INCOME STATEMENT SUMMARY YEAR 1 YEAR 2 YEAR 3

Revenue 838 842 846

GP 657 670 682
EBIT 602 613 625
EBITDA 796 798 801
EBT 156 303 347
NPAT 156 303 347

Expenses YEAR 1 YEAR 2 YEAR 3

COGS (180) (172) (164)
G&A Expenses (56) (56) (56)

Key Ratios YEAR 1 YEAR 2 YEAR 3

Gross margin 78% 80% 81%
Operating profit margin 72% 73% 74%
EBITDA margin 95% 95% 95%
EBT margin 19% 36% 41%
NPAT margin 19% 36% 41%

BALANCE SHEET SUMMARY YEAR 1 YEAR 2 YEAR 3

Non-current assets 3,750 3,585 3,430
Current assets 770 968 1,160
Total assets 4,520 4,553 4,590
Total equity 1,388 1,691 2,038
Current liabilities 3,132 688 650
Non-current liabilities - 2,174 1,902

DEBT YEAR 1 YEAR 2 YEAR 3

Short-term debt 398 401 363
IDCP Payables - Current 0 0 0
IDCP Payables - Non-Current 0 0 0
Current LTL (Machinery) 0 272 272
Non-Current LTL (Machinery) 0 2,174 1,902
Current LTL (Civil) 0 0 0
Non-Current LTL (Civil) 0 0 0
Total Debt 398 2,846 2,537

DEBT SERVICE YEAR 1 YEAR 2 YEAR 3

Interest payment - STL 445 46 42
Interest expenses - LTL (Machinery) - 264 237
Interest expenses - LTL (Civil) - - -
STL repayment - - 38
LTL repayment - 272 272
IDCP amortization - - -
Total Debt Service 445 582 588

Key Ratios YEAR 1 YEAR 2 YEAR 3

Current Ratio 0.2x 1.4x 1.8x
Quick Ratio 0.2x 1.4x 1.8x
Debt to capital 69% 63% 55%
Interest coverage ratio 1.4x 13.3x 15.0x
DSCR 1.8x 1.4x 1.4x

CASH FLOW SUMMARY YEAR 1 YEAR 2 YEAR 3

NOCF 52 485 520
NICF (20) (20) (20)
NFCF 323 (269) (309)
Net cash flow 356 196 190
Closing cash balance 356 551 742

CAPITAL BUDGETING METRICS

WACC 10.68%
NPV (BDT Million) 526
IRR 12.2% SOLAR
PBP (Years) 8.1 IRRADIATION
DPBP (Years) 15.6 HOUR
PI 1.1

ROA (20 - Yr Avg.) 7.93%

ROE (20 - Yr Avg.) 11.05% SOLAR
IRRADIATION
BDT Loan for Civil Work - USD M HOUR
Daily SI hour 4h
Operational Days 350 Days
Loan Tenor (Civil) 10 Years
Loan Tenor (Machinery) 10 Years
BDT LOAN
Tariff $0.17 INTEREST RATE
Interest Margin
USD loan margin 4.50%
BDT loan rate 10.1%
SOFR 6 M 5.45%

USD Debt % 0%
BDT Debt % 100% BDT / USD 110.0
BDT LOAN $24.70 USD Mn
Min DSCR 1.3622x LC Retiring Loan 2,717
Min Cash Balance 356 BDT Mn Civil Loan -
Min CR 1.4x Total Loan 2,717
Min QR 1.4x
Avg. Annual GDP Contribution 858 BDT Mn LC Requirement 24.70
Total GDP Contribution (20 yr) 17,157 BDT Mn

Required COD 31-Mar-24

Expected COD 31-Mar-24
Delay 0
LD Charge per day per MW $50
LD Charge per day (32 MW) $1,600
Total LD Charge for delay $0
In LCY -
YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10
850 855 859 863 868 872 876
694 705 716 726 735 744 752
637 648 658 667 675 683 691
803 806 809 812 815 817 820
386 428 466 507 542 582 617
386 428 466 507 542 582 617

YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

(156) (149) (143) (138) (133) (128) (124)
(56) (56) (57) (58) (58) (59) (60)

YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

82% 83% 83% 84% 85% 85% 86%
75% 76% 77% 77% 78% 78% 79%
94% 94% 94% 94% 94% 94% 94%
45% 50% 54% 59% 63% 67% 70%
45% 50% 54% 59% 63% 67% 70%

YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

3,283 3,145 3,026 2,913 2,806 2,704 2,607
1,423 1,679 1,994 2,302 2,682 3,054 3,497
4,706 4,824 5,020 5,215 5,487 5,757 6,104
2,424 2,852 3,318 3,825 4,368 4,950 5,567
652 613 614 575 576 536 537
1,630 1,359 1,087 815 543 272 -

YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

366 327 329 290 292 251 253
0 0 0 0 0 0 0
0 0 0 0 0 0 0
272 272 272 272 272 272 272
1,630 1,359 1,087 815 543 272 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2,268 1,957 1,688 1,377 1,107 795 524

YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

42 37 38 33 33 29 29
209 182 154 127 99 72 45
- - - - - - -
- 39 - 39 - 40 -
272 272 272 272 272 272 272
- - - - - - -
523 530 464 471 405 413 345

YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

2.2x 2.7x 3.2x 4.0x 4.7x 5.7x 6.5x
2.2x 2.7x 3.2x 4.0x 4.7x 5.7x 6.5x
48% 41% 34% 26% 20% 14% 9%
15.2x 17.3x 17.4x 20.1x 20.2x 23.7x 23.8x
1.5x 1.5x 1.7x 1.7x 2.0x 2.0x 2.4x

YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

550 584 614 649 679 714 744
(20) (20) (32) (32) (32) (32) (32)
 (269) (310) (270) (311) (270) (312) (270)
260 254 313 306 377 370 441
1,002 1,256 1,569 1,875 2,252 2,622 3,064

NPV Senstivity to WACC & Initial Utility Factor

NPV WACC
526 10.0% 10.7% 11.5%
3.75 387 144 (124)
4.00 789 526 238
4.25 1,190 909 600

MIN DSCR Loan Tenor

1.4x 10 12 15
3.75 1.4x 1.4x 1.4x
4.00 1.4x 1.4x 1.4x
4.25 1.4x 1.4x 1.4x

MIN DSCR 6M SOFR RATE FOR USD LOAN

1.4x 5.45% 6.00% 6.50%
10.10% 1.4x 1.4x 1.4x
11.10% 1.4x 1.4x 1.4x
12.10% 1.4x 1.4x 1.4x

TK Mn
TK Mn
TK Mn

USD Mn
YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16 YEAR 17
881 885 889 894 898 903 907
761 769 777 784 791 799 806
698 705 712 718 724 730 735
822 825 827 829 832 834 836
652 676 682 689 694 700 705
652 676 682 689 694 476 479

YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16 YEAR 17

(120) (116) (113) (110) (107) (104) (102)
(61) (62) (63) (65) (66) (67) (69)

YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16 YEAR 17

86% 87% 87% 88% 88% 88% 89%
79% 80% 80% 80% 81% 81% 81%
93% 93% 93% 93% 93% 92% 92%
74% 76% 77% 77% 77% 78% 78%
74% 76% 77% 77% 77% 53% 53%

YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16 YEAR 17

2,515 2,431 2,351 2,275 2,202 2,133 2,068
3,971 4,732 5,496 6,262 7,030 7,576 8,123
6,486 7,163 7,847 8,537 9,232 9,709 10,190
6,220 6,896 7,578 8,267 8,961 9,437 9,916
266 267 269 270 271 273 274
- - - - - - -

YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16 YEAR 17

254 256 257 258 260 261 263
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
254 256 257 258 260 261 263

YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16 YEAR 17

29 29 29 30 30 30 30
17 - - - - - -
- - - - - - -
- - - - - - -
272 - - - - - -
- - - - - - -
318 29 29 30 30 30 30

YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16 YEAR 17

14.9x 17.7x 20.5x 23.2x 25.9x 27.8x 29.7x
14.9x 17.7x 20.5x 23.2x 25.9x 27.8x 29.7x
4% 4% 3% 3% 3% 3% 3%
24.0x 24.1x 24.2x 24.2x 24.3x 24.4x 24.4x
2.6x 28.1x 28.1x 28.0x 27.9x 27.8x 27.8x

YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16 YEAR 17

774 793 795 797 799 577 578
(32) (35) (35) (35) (35) (35) (35)
 (270) 1 1 1 1 1 1
471 759 762 764 766 544 544
3,535 4,294 5,056 5,820 6,586 7,130 7,674
 BDT Mn
YEAR 18 YEAR 19 YEAR 20 AVERAGE
912 916 921 879
813 820 826 751
740 745 750 688
838 839 841 820
710 715 719 564
483 486 489 507

YEAR 18 YEAR 19 YEAR 20 AVERAGE

(99) (97) (95) (127)
(71) (73) (75) (62)

YEAR 18 YEAR 19 YEAR 20 AVERAGE

89% 89% 90% 85%
81% 81% 81% 78%
92% 92% 91% 93%
78% 78% 78% 64%
53% 53% 53% 58%
BDT Mn
YEAR 18 YEAR 19 YEAR 20 AVERAGE
2,005 1,946 1,890 2,653
8,669 9,216 9,763 4,518
10,674 11,162 11,652 7,172
10,399 10,885 11,374 6,118
275 277 278 565
- - - 489

YEAR 18 YEAR 19 YEAR 20 AVERAGE

264 265 267 294
0 0 0 -
0 0 0 -
0 0 0 122
0 0 0 489
0 0 0 -
0 0 0 -
264 265 267 905

YEAR 18 YEAR 19 YEAR 20 AVERAGE

30 30 31 54
- - - 70
- - - -
- - - 8
- - - 136
- - - -
30 30 31 268

YEAR 18 YEAR 19 YEAR 20 AVERAGE

31.5x 33.3x 35.1x 14.6x
31.5x 33.3x 35.1x 14.6x
2% 2% 2% 0.2x
24.5x 24.5x 24.5x 20.5x
27.7x 27.6x 27.5x 13.5x

BDT Mn
YEAR 18 YEAR 19 YEAR 20 AVERAGE
578 578 578 622
(35) (35) (35) (30)
 1 1 1 (126)
544 544 545 465
8,218 8,762 9,307 4,084
 YEAR 1 YEAR 2
BDT

CONSOLIDATED STATEMENTS

STATEMENTS OF OPERATIONS YEAR 1 YEAR 2

Revenue 837,760,000 841,948,800

Potential - -
Net revenue 837,760,000 841,948,800
COGS (180,353,955) (171,830,609)
Gross profit 657,406,045 670,118,191

General & Administrative expenses (55,871,791) (55,868,742)

Other operating expenses - (1,000,000)
Operating Income 601,534,254 613,249,449

Interest expenses on short term loan (45,643,255) (45,963,280)

Interest expenses on BDT LC Retiring Term Loan (264,135,835)
Interest expenses on BDT term loan for civil - -
LC Commission & Other epxenses (399,413,324) -
Profit before tax & equity income 156,477,675 303,150,334

Income tax (provision) / benefit - -

Net profit after tax 156,477,675 303,150,334

STATEMENT OF FINANCIAL POSITION YEAR 1 YEAR 2

Accounts receivables 413,141,918 415,207,627

Inventories 246,575 246,575
Advances & Prepayments 1,099,084 1,183,418
Cash & Cash Equivalents 355,626,514 551,488,891
Total current assets 770,114,091 968,126,512

Property, Plant & Equipment 3,354,974,265 3,207,012,318

Other non-current assets 69,435,508 82,491,957
Preliminary expenses 325,258,895 295,742,605
IDCP - -
Total non current assets 3,749,668,668 3,585,246,880

Total assets 4,519,782,759 4,553,373,393

IDCP O/S (Interest Payables) - -

LC Loan 2,717,097,440
Short-term debt 398,209,330 401,001,354
Current portion of LTL (Machinery loan) 271,709,744
Current portion of LTL (Civil Loan) - -
Accounts payables 19,178 19,178
Accrued liabilities 16,259,069 15,617,089
Total current liabilities 3,131,585,017 688,347,365

IDCP O/S (Interest Payables) - -

Non current portion of LTL (Machinery) - 2,173,677,952
Non current portion of LTL (Civil) - -
Total long-term liabilities - 2,173,677,952

Paid Up capital 1,231,720,067 1,231,720,067

Retained Earnings 156,477,675 459,628,009
Total shareholder's equity 1,388,197,742 1,691,348,076
Total liabilities & stockholders' equity 4,519,782,759 4,553,373,393

Check - -

STATEMENT OF CASH FLOW YEAR 1 YEAR 2

Net profit 156,477,675 303,150,334

Add: Depreciation 194,148,839 184,421,788
Less: Change in Net Working Capital (298,209,330) (2,792,024)
Net cash flow by operating activities 52,417,184 484,780,098

CAPEX (20,000,000) (20,000,000)

Net cash in from investing activities (20,000,000) (20,000,000)

Proceeds / (withdrawal) from Equity - -

LC loan (2,717,097,440)
Amortization of IDCP - -
Receipts / (repayment) of LTL (Civil) - -
Receipts / (repayment) of LTL (Machinery) - 2,445,387,696
Receipts / (repayment) of STL 323,209,330 2,792,024
Net cash flow from financing activities 323,209,330 (268,917,720)

Net increase/ (decrease) cash 355,626,514 195,862,377

Opening balance 355,626,514
Closing balance 355,626,514 551,488,891
 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8

ED STATEMENTS

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8

846,158,544 850,389,337 854,641,283 858,914,490 863,209,062 867,525,108

- - - - - -
846,158,544 850,389,337 854,641,283 858,914,490 863,209,062 867,525,108
(163,840,123) (156,349,196) (149,326,993) (142,744,954) (137,656,620) (132,849,470)
682,318,421 694,040,140 705,314,290 716,169,536 725,552,442 734,675,637

(55,969,636) (56,172,969) (56,477,625) (56,882,850) (57,508,246) (58,221,757)

(1,030,000) (1,060,900) (1,092,727) (1,125,509) (1,159,274) (1,194,052)
625,318,785 636,806,271 647,743,939 658,161,177 666,884,922 675,259,828

(41,643,014) (41,915,619) (37,497,797) (37,734,625) (33,215,754) (33,412,432)

(236,693,151) (209,250,467) (181,807,782) (154,365,098) (126,922,414) (99,479,730)
- - - - - -
- - - - - -
346,982,621 385,640,185 428,438,359 466,061,454 506,746,753 542,367,665

- - - - - -
346,982,621 385,640,185 428,438,359 466,061,454 506,746,753 542,367,665

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8

417,283,666 419,370,084 421,466,934 423,574,269 425,692,140 427,820,601

246,575 246,575 246,575 246,575 246,575 246,575
1,188,065 1,192,825 1,197,702 1,202,699 1,207,819 1,213,067
741,667,996 1,002,001,922 1,256,144,404 1,568,922,384 1,875,029,333 2,252,228,168
1,160,386,302 1,422,811,407 1,679,055,615 1,993,945,927 2,302,175,868 2,681,508,411

3,066,702,683 2,933,645,799 2,807,463,208 2,687,796,434 2,574,305,906 2,466,669,952

94,242,761 104,818,485 114,336,637 134,902,973 153,412,676 170,071,408
269,027,465 244,840,882 222,937,150 203,094,773 185,114,067 168,814,993
- - - - - -
3,429,972,910 3,283,305,166 3,144,736,995 3,025,794,180 2,912,832,649 2,805,556,353

4,590,359,211 4,706,116,573 4,823,792,610 5,019,740,107 5,215,008,517 5,487,064,763

- - - - - -

363,309,684 365,688,002 327,145,220 329,211,397 289,787,029 291,502,923

271,709,744 271,709,744 271,709,744 271,709,744 271,709,744 271,709,744
- - - - - -
19,178 19,178 19,178 19,178 19,178 19,178
15,021,701 14,470,304 13,960,508 13,490,119 13,145,886 12,828,318
650,060,307 651,887,228 612,834,650 614,430,438 574,661,838 576,060,163

- - - - - -
1,901,968,208 1,630,258,464 1,358,548,720 1,086,838,976 815,129,232 543,419,488
- - - - - -
1,901,968,208 1,630,258,464 1,358,548,720 1,086,838,976 815,129,232 543,419,488

1,231,720,067 1,231,720,067 1,231,720,067 1,231,720,067 1,231,720,067 1,231,720,067

806,610,630 1,192,250,814 1,620,689,173 2,086,750,627 2,593,497,380 3,135,865,046
2,038,330,696 2,423,970,881 2,852,409,240 3,318,470,694 3,825,217,447 4,367,585,112
4,590,359,211 4,706,116,573 4,823,792,610 5,019,740,107 5,215,008,517 5,487,064,763

- - - - - -

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8

346,982,621 385,640,185 428,438,359 466,061,454 506,746,753 542,367,665

175,273,971 166,667,743 158,568,171 150,942,815 144,961,531 139,276,296
(2,676,073) (2,642,575) (2,611,523) (2,582,721) (2,467,225) (2,451,276)
519,580,518 549,665,353 584,395,008 614,421,547 649,241,060 679,192,685

(20,000,000) (20,000,000) (20,000,000) (32,000,000) (32,000,000) (32,000,000)

(20,000,000) (20,000,000) (20,000,000) (32,000,000) (32,000,000) (32,000,000)

- - - - - -
- - - - - -
- - - - - -
- - - - - -
(271,709,744) (271,709,744) (271,709,744) (271,709,744) (271,709,744) (271,709,744)
(37,691,669) 2,378,318 (38,542,782) 2,066,177 (39,424,367) 1,715,893
(309,401,413) (269,331,426) (310,252,526) (269,643,567) (311,134,111) (269,993,851)

190,179,104 260,333,927 254,142,482 312,777,980 306,106,949 377,198,835

551,488,891 741,667,996 1,002,001,922 1,256,144,404 1,568,922,384 1,875,029,333
741,667,996 1,002,001,922 1,256,144,404 1,568,922,384 1,875,029,333 2,252,228,168
 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14

YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14

871,862,733 876,222,047 880,603,157 885,006,173 889,431,204 893,878,360

- - - - - -
871,862,733 876,222,047 880,603,157 885,006,173 889,431,204 893,878,360
(128,311,577) (124,031,592) (119,998,728) (116,202,752) (112,903,962) (109,796,178)
743,551,156 752,190,455 760,604,429 768,803,421 776,527,242 784,082,182

(59,024,857) (59,919,223) (60,906,742) (61,989,514) (63,199,859) (64,507,324)

(1,229,874) (1,266,770) (1,304,773) (1,343,916) (1,384,234) (1,425,761)
683,296,425 691,004,462 698,392,913 705,469,990 711,943,148 718,149,097

(28,806,771) (28,973,333) (29,138,963) (29,303,712) (29,466,096) (29,627,835)

(72,037,046) (44,594,362) (17,151,678) - - -
- - - - - -
- - - - - -
582,452,608 617,436,767 652,102,272 676,166,278 682,477,052 688,521,262

- - - - - -
582,452,608 617,436,767 652,102,272 676,166,278 682,477,052 688,521,262

YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14

429,959,704 432,109,503 434,270,050 436,441,400 438,623,607 440,816,725

246,575 246,575 246,575 246,575 246,575 246,575
1,218,445 1,223,958 1,229,610 1,235,404 1,241,345 1,247,436
2,622,226,318 3,063,722,861 3,535,011,187 4,294,442,561 5,056,094,154 5,819,879,677
3,053,651,042 3,497,302,897 3,970,757,422 4,732,365,941 5,496,205,681 6,262,190,415

2,364,583,839 2,267,758,873 2,175,921,540 2,088,812,700 2,006,186,819 1,927,811,249

185,064,267 198,557,841 210,702,057 224,631,851 237,168,666 248,451,799
154,035,209 140,628,318 128,462,285 117,418,015 107,388,075 98,275,535
- - - - - -
2,703,683,316 2,606,945,032 2,515,085,882 2,430,862,566 2,350,743,560 2,274,538,583

5,757,334,358 6,104,247,929 6,485,843,304 7,163,228,507 7,846,949,240 8,536,728,997

- - - - - -

251,321,362 252,774,508 254,219,537 255,656,866 257,073,566 258,484,638

271,709,744 271,709,744 - - - -
- - - - - -
19,178 19,178 19,178 19,178 19,178 19,178
12,536,609 12,270,011 12,027,829 11,809,425 11,636,406 11,483,829
535,586,894 536,773,441 266,266,544 267,485,469 268,729,150 269,987,645
12,027.83 11,809.42 11,636.41 11,483.83
- - - - - -
271,709,744 - -
- -
271,709,744 - - - - -

1,231,720,067 1,231,720,067 1,231,720,067 1,231,720,067 1,231,720,067 1,231,720,067

3,718,317,654 4,335,754,421 4,987,856,693 5,664,022,971 6,346,500,024 7,035,021,286
4,950,037,720 5,567,474,488 6,219,576,760 6,895,743,038 7,578,220,090 8,266,741,352
5,757,334,358 6,104,247,929 6,485,843,304 7,163,228,507 7,846,949,240 8,536,728,997

- - - - - -

YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14

582,452,608 617,436,767 652,102,272 676,166,278 682,477,052 688,521,262

133,873,037 128,738,284 123,859,150 119,223,316 115,119,007 111,204,977
(2,436,190) (2,421,910) (2,408,381) (2,395,548) (2,361,167) (2,351,786)
713,889,455 743,753,141 773,553,041 792,994,046 795,234,892 797,374,452

(32,000,000) (32,000,000) (32,000,000) (35,000,000) (35,000,000) (35,000,000)

(32,000,000) (32,000,000) (32,000,000) (35,000,000) (35,000,000) (35,000,000)

- - - - - -
- - - - - -
- - - - - -
- -
(271,709,744) (271,709,744) (271,709,744)
(40,181,561) 1,453,146 1,445,029 1,437,329 1,416,700 1,411,072
(311,891,305) (270,256,598) (270,264,715) 1,437,329 1,416,700 1,411,072

369,998,150 441,496,543 471,288,326 759,431,375 761,651,592 763,785,524

2,252,228,168 2,622,226,318 3,063,722,861 3,535,011,187 4,294,442,561 5,056,094,154
2,622,226,318 3,063,722,861 3,535,011,187 4,294,442,561 5,056,094,154 5,819,879,677
 YEAR 15 YEAR 16 YEAR 17 YEAR 18 YEAR 19

YEAR 15 YEAR 16 YEAR 17 YEAR 18 YEAR 19

898,347,751 902,839,490 907,353,688 911,890,456 916,449,908

- - - - -
898,347,751 902,839,490 907,353,688 911,890,456 916,449,908
(106,873,424) (104,129,945) (101,560,220) (99,158,971) (96,921,172)
791,474,327 798,709,545 805,793,468 812,731,485 819,528,737

(65,914,989) (67,426,143) (69,044,299) (70,773,198) (72,616,828)

(1,468,534) (1,512,590) (1,557,967) (1,604,706) (1,652,848)
724,090,805 729,770,812 735,191,201 740,353,581 745,259,061

(29,788,950) (29,949,462) (30,109,388) (30,268,742) (30,427,540)

- - - - -
- - - - -
- - - - -
694,301,855 699,821,350 705,081,814 710,084,838 714,831,521

- (223,942,832) (225,626,180) (227,227,148) (228,746,087)

694,301,855 475,878,518 479,455,633 482,857,690 486,085,434

YEAR 15 YEAR 16 YEAR 17 YEAR 18 YEAR 19

443,020,809 445,235,913 447,462,093 449,699,403 451,947,900

246,575 246,575 246,575 246,575 246,575
1,253,684 1,260,090 1,266,662 1,273,403 1,280,318
6,585,717,932 7,129,579,870 7,673,633,489 8,217,864,159 8,762,251,090
7,030,239,000 7,576,322,448 8,122,608,819 8,669,083,541 9,215,725,883

1,853,465,539 1,782,940,791 1,716,039,045 1,652,572,701 1,592,363,966

258,606,619 267,745,957 275,971,362 283,374,225 290,036,803
89,992,936 82,461,349 75,609,535 69,373,187 63,694,243
- - - - -
2,202,065,094 2,133,148,097 2,067,619,942 2,005,320,113 1,946,095,012

9,232,304,094 9,709,470,546 10,190,228,761 10,674,403,654 11,161,820,895

- - - - -

259,890,271 261,290,637 262,685,890 264,076,164 265,461,572

- - - - -
- - - - -
19,178 19,178 19,178 19,178 19,178
11,351,438 11,239,005 11,146,334 11,073,263 11,019,662
271,260,887 272,548,821 273,851,403 275,168,605 276,500,412
11,351.44
- - - - -
- - -
- - - -
- - - - -

1,231,720,067 1,231,720,067 1,231,720,067 1,231,720,067 1,231,720,067

7,729,323,140 8,205,201,658 8,684,657,292 9,167,514,982 9,653,600,416
8,961,043,207 9,436,921,725 9,916,377,359 10,399,235,048 10,885,320,483
9,232,304,094 9,709,470,546 10,190,228,761 10,674,403,654 11,161,820,895

- - - - -

YEAR 15 YEAR 16 YEAR 17 YEAR 18 YEAR 19

694,301,855 475,878,518 479,455,633 482,857,690 486,085,434

107,473,489 103,916,997 100,528,155 97,299,829 94,225,101
(2,342,722) (2,333,944) (2,325,422) (2,317,123) (2,309,013)
799,432,622 577,461,571 577,658,367 577,840,396 578,001,522

(35,000,000) (35,000,000) (35,000,000) (35,000,000) (35,000,000)

(35,000,000) (35,000,000) (35,000,000) (35,000,000) (35,000,000)

- - - - -
- - - - -
- - - - -
- - -
- -
1,405,633 1,400,366 1,395,253 1,390,274 1,385,408
1,405,633 1,400,366 1,395,253 1,390,274 1,385,408

765,838,255 543,861,937 544,053,620 544,230,670 544,386,930

5,819,879,677 6,585,717,932 7,129,579,870 7,673,633,489 8,217,864,159
6,585,717,932 7,129,579,870 7,673,633,489 8,217,864,159 8,762,251,090
 YEAR 20

YEAR 20

921,032,158
-
921,032,158
(94,842,056)
826,190,102

(74,579,429)
(1,702,433)
749,908,240

(30,585,790)
-
-
-
719,322,451

(230,183,184)
489,139,266

YEAR 20

454,207,640
246,575
1,287,412
9,306,767,206
9,762,508,833

1,535,244,341
296,033,123
58,520,275
-
1,889,797,739

11,652,306,572

266,842,206
-
-
19,178
10,985,438
277,846,823

-
-
-
-

1,231,720,067
10,142,739,683
11,374,459,749
11,652,306,572

YEAR 20

489,139,266
91,297,273
(2,301,058)
578,135,482

(35,000,000)
(35,000,000)

-
-
-
-
-
1,380,635
1,380,635

544,516,116
8,762,251,090
9,306,767,206
 BDT YEAR 1 YEAR 2
Million

BDT INPUT DATA

INCOME STATEMENT DATA YEAR 1 YEAR 2

Net revenue 838 842
GP 657 670
Operating profit 602 613
EBITDA 796 798
Profit before tax & equity income 156 303
NPAT 156 303

COGS 180 172

G&A Expenses 56 56
Sales & Marketing expenses - 1
Operational expenses 56 57
Interest expenses - STL & LC 445 46
Interest expenses - LTL (Machinery) - 264
Interest expenses - LTL (Civil) - -
Tax expenses (benefit) - -

Depreciation & Amortization 194 184

BALANCE SHEET DATA YEAR 1 YEAR 2

Non-current assets 3,750 3,585
Current assets 770 968
Total assets 4,520 4,553
Total equity 1,388 1,691
Current liabilities 3,132 688
Non-current liabilities - 2,174

PPE 3,355 3,207

Paid Up capital 1,232 1,232
Accumulated earnings 156 460

Inventories 0 0
Accounts receivables 413 415
Advances & Prepayments 356 551

Accounts and other payables 0 0

Accruals 16 16

LC 2,717 -
Short-term debt 398 401
IDCP Payables - Current - -
IDCP Payables - Non-Current - -
Current LTL (Machinery) - 272
Non-Current LTL (Machinery) - 2,174
Current LTL (Civil) - -
Non-Current LTL (Civil) - -

Total current debt 3,115 673

Total Non-current debt - 2,174
Total debt 3,115 2,846
Total capital 4,504 4,538
Working capital (2,361) 280
Net Working Capital 398 401
Capital employed 1,388 3,865
STL repayment - -
IDCP Amortization - -
LTL repayment - 272
Debt service 445 582

CASH FLOW STATEMENT DATA YEAR 1 YEAR 2

NOCF 52 485
NICF (20) (20)
NFCF 323 (269)
Net cash flow 356 196
Closing cash balance 356 551

CAPEX for PPE 20 20

Received/ (paid) short term debt 323 3
Amortization of IDCP - -
Received/ (paid) long term debt - 2,445
Injection/ withdrawal of equity 323 3

ANALYSIS

PROFITABILITY YEAR 1 YEAR 2

Gross margin 78.5% 79.6%
Operating profit margin 71.8% 72.8%
EBITDA margin 95.0% 94.7%
EBT margin 18.7% 36.0%
NPAT margin 18.7% 36.0%
Effective tax rate 0.00% 0.00%

ROE 19.7%
ROA 6.7%
ROCE 23.3%

CHANGES IN PROFITABILITY (% POINTS) YEAR 1 YEAR 2

Gross margin +78.5% +1.1%
Operating profit margin +71.8% +1.0%
EBITDA margin +95.0% -0.2%
EBT margin +18.7% +17.3%
NPAT margin +18.7% +17.3%
Effective tax rate 0.0% 0.0%

ROE +19.7%
ROA +6.7%
ROCE +23.3%

DU-PONT YEAR 1 YEAR 2

Net profit margin 36.0%
Total asset turnover 0.2x
Leverage ratio 2.9x
ROE 19.7%

Margin impact (EBIT / Net Revenue) 73%

Capital structure impact (EBT / EBIT) 49.4%
Tax impact (NPAT / EBT) 100.0%
Volume Impact (Net revenue / Total assets) 0.2x
Leverage equity (Assets / Equity) 2.9x
ROE 19.7%

GROWTH YEAR 1 YEAR 2

Net revenue growth 0.5%
GP growth 1.9%
Operating profit growth 1.9%
EBITDA growth 0.2%
Profit before tax & equity income growth 93.7%
NPAT growth 93.7%
Growth in NOCF 824.8%

TREND YEAR 1 YEAR 2

Net revenue 100.0% 100.5%
GP 100.0% 101.9%
Operating profit 100.0% 101.9%
EBITDA 100.0% 100.2%
Profit before tax & equity income 100.0% 193.7%
NPAT 100.0% 193.7%

BUSINESS RISK YEAR 1 YEAR 2

Degree of operating leverage 3.9x
Degree financial leverage 48.1x
Degree of total leverage 187.5x

LIQUIDITY YEAR 1 YEAR 2

Current ratio 0.2x 1.4x
Quick ratio 0.2x 1.4x
Cash ratio 0.1x 0.8x
Operating cash ratio 0.0x 0.7x

LEVERAGE & SOLVENCY YEAR 1 YEAR 2

Leverage ratio 3.3x 2.9x
Debt ratio 0.7x 0.6x
Debt to equity 2.2x 1.7x
Debt to capital 0.7x 0.6x
Interest coverage ratio 1.4x 13.3x
DSCR 1.8x 1.4x

EFFICIENCY YEAR 1 YEAR 2

Accounts receivable turnover 2.0x 2.0x
Inventory turnover 731.4x 696.9x
Accounts payables turnover 9404.2x 8959.7x
Working Capital turnover -0.4x -0.8x
Fixed assets turnover 0.2x 0.2x
Tangible assets turnover 0.2x 0.3x
Total asset turnover 0.2x 0.2x
Equity turnover 0.6x 0.5x

DAYS RATIO YEAR 1 YEAR 2

Annual days 365 365
Days sales outstanding (DSO) 180 180
Days inventory outstanding (DIO) 0 1
Days of Advances 30 30
Days of Arrears 30 30
Days payables outstanding (DPO) 0 0
Cash conversion cycle (CCC) 180 180

SUSTAINABILITY YEAR 1 YEAR 2

Payout ratio 0.0%
Retention ratio 100.0%
ROE 19.7%
Sustainable growth 19.7%
CAPITAL BUDGETING YEAR 0 YEAR 1 YEAR 2
Period - 1 2

Operating Cash Flow 52 485

Less: CAPEX (20) (20)
Project Cost (3,924)
Fixed Asset Retirement (50% of Closing balance)
Recovery of Working Capital
Working Capital Investment (100)
Total Cash Flow (4,024) 32 465
Discounted Cash Flow (4,024) 29 379

Cumulative Cash Flow (4,024) (3,991) (3,527)

Cumulative Discounted Cash Flow (4,024) (3,995) (3,615)

Cost of LT Debt (USD) 10.33%

Cost of LT Debt (BDT) 10.49%
Cost of ST Debt 11.46%
Weighted Average cost of Debt 10.52%
Cost of Equity 11.06%

WACC 10.7%

NPV 526.30 4,550 1,758.02

IRR 12.2% 1,276
PBP 8.13 482
DPBP 15.56
PI 1.13

CONTRIBUTION TO GDP (BDT million) AVERAGE YEAR 1 YEAR 2

Net Revenue 879 838 842

Intercompany Transactions
Cost of Raw materials (1) (1) (1)
Utilities (2) (2) (2)
Stores & Spares (1) (1) (1)
Maintenance (3) (2) (2)
Insurance & Tax (10) (10) (10)
Printing & Stationary (1) (1) (1)
Telephone & Others (1) (1) (1)
Travel & Allowances (1) (1) (1)
Capacity Testing (1) 0 (1)
Contribution to GDP 858 819 822
Total Contribution to GDP in 20 years 17,157
 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9

PUT DATA

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9

846 850 855 859 863 868 872
682 694 705 716 726 735 744
625 637 648 658 667 675 683
801 803 806 809 812 815 817
347 386 428 466 507 542 582
347 386 428 466 507 542 582

164 156 149 143 138 133 128

56 56 56 57 58 58 59
1 1 1 1 1 1 1
57 57 58 58 59 59 60
42 42 37 38 33 33 29
237 209 182 154 127 99 72
- - - - - - -
- - - - - - -

175 167 159 151 145 139 134

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9

3,430 3,283 3,145 3,026 2,913 2,806 2,704
1,160 1,423 1,679 1,994 2,302 2,682 3,054
4,590 4,706 4,824 5,020 5,215 5,487 5,757
2,038 2,424 2,852 3,318 3,825 4,368 4,950
650 652 613 614 575 576 536
1,902 1,630 1,359 1,087 815 543 272

3,067 2,934 2,807 2,688 2,574 2,467 2,365

1,232 1,232 1,232 1,232 1,232 1,232 1,232
807 1,192 1,621 2,087 2,593 3,136 3,718

0 0 0 0 0 0 0
417 419 421 424 426 428 430
742 1,002 1,256 1,569 1,875 2,252 2,622

0 0 0 0 0 0 0
15 14 14 13 13 13 13

- - - - - - -
363 366 327 329 290 292 251
- - - - - - -
- - - - - - -
272 272 272 272 272 272 272
1,902 1,630 1,359 1,087 815 543 272
- - - - - - -
- - - - - - -

635 637 599 601 561 563 523

1,902 1,630 1,359 1,087 815 543 272
2,537 2,268 1,957 1,688 1,377 1,107 795
4,575 4,692 4,810 5,006 5,202 5,474 5,745
510 771 1,066 1,380 1,728 2,105 2,518
404 406 409 412 414 416 419
3,940 4,054 4,211 4,405 4,640 4,911 5,222
38 - 39 - 39 - 40
- - - - - - -
272 272 272 272 272 272 272
 588 523 530 464 471 405 413

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9

520 550 584 614 649 679 714
(20) (20) (20) (32) (32) (32) (32)
(309) (269) (310) (270) (311) (270) (312)
190 260 254 313 306 377 370
742 1,002 1,256 1,569 1,875 2,252 2,622

20 20 20 32 32 32 32
(38) 2 (39) 2 (39) 2 (40)
- - - - - - -
(272) (272) (272) (272) (272) (272) (272)
(38) 2 (39) 2 (39) 2 (40)

ANALYSIS

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9

80.6% 81.6% 82.5% 83.4% 84.1% 84.7% 85.3%
73.9% 74.9% 75.8% 76.6% 77.3% 77.8% 78.4%
94.6% 94.5% 94.3% 94.2% 94.0% 93.9% 93.7%
41.0% 45.3% 50.1% 54.3% 58.7% 62.5% 66.8%
41.0% 45.3% 50.1% 54.3% 58.7% 62.5% 66.8%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

18.6% 17.3% 16.2% 15.1% 14.2% 13.2% 12.5%

7.6% 8.3% 9.0% 9.5% 9.9% 10.1% 10.4%
16.0% 15.9% 15.7% 15.3% 14.7% 14.1% 13.5%

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9

+1.0% +1.0% +0.9% +0.9% +0.7% +0.6% +0.6%
+1.1% +1.0% +0.9% +0.8% +0.6% +0.6% +0.5%
-0.1% -0.1% -0.1% -0.1% -0.2% -0.2% -0.2%
+5.0% +4.3% +4.8% +4.1% +4.4% +3.8% +4.3%
+5.0% +4.3% +4.8% +4.1% +4.4% +3.8% +4.3%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

-1.1% -1.3% -1.0% -1.1% -0.9% -0.9% -0.7%

+0.9% +0.7% +0.7% +0.5% +0.4% +0.2% +0.2%
-7.3% -0.1% -0.3% -0.4% -0.5% -0.6% -0.7%

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9

41.0% 45.3% 50.1% 54.3% 58.7% 62.5% 66.8%
0.2x 0.2x 0.2x 0.2x 0.2x 0.2x 0.2x
2.5x 2.1x 1.8x 1.6x 1.4x 1.3x 1.2x
18.6% 17.3% 16.2% 15.1% 14.2% 13.2% 12.5%

74% 75% 76% 77% 77% 78% 78%

55.5% 60.6% 66.1% 70.8% 76.0% 80.3% 85.2%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
0.2x 0.2x 0.2x 0.2x 0.2x 0.2x 0.2x
2.5x 2.1x 1.8x 1.6x 1.4x 1.3x 1.2x
18.6% 17.3% 16.2% 15.1% 14.2% 13.2% 12.5%

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9

0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
1.8% 1.7% 1.6% 1.5% 1.3% 1.3% 1.2%
2.0% 1.8% 1.7% 1.6% 1.3% 1.3% 1.2%
 0.4% 0.4% 0.4% 0.3% 0.3% 0.3% 0.3%
14.5% 11.1% 11.1% 8.8% 8.7% 7.0% 7.4%
14.5% 11.1% 11.1% 8.8% 8.7% 7.0% 7.4%
7.2% 5.8% 6.3% 5.1% 5.7% 4.6% 5.1%

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9

101.0% 101.5% 102.0% 102.5% 103.0% 103.6% 104.1%
103.8% 105.6% 107.3% 108.9% 110.4% 111.8% 113.1%
104.0% 105.9% 107.7% 109.4% 110.9% 112.3% 113.6%
100.6% 101.0% 101.3% 101.7% 102.0% 102.4% 102.7%
221.7% 246.5% 273.8% 297.8% 323.8% 346.6% 372.2%
221.7% 246.5% 273.8% 297.8% 323.8% 346.6% 372.2%

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9

3.9x 3.7x 3.4x 3.2x 2.7x 2.5x 2.4x
7.3x 6.1x 6.5x 5.5x 6.6x 5.6x 6.2x
28.9x 22.3x 22.2x 17.6x 17.5x 14.1x 14.8x

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9

1.8x 2.2x 2.7x 3.2x 4.0x 4.7x 5.7x
1.8x 2.2x 2.7x 3.2x 4.0x 4.7x 5.7x
1.1x 1.5x 2.0x 2.6x 3.3x 3.9x 4.9x
0.8x 0.8x 1.0x 1.0x 1.1x 1.2x 1.3x

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9

2.5x 2.1x 1.8x 1.6x 1.4x 1.3x 1.2x
0.6x 0.5x 0.4x 0.3x 0.3x 0.2x 0.1x
1.2x 0.9x 0.7x 0.5x 0.4x 0.3x 0.2x
0.6x 0.5x 0.4x 0.3x 0.3x 0.2x 0.1x
15.0x 15.2x 17.3x 17.4x 20.1x 20.2x 23.7x
1.4x 1.5x 1.5x 1.7x 1.7x 2.0x 2.0x

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9

2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x
664.5x 634.1x 605.6x 578.9x 558.3x 538.8x 520.4x
8543.1x 8152.5x 7786.3x 7443.1x 7177.8x 6927.2x 6690.5x
2.1x 1.3x 0.9x 0.7x 0.6x 0.5x 0.4x
0.2x 0.3x 0.3x 0.3x 0.3x 0.3x 0.3x
0.3x 0.3x 0.3x 0.3x 0.3x 0.3x 0.4x
0.2x 0.2x 0.2x 0.2x 0.2x 0.2x 0.2x
0.5x 0.4x 0.3x 0.3x 0.2x 0.2x 0.2x

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9

365 365 365 365 365 365 365
180 180 180 180 180 180 180
1 1 1 1 1 1 1
30 30 30 30 30 30 30
30 30 30 30 30 30 30
0 0 0 0 0 0 0
180 180 180 180 180 180 180

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
18.6% 17.3% 16.2% 15.1% 14.2% 13.2% 12.5%
18.6% 17.3% 16.2% 15.1% 14.2% 13.2% 12.5%
 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9
3 4 5 6 7 8 9

520 550 584 614 649 679 714

(20) (20) (20) (32) (32) (32) (32)

500 530 564 582 617 647 682

368 353 340 317 303 287 274

(3,027) (2,497) (1,933) (1,351) (733) (86) 596

(3,247) (2,894) (2,554) (2,237) (1,934) (1,646) (1,373)

12,757,000 13 138

YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9

846 850 855 859 863 868 872

(1) (1) (1) (1) (1) (1) (1)

(2) (2) (2) (2) (2) (2) (2)
(1) (1) (1) (1) (1) (1) (1)
(2) (2) (2) (2) (3) (3) (3)
(10) (10) (10) (10) (10) (10) (10)
(1) (1) (1) (1) (1) (1) (1)
(1) (1) (1) (1) (1) (1) (1)
(1) (1) (1) (1) (1) (1) (1)
(1) (1) (1) (1) (1) (1) (1)
826 830 834 838 843 847 851
YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16

YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16

876 881 885 889 894 898 903
752 761 769 777 784 791 799
691 698 705 712 718 724 730
820 822 825 827 829 832 834
617 652 676 682 689 694 700
617 652 676 682 689 694 476

124 120 116 113 110 107 104

60 61 62 63 65 66 67
1 1 1 1 1 1 2
61 62 63 65 66 67 69
29 29 29 29 30 30 30
45 17 - - - - -
- - - - - - -
- - - - - - 224

129 124 119 115 111 107 104

YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16

2,607 2,515 2,431 2,351 2,275 2,202 2,133
3,497 3,971 4,732 5,496 6,262 7,030 7,576
6,104 6,486 7,163 7,847 8,537 9,232 9,709
5,567 6,220 6,896 7,578 8,267 8,961 9,437
537 266 267 269 270 271 273
- - - - - - -

2,268 2,176 2,089 2,006 1,928 1,853 1,783

1,232 1,232 1,232 1,232 1,232 1,232 1,232
4,336 4,988 5,664 6,347 7,035 7,729 8,205

0 0 0 0 0 0 0
432 434 436 439 441 443 445
3,064 3,535 4,294 5,056 5,820 6,586 7,130

0 0 0 0 0 0 0
12 12 12 12 11 11 11

- - - - - - -
253 254 256 257 258 260 261
- - - - - - -
- - - - - - -
272 - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

524 254 256 257 258 260 261

- - - - - - -
524 254 256 257 258 260 261
6,092 6,474 7,151 7,835 8,525 9,221 9,698
2,961 3,704 4,465 5,227 5,992 6,759 7,304
421 424 426 428 431 433 435
5,567 6,220 6,896 7,578 8,267 8,961 9,437
- - - - - - -
- - - - - - -
272 272 - - - - -
 345 318 29 29 30 30 30

YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16

744 774 793 795 797 799 577
(32) (32) (35) (35) (35) (35) (35)
(270) (270) 1 1 1 1 1
441 471 759 762 764 766 544
3,064 3,535 4,294 5,056 5,820 6,586 7,130

32 32 35 35 35 35 35
1 1 1 1 1 1 1
- - - - - - -
(272) (272) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
1 1 1 1 1 1 1

YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16

85.8% 86.4% 86.9% 87.3% 87.7% 88.1% 88.5%
78.9% 79.3% 79.7% 80.0% 80.3% 80.6% 80.8%
93.6% 93.4% 93.2% 93.0% 92.8% 92.6% 92.3%
70.5% 74.1% 76.4% 76.7% 77.0% 77.3% 77.5%
70.5% 74.1% 76.4% 76.7% 77.0% 77.3% 52.7%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 32.00%

11.7% 11.1% 10.3% 9.4% 8.7% 8.1% 5.2%

10.4% 10.4% 9.9% 9.1% 8.4% 7.8% 5.0%
12.8% 11.9% 10.8% 9.8% 9.1% 8.4% 7.9%

YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16

+0.6% +0.5% +0.5% +0.4% +0.4% +0.4% +0.4%
+0.5% +0.4% +0.4% +0.3% +0.3% +0.3% +0.2%
-0.2% -0.2% -0.2% -0.2% -0.2% -0.2% -0.2%
+3.7% +3.6% +2.4% +0.3% +0.3% +0.3% +0.2%
+3.7% +3.6% +2.4% +0.3% +0.3% +0.3% -24.6%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% +32.0%

-0.8% -0.7% -0.8% -0.9% -0.7% -0.6% -2.9%

+0.1% -0.1% -0.5% -0.8% -0.7% -0.6% -2.8%
-0.7% -1.0% -1.1% -0.9% -0.8% -0.7% -0.5%

YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16

70.5% 74.1% 76.4% 76.7% 77.0% 77.3% 52.7%
0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x
1.1x 1.1x 1.0x 1.0x 1.0x 1.0x 1.0x
11.7% 11.1% 10.3% 9.4% 8.7% 8.1% 5.2%

79% 79% 80% 80% 80% 81% 81%

89.4% 93.4% 95.8% 95.9% 95.9% 95.9% 95.9%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 68.0%
0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x
1.1x 1.1x 1.0x 1.0x 1.0x 1.0x 1.0x
11.7% 11.1% 10.3% 9.4% 8.7% 8.1% 5.2%

YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16

0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
1.2% 1.1% 1.1% 1.0% 1.0% 0.9% 0.9%
1.1% 1.1% 1.0% 0.9% 0.9% 0.8% 0.8%
 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
6.0% 5.6% 3.7% 0.9% 0.9% 0.8% 0.8%
6.0% 5.6% 3.7% 0.9% 0.9% 0.8% -31.5%
4.2% 4.0% 2.5% 0.3% 0.3% 0.3% -27.8%

YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16

104.6% 105.1% 105.6% 106.2% 106.7% 107.2% 107.8%
114.4% 115.7% 116.9% 118.1% 119.3% 120.4% 121.5%
114.9% 116.1% 117.3% 118.4% 119.4% 120.4% 121.3%
103.0% 103.3% 103.6% 103.9% 104.2% 104.5% 104.8%
394.6% 416.7% 432.1% 436.1% 440.0% 443.7% 447.2%
394.6% 416.7% 432.1% 436.1% 440.0% 443.7% 304.1%

YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16

2.3x 2.1x 2.0x 1.8x 1.7x 1.7x 1.6x
5.3x 5.3x 3.6x 1.0x 1.0x 1.0x -40.1x
12.0x 11.2x 7.4x 1.9x 1.8x 1.7x -62.9x

YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16

6.5x 14.9x 17.7x 20.5x 23.2x 25.9x 27.8x
6.5x 14.9x 17.7x 20.5x 23.2x 25.9x 27.8x
5.7x 13.3x 16.1x 18.8x 21.6x 24.3x 26.2x
1.4x 2.9x 3.0x 3.0x 3.0x 2.9x 2.1x

YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16

1.1x 1.1x 1.0x 1.0x 1.0x 1.0x 1.0x
0.1x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.1x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.1x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
23.8x 24.0x 24.1x 24.2x 24.2x 24.3x 24.4x
2.4x 2.6x 28.1x 28.1x 28.0x 27.9x 27.8x

YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16

2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x
503.0x 486.7x 471.3x 457.9x 445.3x 433.4x 422.3x
6467.4x 6257.1x 6059.1x 5887.1x 5725.1x 5572.7x 5429.6x
0.3x 0.3x 0.2x 0.2x 0.2x 0.1x 0.1x
0.3x 0.3x 0.4x 0.4x 0.4x 0.4x 0.4x
0.4x 0.4x 0.4x 0.4x 0.5x 0.5x 0.5x
0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x
0.2x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x

YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16

365 365 365 365 365 365 365
180 180 180 180 180 180 180
1 1 1 1 1 1 1
30 30 30 30 30 30 30
30 30 30 30 30 30 30
0 0 0 0 0 0 0
180 180 180 180 180 180 180

YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
11.7% 11.1% 10.3% 9.4% 8.7% 8.1% 5.2%
11.7% 11.1% 10.3% 9.4% 8.7% 8.1% 5.2%
BDT Million BDT Million BDT Million BDT Million BDT Million BDT Million BDT Million
YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16
10 11 12 13 14 15 16

744 774 793 795 797 799 577

(32) (32) (35) (35) (35) (35) (35)

712 742 758 760 762 764 542

258 243 224 203 184 167 107

1,308 2,049 2,807 3,567 4,330 5,094 5,637

(1,115) (872) (648) (445) (260) (94) 13

YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16

876 881 885 889 894 898 903

(1) (1) (1) (1) (1) (1) (1)

(2) (2) (2) (2) (3) (3) (3)
(1) (1) (1) (1) (1) (1) (1)
(3) (3) (3) (3) (3) (3) (3)
(10) (10) (10) (10) (10) (10) (10)
(1) (1) (1) (1) (1) (1) (1)
(1) (1) (1) (1) (1) (1) (1)
(1) (1) (1) (1) (1) (1) (1)
(1) (1) (1) (1) (1) (1) (2)
855 860 864 868 873 877 881
YEAR 17 YEAR 18 YEAR 19 YEAR 20

YEAR 17 YEAR 18 YEAR 19 YEAR 20

907 912 916 921
806 813 820 826
735 740 745 750
836 838 839 841
705 710 715 719
479 483 486 489

102 99 97 95
69 71 73 75
2 2 2 2
71 72 74 76
30 30 30 31
- - - -
- - - -
226 227 229 230

101 97 94 91

YEAR 17 YEAR 18 YEAR 19 YEAR 20

2,068 2,005 1,946 1,890
8,123 8,669 9,216 9,763
10,190 10,674 11,162 11,652
9,916 10,399 10,885 11,374
274 275 277 278
- - - -

1,716 1,653 1,592 1,535

1,232 1,232 1,232 1,232
8,685 9,168 9,654 10,143

0 0 0 0
447 450 452 454
7,674 8,218 8,762 9,307

0 0 0 0
11 11 11 11

- - - -
263 264 265 267
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -

263 264 265 267

- - - -
263 264 265 267
10,179 10,663 11,151 11,641
7,849 8,394 8,939 9,485
438 440 442 445
9,916 10,399 10,885 11,374
- - - -
- - - -
- - - -
 30 30 30 31

YEAR 17 YEAR 18 YEAR 19 YEAR 20

578 578 578 578
(35) (35) (35) (35)
1 1 1 1
544 544 544 545
7,674 8,218 8,762 9,307

35 35 35 35
1 1 1 1
- - - -
#VALUE! - - -
1 1 1 1

YEAR 17 YEAR 18 YEAR 19 YEAR 20

88.8% 89.1% 89.4% 89.7%
81.0% 81.2% 81.3% 81.4%
92.1% 91.9% 91.6% 91.3%
77.7% 77.9% 78.0% 78.1%
52.8% 53.0% 53.0% 53.1%
32.00% 32.00% 32.00% 32.00%

5.0% 4.8% 4.6% 4.4%

4.8% 4.6% 4.5% 4.3%
7.6% 7.3% 7.0% 6.7%

YEAR 17 YEAR 18 YEAR 19 YEAR 20

+0.3% +0.3% +0.3% +0.3%
+0.2% +0.2% +0.1% +0.1%
-0.2% -0.2% -0.3% -0.3%
+0.2% +0.2% +0.1% +0.1%
+0.1% +0.1% +0.1% +0.1%
0.0% 0.0% 0.0% 0.0%

-0.2% -0.2% -0.2% -0.2%

-0.2% -0.2% -0.2% -0.2%
-0.3% -0.3% -0.3% -0.3%

YEAR 17 YEAR 18 YEAR 19 YEAR 20

52.8% 53.0% 53.0% 53.1%
0.1x 0.1x 0.1x 0.1x
1.0x 1.0x 1.0x 1.0x
5.0% 4.8% 4.6% 4.4%

81% 81% 81% 81%

95.9% 95.9% 95.9% 95.9%
68.0% 68.0% 68.0% 68.0%
0.1x 0.1x 0.1x 0.1x
1.0x 1.0x 1.0x 1.0x
5.0% 4.8% 4.6% 4.4%

YEAR 17 YEAR 18 YEAR 19 YEAR 20

0.5% 0.5% 0.5% 0.5%
0.9% 0.9% 0.8% 0.8%
0.7% 0.7% 0.7% 0.6%
 0.2% 0.2% 0.2% 0.2%
0.8% 0.7% 0.7% 0.6%
0.8% 0.7% 0.7% 0.6%
0.0% 0.0% 0.0% 0.0%

YEAR 17 YEAR 18 YEAR 19 YEAR 20

108.3% 108.8% 109.4% 109.9%
122.6% 123.6% 124.7% 125.7%
122.2% 123.1% 123.9% 124.7%
105.0% 105.3% 105.5% 105.7%
450.6% 453.8% 456.8% 459.7%
306.4% 308.6% 310.6% 312.6%

YEAR 17 YEAR 18 YEAR 19 YEAR 20

1.5x 1.4x 1.3x 1.2x
1.0x 1.0x 1.0x 1.0x
1.5x 1.4x 1.3x 1.3x

YEAR 17 YEAR 18 YEAR 19 YEAR 20

29.7x 31.5x 33.3x 35.1x
29.7x 31.5x 33.3x 35.1x
28.0x 29.9x 31.7x 33.5x
2.1x 2.1x 2.1x 2.1x

YEAR 17 YEAR 18 YEAR 19 YEAR 20

1.0x 1.0x 1.0x 1.0x
0.0x 0.0x 0.0x 0.0x
0.0x 0.0x 0.0x 0.0x
0.0x 0.0x 0.0x 0.0x
24.4x 24.5x 24.5x 24.5x
27.8x 27.7x 27.6x 27.5x

YEAR 17 YEAR 18 YEAR 19 YEAR 20

2.0x 2.0x 2.0x 2.0x
411.9x 402.1x 393.1x 384.6x
5295.6x 5170.4x 5053.7x 4945.3x
0.1x 0.1x 0.1x 0.1x
0.4x 0.4x 0.5x 0.5x
0.5x 0.5x 0.6x 0.6x
0.1x 0.1x 0.1x 0.1x
0.1x 0.1x 0.1x 0.1x

YEAR 17 YEAR 18 YEAR 19 YEAR 20

365 365 365 365
180 180 180 180
1 1 1 1
30 30 30 30
30 30 30 30
0 0 0 0
180 180 180 180

YEAR 17 YEAR 18 YEAR 19 YEAR 20

0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0%
5.0% 4.8% 4.6% 4.4%
5.0% 4.8% 4.6% 4.4%
BDT Million BDT Million BDT Million BDT Million
YEAR 17 YEAR 18 YEAR 19 YEAR 20
17 18 19 20

578 578 578 578

(35) (35) (35) (35)

916
445

543 543 543 1,904

97 87 79 250

6,179 6,722 7,265 9,169

110 197 276 526

YEAR 17 YEAR 18 YEAR 19 YEAR 20

907 912 916 921

(1) (1) (1) (1)

(3) (3) (3) (3)
(1) (1) (1) (1)
(3) (3) (3) (3)
(10) (10) (10) (10)
(1) (1) (1) (1)
(1) (1) (1) (1)
(1) (1) (1) (1)
(2) (2) (2) (2)
886 890 894 899
 Histo

Years YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5

Income Statement

Net revenue 837,760 841,949 846,159 850,389 854,641

Revenue Growth 0.50% 0.50% 0.50% 0.50%

COGS 180,354 171,831 163,840 156,349 149,327

COGS Margin 21.53% 20.41% 19.36% 18.39% 17.47%

Gross profit 657,406 670,118 682,318 694,040 705,314

Gross Profit Margin 78.47% 79.59% 80.64% 81.61% 82.53%

General & Administrative ex 55,871.79 55,868.74 55,969.64 56,172.97 56,477.62

Gen and Admin Margin 6.67% 6.64% 6.61% 6.61% 6.61%

EBIDTA 601,534 614,249 626,349 637,867 648,837

Other Operating Expenses - 1,000 1,030 1,061 1,093

Other Operating Income 601,534 613,249 625,319 636,806 647,744

Interest 45,643 310,099 278,336 251,166 219,306

Interest margin 5.45% 36.83% 32.89% 29.54% 25.66%

Depreciation 194,149 184,422 175,274 166,668 158,568

Depreciation Margin 23.17% 21.90% 20.71% 19.60% 18.55%

Earning Before Tax 963,276 731,978 797,027 855,779 917,614

EBT Margin 114.98% 86.94% 94.19% 100.63% 107.37%

Tax - - - - -
Effective tax Rate 0.00% 0.00% 0.00% 0.00% 0.00%

Net Profit 963,276 731,978 797,027 855,779 917,614

No. of Equity Shares 138,820 169,135 203,833 242,397 285,241

Earining Per share 6.94 4.33 3.91 3.53 3.22

DPS
 Histocial Financial Statement

YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12

858,914 863,209 867,525 871,863 876,222 880,603 885,006

0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

142,745 137,657 132,849 128,312 124,032 119,999 116,203

16.62% 15.95% 15.31% 14.72% 14.16% 13.63% 13.13%

716,170 725,552 734,676 743,551 752,190 760,604 768,803

83.38% 84.05% 84.69% 85.28% 85.84% 86.37% 86.87%

56,882.85 57,508.25 58,221.76 59,024.86 59,919.22 60,906.74 61,989.51

6.62% 6.66% 6.71% 6.77% 6.84% 6.92% 7.00%

659,287 668,044 676,454 684,526 692,271 699,698 706,814

1,126 1,159 1,194 1,230 1,267 1,305 1,344

658,161 666,885 675,260 683,296 691,004 698,393 705,470

192,100 160,138 132,892 100,844 73,568 46,291 29,304

22.37% 18.55% 15.32% 11.57% 8.40% 5.26% 3.31%

150,943 144,962 139,276 133,873 128,738 123,859 119,223

17.57% 16.79% 16.05% 15.35% 14.69% 14.07% 13.47%

973,280 1,028,670 1,078,351 1,131,876 1,179,703 1,226,636 1,262,413

113.32% 119.17% 124.30% 129.82% 134.64% 139.29% 142.64%

- - - - - - -
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

973,280 1,028,670 1,078,351 1,131,876 1,179,703 1,226,636 1,262,413

331,847 382,522 436,759 495,004 556,747 621,958 689,574

2.93 2.69 2.47 2.29 2.12 1.97 1.83

YEAR 13 YEAR 14 YEAR 15 Total

889,431 893,878 898,348 13,015,898

0.50% 0.50% 0.50%

112,904 109,796 106,873 2,053,070

12.69% 12.28% 11.90% 0.1577355729

776,527 784,082 791,474 10,962,828

87.31% 87.72% 88.10%

63,199.86 64,507.32 65,914.99 888,436

7.11% 7.22% 7.34%

713,327 719,575 725,559 10,074,392

1,384 1,426 1,469 17,086

711,943 718,149 724,091 10,057,305

29,466 29,628 29,789 1,928,569

3.31% 3.31% 3.32%

115,119 111,205 107,473 2,153,752

12.94% 12.44% 11.96%

1,279,301 1,295,465 1,310,919 16,032,290

143.83% 144.93% 145.93%

- - -
0.00% 0.00% 0.00%

1,279,301 1,295,465 1,310,919 16,032,290

757,822 826,674 896,104

1.69 1.57 1.46