private equity.venture capital fund valuation model & business plan. a real estate fund case
DESCRIPTION
Financial Valuation Model made for a real estate fund case, but easily adapted to any other investment profile. Works automatically and allows to calculate different business scenarios by entering new assumptions just changing data (blue figures in "Front page & Inputs" sheet) Sheets included: -Front Page & Inputs -Capital -Revenues -Expenses -Financing -P&L -Cash Flow -Shareholder`s Cash Flow -Balance Sheets -Investments -Depreciations -V.A.T.TRANSCRIPT
Business Valuation
None of the Recipients is entitled to rely on such Material for any purpose, including without limitation, providing any professional advice to any
person or making any decision relating to or in connection with the transaction to which the Material relates and no responsibility, obligation or
liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by THE FUND or any of its affiliates or any of their respective
employees or agents (the “FUND Parties”) in relation thereto.
THE FUND and each of the FUND Parties expressly disclaim any and all liability which may arise from the Material having been provided to any of
the Recipients or for any consequence whatsoever should any such Recipient rely upon any Material. Each Recipient is deemed to have waived
any claim for liability against THE FUND or any of the FUND Parties that may otherwise arise out of or in connection with the provision of the
Material. The Material remains the full property of THE FUND and may not be released to any third party without the prior written permission of
THE FUND .
The accompanying material (the “Material”) is being provided to certain persons (the “Recipients”) on the basis that such Material has been
prepared by THE FUND ("THE FUND") and is being provided to each of the Recipients for informational purposes only and THE FUND accepts no
duty of care to such persons with regard to the Material.
11/04/2011
Fund AAA
Año 2008 E Año 2009 E Año 2010 E
Suscription fee (on total committed capital.) 0,00% Leverage ratio objective 33,00% Formation expenses 25.000 25.000 25.000
Management Fee (on real assets value) 1,80% Leverage ratio average (2008-2012) 25,83% Intangible fixed assets 0 0 0
Firs year considered 2008 Revaluation of fixed assets rate 1,00 x Max % covered with debt (in every single investment) 40,00% Tangible fixed assets 12.265.000 24.515.000 24.515.000
# years considered 6 years Success Fee ("Carried Interest") 15,00% Expiry date 5 years Depreciation -6.800 -13.600 -20.400
RPI 3,00% Current Assets 78.315 75.411 9.641
Personnel Social Security contribution ( Company cost) 28,00% Suscription Other Availability cash 307.155 1.673.984 7.581.767
Annual Increasing costs assumption 3,00% Hurdle Rate 15,00% fees & expenses 0,50% 0,00% 0,00% TOTAL ASSESTS 12.668.670 26.275.795 32.111.009
collections period 30 days Lowest multiple on Invested (objective) 1,52 x
current payments period 30 days interest rate considered 5,20% Equity 12.668.003 25.050.108 28.656.112
Euros / year 4,00% Current Liabilities 667 687 707
Fund Manager (Salary) 60.000 1,20% Long term Creditors 0 1.225.000 3.454.190
Fund Manager (bonus) 30% TOTAL LIABILITIES 12.668.670 26.275.795 32.111.009
Travel expenses 12.000 Average Debit Balance 2.665.588
Definitive closing 12 monts from the founding prospective investments and realizations (% on amount invested) 3,00% Ratio Analysis
Term of the fund 6 years Realizations deinvestments ( % on amount deinvested) 1,50% Leverage ratio 0,00% 4,66% 10,76%
Extension (if decided) 2 years Legal expenses 10.000 Year 1st. Disposal year WACC 13,05% 12,65% 12,12%
Investment period 4 years Annual Auditors 5.000 interest rate considered 2,90%
Investment period extension (if decided) 1 years Board remuneration 0 Euribor 2,50%
# members of the board 9 Spread 0,40%
Total Commited Capital 50.000.000 office expenses Suscriiption fee 0,20% 2009 2010 2011
Initial Drawndown 27,00% Cost office space 84.000 Total amount disposed 0 Building / land ratio 1/4 1/2 2/3
Initial Drawndown 13.500.000 Comucicatios 3.600
Partial Drawndowns ("Capital Call 1") year 2009 27,00% supllies 5.400
Partial Drawndowns ("Capital Call 2") year 2010 25,00% Other Operat. expenses 7.200
Partial Drawndowns ("Capital Call 3") year 2011 21,00% Insurance 1.500 Fund`s net IRR 38,95%
Partial Drawndowns ("Capital Call 4") year 2012 0,00% Office furniture 1.000 Lverage Ratio (average) (%) 25,83% Shareholder s NPV 13,05% 21.465.517
Representatión 24.000 WACC (%) 11,18%
Total funds invested in new assets 49.000.000 Other 3.000 ROE (%) 221,64% Cash taken back 149.382.625
Supplementary financial needs 0 ROCE (%) 59,93% Gross Gains of the Fund 100.382.625
ROA (%) 74,20%
Net Debt/Equity (times) -0,22
Net Debt/EBITDA (times) -0,04
Amount per investment average 1.532.000 Formation expenses year 2008 year 2009 year 2010 Coste del Equity (Ke)
# investments / year. (Objective) 8,0 Legal expenses 25.000 Prime rate (German Bond 10 years ) 4,25%
Maximum # investments in portfolio (objective) 33 Patents Risk premiun (sector) 8,00%
IRR average per investment 45,00% Otros Beta of Sector 1,10
average period to deinvest ( 2-5 years) 3 years Intangible fixed assets EBITDA/Revenues 81,49% Equity Cost (Ke) 13,05%
multiple on invested capital (per investment) 3,05 x deferred expenses EBIT/Revenues 81,45%
Dividends (assets in portfolio) 0,00% Intercalarios Gross Margin (EBI/Revenues) 81,31% Debt Cost Pre-Tax 4,37%
interest rate for cash allocation 2,50% Tangible fixed assets Net Margin (EAI/Revenues) 52,85% Euribor 4,00%
lands&buildings, real state 3.000 Spread 1,20%
2010 2011 2012 HW & SW specific 12.000 Tax 16,00%
Gains from Deinvestments 25.095.656 25.095.656 25.095.656 furniture & fittings 12.250.000 12.250.000 12.250.000 Lerage rate avarage (2008-2012) 25,83%
Dividends (assets in portfolio) - - - Input V.A.T. rate 19,00%
Other income - - - TOTAL 12.290.000 12.250.000 12.250.000 Output V.A.T. rate 19,00% 10,81%
Total Income 25.095.656 25.095.656 25.095.656 Cumulative 12.290.000 24.540.000 36.790.000 Corporation Tax rate 16,00% 11,18%WACC average
WACC
INVESTMENTS
OPERATIONAL RATIOS
Spread
TAX INPUTS
Net Wealth evolution
WACC
Building / land ratio
Fund `s RESULTS
FINANCIAL RATIOS
Other expenses
BASIC ASSUMPTIONS
Project Title Fund AAA
Line of credit Short term
FINANCIAL STRUCTURE
0 Euros / member / year
BALANCE SHEET FIGURES
Euribor (Swap 6 años)
3,06% s/ commited capital
Basics of the Fund`s structure
Terms
CAPITAL
COST STRUCTURE
REVENUE ASSUMPTIONS
Long Term LoanFees
0
10.000
20.000
30.000
40.000
50.000
60.000
2008 2009 2010 2011 2012 2013
BUSINESS SUMMARYEur 000
Investments Deinvestments (cost) GAINS
38,95%
-60,00%
-50,00%
-40,00%
-30,00%
-20,00%
-10,00%
0,00%
10,00%
20,00%
30,00%
40,00%
50,00%
-20.000
-15.000
-10.000
-5.000
0
5.000
10.000
15.000
20.000
25.000
30.000
35.000
1 2 3 4 5 6 7
IRRCash Flow
miles de eurosInternal Rate of Return
Fund AAA
Shareholder´s Cash Flows IRR
Net Assets49,23%Equity
50,77%
Debt0,00%
Net Assets43,30%
Equity50,60%
Debt6,10%
Net Assets37,32%
Equity48,42%
Debt14,26%
year 2008 year 2010 year 2012
Apply succes fee on "return on investment by investment performance"
Project Fund AAA - Capital Private & Confidential
Working EXCEL version available to download ($ 25) at:
http//www.payloadz.com/go/sip?id=1432878
2008 2009 2010 2011 2012 2013
year 1 year 2 year 3 year 4 year 5 year 6
Share Capital
Initial Drawndown 13.500.000
Capital Call 1 - 13.500.000 - - - -
Capital Call 2 - - 12.500.000 - - -
Capital Call 3 - - - 10.500.000 - -
Capital Call 4 - - - - - -
Capital Increase 13.500.000 13.500.000 12.500.000 10.500.000 - -
Capital Reductions - - 12.250.000 12.250.000 12.250.000 12.250.000
Cumulative Capital 13.500.000 27.000.000 27.250.000 25.500.000 13.250.000 1.000.000
% drawndown 27,00% 54,00% 54,50% 51,00% 26,50% 2,00%
Shareholders
% ´000 Euros
Investor 1 6,67% 3.333 900.000 900.000 833.333 700.000 - -
Investor 2 6,67% 3.333 900.000 900.000 833.333 700.000 - -
Investor 3 6,67% 3.333 900.000 900.000 833.333 700.000 - -
Investor 4 6,67% 3.333 900.000 900.000 833.333 700.000 - -
Investor 5 6,67% 3.333 900.000 900.000 833.333 700.000 - -
Investor 6 6,67% 3.333 900.000 900.000 833.333 700.000 - -
Investor 7 6,67% 3.333 900.000 900.000 833.333 700.000 - -
Investor 8 6,67% 3.333 900.000 900.000 833.333 700.000 - -
Investor 9 6,67% 3.333 900.000 900.000 833.333 700.000 - -
Investor 10 6,67% 3.333 900.000 900.000 833.333 700.000 - -
Investor 11 6,67% 3.333 900.000 900.000 833.333 700.000 - -
Investor 12 6,67% 3.333 900.000 900.000 833.333 700.000 - -
Investor 13 6,67% 3.333 900.000 900.000 833.333 700.000 - -
Investor 14 6,67% 3.333 900.000 900.000 833.333 700.000 - -
Investor 15 6,67% 3.333 900.000 900.000 833.333 700.000 - -
TOTAL 100% 50.000 13.500.000 13.500.000 12.500.000 10.500.000 - -
Units
Commited Capital Drawndowns chart
( Euros)
Euros
Euros
Euros
Euros
Euros
Euros
Euros
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Project Fund AAA -Revenues Private & Confidential
2008 2009 2010 2011 2012 2013
year 1 year 2 year 3 year 4 year 5 year 6
Income fron Capital Invested
Gains
Amount per investment average 1.532.000
# investments / year. (Objective) 8,00
Maximum # investments in portfolio (objective) 32
# investments / year 8,00 8,00 8,00 8,00 - -
Total investments. Cumulative 8 16 24 32 32 32
Invested Capital 12.250.000 12.250.000 12.250.000 12.250.000 - -
% on Commited Capital 24,50% 24,50% 24,50% 24,50% 0,00% 0,00%
Invested Capital. Cumulative 12.250.000 24.500.000 36.750.000 49.000.000 49.000.000 49.000.000
% on Commited Capital 24,50% 49,00% 73,50% 98,00% 98,00% 98,00%
IRR average per investment 45,00%
average period to deinvest ( 2-5 years) 3 years
multiple on invested capital (per investment) 3,05 x
# Deinvestments / year - - 8 8 8 8
Total Deinvestments. Cumulative - - 8 16 24 32
Total Investments IN PORTFOLIO 8 16 16 16 8 -
Deinvestments Cumul./Investments Cumul. 0,00% 0,00% 33,33% 50,00% 75,00% 100,00%
Deinvested Capital / year (cost) - - 12.250.000 12.250.000 12.250.000 12.250.000
Deinvested Capital . Cumulative (cost) - - 12.250.000 24.500.000 36.750.000 49.000.000
Invested Capìtal IN PORTFOLIO 12.250.000 24.500.000 24.500.000 24.500.000 12.250.000 -
Deinvested Capital ( Cost+Gains) - - 37.345.656 37.345.656 37.345.656 37.345.656
Deinvested Capital ( Cost+Gains). Cumulative - - 37.345.656 74.691.313 112.036.969 149.382.625
Gains / (loos) - - 25.095.656 25.095.656 25.095.656 25.095.656
Gains / (loos). Cumulative - - 25.095.656 50.191.313 75.286.969 100.382.625
Dividends (assets in portfolio)
% s/ invested capital 0,00%
Dividends reported - - - - - -
Total Income from capital invested - - 25.095.656 25.095.656 25.095.656 25.095.656
Financial Income
Cash return 2,50%
Financial revenues 3.839 24.764 115.697 215.706 224.787 160.291
Project Fund AAA -Expenses Private & Confidential
2008 2009 2010 2011 2012 2013
year 1 year 2 year 3 year 4 year 5 year 6
Estructura de Comisiones
Suscription fee
% on total committed capital 0,00% -
Management Fee
% on real assets value 1,80%
Total Assets value in books 12.668.670 26.275.795 32.111.009 34.205.492 20.582.964 4.533.205
Revaluation of fixed assets rate 1,00 x
Portfolio Assets market value 12.668.670 26.275.795 32.111.009 34.205.492 20.582.964 4.533.205
Total Management fee / year 228.036 472.964 577.998 615.699 370.493 81.598
Total Management fee. Cumulative 228.036 701.000 1.278.999 1.894.697 2.265.191 2.346.788
Total Management fee payments / year 228.036 472.964 577.998 615.699 370.493 81.598
Total Management fee payments. Cumulative 228.036 701.000 1.278.999 1.894.697 2.265.191 2.346.788
Success fee ("Carried Interest")
A) Succes fee on "return on global fund performance"
"Hurdle Rate") 15,00%
Lowest multiple on Invested (objective) 1,52 x
Gains to reach the hurdle rate - - 6.380.719 6.380.719 6.380.719 6.380.719
Gains to reach the hurdle rate. Cumulative - - 6.380.719 12.761.438 19.142.156 25.522.875
Total Gains to reach the hurdle rate 25.522.875
% success fee 15,00%
Total Success fee earning - - - - - 11.228.963
Total success fee. Cumulative - - - - - 11.228.963
Total success fee payments (can be anticipated under certain conditions) - - - 3.700.266 3.764.348 3.764.348
Total success fee payments Cumulative - - - 3.700.266 7.464.614 11.228.963
B) Succes fee on "return on investment by investment performance" 3.068.436
Gains to reach the hurdle rate per investment operation - - 797.980 797.980 797.980 797.980
Gains to reach the hurdle rate. Cumulative - - 797.980 1.595.961 2.393.942 3.191.922
Project Fund AAA -Expenses Private & Confidential
2008 2009 2010 2011 2012 2013
year 1 year 2 year 3 year 4 year 5 year 6
Unit gains per deinvestment - - 3.068.436 3.068.436 3.068.436 3.068.436
Total success fee earnings and payments - - 2.723.213 2.723.213 2.723.213 2.723.213
Total success fee earnings and payments. Cumulative - - 2.723.213 5.446.426 8.169.639 10.892.852
Project Fund AAA -Expenses Private & Confidential
2008 2009 2010 2011 2012 2013
year 1 year 2 year 3 year 4 year 5 year 6
Other expenses
Personal
Fund Manager
Salary 60.000 60.000 61.800 63.654 65.564 67.531 69.556
Bonus 30,00% 18.000 18.540 19.096 19.669 20.259
Travel expenses 12.000 12.000 12.360 12.731 13.113 13.506 13.911
Social security contribution 28,00% 16.800 22.344 23.014 23.705 24.416 25.148
Total Fund Manager 88.800 114.504 117.939 121.477 125.122 128.875
Office expenses
Cost office space 84.000 84.000 86.520 89.116 91.789 94.543 97.379
Comunicatios 3.600 3.600 3.708 3.819 3.934 4.052 4.173
supllies 5.400 5.400 5.562 5.729 5.901 6.078 6.260
Other Operat. expenses 7.200 7.200 7.416 7.638 7.868 8.104 8.347
Insurance 1.500 1.500 1.545 1.591 1.639 1.688 1.739
Office furniture 1.000 1.000 1.030 1.061 1.093 1.126 1.159
Representatión 24.000 24.000 24.720 25.462 26.225 27.012 27.823
Total Office expenses 126.700 130.501 134.416 138.449 142.602 146.880
Realization Investments/Deinvestments
% on amount invested 3,00%
prospective investments and realizations 367.500 367.500 367.500 367.500 - -
% on amount deinvested 1,50%
Expenses associated with realizations deinvestments - - 560.185 560.185 560.185 560.185
Total transactions expenses 367.500 367.500 927.685 927.685 560.185 560.185
Formation expenses
Total amount 25.000 25.000
Other operating expenses
Legal expenses 10.000 10.000 10.300 10.609 10.927 11.255 11.593
Annual Auditors 5.000 5.000 5.150 5.305 5.464 5.628 5.796
Project Fund AAA -Expenses Private & Confidential
2008 2009 2010 2011 2012 2013
year 1 year 2 year 3 year 4 year 5 year 6
Board remuneration 0 - - - - - -
Other 3.000 3.000 3.090 3.183 3.278 3.377 3.478
Total Other operating expenses 18.000 18.540 19.096 19.669 20.259 20.867
Project Fund AAA - Financing Private & Confidential
2008 2009 2010 2011 2012 2013
year 1 year 2 year 3 year 4 year 5 year 6
Leverage Assumptions
Fondos Propios
Share Capital 13.500.000 27.000.000 27.250.000 25.500.000 13.250.000 1.000.000
Share premium
Legal Reserves - - 1.406.112 2.739.487 2.650.000 200.000
Voluntary Reserves - (831.997) (1.949.892) - - -
Retained earnings (831.997) (1.117.895) 1.949.892 - - -
Total Equity 12.668.003 25.050.108 28.656.112 28.239.487 15.900.000 1.200.000
Leverage ratio objective 33,00%
Financiación de Operaciones
Investments in real state 12.250.000 12.250.000 12.250.000 12.250.000 - -
% de buildings (no land) 0,00% 25,00% 50,00% 65,00% 0,00% 0,00%
Investments covered with debt - 3.062.500 6.125.000 7.962.500 - -
Resort to bank debt 40% - 1.225.000 2.450.000 3.185.000 - -
Payments Chart
Loan year 1 - - - - -
Loan year 2 (220.810) (232.292) (244.372) (257.079)
Loan year 3 (441.620) (464.585) (488.743)
loan year 4 (574.107) (603.960)
Bank debt debit Balance - 1.225.000 3.454.190 5.965.277 4.682.214 3.332.432
Leverage 0,00% 4,66% 10,76% 17,44% 22,75% 73,52%
Financial expenses - 31.850 121.659 244.906 276.835 208.381
Project Fund AAA - P & L Private & Confidential
Euros
2008 2009 2010 2011 2012 2013
year 1 year 2 year 3 year 4 year 5 year 6
Revenues
Gains from deinvestment operations 100.382.625 - - 25.095.656 25.095.656 25.095.656 25.095.656
Dividends (assets in portfolio) - - - - - - -
Other revenues - - - - - - -
Total Ordinary revenues 100.382.625 - - 25.095.656 25.095.656 25.095.656 25.095.656
% Growth - - 0,00% 0,00% 0,00%
Expenses
Suscription fee - - - - - - -
Management Fee 2.346.788 228.036 472.964 577.998 615.699 370.493 81.598
Success Fee ("Carried Interest") 10.892.852 - - 2.723.213 2.723.213 2.723.213 2.723.213
Transactions expenses 3.710.739 367.500 367.500 927.685 927.685 560.185 560.185
Other Operating expenses 116.431 18.000 18.540 19.096 19.669 20.259 20.867
Personnel 696.717 88.800 114.504 117.939 121.477 125.122 128.875
Office expenses 819.548 126.700 130.501 134.416 138.449 142.602 146.880
- - - - - - -
Total Expenses 18.583.076 829.036 1.104.009 4.500.347 4.546.191 3.941.874 3.661.618
% on revenues 18,51% - - 17,93% 18,12% 15,71% 14,59%
EBITDA 81.799.549 (829.036) (1.104.009) 20.595.309 20.549.465 21.153.782 21.434.039
% on revenues 81,49% - - 82,07% 81,88% 84,29% 85,41%
Depreciation 35.200 6.800 6.800 6.800 6.800 6.800 1.200
EBIT 81.764.349 (835.836) (1.110.809) 20.588.509 20.542.665 21.146.982 21.432.839
% on revenues 81,45% - - 82,04% 81,86% 84,27% 85,40%
Financial Income
Financialrevenues 745.084 3.839 24.764 115.697 215.706 224.787 160.291
Financial expenses (883.631) - (31.850) (121.659) (244.906) (276.835) (208.381)
Other financial expenses - - - - - - -
Total Financial Income (138.546) 3.839 (7.086) (5.962) (29.200) (52.048) (48.090)
ORDINARY PROFIT 81.625.803 (831.997) (1.117.895) 20.582.547 20.513.465 21.094.935 21.384.749
% on revenues 81,31% - - 82,02% 81,74% 84,06% 85,21%
extraordinary revenues - - - - - - -
extraordinary expenses - - - - - - -
Total Extraordinary items - - - - - - -
PROFIT BEFORE TAXATION 81.625.803 (831.997) (1.117.895) 20.582.547 20.513.465 21.094.935 21.384.749
% on revenues 81,31% - - 82,02% 81,74% 84,06% 85,21%
Corporation Tax 28.569.031 - - 6.521.429 7.179.713 7.383.227 7.484.662
PROFIT AFTER TAXES 53.056.772 (831.997) (1.117.895) 14.061.118 13.333.752 13.711.707 13.900.087
% on revenues 52,85% - - 56,03% 53,13% 54,64% 55,39%
Total
Project Fund AAA - Cash Flow Private & Confidential
Euros
2008 2009 2010 2011 2012 2013 2014
year 1 year 2 year 3 year 4 year 5 year 6 year 7
Net Earning Bef. Div. FREE EARNINGS 53.056.772 (831.997) (1.117.895) 14.061.118 13.333.752 13.711.707 13.900.087 -
Depreciation 35.200 6.800 6.800 6.800 6.800 6.800 1.200 -
Increase/decrease Payable V.A.T. - (77.995) 4.647 73.348 - - - -
Increase/decrease Working Capital
Debtors - (320) (1.744) (7.578) (8.334) (757) 5.375 13.358
Creditors - 667 20 21 21 22 23 (773)
-
Operation Cash Flow 53.091.972 (902.845) (1.108.171) 14.133.708 13.332.239 13.717.773 13.906.684 12.585
Formation expenses (25.000) (25.000) - - - - - -
Tangible fixed assets (15.000) (15.000) - - - - - -
Real State Investments (core) (49.000.000) (12.250.000) (12.250.000) (12.250.000) (12.250.000) - - -
Deinvestments 49.000.000 - - 12.250.000 12.250.000 12.250.000 12.250.000 -
Investments Cash Flow (40.000) (12.290.000) (12.250.000) - - 12.250.000 12.250.000 -
Cash Flow before Financial Activities 53.051.972 (13.192.845) (13.358.171) 14.133.708 13.332.239 25.967.773 26.156.684 12.585
Shared Capital
Increase 50.000.000 13.500.000 13.500.000 12.500.000 10.500.000 - - -
Reductions (49.000.000) - - (12.250.000) (12.250.000) (12.250.000) (12.250.000) -
supplementary drawndowns
Increase - - - - - - - -
Reductions - - - - - - - -
Long Term Financial facilities
Increase / (Reduction) - - 1.225.000 2.229.190 2.511.087 (1.283.063) (1.349.782) (3.332.432)
Success Fee Advance Payments - - - - - - - -
Fund Liquidation (1.195.200) (1.195.200)
Financial Activities Cash Flow (195.200) 13.500.000 14.725.000 2.479.190 761.087 (13.533.063) (13.599.782) (4.527.632)
CASH FLOW BEFORE DIVIDENDS 52.856.772 307.155 1.366.829 16.612.898 14.093.326 12.434.710 12.556.902 (4.515.047)
payment of Dividends 54.051.972 - - 10.705.114 12.000.377 13.801.194 16.350.087 1.195.200
SHAREHOLDER´S CASH FLOW 53.051.972 (13.500.000) (13.500.000) 10.455.114 13.750.377 26.051.194 28.600.087 1.195.200
SHAREHOLDER´S IRR 38,95%
Initial CASH - - 307.155 1.673.984 7.581.767 9.674.717 8.308.232 4.515.047
CASH Increase /Reduction (1.195.200) 307.155 1.366.829 5.907.784 2.092.950 (1.366.485) (3.793.185) (4.515.047)
final CASH (1.195.200) 307.155 1.673.984 7.581.767 9.674.717 8.308.232 4.515.047 -
TOTAL
Project Fund AAA -Shareholder`s CF Private & Confidential
Euros
2008 2009 2010 2011 2012 2013 2014
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
FREE EARNINGS . Cumulative 52.856.772 (831.997) (1.949.892) 10.705.114 22.705.491 36.506.685 52.856.772 -
cumulative CASH-FLOW 53.051.972 (13.192.845) (25.326.016) (8.963.118) 6.880.208 31.564.918 56.371.819 53.051.972
Share capital
Increase (50.000.000) (13.500.000) (13.500.000) (12.500.000) (10.500.000) - - -
Reduction 49.000.000 - - 12.250.000 12.250.000 12.250.000 12.250.000 -
Share premiun - - - - - - - -
Increase by charge reserves - - - - - - - -
Increase by aditional contributions - - - - - - - -
Dividends payd 54.051.972 - - 10.705.114 12.000.377 13.801.194 16.350.087 1.195.200
SHAREHOLDER`S CASH FLOW 53.051.972 (13.500.000) (13.500.000) 10.455.114 13.750.377 26.051.194 28.600.087 1.195.200
Shareholder`s TIR 38,95%
Shareholder`s NPV 21.465.517
Annual free earnings 52.856.772 (831.997) (1.117.895) 12.655.006 12.000.377 13.801.194 16.350.087 - Dividend genereted ( Cumulative) 52.856.772 - - 10.705.114 22.705.491 36.506.685 52.856.772 -
Shareholder`s Cash 53.051.972 (13.500.000) (27.000.000) (16.544.886) (2.794.509) 23.256.685 51.856.772 53.051.972 Tesorería disponible para dividendos 86.112.875 307.155 1.673.984 18.286.882 21.675.094 22.109.427 20.865.134 1.195.200
pay-out 0% 0% 100% 100% 100% 100% 100%
TOTAL
Project Fund AAA - Balance Sheets Private & Confidential
Euros
December-08 December-09 December-10 December-11 December-12 December-13 December-14
year 1 year 2 year 3 year 4 year 5 year 6 year 7
Fixed Assets 12.283.200 24.526.400 24.519.600 24.512.800 12.256.000 4.800 4.800
Formation expenses 25.000 25.000 25.000 25.000 25.000 25.000 25.000
Intangible fixed assets - - - - - - -
Tangible fixed assets 12.265.000 24.515.000 24.515.000 24.515.000 12.265.000 15.000 15.000
Deferred expenses (6.800) (13.600) (20.400) (27.200) (34.000) (35.200) (35.200)
Current Assets 78.315 75.411 9.641 17.976 18.732 13.358 -
The Treasury receivable for V.A.T. 77.995 73.348 - - - - -
Trade debtors 320 2.064 9.641 17.976 18.732 13.358 -
Advance fees - - - - - - -
Shor-term investments - - - - - - -
Cash 307.155 1.673.984 7.581.767 9.674.717 8.308.232 4.515.047 -
TOTAL ASSETS 12.668.670 26.275.795 32.111.009 34.205.492 20.582.964 4.533.205 4.800
Capital and Reserves 12.668.003 25.050.108 28.656.112 28.239.487 15.900.000 1.200.000 4.800
Share Capital 13.500.000 27.000.000 27.250.000 25.500.000 13.250.000 1.000.000 1.000.000
Share premium - - - - - - -
Legal Reserves - - 1.406.112 2.739.487 2.650.000 200.000 200.000
Voluntary Reserves - (831.997) (1.949.892) - - - -
Retained earnings (831.997) (1.117.895) 1.949.892 - - - (1.195.200)
Current liabilities 667 687 707 728 750 773 -
Trade creditors 667 687 707 728 750 773 -
Other creditors
Long-term creditors - 1.225.000 3.454.190 5.965.277 4.682.214 3.332.432 -
Other loans - - - - - - -
The treasury for Taxes - - - - - - -
Bank debt - 1.225.000 3.454.190 5.965.277 4.682.214 3.332.432 -
TOTAL LIABILITIES 12.668.670 26.275.795 32.111.009 34.205.492 20.582.964 4.533.205 4.800
Checking - - - - - - -
OK
Leverage ratio 0,00% 4,66% 10,76% 17,44% 22,75% 73,52% 0,00%
WACC 13,05% 12,65% 12,12% 11,54% 11,07% 6,67% 13,05%
ROE -6,57% -4,46% 49,07% 47,22% 86,24% 1158,34% 0,00%
Project Fund AAA - Investments Private & Confidential
Total Inversión por año 12.290.000 12.250.000 12.250.000 12.250.000 0 0 0
Formation expenses 25.000 0 0 0 0 0 0
Intangible fixed assets 0 0 0 0 0 0 0
Tangible fixed assets 12.265.000 12.250.000 12.250.000 12.250.000 0 0 0
Years of analysis 6 Detail of amout per investment / yerar
2008 2009 2010 2011 2012 2013 2014
Item Price Unit. Un. Amount Year icorp. term deprc Test 1 2 3 4 5 6 7
Formation expenses OK 0 0 0 0 0 0 0
Legal expenses 25.000 1 25.000 1 OK 25.000 0 0 0 0 0 0
Patents 0 1 0 1 OK 0 0 0 0 0 0 0
Others 0 1 0 1 OK 0 0 0 0 0 0 0
Intangible fixed assets
deferred expenses 0 1 0 1 OK 0 0 0 0 0 0 0
Intercalarios 0 1 0 1 OK 0 0 0 0 0 0 0
Tangible fixed assets
lands&buildings, real state 12.250.000 1 12.250.000 1 OK 12.250.000 0 0 0 0 0 0
HW & SW specific 3.000 1 3.000 1 OK 3.000 0 0 0 0 0 0
furniture & fittings 12.000 1 12.000 1 OK 12.000 0 0 0 0 0 0
1 0 1 OK 0 0 0 0 0 0 0
OK 0 0 0 0 0 0 0
Formation expenses OK 0 0 0 0 0 0 0
Legal expenses 0 1 0 2 OK 0 0 0 0 0 0 0
Patents 0 1 0 2 OK 0 0 0 0 0 0 0
Others 0 1 0 2 OK 0 0 0 0 0 0 0
Intangible fixed assets
deferred expenses 0 1 0 2 OK 0 0 0 0 0 0 0
Intercalarios 0 1 0 2 OK 0 0 0 0 0 0 0
Tangible fixed assets
lands&buildings, real state 12.250.000 1 12.250.000 2 OK 0 12.250.000 0 0 0 0 0
HW & SW specific 0 1 0 2 OK 0 0 0 0 0 0 0
furniture & fittings 0 1 0 2 OK 0 0 0 0 0 0 0
1 0 2 OK 0 0 0 0 0 0 0
OK 0 0 0 0 0 0 0
Formation expenses OK 0 0 0 0 0 0 0
Legal expenses 0 1 0 3 OK 0 0 0 0 0 0 0
Patents 0 1 0 3 OK 0 0 0 0 0 0 0
Others 0 1 0 3 OK 0 0 0 0 0 0 0
Intangible fixed assets
deferred expenses 0 1 0 3 OK 0 0 0 0 0 0 0
Intercalarios 0 1 0 3 OK 0 0 0 0 0 0 0
Tangible fixed assets
lands&buildings, real state 12.250.000 1 12.250.000 3 OK 0 0 12.250.000 0 0 0 0
HW & SW specific 0 1 0 3 OK 0 0 0 0 0 0 0
Investnents year 2008
Investnents year 2009
Investnents year 2010
Project Fund AAA - Investments Private & Confidential
Total Inversión por año 12.290.000 12.250.000 12.250.000 12.250.000 0 0 0
Formation expenses 25.000 0 0 0 0 0 0
Intangible fixed assets 0 0 0 0 0 0 0
Tangible fixed assets 12.265.000 12.250.000 12.250.000 12.250.000 0 0 0
Years of analysis 6 Detail of amout per investment / yerar
2008 2009 2010 2011 2012 2013 2014
Item Price Unit. Un. Amount Year icorp. term deprc Test 1 2 3 4 5 6 7
furniture & fittings 0 1 0 3 OK 0 0 0 0 0 0 0
1 0 3 OK 0 0 0 0 0 0 0
OK 0 0 0 0 0 0 0
Formation expenses OK 0 0 0 0 0 0 0
Legal expenses 1 0 4 OK 0 0 0 0 0 0 0
Patents 1 0 4 OK 0 0 0 0 0 0 0
Others 1 0 4 OK 0 0 0 0 0 0 0
Intangible fixed assets
deferred expenses 1 0 4 OK 0 0 0 0 0 0 0
Intercalarios 1 0 4 OK 0 0 0 0 0 0 0
Tangible fixed assets
lands&buildings, real state 12.250.000 1 12.250.000 4 OK 0 0 0 12.250.000 0 0 0
HW & SW specific 1 0 4 OK 0 0 0 0 0 0 0
furniture & fittings 1 0 4 OK 0 0 0 0 0 0 0
1 0 4 OK 0 0 0 0 0 0 0
OK 0 0 0 0 0 0 0
Investnents year 2011
Project Fund AAA - Investments Private & Confidential
Total Inversión por año 12.290.000 12.250.000 12.250.000 12.250.000 0 0 0
Formation expenses 25.000 0 0 0 0 0 0
Intangible fixed assets 0 0 0 0 0 0 0
Tangible fixed assets 12.265.000 12.250.000 12.250.000 12.250.000 0 0 0
Years of analysis 6 Detail of amout per investment / yerar
2008 2009 2010 2011 2012 2013 2014
Item Price Unit. Un. Amount Year icorp. term deprc Test 1 2 3 4 5 6 7
Formation expenses OK 0 0 0 0 0 0 0
Legal expenses 1 0 5 OK 0 0 0 0 0 0 0
Patents 1 0 5 OK 0 0 0 0 0 0 0
Others 1 0 5 OK 0 0 0 0 0 0 0
Intangible fixed assets
deferred expenses 1 0 5 OK 0 0 0 0 0 0 0
Intercalarios 1 0 5 OK 0 0 0 0 0 0 0
Tangible fixed assets
lands&buildings, real state 0 1 0 5 OK 0 0 0 0 0 0 0
HW & SW specific 1 0 5 OK 0 0 0 0 0 0 0
furniture & fittings 1 0 5 OK 0 0 0 0 0 0 0
1 0 5 OK 0 0 0 0 0 0 0
OK 0 0 0 0 0 0 0
Formation expenses OK 0 0 0 0 0 0 0
Legal expenses 1 0 6 OK 0 0 0 0 0 0 0
Patents 1 0 6 OK 0 0 0 0 0 0 0
Others 1 0 6 OK 0 0 0 0 0 0 0
Intangible fixed assets
deferred expenses 1 0 6 OK 0 0 0 0 0 0 0
Intercalarios 1 0 6 OK 0 0 0 0 0 0 0
Tangible fixed assets
lands&buildings, real state 0 1 0 6 OK 0 0 0 0 0 0 0
HW & SW specific 1 0 6 OK 0 0 0 0 0 0 0
furniture & fittings 1 0 6 OK 0 0 0 0 0 0 0
1 0 6 OK 0 0 0 0 0 0 0
OK 0 0 0 0 0 0 0
RPI anual constant 3,0%
Investnents year 2012
Investnents year 2013
Project Fund AAA - Depreciations Private & Confidential
Total depreciation per year 6.800 6.800 6.800 6.800 6.800 1.200 1.200 1.200 1.200 1.200
accelerated depreciation rates
Investments year 2005 40,00% 30,00% 20,00% 10,00%
Investments year 2006 40,00% 30,00% 20,00% 10,00%
Investments year 2007 40,00% 30,00% 20,00% 10,00%
Investments year 2008 40,00% 30,00% 20,00% 10,00%
Investments year 2009 40,00% 30,00% 20,00% 10,00%
Investments year 2010 40,00% 30,00% 20,00% 10,00%
Period of depreciation 6 Depreciation amount per investment /year
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Item Price Unit. Un. Amount Year icorp. term deprc Test 1 2 3 4 5 6 7 8 9 10
Formation expenses
Legal expenses 25.000 1 25.000 1 5 OK 5.000 5.000 5.000 5.000 5.000 0 0 0 0 0
Patents 0 1 0 1 5 OK 0 0 0 0 0 0 0 0 0 0
Others 0 1 0 1 5 OK 0 0 0 0 0 0 0 0 0 0
Intangible fixed assets
deferred expenses 0 1 0 1 5 OK 0 0 0 0 0 0 0 0 0 0
Intercalarios 0 1 0 1 5 OK 0 0 0 0 0 0 0 0 0 0
Tangible fixed assets
lands&buildings, real state 12.250.000 1 12.250.000 1 0 # 0 0 0 0 0 0 0 0 0 0
HW & SW specific 3.000 1 3.000 1 5 OK 600 600 600 600 600 0 0 0 0 0
furniture & fittings 12.000 1 12.000 1 10 OK 1.200 1.200 1.200 1.200 1.200 1.200 1.200 1.200 1.200 1.200
0 0 1 0 1 5 OK 0 0 0 0 0 0 0 0 0 0
OK
Formation expenses
Legal expenses 0 1 0 2 5 OK 0 0 0 0 0 0 0 0 0 0
Patents 0 1 0 2 5 OK 0 0 0 0 0 0 0 0 0 0
Others 0 1 0 2 5 OK 0 0 0 0 0 0 0 0 0 0
Intangible fixed assets
deferred expenses 0 1 0 2 5 OK 0 0 0 0 0 0 0 0 0 0
Intercalarios 0 1 0 2 5 OK 0 0 0 0 0 0 0 0 0 0
Tangible fixed assets
lands&buildings, real state 12.250.000 1 12.250.000 2 0 # 0 0 0 0 0 0 0 0 0 0
HW & SW specific 0 1 0 2 0 OK 0 0 0 0 0 0 0 0 0 0
furniture & fittings 0 1 0 2 0 OK 0 0 0 0 0 0 0 0 0 0
0 0 1 0 2 0 OK 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 OK 0 0 0 0 0 0 0 0 0 0
Formation expenses
Legal expenses 0 1 0 3 5 OK 0 0 0 0 0 0 0 0 0 0
Patents 0 1 0 3 5 OK 0 0 0 0 0 0 0 0 0 0
Others 0 1 0 3 5 OK 0 0 0 0 0 0 0 0 0 0
Intangible fixed assets
deferred expenses 0 1 0 3 5 OK 0 0 0 0 0 0 0 0 0 0
Intercalarios 0 1 0 3 5 OK 0 0 0 0 0 0 0 0 0 0
Tangible fixed assets
lands&buildings, real state 12.250.000 1 12.250.000 3 0 # 0 0 0 0 0 0 0 0 0 0
HW & SW specific 0 1 0 3 0 OK 0 0 0 0 0 0 0 0 0 0
furniture & fittings 0 1 0 3 0 OK 0 0 0 0 0 0 0 0 0 0
Investnents year 2008
Investnents year 2009
Investnents year 2010
do not aplly accelerated depreciation
Project Fund AAA - Depreciations Private & Confidential
Total depreciation per year 6.800 6.800 6.800 6.800 6.800 1.200 1.200 1.200 1.200 1.200
accelerated depreciation rates
Investments year 2005 40,00% 30,00% 20,00% 10,00%
Investments year 2006 40,00% 30,00% 20,00% 10,00%
Investments year 2007 40,00% 30,00% 20,00% 10,00%
Investments year 2008 40,00% 30,00% 20,00% 10,00%
Investments year 2009 40,00% 30,00% 20,00% 10,00%
Investments year 2010 40,00% 30,00% 20,00% 10,00%
Period of depreciation 6 Depreciation amount per investment /year
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Item Price Unit. Un. Amount Year icorp. term deprc Test 1 2 3 4 5 6 7 8 9 10
do not aplly accelerated depreciation
0 0 1 0 3 0 OK 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 OK 0 0 0 0 0 0 0 0 0 0
Project Fund AAA - Depreciations Private & Confidential
Total depreciation per year 6.800 6.800 6.800 6.800 6.800 1.200 1.200 1.200 1.200 1.200
accelerated depreciation rates
Investments year 2005 40,00% 30,00% 20,00% 10,00%
Investments year 2006 40,00% 30,00% 20,00% 10,00%
Investments year 2007 40,00% 30,00% 20,00% 10,00%
Investments year 2008 40,00% 30,00% 20,00% 10,00%
Investments year 2009 40,00% 30,00% 20,00% 10,00%
Investments year 2010 40,00% 30,00% 20,00% 10,00%
Period of depreciation 6 Depreciation amount per investment /year
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Item Price Unit. Un. Amount Year icorp. term deprc Test 1 2 3 4 5 6 7 8 9 10
do not aplly accelerated depreciation
Formation expenses
Legal expenses 0 1 0 4 5 OK 0 0 0 0 0 0 0 0 0 0
Patents 0 1 0 4 5 OK 0 0 0 0 0 0 0 0 0 0
Others 0 1 0 4 5 OK 0 0 0 0 0 0 0 0 0 0
Intangible fixed assets
deferred expenses 0 1 0 4 5 OK 0 0 0 0 0 0 0 0 0 0
Intercalarios 0 1 0 4 5 OK 0 0 0 0 0 0 0 0 0 0
Tangible fixed assets
lands&buildings, real state 12.250.000 1 12.250.000 4 0 # 0 0 0 0 0 0 0 0 0 0
HW & SW specific 0 1 0 4 0 OK 0 0 0 0 0 0 0 0 0 0
furniture & fittings 0 1 0 4 0 OK 0 0 0 0 0 0 0 0 0 0
0 0 1 0 4 0 OK 0 0 0 0 0 0 0 0 0 0
0 OK 0 0 0 0 0 0 0 0 0 0
Formation expenses
Legal expenses 0 1 0 5 5 OK 0 0 0 0 0 0 0 0 0 0
Patents 0 1 0 5 5 OK 0 0 0 0 0 0 0 0 0 0
Others 0 1 0 5 5 OK 0 0 0 0 0 0 0 0 0 0
Intangible fixed assets
deferred expenses 0 1 0 5 5 OK 0 0 0 0 0 0 0 0 0 0
Intercalarios 0 1 0 5 5 OK 0 0 0 0 0 0 0 0 0 0
Tangible fixed assets
lands&buildings, real state 0 1 0 5 0 OK 0 0 0 0 0 0 0 0 0 0
HW & SW specific 0 1 0 5 0 OK 0 0 0 0 0 0 0 0 0 0
furniture & fittings 0 1 0 5 0 OK 0 0 0 0 0 0 0 0 0 0
0 0 1 0 5 0 OK 0 0 0 0 0 0 0 0 0 0
0 OK 0 0 0 0 0 0 0 0 0 0
Formation expenses
Legal expenses 0 1 0 6 5 OK 0 0 0 0 0 0 0 0 0 0
Patents 0 1 0 6 5 OK 0 0 0 0 0 0 0 0 0 0
Others 0 1 0 6 5 OK 0 0 0 0 0 0 0 0 0 0
Intangible fixed assets
deferred expenses 0 1 0 6 5 OK 0 0 0 0 0 0 0 0 0 0
Intercalarios 0 1 0 6 5 OK 0 0 0 0 0 0 0 0 0 0
Tangible fixed assets
lands&buildings, real state 0 1 0 6 0 OK 0 0 0 0 0 0 0 0 0 0
HW & SW specific 0 1 0 6 0 OK 0 0 0 0 0 0 0 0 0 0
furniture & fittings 0 1 0 6 0 OK 0 0 0 0 0 0 0 0 0 0
Investnents year 2012
Investnents year 2013
Investnents year 2011
Project Fund AAA - Depreciations Private & Confidential
Total depreciation per year 6.800 6.800 6.800 6.800 6.800 1.200 1.200 1.200 1.200 1.200
accelerated depreciation rates
Investments year 2005 40,00% 30,00% 20,00% 10,00%
Investments year 2006 40,00% 30,00% 20,00% 10,00%
Investments year 2007 40,00% 30,00% 20,00% 10,00%
Investments year 2008 40,00% 30,00% 20,00% 10,00%
Investments year 2009 40,00% 30,00% 20,00% 10,00%
Investments year 2010 40,00% 30,00% 20,00% 10,00%
Period of depreciation 6 Depreciation amount per investment /year
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Item Price Unit. Un. Amount Year icorp. term deprc Test 1 2 3 4 5 6 7 8 9 10
do not aplly accelerated depreciation
0 0 1 0 6 0 OK 0 0 0 0 0 0 0 0 0 0
Project Fund AAA - V.A.T. liquidations
Euros
2008 2009 2010 2011 2012 2013 2014
year 1 year 2 year 3 year 4 year 5 year 6 year 7
input V.A.T 77.995 73.348 179.888 179.997 110.284 110.400 -
output V.A.T - - 4.768.175 4.768.175 4.768.175 4.768.175 -
balance to liquidate - 77.995 73.348 - - - -
cash generated or applied (77.995) 4.647 73.348 - - - -
cumulative (77.995) (73.348) - - - - -
Project Fund AAA - V.A.T. liquidations
Euros
2008 2009 2010 2011 2012 2013 2014
year 1 year 2 year 3 year 4 year 5 year 6 year 7
input V.A.T 77.995 73.348 179.888 179.997 110.284 110.400 -
output V.A.T - - 4.768.175 4.768.175 4.768.175 4.768.175 -
balance to liquidate - 77.995 73.348 - - - -
cash generated or applied (77.995) 4.647 73.348 - - - -
cumulative (77.995) (73.348) - - - - -