Five Year Financials – Roshanspace Brandcom Pvt Ltd

(in Rs.'00)
Audited Audited Audited Audited Audited
Year Ended 31st Year Ended 31st Year ended Year Ended 31st Year Ended 31st
Particulars
March 2019 March 2020 31.03.2021 March 2022 March 2023

I INCOME
Revenue from Operations 30,16,499.07 32,18,995.43 18,85,960.55 46,35,305.55 70,88,875.68
Other Income 5,587.29 29,950.24 44,398.59 2,33,238.30 1,53,946.62

TOTAL INCOME 30,22,086.35 32,48,945.67 19,30,359.14 48,68,543.85 72,42,822.29

GROWTH % 7.51% -40.59% 152.21% 48.77%

II EXPENSES
Other Direct Costs 24,26,033.08 25,63,304.18 13,08,745.73 37,56,712.59 48,79,023.53
Employee Benefit Expenses 2,04,040.46 1,97,525.58 1,66,114.10 1,81,992.71 3,72,439.08
Depreciation and Amortisation Expense 34,711.81 1,01,045.74 20,506.25 66,100.12 2,31,465.65
Finance Costs 31,867.89 23,688.80 60,407.80 32,795.57 47,170.31
Other Expenses - - 2,33,673.75 4,62,681.92 11,53,343.25

TOTAL EXPENSES 26,96,653.25 28,85,564.30 17,89,447.63 45,00,282.90 66,83,441.82

PROFIT/(LOSS) BEFORE EXCEPTIONAL ITEMS 3,25,433.11 3,63,381.36 1,40,911.51 3,68,260.95 5,59,380.48

Exceptional Items - - - - -

III PROFIT/(LOSS) BEFORE TAX 3,25,433.11 3,63,381.36 1,40,911.51 3,68,260.95 5,59,380.48

PROFIT/(LOSS) BEFORE TAX % 10.77% 11.18% 7.30% 7.56% 7.72%

Tax expenses
Current Tax (96,600.00) (1,02,000.00) (34,000.00) - (1,67,331.90)
IV Deferred Tax (3,474.03) (2,702.06) (823.48) 6,282.73 32,353.11

Total tax expense (1,00,074.03) (1,04,702.06) (34,823.48) 6,282.73 (1,34,978.79)

PROFIT/(LOSS) AFTER TAX 2,25,359.08 2,58,679.30 1,06,088.03 3,74,543.68 4,24,401.69

Prior years' adjustments
V Excess/(short) Provision of Taxes (1,189.21) (34,783.63) (509.12) (446.48) (1,11,772.37)

Total Comprehensive Income 2,24,169.87 2,23,895.67 1,05,578.91 3,74,097.20 3,12,629.32

Total Comprehensive Income % 7.42% 6.89% 5.47% 7.68% 4.32%

VI EARNINGS PER EQUITY SHARE

- Basic earnings per share 311.35 310.97 146.64 519.58 434.21
- Diluted earnings per share 311.35 310.97 146.64 519.58 434.21

Capex charged to Other Direct Costs 75,859.00 69,961.09 4,32,135.94 8,32,605.38 9,43,796.55

PROFIT/(LOSS) BEFORE TAX (ADJ) 4,01,292.10 4,33,342.45 5,73,047.45 12,00,866.33 15,03,177.02

PROFIT/(LOSS) BEFORE TAX (ADJ) % 13.28% 13.34% 29.69% 24.67% 20.75%

1|Page
Comparison of Actual Performance v/s Feasibility Report – Bandra Focal

Feasibility Report - Bandra Focal

Particulars 1st Year 2nd Year 3rd Year 4th Year 5th Year Total
Proposed Net Business Income
Proposed Site Revenue 10.30 10.50 11.20 11.76 12.32 56.08
Net Revenues (Excluding Other Income) 10.30 10.50 11.20 11.76 12.32 56.08
Proposed Operating Cost
License Cost (Rental) 7.18 7.18 7.18 7.90 8.69 38.11
BMC Taxes - - - - - -
Other Operating Costs 0.14 0.14 0.15 0.17 0.18 0.78
Total Operating Cost Proposed 7.31 7.32 7.33 8.06 8.87 38.90
Proposed Business EBITDA
All Sources EBIDTA 2.99 3.18 3.87 3.70 3.45 17.18
Business EBIDTA 2.99 3.18 3.87 3.70 3.45 17.18
Business EBIDTA % 29.0% 30.3% 34.5% 31.4% 28.0% 30.6%
Less: Corporate Overheads -0.07 - - - - -0.07
Less: Marketing Cost -0.05 -0.05 -0.06 -0.06 -0.06 -0.28
Less: Interest Cost -1.26 -1.26 -1.26 -1.26 -1.26 -6.30
Corporate EBIDTA 1.60 1.87 2.55 2.38 2.13 10.53

Depreciation 1.00 1.00 1.00 1.00 1.00 5.01

PBT 0.60 0.86 1.55 1.38 1.13 5.52

Actual - Bandra Focal

Particulars 1st Year 2nd Year 3rd Year 4th Year 5th Year Total
Actual Net Business Income
Actual Site Revenue 8.21 12.17 14.18 - - 34.56
Net Revenues (Excluding Other Income) 8.21 12.17 14.18 - - 34.56
Actual Operating Cost
License Cost (Rental) 7.32 7.32 7.32 - - 21.96
BMC Taxes - - - - -
Other Operating Costs - 0.01 0.01 - - 0.03
Total Operating Cost Proposed 7.32 7.33 7.33 - - 21.99
Actual Business EBITDA
All Sources EBIDTA 0.89 4.84 6.85 - - 12.57
Business EBIDTA 0.89 4.84 6.85 - - 12.57
Business EBIDTA % 10.8% 39.7% 48.3% 0.0% 0.0% 36.4%
Less: Corporate Overheads -0.07 - - - - -0.07
Less: Marketing Cost -0.05 -0.05 -0.06 - - -0.16
Less: Interest Cost - - - - - -
Corporate EBIDTA 0.77 4.78 6.79 - - 12.34

Depreciation 2.00 2.00 2.00 - - 6.00

PBT -1.23 2.78 4.79 - - 6.34

2|Page
Comparison of Actual Performance v/s Feasibility Report – Bandra Focal

Revenue Comparision - Bandra Focal

16.00
14.18
14.00 12.32
12.17 11.76
12.00 11.20
10.30 10.50
10.00
8.21
8.00
6.00
4.00
2.00
- -
-
1st Year 2nd Year 3rd Year 4th Year 5th Year

Proposed Site Revenue Actual Site Revenue

EBITDA Comparison - Bandra Focal

8.00
6.85
7.00
6.00
4.84
5.00
3.87 3.70
4.00 3.45
2.99 3.18
3.00
2.00
0.89
1.00
- -
-
1st Year 2nd Year 3rd Year 4th Year 5th Year

Proposed Business EBITDA Actual Business EBITDA

3|Page
 Comparison of Actual Performance v/s Feasibility Report - Flagpoles

Feasibility Report (Smart Cantilevers 20 Nos)

Particulars 1st Year 2nd Year 3rd Year 4th Year 5th Year Total
Proposed Net Business Income
Proposed Site Revenue 7.26 8.98 9.51 10.80 11.45 48.00
Net Revenues (Excluding Other Income) 7.26 8.98 9.51 10.80 11.45 48.00
Proposed Operating Cost
License Cost (Rental) 0.54 0.54 0.54 0.54 0.54 2.70
BMC Taxes 0.98 1.08 1.19 1.28 1.37 5.90
Assessment Tax 0.16 0.18 0.20 0.21 0.23 0.97
Other Operating Costs 1.75 1.81 1.88 1.86 1.97 9.27
Total Operating Cost Proposed 3.43 3.61 3.80 3.89 4.11 18.84
Proposed Business EBITDA
All Sources 3.98 5.53 5.89 7.04 7.47 29.92
Business EBIDTA 3.98 5.53 5.89 7.04 7.47 29.92
Business EBIDTA % 54.9% 61.7% 61.9% 65.2% 65.2% 62.3%
Less: Corporate Overheads -0.84 -0.05 -0.06 -0.00 0.00 -0.95
Less: Marketing Cost -0.04 -0.04 -0.05 -0.05 -0.06 -0.24
Less: Interest Cost -0.11 -0.12 -0.12 -0.12 -0.12 -0.60
Corporate EBIDTA 2.99 5.32 5.66 6.87 7.29 28.13

Depreciation 1.46 1.46 1.46 1.46 1.46 7.28

PBT 1.54 3.86 4.20 5.41 5.83 20.84

Actual - ProDigi Flagpoles

Particulars 1st Year 2nd Year 3rd Year 4th Year 5th Year Total
Actual Net Business Income
Actual Site Revenue 12.78 9.11 - - - 21.89
Net Revenues (Excluding Other Income) 12.78 9.11 - - - 21.89
Actual Operating Cost
License Cost (Rental) 3.00 3.00 - - - 6.00
BMC Taxes 0.48 0.24 - - - 0.72
Assessment Taxes 0.16 0.18 - - - 0.34
Other Operating Costs 0.45 0.41 - - - 0.86
Total Operating Cost Proposed 4.09 3.83 - - - 7.92
Actual Business EBITDA
All Sources EBIDTA 8.69 5.28 - - - 13.97
Business EBIDTA 8.69 5.28 - - - 13.97
Business EBIDTA % 68.0% 58.0% 0.0% 0.0% 0.0% 63.8%
Less: Corporate Overheads -0.07 - - - - -0.07
Less: Marketing Cost -0.05 -0.05 - - - -0.10
Less: Interest Cost - - - - - -
Corporate EBIDTA 8.57 5.23 - - - 13.80

Depreciation 3.16 0.53 - - - 3.69

PBT 5.41 4.70 - - - 10.11

*Actual Numbers for 4th year is for 6 months

4|Page
 Comparison of Actual Performance v/s Feasibility Report – Flagpoles

Revenue Comparison - Flagpoles

14.00 12.78
12.00 11.45
10.80
9.51
10.00 8.98 9.11

8.00 7.26

6.00

4.00

2.00
- - -
-
1st Year 2nd Year 3rd Year 4th Year 5th Year

Proposed Site Revenue Actual Site Revenue

*Actual Numbers for 4th year is for 6 months

EBITDA Comaprison - Flagpoles

10.00
9.00 8.69
8.00 7.47
7.04
7.00
5.89
6.00 5.53 5.28
5.00
3.98
4.00
3.00
2.00
1.00
- - -
-
1st Year 2nd Year 3rd Year 4th Year 5th Year

Proposed Business EBITDA Actual Business EBITDA

*Actual Numbers for 4th year is for 6 months

5|Page
 Comparison of Actual Performance v/s Feasibility Report – Edge 7

Feasibility Report - Mahalaxmi Edge7

Particulars 1st Year 2nd Year 3rd Year 4th Year 5th Year Total
Proposed Net Business Income
Proposed Site Revenue 6.57 6.98 7.38 8.12 8.93 37.97
Net Revenues (Excluding Other Income) 6.57 6.98 7.38 8.12 8.93 37.97
Proposed Operating Cost
License Cost (Rental) 3.67 3.67 3.67 4.03 4.44 19.47
BMC Taxes - - - - - -
Other Operating Costs 0.05 0.06 0.06 0.07 0.07 0.31
Total Operating Cost Proposed 3.72 3.72 3.73 4.10 4.51 19.78
Proposed Business EBITDA
All Sources 2.85 3.25 3.65 4.02 4.42 18.19
Business EBIDTA 2.85 3.25 3.65 4.02 4.42 18.19
Business EBIDTA % 43.4% 46.6% 49.5% 49.5% 49.5% 47.9%
Less: Corporate Overheads -0.00 - - - - -0.00
Less: Marketing Cost -0.03 -0.03 -0.04 -0.04 -0.04 -0.19
Less: Interest Cost -0.79 -0.79 -0.79 -0.79 -0.79 -3.94
Corporate EBIDTA 2.03 2.43 2.83 3.19 3.59 14.06

Depreciation 0.49 0.49 0.49 0.49 0.49 2.45

PBT 1.54 1.94 2.34 2.70 3.10 11.61

Actual - Mahalaxmi Edge7

Particulars 1st Year 2nd Year 3rd Year 4th Year 5th Year Total
Actual Net Business Income
Actual Site Revenue 3.97 6.45 7.15 1.17 - 18.74
Net Revenues (Excluding Other Income) 3.97 6.45 7.15 1.17 - 18.74
Actual Operating Cost
License Cost (Rental) 3.66 3.66 3.66 0.67 - 11.65
BMC Taxes - - - - - -
Other Operating Costs - - - - - -
Total Operating Cost Proposed 3.66 3.66 3.66 0.67 - 11.65
Actual Business EBITDA
All Sources EBIDTA 0.31 2.79 3.49 0.50 - 7.09
Business EBIDTA 0.31 2.79 3.49 0.50 - 7.09
Business EBIDTA % 7.8% 43.3% 48.8% 42.6% 0.0% 37.8%
Less: Corporate Overheads -0.07 - - - - -0.07
Less: Marketing Cost -0.05 -0.05 -0.06 -0.06 - -0.22
Less: Interest Cost - - - - - -
Corporate EBIDTA 0.19 2.74 3.43 0.44 - 6.80

Depreciation 0.60 0.60 0.60 0.10 - 1.90

PBT -0.41 2.14 2.83 0.34 - 4.90

*Actual Numbers for 4th year is for 1 month

6|Page
 Comparison of Actual Performance v/s Feasibility Report – Edge 7

Revenue Comparison - Edge 7

10.00
8.93
9.00 8.12
8.00 7.38 7.15
6.98
7.00 6.57 6.45
6.00
5.00 3.97
4.00
3.00
2.00 1.17
1.00 -
-
1st Year 2nd Year 3rd Year 4th Year 5th Year

Proposed Site Revenue Actual Site Revenue

*Actual Numbers for 4th year is for 1 month

EBITDA Comparison Edge 7

5.00
4.42
4.50 4.02
4.00 3.65 3.49
3.50 3.25
2.85 2.79
3.00
2.50
2.00
1.50
1.00 0.50
0.50 0.31
-
-
1st Year 2nd Year 3rd Year 4th Year 5th Year

Proposed Business EBITDA Actual Business EBITDA

*Actual Numbers for 4th year is for 1 month

7|Page
 Proposed Feasibility – MMRCL Line 3 Metro

Feasibility Report
Particulars 1st Year 2nd Year 3rd Year 4th Year 5th Year 6th Year 7th Year 8th Year 9th Year 10th Year 11th Year 12th Year 13th Year 14th Year 15th Year Total
Proposed Gross Business Income
Proposed Site Revenue 76.67 158.66 199.88 215.52 230.44 245.87 252.31 271.55 283.33 291.13 306.14 324.45 342.41 360.96 381.11 3,940.43
Total Gross Revenue Proposed 76.67 158.66 199.88 215.52 230.44 245.87 252.31 271.55 283.33 291.13 306.14 324.45 342.41 360.96 381.11 3,940.43
Gross Revenues (Excluding Other Income) 76.67 158.66 199.88 215.52 230.44 245.87 252.31 271.55 283.33 291.13 306.14 324.45 342.41 360.96 381.11 3,940.43

Proposed Net Business Income

Operating Revene - - - - - - - - - - - - - - - -
Station Advertising Rights 53.49 114.51 148.13 160.03 171.28 182.91 186.88 201.64 210.03 215.00 226.02 239.78 253.20 267.05 282.20 2,912.16
Station Naming Rights 4.50 7.44 7.96 8.49 9.04 9.61 10.20 10.81 11.44 12.09 12.76 13.46 14.17 14.91 15.68 162.57
Train Advertisement Rights 5.45 9.87 10.45 11.05 11.68 12.32 12.99 13.67 14.38 15.12 15.87 16.65 17.46 18.29 19.14 204.39
Overground Structure Advertising Rights 1.53 2.65 2.85 3.07 3.29 3.52 3.75 4.00 4.25 4.51 4.78 5.06 5.35 5.65 5.96 60.23
Total Net Revenue Proposed 64.97 134.46 169.39 182.65 195.29 208.37 213.82 230.13 240.11 246.72 259.44 274.96 290.18 305.90 322.98 3,339.35
Net Revenues (Excluding Other Income) 64.97 134.46 169.39 182.65 195.29 208.37 213.82 230.13 240.11 246.72 259.44 274.96 290.18 305.90 322.98 3,339.35

Proposed Operating Cost

License Cost (Rental) 27.20 63.36 80.33 89.67 96.06 109.39 112.26 120.82 126.06 129.53 143.99 152.60 161.05 169.77 179.25 1,761.33
BMC Taxes 0.42 0.46 0.51 0.52 0.53 0.54 0.55 0.56 0.57 0.58 0.60 0.61 0.62 0.63 0.64 8.34
Assessement Tax - - - - - - - - - - - - - - - -
Other Operating Costs 6.35 6.82 7.33 7.87 8.46 9.09 9.77 10.49 11.28 12.12 13.02 13.99 15.04 16.16 17.37 165.16
Total Operating Cost Proposed 33.97 70.65 88.16 98.06 105.05 119.02 122.57 131.87 137.91 142.23 157.61 167.20 176.71 186.57 197.26 1,934.84

Proposed Business EBITDA

All Sources 33.07 67.41 85.05 88.66 94.56 93.93 96.10 103.38 107.62 110.20 107.85 114.09 120.13 126.33 133.05 1,481.41
Existing Store EBITDA 33.07 67.41 85.05 88.66 94.56 93.93 96.10 103.38 107.62 110.20 107.85 114.09 120.13 126.33 133.05 1,481.41
Business EBIDTA 33.07 67.41 85.05 88.66 94.56 93.93 96.10 103.38 107.62 110.20 107.85 114.09 120.13 126.33 133.05 1,481.41
Business EBIDTA % 50.9% 50.1% 50.2% 48.5% 48.4% 45.1% 44.9% 44.9% 44.8% 44.7% 41.6% 41.5% 41.4% 41.3% 41.2% 44.4%

Less: Corporate Overheads (0.00) - - - - - 0.00 (0.00) 0.00 0.00 0.00 (0.00) (0.00) 0.00 (0.00) (0.00)
Less: Marketing Cost (1.01) (2.07) (2.60) (2.80) (2.99) (3.19) (3.28) (3.53) (3.68) (3.79) (3.98) (4.22) (4.45) (4.69) (4.95) (51.24)
Less: Interest Cost (15.33) (20.00) (20.00) (20.00) (20.00) (5.00) - - - - - - - - - (100.33)
Add: Other Income - - - - - - - - - - - - - - - -
Corporate EBIDTA 16.73 45.34 62.45 65.86 71.56 85.73 92.82 99.85 103.93 106.41 103.87 109.87 115.68 121.63 128.10 1,329.83

Depreciation 6.92 11.04 11.04 11.04 11.04 4.11 - - - - - - - - - 55.18

PBT 9.80 34.30 51.42 54.82 60.53 81.62 92.82 99.85 103.93 106.41 103.87 109.87 115.68 121.63 128.10 1,274.65
Income Tax 3.24 11.32 16.97 18.09 19.97 26.93 30.63 32.95 34.30 35.12 34.28 36.26 38.17 40.14 42.27 420.63
PAT 6.57 22.98 34.45 36.73 40.55 54.69 62.19 66.90 69.64 71.30 69.59 73.61 77.50 81.49 85.83 854.01

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 Proposed Feasibility – MMRCL Line 3 Metro

Cash Flow - Summary

Rs. In Crores 1st Year 2nd Year 3rd Year 4th Year 5th Year 6th Year 7th Year 8th Year 9th Year 10th Year 11th Year 12th Year 13th Year 14th Year 15th Year Total

Corporate EBIDTA - Income Tax 13.49 34.02 45.48 47.77 51.59 58.80 62.19 66.90 69.64 71.30 69.59 73.61 77.50 81.49 85.83 909.19
Working Capital (32.02) 16.85 (30.06) 1.75 0.39 (0.43) 0.01 0.50 0.32 0.22 0.19 0.47 0.47 0.49 0.53 (40.33)
Capex (73.68) (1.11) (1.18) (1.25) (1.32) (1.40) (1.49) (1.57) (1.67) (1.77) (1.88) (1.99) (2.11) (2.23) (2.37) (97.00)
Proposed Sites 55.18 - - - - - - - - - - - - - - 55.18
Deposits 18.50 1.11 1.18 1.25 1.32 1.40 1.49 1.57 1.67 1.77 1.88 1.99 2.11 2.23 2.37 41.83

Net Cash Outflow (92.21) 49.76 14.25 48.27 50.66 56.97 60.72 65.82 68.28 69.75 67.90 72.09 75.86 79.75 83.99 771.86
Add: Opening Balance - 7.79 57.55 71.80 120.07 170.73 227.70 288.41 354.24 422.52 492.27 560.17 632.26 708.13 787.87 4,901.51
Add: Additional Funding 100.00 - - - - - - - - - - - - - - 100.00
Closing Cash Balance 7.79 57.55 71.80 120.07 170.73 227.70 288.41 354.24 422.52 492.27 560.17 632.26 708.13 787.87 871.86 5,773.37
Peak Cash Flow Requirement 92.21 (49.76) (14.25) (48.27) (50.66) (56.97) (60.72) (65.82) (68.28) (69.75) (67.90) (72.09) (75.86) (79.75) (83.99) (771.86)

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 Proposed Feasibility – Juhu Airport Additional Media

Feasibility Report - Juhu Airport Additional Media

Particulars 1st Year 2nd Year 3rd Year 4th Year 5th Year 6th Year 7th Year Total
Proposed Gross Business Income
Proposed Site Revenue 4.83 6.76 7.10 7.46 7.83 8.22 8.63 50.85
Total Gross Revenue Proposed 4.83 6.76 7.10 7.46 7.83 8.22 8.63 50.85
Gross Revenues (Excluding Other Income) 4.83 6.76 7.10 7.46 7.83 8.22 8.63 50.85

Proposed Net Business Income

Operating Revene - - - - - - - -
Proposed Site Revenue 4.10 5.73 6.02 6.32 6.64 6.97 7.32 43.09
Total Net Revenue Proposed 4.10 5.73 6.02 6.32 6.64 6.97 7.32 43.09
Net Revenues (Excluding Other Income) 4.10 5.73 6.02 6.32 6.64 6.97 7.32 43.09

Proposed Operating Cost

License Cost (Rental) 1.48 2.07 2.28 2.50 2.75 3.03 3.33 17.44
BMC Taxes 0.21 0.31 0.34 0.37 0.40 0.43 0.46 2.53
Assessement Tax 0.03 0.05 0.05 0.05 0.06 0.06 0.07 0.37
Other Operating Costs 0.61 0.85 0.91 0.99 1.07 1.14 1.22 6.80
Total Operating Cost Proposed 2.33 3.28 3.58 3.92 4.28 4.66 5.08 27.14

Proposed Business EBITDA

All Sources 1.76 2.45 2.44 2.40 2.36 2.31 2.24 15.95
Existing Store EBITDA 1.76 2.45 2.44 2.40 2.36 2.31 2.24 15.95
Business EBIDTA 1.76 2.45 2.44 2.40 2.36 2.31 2.24 15.95
Business EBIDTA % 43.0% 42.7% 40.5% 38.0% 35.5% 33.1% 30.6% 37.0%

Less: Corporate Overheads (0.00) (0.00) 0.00 (0.00) (0.00) (0.00) 0.00 (0.00)
Less: Marketing Cost (0.02) (0.03) (0.03) (0.03) (0.03) (0.03) (0.04) (0.22)
Less: Interest Cost - - - - - - - -
Add: Other Income - - - - - - - -
Corporate EBIDTA 1.74 2.42 2.41 2.37 2.32 2.27 2.20 15.73

Depreciation 0.71 0.71 0.71 0.71 0.71 - - 3.56

PBT 1.03 1.71 1.70 1.66 1.61 2.27 2.20 12.17
Income Tax 0.34 0.56 0.56 0.55 0.53 0.75 0.73 4.02
PAT 0.69 1.15 1.14 1.11 1.08 1.52 1.47 8.16

Cash Flow - Summary

Rs. In Crores 1st Year 2nd Year 3rd Year 4th Year 5th Year 6th Year 7th Year Total

Corporate EBIDTA - Income Tax 1.40 1.86 1.85 1.82 1.79 1.52 1.47 11.71
Working Capital 0.12 0.00 0.00 0.05 0.00 0.02 0.01 (0.00)
Capex (4.54) - - - - - - (4.54)
Proposed Sites 3.56 - - - - - - 3.56
Deposits 0.99 - - - - - - 0.99

Net Cash Outflow (3.03) 1.86 1.85 1.87 1.80 1.55 1.48 7.17
Add: Opening Balance - (3.03) (1.17) 0.68 2.56 4.35 5.90 -
Add: Additional Funding - - - - - - - -
Closing Cash Balance (3.03) (1.17) 0.68 2.56 4.35 5.90 7.38 7.17
Peak Cash Flow Requirement 3.03 (1.86) (1.85) (1.87) (1.80) (1.55) (1.48) (7.17)

10 | P a g e