KEY ASSUMPTIONS

Investment Details ?
New New Investment Name of Investment
Existing

2025 First Year of Investment Input Denomination $000

Taxation & Amortisation ?

Rate 33.00% Company/Business Tax Rate Goodwill Amort (Yrs) 10
NEXT
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
Calculate
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 terminal value after 5 years Calculation Type
Infinite Finite
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: Capital Constrained

 Save As XLSM

NEXT
 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 0 (Before New Investment)
$000 Description Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Total Assumptions
2024 2025 2026 2027 2028 2029
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 4 of 16 723754858.xlsBefore 01/30/2024

 FINANCIAL ANALYSIS FOR 0 ?
$000 Accounting Impact 2024 2025 2026 2027 2028 2029 Total

Profit and Loss Statement

Total Revenue 0 0 0 0 0 0 0 Clear Input
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 NEXT

Net Profit 0 0 0 0 0 0 0

Balance Sheet
Assets
Current Assets 0 0 0 0 0 0
Fixed Assets 0 0 0 0 0 0
Total Assets 0 0 0 0 0 0

Liabilities
Short-Term Liabilities 0 0 0 0 0 0
Long-term Liabilities 9,000 9,000 9,000 9,000 9,000 9,000
Total Liabilities 9,000 9,000 9,000 9,000 9,000 9,000

Equity
Share Capital 10,000 10,000 10,000 10,000 10,000 10,000
Retained Earnings -19,000 -19,000 -19,000 -19,000 -19,000 -19,000
Total Equity -9,000 -9,000 -9,000 -9,000 -9,000 -9,000

Total Liabilities and Equity 0 0 0 0 0 0

$000 Cash Flow Analysis 2024 2025 2026 2027 2028 2029 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

Page 5 of 16 723754858.xlsBefore 01/30/2024

 Net Cash Flow 0 0 0 0 0 0 0 0

5 Yr NPV 0

Total NPV of Cash Flow 0

Page 6 of 16 723754858.xlsBefore 01/30/2024

$000 Economic Value Added 2024 2025 2026 2027 2028 2029 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

Page 7 of 16 723754858.xlsBefore 01/30/2024

 INPUT ASSUMPTIONS FOR New Investment
$000 Description Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Total Assumptions
2024 2025 2026 2027 2028 2029
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 8 of 16 723754858.xlsAfter 01/30/2024

 FINANCIAL ANALYSIS FOR New Investment ?
$000 Accounting Impact 2024 2025 2026 2027 2028 2029 Total

Profit and Loss Statement

Total Revenue 0 0 0 0 0 0 0 Clear Input
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 NEXT

Net Profit 0 0 0 0 0 0 0

Balance Sheet
Assets
Current Assets 0 0 0 0 0 0
Fixed Assets 0 0 0 0 0 0
Total Assets 0 0 0 0 0 0

Liabilities
Short-Term Liabilities 0 0 0 0 0 0
Long-term Liabilities 9,000 9,000 9,000 9,000 9,000 9,000
Total Liabilities 9,000 9,000 9,000 9,000 9,000 9,000

Equity
Share Capital 10,000 10,000 10,000 10,000 10,000 10,000
Retained Earnings -19,000 -19,000 -19,000 -19,000 -19,000 -19,000
Total Equity -9,000 -9,000 -9,000 -9,000 -9,000 -9,000

Total Liabilities and Equity 0 0 0 0 0 0

$000 Cash Flow Analysis 2024 2025 2026 2027 2028 2029 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

Page 9 of 16 723754858.xlsAfter 01/30/2024

 Net Cash Flow 0 0 0 0 0 0 0 0

5 Yr NPV 0

Total NPV of Cash Flow 0

Page 10 of 16 723754858.xlsAfter 01/30/2024

$000 Economic Value Added 2024 2025 2026 2027 2028 2029 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

Page 11 of 16 723754858.xlsAfter 01/30/2024

 FINANCIAL RESULTS FOR New Investment
$000 Accounting Impact 2024 2025 2026 2027 2028 2029 Total

Profit and Loss Statement

Total Revenue 0 0 0 0 0 0 0 Export Sheet
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

Balance Sheet
Assets
Current Assets 0 0 0 0 0 0
Fixed Assets 0 0 0 0 0 0
Total Assets 0 0 0 0 0 0

Liabilities
Short-Term Liabilities 0 0 0 0 0 0
Long-term Liabilities 0 0 0 0 0 0
Total Liabilities 0 0 0 0 0 0

Equity
Share Capital 0 0 0 0 0 0
Retained Earnings 0 0 0 0 0 0
Total Equity 0 0 0 0 0 0

Total Liabilities and Equity 0 0 0 0 0 0

$000 Cash Flow Analysis 2024 2025 2026 2027 2028 2029 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

Page 12 of 16 723754858.xlsResults 01/30/2024

 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

Total NPV of Cash Flow 0

Page 13 of 16 723754858.xlsResults 01/30/2024

$000 Economic Value Added 2024 2025 2026 2027 2028 2029 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 14 of 16 723754858.xlsResults 01/30/2024

 Cash Flow Chart Analysis

Annual Cash Flow Cumulative Cash Flow

1 1

1 1

0 0
2024 2025 2026 2027 2028 2029 2024 2025 2026 2027 2028 2029

Annual Cash Flow with Terminal Value

1

101
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
31
33
35
37
39
41
43
45
47
49
51
53
55
57
59
61
63
65
67
69
71
73
75
77
79
81
83
85
87
89
91
93
95
97
99
Year

Page 15 of 16 723754858.xlsResults 01/30/2024

 Economic Value Added Chart Analysis

Annual Economic Value Added Cumulative Economic Value Added

1 1

1 1

0 0
2024 2025 2026 2027 2028 2029 2024 2025 2026 2027 2028 2029

Annual EVA with Terminal Value

1

101
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
31
33
35
37
39
41
43
45
47
49
51
53
55
57
59
61
63
65
67
69
71
73
75
77
79
81
83
85
87
89
91
93
95
97
99
Year

Page 16 of 16 723754858.xlsResults 01/30/2024