Introduction of model

Business
Transportation &Logistic
Time Horizon
Historical Period N.A.
Forecast Period 2022-2026

Cell Color
Input
Calcluation
Reference
Output

Time
Days of year 365
Month of year 12

Prepared by Hamza 18/02/2022 Page 1

Initial Investment (million USD $)

2022 E 2022 E

Use of Fund Source of Fund

Vehicles 5.000 Bank Loan 1 3.000
Aircrafts 10.000 Bank Loan 2 2.000
Land 1.000 Bank Loan 3 1.320
Building 3.000 Social Capital 25.280
Leashold improvements 3.000
Plant equipment 5.000
Technology equitpment 1.000
Construction in progress 500
Initial working capital 3.000
Account Receivable 2.500
Inventories 1.500
Account Payables (1.000)
Cash 100

Total Use of Funds 31.600 Total Source of Funds 31.600

 Capex (million USD $)
2 3 4 5 6
Case Pessimistic 2022 E 2023 E 2024 E 2025 E 2026 E

Capex Investment Gross Method Life

Vehicles Straight line 25 5.000 5.802 6.638 7.512 8.425
Aircrafts Straight line 35 10.000 10.802 11.638 12.512 13.425
Land Straight line N.A. 1.000 1.000 1.000 1.000 1.000
Building Straight line 30 3.000 3.802 4.638 5.512 6.425
Leashold improvements Straight line 25 3.000 3.802 4.638 5.512 6.425
Plant equipment Straight line 20 5.000 5.401 5.819 6.256 6.712
Technology equitpment Straight line 5 1.000 1.000 1.000 1.000 1.000
Construction in progress Straight line 30 500 500 500 500 500

Capex Investment additions

1 Vehicles 802 837 874 913
2 Aircrafts 802 837 874 913
3 Land - - - -
4 Building 802 837 874 913
5 Leashold improvements 802 837 874 913
Technology equitpment - - - -
Construction in progress - - - -

Capex Investment % of Revenue

Vehicles 1,0% 1,0% 1,0% 1,0%
Aircrafts 1,0% 1,0% 1,0% 1,0%
Land 0,0% 0,0% 0,0% 0,0%
Building 1,0% 1,0% 1,0% 1,0%
Leashold improvements 1,0% 1,0% 1,0% 1,0%
Plant equipment 0,5% 0,5% 0,5% 0,5%
Technology equitpment 0,0% 0,0% 0,0% 0,0%
Construction in progress 0,0% 0,0% 0,0% 0,0%

Revenue 80.161 83.679 87.376 91.262

Depreciation & Amortization (million USD $)

Case Pessimistic 2022 E 2023 E 2024 E 2025 E 2026 E

Fixed Assets
Vehicles Life Existing 0,0 - - - - -
25 New
 2022 5.000 200 200 200 200 200
2023 802 - 32 32 32 32
2024 837 - - 33 33 33
2025 874 - - - 35 35
2026 913 - - - - 37
Total 200 232 266 300 337

Aircrafts Life Existing 0,0 - - - - -

35 New
2022 10.000 286 286 286 286 286
2023 802 - 23 23 23 23
2024 837 - - 24 24 24
2025 837 - - - 24 24
2026 837 - - - - 24
Total 286 309 333 356 380

Technology equitpment
Life Existing 0,0 - - - - -
5 New
2022 1.000 200 200 200 200 200
2023 - - - - - -
2024 - - - - - -
2025 - - - - - -
2026 - - - - - -
Total 200 200 200 200 200

Construction in progress
Life Existing 0,0 - - - - -
30 New
2022 500 17 17 17 17 17
2023 - - - - - -
2024 - - - - - -
2025 - - - - - -
2026 - - - - - -
Total 17 17 17 17 17

Total Depreciation 1.172 1.306 1.446 1.587 1.730

Scenarios
2 3 4 5 6
Case Pessimistic 2022 E 2023 E 2024 E 2025 E 2026 E

Daily Volumn growth rate (YoY)

Domestic pakage service
Air Express 6,0% 6,0% 6,0% 6,0%
Basic 7,0% 7,0% 7,0% 7,0%
Optimistic 8,0% 8,0% 8,0% 8,0%
Pessimistic 6,0% 6,0% 6,0% 6,0%

Economic delivery 6,0% 6,0% 6,0% 6,0%

Basic 7,0% 7,0% 7,0% 7,0%
Optimistic 8,0% 8,0% 8,0% 8,0%
Pessimistic 6,0% 6,0% 6,0% 6,0%

Ground 6,0% 6,0% 6,0% 6,0%

Basic 7,0% 7,0% 7,0% 7,0%
Optimistic 8,0% 8,0% 8,0% 8,0%
Pessimistic 6,0% 6,0% 6,0% 6,0%
International pakage service
Import 4,0% 4,0% 4,0% 4,0%
Basic 5,0% 5,0% 5,0% 5,0%
Optimistic 6,0% 6,0% 6,0% 6,0%
Pessimistic 4,0% 4,0% 4,0% 4,0%

Export 4,0% 4,0% 4,0% 4,0%

Basic 5,0% 5,0% 5,0% 5,0%
Optimistic 6,0% 6,0% 6,0% 6,0%
Pessimistic 4,0% 4,0% 4,0% 4,0%

Cargo 2,0% 2,0% 2,0% 2,0%

Basic 3,0% 3,0% 3,0% 3,0%
Optimistic 4,0% 4,0% 4,0% 4,0%
Pessimistic 2,0% 2,0% 2,0% 2,0%

Package price growth rate

Domestic pakage service 2,0% 2,0% 2,0% 2,0%
Basic 2,5% 2,5% 2,5% 2,5%
Optimistic 3,0% 3,0% 3,0% 3,0%
Pessimistic 2,0% 2,0% 2,0% 2,0%
International pakage service 2,0% 2,0% 2,0% 2,0%
Basic 2,5% 2,5% 2,5% 2,5%
Optimistic 3,0% 3,0% 3,0% 3,0%
Pessimistic 2,0% 2,0% 2,0% 2,0%
Frieght
Daily Shipment growth rate (YoY)
Daily Ocean Shipment 0,0% 0,0% 0,0% 0,0%
Basic 0,1% 0,1% 0,1% 0,1%
Optimistic 0,2% 0,2% 0,2% 0,2%
Pessimistic 0,0% 0,0% 0,0% 0,0%

Air Shipment 0,0% 0,0% 0,0% 0,0%

Basic 0,1% 0,1% 0,1% 0,1%
Optimistic 0,2% 0,2% 0,2% 0,2%
Pessimistic 0,0% 0,0% 0,0% 0,0%

Daily Truck dispatch 0,0% 0,0% 0,0% 0,0%

Basic 40,0% 40,0% 40,0% 40,0% 40,0%
Optimistic 35,0% 35,0% 35,0% 35,0% 35,0%
Pessimistic 45,0% 45,0% 45,0% 45,0% 45,0%

Gross Margin- Freight service 40,0% 40,0% 40,0% 40,0% 40,0%

Basic 35,0% 35,0% 35,0% 35,0% 35,0%
Optimistic 30,0% 30,0% 30,0% 30,0% 30,0%
Pessimistic 40,0% 40,0% 40,0% 40,0% 40,0%

Operating Expenses
Rent - % of Revenue 6,0% 6,0% 6,0% 6,0% 6,0%
Basic 5,0% 5,0% 5,0% 5,0% 5,0%
Optimistic 4,0% 4,0% 4,0% 4,0% 4,0%
Pessimistic 6,0% 6,0% 6,0% 6,0% 6,0%

Marketing - % of Revenue 8,0% 8,0% 8,0% 8,0% 8,0%

Basic 7,0% 7,0% 7,0% 7,0% 7,0%
Optimistic 6,0% 6,0% 6,0% 6,0% 6,0%
Pessimistic 8,0% 8,0% 8,0% 8,0% 8,0%
SG&A- % of Revenue 8,0% 8,0% 8,0% 8,0% 8,0%
Basic 7,0% 7,0% 7,0% 7,0% 7,0%
Optimistic 6,0% 6,0% 6,0% 6,0% 6,0%
Pessimistic 8,0% 8,0% 8,0% 8,0% 8,0%
Capex Investment % of Revenue
Optimistic 2,0% 1,0% 1,0% 1,0%
Pessimistic 1,0% 1,0% 1,0% 1,0%
Aircrafts 1,0% 1,0% 1,0% 1,0%
Basic 1,5% 1,5% 1,0% 1,0%
Optimistic 2,0% 1,0% 1,0% 1,0%
Pessimistic 1,0% 1,0% 1,0% 1,0%

Land 0,0% 0,0% 0,0% 0,0%

Basic 0,1% 0,1% 0,1% 0,1%
Optimistic 0,2% 0,2% 0,2% 0,2%
Pessimistic 0,0% 0,0% 0,0% 0,0%

Building 1,0% 1,0% 1,0% 1,0%

Basic 1,5% 1,5% 1,5% 1,5%

Optimistic 2,0% 1,0% 1,0% 1,0%
Pessimistic 1,0% 1,0% 1,0% 1,0%

Leashold improvements 1,0% 1,0% 1,0% 1,0%

Basic 1,5% 1,5% 1,5% 1,5%
Optimistic 2,0% 1,0% 1,0% 1,0%

Plant equipment 0,5% 0,5% 0,5% 0,5%

Basic 1,0% 1,0% 1,0% 1,0%
Optimistic 1,5% 1,5% 1,5% 1,5%
Pessimistic 0,5% 0,5% 0,5% 0,5%

Technology equitpment 0,0% 0,0% 0,0% 0,0%

Basic 1,0% 0,5% 0,0% 0,0%
Optimistic 2,0% 1,5% 1,0% 0,5%
Pessimistic 0,0% 0,0% 0,0% 0,0%

Construction in progress 0,0% 0,0% 0,0% 0,0%

Basic 1,0% 0,5% 0,0% 0,0%
Optimistic 2,0% 1,5% 1,0% 0,5%
Pessimistic 0,0% 0,0% 0,0% 0,0%

Working Capital
Account receivable of Revenue % 8,0% 8,0% 8,0% 8,0% 8,0%
Basic 9,0% 9,0% 9,0% 9,0% 9,0%
Optimistic 10,0% 10,0% 10,0% 10,0% 10,0%
Pessimistic 8,0% 8,0% 8,0% 8,0% 8,0%

Inventory of Direct cost of Sales % 3,0% 3,0% 3,0% 3,0% 3,0%

 Basic 4,0% 4,0% 4,0% 4,0% 4,0%
Optimistic 5,0% 5,0% 5,0% 5,0% 5,0%
Pessimistic 3,0% 3,0% 3,0% 3,0% 3,0%

Other Current asset of Revenue % 1,0% 1,0% 1,0% 1,0% 1,0%

Basic 2,0% 2,0% 2,0% 2,0% 2,0%
Optimistic 3,0% 3,0% 3,0% 3,0% 3,0%
Pessimistic 1,0% 1,0% 1,0% 1,0% 1,0%

Account payable of Revenue % 6,0% 6,0% 6,0% 6,0% 6,0%

Basic 7,0% 7,0% 7,0% 7,0% 7,0%
Optimistic 8,0% 8,0% 8,0% 8,0% 8,0%
Pessimistic 6,0% 6,0% 6,0% 6,0% 6,0%

Accured liabilities of Revenue % 4,5% 4,5% 4,5% 4,5% 4,5%

Basic 5,0% 5,0% 5,0% 5,0% 5,0%
Optimistic 5,5% 5,5% 5,5% 5,5% 5,5%
Pessimistic 4,5% 4,5% 4,5% 4,5% 4,5%

Additional Equities
Addition equities % of Revenue 0,2% 0,2% 0,2% 0,2%
(Injected at beginning of year) Basic 0,0% 0,0% 0,0% 0,0%
Optimistic 0,1% 0,1% 0,1% 0,1%
Pessimistic 0,2% 0,2% 0,2% 0,2%
Input- Yearly Volumn & Price (USD $)
2 3 4 5 6
Case Pessimistic 2022 E 2023 E 2024 E 2025 E 2026 E

Yearly Volumn-Package Service ('000)

Domestic pakage service
Air Express 500.000 530.000 561.800 595.508 631.238
Economic delivery 500.000 530.000 561.800 595.508 631.238
Ground 3.000.000 3.180.000 3.370.800 3.573.048 3.787.431

Growth rate %
Air Express 6,0% 6,0% 6,0% 6,0%
Economic delivery 6,0% 6,0% 6,0% 6,0%
Ground 6,0% 6,0% 6,0% 6,0%

International pakage service

Import 450.000 468.000 486.720 506.189 526.436
Export 400.000 416.000 432.640 449.946 467.943
Cargo 300.000 306.000 312.120 318.362 324.730

Import 4,0% 4,0% 4,0% 4,0%

Export 4,0% 4,0% 4,0% 4,0%
Cargo 2,0% 2,0% 2,0% 2,0%

Average Price per Unit

Domestic pakage service
Air Express 15,0 15,3 15,6 15,9 16,2
Economic delivery 12,0 12,2 12,5 12,7 13,0
Ground 8,0 8,2 8,3 8,5 8,7

International pakage service

Import 8,0 8,2 8,3 8,5 8,7
Export 30,0 30,6 31,2 31,8 32,5
Cargo 20,0 20,4 20,8 21,2 21,6

Growth rate %
Domestic 2,0% 2,0% 2,0% 2,0%
International 2,0% 2,0% 2,0% 2,0%

Freight Volumn
Ocean Shipments 45.600 45.600 45.600 45.600 45.600
Air Shipments 7.050 7.050 7.050 7.050 7.050
Logistic 65.100 65.100 65.100 65.100 65.100

Growth rate %
Ocean Shipments 0,0% 0,0% 0,0% 0,0%
Air Shipments 0,0% 0,0% 0,0% 0,0%
Logistic 0,0% 0,0% 0,0% 0,0%

Freight Price
Per pound of Ocean Shipment 30,0 30,6 31,2 31,8 32,5
Per pound of Air Shipment 45,0 46,1 47,3 48,5 49,7
Per milage dispatched 250,0 255,0 260,1 265,3 270,6

Growth rate %
Ocean Shipment 2,0% 2,0% 2,0% 2,0%
Air Shipment 2,5% 2,5% 2,5% 2,5%
Milage dispatched 2,0% 2,0% 2,0% 2,0%
Inputs P&L (USD $)
2022 E
Case Pessimistic 1M 2M 3M 4M 5M 6M 7M 8M 9M 10 M 11 M 12 M
Volume allocation
Domestic pakage service
Air Express 7,0% 7,0% 7,0% 8,0% 8,0% 8,0% 8,4% 8,4% 8,2% 10,0% 10,0% 10,0%
Economic delivery 7,0% 7,0% 7,0% 8,0% 8,0% 8,0% 8,4% 8,4% 8,2% 10,0% 10,0% 10,0%
Ground 7,0% 7,0% 7,0% 8,0% 8,0% 8,0% 8,4% 8,4% 8,2% 10,0% 10,0% 10,0%

International pakage service

Import 7,0% 7,0% 7,0% 8,0% 8,0% 8,0% 8,4% 8,4% 8,2% 10,0% 10,0% 10,0%
Export 7,0% 7,0% 7,0% 8,0% 8,0% 8,0% 8,4% 8,4% 8,2% 10,0% 10,0% 10,0%
Cargo 7,0% 7,0% 7,0% 8,0% 8,0% 8,0% 8,4% 8,4% 8,2% 10,0% 10,0% 10,0%

Package Volumn
Domestic pakage service
Air Express 35.000.000 35.000.000 35.000.000 40.000.000 40.000.000 40.000.000 42.000.000 42.000.000 41.000.000 50.000.000 50.000.000 50.000.000
Economic delivery 35.000.000 35.000.000 35.000.000 40.000.000 40.000.000 40.000.000 42.000.000 42.000.000 41.000.000 50.000.000 50.000.000 50.000.000
Ground 210.000.000 210.000.000 210.000.000 240.000.000 240.000.000 240.000.000 252.000.000 252.000.000 246.000.000 300.000.000 300.000.000 300.000.000

Import 31.500.000 31.500.000 31.500.000 36.000.000 36.000.000 36.000.000 37.800.000 37.800.000 36.900.000 45.000.000 45.000.000 45.000.000
Export 28.000.000 28.000.000 28.000.000 32.000.000 32.000.000 32.000.000 33.600.000 33.600.000 32.800.000 40.000.000 40.000.000 40.000.000
Cargo 21.000.000 21.000.000 21.000.000 24.000.000 24.000.000 24.000.000 25.200.000 25.200.000 24.600.000 30.000.000 30.000.000 30.000.000

Average Price per Unit

Domestic pakage service
Air Express 15,0 15,0 15,0 15,0 15,0 15,0 15,0 15,0 15,0 15,0 15,0 15,0
Economic delivery 12,0 12,0 12,0 12,0 12,0 12,0 12,0 12,0 12,0 12,0 12,0 12,0
Ground 8,0 8,0 8,0 8,0 8,0 8,0 8,0 8,0 8,0 8,0 8,0 8,0

International pakage service

Import 8,0 8,0 8,0 8,0 8,0 8,0 8,0 8,0 8,0 8,0 8,0 8,0
Export 30,0 30,0 30,0 30,0 30,0 30,0 30,0 30,0 30,0 30,0 30,0 30,0
Cargo 20,0 20,0 20,0 20,0 20,0 20,0 20,0 20,0 20,0 20,0 20,0 20,0

Freight
Shipment allocation month
By Ocean 6,0% 6,0% 6,5% 8,0% 8,5% 8,5% 9,0% 9,5% 9,5% 10,0% 9,5% 9,0%
By Air 6,0% 6,0% 6,5% 8,0% 8,5% 8,5% 9,0% 9,5% 9,5% 10,0% 9,5% 9,0%
By Truck 6,0% 6,0% 6,5% 8,0% 8,5% 8,5% 9,0% 9,5% 9,5% 10,0% 9,5% 9,0%

Ocean Shipments
Monthly Shipments 2.736 2.736 2.964 3.648 3.876 3.876 4.104 4.332 4.332 4.560 4.332 4.104
Average weight per Shipment(Pounds) 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000

Air Shipments
Monthly Shipments 423 423 458 564 599 599 635 670 670 705 670 635
Average weight per Shipment(Pounds) 220 220 220 220 220 220 220 220 220 220 220 220

Logistic
Monthly Truck dispatch 3.906 3.906 4.232 5.208 5.534 5.534 5.859 6.185 6.185 6.510 6.185 5.859
Average mileage/Truck per day 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000

Average price-Freight
Average price per pound of Ocean Shipment 30,0 30,0 30,0 30,0 30,0 30,0 30,0 30,0 30,0 30,0 30,0 30,0
Average price per pound of Air Shipment 45,0 45,0 45,0 45,0 45,0 45,0 45,0 45,0 45,0 45,0 45,0 45,0
Average price per mile dispatched 250,0 250,0 250,0 250,0 250,0 250,0 250,0 250,0 250,0 250,0 250,0 250,0

Operation Days 21 20 23 21 22 22 21 23 22 21 22 22
Customer Service 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
Other supporting 800 800 800 800 800 800 800 800 800 800 800 800

Salary growth rate %

Tax Rate 25% 25,0% 25,0% 25,0% 25,0% 25,0% 25,0% 25,0% 25,0% 25,0% 25,0% 25,0%
Bank Loan 1 (million USD $)

Caracteristics Summary
Amount 3.000 Scheduled payment (33,11)
Annual Interest rate 5% Scheduled nº of period 114
Payment period in years 10 Interest rate applied 0,42%
Nº of payment per year 12 Total Interest paid 850
Grace period in month 6
Start date of loan 01/01/2022
Extra payment 0

Amortization Table (million USD $)

Payment date Nº of Payment Begining balance Scheduled Payment Extra payment Total payment Principal Interest Endinng Balance Accm. Principal
01/01/2022 1 3.000,00 - - - - 12,50 3.000,00 -
28/02/2022 2 3.000,00 - - - - 12,50 3.000,00 -
31/03/2022 3 3.000,00 - - - - 12,50 3.000,00 -
31/05/2022 5 3.000,00 - - - - 12,50 3.000,00 -
30/06/2022 6 3.000,00 - - - - 12,50 3.000,00 -
31/07/2022 7 3.000,00 33,11 0 33,11 20,61 12,50 2.979,39 20,61
31/08/2022 8 2.979,39 33,11 0 33,11 20,70 12,41 2.958,69 41,31
30/09/2022 9 2.958,69 33,11 0 33,11 20,78 12,33 2.937,90 62,10
31/10/2022 10 2.937,90 33,11 0 33,11 20,87 12,24 2.917,03 82,97
30/11/2022 11 2.917,03 33,11 0 33,11 20,96 12,15 2.896,08 103,92
31/12/2022 12 2.896,08 33,11 0 33,11 21,05 12,07 2.875,03 124,97
31/01/2023 13 2.875,03 33,11 0 33,11 21,13 11,98 2.853,90 146,10
28/02/2023 14 2.853,90 33,11 0 33,11 21,22 11,89 2.832,68 167,32
31/03/2023 15 2.832,68 33,11 0 33,11 21,31 11,80 2.811,37 188,63
30/04/2023 16 2.811,37 33,11 0 33,11 21,40 11,71 2.789,97 210,03
31/05/2023 17 2.789,97 33,11 0 33,11 21,49 11,62 2.768,48 231,52
30/06/2023 18 2.768,48 33,11 0 33,11 21,58 11,54 2.746,90 253,10
31/07/2023 19 2.746,90 33,11 0 33,11 21,67 11,45 2.725,24 274,76
31/08/2023 20 2.725,24 33,11 0 33,11 21,76 11,36 2.703,48 296,52
30/09/2023 21 2.703,48 33,11 0 33,11 21,85 11,26 2.681,63 318,37
31/10/2023 22 2.681,63 33,11 0 33,11 21,94 11,17 2.659,69 340,31
30/11/2023 23 2.659,69 33,11 0 33,11 22,03 11,08 2.637,66 362,34
31/12/2023 24 2.637,66 33,11 0 33,11 22,12 10,99 2.615,54 384,46
31/01/2024 25 2.615,54 33,11 0 33,11 22,21 10,90 2.593,32 406,68
29/02/2024 26 2.593,32 33,11 0 33,11 22,31 10,81 2.571,02 428,98
31/03/2024 27 2.571,02 33,11 0 33,11 22,40 10,71 2.548,62 451,38
30/04/2024 28 2.548,62 33,11 0 33,11 22,49 10,62 2.526,12 473,88
31/05/2024 29 2.526,12 33,11 0 33,11 22,59 10,53 2.503,54 496,46
30/06/2024 30 2.503,54 33,11 0 33,11 22,68 10,43 2.480,86 519,14
31/07/2024 31 2.480,86 33,11 0 33,11 22,78 10,34 2.458,08 541,92
31/08/2024 32 2.458,08 33,11 0 33,11 22,87 10,24 2.435,21 564,79
30/09/2024 33 2.435,21 33,11 0 33,11 22,97 10,15 2.412,24 587,76
31/10/2024 34 2.412,24 33,11 0 33,11 23,06 10,05 2.389,18 610,82
30/11/2024 35 2.389,18 33,11 0 33,11 23,16 9,95 2.366,02 633,98
31/12/2024 36 2.366,02 33,11 0 33,11 23,25 9,86 2.342,77 657,23
31/01/2025 37 2.342,77 33,11 0 33,11 23,35 9,76 2.319,42 680,58
28/02/2025 38 2.319,42 33,11 0 33,11 23,45 9,66 2.295,97 704,03
31/03/2025 39 2.295,97 33,11 0 33,11 23,55 9,57 2.272,43 727,57
30/04/2025 40 2.272,43 33,11 0 33,11 23,64 9,47 2.248,78 751,22
31/05/2025 41 2.248,78 33,11 0 33,11 23,74 9,37 2.225,04 774,96
30/06/2025 42 2.225,04 33,11 0 33,11 23,84 9,27 2.201,20 798,80
31/07/2025 43 2.201,20 33,11 0 33,11 23,94 9,17 2.177,26 822,74
31/08/2025 44 2.177,26 33,11 0 33,11 24,04 9,07 2.153,22 846,78
Bank Loan 2 (million USD $)

Caracteristics Summary
Amount 2.000 Scheduled payment (28,14)
Annual Interest rate 7% Scheduled nº of period 90
Payment period in years 8 Interest rate applied 0,54%
Nº of payment per year 12 Total Interest paid
Grace period in month 6
Start date of loan 01/01/2022
Extra payment 0

Amortization Table (million USD $)

Payment date Nº of Payment Begining balance Scheduled Payment Extra payment Total payment Principal Interest Endinng Balance Accm. Principal
01/01/2022 1 2.000,00 - - - - 10,83 2.000,00 -
28/02/2022 2 2.000,00 - - - - 10,83 2.000,00 -
31/03/2022 3 2.000,00 - - - - 10,83 2.000,00 -
31/05/2022 5 2.000,00 - - - - 10,83 2.000,00 -
30/06/2022 6 2.000,00 - - - - 10,83 2.000,00 -
31/07/2022 7 2.000,00 28,14 0 28,14 17,30 10,83 1.982,70 17,30
31/08/2022 8 1.982,70 28,14 0 28,14 17,40 10,74 1.965,30 34,70
30/09/2022 9 1.965,30 28,14 0 28,14 17,49 10,65 1.947,81 52,19
31/10/2022 10 1.947,81 28,14 0 28,14 17,59 10,55 1.930,22 69,78
30/11/2022 11 1.930,22 28,14 0 28,14 17,68 10,46 1.912,54 87,46
31/12/2022 12 1.912,54 28,14 0 28,14 17,78 10,36 1.894,77 105,23
31/01/2023 13 1.894,77 28,14 0 28,14 17,87 10,26 1.876,89 123,11
28/02/2023 14 1.876,89 28,14 0 28,14 17,97 10,17 1.858,92 141,08
31/03/2023 15 1.858,92 28,14 0 28,14 18,07 10,07 1.840,86 159,14
30/04/2023 16 1.840,86 28,14 0 28,14 18,16 9,97 1.822,69 177,31
31/05/2023 17 1.822,69 28,14 0 28,14 18,26 9,87 1.804,43 195,57
30/06/2023 18 1.804,43 28,14 0 28,14 18,36 9,77 1.786,07 213,93
31/07/2023 19 1.786,07 28,14 0 28,14 18,46 9,67 1.767,60 232,40
31/08/2023 20 1.767,60 28,14 0 28,14 18,56 9,57 1.749,04 250,96
30/09/2023 21 1.749,04 28,14 0 28,14 18,66 9,47 1.730,38 269,62
31/10/2023 22 1.730,38 28,14 0 28,14 18,76 9,37 1.711,62 288,38
30/11/2023 23 1.711,62 28,14 0 28,14 18,86 9,27 1.692,75 307,25
31/12/2023 24 1.692,75 28,14 0 28,14 18,97 9,17 1.673,79 326,21
31/01/2024 25 1.673,79 28,14 0 28,14 19,07 9,07 1.654,72 345,28
29/02/2024 26 1.654,72 28,14 0 28,14 19,17 8,96 1.635,54 364,46
31/03/2024 27 1.635,54 28,14 0 28,14 19,28 8,86 1.616,27 383,73
30/04/2024 28 1.616,27 28,14 0 28,14 19,38 8,75 1.596,88 403,12
31/05/2024 29 1.596,88 28,14 0 28,14 19,49 8,65 1.577,40 422,60
30/06/2024 30 1.577,40 28,14 0 28,14 19,59 8,54 1.557,81 442,19
31/07/2024 31 1.557,81 28,14 0 28,14 19,70 8,44 1.538,11 461,89
31/08/2024 32 1.538,11 28,14 0 28,14 19,80 8,33 1.518,30 481,70
30/09/2024 33 1.518,30 28,14 0 28,14 19,91 8,22 1.498,39 501,61
31/10/2024 34 1.498,39 28,14 0 28,14 20,02 8,12 1.478,37 521,63
30/11/2024 35 1.478,37 28,14 0 28,14 20,13 8,01 1.458,24 541,76
31/12/2024 36 1.458,24 28,14 0 28,14 20,24 7,90 1.438,00 562,00
31/01/2025 37 1.438,00 28,14 0 28,14 20,35 7,79 1.417,66 582,34
28/02/2025 38 1.417,66 28,14 0 28,14 20,46 7,68 1.397,20 602,80
31/03/2025 39 1.397,20 28,14 0 28,14 20,57 7,57 1.376,63 623,37
30/04/2025 40 1.376,63 28,14 0 28,14 20,68 7,46 1.355,95 644,05
31/05/2025 41 1.355,95 28,14 0 28,14 20,79 7,34 1.335,16 664,84
30/06/2025 42 1.335,16 28,14 0 28,14 20,90 7,23 1.314,26 685,74
31/07/2025 43 1.314,26 28,14 0 28,14 21,02 7,12 1.293,24 706,76
31/08/2025 44 1.293,24 28,14 0 28,14 21,13 7,01 1.272,11 727,89
Bank Loan 3 (million USD $)

Caracteristics Summary
Amount 1.320 Scheduled payment (28,05)
Annual Interest rate 10% Scheduled nº of period 60
Payment period in years 5 Interest rate applied 0,83%
Nº of payment per year 12 Total Interest paid
Grace period in month 0
Start date of loan 01/01/2022
Extra payment 0

Amortization Table (million USD $)

Payment date Nº of Payment Begining balance Scheduled Payment Extra payment Total payment Principal Interest Endinng Balance Accm. Principal
01/01/2022 1 1.320,00 28,05 - 28,05 17,05 11,00 1.302,95 17,05
28/02/2022 2 1.302,95 28,05 - 28,05 17,19 10,86 1.285,77 34,23
31/03/2022 3 1.285,77 28,05 - 28,05 17,33 10,71 1.268,43 51,57
31/05/2022 5 1.250,96 28,05 - 28,05 17,62 10,42 1.233,34 86,66
30/06/2022 6 1.233,34 28,05 - 28,05 17,77 10,28 1.215,57 104,43
31/07/2022 7 1.215,57 28,05 - 28,05 17,92 10,13 1.197,65 122,35
31/08/2022 8 1.197,65 28,05 - 28,05 18,07 9,98 1.179,59 140,41
30/09/2022 9 1.179,59 28,05 - 28,05 18,22 9,83 1.161,37 158,63
31/10/2022 10 1.161,37 28,05 - 28,05 18,37 9,68 1.143,00 177,00
30/11/2022 11 1.143,00 28,05 - 28,05 18,52 9,53 1.124,48 195,52
31/12/2022 12 1.124,48 28,05 - 28,05 18,68 9,37 1.105,81 214,19
31/01/2023 13 1.105,81 28,05 - 28,05 18,83 9,22 1.086,98 233,02
28/02/2023 14 1.086,98 28,05 - 28,05 18,99 9,06 1.067,99 252,01
31/03/2023 15 1.067,99 28,05 - 28,05 19,15 8,90 1.048,84 271,16
30/04/2023 16 1.048,84 28,05 - 28,05 19,31 8,74 1.029,54 290,46
31/05/2023 17 1.029,54 28,05 - 28,05 19,47 8,58 1.010,07 309,93
30/06/2023 18 1.010,07 28,05 - 28,05 19,63 8,42 990,44 329,56
31/07/2023 19 990,44 28,05 - 28,05 19,79 8,25 970,65 349,35
31/08/2023 20 970,65 28,05 - 28,05 19,96 8,09 950,69 369,31
30/09/2023 21 950,69 28,05 - 28,05 20,12 7,92 930,57 389,43
31/10/2023 22 930,57 28,05 - 28,05 20,29 7,75 910,27 409,73
30/11/2023 23 910,27 28,05 - 28,05 20,46 7,59 889,81 430,19
31/12/2023 24 889,81 28,05 - 28,05 20,63 7,42 869,18 450,82
31/01/2024 25 869,18 28,05 - 28,05 20,80 7,24 848,38 471,62
29/02/2024 26 848,38 28,05 - 28,05 20,98 7,07 827,40 492,60
31/03/2024 27 827,40 28,05 - 28,05 21,15 6,90 806,25 513,75
30/04/2024 28 806,25 28,05 - 28,05 21,33 6,72 784,93 535,07
31/05/2024 29 784,93 28,05 - 28,05 21,51 6,54 763,42 556,58
30/06/2024 30 763,42 28,05 - 28,05 21,68 6,36 741,74 578,26
31/07/2024 31 741,74 28,05 - 28,05 21,86 6,18 719,87 600,13
31/08/2024 32 719,87 28,05 - 28,05 22,05 6,00 697,82 622,18
30/09/2024 33 697,82 28,05 - 28,05 22,23 5,82 675,59 644,41
31/10/2024 34 675,59 28,05 - 28,05 22,42 5,63 653,18 666,82
30/11/2024 35 653,18 28,05 - 28,05 22,60 5,44 630,57 689,43
31/12/2024 36 630,57 28,05 - 28,05 22,79 5,25 607,78 712,22
31/01/2025 37 607,78 28,05 - 28,05 22,98 5,06 584,80 735,20
28/02/2025 38 584,80 28,05 - 28,05 23,17 4,87 561,63 758,37
31/03/2025 39 561,63 28,05 - 28,05 23,37 4,68 538,26 781,74
30/04/2025 40 538,26 28,05 - 28,05 23,56 4,49 514,70 805,30
31/05/2025 41 514,70 28,05 - 28,05 23,76 4,29 490,95 829,05
30/06/2025 42 490,95 28,05 - 28,05 23,95 4,09 466,99 853,01
31/07/2025 43 466,99 28,05 - 28,05 24,15 3,89 442,84 877,16
31/08/2025 44 442,84 28,05 - 28,05 24,36 3,69 418,48 901,52
Calculation- P&L monthly (USD $)
2022 E
1M 2M 3M 4M 5M 6M 7M 8M 9M 10 M 11 M 12 M
Package Volumn
Domestic pakage service
Air Express 35.000.000 35.000.000 35.000.000 40.000.000 40.000.000 40.000.000 42.000.000 42.000.000 41.000.000 50.000.000 50.000.000 50.000.000
Economic delivery 35.000.000 35.000.000 35.000.000 40.000.000 40.000.000 40.000.000 42.000.000 42.000.000 41.000.000 50.000.000 50.000.000 50.000.000
Ground 210.000.000 210.000.000 210.000.000 240.000.000 240.000.000 240.000.000 252.000.000 252.000.000 246.000.000 300.000.000 300.000.000 300.000.000

International pakage service

Import 31.500.000 31.500.000 31.500.000 36.000.000 36.000.000 36.000.000 37.800.000 37.800.000 36.900.000 45.000.000 45.000.000 45.000.000
Export 28.000.000 28.000.000 28.000.000 32.000.000 32.000.000 32.000.000 33.600.000 33.600.000 32.800.000 40.000.000 40.000.000 40.000.000
Cargo 21.000.000 21.000.000 21.000.000 24.000.000 24.000.000 24.000.000 25.200.000 25.200.000 24.600.000 30.000.000 30.000.000 30.000.000

Average price per unit

Domestic pakage service
Air Express 15 15 15 15 15 15 15 15 15 15 15 15
Economic delivery 12 12 12 12 12 12 12 12 12 12 12 12
Ground 8 8 8 8 8 8 8 8 8 8 8 8
International pakage service
Import 8 8 8 8 8 8 8 8 8 8 8 8
Export 30 30 30 30 30 30 30 30 30 30 30 30
Cargo 20 20 20 20 20 20 20 20 20 20 20 20

Revenue from package services

Domestic pakage service
Air Express 525.000.000 525.000.000 525.000.000 600.000.000 600.000.000 600.000.000 630.000.000 630.000.000 615.000.000 750.000.000 750.000.000 750.000.000
Economic delivery 420.000.000 420.000.000 420.000.000 480.000.000 480.000.000 480.000.000 504.000.000 504.000.000 492.000.000 600.000.000 600.000.000 600.000.000
Ground 1.680.000.000 1.680.000.000 1.680.000.000 1.920.000.000 1.920.000.000 1.920.000.000 2.016.000.000 2.016.000.000 1.968.000.000 2.400.000.000 2.400.000.000 2.400.000.000
Total Revenue from Domestic package 2.625.000.000 2.625.000.000 2.625.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.150.000.000 3.150.000.000 3.075.000.000 3.750.000.000 3.750.000.000 3.750.000.000

International pakage service

Import 252.000.000 252.000.000 252.000.000 288.000.000 288.000.000 288.000.000 302.400.000 302.400.000 295.200.000 360.000.000 360.000.000 360.000.000
Export 840.000.000 840.000.000 840.000.000 960.000.000 960.000.000 960.000.000 1.008.000.000 1.008.000.000 984.000.000 1.200.000.000 1.200.000.000 1.200.000.000
Cargo 420.000.000 420.000.000 420.000.000 480.000.000 480.000.000 480.000.000 504.000.000 504.000.000 492.000.000 600.000.000 600.000.000 600.000.000
Total Revenue from International package 1.512.000.000 1.512.000.000 1.512.000.000 1.728.000.000 1.728.000.000 1.728.000.000 1.814.400.000 1.814.400.000 1.771.200.000 2.160.000.000 2.160.000.000 2.160.000.000

Freight
Shipments
Ocean Shipments 2.736 2.736 2.964 3.648 3.876 3.876 4.104 4.332 4.332 4.560 4.332 4.104
Air Shipments 423 423 458 564 599 599 635 670 670 705 670 635

Average Weight Per shipment(pound)

Ocean Shipments 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
Air Shipments 220 220 220 220 220 220 220 220 220 220 220 220

Logistic
Truck dispatched 3.906 3.906 4.232 5.208 5.534 5.534 5.859 6.185 6.185 6.510 6.185 5.859
Average mileage per truck 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000

Average Price per pound/mileage

Ocean Shipments 30 30 30 30 30 30 30 30 30 30 30 30
Air Shipments 45 45 45 45 45 45 45 45 45 45 45 45
Logistic 250 250 250 250 250 250 250 250 250 250 250 250

Revenue from Freight service

Ocean Shipments 82.080.000 82.080.000 88.920.000 109.440.000 116.280.000 116.280.000 123.120.000 129.960.000 129.960.000 136.800.000 129.960.000 123.120.000
Air Shipments 4.187.700 4.187.700 4.536.675 5.583.600 5.932.575 5.932.575 6.281.550 6.630.525 6.630.525 6.979.500 6.630.525 6.281.550

Operating Cost
Rent 311.986.062 311.986.062 317.299.901 368.701.416 374.015.255 374.015.255 393.513.093 398.826.932 391.734.932 460.876.770 455.562.932 450.249.093
Marketing 415.981.416 415.981.416 423.066.534 491.601.888 498.687.006 498.687.006 524.684.124 531.769.242 522.313.242 614.502.360 607.417.242 600.332.124
SG&A 415.981.416 415.981.416 423.066.534 491.601.888 498.687.006 498.687.006 524.684.124 531.769.242 522.313.242 614.502.360 607.417.242 600.332.124
Total Operating Cost 1.143.948.894 1.143.948.894 1.163.432.969 1.351.905.192 1.371.389.267 1.371.389.267 1.442.881.341 1.462.365.416 1.436.361.416 1.689.881.490 1.670.397.416 1.650.913.341
Financial Cost
Bank Loan 1 12.500.000 12.500.000 12.500.000 12.500.000 12.500.000 12.500.000 12.500.000 12.414.115 12.327.871 12.241.269 12.154.305 12.066.979
Bank Loan 2 10.833.333 10.833.333 10.833.333 10.833.333 10.833.333 10.833.333 10.833.333 10.739.609 10.645.378 10.550.636 10.455.380 10.359.609
Bank Loan 3 11.000.000 10.857.949 10.714.715 10.570.286 10.424.655 10.277.809 10.129.740 9.980.437 9.829.890 9.678.088 9.525.021 9.370.679
Total Financial Cost 34.333.333 34.191.283 34.048.048 33.903.620 33.757.988 33.611.143 33.463.073 33.134.161 32.803.139 32.469.993 32.134.707 31.797.268

Depreciation & Amortization

Total Depreciation of Fixed assets 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413

Earning Before Taxes

EBT 359.549.670 359.691.721 366.920.073 446.399.856 453.630.605 453.777.451 484.242.638 491.656.668 480.371.690 592.333.955 585.584.122 578.836.443

Tax rate 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
Company taxes 89.887.417 89.922.930 91.730.018 111.599.964 113.407.651 113.444.363 121.060.659 122.914.167 120.092.923 148.083.489 146.396.031 144.709.111
Calculation- BS monthly (USD $)
2022 E
Inital 1M 2M 3M 4M 5M 6M 7M 8M 9M 10 M 11 M 12 M
Working Capital
% of Revenue
Account Receivable 8,0% 8,0% 8,0% 8,0% 8,0% 8,0% 8,0% 8,0% 8,0% 8,0% 8,0% 8,0%
Inventory 3,0% 3,0% 3,0% 3,0% 3,0% 3,0% 3,0% 3,0% 3,0% 3,0% 3,0% 3,0%
Other Current Assets 1,0% 1,0% 1,0% 1,0% 1,0% 1,0% 1,0% 1,0% 1,0% 1,0% 1,0% 1,0%
Account Payables 6,0% 6,0% 6,0% 6,0% 6,0% 6,0% 6,0% 6,0% 6,0% 6,0% 6,0% 6,0%
Accrued liabilities 4,5% 4,5% 4,5% 4,5% 4,5% 4,5% 4,5% 4,5% 4,5% 4,5% 4,5% 4,5%

Revenue 5.199.767.700 5.199.767.700 5.288.331.675 6.145.023.600 6.233.587.575 6.233.587.575 6.558.551.550 6.647.115.525 6.528.915.525 7.681.279.500 7.592.715.525 7.504.151.550

Account Receivable 2.500.000.000 415.981.416 415.981.416 423.066.534 491.601.888 498.687.006 498.687.006 524.684.124 531.769.242 522.313.242 614.502.360 607.417.242 600.332.124
Inventory 1.500.000.000 155.993.031 155.993.031 158.649.950 184.350.708 187.007.627 187.007.627 196.756.547 199.413.466 195.867.466 230.438.385 227.781.466 225.124.547
Other Current Assets - 51.997.677 51.997.677 52.883.317 61.450.236 62.335.876 62.335.876 65.585.516 66.471.155 65.289.155 76.812.795 75.927.155 75.041.516
Account Payables 1.000.000.000 311.986.062 311.986.062 317.299.901 368.701.416 374.015.255 374.015.255 393.513.093 398.826.932 391.734.932 460.876.770 455.562.932 450.249.093
Accrued liabilities - 233.989.547 233.989.547 237.974.925 276.526.062 280.511.441 280.511.441 295.134.820 299.120.199 293.801.199 345.657.578 341.672.199 337.686.820
Working Capital 3.000.000.000 77.996.516 77.996.516 79.324.975 92.175.354 93.503.814 93.503.814 98.378.273 99.706.733 97.933.733 115.219.193 113.890.733 112.562.273
Fixed Assets (Gross)
Vehicles 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000
Aircrafts 10.000.000.000 10.000.000.000 10.000.000.000 10.000.000.000 10.000.000.000 10.000.000.000 10.000.000.000 10.000.000.000 10.000.000.000 10.000.000.000 10.000.000.000 10.000.000.000
Land 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000
Building 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000
Leashold improvements 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000
Plant equipment 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000 5.000.000.000
Technology equitpment 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000
Construction in progress 500.000.000 500.000.000 500.000.000 500.000.000 500.000.000 500.000.000 500.000.000 500.000.000 500.000.000 500.000.000 500.000.000 500.000.000
Total Fixed Assets Gross 28.500.000.000 28.500.000.000 28.500.000.000 28.500.000.000 28.500.000.000 28.500.000.000 28.500.000.000 28.500.000.000 28.500.000.000 28.500.000.000 28.500.000.000 28.500.000.000

Depreciation of Fixed Assets

Vehicles 16.666.667 16.666.667 16.666.667 16.666.667 16.666.667 16.666.667 16.666.667 16.666.667 16.666.667 16.666.667 16.666.667 16.666.667
Aircrafts 23.809.524 23.809.524 23.809.524 23.809.524 23.809.524 23.809.524 23.809.524 23.809.524 23.809.524 23.809.524 23.809.524 23.809.524
Land - - - - - - - - - - - -
Building 8.333.333 8.333.333 8.333.333 8.333.333 8.333.333 8.333.333 8.333.333 8.333.333 8.333.333 8.333.333 8.333.333 8.333.333
Leashold improvements 10.000.000 10.000.000 10.000.000 10.000.000 10.000.000 10.000.000 10.000.000 10.000.000 10.000.000 10.000.000 10.000.000 10.000.000
Plant equipment 20.833.333 20.833.333 20.833.333 20.833.333 20.833.333 20.833.333 20.833.333 20.833.333 20.833.333 20.833.333 20.833.333 20.833.333
Technology equitpment 16.666.667 16.666.667 16.666.667 16.666.667 16.666.667 16.666.667 16.666.667 16.666.667 16.666.667 16.666.667 16.666.667 16.666.667
Construction in progress 1.388.889 1.388.889 1.388.889 1.388.889 1.388.889 1.388.889 1.388.889 1.388.889 1.388.889 1.388.889 1.388.889 1.388.889

Accumulated Depreciation of Fixed Assets

Vehicles 16.666.667 33.333.333 50.000.000 66.666.667 83.333.333 100.000.000 116.666.667 133.333.333 150.000.000 166.666.667 183.333.333 200.000.000
Aircrafts 23.809.524 47.619.048 71.428.571 95.238.095 119.047.619 142.857.143 166.666.667 190.476.190 214.285.714 238.095.238 261.904.762 285.714.286
Land - - - - - - - - - - - -
Building 8.333.333 16.666.667 25.000.000 33.333.333 41.666.667 50.000.000 58.333.333 66.666.667 75.000.000 83.333.333 91.666.667 100.000.000
Leashold improvements 10.000.000 20.000.000 30.000.000 40.000.000 50.000.000 60.000.000 70.000.000 80.000.000 90.000.000 100.000.000 110.000.000 120.000.000
Plant equipment 20.833.333 41.666.667 62.500.000 83.333.333 104.166.667 125.000.000 145.833.333 166.666.667 187.500.000 208.333.333 229.166.667 250.000.000
Technology equitpment 16.666.667 33.333.333 50.000.000 66.666.667 83.333.333 100.000.000 116.666.667 133.333.333 150.000.000 166.666.667 183.333.333 200.000.000
Construction in progress 1.388.889 2.777.778 4.166.667 5.555.556 6.944.444 8.333.333 9.722.222 11.111.111 12.500.000 13.888.889 15.277.778 16.666.667

Fixed Assets (Net)

Vehicles 4.983.333.333 4.966.666.667 4.950.000.000 4.933.333.333 4.916.666.667 4.900.000.000 4.883.333.333 4.866.666.667 4.850.000.000 4.833.333.333 4.816.666.667 4.800.000.000
Aircrafts 9.976.190.476 9.952.380.952 9.928.571.429 9.904.761.905 9.880.952.381 9.857.142.857 9.833.333.333 9.809.523.810 9.785.714.286 9.761.904.762 9.738.095.238 9.714.285.714
Land 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000 1.000.000.000
Building 2.991.666.667 2.983.333.333 2.975.000.000 2.966.666.667 2.958.333.333 2.950.000.000 2.941.666.667 2.933.333.333 2.925.000.000 2.916.666.667 2.908.333.333 2.900.000.000
Leashold improvements 2.990.000.000 2.980.000.000 2.970.000.000 2.960.000.000 2.950.000.000 2.940.000.000 2.930.000.000 2.920.000.000 2.910.000.000 2.900.000.000 2.890.000.000 2.880.000.000
Plant equipment 4.979.166.667 4.958.333.333 4.937.500.000 4.916.666.667 4.895.833.333 4.875.000.000 4.854.166.667 4.833.333.333 4.812.500.000 4.791.666.667 4.770.833.333 4.750.000.000
Technology equitpment 983.333.333 966.666.667 950.000.000 933.333.333 916.666.667 900.000.000 883.333.333 866.666.667 850.000.000 833.333.333 816.666.667 800.000.000
Construction in progress 498.611.111 497.222.222 495.833.333 494.444.444 493.055.556 491.666.667 490.277.778 488.888.889 487.500.000 486.111.111 484.722.222 483.333.333
Total Payment 17.046.099 17.188.150 17.331.384 17.475.813 17.621.444 17.768.290 55.831.743 56.160.655 56.491.677 56.824.824 57.160.109 57.497.549
Closing Balance 6.302.953.901 6.285.765.751 6.268.434.367 6.250.958.554 6.233.337.110 6.215.568.820 6.159.737.077 6.103.576.422 6.047.084.744 5.990.259.920 5.933.099.811 5.875.602.263

Equities
Begining Balance 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000
Added on
Closing Balance 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000

Additional equity % of Revenue

Net Earnings 269.662.252 269.768.791 275.190.055 334.799.892 340.222.954 340.333.088 363.181.978 368.742.501 360.278.768 444.250.466 439.188.092 434.127.333
Accumulated Earnings 269.662.252 539.431.043 814.621.098 1.149.420.990 1.489.643.944 1.829.977.032 2.193.159.010 2.561.901.511 2.922.180.279 3.366.430.745 3.805.618.837 4.239.746.169
Calculation- CF monthly (USD $)
2022 E
Inital 1M 2M 3M 4M 5M 6M 7M 8M 9M 10 M 11 M 12 M

Operating Cash Flow

Net Profit 269.662.252 269.768.791 275.190.055 334.799.892 340.222.954 340.333.088 363.181.978 368.742.501 360.278.768 444.250.466 439.188.092 434.127.333
Adjustments
+ Depreciation 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413
+ Variation of Account Receivable (2.500.000.000) 2.084.018.584 - (7.085.118) (68.535.354) (7.085.118) - (25.997.118) (7.085.118) 9.456.000 (92.189.118) 7.085.118 7.085.118
+ Variation of Inventory (1.500.000.000) 1.344.006.969 - (2.656.919) (25.700.758) (2.656.919) - (9.748.919) (2.656.919) 3.546.000 (34.570.919) 2.656.919 2.656.919
+ Variation of Other Current Assets - (51.997.677) - (885.640) (8.566.919) (885.640) - (3.249.640) (885.640) 1.182.000 (11.523.640) 885.640 885.640
+ Variation of Account Payable 1.000.000.000 (688.013.938) - 5.313.839 51.401.516 5.313.839 - 19.497.839 5.313.839 (7.092.000) 69.141.839 (5.313.839) (5.313.839)
+ Variation of Accrued Liabilites - 233.989.547 - 3.985.379 38.551.137 3.985.379 - 14.623.379 3.985.379 (5.319.000) 51.856.379 (3.985.379) (3.985.379)
Cash Flow From Operation (3.000.000.000) 3.289.364.150 367.467.203 371.560.008 419.647.926 436.592.907 438.031.501 456.005.931 465.112.454 459.750.180 524.663.419 538.214.964 533.154.205

Investment Cash Flow

Capex Investing 28.500.000.000 - - - - - - - - - - - -
Cash Flow from Investing (28.500.000.000) - - - - - - - - - - - -

Bank Loan withdraw 6.320.000.000

Payment of Bank Loan 17.046.099 17.188.150 17.331.384 17.475.813 17.621.444 17.768.290 55.831.743 56.160.655 56.491.677 56.824.824 57.160.109 57.497.549
Capital Injected 25.280.000.000 - - - - - - - - - - - -
Cash Flow from Financing 31.600.000.000 (17.046.099) (17.188.150) (17.331.384) (17.475.813) (17.621.444) (17.768.290) (55.831.743) (56.160.655) (56.491.677) (56.824.824) (57.160.109) (57.497.549)

Initial Cash 0 100.000.000 3.372.318.051 3.722.597.104 4.076.825.728 4.478.997.841 4.897.969.303 5.318.232.514 5.718.406.703 6.127.358.502 6.530.617.005 6.998.455.600 7.479.510.454
Change of Cash 100.000.000 3.272.318.051 350.279.053 354.228.624 402.172.113 418.971.463 420.263.211 400.174.188 408.951.799 403.258.503 467.838.595 481.054.855 475.656.656
Closing Cash 100.000.000 3.372.318.051 3.722.597.104 4.076.825.728 4.478.997.841 4.897.969.303 5.318.232.514 5.718.406.703 6.127.358.502 6.530.617.005 6.998.455.600 7.479.510.454 7.955.167.111
Output - P&L Monthly (USD $)
2022 E
1 2 3 4 5 6 7 8 9 10 11 12
1M 2M 3M 4M 5M 6M 7M 8M 9M 10 M 11 M 12 M
Revenue
Domestic pakage service 2.625.000.000 2.625.000.000 2.625.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.150.000.000 3.150.000.000 3.075.000.000 3.750.000.000 3.750.000.000 3.750.000.000
International pakage service 1.512.000.000 1.512.000.000 1.512.000.000 1.728.000.000 1.728.000.000 1.728.000.000 1.814.400.000 1.814.400.000 1.771.200.000 2.160.000.000 2.160.000.000 2.160.000.000
Freight 1.062.767.700 1.062.767.700 1.151.331.675 1.417.023.600 1.505.587.575 1.505.587.575 1.594.151.550 1.682.715.525 1.682.715.525 1.771.279.500 1.682.715.525 1.594.151.550

Total Revenue 5.199.767.700 5.199.767.700 5.288.331.675 6.145.023.600 6.233.587.575 6.233.587.575 6.558.551.550 6.647.115.525 6.528.915.525 7.681.279.500 7.592.715.525 7.504.151.550

Directo Cost of Sales

Domestic Package Service 1.837.500.000 1.837.500.000 1.837.500.000 2.100.000.000 2.100.000.000 2.100.000.000 2.205.000.000 2.205.000.000 2.152.500.000 2.625.000.000 2.625.000.000 2.625.000.000
International Package Service 982.800.000 982.800.000 982.800.000 1.123.200.000 1.123.200.000 1.123.200.000 1.179.360.000 1.179.360.000 1.151.280.000 1.404.000.000 1.404.000.000 1.404.000.000
Freight Service 743.937.390 743.937.390 805.932.173 991.916.520 1.053.911.303 1.053.911.303 1.115.906.085 1.177.900.868 1.177.900.868 1.239.895.650 1.177.900.868 1.115.906.085
Total Direct Cost of Sales 3.564.237.390 3.564.237.390 3.626.232.173 4.215.116.520 4.277.111.303 4.277.111.303 4.500.266.085 4.562.260.868 4.481.680.868 5.268.895.650 5.206.900.868 5.144.906.085

Gross Profit 1.635.530.310 1.635.530.310 1.662.099.503 1.929.907.080 1.956.476.273 1.956.476.273 2.058.285.465 2.084.854.658 2.047.234.658 2.412.383.850 2.385.814.658 2.359.245.465
Gross Margin % 31,5% 31,5% 31,4% 31,4% 31,4% 31,4% 31,4% 31,4% 31,4% 31,4% 31,4% 31,4%

Rent 311.986.062 311.986.062 317.299.901 368.701.416 374.015.255 374.015.255 393.513.093 398.826.932 391.734.932 460.876.770 455.562.932 450.249.093
Marketing 415.981.416 415.981.416 423.066.534 491.601.888 498.687.006 498.687.006 524.684.124 531.769.242 522.313.242 614.502.360 607.417.242 600.332.124
SG&A 415.981.416 415.981.416 423.066.534 491.601.888 498.687.006 498.687.006 524.684.124 531.769.242 522.313.242 614.502.360 607.417.242 600.332.124
Total Operating Cost 1.143.948.894 1.143.948.894 1.163.432.969 1.351.905.192 1.371.389.267 1.371.389.267 1.442.881.341 1.462.365.416 1.436.361.416 1.689.881.490 1.670.397.416 1.650.913.341

EBITDA 491.581.416 491.581.416 498.666.534 578.001.888 585.087.006 585.087.006 615.404.124 622.489.242 610.873.242 722.502.360 715.417.242 708.332.124
EBITDA margin % 9,5% 9,5% 9,4% 9,4% 9,4% 9,4% 9,4% 9,4% 9,4% 9,4% 9,4% 9,4%

Depreciation & Amortization 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413 97.698.413

EBIT 393.883.003 393.883.003 400.968.121 480.303.475 487.388.593 487.388.593 517.705.711 524.790.829 513.174.829 624.803.947 617.718.829 610.633.711
EBIT margin % 7,6% 7,6% 7,6% 7,8% 7,8% 7,8% 7,9% 7,9% 7,9% 8,1% 8,1% 8,1%

Financial Cost 34.333.333 34.191.283 34.048.048 33.903.620 33.757.988 33.611.143 33.463.073 33.134.161 32.803.139 32.469.993 32.134.707 31.797.268

EBT 359.549.670 359.691.721 366.920.073 446.399.856 453.630.605 453.777.451 484.242.638 491.656.668 480.371.690 592.333.955 585.584.122 578.836.443
EBT margin % 6,9% 6,9% 6,9% 7,3% 7,3% 7,3% 7,4% 7,4% 7,4% 7,7% 7,7% 7,7%

Taxes 89.887.417 89.922.930 91.730.018 111.599.964 113.407.651 113.444.363 121.060.659 122.914.167 120.092.923 148.083.489 146.396.031 144.709.111

Net Profit 269.662.252 269.768.791 275.190.055 334.799.892 340.222.954 340.333.088 363.181.978 368.742.501 360.278.768 444.250.466 439.188.092 434.127.333
Net Profit margin % 5,2% 5,2% 5,2% 5,4% 5,5% 5,5% 5,5% 5,5% 5,5% 5,8% 5,8% 5,8%
Output - P&L Annually (USD $)
2 3 4 5 6
2022 E 2023 E 2024 E 2025 E 2026 E
Revenue
Domestic pakage service 37.500.000.000 39.750.000.000 42.135.000.000 44.663.100.000 47.342.886.000
International pakage service 21.600.000.000 22.344.000.000 23.115.360.000 23.915.126.400 24.744.386.496
Freight 17.712.795.000 18.067.399.875 18.429.105.572 18.798.054.325 19.174.391.220

Total Revenue 76.812.795.000 80.161.399.875 83.679.465.572 87.376.280.725 91.261.663.716

Directo Cost of Sales

Domestic Package Service 26.250.000.000 27.825.000.000 29.494.500.000 31.264.170.000 33.140.020.200
International Package Service 14.040.000.000 14.523.600.000 15.024.984.000 15.544.832.160 16.083.851.222
Freight Service 12.398.956.500 12.647.179.913 12.900.373.900 13.158.638.028 13.422.073.854
Total Direct Cost of Sales 52.688.956.500 54.995.779.913 57.419.857.900 59.967.640.188 62.645.945.276

Gross Profit 24.123.838.500 25.165.619.963 26.259.607.672 27.408.640.538 28.615.718.439

Gross Margin % 31,4% 31,4% 31,4% 31,4% 31,4%

Operating Cost
Marketing 6.145.023.600 6.412.911.990 6.694.357.246 6.990.102.458 7.300.933.097
SG&A 6.145.023.600 6.412.911.990 6.694.357.246 6.990.102.458 7.300.933.097
Total Operating Cost 16.898.814.900 17.635.507.973 18.409.482.426 19.222.781.760 20.077.566.017

EBITDA 7.225.023.600 7.530.111.990 7.850.125.246 8.185.858.778 8.538.152.422

EBITDA margin % 9,4% 9,4% 9,4% 9,4% 9,4%

Depreciation & Amortization 1.172.380.952 1.306.174.146 1.445.839.159 1.586.982.898 1.729.680.790

EBIT 6.052.642.648 6.223.937.844 6.404.286.087 6.598.875.880 6.808.471.632

EBIT margin % 7,9% 7,8% 7,7% 7,6% 7,5%

Financial Cost 399.647.755 354.442.219 301.589.118 244.471.108 182.715.379

EBT 5.652.994.892 5.869.495.625 6.102.696.969 6.354.404.772 6.625.756.254

EBT margin % 7,4% 7,3% 7,3% 7,3% 7,3%

Taxes 1.413.248.723 1.467.373.906 1.525.674.242 1.588.601.193 1.656.439.063

Net Profit 4.239.746.169 4.402.121.719 4.577.022.727 4.765.803.579 4.969.317.190

Net Profit margin % 5,5% 5,5% 5,5% 5,5% 5,4%
Outputs- BS monthly (USD $)
2022 E
Inital 1M 2M 3M 4M 5M 6M 7M 8M 9M 10 M 11 M 12 M
Assets
Current Assets
Cash 100.000.000 3.372.318.051 3.722.597.104 4.076.825.728 4.478.997.841 4.897.969.303 5.318.232.514 5.718.406.703 6.127.358.502 6.530.617.005 6.998.455.600 7.479.510.454 7.955.167.111
Account Receivable 2.500.000.000 415.981.416 415.981.416 423.066.534 491.601.888 498.687.006 498.687.006 524.684.124 531.769.242 522.313.242 614.502.360 607.417.242 600.332.124
Inventory 1.500.000.000 155.993.031 155.993.031 158.649.950 184.350.708 187.007.627 187.007.627 196.756.547 199.413.466 195.867.466 230.438.385 227.781.466 225.124.547
Other Current Assets - 51.997.677 51.997.677 52.883.317 61.450.236 62.335.876 62.335.876 65.585.516 66.471.155 65.289.155 76.812.795 75.927.155 75.041.516
Total Current Assets 4.100.000.000 3.996.290.175 4.346.569.228 4.711.425.529 5.216.400.673 5.645.999.812 6.066.263.023 6.505.432.889 6.925.012.365 7.314.086.868 7.920.209.140 8.390.636.317 8.855.665.297

Fixed Assets 28.500.000.000 28.402.301.587 28.304.603.175 28.206.904.762 28.109.206.349 28.011.507.937 27.913.809.524 27.816.111.111 27.718.412.698 27.620.714.286 27.523.015.873 27.425.317.460 27.327.619.048

Total Assets 32.600.000.000 32.398.591.762 32.651.172.403 32.918.330.291 33.325.607.022 33.657.507.749 33.980.072.547 34.321.544.000 34.643.425.063 34.934.801.153 35.443.225.013 35.815.953.778 36.183.284.344

Equity & Liabilities

Current Liabilities
Account Payables 1.000.000.000 311.986.062 311.986.062 317.299.901 368.701.416 374.015.255 374.015.255 393.513.093 398.826.932 391.734.932 460.876.770 455.562.932 450.249.093
Accrued Liabilities - 233.989.547 233.989.547 237.974.925 276.526.062 280.511.441 280.511.441 295.134.820 299.120.199 293.801.199 345.657.578 341.672.199 337.686.820
Non Current Liabilities
Bank Loan 1 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 3.000.000.000 2.979.387.499 2.958.689.114 2.937.904.484 2.917.033.252 2.896.075.057 2.875.029.536
Bank Loan 2 2.000.000.000 2.000.000.000 2.000.000.000 2.000.000.000 2.000.000.000 2.000.000.000 2.000.000.000 1.982.697.116 1.965.300.509 1.947.809.670 1.930.224.089 1.912.543.252 1.894.766.644
Bank Loan 3 1.320.000.000 1.302.953.901 1.285.765.751 1.268.434.367 1.250.958.554 1.233.337.110 1.215.568.820 1.197.652.461 1.179.586.799 1.161.370.590 1.143.002.579 1.124.481.502 1.105.806.082
Total Liabilities 7.320.000.000 6.848.929.509 6.831.741.360 6.823.709.193 6.896.186.032 6.887.863.805 6.870.095.515 6.848.384.990 6.801.523.552 6.732.620.874 6.796.794.268 6.730.334.941 6.663.538.175

Equities
Social Capital 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000 25.280.000.000
Accumulated Earnings 269.662.252 539.431.043 814.621.098 1.149.420.990 1.489.643.944 1.829.977.032 2.193.159.010 2.561.901.511 2.922.180.279 3.366.430.745 3.805.618.837 4.239.746.169
Total Equities 25.280.000.000 25.549.662.252 25.819.431.043 26.094.621.098 26.429.420.990 26.769.643.944 27.109.977.032 27.473.159.010 27.841.901.511 28.202.180.279 28.646.430.745 29.085.618.837 29.519.746.169

Total Equities & Liabilities 32.600.000.000 32.398.591.762 32.651.172.403 32.918.330.291 33.325.607.022 33.657.507.749 33.980.072.547 34.321.544.000 34.643.425.063 34.934.801.153 35.443.225.013 35.815.953.778 36.183.284.344

Check Balanced - - - - - - - - - - - - -
Outputs- BS annually (USD $)

1 2 3 4 5
Initial 2022 E 2023 E 2024 E 2025 E 2026 E
Assets
Current Assets
Cash 100.000.000 7.955.167.111 9.487.760.276 11.130.197.488 12.885.853.693 14.758.235.325
Account Receivable 2.500.000.000 600.332.124 626.837.279 654.692.440 683.971.802 714.753.797
Inventory 1.500.000.000 225.124.547 235.063.980 245.509.665 256.489.426 268.032.674
Other Current Assets - 75.041.516 78.354.660 81.836.555 85.496.475 89.344.225
Total Current Assets 4.100.000.000 8.855.665.297 10.428.016.195 12.112.236.148 13.911.811.397 15.830.366.020

Fixed Assets 28.500.000.000 27.327.619.048 29.628.707.896 31.948.444.688 34.293.394.423 36.670.488.501

Total Assets 32.600.000.000 36.183.284.344 40.056.724.091 44.060.680.836 48.205.205.820 52.500.854.521

Equity & Liabilities

Current Liabilities
Account Payables 1.000.000.000 450.249.093 470.127.959 491.019.330 512.978.852 536.065.348
Accrued Liabilities - 337.686.820 352.595.969 368.264.498 384.734.139 402.049.011
Non Current Liabilities
Bank Loan 1 3.000.000.000 2.875.029.536 2.615.537.895 2.342.770.168 2.056.047.127 1.754.654.791
Bank Loan 2 2.000.000.000 1.894.766.644 1.673.785.527 1.438.004.895 1.186.433.597 918.014.104
Bank Loan 3 1.320.000.000 1.105.806.082 869.183.262 607.782.941 319.010.590 (0)
Total Liabilities 7.320.000.000 6.663.538.175 5.981.230.612 5.247.841.831 4.459.204.305 3.610.783.254

Equities
Social Capital 25.280.000.000 25.280.000.000 25.433.625.590 25.593.948.390 25.761.307.321 25.936.059.882
Accumulated Earnings 4.239.746.169 8.641.867.888 13.218.890.615 17.984.694.194 22.954.011.384
Total Equities 25.280.000.000 29.519.746.169 34.075.493.478 38.812.839.005 43.746.001.515 48.890.071.267

Total Equities & Liabilities 32.600.000.000 36.183.284.344 40.056.724.091 44.060.680.836 48.205.205.820 52.500.854.521

Check Balanced - - - - - -

Working Capital 3.000.000.000 112.562.273 117.531.990 122.754.833 128.244.713 134.016.337

Variation of Working Capital 2.887.437.727 (4.969.717) (5.222.843) (5.489.880) (5.771.624)
Output - Cash Flow Annually (USD $)

1 2 3 4 5
Initial 2022 E 2023 E 2024 E 2025 E 2026 E

Operating Cash Flow

Net Profit 4.239.746.169 4.402.121.719 4.577.022.727 4.765.803.579 4.969.317.190
Adjustments
+ Depreciation 1.172.380.952 1.306.174.146 1.445.839.159 1.586.982.898 1.729.680.790
+ Variation of Account Receivable (2.500.000.000) 1.899.667.876 (26.505.155) (27.855.161) (29.279.362) (30.781.994)
+ Variation of Inventory (1.500.000.000) 1.274.875.454 (9.939.433) (10.445.685) (10.979.761) (11.543.248)
+ Variation of Other Current Assets - (75.041.516) (3.313.144) (3.481.895) (3.659.920) (3.847.749)
+ Variation of Account Payable 1.000.000.000 (549.750.907) 19.878.866 20.891.371 21.959.522 23.086.496
+ Variation of Accrued Liabilites - 337.686.820 14.909.150 15.668.528 16.469.641 17.314.872
Cash Flow From Operation (3.000.000.000) 8.299.564.848 5.703.326.148 6.017.639.043 6.347.296.596 6.693.226.356

Investment Cash Flow

Capex Investing 28.500.000.000 - (3.607.262.994) (3.765.575.951) (3.931.932.633) (4.106.774.867)
Cash Flow from Investing (28.500.000.000) - (3.607.262.994) (3.765.575.951) (3.931.932.633) (4.106.774.867)

Bank Loan withdraw 6.320.000.000

Payment of Bank Loan - 444.397.737 717.095.579 769.948.680 827.066.689 888.822.419
Capital Injected 25.280.000.000 - 153.625.590 160.322.800 167.358.931 174.752.561
Cash Flow from Financing 31.600.000.000 (444.397.737) (563.469.989) (609.625.880) (659.707.758) (714.069.857)

Initial Cash - 100.000.000 7.955.167.111 9.487.760.276 11.130.197.488 12.885.853.693

Change of Cash 100.000.000 7.855.167.111 1.532.593.165 1.642.437.212 1.755.656.205 1.872.381.631
Closing Cash 100.000.000 7.955.167.111 9.487.760.276 11.130.197.488 12.885.853.693 14.758.235.325

Check - - - - -
Valuation- DCF Analysis (USD $)

1 2 3 4 5
2022 E 2023 E 2024 E 2025 E 2026 E Terminal Year
EBIT 6.052.642.648 6.223.937.844 6.404.286.087 6.598.875.880 6.808.471.632 6.944.641.065
NOPLAT 4.539.481.986 4.667.953.383 4.803.214.565 4.949.156.910 5.106.353.724 5.208.480.799
+ Depreciation 1.172.380.952 1.306.174.146 1.445.839.159 1.586.982.898 1.729.680.790 1.764.274.405
- Variation of working capital 2.887.437.727 (4.969.717) (5.222.843) (5.489.880) (5.771.624) (5.887.056)
- Capex Investment - (3.607.262.994) (3.765.575.951) (3.931.932.633) (4.106.774.867) (4.188.910.365)
Free Cash Flow of Firm 8.599.300.665 2.361.894.818 2.478.254.931 2.598.717.295 2.723.488.023 2.777.957.783
Terminal Value 42.737.812.050

Permanent growth rate % 2,0%

WACC % 8,5%

Discount factor 0,92 0,85 0,78 0,72 0,67 0,67

Presenta value of Free Cash Flow 7.925.622.733 2.006.324.040 1.940.245.855 1.875.167.572 1.811.243.245 28.422.586.305

Enterprise Value 43.981.189.750

- Bank Loan (6.320.000.000)

Sensitivity Analysis
Equity Value Permanent Growth rate %
#### 7,0% 7,5% 8,0% 8,5% 9,0% 9,5% 10,0%
WACC 1,0% 42.414.176.097 39.038.596.676 36.142.498.725 33.630.012.477 31.429.235.362 29.485.182.831 27.755.088.904
1,5% 45.562.260.904 41.653.147.028 38.342.328.396 35.501.630.496 33.037.058.343 30.878.115.373 28.970.892.149
2,0% 49.339.962.673 44.743.070.170 40.908.796.345 37.661.189.750 34.874.570.321 32.456.772.254 30.338.670.800
2,5% 53.957.153.723 48.450.977.942 43.941.894.830 40.180.675.546 36.994.776.450 34.260.951.546 31.888.819.937
3,0% 59.728.642.536 52.982.865.218 47.581.613.013 43.158.249.668 39.468.350.267 36.342.696.884 33.660.418.952
3,5% 67.149.128.152 58.647.724.313 52.030.157.459 46.731.338.615 42.391.664.779 38.771.399.778 35.704.571.661
Ratio Analysis

1 2 3 4 5
2022 E 2023 E 2024 E 2025 E 2026 E
Liquidity
Current Ratio 1,05 1,05 1,05 1,05 1,05
Acid Test 1,50 1,50 1,50 1,50 1,50
CFO /Current liability 10,53 6,93 7,00 7,07 7,13
CFO / Revenue 0,11 0,07 0,07 0,07 0,07

Efficiency
Inventory turnover 89,05 348,39 348,25 348,11 347,98
AR turnover 49,55 130,64 130,59 130,54 130,49
AP turnover 72,66 119,51 119,48 119,46 119,43
Current Assets turnover 11,86 8,31 7,42 6,72 6,14
Total Assets turnover 2,23 2,10 1,99 1,89 1,81

Leverage
Debt Equity Ratio 19,9% 15,1% 11,3% 8,1% 5,5%
Interest Coverage Ratio 15,14 17,56 21,24 26,99 37,26

Profitability
Gross Margin 31,4% 31,4% 31,4% 31,4% 31,4%
EBIT Margin 7,9% 7,8% 7,7% 7,6% 7,5%
EBITDA Margin 9,4% 9,4% 9,4% 9,4% 9,4%
Net Income Margin 5,5% 5,5% 5,5% 5,5% 5,4%
ROA 11,7% 11,0% 10,4% 9,9% 9,5%
ROE 14,4% 12,9% 11,8% 10,9% 10,2%
ROIC 16,1% 15,3% 14,6% 14,0% 13,5%