Financial Projections and Assumptions
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1 r: Financial Projections and Assumptions 14.1 The financial projections are comprised of two sections, namely the 1989 and 1990 commercialization and plant construction phase, representing costs.to be capitalized and amortized and the second section representing the 5 year operation projection. The financial projections are driven by the unit sales projections, which have a unit revenue and a unit direct cost initially based on annual volumes of 10,000 vehicles. The direct cost is based on an itemized component cost projection provided elsewhere in this plan, plus a direct labor cost based on assembly labor and assembly supervision. Inventory expese assumes a total of 21 days inventory of both raw materials and finished product, based on pre-sold unit with interest reduced by low inventory needs. The receivable expense is based on 30 days sales, based on next month sales at the same interest. Administrative expense is direct salary expense and benefits as outlined in the SOP. Operating expenses are built into unit cost. Promotion and advertising have been set on an estimate basis, balancing profit and promotion spending. Royalties reflect payments to Ed Ramirez based on $600 for each EXAR-1 sold. Amortization expense includes all 1989 and 1990 expenses amortized over 10 years at a 10% rate of interest. Certification and R&D, and Miscellaneous expenses are estimated. The following Pro Formas have taken certain assumptions into account. With the increase of each 10,000 cars sold, a new factory must be constructed. Since each factory is a totally new, fully funded entity, profits are added to the consolidated balance sheet while costs are totally covered by Public Offering, Government involvement or other source. Costs, expenses of all types and even interest rates need not be calculated at this time because: 1) any new factory which is built, will be cost accounted at that time and fmancing adjusted accordingly; 2) with the additional construction experience, cost will be adjusted to meet conditions also at the time; 3) purchasing power and experience will deflect projections based on location, govememnt regulations, money value and/or a myriad of other elements to diverse to calculate at this time: however, common sense dictates that these figures are basis for profit speculation and the numbers need be accurate only as to form and intent. The object is to show a relationship between the fresh manafucturing technology introduced into this new industry, and improved profitability based on an increased sales price, if necessary, acceptable, and beneficial to the overall corporate structure, which the firm controls. r r: r r: r r
2 ) ) ) ) ) ) ) ) ) ) ) Pro Forma Selling Price and Cost Estimates Total Total Total Total Total Unit Sales EXAR-l Selling Price $CDN $18,000 $15,000 $15,000 $14,000 $14,000 Revenue EXAR-l $180,000,000 $300,000,000 $450,000,000 $560,000,000 $700,000,000 Unit Cost EXAR-l $15,000 $12,000 $12,000 $11,000 $11,000 Direct Cost EXAR-l $150,000,000 $240,000,000 $360,000,000 $440,000,000 $550,000,000 Gross Margin EXAR-l $30,000,000 $60,000,000 $90,000,000 $120,000,000 $150,000,000 Inventory Expense* Admin. Expense $2,736,400 $2,736,400 $2,736,400 $2,736,400 $2,736,400 Warranty Expense $3,500,000 $3,500,000 $3,500,000 $3,500,000 $3,500,000 Promo & Advertising $2,000,000 $100,000 $1,200;000 $1,400,000 $1,400,000 Certification & R&D $200,000 $200,000 $200,000 $200,000 $200,000 Miscellaneous $200,000 $200,000 $200,000 $200,000 $200,000 Amortization Exp. $2,803,150 $2,803,150 $2,803,150 $2,803,150 $2,803,150 Royalties $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 Total Expense $16,439,550 $19,539,550 $25,639,550 $30,839,550 $35,839,550 Gross Income $13,560,450 $40,460,450 $64,360,450 $89,160,450 $114,160,450 *There is a $12-14,000,000 in-standing inventory
3 -, r >; -, -, <,,, Capital Cost Projections After Funding 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter TOTAL Administrative EXp. $50,000 $50,000 $50,000 $50,000 $200,000 Factory Equipment $9,000,000 $0 $0 $0 $9,000,000 Changes to Prototype incl. Design & Eng. $180,000 $180,000 $180,000 $180,000 $720,000 Prototypes for tests $0 $0 $0 $0 $0 Testing $0 $0 $0 $0 $0 Plant Construction $0 $0 $300,000 $700,000 $1,000,000 Plant Start-up $0 $0 $0 $0 $0 Staffing $0 $0 $0 $50,000 $50,000 $0 Inventory Expense $0 $0 $0 $13,500,000 $13,500,000 Warranty Expense $0 $0 $0 $0 $0 Promo & Advertising $10,000 $10,000 $10,000 $250,000 $280,000 Certification & R&D $0 $0 $0 $0 $0 Miscellaneous $20,000 $20,000 $20,000 $20,000 $80,000 Amortization Exp. $0 $0 $0 $0 $0 Royalties $0 $0 $0 $0 $0 Total Expense $24,830,000
4 ) ) ) ) ) ) ) ) ) ) ) Proforma 2nd Year After Funding 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter TOTAL Unit Sales EXAR Selling Price $CDN $18,000 $18,000 $18,000 $18,000 Revenue EXAR-1 $45,000,000 $45,000,000 $45,000,000 $45,000,000 $180,000,000 Unit Cost EXAR-1 $15,000 $15,000 $15,000 $15,000 * Direct Cost EXAR-1 $37,500,000 $37,500,000 $37,500,000 $37,500,000 $150,000,000 Gross Margin EXAR-1 $7,500,000 $7,500,000 $7,500,000 $7,500,000 $30,000,000 Factory Equipment $0 $0 $0 $0 $0 Changes to Prototype +incl. Design & Eng. $50,000 $25,000 $0 $0 $75,000 +Prototype for test $30,000 $0 $0 $0 $30,000 +Testing $25,000 $0 $0 $0 $25,000 Plant Construction $0 $0 $0 $0 $0 +Plant Start-up $100,000 $0 $0 $0 $100,000 * Labor $441,000 $441,000 $441,000 $441,000 $1,764,000 Inventory Expense $0 $0 $0 $0 $0 Promo & Advertising $500,000 $500,000 $500,000 $500,000 $2,000,000 * Operating Overhead $450,000 $450,000 $450,000 $450,000 $1,800,000 Royalties $1,250,000 $1,250,000 $1,250,000 $1,250,000 $5,000,000 Total Expense $16,669,550 Gross Income $13,330,450
5 Proforma 3rd Year After Funding 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter TOTAL Unit Sales EXAR Selling Price $CDN $15,000 $15,000 $15,000 $15,000 Revenue EXAR-1 $75,000,000 $75,000,000 $75,000,000 $75,000,000 $300,000,000 Unit Cost EXAR-1 $12,000 $12,000 $12,000 $12,000 Direct Cost EXAR-1 $60,000,000 $60,000,000 $60,000,000 $60,000,000 $240,000,000 Gross Margin EXAR-1 $15,000,000 $15,000,000 $15,000,000 $15,000,000 $60,000,000.. Factory Equipment $0 $0 $0 $0 $0 +Prototype for test $10,000 $20,000 $0 $0 $30,000 +Testing $10,000 $15,000 $0 $0 $25,000 Promo & Advertising $25,000 $25,000 $25,000 $25,000 $100,000 Royalties $2,500,000 $2,500,000 $2,500,000 $2,500,000 $10,000,000 Total Expense $19,594,550 + Gross Income $40,405,450 + Expense reimbursed from Capital Cost Capital Cost Projections and 2nd Year Pro Forma - same as first Factory,, ( 'I, i \ 'I r 'I i..,, '\ (.., 1'\, '\
6 ) ) ) ) ) ) ) ) ) ) ) Proforma 4th Year After Funding 1st Quarter 2nd Quarter 3rd Quarter 4th~Quarter TOTAL Unit Sales EXAR Selling Price $CDN $15,000 $~15,000 $15,000 $15,000 Revenue EXAR-1 $112,500,000 $112,500,000 $11Z,500,000 $112,500,000 $450,000,000 Unit Cost EXAR-1 $12,000 $12,000 $12,000 $12,000 Direct Cost EXAR-1 $90,000,000 $90,000,000 $90,000,000 $90,000,000 $360,000,000 Gross Margin EXAR-1 $22,500,000 $22,500,000 $22,500,000 $22,500,000 $90,000,000 Factory Equipment $0 $0 $0 $0 $0 +Prototype for test $10,000 $20,000 $0 $0 $30,000 +Testing $10,000 $15,000 $0 $0 $25,000 Promo & Advertising $300,000 $300,000 $300,000 $300,000 $1,200,000 Royalties $3,750,000 $3,750,000 $3,750,000 $3,750,000 $15,000,000 Total Expense $25,694,550 + Gross Income $64,305,450 + Expense reimbursed from Capital Cost Capital Cost Projections and 2nd Year Pro Forma - same as first Factory
7 r \ ''\ r '\, '\, '\ 1'\ I.~ i '\, '\ Proforma 5th Year After Funding 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter TOTAL Unit Sales EXAR Selling Price $CDN $14,000 $14,000 $14,000 $14,000 Revenue EXAR-1 $140,000,000 $140,000,000 $140,000,000 $140,000,000 $560,000,000 Unit Cost EXAR-1 $11,000 $11,000 $11,000 $11,000 Direct Cost EXAR-1 $110,000,000 $110,000,000 $110,000,000 $110,000,000 $440,000,000 Gross Margin EXAR-1 $30,000,000 $30,000,000 $30,000,000 $30,000,000 $120,000,000,Factory Equipment $0 $0 $0 $0 $0 +Prototype for test $10,000 $20,000 $0 $0 $30,000 +Testing $10,000 $15,000 $0 $0 $25,000 Promo & Advertising $350,000 $350,000 $350,000 $350,000 $1,400,000 Royalties $5,000,000 $5,000,000 $5,000,000 $5,000,000 $20,000,000 Total Expense $30,894,550 + Gross Income $89,105,450 + Expense rei,mbursed from Capital Cost Capital Cost Projections and 2nd Year Pro Forma - same as first Factory
8 ) ) ) ) ) ) ) ) ) ) Proforma 6th Year After Funding 1st Quarter 2nd.Quarter 3rd Quarter 4th Quarter TOTAL Unit Sales EXAR Selling Price $CDN $14,000 $14,000 $14,000 $14,000 Revenue EXAR-1 $175,000,000 $175,000,000 $175,000,000 $175,000,000 $700,000,000 Unit Cost EXAR-1 $11,000 $11,000 $11,000 $11,000 Direct Cost EXAR-1 $137,500,000 $137,500,000 $137,500,000 $137,500,000 $550,000,000 Gross Margin EXAR-1 $37,500,000 $37,500,000 $37,500,000 $37,500,000 $150,000,000 Factory Equipment $0 $0 $0 $0 $0 +Prototype for test $10,000 $20,000 $0 $0 $30,000 +Testing $10,000 $15,000 $0 $0 $25,000 Promo & Advertising $350,000 $350,000 $350,000 $350,000 $1,400,000 Royalties $6,250,000 $6,250,000 $6,250,000 $6,250,000 $25,000,000 Total Expense $35,894,550 + Gross Income $114,105,450 + Expense reimbursed from Capital Cost Capital Cost Projections and 2nd Year Pro Forma - same as first Factory
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