 470
Tax Advisory 65 75 88 100 115 85
Finanical Reporting 35 35 35 35 35 25
Education 15 17 25 30 30 37
Finanical Advisory 180 202 226 253 283 317
Total Revenues 1,295 1,472 1,681 1,909 2,165 2,334

Subconsultancy Fees 75 75 75 75 75 75

Net Revenues 1,220 1,397 1,606 1,834 2,090 2,259

Salaries 520 572 629 692 761 837

Bonuses 120 142 167 197 233 275
Salaries total 640 714 796 889 994 1,112

Rent 78 78 78 78 78 78
Marketing 75 85 90 110 120 130
Education 22 22 22 22 22 22
Commercial Costs 175 185 190 210 220 230

Commecial Margin 405 498 620 734 876 917

General and Admin costs 15 15 15 15 15 15

Software 28 28 28 28 28 28
Car 35 35 35 35 35 35
Net Bed Debt effects 85 85 85 85 85 85
Representation & Gifts 9 9 9 9 9 9
Insurance & Health 12 12 12 12 12 12
Provisions 5 5 5 5 5 5
General Costs 189 189 189 189 189 189

EBITDA 216 309 431 545 687 728

Depreciation 75 75 75 75 75 75
Interest 25 25 25 25 25 25

Total Costs 1,104 1,163 1,250 1,363 1,478 1,606

Profti before tax 141 234 356 470 612 653

Tax 37 62 94 125 162 173

Net result 104 172 261 346 450 480

Accounting Firm KPIs

Structure (% in Revenues) Period 1 Period 2 Period 3 Period 4 Period 5 Period 6

% Total Costs 85.3% 79.0% 74.4% 71.4% 68.3% 68.8%

% Commecial Costs 13.5% 12.6% 11.3% 11.0% 10.2% 9.9%
% General Costs 14.6% 12.8% 11.2% 9.9% 8.7% 8.1%
% Subconsultancy Fees 5.8% 5.1% 4.5% 3.9% 3.5% 3.2%
% Salaries 49.4% 48.5% 47.4% 46.6% 45.9% 47.6%
% Bonus 9.3% 9.6% 9.9% 10.3% 10.7% 11.8%
% Lease 6.0% 5.3% 4.6% 4.1% 3.6% 3.3%
% Marketing 5.8% 5.8% 5.4% 5.8% 5.5% 5.6%
% Bad Debt net 6.6% 5.8% 5.1% 4.5% 3.9% 3.6%

Profitability Period 1 Period 2 Period 3 Period 4 Period 5 Period 6

Gross Margin Rate 45% 46% 48% 49% 51% 49%

Commercial Margin Rate 31% 34% 37% 38% 40% 39%
EBITDA Rate 16.7% 21.0% 25.6% 28.6% 31.7% 31.2%
EBIT Rate 11% 16% 21% 25% 28% 28%
Net Result Rate 8.0% 11.7% 15.5% 18.1% 20.8% 20.6%
 Sales Cost of engagement

Client 1 1,500 1,300

Client 2 1,200 1,100
Client 3 1,300 1,350
Client 4 750 590
Client 5 880 950
Client 6 750 780
Client 7 478 400
Client 8 750 600
Client 9 780 600
Client 10 650 490
Total 9,038 8,160
35,000
Billab
30,000
140
25,000 120

20,000 100
Total Hours 80
15,000 Billable Hours
60
10,000 40

5,000 20
0
0 Period Period Period
Period 1 Period 2 Period 3 Period 4 Period 5 Period 6 1 2 3

300
P
250
700

200 600
500
150 Churn
Total Clients 400
100 300

200
50
100
0 0
Period 1 Period 2 Period 3 Period 4 Period 5 Period 6 Period 1 Period 2 Peri
 Billable hourly rate USD EBITDA Rat
140 35.0%
120 30.0%
100 25.0%
80 Billable hourly rate USD 20.0%
60
15.0%
40
10.0%
20
5.0%
0
Period Period Period Period Period Period 0.0%
1 2 3 4 5 6 Period 1 Period 2 Period 3 Period 4 Per

2.6
Profti before tax 2.5
700
2.4
600
2.3
500
400 Profti before tax 2.2

300 2.1
200
2
100
1.9
0 Period Period Period Period Period P
Period 1 Period 2 Period 3 Period 4 Period 5 Period 6 1 2 3 4 5
 EBITDA Rate

EBITDA Rate

Period 2 Period 3 Period 4 Period 5 Period 6

Row 102
Services per Client ratio

iod Period Period Period Period

3 4 5 6