GENERAL ASSUMPTIONS

KENYA
Annual inflation rate 10%
Corporate Income Tax Rate 25%
Interest annual rate 15%

Currency USD

INVESTMENTS

Purchasing cost of investments in Fixed Assets

Ʃ 2021-
2021 2022 2023 2024 2025
  Tangible Assets 2025
1 Building $106,080 $10,000 $10,000 $10,000 $10,000 $146,080
Production Machinery &
$272,480
2 Equipment $150,000 $50,000 $30,000 $1,000 $503,480
3 IT Equipments (PC, Lap Top etc) $43,120 $5,000 $1,200 $1,500 $1,000 $51,820
Other Office Equipment &
$11,211
4 Fixtures $1,000 $1,000 $1,000 $1,000 $15,211
5 Trucks $75,000 $25,884 $0 $0 $0 $100,884
6 Other $20,000 $20,000 $20,000 $20,000 $20,000 $100,000
  Total $527,891 $211,884 $82,200 $62,500 $33,000 $917,475

Ʃ 2021-
2021 2022 2023 2024 2025
  Intangible assets 2025
1 Licenses, trademarks, etc $2,724 $2,724 $2,724 $2,724 $2,724 $13,620
\ Total $2,724 $2,724 $2,724 $2,724 $2,724 $13,620
1. REVENUES

# SALES 2021 2022 2023 2024 2025

1 Bazenga 40FT $1,950,000 $2,145,000 $2,466,750 $2,960,100 $3,700,125
2 Spares and Parts $15,000 $17,250 $19,838 $23,805 $28,566
Total Sales $1,965,000 $2,162,250 $2,486,588 $2,983,905 $3,728,691

# OTHER REVENUES 2021 2022 2023 2024 2025

3 Green Leaf Commissions $2,900 $3,000 $3,500 $4,000 $8,000
Total Other Revenues $2,900 $3,000 $3,500 $4,000 $8,000

1 Bazenga 40FT 2021 2022 2023 2024 2025

Price $65,000 $65,000 $65,000 $65,000 $65,000
Quantity 30 33 38 46 57
Total Revenues $1,950,000 $2,145,000 $2,466,750 $2,960,100 $3,700,125

2 Spares and Parts 2021 2022 2023 2024 2025

Price $1,500 $1,500 $1,500 $1,500 $1,500
Quantity 10 12 13 16 19
Total Revenues $15,000 $17,250 $19,838 $23,805 $28,566

Total Sales Quantity 40 45 51 61 76

Actual Growth Rate Volumes 0 11% 15% 20% 24%
2. COGS
# COGS SUMMARY 2021 2022 2023 2024 2025
A1+A2 Raw Materials $407,000 $451,990 $516,670 $571,665 $633,955
A3 Direct variable labour cost $84,000 $105,000 $126,000 $147,000 $168,000
A4+B Packaging and other purchases $27,950 $31,641 $35,410 $39,894 $45,501
Total COGS $518,950 $588,631 $678,080 $758,559 $847,456

A1 Raw Material 2021 2022 2023 2024 2025

a 40FT CONTAINER Cost per unit $5,500 $5,580 $6,000 $6,000 $6,000
Quantity 30 33 36 40 44
Sub-Total 1 $165,000 $184,140 $217,800 $239,580 $263,538
b HVAC SYSTEM Cost per unit $3,500 $3,500 $3,500 $3,500 $3,500
Quantity 30 33 36 40 44
Sub-Total 2 $105,000 $115,500 $127,050 $139,755 $153,731
c SOLAR SYSTEM Cost per unit $2,000 $2,000 $2,000 $2,000 $2,000
Quantity 30 33 36 40 44
Sub-Total 3 $60,000 $66,000 $72,600 $79,860 $87,846
Total RM $330,000 $365,640 $417,450 $459,195 $505,115

A2 Raw Material 2021 2022 2023 2024 2025

a LED LIGHTS Cost per unit $15 $15 $17 $18 $20
Quantity 1,000 1,100 1,210 1,331 1,464
Sub-Total 4 $15,000 $16,500 $20,570 $23,958 $29,282
b TRAYS Cost per unit $8 $8 $8 $8 $8
Quantity 4,000 4,400 4,840 5,324 5,856
Sub-Total 5 $32,000 $35,200 $38,720 $42,592 $46,851
c PIPING Cost per unit $1,000 $1,050 $1,100 $1,150 $1,200
Quantity 30 33 36 40 44
Sub-Total 6 $30,000 $34,650 $39,930 $45,920 $52,708
Total RM $77,000 $86,350 $99,220 $112,470 $128,841

A3 Direct variable labour cost 2021 2022 2023 2024 2025

Single worker hourly wage $4 $5 $6 $7 $8
Nr of hours per day 7 7 7 7 7
Nr working days per month 25 25 25 25 25
Nr working months per year 12 12 12 12 12
Nr of workers 10 10 10 10 10
Total annual Labour cost $84,000 $105,000 $126,000 $147,000 $168,000

A4 Other purchases 2021 2022 2023 2024 2025

a Framing Cost per unit $800 $820 $830 $840 $850
Quantity 30 33 36 40 44
Total Other purchases $24,000 $27,060 $30,129 $33,541 $37,335

B Packaging 2021 2022 2023 2024 2025

1 Bazenga 40ft Cost per unit $100 $105 $105 $105 $110
Quantity (Packages) 30 33 38 46 57
Sub-Total 1 $3,000 $3,465 $3,985 $4,782 $6,262
2 Packaging Cost per unit $95 $97 $98 $99 $100
Quantity (Packages) 10 12 13 16 19
Sub-Total 2 $950 $1,116 $1,296 $1,571 $1,904
Total Packaging $3,950 $4,581 $5,281 $6,353 $8,166
 Assumptions: Growth Rate - COGS
2021 2022 2023 2024 2025
RM A1 0% 10% 10% 10% 10%
RM A2 0% 10% 10% 10% 10%
RM A4 0% 10% 10% 10% 10%

4. INCOME STATEMENT
(Values in USD Dollars) 2021 2022 2023 2024 2025
Revenues $1,965,000 $2,162,250 $2,486,588 $2,983,905 $3,728,691
Other Revenues $2,900 $3,000 $3,500 $4,000 $8,000
Total Revenues $1,967,900 $2,165,250 $2,490,088 $2,987,905 $3,736,691
Raw Materials $407,000 $451,990 $516,670 $571,665 $633,955
Packaging and other costs $27,950 $31,641 $35,410 $39,894 $45,501
COGS $434,950 $483,631 $552,080 $611,559 $679,456
Gross Margin $1,532,950 $1,681,620 $1,938,008 $2,376,346 $3,057,235
Service Expenses $37,700 $41,470 $45,617 $50,179 $55,197
Human Resources Expenses $170,400 $189,600 $208,800 $228,000 $247,200
Marketing Expenses $13,200 $11,250 $11,800 $12,350 $12,900
General Expenses $11,460 $12,606 $13,867 $15,253 $16,779
Total S.G.&A. Operating Exp. $232,760 $254,926 $280,084 $305,782 $332,075
EBITDA $1,300,190 $1,426,694 $1,657,924 $2,070,565 $2,725,160
Depreciation & amortization $41,083 $57,241 $63,383 $68,253 $71,089
EBIT $1,259,107 $1,369,453 $1,594,541 $2,002,312 $2,654,071
Financial Expenses $75,000 $56,250 $37,500 $18,750 $0
Earning Before Taxes (EBT) $1,184,107 $1,313,203 $1,557,041 $1,983,562 $2,654,071
Income Taxes $355,232 $393,961 $467,112 $595,068 $796,221
Profit (Loss) $828,875 $919,242 $1,089,928 $1,388,493 $1,857,849

% ROS RATIOS
Gross Margin 78% 78% 78% 80% 82%
EBITDA 66% 66% 67% 69% 73%
EBIT 64% 63% 64% 67% 71%
EBT 42% 42% 44% 46% 50%
PROFIT 0.4211978 0.42454315 0.43770689 0.46470456 0.49719109
 Assumptions for financial exp. and income taxes
2021 2022 2023 2024 2025
Financial Debt $500,000 $375,000 $250,000 $125,000 $0
Interest Rate 15% 15% 15% 15% 15%
Tax Rate 30% 30% 30% 30% 30%

WORKING CAPITAL
1 Receivables 2021 2022 2023 2024 2025
Days outstanding 60 60 60 60 60
Tot. Revenues $1,965,000 $2,162,250 $2,486,588 $2,983,905 $3,728,691
Total Receivables $323,014 $355,438 $408,754 $490,505 $612,936
∆ Receivables $323,014 $32,425 $53,316 $81,751 $122,431

2.A Payables 2021 2022 2023 2024 2025

Days outstanding 90 90 90 90 90
COGS $518,950 $588,631 $678,080 $758,559 $847,456
Total Payables $127,960 $145,142 $167,198 $187,042 $208,962

2.B Payables 2021 2022 2023 2024 2025

Days outstanding 30 30 30 30 30
S.G.&A. Exp. $62,360 $65,326 $71,284 $77,782 $84,875
Total Payables $5,125 $5,369 $5,859 $6,393 $6,976

2 Total Payables [2.A+2.B] $133,086 $150,511 $173,057 $193,435 $215,938

∆ Payables $133,086 $17,425 $22,546 $20,378 $22,503

3 Inventory 2021 2022 2023 2024 2025

% of Revenues 20% 20% 20% 20% 20%
Revenues $1,965,000 $2,162,250 $2,486,588 $2,983,905 $3,728,691
Total Inventory $393,000 $432,450 $497,318 $596,781 $745,738
∆ Inventory $393,000 $39,450 $64,867 $99,463 $148,957

Net Working Capital = $582,928 $637,377 $733,015 $893,851 $1,142,736

check $0 $0 $0 $0 $0
LONG TERM LOAN

2021 2022 2023 2024 2025

PRINCIPAL AMOUNT $500,000
REPAYMENT PLAN 4 $125,000 $125,000 $125,000 $125,000
years
RESIDUAL VALUE $500,000 $375,000 $250,000 $125,000 $0

5. BALANCE SHEET
Values in USD Dollars End 2021 End 2022 End 2023 End 2024 End 2025
Intangible Assets $2,588 $5,039 $7,355 $9,534 $11,577
Tangible Assets $486,945 $641,860 $661,086 $655,877 $618,469
TOTAL FIXED ASSETS $489,532 $646,900 $668,440 $665,411 $630,046

Account Receivables $323,014 $355,438 $408,754 $490,505 $612,936

Inventory $393,000 $432,450 $497,318 $596,781 $745,738
Account Payables -$133,086 -$150,511 -$173,057 -$193,435 -$215,938
NET WORKING CAPITAL $582,928 $637,377 $733,015 $893,851 $1,142,736
NET INVESTED CAPITAL $1,072,460 $1,284,277 $1,401,455 $1,559,262 $1,772,782

Long Term Debt $500,000 $375,000 $250,000 $125,000 $0

Short Term Debt / (Cash liquidity) -$256,415 -$838,840 -$1,686,590 -$2,792,276 -$4,311,606
NET FINANCIAL POSITION $243,585 -$463,840 -$1,436,590 -$2,667,276 -$4,311,606

Share Capital $0 $0 $0 $0 $0
Retained Earnings $0 $828,875 $1,748,117 $2,838,046 $4,226,539
Profit or Loss of the period $828,875 $919,242 $1,089,928 $1,388,493 $1,857,849
SHAREHOLDERS' EQUITY $828,875 $1,748,117 $2,838,046 $4,226,539 $6,084,388

TOTAL FINANCING SOURCES $1,072,460 $1,284,277 $1,401,455 $1,559,262 $1,772,782

Check - - - - -

RATIOS:
ROI 117% 107% 114% 128% 150%
ROE 100% 53% 38% 33% 31%
D/E 0.29 - 0.27 - 0.51 - 0.63 - 0.71
NFP/EBITDA 0.19 - 0.33 - 0.87 - 1.29 - 1.58
6. CASH-FLOW STATEMENT

(Values in USD Dollars)

1 Operating Activities 2021 2022 2023 2024 2025
Profit / Loss $828,875 $919,242 $1,089,928 $1,388,493 $1,857,849
(Add back) Depreciation & Amortization $41,083 $57,241 $63,383 $68,253 $71,089
(Increase)/Decrease in Receivables -$323,014 -$32,425 -$53,316 -$81,751 -$122,431
(Increase)/Decrease in Inventory -$393,000 -$39,450 -$64,867 -$99,463 -$148,957
(Decrease)/Increase in Payables $133,086 $17,425 $22,546 $20,378 $22,503
Total Change in Working Capital -$582,928 -$54,449 -$95,638 -$160,836 -$248,885
OPERATING CASH-FLOW $287,030 $922,033 $1,057,674 $1,295,910 $1,680,054
2 Investing Activities
Purchase of Fixed Assets -$530,615 -$214,608 -$84,924 -$65,224 -$35,724
Disposal of Fixed Assets $0 $0 $0 $0 $0
INVESTMENT CASH-FLOW -$530,615 -$214,608 -$84,924 -$65,224 -$35,724
3 Financing Activities
Proceeds from Long Term Borrowing $500,000
Repayment of a Financial L/T Loan -$125,000 -$125,000 -$125,000 -$125,000
Contribution in Share Capital $0 $0 $0 $0 $0
Dividend payment
Other investors' funding
FINANCING CASH-FLOW $500,000 -$125,000 -$125,000 -$125,000 -$125,000
NET CASH-FLOW $256,415 $582,425 $847,750 $1,105,686 $1,519,330

S/T NFP at the beginning of the year $0 $256,415 $838,840 $1,686,590 $2,792,276
S/T NFP at the end of the year $256,415 $838,840 $1,686,590 $2,792,276 $4,311,606
Annual change of S/T NFP $256,415 $582,425 $847,750 $1,105,686 $1,519,330