KEY ASSUMPTIONS

Investment Details
New Investment Name of Investment
Status Quo

2020 First Year of Investment Input Denomination $000

Taxation & Amortisation

Rate 33.00% Company/Business Tax Rate Goodwill Amort (Yrs) 10

Credits Carry forward tax credits (if any) on operational losses?

Capital and Cost of Capital

Equity 10,000 Current level of Company Equity (in denomination above)
Ke 15.00% Cost of Equity, or Calculate Risk-Free Rate 7.00%
Market Risk Premium 8.00%
Debt 9,000 Current level of Company Debt Equity Beta 1.00
Kd 7.00% Cost of Debt

Timing End Discount cash flow evenly through Weighted Average Cost of Capital
the year (Mid) or at the end (End). WACC = 10.12%
CE Beg Capital Employed calculated at the start Include existing asset input data in
of the year (Beg) or averaged (Avg). EVA capital charge?

Terminal Value
Include Include a terminal value after 5 years?

Rate 2.00% Growth Rate after Yr 5 (or omit to use Yr 5 Growth Rate as per forecast).
Capex 0 Ongoing annual capital expenditure requirement into perpetuity

Comparable Investment Score

Optimal Weight
10.00% 40% Return on Invested Capital (> WACC)

500 25% Net Present Value of cash flows

3.0 5% Cost/Benefit Ratio

5.0 15% Payback Period for cash invested

500 15% Free cash flow after 2 years

100% Apply default weightings:

 0

1 1

Mid
End
Beg
Avg

0 0
1 1

1
1 Capital Constrained
Capital ConCapital ConNo Capital Constraint

40 40 20
25 25 40
5 5 20
15 15 10
15 15 10
100 100 100
 INPUT ASSUMPTIONS FOR Status Quo (Before New Investment)
$000 Description Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Total Assumptions
2019 2020 2021 2022 2023 2024
Taxable Revenue
0
0

Non-Taxable Revenue
0
0

Operating Expenses
0
0

Investment Expenses Amort Yrs

1
1
1

Existing Assets Existing Asset Accounting Taxation

Life (yrs) Age (Yrs) Disposal Current BV Rate Method Current BV Rate Method

Capital Expenditure New Asset Accounting Taxation

Life (yrs) Yr of Acq Acq Price Actg BV Disposal Rate Method Rate Method

Page 4 of 540778859.xlsxBefore 09/09/2021

 FINANCIAL ANALYSIS FOR Status Quo
$000 Accounting Impact 2019 2020 2021 2022 2023 2024 Total

Total Revenue 0 0 0 0 0 0 0
less Expenditure 0 0 0 0 0 0 0
EBITDA 0 0 0 0 0 0 0

less Accounting Depreciation 0 0 0 0 0 0 0

less Goodwill Amortisation 0 0 0 0 0 0 0
EBIT 0 0 0 0 0 0 0

less Interest
Expense 0 0 0 0 0 0 0
less Tax
Payable 0 0 0 0 0 0 0
Net Profit B4 Ab. Items 0 0 0 0 0 0 0

add Profit
on Asset disposal 0 0 0 0 0 0 0
Net Profit 0 0 0 0 0 0 0

$000 Cash Flow Analysis 2019 2020 2021 2022 2023 2024 Total PV of Capital Commitments after Year 5

Taxable Revenue 0 0 0 0 0 0 0
less Total Expenditure 0 0 0 0 0 0 0
less Tax Payable 0 0 0 0 0 0 0 0
less Interest Expense 0 0 0 0 0 0 0 0
Operating Cash Flow 0 0 0 0 0 0 0 0

add Non Taxable Income 0 0 0 0 0 0 0

less Capital
Expenditure 0 0 0 0 0 0 0
add Asset Disposal Proceeds 0 0 0 0 0 0 0 0
Net Cash Flow 0 0 0 0 0 0 0 0

5 Yr NPV 0

Total NPV of Cash Flow 0

Page 5 of 540778859.xlsxBefore 09/09/2021

 $000 Economic Value Added 2019 2020 2021 2022 2023 2024 Total PV of Capital Commitments after Year 5

Total Revenue 0 0 0 0 0 0 0
less Total Expenditure 0 0 0 0 0 0 0
less Tax Payable 0 0 0 0 0 0 0 0
less Interest Expense 0 0 0 0 0 0 0 0
add Asset Disposal Proceeds 0 0 0 0 0 0 0 0
add Economic Adjustments 0 0 0 0 0 0 0 0
Economic Profit 0 0 0 0 0 0 0 0

Capital Employed 0 0 0 0 0 0 0 0
less Capital Charge 0 0 0 0 0 0 0 0
Economic Value Added 0 0 0 0 0 0 0 0

5 Yr PV of EVA 0

Total PV of EVA 0

View:

Page 6 of 540778859.xlsxBefore 09/09/2021

 Depreciation

Page 7 of 540778859.xlsxBefore 09/09/2021

 Asset Disposals
Goodwill
Investment Expenses
Capital Employed
Cost of Capital
Tax Calculation

Page 8 of 540778859.xlsxBefore 09/09/2021

vestment)
Assumptions

Unamort.
Goodwill Straight Line
Diminishing

Equity
Funding 0
52.6% 1
52.6% 2
52.6% 3
52.6% 4
52.6% 5
6
7

Page 9 of 540778859.xlsxBefore 09/09/2021

 8
9
10

PV of Capital Commitments after Year 5

Page 10 of 540778859.xlsxBefore 09/09/2021

 PV of Capital Commitments after Year 5

Page 11 of 540778859.xlsxBefore 09/09/2021

 0

Page 12 of 540778859.xlsxBefore 09/09/2021

 0
0
0
0
0
0

Page 13 of 540778859.xlsxBefore 09/09/2021

 INPUT ASSUMPTIONS FOR New Investment
$000 Description Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Total Assumptions
2019 2020 2021 2022 2023 2024
Taxable Revenue
0
0

Non-Taxable Revenue
0
0

Operating Expenses
0
0

Investment Expenses Amort Yrs

1
1
1

Existing Assets Existing Asset Accounting Taxation Unamort.

Life (yrs) Age (Yrs) Disposal Current BV Rate Method Current BV Rate Method Goodwill

Capital Expenditure New Asset Accounting Taxation Equity

Life (yrs) Yr of Acq Acq Price Actg BV Disposal Rate Method Rate Method Funding
52.6%
52.6%
52.6%
52.6%
52.6%

Page 14 of 540778859.xlsxAfter 09/09/2021

 FINANCIAL ANALYSIS FOR New Investment
$000 Accounting Impact 2019 2020 2021 2022 2023 2024 Total

Total Revenue 0 0 0 0 0 0 0
less Expenditure 0 0 0 0 0 0 0
EBITDA 0 0 0 0 0 0 0

less Accounting Depreciation 0 0 0 0 0 0 0

less Goodwill Amortisation 0 0 0 0 0 0 0
EBIT 0 0 0 0 0 0 0

less Interest
Expense 0 0 0 0 0 0 0
less Tax
Payable 0 0 0 0 0 0 0
Net Profit B4 Ab. Items 0 0 0 0 0 0 0

add Profit
on Asset disposal 0 0 0 0 0 0 0
Net Profit 0 0 0 0 0 0 0

$000 Cash Flow Analysis 2019 2020 2021 2022 2023 2024 Total PV of Capital Commitments after Year 5

Taxable Revenue 0 0 0 0 0 0 0
less Total Expenditure 0 0 0 0 0 0 0
less Tax Payable 0 0 0 0 0 0 0 0
less Interest Expense 0 0 0 0 0 0 0 0
Operating Cash Flow 0 0 0 0 0 0 0 0

add Non Taxable Income 0 0 0 0 0 0 0

less Capital
Expenditure 0 0 0 0 0 0 0
add Asset Disposal Proceeds 0 0 0 0 0 0 0 0
Net Cash Flow 0 0 0 0 0 0 0 0

5 Yr NPV 0

Total NPV of Cash Flow 0

Page 15 of 540778859.xlsxAfter 09/09/2021

 $000 Economic Value Added 2019 2020 2021 2022 2023 2024 Total PV of Capital Commitments after Year 5

Total Revenue 0 0 0 0 0 0 0
less Total Expenditure 0 0 0 0 0 0 0
less Tax Payable 0 0 0 0 0 0 0 0
less Interest Expense 0 0 0 0 0 0 0 0
add Asset Disposal Proceeds 0 0 0 0 0 0 0 0
add Economic Adjustments 0 0 0 0 0 0 0 0
Economic Profit 0 0 0 0 0 0 0 0

Capital Employed 0 0 0 0 0 0 0 0
less Capital Charge 0 0 0 0 0 0 0 0
Economic Value Added 0 0 0 0 0 0 0 0

5 Yr PV of EVA 0

Total PV of EVA 0

View:

Page 16 of 540778859.xlsxAfter 09/09/2021

 Depreciation

Page 17 of 540778859.xlsxAfter 09/09/2021

 Asset Disposals
Goodwill
Investment Expenses
Capital Employed
Cost of Capital
Tax Calculation

Page 18 of 540778859.xlsxAfter 09/09/2021

 Straight Line
Diminishing

0
1
2
3
4
5
6
7

Page 19 of 540778859.xlsxAfter 09/09/2021

 8
9
10

Page 20 of 540778859.xlsxAfter 09/09/2021

 0

Page 21 of 540778859.xlsxAfter 09/09/2021

 0
0
0
0
0
0

Page 22 of 540778859.xlsxAfter 09/09/2021

 FINANCIAL RESULTS FOR DIFFERENCE BETWEEN Status Quo AND New Investment
$000 Accounting Impact 2019 2020 2021 2022 2023 2024 Total

Total Revenue 0 0 0 0 0 0 0
less Expenditure 0 0 0 0 0 0 0
EBITDA 0 0 0 0 0 0 0

less Accounting Depreciation 0 0 0 0 0 0 0

less Goodwill Amortisation 0 0 0 0 0 0 0
EBIT 0 0 0 0 0 0 0

less Interest
Expense 0 0 0 0 0 0 0
less TaxPayable 0 0 0 0 0 0 0
Net Profit B4 Ab. Items 0 0 0 0 0 0 0

add Profiton Asset disposal 0 0 0 0 0 0 0

Net Profit 0 0 0 0 0 0 0

$000 Cash Flow Analysis 2019 2020 2021 2022 2023 2024 Total PV of Capital Commitments after Year 5

Taxable Revenue 0 0 0 0 0 0 0
less Total Expenditure 0 0 0 0 0 0 0
less Tax Payable 0 0 0 0 0 0 0 0
less Interest Expense 0 0 0 0 0 0 0 0
Operating Cash Flow 0 0 0 0 0 0 0 0

add Non Taxable Income 0 0 0 0 0 0 0

less Capital
Expenditure 0 0 0 0 0 0 0
add Asset Disposal Proceeds 0 0 0 0 0 0 0 0
Net Cash Flow 0 0 0 0 0 0 0 0

5-Yr NPV of Cash Flow 0

Infinite Terminal Value 0

Page 23 of 540778859.xlsxResults 09/09/2021

 Total NPV of Cash Flow 0

Page 24 of 540778859.xlsxResults 09/09/2021

 $000 Economic Value Added 2019 2020 2021 2022 2023 2024 Total PV of Capital Commitments after Year 5

Total Revenue 0 0 0 0 0 0 0
less Total Expenditure 0 0 0 0 0 0 0
less Tax Payable 0 0 0 0 0 0 0 0
less Interest Expense 0 0 0 0 0 0 0 0
add Asset Disposal Proceeds 0 0 0 0 0 0 0 0
add Economic Adjustments 0 0 0 0 0 0 0 0
Economic Profit 0 0 0 0 0 0 0 0

Capital Employed 0 0 0 0 0 0 0 0
less Capital Charge 0 0 0 0 0 0 0 0
Economic Value Added 0 0 0 0 0 0 0 0

Total PV of EVA 0

Infinite Terminal Value 0

Total PV of EVA 0

COMPARABLE INVESTMENT SCORE ADDITIONAL ANALYSIS

Result Score Implicit Annual Growth Rates Change in Company Gearing
Return on Invested Capital (> WACC) No Capital 40.00% Total Revenues Before (Year 0) 47.37%
Net Present Value of Cash Flows 0 0.00% Total Expenses After (Year 5) 47.37%
Cost/Benefit Ratio No Upfront 5.00% Operating Cash Flow Change 0.00%
Payback Period (Year) 5 0.00% Net Cash Flow
Free Cash Flow after 2 years 0 0.00% Economic Profit Modified Internal Rate of Return
Comparable Investment Score 45.00% EVA No solution

Page 25 of 540778859.xlsxResults 09/09/2021

 Cash Flow Chart Analysis

1 1
0.9
0.8 0.8
0.7
0.6 0.6
0.5
0.4 0.4
0.3
0.2 0.2
0.1
0 0
2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024

1
0.8
0.6
0.4
0.2
0
39

43

83

87
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
31
33
35
37

41

45
47
49
51
53
55
57
59
61
63
65
67
69
71
73
75
77
79
81

85

89
91
93
95
97
99
101
Year

Page 26 of 540778859.xlsxResults 09/09/2021

 Economic Value Added Chart Analysis

1 1
0.9 0.9
0.8 0.8
0.7 0.7
0.6 0.6
0.5 0.5
0.4 0.4
0.3 0.3
0.2 0.2
0.1 0.1
0 0
2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024

1
0.8
0.6
0.4
0.2
0
23

35

69

73

95
1
3
5
7
9
11
13
15
17
19
21

25
27
29
31
33

37
39
41
43
45
47
49
51
53
55
57
59
61
63
65
67

71

75
77
79
81
83
85
87
89
91
93

97
99
101
Year

Page 27 of 540778859.xlsxResults 09/09/2021

 Growth Rate NPV PV of Cumulative
Year Cash Flow EVA (on Cash Flow) Cash Flow EVA Cash Flow EVA
0 0 0 2019 0 0
1 0 0 2020 0 0
2 0 0 #DIV/0! 2021 0 0
3 0 0 #DIV/0! Year 5 2022 0 0
4 0 0 #DIV/0! Growth 2023 0 0
5 0 0 #DIV/0! 2.00% 2024 0 0
6 0 0 1.90% 0 0
7 0 0 1.80% 0 0
8 0 0 1.70% 0 0
9 0 0 1.60% 0 0
10 0 0 1.50% 0 0
11 0 0 1.40% 0 0
12 0 0 1.30% 0 0
13 0 0 1.20% 0 0
14 0 0 1.10% 0 0
15 0 0 1.00% 0 0
80 0 0 -66276.13% 0 0
17 0 0 0.80% 0 0
18 0 0 0.70% 0 0
19 0 0 0.60% 0 0
20 0 0 0.50% 0 0
21 0 0 0.40% 0 0
22 0 0 0.30% 0 0
23 0 0 0.20% 0 0
24 0 0 0.10% 0 0
25 0 0 0.00% 0 0
26 0 0 0.00% 0 0
27 0 0 0.00% 0 0
28 0 0 -0.03% 0 0
29 0 0 -0.13% 0 0
30 0 0 -0.41% 0 0
31 0 0 -1.02% 0 0
32 0 0 -2.21% 0 0

Page 28 of 540778859.xlsxResults 09/09/2021

 33 0 0 -4.32% 0 0
34 0 0 -7.78% 0 0
35 0 0 -13.17% 0 0

Page 29 of 540778859.xlsxResults 09/09/2021

 36 0 0 -21.21% 0 0
37 0 0 -32.77% 0 0
38 0 0 -48.89% 0 0
39 0 0 -70.82% 0 0
40 0 0 -100.00% 0 0
41 0 0 -138.08% 0 0
42 0 0 -186.98% 0 0
43 0 0 -248.83% 0 0
44 0 0 -326.07% 0 0
45 0 0 -421.40% 0 0
46 0 0 -537.82% 0 0
47 0 0 -678.67% 0 0
48 0 0 -847.58% 0 0
49 0 0 -1048.58% 0 0
50 0 0 -1286.01% 0 0
51 0 0 -1564.63% 0 0
52 0 0 -1889.57% 0 0
53 0 0 -2266.39% 0 0
54 0 0 -2701.06% 0 0
55 0 0 -3200.00% 0 0
56 0 0 -3770.09% 0 0
57 0 0 -4418.69% 0 0
58 0 0 -5153.63% 0 0
59 0 0 -5983.27% 0 0
60 0 0 -6916.46% 0 0
61 0 0 -7962.62% 0 0
62 0 0 -9131.71% 0 0
63 0 0 -10434.26% 0 0
64 0 0 -11881.38% 0 0
65 0 0 -13484.77% 0 0

Page 30 of 540778859.xlsxResults 09/09/2021

 66 0 0 -15256.78% 0 0
67 0 0 -17210.37% 0 0
68 0 0 -19359.14% 0 0
69 0 0 -21717.36% 0 0
70 0 0 -24300.00% 0 0
71 0 0 -27122.70% 0 0
72 0 0 -30201.81% 0 0
73 0 0 -33554.43% 0 0
74 0 0 -37198.39% 0 0
75 0 0 -41152.26% 0 0
76 0 0 -45435.42% 0 0
77 0 0 -50068.02% 0 0
78 0 0 -55071.01% 0 0
79 0 0 -60466.18% 0 0
80 0 0 -66276.13% 0 0
81 0 0 -72524.35% 0 0
82 0 0 -79235.17% 0 0
83 0 0 -86433.81% 0 0
84 0 0 -94146.41% 0 0
85 0 0 -102400.00% 0 0
86 0 0 -111222.56% 0 0
87 0 0 -120643.01% 0 0
88 0 0 -130691.23% 0 0
89 0 0 -141398.10% 0 0
90 0 0 -152795.47% 0 0
91 0 0 -164916.22% 0 0
92 0 0 -177794.25% 0 0
93 0 0 -191464.50% 0 0
94 0 0 -205962.98% 0 0

Page 31 of 540778859.xlsxResults 09/09/2021

 95 0 0 -221326.75% 0 0
96 0 0 -237593.99% 0 0
97 0 0 -254803.97% 0 0
98 0 0 -272997.08% 0 0
99 0 0 -292214.86% 0 0
100 0 0 -312500.00% 0 0

Page 32 of 540778859.xlsxResults 09/09/2021

Terminal
Cash Flow EVA
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0
0 0
0
0
0 0
0

Page 33 of 540778859.xlsxResults 09/09/2021

 0 0
0 0
0 0

Page 34 of 540778859.xlsxResults 09/09/2021

 0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0

Page 35 of 540778859.xlsxResults 09/09/2021

 0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0

Page 36 of 540778859.xlsxResults 09/09/2021

 0 0
0 0
0 0
0 0
0 0
0 0

Page 37 of 540778859.xlsxResults 09/09/2021