Integrated Financial Projections

Transcription

1 => unprotect worksheet (password: 0000) and replace by your own logo! Integrated Financial Projections Company name Legal form Model name Author X-ample Computech Ltd. Limited 5 Year Forecast TR File name EFM CE X-ample Ltd.xlsm Last update 20 December 2015 Sheet No. Sheet Name Link to Sheet 1 Quick Start Guide of EFM Quick Start 2 Index (This Sheet) Index formatted for print out! 3 Executive Summary Summary 01 formatted for print out! 4 Profit and Loss Statement (overview) Summary 02 formatted for print out! 5 Cash Flow (overview) Summary 03 formatted for print out! 6 Balance Sheet (overview) Summary 04 formatted for print out! 7 Model Assumptions Inputs formatted for print out! 8 Sales Sales 9 Personnel schedules and costs Human Resources 10 Cost of Materials/Goods & Inventory Costs Direct Labour & Other Direct Costs Costs Operating Expenses (Overheads) Costs Capital Expenditures and Depreciation Capex 14 Funding Financing 15 Integrated Financial Statements (monthly) IFS 16 Debtors and Creditors Debtors+Creditors 17 Input/Output tax & Tax on Profit Taxes 18 Timing Master Timing 19 Formatting Styles, Constants, Lookup Tables Formats Legal Disclaimer => fill in your own disclaimer here! Contact => fill in your own contact data here! Index page 1 of 24

2 Financial Forecast - X-ample Computech Ltd. Model: 5 Year Forecast Go to table of contents Company: X-ample Computech Ltd. File Name: EFM CE X-ample Ltd.xlsm Model Integrity: Ok Go to error checks Model Name: 5 Year Forecast Last updated: Capital Requirement and Funding Sources of Funds Sources of Funds in EUR in % 1. Equity ,2% Share Capital ,2% 2. Debt ,8% Debt: UL Bank ,0% Debt: HSBC Bank ,0% Debt: UBS ,0% Debt: Shareholder Loan ,6% Overdraft Facility ,2% % % % % % % Share Capital Debt: HSBC Bank Debt: Shareholder Loan Debt: UL Bank Debt: UBS Overdraft Facility Total Funding ,0% Funding Structure 26,2% Total Funding Requirement (EUR) ,0% thereof debt ,8% thereof equity ,2% Debt Equity Gearing (debt equity ratio) 2,8 :1 73,8% Sources and Uses during first 12 months 12 months commencing in Apr 2016 SOURCES in EUR in % Bar Chart USES in EUR in % Bar Chart Cash collected from sales (incl. VAT) ,2% Revenue share ,9% Advances received ,2% Cost of Materials/Goods (incl. VAT) ,4% Other operating & extraordinary income ,4% Other Direct Costs (incl. VAT) ,7% Fixed asset disposals - - Overheads (incl. VAT) ,2% Interest received on cash deposits ,1% Direct labour costs (w/o social insurance + incom ,3% VAT recovered from tax authority - - Social insurance & income tax (PAYE/Payroll wit ,5% Share Capital ,9% Extraordinary expenses - - Debt: UL Bank ,1% Capital Expenditure (incl. VAT) ,4% Debt: HSBC Bank ,6% Finance lease (charges & repayments) ,1% Debt: UBS ,3% Advance payments & accruals ,5% Debt: Shareholder Loan ,3% Interest + Financing Costs ,7% Overdraft Facility ,9% Pricipal payments ,2% VAT paid to tax authority ,1% Taxes on profit paid ,1% Liquidity/cash reserve ,0% Dividend payout - - Total Sources ,0% Total Uses ,0% Check: Sources = Uses Ok - Summary 01 page 2 of 24

3 Profit and Loss Statement (all currency in EUR) FY 2016 in % FY 2017 in % FY 2018 in % FY 2019 in % FY 2020 in % (last month in fiscal year: Dec) input from 01 Apr 16 Turnover ,0% ,0% ,0% ,0% ,0% Cost of Sales ,3% ,7% ,6% ,5% ,7% Gross Profit ,7% ,3% ,4% ,5% ,3% Operating Expenses (Overheads) ,0% ,8% ,0% ,2% ,2% Trading Profit ,7% ,4% ,3% ,3% ,1% Other operating income ,3% ,3% ,5% ,0% ,1% Bad debts ,5% ,5% ,5% ,5% ,5% Profit/loss sale of fixed assets ,1% Extraordinary result ,4% (1.750) (0,1%) ,2% ,8% ,1% EBITDA ,9% ,2% ,5% ,6% ,8% Depreciation & Amortisation ,5% ,8% ,7% ,7% ,9% Earnings before Interest and Tax (EBIT) ,4% ,4% ,9% ,9% ,9% Interest ,0% ,6% ,5% ,4% ,3% Earnings before Tax (EBT) ,4% ,8% ,3% ,5% ,6% Taxes on Profit ,1% ,7% ,2% ,2% ,1% Net Profit after Tax (NPAT) ,3% ,1% ,1% ,2% ,5% cumulated (33.500) Check (aggregation) Ok Summary 01 page 3 of 24

4 Sales, Cost of Sales and Gross Profit Contribution by Product/Service 1. Sales by Product/Service (all currency in EUR) Desktops Workstations Notebooks Software Products Net work infrastructure solutions Repair Services Integration Services Consulting Services Spare Parts 0 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 License Fees Sales (in EUR) FY 2016 in % FY 2017 in % FY 2018 in % FY 2019 in % FY 2020 in % Product/Service Desktops ,4% ,4% ,2% ,8% ,2% Workstations ,9% ,3% ,5% ,9% ,4% Notebooks ,5% ,9% ,9% ,6% ,6% Software Products ,2% ,4% ,3% ,7% ,6% Net work infrastructure solutions ,8% ,8% ,6% ,5% ,0% Repair Services ,7% ,8% ,9% ,0% ,7% Integration Services ,3% ,5% ,3% ,8% ,3% Consulting Services ,2% ,5% ,2% ,1% ,5% Spare Parts ,1% ,9% ,8% ,2% ,3% License Fees ,9% ,5% ,4% ,3% ,3% Total ,0% ,0% ,0% ,0% ,0% Summary 01 page 4 of 24

5 2. Cost of Sales by Product/Service (all currency in EUR) Desktops Workstations Notebooks Software Products Net work infrastructure solutions Repair Services Integration Services Consulting Services FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Spare Parts License Fees Cost of Sales (in EUR) FY 2016 in % FY 2017 in % FY 2018 in % FY 2019 in % FY 2020 in % Product/Service Desktops ,1% ,6% ,9% ,2% ,2% Workstations ,0% ,5% ,2% ,1% ,4% Notebooks ,4% ,5% ,2% ,9% ,7% Software Products ,9% ,2% ,4% ,9% ,5% Net work infrastructure solutions ,5% ,8% ,6% ,0% ,3% Repair Services ,8% ,4% ,1% ,8% ,1% Integration Services ,5% ,7% ,5% ,4% ,9% Consulting Services ,3% ,5% ,9% ,9% ,9% Spare Parts ,3% ,2% ,4% ,8% ,8% License Fees ,2% ,7% ,8% ,0% ,1% Total ,0% ,0% ,0% ,0% ,0% Summary 01 page 5 of 24

6 3. Gross Profit Contribution by Product/Service (all currency in EUR) Desktops Workstations Notebooks Software Products Net work infrastructure solutions Repair Services Integration Services Consulting Services FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Spare Parts License Fees Gross Profit Contribution (in EUR) FY 2016 in % FY 2017 in % FY 2018 in % FY 2019 in % FY 2020 in % Product/Service Desktops ,7% ,3% ,4% ,6% ,9% Workstations ,7% ,1% ,5% ,8% ,8% Notebooks ,5% ,7% ,5% ,2% ,4% Software Products ,6% ,2% ,2% ,2% ,1% Net work infrastructure solutions ,1% ,6% ,5% ,9% ,6% Repair Services ,5% ,3% ,5% ,6% ,2% Integration Services ,1% ,0% ,3% ,0% ,3% Consulting Services ,3% ,1% ,6% ,0% ,4% Spare Parts ,8% ,0% ,1% ,3% ,2% License Fees ,6% ,7% ,5% ,3% ,0% Total ,0% ,0% ,0% ,0% ,0% Summary 01 page 6 of 24

7 Turnover, Gross Profit and Net Profit (in EUR '000) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Turnover Gross Profit Net Profit after Tax (NPAT) 76 Company Headcount and Cost of Payroll Headcount FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Total no of Employees (end of FY on FTE basis) Change (year to year) Headcount by Division Total Cost of payroll incl. salaries & wages, benefits and other staff costs (in EUR) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Division Direct Labour Staff Management & Administration Staff Operational Staff Salesforce Research & Development Total costs of payroll FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Research & Development Salesforce Operational Staff Management & Administration Staff Direct Labour Staff Summary 01 page 7 of 24

8 Indirect Cash Flow (as derived from NPAT) Cash balance during the first 12 months (all currency in EUR) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 (in EUR) (commencing in Apr 2016) (last month in fiscal year: Dec) input from 01 Apr Cash flow from operating activities Year 1 Year 2 Year 3 Year 4 Year Net Profit after Tax (NPAT) Depreciation & Amortisation Change in working capital (181) (1.334) Company produced additions Change in accruals (2.500) - (5.000) Change in PAYE liabilities Change in income tax liabilities (932) (24.679) ( ) Change in VAT liabilities (301) Net cash flow from operating activities Cash flow from investing activities Capex on intangible assets (75.000) - (40.000) - - Capex on tangible assets ( ) (82.500) ( ) (90.000) (20.000) Capex on financial assets (55.000) (11.250) Proceeds of assets disposals - - (30.000) - - Net cash flow from investing activities ( ) (93.750) ( ) (90.000) (20.000) 3. Cash flow from financing activities Cash receipts from new share capital Drawdowns on loans Principal repayments on loans - (59.262) (57.216) (27.490) (62.775) Finance lease repayments (1.250) (1.500) Dividend payments - ( ) ( ) (60.000) ( ) Net cash flow from financing activities ( ) ( ) (87.490) ( ) Net increase/decrease in cash ( ) ( ) Cash at the beginning of the period Cash at the end of the period Check (aggregation) Ok Cash Balance (end of month) Overdraft Facility (end of month) Maximum Overdraft (limit) Summary 01 page 8 of 24

9 Projected Cash Flow by Year all currency in EUR Net Cash Flow Cash Balance (End-of-Year) ( ) ( ) FY 2016 FY 2017 FY 2018 FY 2019 FY Summary 01 page 9 of 24

10 Balance Sheet all currency in EUR as per end of Dec Assets FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Liabilities & Shareholders Equity FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Fixed Assets Current Liabilities Trade & Sundry Creditors Intangible Assets Overdraft facility Tangible Assets Accruals Financial Assets VAT Taxes on Profit (16.405) ( ) Current Assets Other current liabilities Stocks Long-term Liabilities Changes in advance payments Trade Debtors Shareholders Equity VAT owed to company Share Capital Cash at bank Retained Earnings Total Assets Total Liabilities & Shareholders Equity Check: Balance Identity Ok Ok Ok Ok Ok Working Capital and Cash Conversion Cycle (CCC) Cash Conversion Cycle (in days) all currency in EUR as per end of Dec FY 2016 FY 2017 FY 2018 FY 2019 FY Dec Dec Dec Dec Dec 20 Negative Working Capital Inventory / Stock (manufacturing & merchandise) Advance payments Trade debtors Positive Working Capital Advances received Trade + Sundry creditors Net Working Capital Turnover Cash Conversion Cycle (in days) Days Sales Outstanding (DSO) 7,6 6,4 5,6 5,5 5,4 Days Inventory Held (DIH) 7,0 4,0 3,2 3,1 3,0 Days Payable Outstanding (DPO) 11,1 8,1 8,1 7,7 8,4 Cash-Conversion-Cycle 3,5 2,3 0,7 0,8 0, ,5 2,3 0,7 0,8 0,0 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Days Sales Outstanding (DSO) Days Inventory Held (DIH) Days Payable Outstanding (DPO) Cash-Conversion-Cycle Summary 01 page 10 of 24

11 Ratios / Key Performance Indicators Abbreviations FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Liquidity & Coverage Calculation As - Assets Current Ratio Cur As / Cur Liab 173,8% 213,2% 103,7% 214,2% 959,9% Cur - Current Quick Ratio (Cur As - Invent) / Cur Liab 160,3% 198,3% 86,2% 198,6% 803,7% Deb - Debt Equity Ratio Total Eq / Total As 60,7% 84,3% 100,9% 123,4% 178,3% Depr - Depreciation & Amortisation Debt-to-Equity Ratio Tot Deb / Tot Eq 1,6x 1,2x 1,0x 0,8x 0,6x Eq - (Shareholders) Equity Asset Intensity Fix As / Tot As 72,9% 66,6% 85,3% 66,3% 73,1% Fix - Fixed Equity-to-Fixed-Asset Ratio (Type I) Tot Eq / Fix As 51,8% 68,7% 58,9% 83,3% 87,7% FTE - Full Time Equivalent Equity-to-Fixed-Asset Ratio (Type II) (Tot Eq + longt Liab) / Fix As 115,8% 126,6% 100,6% 127,1% 133,0% GrProf - Gross Profit Liab - Liabilities Income / Profitability longt - long-term Gross profit margin GrProf / Sales 49,7% 54,3% 49,4% 47,5% 45,3% Net Inc - Net Income (EBIT) EBITDA margin EBITDA / Sales 26,9% 22,2% 14,5% 14,6% 9,8% NPAT - Net Profit after Tax Operating profit as % of revenue OpProf / Sales 27,7% 23,4% 13,3% 12,3% 10,1% OpProf - Operating (Trading) Profit Return on revenue NPAT / Sales 14,3% 11,1% 5,1% 5,2% 2,5% Tot - Total Return on Assets Net Inc / Tot As 36,8% 43,1% 24,6% 25,2% 20,6% Return on Equity (ROE) Net Inc / Eq 97,4% 94,3% 48,9% 45,7% 32,2% Miscellaneous Revenue per Employee (in EUR) Sales / FTEs EBIT per Employee (in EUR) Net Inc / FTEs Net Profit per Employee (in EUR) NPAT / FTEs Summary 01 page 11 of 24

12 Profit and Loss Statement Q-1 Q-2 Q-3 Q-4 Total (all figures in EUR) Period Start 01 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Apr 16 Period End 31 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Dec 16 Turnover - Desktops Workstations Notebooks Software Products Net work infrastructure solutions Repair Services Integration Services Consulting Services Spare Parts License Fees Total Turnover Cost of Sales - Materials/packaging/goods Direct labour Other direct costs Cost of Sales Gross Profit Gross profit margin (in %) ,6% 53,5% 53,4% 53,4% 53,4% 53,4% 33,4% 55,9% 55,2% 50,3% Operating Expenses (Overheads) - Management & Administration Operational Sales, Marketing & Distribution Research & Development General & Miscellaneous Total Overheads Trading Profit Other operating income Bad debts Profit/loss sale of fixed assets Depreciation & Amortisation Operating Profit Interest payable Interest receivable Extraordinary expenses Extraordinary income Net Profit before Tax Taxes on profit Net Profit after Tax (NPAT) (2.839) cumulated (33.500) (33.500) (33.500) (33.500) (18.320) Check (aggregation) Ok FY 2016 FY Summary 02 page 12 of 24

13 Profit and Loss Statement (all figures in EUR) Turnover - Desktops - Workstations - Notebooks - Software Products - Net work infrastructure solutions - Repair Services - Integration Services - Consulting Services - Spare Parts - License Fees Total Turnover Cost of Sales - Materials/packaging/goods - Direct labour - Other direct costs Cost of Sales Gross Profit Gross profit margin (in %) Operating Expenses (Overheads) - Management & Administration - Operational - Sales, Marketing & Distribution - Research & Development - General & Miscellaneous Total Overheads Trading Profit Other operating income Bad debts Profit/loss sale of fixed assets Depreciation & Amortisation Operating Profit Interest payable Interest receivable Extraordinary expenses Extraordinary income Net Profit before Tax Taxes on profit Net Profit after Tax (NPAT) cumulated Check (aggregation) FY 2017 FY 2017 FY 2018 FY 2018 FY 2019 FY 2020 Q-1 Q-2 Q-3 Q-4 Total Q-1 Q-2 Q-3 Q-4 Total Total Total 01 Jan Apr Jul Oct Jan Jan Apr Jul Oct Jan Jan Jan Mar Jun Sep Dec Dec Mar Jun Sep Dec Dec Dec Dec ,8% 45,7% 45,6% 45,7% 45,7% 49,7% 50,8% 50,8% 51,2% 50,6% 52,5% 54,7% (1.574) Summary 02 page 13 of 24

14 Cash Flow (Direct) Q-1 Q-2 Q-3 Q-4 Total (all figures in EUR) Period Start 01 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Apr 16 Period End 31 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Dec 16 Cash Inflows Cash collected from sales (incl. VAT) Changes in advances received Other operating & extraordinary income Fixed asset disposals (intangible & tangible assets) Interest received on cash deposits Total Cash Inflows Cash Outflows Revenue share (1.038) (1.799) (2.002) (2.005) (2.005) (2.005) (2.005) (1.984) (1.978) (16.820) Cost of Materials/Goods (incl. VAT) (43.847) (87.181) (83.705) (83.379) (83.508) (83.525) (83.542) (82.537) (80.150) ( ) Other Direct Costs (incl. VAT) (3.005) (3.152) (3.214) (3.279) (3.347) (3.418) (4.634) (3.521) (3.632) (31.202) Overheads (incl. VAT) (28.516) (26.321) (26.716) (27.178) (26.889) (37.855) (38.292) (42.446) (42.966) ( ) Direct labour costs (w/o social insurance + income tax) (3.417) (3.417) (3.417) (3.417) (3.417) (3.417) (5.083) (6.750) (6.750) (39.083) Social insurance & income tax (PAYE/Payroll withholdings) (3.438) (5.938) (3.438) (3.438) (5.438) (5.208) (5.625) (7.604) (40.125) Extraordinary expenses Capital Expenditure (incl. VAT) ( ) ( ) - (6.400) (55.000) ( ) Finance lease charges paid (125) (125) (125) (125) (125) (625) Finance lease capital payments (1.250) - - (1.250) Changes in advance payments (10.000) (10.000) Changes in accruals (2.500) - (2.500) Interest paid (Debt 1-4) (35) (35) (642) (373) (373) (373) (373) (373) (373) (2.949) Financing fees (Debt 1-4) (1.333) (2.582) (3.915) Interest paid (debt facilities existent at model start) (833) (833) (833) (814) (814) (814) (795) (795) (795) (7.324) VAT paid/recovered to/from tax authority (29.905) - - (35.511) (44.089) Taxes on profit paid (26.667) - - (26.667) - - (26.667) (80.000) Total Cash Outflows ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Financing Equity Share Capital Debt Debt Facilities (at model start) (5.000) - - (5.000) - - (5.000) (15.000) Debt 1: UL Bank Debt 2: HSBC Bank Debt 3: UBS Debt 4: Shareholder Loan Overdraft facility (26.880) (3.500) Total Financing (31.880) - - (5.000) - - (5.000) Cash flow available for equity (CFADS) (5.000) (3.235) (22.632) (46.702) FY 2016 FY 2016 Dividend payments Change in Cash and Cash Balance Net Cash Flow (5.000) (3.235) (22.632) (46.702) Cash B/f Cash C/f Check: Cash always 0 Ok Check (aggregation) Ok Summary 03 page 14 of 24

15 Cash Flow (Direct) (all figures in EUR) Cash Inflows Cash collected from sales (incl. VAT) Changes in advances received Other operating & extraordinary income Fixed asset disposals (intangible & tangible assets) Interest received on cash deposits Total Cash Inflows Cash Outflows Revenue share Cost of Materials/Goods (incl. VAT) Other Direct Costs (incl. VAT) Overheads (incl. VAT) Direct labour costs (w/o social insurance + income tax) Social insurance & income tax (PAYE/Payroll withholdings) Extraordinary expenses Capital Expenditure (incl. VAT) Finance lease charges paid Finance lease capital payments Changes in advance payments Changes in accruals Interest paid (Debt 1-4) Financing fees (Debt 1-4) Interest paid (debt facilities existent at model start) VAT paid/recovered to/from tax authority Taxes on profit paid Total Cash Outflows Financing Equity Share Capital Debt Debt Facilities (at model start) Debt 1: UL Bank Debt 2: HSBC Bank Debt 3: UBS Debt 4: Shareholder Loan Overdraft facility Total Financing Cash flow available for equity (CFADS) Dividend payments Change in Cash and Cash Balance Net Cash Flow Cash B/f Cash C/f Check: Cash always 0 Check (aggregation) FY 2017 FY 2017 FY 2018 FY 2018 FY 2019 FY 2020 Q-1 Q-2 Q-3 Q-4 Total Q-1 Q-2 Q-3 Q-4 Total Total Total 01 Jan Apr Jul Oct Jan Jan Apr Jul Oct Jan Jan Jan Mar Jun Sep Dec Dec Mar Jun Sep Dec Dec Dec Dec (3.000) - (2.000) (5.000) (6.500) (6.615) (6.615) (6.516) (26.246) (6.575) (6.489) (6.333) (6.344) (25.740) (30.653) (33.904) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (12.718) (13.595) (14.656) (15.939) (56.908) (17.848) (19.755) (21.640) (23.665) (82.908) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (20.453) (20.453) (20.453) (20.453) (81.810) (26.667) (29.671) (29.671) (29.671) ( ) ( ) ( ) (23.988) (26.710) (28.419) (29.914) ( ) (33.614) (36.218) (36.218) (36.218) ( ) ( ) ( ) - - (1.750) - (1.750) (950) (1.550) (48.950) (59.000) - - ( ) - ( ) - - ( ) ( ) (23.600) (375) (375) (375) (375) (1.500) (375) (375) (375) (375) (1.500) (1.500) (1.500) (1.500) (1.500) (2.000) (5.000) - (5.000) - - (1.090) (1.781) (1.644) (1.550) (6.065) (1.533) (1.517) (1.603) (1.229) (5.882) (4.409) (2.686) (2.329) (2.273) (2.216) (2.160) (8.978) (2.104) (2.048) (1.991) (1.935) (8.078) (7.178) (6.278) (35.393) (21.185) (35.538) (36.010) ( ) (39.952) (8.712) (36.549) (35.160) ( ) ( ) ( ) (25.000) (34.206) (25.000) (25.000) ( ) (17.500) (25.774) (17.500) (17.500) (78.274) (43.595) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (5.000) (5.000) (5.000) (5.000) (20.000) (5.000) (5.000) (5.000) (5.000) (20.000) (20.000) (20.000) (1.762) (1.762) (1.779) (1.795) (1.812) (1.829) (7.216) (7.490) (7.775) (10.000) - (10.000) - (20.000) - - (10.000) - (10.000) - (10.000) - (10.000) - - (10.000) (20.000) (20.000) - (25.000) - - (7.500) - (7.500) (10.319) (15.000) (15.000) (22.500) (6.762) (59.262) (6.779) (27.131) (26.829) (57.216) (27.490) (62.775) ( ) (38.648) ( ) - - ( ) - ( ) - - ( ) (60.000) ( ) ( ) ( ) ( ) ( ) Summary 03 page 15 of 24

16 FY 2016 FY 2016 Balance Sheet Q-1 Q-2 Q-3 Q-4 Total (all figures in EUR) 31 Mar Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Apr 16 Op Bal 31 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Dec 16 Intangible Assets Tangible Assets Financial Assets Total Fixed Assets Stocks Changes in advance payments Trade Debtors VAT owed to company Cash at bank Total Current Assets Overdraft facility Changes in advances received Trade Creditors Sundry Creditors Accrued revenue share Accruals Finance lease obligations PAYE owed VAT owed by company Taxes on profit owed VAT owed to tax authority (21.327) Total Current Liabilities Net current assets (27.995) (34.016) (9.723) (15.912) (41.288) (29.277) Total assets less current liabilities Debt Facilities (at model start) Debt 1: UL Bank Debt 2: HSBC Bank Debt 3: UBS Debt 4: Shareholder Loan Long-term Liabilities NET ASSETS Share Capital Retained Earnings / (loss carried forward) (33.500) (18.320) Shareholders Equity Check 1 Ok Check 2 Ok Check 3 (aggregation) Ok Summary 04 page 16 of 24

17 Balance Sheet (all figures in EUR) FY 2017 FY 2017 FY 2018 FY 2018 FY 2019 FY 2020 Q-1 Q-2 Q-3 Q-4 Total Q-1 Q-2 Q-3 Q-4 Total Total Total 01 Jan Apr Jul Oct Jan Jan Apr Jul Oct Jan Jan Jan Mar Jun Sep Dec Dec Mar Jun Sep Dec Dec Dec Dec 20 Intangible Assets Tangible Assets Financial Assets Total Fixed Assets Stocks Changes in advance payments Trade Debtors VAT owed to company Cash at bank Total Current Assets Overdraft facility Changes in advances received Trade Creditors Sundry Creditors Accrued revenue share Accruals Finance lease obligations PAYE owed VAT owed by company Taxes on profit owed VAT owed to tax authority Total Current Liabilities (8.203) (12.304) (16.405) (16.405) ( ) Net current assets Total assets less current liabilities (66.210) (10.971) Debt Facilities (at model start) Debt 1: UL Bank Debt 2: HSBC Bank Debt 3: UBS Debt 4: Shareholder Loan Long-term Liabilities NET ASSETS Share Capital Retained Earnings / (loss carried forward) Shareholders Equity Check 1 Check 2 Check 3 (aggregation) Summary 04 page 17 of 24

18 Assumptions X-ample Computech Ltd. Model: 5 Year Forecast Go to table of contents Run this macro to delete all input data! Model Integrity: Ok Go to error checks General Model Assumptions Names and Information inputs only in these cells Legal form Text Limited Company name Text X-ample Computech Ltd. Model name Text 5 Year Forecast File name EFM CE X-ample Ltd.xlsm Author of model Text TR Last update Date 20 Dec 15 Language/Terminology (US vs. UK) Selection British English (UK-Terminology) 1 Default currency code or symbol ISO 4217 Code EUR max of 3 characters Currency unit (select denomination) 1 or Resulting currency label EUR Timing and Financial Year Inputs Financial Year Start Date Date 01 Apr 16 Last month of financial year Dec 12 Planning horizon: Short financial year + x additional yrs Additional yrs 4 Year(s) 1st financial year in overview 01 Jan 16 until 31 Dec 16 End Date Date 31 Dec 20 Short financial year? Yes Assumptions: Products and Services Title for Product/Service Categories Input/output Taxes (sales taxes, GST, VAT etc.) Revenue Share Description (used throughout the model) Select VAT Rate VAT Rate Revenue Share 1 Desktops Rate 1 20,0% - 2 Workstations Rate 2 10,0% 5,0% 3 Notebooks Rate 2 10,0% 4 Software Products Rate 1 20,0% 10,0% 5 Net work infrastructure solutions Rate 3 8,0% 6 Repair Services Rate 1 20,0% 7 Integration Services Rate 1 20,0% 8 Consulting Services Rate 1 20,0% 9 Spare Parts Rate 1 20,0% 10 License Fees Zero Rate - => Individual rates can be changed on this sheet in row 183 ff. Allocation of other direct costs to products/services Based on 1. direct payroll costs, 2. sales, or 3. percentage inputs Selection Sales 2 Bad Debts Bad debts (as % sales) % sales 1,50% Inputs page 18 of 24

19 Human Resources Wages & Salaries Variable descriptions (input cells) can be changed Base Salary p.a. 1. Direct Labour Staff Annual Raise Fill in name or positon here EUR 1,0% Fill in name or positon here EUR 1,5% Fill in name or positon here EUR 1,5% Fill in name or positon here EUR Management & Administration Staff Fill in name or positon here EUR 2,5% Fill in name or positon here EUR 2,5% Fill in name or positon here EUR Fill in name or positon here EUR Operational Staff Fill in name or positon here EUR 2,5% Fill in name or positon here EUR 2,5% Fill in name or positon here EUR Fill in name or positon here EUR Salesforce Fill in name or positon here EUR 2,5% Fill in name or positon here EUR 2,5% Fill in name or positon here EUR Fill in name or positon here EUR Research & Development Fill in name or positon here EUR 2,0% Fill in name or positon here EUR Fill in name or positon here EUR Fill in name or positon here EUR Social security contributions and taxes Income taxes & social insurances % of base salary 25,0% => can be turned on/off for each staff member (on sheet human resources) Other Staff Costs Division => Management & Administration Staff Operational Staff Salesforce Research & Development Recruiting Costs (one-time upon hiring) EUR per FTE Travel & Entertainment Costs EUR /FTE/month Communications Services EUR /FTE/month Training Costs % of base salary 5,0% 3,0% 2,0% 5,0% Bonus at Plan Performance % of base salary 4,0% - 5,0% 2,0% Spare % of base salary Other staff costs for division <Direct Labour Staff> to be planned on sheet Costs 02 rows 233 ff. Inputs page 19 of 24

20 Financing Equity Initial equity Share Capital (maximum) EUR => cash-in at 1st month? No Additional equity Share Capital EUR - => cash-in on 01 Apr 16 Debt 1. Debt 1 automatic Annuity with quarterly interest and principal repayment Facility description Text UL Bank Include this automatic debt facility? Selection Yes Applied Maximum debt (limit) EUR Timing UL Bank Drawdown Period Months after start date 12 Month(s) End of drawdown period Date 31 Mar 17 Tenor (after drawdown period) Years 10 Year(s) 120 Month(s) Grace period Selection 6 Month(s) Start repayment Date 01 Oct 17 Final maturity date Date 31 Mar 27 Total no of repayments (quarterly) # 38 Interest and Financing Fees: UL Bank Interest % p.a. 3,75% % per quarter 0,94% Upfront Fee % of facility 1,50% Upfront Fee EUR Commitment Fee % p.a. 2,00% % per month 0,17% 2. Debt 2 semi-automatic Manual input of drawdowns and repayments necessary, interest may be calculated automatic (if selected) Facility description Text HSBC Bank Manual input of interest? Selection No Interest will be calculated on a monthly basis with below interest rate Interest (in case automatic calculation is selected) % p.a. 3,50% 3. Debt 3 Facility description Text UBS Manual input of interest? Selection No Interest will be calculated on a monthly basis with below interest rate Interest (in case automatic calculation is selected) % p.a. 5,00% 4. Debt 4 Facility description Text Shareholder Loan Manual input of interest? Selection No Interest will be calculated on a monthly basis with below interest rate Interest (in case automatic calculation is selected) % p.a. 1,00% 5. Overdraft Facility / Current Account (automatic) Current account (max. overdraft) EUR Actual max. drawdown EUR Check current account with starting balance Check Ok Interest paid on overdraft % p.a. 12,00% % per month 1,00% Inputs page 20 of 24

21 Other Assumptions Payment Targets Debtors/Creditors Payment Profile: Debtors Percent Distribution Product/Service Same Month 1M later 2M later 3M later => Total for each row must equal 100% Desktops 60,0% 30,0% 10,0% Ok Workstations 50,0% 50,0% - - Ok Notebooks 80,0% 20,0% - - Ok Software Products 70,0% 20,0% 10,0% - Ok Net work infrastructure solutions 100,0% - Ok Repair Services 100,0% - - Ok Integration Services 100,0% - - Ok Consulting Services 100,0% - - Ok Spare Parts 100,0% - - Ok License Fees 100,0% - - Ok Check Ok Payment Profile: Creditors (material/packaging & goods) Percent Distribution Product/Service Same Month 1M later 2M later 3M later => Total for each row must equal 100% Desktops 25,0% 75,0% Ok Workstations 50,0% 50,0% - Ok Notebooks 60,0% 40,0% - Ok Software Products - 70,0% 20,0% 10,0% Ok Net work infrastructure solutions 100,0% - - Ok Repair Services 80,0% 20,0% - - Ok Integration Services 25,0% 75,0% - - Ok Consulting Services 25,0% 75,0% - - Ok Spare Parts 90,0% 10,0% - - Ok License Fees 100,0% - - Ok Check Ok Taxes 1. Taxes on Profit Tax rate % 30,0% Tax loss carryforward at model start EUR - Tax advances (prepayments) Financial Year => FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Advance tax payments EUR p.a Tax payable (automat. calculation) EUR p.a Prepayment dates (quarterly) Month of FY Tax payment for previous year Month of FY 4 of the following FY Inputs page 21 of 24

22 2. VAT / Sales Tax Set descriptive term for sales or input/output tax Selection VAT select "Sales Tax", "GST" for Goods & Services Tax or "VAT" for Value Added Tax VAT - Rates set all rates (1-3) below to zero if VAT (or other similar taxes) are not applicable Zero Rate % - Rate 1 % 20,0% Rate 2 % 10,0% Rate 3 % 8,0% VAT - Payment Dates Intervall when VAT is paid to or refunded by state/tax authority Selection Quarterly 3 Percentage subject to VAT and rates applied Output tax on Product/Service Sales => individual assumptions in row 28 ff. Information Percentage Select Rate Input tax on cost of materials/packaging & goods % 80% rate applied Rate 1 20,0% Input tax on all other non-payroll expenses (other operat. exp., overheads etc.) % 70% rate applied Rate 1 20,0% Input tax on capital expenditure => individual assumptions on sheet Capex Information Miscellaneous Interest Receipts Interest rate cash on bank % p.a. 1,50% % per month 0,13% Target Stock / Change in Inventory Include stock/inventory planning? => Yes/No Selection Yes P&L and Balance Sheet Items (no inputs here => see comments in column K) P&L Items Other operating income EUR => detailed input on this sheet (row 302) Extraordinary expenses EUR => detailed input on this sheet (row 303) Extraordinary income EUR => detailed input on this sheet (row 304) Balance Sheet Items Accruals Increase EUR => detailed input on this sheet (row 309) Decrease EUR (2.500) - (5.000) - - => detailed input on this sheet (row 310) Changes in Advances Received & BS Account Increase EUR => detailed input on this sheet (row 315) Decrease EUR - (5.000) => detailed input on this sheet (row 316) Changes in Advance Payments & BS Account Increase EUR => detailed input on this sheet (row 321) Decrease EUR - (5.000) (5.000) - (2.000) => detailed input on this sheet (row 322) Phasing out of opening balance sheet items PAYE owed EUR (4.500) => detailed input on this sheet (row 327) Inputs page 22 of 24