Case Study COS-Solved at Class

Sheet # Name
1 Contents Pciiiamx contents and description

2 Information Company basic informations
3 Spreads Historical and projected Financial Statements, Cash Flow and Fact Shee
4 Inc. Stat Proj Projections for Sales, COGS and depreciation by segment
5 Fixed Assets Proj. Detailed Projections of Fixed Assets (Additions, disposals and Capital g
6 LTD Runoff Exsiting debt and lease obligations runoff
7 New Finance Allocation of new debt requirements and its runoff
8 Add. Tools Debt service (Cash Flow available for debt service) & Tenor Matching (
9 Valuation-DCF Valuation using DCF methods (Equity & Firm) in addition to Discounte
10 Valuation-Multiples Valuation using Comparable companies
11 Valuation-Sensitivity Sensitivity of Valuation to value drivers used
12 Bond Rating Rating the company's proposed bond issue
Description
Financial Statements, Cash Flow and Fact Sheet with basic projection assumptions
OGS and depreciation by segment
Fixed Assets (Additions, disposals and Capital gain)
obligations runoff
requirements and its runoff
w available for debt service) & Tenor Matching (Funding Structure)
ethods (Equity & Firm) in addition to Discounted Dividends method
rable companies
to value drivers used
oposed bond issue
REPORT INFORMATION
Company Name: Auditors:
Business(es): Opinion:
Years in Review
Beginning:
Headquarters: Ending: 2019
Fiscal Year End: Prepared by:

Dept./Branch:
Report Figures
Denominated in: (LE 000's) Last Revision:
Enter number: 11
1 (US$ millions)
2 (US$ thousands)
3 (DM millions)
4 (DM thousands)
5 (¥ millions)
6 (¥ thousands)
7 (£ millions)
8 (£ thousands)
9 (C$ millions)
10 (C$ thousands)
11 (LE 000's)
HISTORICAL
(EGP 000) Dec. 31 2018 2019
Net sales 146,303 134,219
Growth -74.51% -8.26%
Gross profit (6,547) 5,688
Growth -156.26% -186.88%
Gross Profit Margin -4.47% 4.24%
EBITDA margin -22.07% -15.64%
COGS/Sales 102.03% 93.56%
SG&A/Sales 19.90% 21.93%
Operating Expenses 121.93% 115.49%
Net Operating Profit Margin -24.74% -18.08%
NPAUI (52,416) 83,200
NPAUI Growth 56.52% -258.73%
ROS -36.29% -35.80%
ROA -39.82% -17.01%
ROE 85.76% -36.86%
HISTORICAL
(EGP 000) Dec. 31 2018 2019
WI 12,281 41,560
Change in WI -57.03% 238.40%
WI/SALES 8.39% 30.96%
A/R DOH 56 59
INV DOH 77 167
RM DOH 28 104
WIP DOH 5 9
FG DOH 41 51
GIT DOH 4 3
A/P DOH 83 76
Accr. DOH 2 3
Down payments DOH 20 38
Advanced Payment DOH 3 10
Asset Conversion Cycle 226 226
Due from Sister company DOH 0 0
Due to Sister company DOH 0 0
HISTORICAL
(EGP 000) Dec. 31 2018 2019
WC (104,307) 8,263
Current ratio 0.35 1.11
Quick ratio 0.15 0.33
Leverage ratio (3.04) 1.09
Gearing ratio (1.72) 0.37
Equity% -46.43% 46.15%
STD % 79.12% 4.00%
LTD % 0.80% 13.18%
Spontaneous finance % 32.26% 14.55%
Other Liabilities 28.90% 18.69%
(EGP 000) Dec. 31 2018 2019
NOPAT (36,984) (25,254)
COPAT (33,080) (21,976)
NOPAT DSR (2.49) (1.41)
COPAT DSR (2.23) (1.23)
Adj COPAT DSR (2.23) (1.23)
HISTORICAL 2019
December 31st. (EGP 000's) 2018 2019 Sources
COPAT (33,080) (21,976) NPE
Operating WI 16,300 (29,278) Lease
CACO (16,780) (51,254) Equity
Other Operating Accruals 27,293 (23,478)
Cash Flow from Operations 10,513 (74,732)
NPE (5,059) 117,437
Investments 7,263 (75,093)
Cash Flow Investment 2,204 42,344
Free Cash Flow to Firm 12,717 (32,389)
Financial Payment (14,826) (17,852)
Provisions
Debt 2,034 (94,215)
Lease 0 38,349
Equity (51) 109,071
Cash Flow From Financing (12,843) 35,354
Cash 128 (2,963)
Check 1 2
COPAT-FP-DIV
NPE+WI Sources
GFI NPE
Lease
Cash from operations/ Total Debt Equity
Free Cash Flow/Financial Obligations
Return on capital employed
2018 2019
Total Assets 133,347 282,440
Total Liabilities 195,261 152,084
Total Equity (61,914) 130,356
Sales 146,303 134,219
EBIT (36,191) (24,270)
NPAUI (52,416) 83,200
Operating Margin (%) -24.74% -18.08%
Return on Assets (%) -39.82% -17.01%
Return on Equity (%) 85.76% -36.86%
Financial Leverage (3.04) 1.09
Current Ratio 0.35 1.11
DSR (NOPAT)** (2.49) (1.41)
DSR (COPAT)*** (2.23) (1.23)
Working Capital (104,307) 8,263
Working Investment 12,281 41,560
2016 2017 2018
RET ON SALES (NPAT/SALES) -12.45% -7.35% -36.29%
ASSET UTIL. (SALES/TA) 2.17 2.94 1.10
TOTAL ASSETS/EQUITY -8.77 -20.67 -2.15
RETURN ON EQUITY 236.89% 446.61% 85.76%

Sources Uses
117,437 COPAT (21,976)
38,349 Operating WI (29,278)
109,071 Other Operating Accruals (23,478)
Investments (75,093)
Financial Payment (17,852)
Debt (94,215) (42,000)
Cash (2,963)
264,857 (264,855)
2
2019
Sources Uses
117,437 COPAT (21,976)
38,349 Working Investment (29,278)
109,071 Financial Payments (17,852)
Other Accruals (23,478)
Debt (94,215)
Investments (75,093)
Cash (2,963)
264,857 (264,855)
2
2019
-35.80%
0.48
2.17
-36.86%
Client Cairo Oil
Asset Price 73,333,333 Payment 78,875,912
Lease Finance (%) 75.0% Difference 23,875,912
Loan 55,000,000 Fixed Interest 10.85%
Fixed Interest
Declining Interest 21.0000000% with 10.85%
Insurance
Quarterly Interest 5.32% 5.32%
Maturity (years) 4
Maturity (Quarter) 16
% Residual Value 0.00%
Residual Value -
% Insurance 0.00%
Equal Installments
Beginning
Period Rent Interest Principal
Balance
Quarter 1 55,000,000 4,929,745 2,665,198 2,264,547
Quarter 2 52,735,453 4,929,745 2,544,658 2,385,086
Year 1
Quarter 3 50,350,367 4,929,745 2,417,702 2,512,043

Quarter 4 47,838,324 4,929,745 2,283,988 2,645,757
Quarter 1 45,192,568 4,929,745 2,143,157 2,786,588
Quarter 2 42,405,980 4,929,745 1,994,829 2,934,916
Year 2
Quarter 3 39,471,064 4,929,745 1,838,606 3,091,139

Quarter 4 36,379,925 4,929,745 1,674,067 3,255,678
Quarter 1 33,124,247 4,929,745 1,500,770 3,428,975
Quarter 2 29,695,273 4,929,745 1,318,248 3,611,496
Year 3
Quarter 3 26,083,777 4,929,745 1,126,012 3,803,733

Quarter 4 22,280,044 4,929,745 923,542 4,006,203
Quarter 1 18,273,841 4,929,745 710,295 4,219,449
Quarter 2 14,054,392 4,929,745 485,697 4,444,047
Year 4
Quarter 3 9,610,345 4,929,745 249,144 4,680,600

Quarter 4 4,929,745 4,929,745 0 4,929,745
Total 78,875,912 23,875,912 55,000,000
21.29%
Ending
Insurance Installment
Balance
0 4,929,745 52,735,453
0 4,929,745 50,350,367
0 4,929,745 47,838,324
0 4,929,745 45,192,568
0 4,929,745 42,405,980
0 4,929,745 39,471,064
0 4,929,745 36,379,925
0 4,929,745 33,124,247
0 4,929,745 29,695,273
0 4,929,745 26,083,777
0 4,929,745 22,280,044
0 4,929,745 18,273,841
0 4,929,745 14,054,392
0 4,929,745 9,610,345
0 4,929,745 4,929,745
0 4,929,745 0
0 78,875,912
Booking Date
Installment (Sum) Interest (Sum) Principal (Sum) Paid Flg

0
Company Name Due Date(year) Installment (Sum) Interest (Sum) Principal (Sum)
Cairo Oil & Soap 2010
2011
2012
2015
2016 3,082,435 1,340,057 1,742,377
2017 12,329,739 4,382,080 7,947,657
2018 12,329,741 2,549,923 9,779,816
2019 9,247,304 459,476 8,787,826
Cairo Oil & Soap Total 36,989,219 8,731,536 28,257,676
1 Grand Total
Installment (Sum) Interest (Sum) Principal (Sum) Installment (Sum) Interest (Sum) Principal (Sum)
122,255 122,255 0 122,255 122,255 0
4,029,870 977,030 3,052,840 4,029,870 977,030 3,052,840
5,304,159 267,801 5,036,358 5,304,159 267,801 5,036,358
2,851,591 1,222,309 1,629,282 2,851,591 1,222,309 1,629,282
8,783,484 3,670,442 5,113,041 11,865,919 5,010,499 6,855,418
12,329,739 4,382,080 7,947,657
12,329,741 2,549,923 9,779,816
9,247,304 459,476 8,787,826
21,091,359 6,259,837 14,831,521 58,080,578 14,991,373 43,089,197
0.856576868609972 0.830977645306 0.83020168
2017 2018 2019

Sales 366,489 671,000 833,000
COGS (313,926) (557,586) (691,558)
SGA (28,800) (31,080) (33,558)
DEPRECIATION&AMORT. (7,397) (11,608) (11,915)
INTEREST EXPENSE (14,831) (12,229) (8,134)
Interest Income 0 0 0
Minority Interest 0 0 0
FX INCOME/LOSS 0 0 0
Provisions (200) (200) (200)
OTHER 0 0 0
DEFERRED TAX EXPENSE 445 (1,037) (14,963)
NPAUI 1,779 57,259 72,673
COPAT 24,008 81,097 92,721
CHANGE IN WI (17,572) (3,674) (2,020)
CACO 6,435 77,423 90,701
24,008 81,097 92,721
Debt Service EGP 121,450.04 0.00% 10.00%

0% 121,450 94,419
5% 106,306 80,789
10% 91,162 67,159
20% 60,873 39,900
30% 30,585 12,640
40% 297 (14,619)
50% (29,992) (41,879)
60% (60,280) (69,138)
55,000
Debt Capacity
Requested Amount 55,000

Interest rate 8.00%
Existing Debts 48,503
Debt capacity (COPAT) 121,450
Net Debt Capacity 72,947
188651
-115,704
0.83034926
2020
879,000
(729,877)
(36,253)
(12,203)
(2,361)
0
0
0
(200)
0
(21,819)
76,288
90,851
(5,893)
84,958
90,851
15.00% 16.00% 18.00% 24.00% 45.00% 40.00%

80,903 78,200 72,794 56,575 (190) 13,326
68,031 65,479 60,376 45,066 (8,519) 4,239
55,158 52,758 47,958 33,556 (16,849) (4,847)
29,413 27,316 23,121 10,537 (33,507) (23,020)
3,668 1,874 (1,715) (12,482) (50,166) (41,193)
(22,077) (23,569) (26,552) (35,501) (66,824) (59,366)
(47,822) (49,011) (51,388) (58,520) (83,483) (77,539)
(73,567) (74,453) (76,225) (81,539) (100,141) (95,712)
Item (in 000s EGP)
476,379 Corplease Facility 55,000
7,622,051 Existing Debts 48,503
8,098,430 Interest Rate 21%
Debt Capacity 121,450
Net Debt Capacity 72,947
17,947
0%
0%
45.00% 50.00%
(190) (13,706) 2011
(8,519) (21,278) 200,000
(16,849) (28,850) 43,266
(33,507) (43,994) (156,734)
(50,166) (59,138)
(66,824) (74,282)
(83,483) (89,426)
(100,141) (104,571)
2012 2013 2014 2015 2016
200,000 200,000 200,000 200,000 200,000
86,533 86,533 86,533 86,533 86,533
(113,467) (113,467) (113,467) (113,467) (113,467)
Financial Statements Spreading, Projections, Fact Sheet, Cash Flow & Covenants Test
Income Statement Historical
(LE 000's) 2015 2016 2017 2018 2019 ###
NET SALES 351,038 373,909 574,036 146,303 134,219
###
COST OF GOODS SOLD (320,391) (362,831) (559,055) (149,276) (125,581)
###
DEPRECIATION (3,265) (3,220) (3,344) (3,574) (2,950)
###
------------- ------------- -------------- ---------------- ----------------- -
GROSS PROFIT 27,383 7,858 11,636 (6,547) 5,688
###
DEPRECIATION (336) (362) (359) (330) (327)

###
SG&A EXPENSE (35,830) (40,659) (40,657) (29,114) (29,431)
###
PROV. DOUBTFUL REC. (200) (200) (200) (200) (200)
###
R&D 0 0 0 0 ###
0
GOODWILL AMORTIZATION 0 0 0 0 ###
0
OTHER AMORTIZATION 0 0 0 0 ###
0
------------- ------------- -------------- ---------------- ----------------- -
NET OPERATING PROFIT (8,982) (33,362) (29,580) (36,191) (24,270)
###
GROSS INTEREST EXP--EXIST (7,827) (9,655) (8,918) (11,636) (16,789)

###
INTEREST EXP--NEW 0 0 0 0 ###
0
CAPITALIZED INTEREST 0 0 0 0 ###
0
INTEREST INCOME 0 0 0 0 ###
0
DIVIDEND INCOME 0 0 0 0 ###
0
PROV. DOUBTFUL REC. 0 0 0 0 ###
0
PROVISIONS 0 0 0 (4,300) (2,000)
###
FX G/L (337) (741) (74) 230 (747)
###
SUNDRY INCOME (EXPENSE) (2,418) (2,728) (2,692) (1,004) (3,677)
###
------------- ------------- -------------- ---------------- ----------------- -
NET PROFIT BEFORE TAX (19,564) (46,486) (41,264) (52,901) (47,483)
###
TOTAL TAX EXPENSE (179) (65) (924) (199) (563)

###
CURRENT TAX EXPENSE 0 0 0 0 ###
0
DEFERRED TAX EXPENSE (179) (65) (924) (199) (563)
###
Income Tax and Customs 0 0 0 0 ###
0
------------- ------------- -------------- ---------------- ----------------- -
NET PROFIT AFTER TAX (19,742) (46,551) (42,188) (53,100) (48,046)
###
MINORITY INTEREST EXPENSE 0 0 0 0 ###

0
SALE OF PLANT 12,110 6,182 8,699 684 122,585
###
SALE OF PLANT-LEASING 0 0 0 0 8,661
###
0 0 0 0 ###
0
------------- ------------- -------------- ---------------- ----------------- -
NPAUI (7,632) (40,369) (33,489) (52,416) 83,200
###
PREF SHARE DIVIDENDS 0 0 0 0 ###

0
COMMON STOCK DIVIDENDS 0 0 0 0 ###
0
OTHER ADJUSTMENT 0 (2,544) 3,229 (51) (11,169)
###
------------- ------------- -------------- ---------------- ----------------- -
TOTAL CHANGE IN R/E (7,632) (42,913) (30,259) (52,468) 72,030
###
Balance Sheet Historical
(LE 000's) 2015 2016 2017 2018 2019 ###
ASSETS
CASH 1,802 366 1,326 1,199 4,162
###
MARKETABLE SECURITIES 0 0 0 0 ###
0
CHEQUES UNDER COLLECTION 0 0 0 0 ###
0
ACCOUNTS RECEIVABLE 57,721 49,182 41,173 27,635 26,915
###
LESS ALLOWANCES (4,443) (4,643) (4,843) (5,043) (5,243)
###
------------- ------------- -------------- ---------------- ----------------- -
NET RECEIVABLES 53,277 44,538 36,329 22,591 21,672
###
INVENTORY:
RAW MATERIALS 15,905 15,552 31,763 11,596 35,921
###
WORK IN PROGRESS 2,221 1,845 3,313 1,875 3,129
###
FINISHED GOODS 34,122 32,640 35,949 16,746 17,590
###
GOODS IN TRANSIT 442 1,070 559 1,434 964
###
------------- ------------- -------------- ---------------- ----------------- -
TOTAL INVENTORY 52,691 51,107 71,584 31,651 57,603
###
ADVANCE PAYMENTS 1,661 1,962 1,506 1,051 3,392

###
NON-TRADE REC. 0 0 0 0 ###
0
OTHER CURRENT ASSET 0 0 0 0 ###
0
DUE FROM RELATED CO. 0 0 0 0 ###
0
------------- ------------- -------------- ---------------- ----------------- -
TOTAL CURRENT ASSETS 109,433 97,973 110,745 56,492 86,829
###
PROPERTY, PLANT & EQUIP:

LAND 3,042 2,649 2,603 2,603 2,548
###
BUILDING & IMPROVEMENT 19,170 19,328 20,407 20,518 13,201
###
MACHINERY & EQUIPMENT 86,691 87,846 95,559 94,249 80,576
###
CONST. IN PROGRESS 4,891 5,994 4,468 9,452 15,272
###
GROSS PLANT 113,794 115,817 123,037 126,821 111,597
###
LESS ACCUMULATED DEP (59,528) (63,110) (65,380) (67,325) (50,231)
###
------------- ------------- -------------- ---------------- ----------------- -
NET PP&E 54,266 52,707 57,657 59,496 61,367
###
CUST. INSURANCE 5,403 5,613 2,019 797 2,484

###
INVESTMENTS 10,005 8,130 15,617 8,354 83,447
###
OTHER TANGIBLE ASSET 2,025 2,058 2,922 1,738 1,680
###
LEASE DEBTORS 0 0 0 0 37,212
###
DEFERRED TAX ASSET 4,365 5,803 6,279 6,470 9,422
###
PREPAIDS 0 0 0 0 ###
0
###
GOODWILL 0 0 0 0 ###
0
OTHER INTANGIBLE ASSET 0 0 0 0 ###
0
LESS ACCUM AMORTIZATION 0 0 0 0 ###
0
------------- ------------- -------------- ---------------- ----------------- -
NET INTANGIBLES 0 0 0 0 ###
0
------------- ------------- -------------- ---------------- ----------------- -
TOTAL ASSETS 185,496 172,284 195,239 133,347 282,440
###
Balance Sheet Historical
(LE 000's) 2015 2016 2017 2018 2019 ###
LIABILITIES & EQUITY
SHORT TERM BORROWING--EXISTING 63,479 67,702 103,474 105,507 11,291 na
SHORT TERM BORROWING--NEW 0 0 0 0 ###
0
CP SENIOR DEBT--EXISTING 1,250 1,075 3,190 1,063 ###
0
CP SENIOR DEBT--NEW 0 0 0 0 ###
0
CP CAP LEASE 0 0 0 0 11,742
###
CP SUB DEBT--EXISTING 0 0 0 0 ###
0
CP SALES TAX 0 0 0 0 ###
0
ACCOUNTS PAYABLE 59,454 85,901 68,551 33,820 26,017
###
TAXES PAYABLE 4,626 3,752 2,296 1,695 3,663
###
ACCRUED EXPENSES 1,815 2,688 1,158 1,134 1,143
###
INTEREST PAYABLE 0 0 0 0 ###
0
DIVIDENDS PAYABLE 0 0 0 0 ###
0
DOWN PAYMENTS 5,587 11,260 11,129 8,059 13,947
###
DEFFERRED EARNINGS FROM SALE & LEASE BACK 0 0 0 0 ###
0
OTHER CURRENT LIABILITY 16,645 10,564 11,187 9,521 10,761
###
------------- ------------- -------------- ---------------- ----------------- -
TOT CURRENT LIABILITIES 152,854 182,941 200,985 160,799 78,566
###
LT LEASE OBLIGATION 0 0 0 0 25,470

###
LT SENIOR DEBT--EXISTING 0 0 1,063 0 ###
0
LT SENIOR DEBT--NEW 0 0 0 0 ###
0
LT TAXES 0 0 0 0 ###
0
LT SHARHOLDER LOAN 0 0 0 0 ###
0
------------- ------------- -------------- ---------------- ----------------- -
TOTAL LONG-TERM DEBT 0 0 1,063 0 25,470
###
DUE TO SHAREHOLDERS 7,731 7,281 0 9,326 ###

0
LT PAYABLES 0 0 0 18,000 ###
0
DEFFERRED EARNING FROM SALE & LEASE BACK 0 0 0 0 38,349
###
------------- ------------- -------------- ---------------- ----------------- -
TOTAL LIABILITIES 160,586 190,222 202,049 188,125 142,385
###
GREY AREA:
DEFERRED TAXES 1,648 1,713 2,637 2,836 3,399
###
MINORITY INTEREST 0 0 0 0 ###
0
PROVISIONS 0 0 0 4,300 6,300
###
------------- ------------- -------------- ---------------- ----------------- -
TOTAL GREY AREA 1,648 1,713 2,637 7,136 9,699
###
PREFERRED STOCK 0 0 0 0 ###

0
COMMON STOCK 40,000 40,000 80,000 80,000 200,000
###
PAID IN CAPITAL 0 0 0 0 ###
0
RETAINED EARNINGS OPENING (9,105) (16,737) (59,651) (89,910) (142,378)
###
PLUS: NET INCOME (7,632) (40,369) (33,489) (52,416) 83,200
###
LESS: DIVIDENDS 0 0 0 0 ###
0
OTHER ADJUSTMENTS 0 (2,544) 3,229 (51) (11,169)
###
------------- ------------- -------------- ---------------- ----------------- -
RETAINED EARNINGS CLOSING (16,737) (59,651) (89,910) (142,378) (70,348)
###
DUE TO SHARHOLDERS 0 0 0 0 ###

0
FX ADJUSTMENT 0 0 0 0 ###
0
LEGAL RESERVE 0 0 464 464 704
###
------------- ------------- -------------- ---------------- ----------------- -
TOTAL EQUITY 23,263 (19,651) (9,446) (61,914) 130,356
###
TOTAL LIABS & EQUITY 185,497 172,285 195,239 133,347 282,441
###
RECONCILE B/S (0) (0) (0) (0) ###

(0)
NEW MONEY NEED #N/A #N/A #N/A #N/A #N/A
###
Cash Flow Historical
(LE 000's) 2016 2017 2018 2019 ###
NPAUI (40,369) (33,489) (52,416) 83,200
###
- INTEREST INCOME 0 0 ###
0
- DIVIDEND INCOME 0 0 ###
0
PROV. DOUBTFUL REC. 0 0 ###
0
PROVISIONS 0 0 4,300 2,000
###
SUNDRY INCOME (EXPENSE) 2,728 2,692 1,004 3,677
###
+ INTEREST EXPENSE 9,655 8,918 11,636 16,789
###
- CAPITALIZED INTEREST 0 0 0 ###
0
+ MINORITY INTEREST EXP 0 0 0 ###
0
- (+) GAIN (LOSS) ON SALE OF PLANT (6,182) (8,699) (684) (122,585)
###
SALE OF PLANT-LEASING 0 0 (8,661)
###
FX G/L 741 74 (230) 747
###
+ PROV CURRENT INC TAX 0 0 0 ###
- TAXES PAID (2,311) (1,932) (793) (983)
###
+ PROV DEFERRED TAXES 65 924 199 563
###
- ITC 0 0 ###
------------- -------------- ---------------- ----------------- -
NOPAT (35,674) (31,512) (36,984) (25,254)
###
+ GOODWILL AND OTHER AMORT 0 0 0 ###

0
+ DEPRECIATION 3,582 3,703 3,904 3,278
###
------------- -------------- ---------------- ----------------- -
COPAT (32,092) (27,809) (33,080) (21,976)
###
NET CHG WORKING INV ACCOUNTS

+ CHG A/R 8,739 8,209 13,738 920
###
+ CHG INVENTORY 1,585 (20,477) 39,933 (25,952)
###
+ CHG ADVANCE PAYMENTS (301) 456 455 (2,342)
###
+ CHG A/P 26,447 (17,349) (34,732) (7,803)
###
+ CHG ACCRUED EXPENSES 874 (1,530) (24) ###
10
DEFFERRED EARNINGS FROM SALE & LEASE BACK 0 0 0 ###
0
DUE FROM RELATED CO. 0 0 0 ###
0
+ CHG DOWN PAYMENTS 5,673 (131) (3,070) 5,889
###
------------- -------------- ---------------- ----------------- -
NET CHG WORKING INVESTMENT 43,017 (30,822) 16,300 (29,278)
###
+ CHG PREPAID EXPENSES 0 0 ###

+ CHG MARKETABLE SECURITIES 0 0 ###
NON-TRADE REC. 0 0 ###
OTHER CURRENT ASSET 0 0 ###
CUST. INSURANCE (211) 3,594 1,223 (1,687)
###
+ CHG INTEREST PAYABLE 0 0 ###
OTHER CURRENT LIABILITY (6,081) 623 (1,665) 1,240

###
------------- -------------- ---------------- ----------------- -
CASH AFTER CURR OPERATIONS 4,633 (54,414) (17,223) (51,701)
###
- INTEREST EXPENSE (9,655) (8,918) (11,636) (16,789)

###
- CP LTD--EXISTING (1,250) (1,075) (3,190) (1,063)
###
- CP LTD--NEW 0 0 0 ###
0
- CP LEASE 0 0 0 ###
0
- PREFERRED DIVIDENDS 0 0 0 ###
0
TOT FINANCING PAYMENTS (10,905) (9,993) (14,826) (17,852)
###
------------- -------------- ---------------- ----------------- -
CASH BEFORE LT USES (6,272) (64,407) (32,049) (69,553)
###
Cash Flow (Cont'd) Historical
(LE 000's) 2016 2017 2018 2019 ###
- NET PLANT EXPENDITURES (2,023) (8,653) (5,743) (5,148)
###
+ CHG INTANGIBLES 0 0 0 ###
0
+ ITC 0 0 0 ###
0
+ CHG INVESTMENTS 1,875 (7,487) 7,263 (75,093)
###
+ INTEREST INCOME 0 0 0 ###
0
+ DIVIDEND INCOME 0 0 0 ###
0
PROV. DOUBTFUL REC. 0 0 0 ###
0
PROVISIONS 0 0 (4,300) (2,000)
###
SUNDRY INCOME (EXPENSE) (2,728) (2,692) (1,004) (3,677)
###
LEASE DEBTORS 0 0 0 (37,212)
###
OTHER TANGIBLE ASSET (33) (864) 1,183 ###
59
DUE TO SHAREHOLDERS (450) (7,281) 9,326 (9,326)
###
LT PAYABLES 0 0 18,000 (18,000)
###
DEFFERRED EARNING FROM SALE & LEASE BACK 0 0 0 38,349
###
+ (-) GAIN (LOSS) ON SALE OF PLANT 6,182 8,699 684 122,585
###
SALE OF PLANT-LEASING 0 0 0 8,661
###
FX G/L (741) (74) 230 (747)
###
------------- -------------- ---------------- ----------------- -
CASH BEFORE FINANCING (4,190) (82,758) (6,410) (51,103)
###
+ CHG STD 4,223 35,772 2,033 (94,217)

###
+ CHG LTD 1,075 4,254 0 ###
0
+ CHG NEW MONEY NEED 0 0 1 ###
2
+ CHG LEASE 0 0 0 37,212
###
+ CHG MIN INTEREST 0 0 0 ###
0
PROVISIONS 0 0 4,300 2,000
###
+ CHG NET WORTH (2,544) 43,693 (51) 109,071
###
- COMMON DIVIDENDS PAID 0 0 0 ###
0
------------- -------------- ---------------- ----------------- -
NET CASH FLOW (1,436) 960 (127) 2,965
###
CHG B/S CASH ACCOUNT (1,436) 960 (128) 2,963

###
RECONCILIATION 0 (0) 1 ###
2
DEBT SERVICE RATIOS

NOPAT-FINANCING PAYMENTS (46,579) (41,505) (51,810) (43,106)
###
NOPAT-(FIN PMTS+COM DIV) (46,579) (41,505) (51,810) (43,106)
###
NOPAT/FINANCING PAYMENTS (3.27) (3.15) (2.49) (1.41)
###
NOPAT/(FIN PMTS+COM DIV) (3.27) (3.15) (2.49) (1.41)
###
COPAT/FINANCING PAYMENTS (2.94) (2.78) (2.23) (1.23)
###
COPAT/(FIN PMTS+COM DIV) (2.94) (2.78) (2.23) (1.23)
###
Fact Sheet Historical
2015 2016 2017 2018 2019 ###
DUPONT FORMULA
RET ON SALES (NPAT/SALES) -5.62% -12.45% -7.35% -36.29% -35.80%
###
ASSET UTIL. (SALES/TA) 1.89 2.17 2.94 1.10 0.48
###
TOTAL ASSETS/EQUITY 7.97 -8.77 -20.67 -2.15 2.17
###
------------- ------------- -------------- ---------------- ----------------- -
RETURN ON EQUITY -84.87% 236.89% 446.61% 85.76% -36.86%
###
RETURN ON ASSETS -10.64% -27.02% -21.61% -39.82% -17.01%
###
PROFITABILITY
COGS/SALES 91.3% 97.0% 97.4% 102.0% 93.6%
###
GROSS PROFIT/SALES 7.8% 2.1% 2.0% -4.5% 4.2%
###
SG&A/SALES 10.2% 10.9% 7.1% 19.9% 21.9%
###
PROV/SALES 0.1% 0.1% 0.0% 0.1% 0.1%
###
R&D/SALES #N/A #N/A #N/A #N/A #N/A
###
OPERATING PROFIT MARGIN -2.6% -8.9% -5.2% -24.7% -18.1%
###
NPBT/SALES -5.6% -12.4% -7.2% -36.2% -35.4%
###
NPAT/SALES -5.6% -12.4% -7.3% -36.3% -35.8%
###
NPAUI/SALES -2.2% -10.8% -5.8% -35.8% 62.0%
###
EARNINGS PER SHARE #N/A #N/A #N/A #N/A #N/A
###
DIVIDENDS/NPAUI 0.00% 0.00% 0.00% 0.00% 0.00%
###
EBITD/SALES -1.5% -8.0% -4.5% -22.1% -15.6%
###
EBITDA/SALES -1.5% -8.0% -4.5% -22.1% -15.6%
###
TAXES/NPBT -0.91% -0.14% -2.24% -0.38% -1.19%
###
0 0 0 44 0
ASSET EFFICIENCY
$ WORKING INVESTMENT 40,775 (2,242) 28,581 12,281 41,560
###
% CHG WORKING INVESTMENT #N/A -105.50% -1375.07% -57.03% 238.40%
###
WORKING INVEST./REVENUE 11.62% -0.60% 4.98% 8.39% 30.96%
###
A/R DAYS ON HAND 55 43 23 56 ###
59
A/P DAYS ON HAND 68 86 45 83 ###
76
TOTAL INVENTORY DAYS 60 51 47 77 ###
167
RAW MATERIAL INV DAYS 18 16 21 28 ###
104
WIP INV DAYS 3 2 2 5 ###
9
FG INV DAYS 39 33 23 41 ###
51
ACCRUED EXP DAYS 2 2 1 2 ###
3
ADVANCE PAYMENTS DOH 2 2 1 3 ###
10
DUE FROM RELATED CO. 0 0 0 0 ###
0
DOWN PAYMENTS DOH 6 11 7 20 ###
38
DEFFERRED EARNINGS FROM SALE & LEASE BACK 0 0 0 0 ###
0
AVG GROSS PLANT TURNOVER #N/A 3.26 4.81 1.17 1.13
###
AVG NET PLANT TURNOVER #N/A 6.99 10.40 2.50 2.22
###
GROSS PLANT LIFE #N/A 32.34 33.23 32.48 34.05
###
PLANT USED (16.53) (17.62) (17.66) (17.24) (15.32)
###
PLANT LIFE REMAINING 15.07 14.72 15.57 15.24 18.72
###
LIQUIDITY & LEVERAGE

CURRENT RATIO 0.72 0.54 0.55 0.35 1.11
###
NET WORKING CAPITAL (43,422) (84,968) (90,240) (104,307) 8,263
###
QUICK RATIO 0.36 0.25 0.19 0.15 0.33
###
COVERAGE RATIO (CA/TL) 0.68 0.52 0.55 0.30 0.61
###
FIN LEV (TOT LIAB/TANG NW) 6.90 (9.68) (21.39) (3.04) 1.09
###
TOT LIABILITIES/NET WORTH 6.90 (9.68) (21.39) (3.04) 1.09
###
GEARING RATIO (BANK FUNDED DEBT/EQUITY) 2.78 (3.50) (11.40) (1.72) 0.37
###
TOT FUNDED DEBT/TOT CAP 0.74 1.40 1.10 2.39 0.27
###
INTEREST COVERAGE: EBITDA (0.69) (3.08) (2.90) (2.77) (1.25)
###
INTEREST COVERAGE: EBITD (0.69) (3.08) (2.90) (2.77) (1.25)
###
INTEREST COVERAGE: EBIT (1.15) (3.46) (3.32) (3.11) (1.45)
###
INTEREST COVERAGE: FCF (0.69) (7.75) (0.42) (4.67) 0.19
###
FIXED CHRGS CVRG:FCF (W/ STD) 0.69 17.14 0.12 5.65 0.03
###
FIXED CHRGS CVRG:FCF (W/O STD) 0.69 8.72 0.78 4.67 0.19
###
LEV ADJ FOR SUB DEBT 6.90 (9.68) (21.39) (3.04) 1.09
###
Fact Sheet (Cont'd) Historical
2015 2016 2017 2018 2019 ###
FINANCIAL STRUCTURE
% SHORT TERM DEBT 34.22% 39.30% 53.00% 79.12% 4.00%
###
% SPONTANEOUS FINANCING 47.51% 57.96% 41.40% 32.26% 14.55%
###
% LONG TERM DEBT 0.67% 0.62% 2.18% 0.80% 13.18%
###
% NET WORTH 12.54% -11.41% -4.84% -46.43% 46.15%
###
% OTHER LIABILITIES 4.17% 12.54% 6.91% 28.90% 18.69%
###
% OTHER (GREY AREA) 0.89% 0.99% 1.35% 5.35% 3.43%
###
------------- ------------- -------------- ---------------- ----------------- -
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00%
###
LONG TERM CAPITAL 24,513 (18,576) (5,193) (60,851) 167,569

###
% SENIOR LONG TERM DEBT 5.10% -5.79% -81.91% -1.75% 0.00%
###
% LONG TERM LEASE 0.00% 0.00% 0.00% 0.00% 22.21%
###
% SUBORDINATED LTD 0.00% 0.00% 0.00% 0.00% 0.00%
###
% PREFERRED STOCK 0.00% 0.00% 0.00% 0.00% 0.00%
###
% COMMON STOCK 94.90% 105.79% 190.85% 102.51% 77.37%
###
% OTHER EQUITY 0.00% 0.00% -8.94% -0.76% 0.42%
###
------------- ------------- -------------- ---------------- ----------------- -
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00%
###
GROWTH
ASSET GROWTH #N/A -7.12% 13.32% -31.70% 111.81%
###
SALES GROWTH #N/A 6.52% 53.52% -74.51% -8.26%
###
NET INCOME GROWTH #N/A 428.91% -17.04% 56.52% -258.73%
###
SELF-SUSTAIN. GROWTH RATE -84.87% 236.89% 446.61% 85.76% -36.86%
###
----------------------------------------------------------------------------- ------------- ------------- -------------- ---------------- ----------------- -

Balance Sheet Plug Logic:
Total Projected Assets ###
Total Proj Liab & Equity ###
New Money Need ###
Excess Marketable Sec ###
** Total Debt totals

64728.811 68776.986 107727.618 106570.611 48,503
###
Covenants Tests Historical

2015 2016 2017 2018 2019 ###
CRITERIA 0.00 0.00 0.00 0.00 0.00

###
USER DEFINED #1 0.00 0.00 0.00 0.00 0.00
###
CRITERIA 0.00 0.00 0.00 0.00 0.00

###
USER DEFINED #2 0.00 0.00 0.00 0.00 0.00
###
CRITERIA 0.00 0.00 0.00 0.00 0.00

###
USER DEFINED #3 0.00 0.00 0.00 0.00 0.00
###
CRITERIA 0.00 0.00 0.00 0.00 0.00

###
USER DEFINED #4 0.00 0.00 0.00 0.00 0.00
###
CRITERIA 0.00 0.00 0.00 0.00 0.00

###
USER DEFINED #5 0.00 0.00 0.00 0.00 0.00
###
CRITERIA 0.00 0.00 0.00 0.00 0.00

###
USER DEFINED #6 0.00 0.00 0.00 0.00 0.00
###
COVENANTS TESTS RESULTS: 2015 2016 2017 2018 2019 ###
USER DEFINED #1
USER DEFINED #2
USER DEFINED #3
USER DEFINED #4
USER DEFINED #5
USER DEFINED #6
Dep/Gross Plant
Dep/Gross Plant
Goodwill Amort/Goodwill
Amort/Other Intang Assets
Blended interest rate on existing debt
Interest rate earned on Marketable Sec
Appropriate tax rate to NPBT

Coupon rate
Payout ratio = Div/NPAUI
Days based on sales
Allow/Gross AR
Days based on COGS

Days based on COGS
Days based on COGS
###
Days based on COGS
Tax Pay/Total Tax Exp
Days based on COGS
Div Payable/Div Declared for previous year
###
641357482.xls
01/28/2023
Income Statement Historical Projected
(LE 000's) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
NET SALES 100% 100% 100% 100% 1 1 1 1 1 1

COST OF GOODS SOLD -97% -97% -102% -94% 0 0 0 0 0 0
DEPRECIATION -1% -1% -2% -2% 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- -------------
GROSS PROFIT 2% 2% -4% 4% 1 1 1 1 1 1
DEPRECIATION 0 0 0 0 0 0
SG&A EXPENSE -11% -7% -20% -22% (0) (0) (0) (0) (0) (0)
PROVISIONS 0 0 0 0 0 0
R&D 0 0 0 0 0 0
GOODWILL AMORTIZATION 0 0 0 0 0 0
OTHER AMORTIZATION 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- -------------
NET OPERATING PROFIT -9% -5% -25% -18% 1 1 1 1 1 1
0% 0% 0% 0%
GROSS INTEREST EXP--EXIST -3% -2% -8% -13% (14,294) (10,201) (5,328) (1,445) (0) (0)
INTEREST EXP--NEW (538) (2,029) (2,805) (916) 0 0
CAPITALIZED INTEREST 0 0 0 0 0 0
INTEREST INCOME 0 0 0 0 0 0
DIVIDEND INCOME 0 0 0 0 0 0
PROV. DOUBTFUL REC. 0 0 0 0 0 0
FX G/L 0 0 0
SUNDRY INCOME (EXPENSE) 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- -------------
NET PROFIT BEFORE TAX -12% -7% -36% -35% (14,830) (12,228) (8,133) (2,360) 1 1
TOTAL TAX EXPENSE 0 0 0 0 0 0

CURRENT TAX EXPENSE 0 0 0 0 0 0
DEFERRED TAX EXPENSE 0 0 0 0 0 0
ITC 0% 0% 0% 0% 0 0 0 0 0 0
#VALUE! #VALUE! #VALUE! #VALUE! ------------- ------------- ------------- ------------- ------------- -------------
NET PROFIT AFTER TAX -12% -7% -36% -36% (14,830) (12,228) (8,133) (2,360) 1 1
MINORITY INTEREST EXPENSE 0 0 0 0 0 0

SALE OF PLANT 0 0 0 0 0 0
SUNDRY INCOME (EXPENSE) 0 0 0 0 0 0
0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- -------------
NPAUI -11% -6% -36% 62% (14,830) (12,228) (8,133) (2,360) 1 1
PREF SHARE DIVIDENDS 0 0 0 0 0 0

COMMON STOCK DIVIDENDS 0% 0% 0% 0% 0 0 0 0 0 0
OTHER ADJUSTMENT 0 0 0 0 0 0
------------- -------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
TOTAL CHANGE IN R/E (0) (0) (0) 1 (14,830) (12,228) (8,133) (2,360) 1 1
END OF YEAR STOCK PRICE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
COMMON SHARES OUTSTANDING 0 0 0 0 0 0 0 0 0 0
641357482.xls
01/28/2023
Balance Sheet Historical Projected
(LE 000's) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
ASSETS
CASH 0.2% 0.7% 0.9% 1.5% 0 0 0 0 0 0
MARKETABLE SECURITIES 0 0 0 0 0 0
CHEQUES UNDER COLLECTION
ACCOUNTS RECEIVABLE 28.5% 21.1% 20.7% 9.5% 0 0 0 0 0 0
LESS ALLOWANCES 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- -------------
NET RECEIVABLES 25.9% 18.6% 16.9% 7.7% 0 0 0 0 0 0
INVENTORY:
RAW MATERIALS 9.0% 16.3% 8.7% 12.7% 0 0 0 0 0 0
WORK IN PROGRESS 0 0 0 0 0 0
FINISHED GOODS 0 0 0 0 0 0
GOODS IN TRANSIT 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- -------------
TOTAL INVENTORY 29.7% 36.7% 23.7% 20.4% 0 0 0 0 0 0
ADVANCE PAYMENTS 1.1% 0.8% 0.8% 1.2% 0 0 0 0 0 0

NON-TRADE REC. 0 0 0 0 0 0
OTHER CURRENT ASSET 0 0 0 0 0 0
DUE FROM RELATED CO. 0.0% 0.0% 0.0% 0.0% 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- -------------
TOTAL CURRENT ASSETS 56.9% 56.7% 42.4% 30.7% 0 0 0 0 0 0
PROPERTY, PLANT & EQUIP:

LAND 0 0 0 0 0 0
BUILDING & IMPROVEMENT 11.2% 10.5% 15.4% 4.7% 0 0 0 0 0 0
MACHINERY & EQUIPMENT 51.0% 48.9% 70.7% 28.5% 88,606 0 0 0 0 0
CONST. IN PROGRESS 3.5% 2.3% 7.1% 5.4% (15,272) (15,272) (15,272) (15,272) (15,272) (15,272)
GROSS PLANT 67.2% 63.0% 95.1% 39.5% 73,333 (15,272) (15,272) (15,272) (15,272) (15,272)
LESS ACCUMULATED DEP -36.6% -33.5% -50.5% -17.8% (0) (0) (0) (0) (0) (0)
------------- ------------- ------------- ------------- ------------- -------------
NET PP&E 30.6% 29.5% 44.6% 21.7% 73,333 (15,272) (15,272) (15,272) (15,272) (15,272)
CUST. INSURANCE 0 0 0 0 0 0
INVESTMENTS 4.7% 8.0% 6.3% 29.5% 0 0 0 0 0 0
OTHER TANGIBLE ASSET 1.2% 1.5% 1.3% 0.6% 0 0 0 0 0 0
DEFERRED TAX ASSET 3.4% 3.2% 4.9% 3.3% 0 0 0 0 0 0
PREPAIDS 0.0% 0.0% 0.0% 0.0% 0 0 0 0 0 0
GOODWILL 0 0 0 0 0 0
OTHER INTANGIBLE ASSET 0 0 0 0 0 0
LESS ACCUM AMORTIZATION 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- -------------
NET INTANGIBLES 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- -------------
TOTAL ASSETS 100.0% 100.0% 100.0% 100.0% 73,333 (15,272) (15,272) (15,272) (15,272) (15,272)
641357482.xls
01/28/2023
Balance Sheet Historical Projected
(LE 000's) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
LIABILITIES & EQUITY
SHORT TERM BORROWING--EXISTING 39.3% 53.0% 79.1% 4.0%
SHORT TERM BORROWING--NEW 4,480 16,907 23,379 7,632 0 246,985
CP SENIOR DEBT--EXISTING 0.6% 1.6% 0.8% 0.0% 0 0 0 0 0 0
CP SENIOR DEBT--NEW 0 0 0 0 0 0
CP CAP LEASE 17,755 21,848 23,638 18,274 0 0
CP SUB DEBT--EXISTING 0 0 0 0 0 0
CP SALES TAX 0 0 0 0 0 0
ACCOUNTS PAYABLE 49.9% 35.1% 25.4% 9.2% 0 0 0 0 0 0
TAXES PAYABLE 2.2% 1.2% 1.3% 1.3% 0 0 0 0 0 0
ACCRUED EXPENSES 1.6% 0.6% 0.9% 0.4% 0 0 0 0 0 0
INTEREST PAYABLE 0 0 0 0 0 0
DIVIDENDS PAYABLE 0.0% 0.0% 0.0% 0.0% 0 0 0 0 0 0
DOWN PAYMENTS 6.5% 5.7% 6.0% 4.9% 0 0 0 0 0 0
DUE TO RELATED CO. 0.0% 0.0% 0.0% 0.0% 0 0 0 0 0 0
OTHER CURRENT LIABILITY 6.1% 5.7% 7.1% 3.8% 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- -------------
TOT CURRENT LIABILITIES 106.2% 102.9% 120.6% 27.8% 22,236 38,755 47,017 25,905 0 246,985
LT LEASE OBLIGATION 63,761 41,912 18,274 0 0 1

LT SENIOR DEBT--EXISTING 0.0% 0.5% 0.0% 0.0% 0 0 0 0 0 0
LT SENIOR DEBT--NEW 0 0 0 0 0 0
LT TAXES 0 0 0 0 0 0
LT SHARHOLDER LOAN 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- -------------
TOTAL LONG-TERM DEBT 0.0% 0.5% 0.0% 9.0% 63,761 41,912 18,274 0 0 1
DUE TO RELATED PARTIES 0 0 0 0 0 0

LT PAYABLES 0.0% 0.0% 13.5% 0.0% 0 0 0 0 0 0
OTHER NON-CURRENT LIAB 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- -------------
TOTAL LIABILITIES 110.4% 103.5% 141.1% 50.4% 85,996 80,668 65,292 25,906 0 246,985
GREY AREA:
DEFERRED TAXES 0 0 0 0 0 0
MINORITY INTEREST 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- -------------
TOTAL GREY AREA 0 0 0 0 0 0
PREFERRED STOCK 0 0 0 0 0 0
COMMON STOCK 23.2% 41.0% 60.0% 70.8% 0 0 0 0 0 0
PAID IN CAPITAL 0 0 0 0 0 0
RETAINED EARNINGS OPENING -9.7% -30.6% -67.4% -50.4% (0) (14,831) (27,059) (35,192) (37,552) (37,551)
PLUS: NET INCOME -23.4% -17.2% -39.3% 29.5% (14,830) (12,228) (8,133) (2,360) 1 1
LESS: DIVIDENDS 0.0% 0.0% 0.0% 0.0% 0 0 0 0 0 0
OTHER ADJUSTMENTS -1.5% 1.7% 0.0% -4.0% 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- -------------
RETAINED EARNINGS CLOSING -34.6% -46.1% -106.8% -24.9% (14,831) (27,059) (35,192) (37,552) (37,551) (37,550)
DUE TO SHARHOLDERS 0 0 0 0 0 0
FX ADJUSTMENT 0 0 0 0 0 0
LEGAL RESERVE 0.0% 0.2% 0.3% 0.2% 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- -------------
TOTAL EQUITY -11.4% -4.8% -46.4% 46.2% (14,831) (27,059) (35,192) (37,552) (37,551) (37,550)
TOTAL LIABS & EQUITY 100.0% 100.0% 100.0% 100.0% 71,166 53,609 30,100 (11,646) (37,550) 209,436
RECONCILE B/S (0) (0) (0) (0) #N/A #N/A #N/A #N/A #N/A #N/A
NEW MONEY NEED #N/A #N/A #N/A #N/A 2,168 0 0 0 22,278 0
641357482.xls
01/28/2023
Cash Flow Historical Projected
(LE 000's) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
NPAUI (0) (0) (0) 1 (14,830) (12,228) (8,133) (2,360) 1 1

- INTEREST INCOME 0 0 0 0 0 0 0 0 0 0
- DIVIDEND INCOME 0 0 0 0 0 0 0 0 0 0
PROV. DOUBTFUL REC. 0 0 0 0 0 0 0 0 0 0
PROVISIONS 0 0 0 0 0 0 0 0 0 0
SUNDRY INCOME (EXPENSE) 0 0 0 0 0 0 0 0 0 0
+ INTEREST EXPENSE 0 0 0 0 14,831 12,229 8,134 2,361 0 0
- CAPITALIZED INTEREST 0 0 0 0 0 0 0 0 0 0
+ MINORITY INTEREST EXP 0 0 0 0 0 0 0 0 0 0
- (+) GAIN (LOSS) ON SALE OF PLANT 0 0 0 0 0 0 0 0 0 0
FX G/L 0 0 0 0 0 0 0 0 0 0
+ PROV CURRENT INC TAX 0 0 0 0 0 0 0 0 0 0
- TAXES PAID Err:520 (0) (0) 0 0 0 0 0 0 0
+ PROV DEFERRED TAXES 0 0 0 0 0 0 0 0 0 0
- ITC 0 0 0 0 0 0 0 0 0 0
------------- -------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
NOPAT Err:520 (0) (0) 1 1 1 1 1 1 1
+ GOODWILL AND OTHER AMORT 0 0 0 0 0 0 0 0 0 0

+ DEPRECIATION 0 0 0 0 0 0 0 0 0 0
------------- -------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
COPAT Err:520 (0) (0) 1 1 1 1 1 1 1
NET CHG WORKING INV ACCOUNTS

+ CHG A/R Err:520 0 0 0 0 0 0 0 0 0
+ CHG INVENTORY Err:520 (0) 0 0 0 0 0 0 0 0
+ CHG ADVANCE PAYMENTS Err:520 0 (0) (0) 0 0 0 0 0 0
+ CHG A/P Err:520 (0) (0) (0) (0) 0 0 0 0 0
+ CHG ACCRUED EXPENSES Err:520 (0) 0 (0) (0) 0 0 0 0 0
DUE TO RELATED CO. Err:520 0 0 0 0 0 0 0 0 0
641357482.xls
01/28/2023
DUE FROM RELATED CO. Err:520 0 0 0 0 0 0 0 0 0
+ CHG DOWN PAYMENTS Err:520 (0) 0 (0) (0) 0 0 0 0 0
------------- -------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
NET CHG WORKING INVESTMENT Err:520 (0) 0 (0) 0 0 0 0 0 0
+ CHG PREPAID EXPENSES Err:520 0 0 0 0 0 0 0 0 0

+ CHG MARKETABLE SECURITIES Err:520 0 0 0 0 0 0 0 0 0
NON-TRADE REC. Err:520 0 0 0 0 0 0 0 0 0
OTHER CURRENT ASSET Err:520 0 0 0 0 0 0 0 0 0
CUST. INSURANCE Err:520 0 0 0 0 0 0 0 0 0
+ CHG INTEREST PAYABLE Err:520 0 0 0 0 0 0 0 0 0
OTHER CURRENT LIABILITY Err:520 (0) 0 (0) (0) 0 0 0 0 0

------------- -------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
CASH AFTER CURR OPERATIONS Err:520 (0) (0) 1 1 1 1 1 1 1
- INTEREST EXPENSE (0) (0) (0) (0) (14,831) (12,229) (8,134) (2,361) (0) (0)
- CP LTD--EXISTING Err:520 (0) (0) (0) 0 0 0 0 0 0
- CP LTD--NEW Err:520 0 0 0 0 0 0 0 0 0
- CP LEASE Err:520 0 0 0 0 (17,755) (21,848) (23,638) (18,274) 0
- PREFERRED DIVIDENDS 0 0 0 0 0 0 0 0 0 0
TOT FINANCING PAYMENTS Err:520 (0) (0) (0) (14,831) (29,985) (29,982) (25,999) (18,274) (0)
------------- -------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
CASH BEFORE LT USES Err:520 (0) (0) 1 (14,830) (29,984) (29,981) (25,998) (18,273) 1
641357482.xls
01/28/2023
Cash Flow (Cont'd) Historical Projected
(LE 000's) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
- NET PLANT EXPENDITURES Err:520 0 (0) 0 (73,333) 88,606 0 0 0 0

+ CHG INTANGIBLES Err:520 0 0 0 0 0 0 0 0 0
+ ITC 0 0 0 0 0 0 0 0 0 0
+ CHG INVESTMENTS Err:520 (0) 0 (0) 0 0 0 0 0 0
+ INTEREST INCOME 0 0 0 0 0 0 0 0 0 0
+ DIVIDEND INCOME 0 0 0 0 0 0 0 0 0 0
PROV. DOUBTFUL REC. 0 0 0 0 0 0 0 0 0 0
PROVISIONS 0 0 0 0 0 0 0 0 0 0
OTHER TANGIBLE ASSET Err:520 (0) 0 0 0 0 0 0 0 0

DUE TO RELATED PARTIES Err:520 0 0 0 0 0 0 0 0 0
LT PAYABLES Err:520 0 0 (0) 0 0 0 0 0 0
OTHER NON-CURRENT LIAB Err:520 0 0 0 0 0 0 0 0 0
+ (-) GAIN (LOSS) ON SALE OF PLANT 0 0 0 0 0 0 0 0 0 0
FX G/L 0 0 0 0 0 0 0 0 0 0
------------- -------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
CASH BEFORE FINANCING Err:520 (0) (0) 0 (88,163) 58,622 (29,981) (25,998) (18,273) 1
+ CHG STD Err:520 0 0 (1) 4,480 12,427 6,472 (15,748) (7,632) 246,985
+ CHG LTD Err:520 0 0 0 0 0 0 0 0 0
+ CHG NEW MONEY NEED 0 0 0 0 2,168 (2,168) 0 0 22,278 (22,278)
+ CHG LEASE Err:520 0 0 0 81,516 0 0 0 0 0
+ CHG MIN INTEREST Err:520 0 0 0 0 0 0 0 0 0
PROVISIONS Err:520 0 0 0 0 0 0 0 0 0
+ CHG NET WORTH Err:520 0 0 0 (1) 0 0 0 0 0
- COMMON DIVIDENDS PAID Err:520 0 0 0 0 0 0 0 0 0
------------- -------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
NET CASH FLOW Err:520 0 0 (0) 0 68,881 (23,509) (41,746) (3,626) 224,708
CHG B/S CASH ACCOUNT Err:520 0 0 0 (0) 0 0 0 0 0

RECONCILIATION Err:520 0 0 (0) 0 68,881 (23,509) (41,746) (3,626) 224,708
DEBT SERVICE RATIOS

NOPAT-FINANCING PAYMENTS Err:520 (0) (0) 1 (14,830) (29,984) (29,981) (25,998) (18,273) 1
NOPAT-(FIN PMTS+COM DIV) Err:520 (0) (0) 1 (14,830) (29,984) (29,981) (25,998) (18,273) 1
NOPAT/FINANCING PAYMENTS Err:520 (2.36) (3.07) 5.71 0.00 0.00 0.00 0.00 0.00 13.44
NOPAT/(FIN PMTS+COM DIV) Err:520 (2.36) (3.07) 5.71 0.00 0.00 0.00 0.00 0.00 13.44
COPAT/FINANCING PAYMENTS Err:520 (2.09) (2.81) 5.88 0.00 0.00 0.00 0.00 0.00 13.44
COPAT/(FIN PMTS+COM DIV) Err:520 (2.09) (2.81) 5.88 0.00 0.00 0.00 0.00 0.00 13.44
641357482.xls
01/28/2023
Fact Sheet Historical Projected
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
DUPONT FORMULA
RET ON SALES (NPAT/SALES) -12.45% -7.35% -36.29% -35.80% ### ### ### ### 89.87% 88.86%
ASSET UTIL. (SALES/TA) 1.00 1.00 1.00 1.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL ASSETS/EQUITY -8.77 -20.67 -2.15 2.17 -4.94 0.56 0.43 0.41 0.41 0.41
------------- -------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
RETURN ON EQUITY 109.15% 151.90% 78.17% -77.56% 100.00% 45.19% 23.11% 6.28% 0.00% 0.00%
RETURN ON ASSETS -12.45% -7.35% -36.29% -35.80% -20.22% 80.07% 53.25% 15.45% -0.01% -0.01%
PROFITABILITY
COGS/SALES 97.0% 97.4% 102.0% 93.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
GROSS PROFIT/SALES 2.1% 2.0% -4.5% 4.2% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
SG&A/SALES 10.9% 7.1% 19.9% 21.9% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%
PROV/SALES 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
R&D/SALES #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
OPERATING PROFIT MARGIN -8.9% -5.2% -24.7% -18.1% 96.0% 96.0% 96.0% 96.0% 96.0% 96.0%
NPBT/SALES -12.4% -7.2% -36.2% -35.4% ### ### ### ### 89.9% 88.9%
NPAT/SALES -12.4% -7.3% -36.3% -35.8% ### ### ### ### 89.9% 88.9%
NPAUI/SALES -10.8% -5.8% -35.8% 62.0% ### ### ### ### 89.9% 88.9%
EARNINGS PER SHARE #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
DIVIDENDS/NPAUI 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITD/SALES -8.1% -4.6% -22.3% -15.9% 96.0% 96.0% 96.0% 96.0% 96.0% 96.0%
EBITDA/SALES -8.1% -4.6% -22.3% -15.9% 96.0% 96.0% 96.0% 96.0% 96.0% 96.0%
TAXES/NPBT 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ASSET EFFICIENCY
$ WORKING INVESTMENT (0) 0 0 0 0 0 0 0 0 0
% CHG WORKING INVESTMENT Err:520 -1225.16% -37.09% 59.77% -72.07% 0.00% 0.00% 0.00% 0.00% 0.00%
WORKING INVEST./REVENUE -1.30% 14.64% 9.21% 14.71% 4.11% 4.11% 4.11% 4.11% 4.11% 4.11%
A/R DAYS ON HAND 94 68 62 28 15 15 15.0 15.0 15.0 15.0
A/P DAYS ON HAND 188 132 91 36 #N/A #N/A #N/A #N/A #N/A #N/A
TOTAL INVENTORY DAYS 112 137 85 80 #N/A #N/A #N/A #N/A #N/A #N/A
RAW MATERIAL INV DAYS 34 61 31 50 #N/A #N/A #N/A #N/A #N/A #N/A
WIP INV DAYS 0 0 0 0 #N/A #N/A #N/A #N/A #N/A #N/A
FG INV DAYS 0 0 0 0 #N/A #N/A #N/A #N/A #N/A #N/A
ACCRUED EXP DAYS 5 2 3 1 0 0 - - - -
ADVANCE PAYMENTS DOH 4 3 3 5 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
DUE FROM RELATED CO. 0 0 0 0 #N/A #N/A #N/A #N/A #N/A #N/A
DOWN PAYMENTS DOH 24 21 22 18 #N/A #N/A #N/A #N/A #N/A #N/A
DUE TO RELATED CO. 0 0 0 0 #N/A #N/A #N/A #N/A #N/A #N/A
AVG GROSS PLANT TURNOVER Err:520 1.54 1.26 1.49 0.00 0.00 (0.00) (0.00) (0.00) (0.00)
AVG NET PLANT TURNOVER Err:520 3.33 2.70 3.01 0.00 0.00 (0.00) (0.00) (0.00) (0.00)
GROSS PLANT LIFE 78.06 108.18 38.94 17.98 #N/A #N/A #N/A #N/A #N/A #N/A
PLANT USED (42.54) (57.48) (20.67) (8.09) #N/A #N/A #N/A #N/A #N/A #N/A
PLANT LIFE REMAINING 35.52 50.69 18.27 9.88 #N/A #N/A #N/A #N/A #N/A #N/A
LIQUIDITY & LEVERAGE

CURRENT RATIO 0.54 0.55 0.35 1.11 0.00 0.00 0.00 0.00 #N/A 0.00
NET WORKING CAPITAL (0) (0) (1) 0 (22,236) (38,755) (47,017) (25,905) #N/A (246,985)
QUICK RATIO 0.25 0.19 0.15 0.33 0.00 0.00 0.00 0.00 #N/A 0.00
COVERAGE RATIO (CA/TL) 0.52 0.55 0.30 0.61 0.00 0.00 0.00 0.00 0.10 0.00
FIN LEV (TOT LIAB/TANG NW) (9.68) (21.39) (3.04) 1.09 (5.80) (2.98) (1.86) (0.69) (0.00) (6.58)
TOT LIABILITIES/NET WORTH (9.68) (21.39) (3.04) 1.09 (5.80) (2.98) (1.86) (0.69) (0.00) (6.58)
TOT FUNDED DEBT/TOT CAP 1.40 1.10 2.39 0.22 1.21 1.50 2.17 (2.22) (0.00) 1.18
INTEREST COVERAGE: EBITDA (3.12) (2.94) (2.80) (1.27) 0.00 0.00 0.00 0.00 15.66 13.44
INTEREST COVERAGE: EBITD (3.12) (2.94) (2.80) (1.27) 0.00 0.00 0.00 0.00 15.66 13.44
INTEREST COVERAGE: EBIT (3.46) (3.32) (3.11) (1.45) 0.00 0.00 0.00 0.00 15.66 13.44
INTEREST COVERAGE: FCF Err:520 7.63 (5.69) 0.82 (4.94) 7.25 0.00 0.00 15.66 13.44
FIXED CHRGS CVRG:FCF (W/ STD) Err:520 0.83 2.46 0.12 7.08 448.98 0.00 0.00 0.00 0.00
FIXED CHRGS CVRG:FCF (W/O STD) Err:520 18.96 5.88 0.82 4.94 7.25 0.00 0.00 15.66 13.44
LEV ADJ FOR SUB DEBT (9.68) (21.39) (3.04) 1.09 (5.80) (2.98) (1.86) (0.69) (0.00) (6.58)
641357482.xls
01/28/2023
Fact Sheet (Cont'd) Historical Projected
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
FINANCIAL STRUCTURE
% SHORT TERM DEBT 39.30% 53.00% 79.12% 4.00% 6.11% -110.71% -153.08% -49.97% 0.00% ###
% SPONTANEOUS FINANCING 57.96% 41.40% 32.26% 14.55% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
% LONG TERM DEBT 0.62% 2.18% 0.80% 9.02% 111.16% -417.49% -274.43% -119.66% 0.00% 0.00%
% NET WORTH -11.41% -4.84% -46.43% 46.15% -20.22% 177.18% 230.43% 245.88% 245.87% 245.87%
% OTHER LIABILITIES 8.31% 6.91% 21.91% 5.11% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
% OTHER (GREY AREA) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
------------- -------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
TOTAL 94.78% 98.65% 87.65% 78.83% 97.04% -351.02% -197.09% 76.25% 245.87% ###
LONG TERM CAPITAL (0) (0) (0) 0 66,685 36,702 6,721 (19,277) (37,550) (37,549)
% SENIOR LONG TERM DEBT -5.79% -81.91% -1.75% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
% LONG TERM LEASE 0.00% 0.00% 0.00% 0.00% 122.24% 173.73% 623.62% -94.80% 0.00% 0.00%
% SUBORDINATED LTD 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
% PREFERRED STOCK 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
% COMMON STOCK 105.79% 190.85% 102.51% 99.46% -22.24% -73.73% -523.62% 194.80% 100.00% 100.00%
% OTHER EQUITY 0.00% -8.94% -0.76% 0.54% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
------------- -------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
GROWTH
ASSET GROWTH Err:520 0.00% 0.00% 0.00% ### -120.83% 0.00% 0.00% 0.00% 0.00%
SALES GROWTH Err:520 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NET INCOME GROWTH Err:520 -45.97% 514.12% -273.02% ### -17.54% -33.49% -70.98% -100.04% -1.13%
SELF-SUSTAIN. GROWTH RATE 109.15% 151.90% 78.17% -77.56% 100.00% 45.19% 23.11% 6.28% 0.00% 0.00%
-------------------------------------------------------------------- ------------- -------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
Balance Sheet Plug Logic:
Total Projected Assets 73333.297 -15272.35 -15272.35 -15272.35 -15272.35 -15272.35
Total Proj Liab & Equity 71165.587 53608.806 30099.861 -11645.87 -37550.27 209435.64
New Money Need 2167.7102 0 0 0 22277.921 0
Excess Marketable Sec 0 68881.156 45372.211 3626.4753 0 224708
0.3992062 0.5517729 0.7991985 0 85,996 80,668 65,292 25,906 0 246,985
Covenants Tests Historical Projected

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
CRITERIA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
USER DEFINED #1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CRITERIA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
USER DEFINED #2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CRITERIA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
USER DEFINED #3 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CRITERIA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
USER DEFINED #4 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CRITERIA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
USER DEFINED #5 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CRITERIA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
USER DEFINED #6 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
COVENANTS TESTS RESULTS: 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
USER DEFINED #1
USER DEFINED #2
USER DEFINED #3
USER DEFINED #4
USER DEFINED #5
USER DEFINED #6
641357482.xls
01/28/2023
Assumptions
2026 2027 2028 2029 Codes AVG 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
1 1 1 1 v,g Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v,s Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v,a Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
1 1 1 1 System generated
0 0 0 0 v,a Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(0) (0) (0) 0 v,s Err:520 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.00
0 0 0 0 v,s Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v,s Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v,a Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v,a Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
(0) (0) (0) (0) v,i Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 na Assumptions for this account entered in the new funding section
0 0 0 0 v Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v,i Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Err:520 0.00 0.00
0 0 0 0 v Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
0 0 0 0 na System generated
0 0 0 0 v,tr Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v,tr Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 na Assumptions for this account entered in the PP&E assumptions section
0 0 0 0 v Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
0 0 0 0 v,i Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v,po Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
0.00 0.00 0.00 0.00 v #N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v #N/A 0 0 0 0 0 0 0 0 0 0
641357482.xls
01/28/2023
Assumptions
2026 2027 2028 2029 Codes AVG 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
0 0 0 0 v,s 0 0.00 0.00 0.00 0.00

0 0 0 0 v,s 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 na #N/A System generated
0 0 0 0 d,s 73 15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00 0.00 0.00
0 0 0 0 v,a Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
0 0 0 0 d,s Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 d,s Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 d,s Err:520 45.00 45.00 45.00 45.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v 0 0 0 0 0 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
0 0 0 0 na #N/A Assumptions for these accounts are

0 0 0 0 na #N/A entered in the PP&E assumptions section
0 0 0 0 na #N/A
(15,272) (15,272) (15,272) (15,272) na #N/A
(15,272) (15,272) (15,272) (15,272) #N/A
(0) (0) (0) (0) #N/A
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
(15,272) (15,272) (15,272) (15,272) System generated
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0.00 0.00 0.00 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 na #N/A 0 0 0 0 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
(15,272) (15,272) (15,272) (15,272) System generated
641357482.xls
01/28/2023
Assumptions
2026 2027 2028 2029 Codes AVG 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
na #N/A Projected Short Term Borrowings are entered in "Short Term Borrowing--New" or in the new funding section
307,258 373,134 445,171 523,982 v #N/A 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v #N/A 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v #N/A 0 0 0 0 0 0 0 0 0 0
0 0 0 0 d,s Err:520 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v,tax Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 d,s Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v,dp Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v Err:520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 v Err:520 0.00 0.00 0.00 0.00 0.00 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
307,258 373,134 445,171 523,982 #N/A System generated
1 1 1 1 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 na #N/A 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 na #N/A 0 0 0 0 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
1 1 1 1 #N/A System generated
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
307,258 373,135 445,172 523,983 #N/A System generated
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
(37,550) (37,549) (37,548) (37,547) (37,546) 0 #N/A 0 0 0 0 0 0 0 0 0
1 1 1 1 na #N/A System generated
0 0 0 0 na #N/A
0 0 0 0 v Err:520 Assumptions entered in the Income Statement
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
(37,549) (37,548) (37,547) (37,546) #N/A
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
0 0 0 0 v Err:520 0 0 0 0 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
(37,549) (37,548) (37,547) (37,546) #N/A System generated
269,709 335,587 407,625 486,436 #N/A
#N/A #N/A #N/A #N/A

0 0 0 0 #N/A System generated 0 0 0 0 0 0 0
641357482.xls
01/28/2023
2026 2027 2028 2029
1 1 1 1
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 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
------------- ------------- ------------- -------------
1 1 1 1
0 0 0 0
0 0 0 0
------------- ------------- ------------- -------------
1 1 1 1
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
641357482.xls
01/28/2023
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
------------- ------------- ------------- -------------
1 1 1 1
(0) (0) (0) (0)

0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
(0) (0) (0) (0)
------------- ------------- ------------- -------------
1 1 1 1
641357482.xls
01/28/2023
2026 2027 2028 2029
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 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
------------- ------------- ------------- -------------
1 1 1 1
60,273 65,876 72,037 78,811

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
------------- ------------- ------------- -------------
60,274 65,877 72,038 78,812
0 0 0 0
60,274 65,877 72,038 78,812
1 1 1 1
1 1 1 1
11.53 9.90 8.49 7.59
11.53 9.90 8.49 7.59
11.53 9.90 8.49 7.59
11.53 9.90 8.49 7.59
641357482.xls
01/28/2023
2026 2027 2028 2029
87.67% 86.30% 84.70% 86.83%

0.00 0.00 0.00 0.00
0.41 0.41 0.41 0.41
------------- ------------- ------------- -------------
0.00% 0.00% 0.00% 0.00%
-0.01% -0.01% -0.01% -0.01%
0.0% 0.0% 0.0% 0.0%

100.0% 100.0% 100.0% 100.0%
4.0% 4.0% 4.0% 0.0%
0.0% 0.0% 0.0% 0.0%
#N/A #N/A #N/A #N/A
96.0% 96.0% 96.0% 100.0%
87.7% 86.3% 84.7% 86.8%
87.7% 86.3% 84.7% 86.8%
87.7% 86.3% 84.7% 86.8%
#N/A #N/A #N/A #N/A
0.00% 0.00% 0.00% 0.00%
96.0% 96.0% 96.0% 100.0%
96.0% 96.0% 96.0% 100.0%
0.00% 0.00% 0.00% 0.00%
0 0 #N/A #N/A
0.00% 0.00% #N/A #N/A
4.11% 4.11% #N/A #N/A
15.0 15.0 - -
#N/A #N/A #N/A #N/A
#N/A #N/A #N/A #N/A
#N/A #N/A #N/A #N/A
#N/A #N/A #N/A #N/A
#N/A #N/A #N/A #N/A
- - - #N/A
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#N/A #N/A #N/A #N/A
#N/A #N/A #N/A #N/A
#N/A #N/A #N/A #N/A
(0.00) (0.00) (0.00) (0.00)
(0.00) (0.00) (0.00) (0.00)
#N/A #N/A #N/A #N/A
#N/A #N/A #N/A #N/A
#N/A #N/A #N/A #N/A
0.00 0.00 0.00 0.00

(307,258) (373,134) (445,171) (523,982)
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
(8.18) (9.94) (11.86) (13.96)
(8.18) (9.94) (11.86) (13.96)
1.14 1.11 1.09 1.08
11.53 9.90 8.49 7.59
11.53 9.90 8.49 7.59
11.53 9.90 8.49 7.59
11.53 9.90 8.13 7.59
0.00 0.00 0.00 0.00
11.53 9.90 8.13 7.59
(8.18) (9.94) (11.86) (13.96)
641357482.xls
01/28/2023
2026 2027 2028 2029
### ### ### ###

0.00% 0.00% 0.00% 0.00%
0.00% 0.00% -0.01% -0.01%
245.86% 245.86% 245.85% 245.84%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
------------- ------------- ------------- -------------
### ### ### ###
(37,548) (37,547) (37,546) (37,545)

0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00%
0.00% 0.00% 0.00% 0.00%
------------- ------------- ------------- -------------
100.00% 100.00% 100.00% 100.00%
0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00%
-1.33% -1.57% -1.86% 2.52%
0.00% 0.00% 0.00% 0.00%
------------- ------------- ------------- -------------
-15272.35 -15272.35 -15272.39 -15272.39
269709.37 335586.6 407624.6 486436.34
0 0 0 0
284981.72 350858.94 422897 501708.73
307,258 373,135 445,172 523,983
2026 2027 2028 2029
0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00
2026 2027 2028 2029
641357482.xls
01/28/2023
Dep/Gross Plant
Dep/Gross Plant
Goodwill Amort/Goodwill
Amort/Other Intang Assets
Blended interest rate on existing debt
Interest rate earned on Marketable Sec

Coupon rate
Payout ratio = Div/NPAUI
641357482.xls
01/28/2023
Days based on sales
Allow/Gross AR
Days based on COGS

Days based on COGS
Days based on COGS
641357482.xls
01/28/2023
Days based on COGS
Tax Pay/Total Tax Exp
Days based on COGS
Div Payable/Div Declared for previous year
641357482.xls
01/28/2023
Sales & COGS Analysis by segment
Income Statement Historical Projected Assumptions

(LE 000's) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Codes AVG 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
SEGMENT#1
UNIT VOLUME 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0 0 0 0 0 0 0 0.00 0.00 0.00
AVERAGE PRICE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
NET SALES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
COST OF GOODS SOLD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,s 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DEPRECIATION 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,a 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Dep/Gross Assets
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
GROSS PROFIT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 System generated
SEGMENT#2
UNIT VOLUME 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AVERAGE PRICE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
NET SALES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
SEGMENT#3
UNIT VOLUME 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AVERAGE PRICE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
NET SALES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
SEGMENT#4
UNIT VOLUME 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AVERAGE PRICE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
NET SALES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
SEGMENT#5
UNIT VOLUME 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AVERAGE PRICE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
NET SALES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
SEMENT#6
UNIT VOLUME 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AVERAGE PRICE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
NET SALES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
SEGMENT#7
UNIT VOLUME 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AVERAGE PRICE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
NET SALES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
SUMMARY OF ALL SEGMENTS

NET SALES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
COST OF GOODS SOLD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DEPRECIATION 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
GROSS PROFIT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
641357482.xls Sales COGS Projections 63

01/28/2023
Fixed Assets Projections
DEPRECIATIO 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
0 (3,442) (7,767) (12,189) (12,511) (12,813) (6,560) (6,735) (6,916) (7,099) (7,284) (7,472)
Property, Plant and Equipment Assumptions

(LE 000's) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
ADDITIONS:
LAND 0 0 0 0 0 0 0 0 0 0
BUILDING & IMPROVEMENT 0 0 0 0 0 0 0 0 0 0
MACHINERY & EQUIPMENT 88,606 0 0 0 0 0 0 0 0 0
CONST. IN PROGRESS (15,272) 0 0 0 0 0 0 0 0 0
GROSS PLANT 73,333 0 0 0 0 0 0 0 0 0
DISPOSITIONS:
LAND
TOTAL PROCEEDS 0 0 0 0 0 0 0 0 0 0
GROSS BOOK VALUE 0 0 0 0 0 0 0 0 0 0
GAIN ON SALE 0 0 0 0 0 0 0 0 0 0
BUILDING & IMPROVEMENT

TOTAL PROCEEDS 0 0 0 0 0 0 0 0 0 0
GROSS BOOK VALUE 0 0 0 0 0 0 0 0 0 0
ACCUM. DEPRECIATION 0 0 0 0 0 0 0 0 0 0
GAIN ON SALE 0 0 0 0 0 0 0 0 0 0
MACHINERY & EQUIPMENT

TOTAL PROCEEDS 0 0 0 0 0 0 0 0 0 0
GROSS BOOK VALUE 0 0 0 0 0 0 0 0 0 0
GAIN ON SALE 0 0 0 0 0 0 0 0 0 0
OTHER DISPOSITIONS
TOTAL PROCEEDS 0 0 0 0 0 0 0 0 0 0
GROSS BOOK VALUE 0 0 0 0 0 0 0 0 0 0
GAIN ON SALE 0 0 0 0 0 0 0 0 0 0
PPE SUMMARY:
GROSS ADDITIONS 73,333 0 0 0 0 0 0 0 0 0
BV OF DISPOSITIONS 0 0 0 0 0 0 0 0 0 0
NET BOOK ADDITIONS 73,333 0 0 0 0 0 0 0 0 0
DISPOSITION PROCEEDS 0 0 0 0 0 0 0 0 0 0
ACC DEP OF DISPOSITIONS 0 0 0 0 0 0 0 0 0 0
TOTAL GAIN ON DISPOSITIONS 0 0 0 0 0 0 0 0 0 0
NET PLANT EXPENDITURES 73,333 0 0 0 0 0 0 0 0 0
641357482.xls Fixed Assets Proj 64

01/28/2023
Debt & Lease Runoff (Existing Obligations)
LT Debt Runoff for Existing Debt

(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
SENIOR LONG TERM DEBT:
SENIOR #1
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0
RATE 14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00%
SENIOR #2
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SENIOR #3
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SENIOR #4
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SENIOR #5
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SENIOR #6
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SUBORDINATED LONG TERM DEBT:

SUBORDINATED #1
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SUBORDINATED #2
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SUBORDINATED #3
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Capital Lease Runoff

(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
CAPITAL LEASE #1
TOTAL PRINCIPAL (P.V.)--BEGIN 55,000 45,193 33,124 18,274 - - - - - - -
LAST YEAR'S CP (PD THIS YR) 9,807 12,068 14,850 18,274 - - - - - - -
INT EXPENSE 9,912 7,651 4,869 1,445 - - - - - -
EXEC COSTS - - - - - - - - - - -
MINIMUM LEASE PAYMENT 19,719 19,719 19,719 19,719 - - - - - -
TOTAL PRINCIPAL (P.V.)--END - 45,193 33,124 18,274 - - - - - - - -
Imputed Interest Rate 18.02%
CAPITAL LEASE #2
TOTAL PRINCIPAL (P.V.)--BEGIN 26,516 18,568 8,788 0 0 0 1 1 1 1 1
LAST YEAR'S CP (PD THIS YR) 7,948 9,780 8,788 - (0) (0) (0) (0) (0) (0) (0) -
INT EXPENSE 4,382 2,550 459 0 0 0 0 0 0 0
EXEC COSTS - - - - - - - - - - -
MINIMUM LEASE PAYMENT 12,330 12,330 9,247 - - - - - - -
TOTAL PRINCIPAL (P.V.)--END - 18,568 8,788 0 0 0 1 1 1 1 1 1
Imputed Interest Rate 16.53%
Summary of Exisiting LT Debt

(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
TOTAL CP SENIOR 0 0 0 0 0 0 0 0 0 0 0
TOTAL CP SUBORDINATED 0 0 0 0 0 0 0 0 0 0 0
TOTAL CP CAPITAL LEASE 17,755 21,848 23,638 18,274 (0) (0) (0) (0) (0) (0)
TOTAL LT SENIOR 0 0 0 0 0 0 0 0 0 0 0
TOTAL LT SUBORDINATED 0 0 0 0 0 0 0 0 0 0 0
TOTAL LT CAPITAL LEASE 63,761 41,912 18,274 0 0 1 1 1 1 1
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
TOTAL LT DEBT 0 81,516 63,761 41,912 18,274 0 0 1 1 1 1
REC TO WORKSHEET A (37,212) 56,046
Interest Expenese
(LE 000's) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
SENIOR #1 0 0 0 0 0 0 0 0 0 0
SENIOR #2 0 0 0 0 0 0 0 0 0 0
SENIOR #3 0 0 0 0 0 0 0 0 0 0
SENIOR #4 0 0 0 0 0 0 0 0 0 0
SENIOR #5 0 0 0 0 0 0 0 0 0 0
SENIOR #6 0 0 0 0 0 0 0 0 0 0
SUBORDINATED #1 0 0 0 0 0 0 0 0 0 0
SUBORDINATED #2 0 0 0 0 0 0 0 0 0 0
SUBORDINATED #3 0 0 0 0 0 0 0 0 0 0
CAPITAL LEASE #1 9,912 7,651 4,869 1,445 0 0 0 0 0 0
CAPITAL LEASE #2 4,382 2,550 459 0 0 0 0 0 0 0
INT ADJ FOR SEASONAL DEBT 0 0 0 0 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
TOTAL INTEREST EXPENSE FROM LTD 14,294 10,201 5,328 1,445 0 0 0 0 0 0
INT ADJ FOR SEASONAL DEBT 0 0 0 0 0 0 0 0 0 0
641357482.xls LTD Runoff 65

01/28/2023
Assumptions for New Funding requirements
Assumptions for New Funding Requirements

(LE 000's) 2020 2021 2022 2023
NEW MONEY NEED 0 0 0 0
EXCESS MARKETABLE SECURITIES 0 0 0 0
----------------------------------------------------- ------------- ------------- ------------- -------------
SHORT TERM REVOLVER
OUTSTANDING PRINCIPAL 4,480 16,907 23,379 7,632
INTEREST RATE 12.00% 12.00% 12.00% 12.00%
SENIOR LONG TERM DEBT:

SENIOR #1
CURRENT PORTION 0 0 0 0
PRINCIPAL 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00%
SENIOR #2
PRINCIPAL 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00%
SENIOR #3
PRINCIPAL 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00%
SENIOR #4
PRINCIPAL 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00%
SENIOR #5
PRINCIPAL 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00%
SENIOR #6
PRINCIPAL 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00%
SUBORDINATED LONG TERM DEBT

SUBORDINATED #1
PRINCIPAL 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00%
SUBORDINATED #2
PRINCIPAL 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00%
SUBORDINATED #3
PRINCIPAL 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00%
Summary for New Debt

(LE 000's) 2020 2021 2022 2023
SHORT TERM REVOLVER 4,480 16,907 23,379 7,632
TOTAL CP--SENIOR 0 0 0 0
TOTAL CP--SUBORDINATED 0 0 0 0
TOTAL PRINCIPAL--SENIOR 0 0 0 0
TOTAL PRINCIPAL--SUBORDINATED 0 0 0 0
------------- ------------- ------------- -------------
TOTAL NEW DEBT 4,480 16,907 23,379 7,632
Interest Expense
(LE 000's) 2020 2021 2022 2023
SHORT TERM REVOLVER 538 2,029 2,805 916
SENIOR #1 0 0 0 0
SENIOR #2 0 0 0 0
SENIOR #3 0 0 0 0
SENIOR #4 0 0 0 0
SENIOR #5 0 0 0 0
SENIOR #6 0 0 0 0
SUBORDINATED #1 0 0 0 0
------------- ------------- ------------- -------------
TOTAL INT EXP FROM NEW DEBT 538 2,029 2,805 916
641357482.xls New Finance 66

01/28/2023
Maximum Production Capacity (in tons)
Product
Annually Monthly Daily
Edible Oils (Two production lines 36,000 3,000 120
Ghee (Three production lines) 34,560 2,880 96
Soap 15,000 1,250 50
Maximum Production Capacity (in tons)

Product
Daily Monthly Annually
Edible Oils (Two production lines) 120 3,000 36,000
Ghee (Three production lines) 96 2,880 34,560
Soap 50 1,250 15,000
2017 2018 2019
% Ton/year % Ton/year % Ton/year
15% 5,319 21% 7,739 28% 10,225
38% 13,001 49% 16,841 67% 23,020
26% 3,908 32% 4,871 41% 6,139
2017 2018 2019

Ton/year % Ton/year % Ton/year %
5,319 15% 7,739 21% 10,225 28%
13,001 38% 16,841 49% 23,020 67%
3,908 26% 4,871 32% 6,139 41%
Date Limits Authorized Limits Utilized
Sep-13 102,500 99,731
Oct-13 111,182 108,267
Nov-13 116,944 111,855
Dec-13 124,179 118,767
Jan-14 119,519 113,704
Feb-14 116,361 110,569
Mar-14 111,500 105,120
Apr-14 119,330 105,271
May-14 117,281 106,184
Jun-14 127,396 120,467
Jul-14 103,121 91,352
Aug-14 124,369 117,101
Sep-14 120,630 112,884
2016 2017
LAND 2,548 2,548
BUILDING & IMPROVEMEN 11,308 12,308
1,894 2,194
13,202 14,502
MACHINERY & EQUIPMENT
CONST. IN PROGRESS
GROSS PLANT
LESS ACCUMULATED DE (50,232) (54,565)
NET PP&E
2019 2018
% Ton/year %
28% 10,225 21%
67% 23,020 49%
41% 6,139 32%
Guarantees Authorized Gurantees Utilized
21,445 21,445
21,058 21,058
20,496 20,493
20,944 20,937
20,580 20,580
20,606 20,597
20,679 20,673
20,849 20,840 120,000
20,788 20,774
20,800 20,781 100,000
20,812 20,790
19,864 19,838 80,000 Limits Autho
20,874 20,843 Limits Utilize
60,000 Guarantees
Gurantees U
40,000
20,000
Sep-13 Mar-14 Sep-14
2018 2019 2020

2,548 2,548 2,548
14,308 16,308 18,308
2,494 2,794 3,094
16,802 19,102 21,402
(59,326) (64,515) (70,131)
2018 2017 Maximum Production Capacity (in tons)

Ton/year % Ton/year Annually Monthly Daily
7,739 15% 5,319 36,000 3,000 120
16,841 38% 13,001 34,560 2,880 96
4,871 26% 3,908 15,000 1,250 50
Limits Authorized
Limits Utilized
Guarantees Authorized
Gurantees Utilized
-14 Sep-14
Product
Edible Oils (Two production lines)

Ghee (Three production lines)
Soap
Free Cash Flow Available for Debt Service
(LE 000's) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
CACO 0 4,633 (54,414) (17,223) (51,701) 12,583 29,473 54,633 71,784 23,878 ### (51,419) (56,641) (62,390) (68,715)
Dep 3,600 3,582 3,703 3,904 3,278 7,397 11,608 11,915 12,203 6,247 6,415 6,587 6,761 6,937 7,116
Maintenance 3,600 3,582 3,703 3,904 3,278 7,397 11,608 11,915 12,203 6,247 6,415 6,587 6,761 6,937 7,116
CF af DS 7,201 11,796 (47,008) (9,414) (45,146) 27,378 52,689 78,462 96,190 36,372 ### (38,246) (43,120) (48,515) (54,483)
Interest X (7,827) (9,655) (8,918) (11,636) (16,789) (14,831) (12,229) (8,134) (2,361) (0) (0) (0) (0) (0) (0)
FCF after int. payment (627) 2,141 (55,926) (21,051) (61,934) 12,546 40,460 70,329 93,829 36,372 ### (38,246) (43,120) (48,515) (54,483)
CPLTD 1,250 1,075 3,190 1,063 11,742 17,755 21,848 23,638 18,274 0 0 0 0 0 0
FCF (1,877) 1,066 (59,116) (22,114) (73,677) (5,209) 18,612 46,690 75,555 36,372 ### (38,246) (43,120) (48,515) (54,483)
T. Debt 64,729 68,777 107,728 106,571 48,503 85,996 80,668 65,292 25,906 0 246,985 307,258 373,135 445,172 523,983
Years to pay (103.3) 32.1 (1.9) (5.1) (0.8) 6.9 2.0 0.9 0.3 0.0 (2.1) (8.0) (8.7) (9.2) (9.6)
641357482.xls
Additional Analysis Tools 72
01/28/2023
% of Depreciation as Maintenance 100.00%
641357482.xls
01/28/2023
FUNDING STRUCTURE
(LE 000's) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
ST ASSETS 26,267 (979) 18,475 8,567 29,097 35,587 74,690 119,644 159,785 131,965 206,533 227,187 249,907 274,898 302,389
LT ASSETS 92,374 73,414 95,926 81,768 175,023 199,003 212,857 226,200 223,961 237,990 240,123 251,083 263,120 276,349 290,898
TOTAL 118,641 72,435 114,401 90,335 204,120 234,590 287,547 345,844 383,746 369,956 446,656 478,270 513,026 551,247 593,287
ST FUNDING 85,999 83,093 120,147 117,787 37,458 36,074 67,156 83,364 65,960 40,055 250,025 310,298 376,174 448,211 527,022
LT FUNDING 32,642 (10,657) (5,746) (27,451) 203,875 223,987 234,119 265,571 317,785 387,224 196,631 167,973 136,852 103,036 66,265
TOTAL 118,641 72,436 114,401 90,335 241,333 260,060 301,275 348,936 383,746 427,279 446,656 478,270 513,026 551,247 593,287
MATCH/MISMATCH MISMAT MISMATCH MISMAT MISMAT MISMATCH OK MISMAT MISMAT MISMAT MISMAT MISMAT MISMAT MISMAT MISMAT MISMATCH
MISMATCH RANGE +/- 5.00%

% PERMANENT WI TO TOTAL WI 40.00%
FUNDING STRUCTURE
% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
ST ASSETS 22% -1% 16% 9% 14% 15% 26% 35% 42% 36% 46% 48% 49% 50% 51%
LT ASSETS 78% 101% 84% 91% 86% 85% 74% 65% 58% 64% 54% 52% 51% 50% 49%
TOTAL 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
ST FUNDING 72% 115% 105% 130% 16% 14% 22% 24% 17% 9% 56% 65% 73% 81% 89%
LT FUNDING 28% -15% -5% -30% 84% 86% 78% 76% 83% 91% 44% 35% 27% 19% 11%
TOTAL 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
chk (0) (0) (0) (0) (37,213) (25,470) (13,728) (3,092) - (57,323) - - - - -
641357482.xls
01/28/2023
MISMAT OK
641357482.xls
01/28/2023
Valuation Analysis - Discounted Cash Flow & DividendsMethod
Valuation Analysis: General Assumptions
Financial Statements Data Base Year

(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Residual
REVENUE 134,219 366,489 671,000 833,000 879,000 922,950 1,015,245 1,116,770 1,228,446 1,351,291 1,486,420
EBIT (24,270) 16,166 70,526 95,769 100,467 93,600 (33,011) (35,823) (38,900) (42,271) (45,963)
NET INCOME (48,046) 1,001 43,722 65,727 73,580 70,200 (26,409) (28,658) (31,120) (33,817) (36,771)
COMMON DIVIDENDS #N/A 0 0 0 0 0 0 0 0 0 0
DEPRECIATION & AMORTIZATION 3,278 7,397 11,608 11,915 12,203 6,247 6,415 6,587 6,761 6,937 7,116
CHANGE IN FUNDED DEBT #N/A 37,493 (5,328) (15,376) (39,386) (25,905) 246,985 60,273 65,876 72,037 78,811
INTEREST EXPENSE #N/A 14,831 12,229 8,134 2,361 0 0 0 0 0 0
INVESTMENT IN WORKING INVESTMENT #N/A 10,815 50,160 36,767 18,278 49,809 72,890 29,083 31,991 35,190 38,709
INVESTMENT IN FIXED ASSETS #N/A 73,333 0 0 0 0 0 0 0 0 0
TAX RATE #N/A 25.00% 25.00% 25.00% 25.00% 25.00% 20.00% 20.00% 20.00% 20.00% 20.00% 0.00%
Cost of Capital
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Residual
RISK FREE RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
MARKET RISK PREMIUM 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
BETA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AVG BEF TAX DEBT RATE 17.25% 15.16% 12.46% 9.11% 14.18% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
TARGET DEBT/TOTAL CAPITAL 39.57% 31.54% 21.33% 7.61% 0.00% 56.01% 65.02% 73.55% 81.60% 89.18% 0.00%
PREFERRED STOCK RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
TARGET PREF STK/TOTAL CAPITAL 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
CAPM RESULTS:
COST OF COMMON EQUITY 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
COST OF PREFERRED EQUITY 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
AFTER TAX DEBT COST 12.93% 11.37% 9.34% 6.84% 10.64% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
WEIGHTED AVG COST OF CAPITAL 5.12% 3.59% 1.99% 0.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
IF CAPM IS NOT PREFERRED,

USER DEFINED DISCOUNT RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
REDUNDANT ASSETS 4,162 CASH RESIDUAL VALUE: OPTIONAL RESIDUAL VALUE INPUTS:
INTANGIBLE ASSETS 0 DEFAULT COMPUTATION INPUTS: RESIDUAL CASH FLOW BASE
MKT VALUE OF DEBT 48,503 BOOK VALUE FCF TERMINAL GROWTH RATE 0.00% OTHER THAN LAST FORECAST YEA 0
TOTAL EQUITY 130,356 DIVIDEND TERMINAL GROWTH RAT 0.00% DIRECT ESTMATION FROM
CURRENT SHARE PRICE 0 PAR VALUE ANOTHER METHOD (define) 0
COMMON SHARES OUTSTANDING 0 DCF OPTION: 1 = FCF to all providers 1
Terminal Year 0 0 = FCF to equity holders
641357482.xls
Valuation-DCF 76
01/28/2023
Free Cash Flow Valuation
(LE 000's) CASH DISCOUNT PRESENT
YEAR FLOW RATE VALUE
2020 0 5.12% 0
2021 0 3.59% 0
2022 0 1.99% 0
2023 0 0.52% 0
2024 0 0.00% 0
2025 0 0.00% 0
2026 0 0.00% 0
2027 0 0.00% 0
2028 0 0.00% 0
2029 0 0.00% 0
Residual Err:520 5.12% Err:520
TOTAL VALUE Err:520

ADD REDUNDANT ASSETS 4,162
LESS MARKET VALUE OF DEBT 48,503
TOTAL SHAREHOLDER VALUE Err:520
SHAREHOLDER VALUE PER SHARE Err:520
Free Cash Flow Calculations

(LE 000's) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Residual
OP INCOME (B/F INT & TAX) 16,166 70,526 95,769 100,467 93,600 (33,011) (35,823) (38,900) (42,271) (45,963)
INCOME TAX 4,041 17,631 23,942 25,117 23,400 0 0 0 0 0
NET OP PROFIT AFTER TAX 12,124 52,894 71,827 75,350 70,200 (33,011) (35,823) (38,900) (42,271) (45,963)
+ DEPREC AND AMORT 7,397 11,608 11,915 12,203 6,247 6,415 6,587 6,761 6,937 7,116
- INVEST IN WORKING INVESTMENT 10,815 50,160 36,767 18,278 49,809 72,890 29,083 31,991 35,190 38,709
- INVEST IN FIXED ASSETS 73,333 0 0 0 0 0 0 0 0 0
OTHER ADJUSTMENT 0 0 0 0 0 0 0 0 0 0
FREE CASH FLOW (64,626) 14,343 46,974 69,275 26,639 (99,486) (58,319) (64,131) (70,524) (77,556)
NET CHANGE IN DEBT 37,493 (5,328) (15,376) (39,386) (25,905) 246,985 60,273 65,876 72,037 78,811
INTEREST AFTER TAX 11,123 9,172 6,100 1,771 0 0 0 0 0 0
CASH AVAIL. TO SHAREHOLDERS (38,257) (158) 25,498 28,119 734 147,499 1,954 1,745 1,513 1,254
641357482.xls
Valuation-DCF 77
01/28/2023
Divideneds Valuation
(LE 000's) DISCOUNT PRESENT
YEAR DIVIDEND RATE VALUE
2020 0 0.00% 0
2021 0 0.00% 0
2022 0 0.00% 0
2023 0 0.00% 0
2024 0 0.00% 0
2025 0 0.00% 0
2026 0 0.00% 0
2027 0 0.00% 0
2028 0 0.00% 0
2029 0 0.00% 0
Residual Err:520 0.00% Err:520

VALUE PER SHARE Err:520
641357482.xls
Valuation-DCF 78
01/28/2023
VALUATION ANALYSIS
MULTIPLES
0
Valuation Analysis: Comparable Transactions (LE 000's)

TARGET Deal 1 Deal 2 Deal 3 Deal 4 Deal 5 Deal 6 User's Estimates for
ACQUIRER Company Valuation
PRICE/EARNINGS RATIO 0.00 0.00 0.00 0.00 0 0.00 0
PRICE/TANGIBLE BOOK 0.00 0.00 0.00 0.00 0 0.00 0
TOT CONSIDERATION/REVENUE 0.00 0.00 0.00 0.00 0 0.00 0
TOT CONSIDERATION/EBIT 0.00 0.00 0.00 0.00 0 0.00 0
TOT CONSIDERATION/EBITD 0.00 0.00 0.00 0.00 0 0.00 0
OTHER RELATIVE (define) #N/A #N/A #N/A #N/A #N/A #N/A #N/A
DEBT/TOTAL CAPITAL 0.00% 0.00% 0.00% 0.00% 0 0.00% 0

% HIGHER (LOWER) THAN MARKET 0.00% 0.00% 0.00% 0.00% 0 0.00% #N/A
Valuation Analysis: Comparable Companies Company Company Company Company

User's Estimates for
TICKER SYMBOL/EXCHANGE (LE 000's) Tick/Exch Tick/Exch Tick/Exch Tick/Exch Company Valuation
SALES BY SEGMENT
SEGMENT#1
SEGMENT#2
SEGMENT#3
SEGMENT#4
COMPANY BETA 0.00 0.00 0.00 0.00 0

UNLEVERED BETA 0.00 0.00 0.00 0.00 0
MARKET DATA
COMMON PRICE AS OF XX/XX/XX 0.00 0.00 0.00 0.00 0.00
52-WEEK HIGH-LOW RANGE $0-$0 $0-$0 $0-$0 $0-$0 $0-$0
COMMON SHARES OUTSTANDING 0 0 0 0 0
MARKET VALUE OF COMMON STOCK 0.00 0.00 0.00 0.00 $0
P/E LAST 12 MONTHS EARNINGS 0.00 0.00 0.00 0.00 0

P/E FOR 19XX EST. EARNINGS 0.00 0.00 0.00 0.00 0
MARKET CAP/REVENUES #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

MARKET CAP/EBIT 0.00 0.00 0.00 0.00 0
MARKET CAP/EBITD 0.00 0.00 0.00 0.00 0
OPERATING PROFIT PER SHARE 0.00 0.00 0.00 0.00 0

MARKET CAP/OPERATING PROFIT #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
OPERATING CASH FLOW PER SHARE 0.00 0.00 0.00 0.00 0

MARKET CAP/OP CASH FLOW #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
641357482.xls Valuation-Multiples 79
01/28/2023
TANGIBLE BOOK VALUE PER SHARE 0.00 0.00 0.00 0.00 0
PRICE/TANG BV PER SHARE 0.00 0.00 0.00 0.00 0
STATED DIVIDEND PER SHARE 0.00 0.00 0.00 0.00 0

DIVIDEND YIELD 0.0% 0.0% 0.0% 0.0% 0
Valuation Analysis: Comparable Companies Company Company Company Company

Operating Data
LATEST 12 MONTHS ENDED XX/XX
NET REVENUES 0 0 0 0 0
GROSS PROFIT (MARGIN) 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0!
OPERATING PROFIT (MARGIN) 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0!
BEFORE-TAX INCOME (MARGIN) 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0!
NET INCOME (MARGIN) 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0!
OPERATING CASH FLOW 0 0 0 0 0
EPS--LATEST 12 MONTHS 0.00 0.00 0.00 0.00 0

EPS--ESTIMATED FOR 19XX 0.00 0.00 0.00 0.00 0
Balance Sheet
LATEST 12 MONTHS ENDED XX/XX
CASH & EQUIVALENTS 0 0 0 0 0
SHORT TERM DEBT 0 0 0 0 0
LONG TERM DEBT 0 0 0 0 0
DEFERRED TAXES & OTHER LT LIABS 0 0 0 0 0
PREFERRED EQUITY 0 0 0 0 0
COMMON EQUITY 0 0 0 0 0
---------------- ---------------- ---------------- ---------------- ----------------
TOTAL CAPITALIZATION 0 0 0 0 0
Key Ratios
LT DEBT/EQUITY #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
LT DEBT/TOTAL CAPITALIZATION #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
TOTAL DEBT/TOTAL EQUITY #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
MARKET CAPITALIZATION 0 0 0 0 0
DUPONT ANALYSIS:
RET ON SALES (NPAT/SALES) 0.00 0.00 0.00 0.00 0
ASSET UTIL. (SALES/TA) 0.00 0.00 0.00 0.00 0
TOTAL ASSETS/EQUITY 0.00 0.00 0.00 0.00 0
RETURN ON AVG EQUITY 0.00% 0.00% 0.00% 0.00% 0

RETURN ON AVG ASSETS 0.00% 0.00% 0.00% 0.00% 0
01/28/2023
Comparable Companies (Cont'd) Company Company Company Company
Income Statement
HISTORICAL DATA:
LATEST 12 MONTHS ENDED XX/XX/XX XX/XX/XX XX/XX/XX XX/XX/XX XX/XX/XX
LATEST FISCAL YEAR ENDED XX/XX/XX XX/XX/XX XX/XX/XX XX/XX/XX XX/XX/XX
NET SALES
LATEST 12 MONTHS 0 0 0 0 0
LATEST FISCAL YEAR 0 0 0 0 0
Y-1 0 0 0 0 0
Y-2 0 0 0 0 0
Y-3 0 0 0 0 0
Y-4 0 0 0 0 0
5-YR AVERAGE GROWTH RATE #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
OPERATING PROFIT
LATEST 12 MONTHS 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0!
LATEST FISCAL YEAR 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0!
Y-1 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0!
5-YR AVERAGE GROWTH RATE #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EARNINGS PER SHARE (FULLY DILUTED)

LATEST 12 MONTHS $0.00 $0.00 $0.00 $0.00 0
LATEST FISCAL YEAR 0.00 0.00 0.00 0.00 0
Y-1 0.00 0.00 0.00 0.00 0
Y-2 0.00 0.00 0.00 0.00 0
Y-3 0.00 0.00 0.00 0.00 0
Y-4 0.00 0.00 0.00 0.00 0
5-YR AVERAGE GROWTH RATE #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
OTHER RELATIVE (define) #N/A #N/A #N/A #N/A #N/A

01/28/2023
Valuation Analysis: Summary Report Given User's Estimated Relative Values: Comparable Transactions
(LE 000's) MARKET DCF DIVIDEND PRICE/ PRICE/ TOT CON/ TOT CON/ TOT CON/ Other Other Other
Valuation Results PRICE METHOD METHOD EARNINGS TANG BK REVENUES EBIT EBITD Relative Relative Relative
TOTAL CORPORATE VALUE 48,503 Err:520 Err:520 48,503 48,503 0 0 0 #N/A #N/A #N/A
TOTAL SHAREHOLDER VALUE 0 Err:520 Err:520 0 0 (48,503) (48,503) (48,503) #N/A #N/A #N/A
VALUE PER SHARE 0.00 Err:520 Err:520 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A #N/A #N/A
% HIGHER (LOWER) THAN MARKET NA Err:520 Err:520 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A #N/A #N/A
IMPLIED P/E RATIO 0.0 Err:520 Err:520 0.0 0.0 1.0 1.0 1.0 #N/A #N/A #N/A
IMPLIED PRICE/TANG BOOK 0.0 Err:520 Err:520 0.0 0.0 -0.4 -0.4 -0.4 #N/A #N/A #N/A
IMPLIED CORP VALUE/REV 0.4 Err:520 Err:520 0.4 0.4 0.0 0.0 0.0 #N/A #N/A #N/A
IMPLIED CORP VALUE/EBIT -2.0 Err:520 Err:520 -2.0 -2.0 0.0 0.0 0.0 #N/A #N/A #N/A
IMPLIED CORP VALUE/EBITD -2.3 Err:520 Err:520 -2.3 -2.3 0.0 0.0 0.0 #N/A #N/A #N/A
OTHER RELATIVE (define) #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
OTHER RELATIVE (define) #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
Valuation Analysis: Summary Report Given User's Estimated Relative Values: Comparable Companies
(LE 000's) PRICE/ PRICE/ MKT CAP/ MKT CAP/ MKT CAP/ Other Other Other
Valuation Results EARNINGS TANG BK REVENUES EBIT EBITD Relative Relative Relative
TOTAL CORPORATE VALUE 48,503 48,503 #DIV/0! 0 0 #N/A #N/A #N/A

TOTAL SHAREHOLDER VALUE 0 0 #DIV/0! (48,503) (48,503) #N/A #N/A #N/A
VALUE PER SHARE #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Err:520 Err:520 Err:520
PREMIUM/DISCOUNT TO MKT #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Err:520 Err:520 Err:520
IMPLIED P/E RATIO 0.0 0.0 #DIV/0! 1.0 1.0 #N/A #N/A #N/A
IMPLIED PRICE/TANG BOOK 0.0 0.0 #DIV/0! -0.4 -0.4 #N/A #N/A #N/A
IMPLIED CORP VALUE/REV 0.4 0.4 #DIV/0! 0.0 0.0 #N/A #N/A #N/A
IMPLIED CORP VALUE/EBIT -2.0 -2.0 #DIV/0! 0.0 0.0 #N/A #N/A #N/A
IMPLIED CORP VALUE/EBITD -2.31050562 -2.31050562 #DIV/0! 0 0 #N/A #N/A #N/A
OTHER RELATIVE (define) #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
OTHER RELATIVE (define) #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
01/28/2023
VALUATION ANALYSIS
SENSITIVITY ANALYSIS OF FCF VALUE DRIVERS
0
VALUE DRIVER ASSUMPTIONS IN BASE CASE SCENARIO:

(LE 000's) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Resid
REVENUE GROWTH 173.05% 83.09% 24.14% 5.52% 5.00% 10.00% 10.00% 10.00% 10.00% 10.00%
PROFIT MARGIN (EBIT) 4.41% 10.51% 11.50% 11.43% 10.14% -3.25% -3.21% -3.17% -3.13% -3.09%
INCREMENTAL FIXED CAPITAL INVESTMENT
(AS A % OF SALES INCREASE) 28.39% -3.81% -7.35% -26.53% -14.21% -6.95% -6.49% -6.05% -5.65% -5.27%
INCREMENTAL W.I. INVESTMENT
(AS A % OF SALES INCREASE) 4.66% 16.47% 22.70% 39.73% 113.33% 78.97% 28.65% 28.65% 28.65% 28.65%
CASH INCOME TAX 25.00% 25.00% 25.00% 25.00% 25.00% 20.00% 20.00% 20.00% 20.00% 20.00%
COST OF CAPITAL 5.12% 3.59% 1.99% 0.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 5.12%
A CHANGE IN THE BASIC INCREASE (DECREASE) % CHANGE VALUE

ASSUMPTIONS OF: % CHANGE IN SH' HOLDER VALUE IN SH' HOLDER VALUE PER SHARE
REVENUE GROWTH 1.00% Err:520 Err:520 Err:520
PROFIT MARGIN (EBIT) 1.00% Err:520 Err:520 Err:520
INCREMENTAL FIXED CAP INVESTMENT 1.00% Err:520 Err:520 Err:520
INCREMENTAL W.I. INVESTMENT 1.00% Err:520 Err:520 Err:520
CASH INCOME TAX 1.00% Err:520 Err:520 Err:520
COST OF CAPITAL 1.00% Err:520 Err:520 Err:520
641357482.xls Valuation - Sensitvity Analysis 83

01/28/2023
VALUE DRIVERS AND CASH FLOWS: REV GROWTH SENSITIVITY
(LE 000's) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Resid
REVENUE GROWTH 174.05% 84.09% 25.14% 6.52% 6.00% 11.00% 11.00% 11.00% 11.00% 11.00%
PROFIT MARGIN (EBIT) 4.41% 10.51% 11.50% 11.43% 10.14% -3.25% -3.21% -3.17% -3.13% -3.09%
(AS A % OF SALES INCREASE) 28.39% -3.81% -7.35% -26.53% -14.21% -6.95% -6.49% -6.05% -5.65% -5.27%
(AS A % OF SALES INCREASE) 4.66% 16.47% 22.70% 39.73% 113.33% 78.97% 28.65% 28.65% 28.65% 28.65%
CASH INCOME TAX 25.00% 25.00% 25.00% 25.00% 25.00% 20.00% 20.00% 20.00% 20.00% 20.00%
COST OF CAPITAL 5.12% 3.59% 1.99% 0.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 5.12%
CASH FLOW FORECAST WITH CHANGED REVENUE GROWTH

(LE 000's) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Resid
REVENUE 367,831 677,136 847,388 902,657 956,816 1,062,066 1,178,893 1,308,572 1,452,514 1,612,291
EBIT 16,225 71,171 97,423 103,171 97,035 (34,533) (37,815) (41,438) (45,437) (49,855)
CASH INCOME TAXES 4,056 17,793 24,356 25,793 24,259 (6,907) (7,563) (8,288) (9,087) (9,971)
EBIAT 12,169 53,378 73,068 77,378 72,776 (27,627) (30,252) (33,150) (36,350) (39,884)
FIXED CAPITAL INVEST 66,317 (11,791) (12,522) (14,662) (7,699) (7,315) (7,579) (7,851) (8,129) (8,414)
WORKING CAPITAL INVEST 10,877 50,949 38,640 21,961 61,379 83,120 33,467 37,148 41,234 45,770
FREE CASH FLOW (65,026) 14,219 46,949 70,079 19,096 (103,432) (56,140) (62,448) (69,455) (77,240)
CASH AVAIL. TO SHAREHOLDERS (38,656) (281) 25,472 28,923 (6,809) 143,553 4,133 3,429 2,582 1,571
Change in Rev Growth by: 1.00%

FREE PRESENT
YEAR CASH FLOW VALUE
2,020 0.00% 0
2,021 0.00% 0
2,022 0.00% 0
2,023 0.00% 0
2,024 0.00% 0
2,025 0.00% 0
2,026 0.00% 0
2,027 0.00% 0
2,028 0.00% 0
2,029 0.00% 0
Residual Err:520 Err:520
PV - FORECAST FLOWS Err:520
VALUE DRIVERS AND CASH FLOWS: PROFIT MARGIN SENSITIVITY

(LE 000's) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Resid
REVENUE GROWTH 173.05% 83.09% 24.14% 5.52% 5.00% 10.00% 10.00% 10.00% 10.00% 10.00% 0.00%
PROFIT MARGIN (EBIT) 5.41% 11.51% 12.50% 12.43% 11.14% -2.25% -2.21% -2.17% -2.13% -2.09% 1.00%

01/28/2023
(AS A % OF SALES INCREASE) 28.39% -3.81% -7.35% -26.53% -14.21% -6.95% -6.49% -6.05% -5.65% -5.27% 0.00%
(AS A % OF SALES INCREASE) 4.66% 16.47% 22.70% 39.73% 113.33% 78.97% 28.65% 28.65% 28.65% 28.65% 0.00%
CASH INCOME TAX 25.00% 25.00% 25.00% 25.00% 25.00% 20.00% 20.00% 20.00% 20.00% 20.00% 0.00%
COST OF CAPITAL 5.12% 3.59% 1.99% 0.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 5.12%
CASH FLOW FORECAST WITH CHANGED PROFIT MARGIN

(LE 000's) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
REVENUE 366,489 671,000 833,000 879,000 922,950 1,015,245 1,116,770 1,228,446 1,351,291 1,486,420
EBIT 19,831 77,236 104,099 109,257 102,830 (22,858) (24,655) (26,616) (28,758) (31,099)
EBIAT 14,873 57,927 78,074 81,943 77,122 (18,287) (19,724) (21,293) (23,006) (24,879)
FREE CASH FLOW (61,878) 19,375 53,222 75,868 33,561 (84,762) (42,220) (46,523) (51,260) (56,472)
CASH AVAIL. TO S'HOLDERS (35,508) 4,875 31,745 34,711 7,656 162,223 18,052 19,353 20,778 22,338
Change in Profit Margin by: 1.00%

FREE PRESENT
2020 0 0
2021 0 0
2022 0 0
2023 0 0
2024 0 0
2025 0 0
2026 0 0
2027 0 0
2028 0 0
2029 0 0
VALUE DRIVERS AND CASH FLOWS: CAP INVEST SENSITIVITY

YEAR 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Resid
REVENUE GROWTH 173.05% 83.09% 24.14% 5.52% 5.00% 10.00% 10.00% 10.00% 10.00% 10.00% 0.00%
CASH INCOME TAX 25.00% 25.00% 25.00% 25.00% 25.00% 20.00% 20.00% 20.00% 20.00% 20.00% 0.00%
COST OF CAPITAL 5.12% 3.59% 1.99% 0.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 5.12%

01/28/2023
CASH FLOW FORECAST WITH CHANGED NET CAP INVEST
(LE 000's) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Resid
REVENUE 366,489 671,000 833,000 879,000 922,950 1,015,245 1,116,770 1,228,446 1,351,291 1,486,420
EBIT 16,166 70,526 95,769 100,467 93,600 (33,011) (35,823) (38,900) (42,271) (45,963)
EBIAT 12,124 52,894 71,827 75,350 70,200 (26,409) (28,658) (31,120) (33,817) (36,771)
FIXED CAPITAL INVESTMENT 68,259 (8,563) (10,295) (11,743) (5,808) (5,492) (5,571) (5,644) (5,709) (5,765)
FREE CASH FLOW (66,949) 11,298 45,354 68,815 26,200 (93,807) (52,170) (57,468) (63,298) (69,715)
CASH AVAIL. TO S'HOLDERS (40,579) (3,203) 23,878 27,659 294 153,178 8,103 8,409 8,739 9,096
Change in Net Cap Inv by: 1.00%

FREE PRESENT
Year CASH FLOW VALUE
2020 0 0
2021 0 0
2022 0 0
2023 0 0
2024 0 0
2025 0 0
2026 0 0
2027 0 0
2028 0 0
2029 0 0
VALUE DRIVERS AND CASH FLOWS: WC INVEST SENSITIVITY

YEAR 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Resid
REVENUE GROWTH 173.05% 83.09% 24.14% 5.52% 5.00% 10.00% 10.00% 10.00% 10.00% 10.00% 0.00%
CASH INCOME TAX 25.00% 25.00% 25.00% 25.00% 25.00% 20.00% 20.00% 20.00% 20.00% 20.00% 0.00%
COST OF CAPITAL 5.12% 3.59% 1.99% 0.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 5.12%
CASH FLOW FORECAST WITH CHANGED W. I. INVESTMENT

(LE 000's) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Resid
REVENUE 366,489 671,000 833,000 879,000 922,950 1,015,245 1,116,770 1,228,446 1,351,291 1,486,420
EBIT 16,166 70,526 95,769 100,467 93,600 (33,011) (35,823) (38,900) (42,271) (45,963)

01/28/2023
EBIAT 12,124 52,894 71,827 75,350 70,200 (26,409) (28,658) (31,120) (33,817) (36,771)
FREE CASH FLOW (66,949) 11,298 45,354 68,815 26,200 (93,807) (52,170) (57,468) (63,298) (69,715)
CASH AVAIL TO S'HOLDERS (40,579) (3,203) 23,878 27,659 294 153,178 8,103 8,409 8,739 9,096
Change in WC by: 1.00%

FREE PRESENT
2020 0 0
2021 0 0
2022 0 0
2023 0 0
2024 0 0
2025 0 0
2026 0 0
2027 0 0
2028 0 0
2029 0 0
VALUE DRIVERS AND CASH FLOWS: INCOME TAX SENSITIVITY

YEAR 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Resid
REVENUE GROWTH 173.05% 83.09% 24.14% 5.52% 5.00% 10.00% 10.00% 10.00% 10.00% 10.00% 0.00%
CASH INCOME TAX 26.00% 26.00% 26.00% 26.00% 26.00% 21.00% 21.00% 21.00% 21.00% 21.00% 1.00%
COST OF CAPITAL 5.12% 3.59% 1.99% 0.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 5.12%
CASH FLOW FORECAST WITH CHANGED INCOME TAX RATE

(LE 000's) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Resid
REVENUE 366,489 671,000 833,000 879,000 922,950 1,015,245 1,116,770 1,228,446 1,351,291 1,486,420
EBIT 16,166 70,526 95,769 100,467 93,600 (33,011) (35,823) (38,900) (42,271) (45,963)
CASH INCOME TAX 4,203 18,337 24,900 26,121 24,336 (6,932) (7,523) (8,169) (8,877) (9,652)
EBIAT 11,963 52,189 70,869 74,346 69,264 (26,079) (28,300) (30,731) (33,394) (36,311)

01/28/2023
FREE CASH FLOW (64,788) 13,637 46,017 68,271 25,703 (92,554) (50,796) (55,962) (61,647) (67,904)
CASH AVAIL. TO SHAREHOLDERS (38,418) (863) 24,540 27,114 (202) 154,431 9,477 9,914 10,390 10,907
Change in Tax Rate by: 1.00%

FREE PRESENT
2020 0 0
2021 0 0
2022 0 0
2023 0 0
2024 0 0
2025 0 0
2026 0 0
2027 0 0
2028 0 0
2029 0 0
VALUE DRIVERS AND CASH FLOWS: COST OF CAPITAL SENSITIVITY

YEAR 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Resid
REVENUE GROWTH 173.05% 83.09% 24.14% 5.52% 5.00% 10.00% 10.00% 10.00% 10.00% 10.00% 0.00%
CASH INCOME TAX 25.00% 25.00% 25.00% 25.00% 25.00% 20.00% 20.00% 20.00% 20.00% 20.00% 0.00%
COST OF CAPITAL 6.12% 4.59% 2.99% 1.52% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 6.12%
CASH FLOW FORECAST WITH CHANGED COST OF CAPITAL

(LE 000's) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Resid
REVENUE 366,489 671,000 833,000 879,000 922,950 1,015,245 1,116,770 1,228,446 1,351,291 1,486,420
EBIT 16,166 70,526 95,769 100,467 93,600 (33,011) (35,823) (38,900) (42,271) (45,963)
EBIAT 12,124 52,894 71,827 75,350 70,200 (26,409) (28,658) (31,120) (33,817) (36,771)
FREE CASH FLOW (64,626) 14,343 46,974 69,275 26,639 (92,884) (51,155) (56,351) (62,070) (68,364)
CASH AVAIL. TO SHAREHOLDERS (38,257) (158) 25,498 28,119 734 154,101 9,118 9,525 9,967 10,447

01/28/2023
Change in Cost of Capital by: 1.00%
FREE PRESENT
2020 0 0
2021 0 0
2022 0 0
2023 0 0
2024 0 0
2025 0 0
2026 0 0
2027 0 0
2028 0 0
2029 0 0

01/28/2023
ESTIMATED BOND RATING
0
ESTIMATED BOND RATING 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
PROJECTED SCORE #REF! #REF! #REF! #REF! #REF! #REF! 4.61805729 3.7286365 2.86536115 2.05625325
ESTIMATED RATING #REF! #REF! #REF! #REF! #REF! #REF! AA A BBB BBB-
*** W A R N I N G *** D O N O T U S E *** W A R N I N G ***
THE BOND RATING SECTION OF THIS TEMPLATE SHOULD ONLY BE USED WHEN
THE COMPANY IS SPREAD IN THOUSANDS OR MILLIONS OF U.S. DOLLARS.
SCALE BBB- BBB A AA AAA

<───────|───────|───────|───────|───────|───────>
2.3 3.3 4.3 5.0 6.2
LAST WEIGHTING FACTOR UPDATE: August 1, 1991

(produced yearly by CHASE FRS)
WEIGHTING FACTORS:
TOTAL ASSETS 0.5481
RISK ADJUSTED 5YR AVG RETURN ON AVG CAPITAL EMPLOYED 0.0955
TOTAL FUNDED DEBT/TOTAL CAPITAL EMPLOYED -0.0409
TOTAL LIABILITIES/NET WORTH -0.0715
INVESTMENT & ADVANCES TO NON-CONSOLIDATED SUBSIDIARIES/TOT CAP -0.0144
CALCULATIONS:
YEAR 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
RET ON AVG CAP -1.0757491 -0.4905556 -1.3539365 -0.335349 #REF! #REF! 0.09289678 0.16327133 0.1836478 0.15747453 -0.0558843 -0.0564895 -0.0570454 -0.057553
TOT ASSETS (mil) 185496.292 172284.348 195239.056 133346.861 282440.418 334105.318 397601.338 455129.71 483828.038 439669.866 525361.961 564845.8 608257.768 655999.723 708513.772
TOT FUNDED DEBT 64728.811 68776.986 107727.618 106570.611 48502.931 85996.1598 80667.875 65291.5039 25905.7275 0.43231285 246985.455 307258.309 373134.67 445171.824 523982.701
TOTAL CAPITAL 89639.726 50839.445 100918.433 47492.919 182258.654 217353.288 255747.316 306097.72 340291.564 384586.54 440948.739 472563.455 507319.388 545539.706 587579.953
TOTAL LIABILITIES 160585.642 190222.156 202048.507 188124.816 142384.958 199349.19 219122.897 210924.493 166043.202 109769.765 328761.678 396903.654 471436.05 552994.842 642279.52
TOTAL NET WORTH 23262.523 -19650.938 -9446.331 -61913.936 130356.264 131357.128 175079.441 240806.217 314385.836 384586.108 193963.284 165305.146 134184.718 100367.881 63597.252
INVEST & ADVANCES 5402.744 5613.244 2019.119 796.619 2483.635 2728 2728 2728 2728 2728 2728 2728 2728 2728 2728
5 YR AVG ROACE -0.8138976 #REF! #REF! #REF! #REF! #REF! #REF! 0.10828122 0.07840396 0.03434061 -0.0138995
STD DEV 0.41646341 #REF! #REF! #REF! #REF! #REF! #REF! 0.08753402 0.11023656 0.11153176 0.08568885
RISK ADJ ROACE -1.230361 #REF! #REF! #REF! #REF! #REF! #REF! 0.0207472 -0.0318326 -0.0771912 -0.0995884
LOG OF TOT ASSETS 12.5512229 12.7192115 12.8932051 13.0283377 13.0894848 12.9937794 13.1718428 13.2443081 13.318354 13.3939156 13.4709248
TFD/CAPITAL 1.06747216 2.24392632 0.26612142 0.39565153 0.31542022 0.21330281 0.07612803 1.1241E-06 0.56012283 0.65019482 0.73550248 0.81602094 0.89176409
TOT LIAB/NW 1.09227553 1.51761228 1.25156269 0.87590967 0.52815102 0.28542312 1.69496861 2.40103628 3.51333636 5.50967934 10.099171
INV & ADV/CAPITAL 0.01362698 0.01255099 0.01066678 0.00891219 0.00801665 0.00709333 0.00618666 0.00577277 0.00537728 0.00500055 0.00464277
SCORE TABLE (DO NOT ERASE OR COPY TO ANOTHER LOCATION):
SCORE RATING
-10 BBB-
2.3 BBB
3.3 A
4.3 AA
5 AAA
641357482.xls Bond Rating 90

Case Study COS-Solved at Class

Uploaded by

Copyright:

Available Formats

You might also like

Case Study COS-Solved at Class

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Case Study COS-Solved at Class

Uploaded by

Copyright:

Available Formats

Sheet # Name

1 Contents Pciiiamx contents and description

Fiscal Year End: Prepared by:

RETURN ON EQUITY 236.89% 446.61% 85.76%

Quarter 3 50,350,367 4,929,745 2,417,702 2,512,043

Quarter 3 39,471,064 4,929,745 1,838,606 3,091,139

Quarter 3 26,083,777 4,929,745 1,126,012 3,803,733

Quarter 3 9,610,345 4,929,745 249,144 4,680,600

Installment (Sum) Interest (Sum) Principal (Sum) Paid Flg

2017 2018 2019

24,008 81,097 92,721

Debt Service EGP 121,450.04 0.00% 10.00%

Requested Amount 55,000

15.00% 16.00% 18.00% 24.00% 45.00% 40.00%

DEPRECIATION (336) (362) (359) (330) (327)

GROSS INTEREST EXP--EXIST (7,827) (9,655) (8,918) (11,636) (16,789)

TOTAL TAX EXPENSE (179) (65) (924) (199) (563)

MINORITY INTEREST EXPENSE 0 0 0 0 ###

PREF SHARE DIVIDENDS 0 0 0 0 ###

ADVANCE PAYMENTS 1,661 1,962 1,506 1,051 3,392

PROPERTY, PLANT & EQUIP:

CUST. INSURANCE 5,403 5,613 2,019 797 2,484

LT LEASE OBLIGATION 0 0 0 0 25,470

DUE TO SHAREHOLDERS 7,731 7,281 0 9,326 ###

PREFERRED STOCK 0 0 0 0 ###

DUE TO SHARHOLDERS 0 0 0 0 ###

RECONCILE B/S (0) (0) (0) (0) ###

+ GOODWILL AND OTHER AMORT 0 0 0 ###

NET CHG WORKING INV ACCOUNTS

+ CHG PREPAID EXPENSES 0 0 ###

OTHER CURRENT LIABILITY (6,081) 623 (1,665) 1,240

- INTEREST EXPENSE (9,655) (8,918) (11,636) (16,789)

+ CHG STD 4,223 35,772 2,033 (94,217)

CHG B/S CASH ACCOUNT (1,436) 960 (128) 2,963

DEBT SERVICE RATIOS

LIQUIDITY & LEVERAGE

LONG TERM CAPITAL 24,513 (18,576) (5,193) (60,851) 167,569

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

Total Projected Assets ###

Total Proj Liab & Equity ###

New Money Need ###

Excess Marketable Sec ###

** Total Debt totals

Covenants Tests Historical

CRITERIA 0.00 0.00 0.00 0.00 0.00

CRITERIA 0.00 0.00 0.00 0.00 0.00

CRITERIA 0.00 0.00 0.00 0.00 0.00

CRITERIA 0.00 0.00 0.00 0.00 0.00

CRITERIA 0.00 0.00 0.00 0.00 0.00

CRITERIA 0.00 0.00 0.00 0.00 0.00

Blended interest rate on existing debt

Interest rate earned on Marketable Sec

Appropriate tax rate to NPBT

Days based on COGS

Div Payable/Div Declared for previous year

NET SALES 100% 100% 100% 100% 1 1 1 1 1 1

TOTAL TAX EXPENSE 0 0 0 0 0 0

MINORITY INTEREST EXPENSE 0 0 0 0 0 0