3-Statement Modeling Strictly Confidential

Table of Contents Model Checks

Outputs Model Exceeding Operational Capacity? #DIV/0!

Inputs Unused Tax Losses Remaining? #DIV/0!
Model Balance Sheet Unbalanced? No

Model Circularity

Model Circularity 2

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Dashboard: Charts & Graphs

All figures in USD thousands unless stated -0003A -0002A -0001A 0F 1F 2F 3F 4F

Driver Switch

INCOME STATEMENT

Revenue – – – – – – – –

EBITDA – – – – – – – –
EBITDA Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Net Income – – – – – – – –
Net Income Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

CASH FLOW STATEMENT

Operating – – – – – – – –
Investing – – – – – – – –
Financing – – – – – – – –
Change in Cash – – – – – – – –

INCOME STATEMENT CASH FLOW STATEMENT

Revenue EBITDA Margin Net Income Margin 1 Investing Financing Operating Change in Cash
1 1,200.0%

1,000.0%

800.0%

1 600.0% 1

400.0%

200.0%

– – –
-0003A -0002A -0001A 0000A 0001A 0002A 0003A 0004A -0003A -0002A -0001A 0000A 0001A 0002A 0003A 0004A
Drivers

All figures in USD thousands unless stated 0F 1F 2F 3F 4F

Driver Switch 2

Sales Volume Growth – – – – –

Best Case
Base Case
Worst Case

Pricing Increases – – – – –

Best Case
Base Case
Worst Case

Capital Expenditure – – – – –

Best Case
Base Case
Worst Case
Other Inputs

All figures in USD thousands unless stated 0F 1F 2F 3F 4F

Working Capital
Accounts Receivable (Days)
Inventory (Days)
Accounts Payable (Days)

Other Annual Inputs

Inflation Rate
Term Debt Increase / (Decrease)
Common Equity Increase / (Decrease)

Dates Taxes
First Year of Forecast (YYYY) Tax Rate
Days in Period First Year Tax Depreciation
Blended Tax Depreciation Rate
Tax Basis for Assets (End of -1)
Other Single Inputs Tax Losses (End of -1)
Plant Capacity (Units/Day)
Dividend Payout Ratio

Interest Rates Depreciation

Cash Balances First Year Accounting Depreciation
Revolving Credit Line Useful Life: Existing Assets (Years)
Long Term Debt Useful Life: New Assets (Years)
Income Statement

All figures in USD thousands unless stated -3A -2A -1A 0F 1F 2F 3F 4F

Model Running: Base Case Drivers

Inflation

Revenue
COGS
Gross Profit – – – – – – – –

SG&A
Other
EBITDA – – – – – – – –

Depreciation
EBIT – – – – – – – –

Interest Expense
Interest Income
EBT – – – – – – – –

Current Tax
Deferred Tax
Total Tax – – – – – – – –

Net Income – – – – – – – –
Cash Flow Statement

All figures in USD thousands unless stated -3A -2A -1A 0F 1F 2F 3F 4F

Model Running: Base Case Drivers

CASH FROM OPERATING

Net Income
Deferred Taxes
Depreciation
Cash From Accounts Receivable
Cash From Inventory
Cash From Accounts Payable
Subtotal - - - - - - - -

CASH FROM INVESTING

Capital Expenditure
Subtotal - - - - - - - -

CASH FROM FINANCING

Change in Long-Term Debt
Change in Revolving Credit Line
Change in Common Equity
Dividends
Subtotal - - - - - - - -

CASH BALANCE
Beginning of the Year
Increase / (Decrease)
End of the Year - - - - - - - -
Balance Sheet

All figures in USD thousands unless stated -3A -2A -1A 0F 1F 2F 3F 4F

Model Running: Base Case Drivers

ASSETS

Cash
Accounts Receivable
Inventories
Total Current Assets – – – – – – – –

Property Plant & Equipment

Total Assets - - - - - - - -

LIABILITIES

Accounts Payable
Revolving Credit Line
Total Current Liabilities - - - - - - - -

Deferred Taxes
Long-Term Debt
Total Liabilities - - - - - - - -

EQUITY

Common Equity
Retained Earnings
Total Shareholders' Equity - - - - - - - -

Total Liabilities & Equity - - - - - - - -

Check – – – – – – – –
Revenue Schedule

All figures in USD thousands unless stated -3A -2A -1A 0F 1F 2F 3F 4F

Model Running: Base Case Drivers

OPERATIONS

Sales Volume Growth #DIV/0! #DIV/0! – – – – –

Sales Volume (Units/Day)

Plant Capacity (Units/Day)
Operational Efficiency #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

VOLUME

Days in Period
Sales Volume (Units/Day)
Sales Volume (Units) – – – – – – – –

PRICING

Pricing Increases
Unit Price (USD/Unit)

REVENUE

Sales Volume (Units)

Sales Price (USD/Unit)
Revenue – – – – – – – –

Operational Capacity Exceeded? #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cost Schedule

All figures in USD thousands unless stated -3A -2A -1A 0F 1F 2F 3F 4F

Model Running: Base Case Drivers

Sales Volume – – – – – – – –
Inflation – – – – – – – –

VARIABLE COSTS

Materials (USD/Unit)
Packaging (USD/Unit)
Subtotal – – – – – – – –

Materials – – – – – – – –
Packaging – – – – – – – –
Subtotal – – – – – – – –

FIXED COSTS

Labor (USD/Unit) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Utilities (USD/Unit) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Subtotal #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Labor
Utilities
Subtotal – – – – – – – –

SUMMARY

Variable Costs (USD/Unit) – – – – – – – –

Fixed Costs (USD/Unit) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Costs (USD/Unit) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Variable Costs – – – – – – – –
Fixed Costs – – – – – – – –
Total Costs – – – – – – – –
Working Capital Schedule

All figures in USD thousands unless stated -3A -2A -1A 0F 1F 2F 3F 4F

Model Running: Base Case Drivers

Days in Period – – – – – – – –
Revenue – – – – – – – –
COGS – – – – – – – –

AMOUNTS PER DAY

Accounts Receivable (Days) #DIV/0! #DIV/0! #DIV/0! – – – – –
Inventory (Days) #DIV/0! #DIV/0! #DIV/0! – – – – –
Accounts Payable (Days) #DIV/0! #DIV/0! #DIV/0! – – – – –

TOTAL AMOUNTS
Accounts Receivable – – – #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Inventory – – – #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Accounts Payable – – – #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

CASH CHANGES
Accounts Receivable – – #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Inventory – – #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Accounts Payable – – #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash from Working Capital Items – – #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Depreciation Schedule

All figures in USD thousands unless stated -1A 0F 1F 2F 3F 4F

Model Running: Base Case Drivers

Capital Expenditure

EXISTING ASSETS 1 Percent of Full Year

Useful Life (Years) – Yr 1 Yr 2 Yr 3 Yr 4 Yr 5
PP&E (End of -1) –

Percent of Full Year

NEW ASSETS 1
Year Life 0F 1F 2F 3F 4F
Useful Life (Years) – 0F - – – – – –
First Year Amount – 1F - – – – – –
2F - – – – – –
3F - – – – – –
4F - – – – – –

Amounts for Depreciation

Year Capex Per Yr 0F 1F 2F 3F 4F
0F - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
1F - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
2F - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
3F - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
4F - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

TOTAL ASSET DEPRECIATION 2

Existing Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
New Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Depreciation #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

All PP&E and capital expenditure is assumed depreciable (i.e. no land balance). ⁽¹⁾
This schedule calculates depreciation on a straight-line basis. ⁽²⁾
Asset Schedule

All figures in USD thousands unless stated -1A 0F 1F 2F 3F 4F

Model Running: Base Case Drivers

Capital Expenditure – – – – –

First Year Tax Depreciation –

Blended Tax Depreciation Rate –

PROPERTY PLANT & EQUIPMENT 1

Beginning – #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Capital Expenditure – – – – –
Accounting Depreciation #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Ending – #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

TAX BASIS 1
Beginning
Capital Expenditure
Tax Depreciation
Ending – – – – –

Model assumes no dispositions that would impact the PP&E or the Tax Basis. ⁽¹⁾
Income Tax Schedule

All figures in USD thousands unless stated -1A 0F 1F 2F 3F 4F

Model Running: Base Case Drivers

Earnings Before Tax (EBT) – – – – –

Profitable Before Taxes? #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Tax Rate 0%
Unused Tax Losses Remaining? #DIV/0!

ADJUSTMENT FOR DEPRECIATION

EBT – – – – –
Add: Accounting Depreciation #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Less: Tax Depreciation – – – – –
EBT After Adjustment #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

ADJUSTMENT FOR TAX LOSSES 1

EBT After Adjustment #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Less: Use of Tax Losses 2 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Taxable Income #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

TAX LOSSES
Beginning
Add: New Losses – – – – –
Less: Use of Tax Losses #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Ending #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

TAXES
Current Taxes #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Deferred Taxes #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Taxes – – – – –

This schedule assumes that tax losses can be carried forward indefinitely into the future. ⁽¹⁾
This schedule assumes losses do not carry back to previous periods to reduce taxable income. ⁽²⁾
Debt Schedule: Part 1

All figures in USD thousands unless stated -1A 0F 1F 2F 3F 4F

Model Running: Base Case Drivers

CASH

Beginning Balance – – – – –
Increase / (Decrease) – – – – –
Ending Balance – – – – – –

Interest Rate Circularity – – – – –

Interest Income Off – – – – –

LONG TERM DEBT

Beginning Balance
Increase / (Decrease)
Ending Balance – – – – – –

Interest Rate – – – – –
Interest Expense – – – – –
Debt Schedule: Part 2

All figures in USD thousands unless stated -1A 0F 1F 2F 3F 4F

Model Running: Base Case Drivers

AVAILABLE CASH

Beginning Cash Balance – – – – –

Cash from Operations – – – – –
Cash from Investing – – – – –
Change in Long-Term Debt – – – – –
Change in Common Equity – – – – –
Dividends – – – – –
Cash Available for Revolving Credit Line – – – – –

REVOLVING CREDIT LINE

Beginning Balance – – – – –
Increase / (Decrease) – – – – –
Ending Balance – – – – – –

Interest Rate Circularity – – – – –

Interest Expense Off – – – – –

Interest Expense – – – – –
Less: Interest Income – – – – –
Net Interest Expense – – – – –
Equity Schedule

All figures in USD thousands unless stated -1A 0F 1F 2F 3F 4F

Model Running: Base Case Drivers

COMMON EQUITY

Beginning Balance
Increase / (Decrease)
Ending Balance – – – – – –

Net Income – – – – –
Payout Ratio – – – – –
Dividend – – – – –

RETAINED EARNINGS

Beginning Balance – – – – –
Net Income – – – – –
Dividends – – – – –
Ending Balance – – – – – –