Offshore Invest Analysis

1
Project investment analysis report
PROJECT SETTINGS
Project title:
Project 1
Project start date 01.01.2016
Project duration 15 yr.
Planning step year
Duration of planning step 360 d.
Primary currency $
Foreign currency rub. 000
Currency for financial reports $
Interface and tables language English
Protection Off
Display absolute dates in the table headers Yes

2
INITIAL PROJECT STATUS
01.01.2016
Currency
Fixed assets 1 $ 300 000 000
including:
- land $ 100 000 000
- buildings and structures $ 100 000 000
- intangible assets $ 50 000 000
- equipment and other assets $ 50 000 000
Investments in process $ 325 000 000
including:
- land $ 150 000 000
- buildings and structures $ 75 000 000
- intangible assets $ 25 000 000
- equipment and other assets $ 75 000 000
Financial investments $ 125 000 000
Raw materials and components $ 25 000 000
Work-in-progress $ 75 000 000
Finished goods $ 25 000 000
Accounts receivable from customers $ 50 000 000
Advance payments to suppliers $ 25 000 000
Deferred expenses $ 125 000 000
VAT as assets $ 25 000 000
Cash $ 50 000 000
Other current assets $ 25 000 000
Total assets $ 1 175 000 000
Equity $ 425 000 000
Retained earnings (+) / losses (-) $ 50 000 000
Grants $ 25 000 000
Loans $ 325 000 000
Accounts payable to suppliers $ 175 000 000
Accounts payable to budget $ 75 000 000
Accounts payable to personnel $ 25 000 000
Advances received $ 25 000 000
Other short-term liabilities $ 50 000 000
Total liabilities and equity $ 1 175 000 000
Balance check 0

3
INFLATION AND MACROECONOMIC FORECASTS 2016 2017 2018 2019 2020 2021 2022
Calculation method 1 Constant prices (without inflation adjustment)
Annual inflation rate assumption
for the primary currency % 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0%
Foreign currency data
Central bank's discount rate % 8,3% 8,3% 8,3% 8,3% 8,3% 8,3% 8,3%
2023 2024 2025 2026 2027 2028 2029 2030
0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0%
8,3% 8,3% 8,3% 8,3% 8,3% 8,3% 8,3% 8,3%

4
TAXES AND DUTIES 2016 2017 2018 2019 2020 2021 2022
Taxation system 1 Income tax (general tax treatment)
Payment period
Excise taxes and export duties days 0 0 0 0 0 0 0
Import duties days 0 0 0 0 0 0 0
VALUE ADDED TAX
tax rate 18,0% %
payment period 90 days
offset method for overpaid VAT 1 used to offset future payments
direct VAT repayment in 0 periods
VAT received $
0 0 5 262 712 68 415 254
126 305
085
126 305
085
126 305
085
VAT paid $ 0 6 399 153 41 517 458 16 056 610 16 286 949 17 098 475 25 215 254
VAT paid (received) $
0 0 0 0 94 722 881
109 206
610
101 089
831
OTHER TAXES
Payroll taxes 34,0% $ 0 0 0 0 0 0 0
Land tax $ 0 0 0 0 0 0 0
Other taxes deductible for income tax purposes $ 0 0 0 0 0 0 0
Property tax 2,2% $ 3 135 000 3 465 000 3 630 000 2 970 000 2 310 000 1 760 000 1 485 000
Other taxes not deductible for income tax purposes $ 0 0 0 0 0 0 0
INCOME TAX
tax rate 20,0% % 20% 20% 20% 20% 20% 20% 20%
payment period 30 days
Income tax accrued $ 0 0 0 0 0 0 0
the above, in terms of financial report currency $ 0 0 0 0 0 0 0
SPECIAL TAX TREATMENTS
Total tax payments $ 3 135 000 3 465 000 3 630 000 2 970 000 97 032 881
110 966
610
102 574
831
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL

5
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
124 474 576 103 881 356 72 991 525 51 483 051 35 923 729 23 567 797 0 0 864 915 254
16 553 898 17 887 119 16 891 017 24 925 424 15 962 034 14 607 458 0 0 229 400 847
107 920 678 85 994 237 56 100 508 26 557 627 19 961 695 8 960 339 0 0 610 514 407
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
1 375 000 1 265 000 1 155 000 1 045 000 935 000 825 000 715 000 605 000 26 675 000
0 0 0 0 0 0 0 0 0
20% 20% 20% 20% 20% 20% 20% 20%
26 451 804 66 602 379 32 213 173 0 0 0 0 0 125 267 357
26 451 804 66 602 379 32 213 173 0 0 0 0 0 125 267 357
135 747 482 153 861 616 89 468 682 27 602 627 20 896 695 9 785 339 715 000 605 000 762 456 763

6
PRESENT PROJECT ASSETS 2016 2017 2018 2019 2020 2021 2022
Land
net book value $ 100 000 000 100 000 000 100 000 000 100 000 000 100 000 000 100 000 000 100 000 000
sale of asset (net of VAT) $ 0 0 0 0 0 0 0
Depreciation
Buildings and structures 20 yr.
net book value $ 95 000 000 90 000 000 85 000 000 80 000 000 75 000 000 70 000 000 65 000 000
Depreciation
Intangible assets 2 yr.
net book value $ 25 000 000 0 0 0 0 0 0
Depreciation
Equipment and other assets 5 yr.
net book value $ 40 000 000 30 000 000 20 000 000 10 000 000 0 0 0
Depreciation
Deferred expenses 2 yr.
net book value $ 62 500 000 0 0 0 0 0 0
Financial assets
net book value $ 125 000 000 125 000 000 125 000 000 125 000 000 125 000 000 125 000 000 125 000 000
financial assets yield 10% $ 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000

7
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL
100 000 000 100 000 000 100 000 000 100 000 000 100 000 000 100 000 000 100 000 000 100 000 000
0 0 0 0 0 0 0 0 0
60 000 000 55 000 000 50 000 000 45 000 000 40 000 000 35 000 000 30 000 000 25 000 000
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
125 000 000 125 000 000 125 000 000 125 000 000 125 000 000 125 000 000 125 000 000 125 000 000
12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 187 500 000
0 0 0 0 0 0 0 0 0

8
SALES FORECAST 2016 2017 2018 2019 2020 2021 2022
Nominal volume
Oil 0 ton
Condensate 1 120 000 1000 m3 0% 0% 1% 8% 14% 14% 14%
Gas 18 340 000 1000 m3 0% 0% 1% 8% 15% 15% 15%
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL
0%
14% 13% 8% 6% 4% 3% 0% 0% 100%
14% 12% 8% 6% 4% 3% 0% 0% 100%

9
ОБЪЕМЫ РЕАЛИЗАЦИИ (в единицах) 2016 2017 2018 2019 2020 2021 2022
Нефть тонн
Конденсат 1000 м3 10 000 90 000 160 000 160 000 160 000
Газ 1000 м3 110 000 1 450 000 2 680 000 2 680 000 2 680 000
2023 2024 2025 2026 2027 2028 2029 2030 ИТОГО
0
160 000 140 000 90 000 70 000 50 000 30 000 1 120 000
2 640 000 2 200 000 1 550 000 1 090 000 760 000 500 000 18 340 000

10
UNIT SALES 2016 2017 2018 2019 2020 2021 2022
Oil ton
Condensate 1000 m3 10 000 90 000 160 000 160 000 160 000
Gas 1000 m3 110 000 1 450 000 2 680 000 2 680 000 2 680 000
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL
0
160 000 140 000 90 000 70 000 50 000 30 000 1 120 000
2 640 000 2 200 000 1 550 000 1 090 000 760 000 500 000 18 340 000

11
SALES 2016 2017 2018 2019 2020 2021 2022
Oil $ 0 0 0 0 0 0 0
Condensate $ 0 0 1 500 000 13 500 000 24 000 000 24 000 000 24 000 000
Gas $ 0 0 33 000 000 435 000 000 804 000 000 804 000 000 804 000 000
= Total $ 0 0 34 500 000 448 500 000 828 000 000 828 000 000 828 000 000
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL
0 0 0 0 0 0 0 0 0
24 000 000 21 000 000 13 500 000 10 500 000 7 500 000 4 500 000 0 0 168 000 000
792 000 000 660 000 000 465 000 000 327 000 000 228 000 000 150 000 000 0 0 5 502 000 000
816 000 000 681 000 000 478 500 000 337 500 000 235 500 000 154 500 000 0 0 5 670 000 000

12
UNIT PRODUCTION 2016 2017 2018 2019 2020 2021 2022
Oil
production schedule ton 0 0 0 0 0 0 0
sales forecast ton 0 0 0 0 0 0 0
goods finished but not sold ton 0 0 0 0 0 0 0
Condensate
production schedule 1000 m3 0 0 10 000 90 000 160 000 160 000 160 000
sales forecast 1000 m3 0 0 10 000 90 000 160 000 160 000 160 000
goods finished but not sold 1000 m3 0 0 0 0 0 0 0
Gas
production schedule 1000 m3 0 0 110 000 1 450 000 2 680 000 2 680 000 2 680 000
sales forecast 1000 m3 0 0 110 000 1 450 000 2 680 000 2 680 000 2 680 000
goods finished but not sold 1000 m3 0 0 0 0 0 0 0
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL
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
160 000 140 000 90 000 70 000 50 000 30 000 0 0 1 120 000
160 000 140 000 90 000 70 000 50 000 30 000 0 0 1 120 000
0 0 0 0 0 0 0 0
2 640 000 2 200 000 1 550 000 1 090 000 760 000 500 000 0 0 18 340 000
2 640 000 2 200 000 1 550 000 1 090 000 760 000 500 000 0 0 18 340 000
0 0 0 0 0 0 0 0

13
OPERATING COSTS 2016 2017 2018 2019 2020 2021 2022
Direct production costs
Cost of raw materials and components $ 0 0 0 0 0 0 0
Other variable costs $ 0 0 0 0 0 0 0
Production personnel wages and salaries $ 0 0 0 0 0 0 0
Production personnel social insurance $ 0 0 0 0 0 0 0
Currency
Production drilling tangible 1 $ 1 710 000 12 780 000 11 770 000 1 210 000 0 0 0
Production drilling untangible 1 $ 2 670 000 830 000 159 750 000 130 370 000 0 0 0
Facilities cost 1 $ 105 540 000 321 840 000 483 380 000 0 0 0 0
Pipeline cost 1 $ 0 41 950 000 263 410 000 0 0 0 0
Indirect production costs
Support personnel wages and salaries $ 0 0 0 0 0 0 0
Support personnel social insurance $ 0 0 0 0 0 0 0
Depreciation $ 102 500 000 117 500 000 30 000 000 30 000 000 30 000 000 20 000 000 5 000 000
Land tax and other taxes deductible for income tax purposes $ 0 0 0 0 0 0 0
Currency
Operation cost 1 $ 0 0 8 760 000 105 260 000 106 770 000 112 090 000 165 300 000
General and administrative expenses
Administrative personnel wages and salaries $ 0 0 0 0 0 0 0
Administrative personnel social insurance $ 0 0 0 0 0 0 0
Currency
Name 1 $ 0 0 0 0 0 0 0
Sales and marketing expenses
Sales and marketing personnel wages and salaries $ 0 0 0 0 0 0 0
Sales and marketing personnel social insurance $ 0 0 0 0 0 0 0
Currency
Name 1 $ 0 0 0 0 0 0 0
Sales and marketing expenses as % of sales 0% $ 0% 0% 0% 0% 0% 0% 0%
= Total: cost on income statement $ 212 420 000 488 500 847 915 552 542 250 783 390 120 483 051 114 991 525 145 084 746
= Total: current expenses $ 109 920 000 377 400 000 927 070 000 236 840 000 106 770 000 112 090 000 165 300 000

14
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL
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 27 470 000
0 0 0 0 0 0 0 0 293 620 000
0 0 0 0 0 0 0 0 910 760 000
0 0 0 0 0 0 0 0 305 360 000
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
5 000 000 5 000 000 5 000 000 5 000 000 5 000 000 5 000 000 5 000 000 5 000 000 375 000 000
0 0 0 0 0 0 0 0 0
108 520 000 117 260 000 110 730 000 163 400 000 104 640 000 95 760 000 0 0 1 198 490 000
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%
96 966 102 104 372 881 98 838 983 143 474 576 93 677 966 86 152 542 5 000 000 5 000 000 2 881 299 153
108 520 000 117 260 000 110 730 000 163 400 000 104 640 000 95 760 000 0 0 2 735 700 000

15
EQUITY 2016 2017 2018 2019 2020 2021 2022
Owners' contribution $ 0 0 0 0 0 0 0
Currency
Financing from current business operation 1 $ 0 0 0 0 0 0 0
Currency
Grants 1 $ 0 0 0 0 0 0 0
Financing from construction co-investors $ 0 0 0 0 0 0 0
Info: Cash at the end of period (current project) $ 107 256 950 330 060 475 453 628 677 862 337 559
1 545 281
645
2 175 337
981
2 782 629
890
Info: Cash at the end of period (project portfolio) $ 107 256 950 330 060 475 453 628 677 862 337 559
1 545 281
645
2 175 337
981
2 782 629
890
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL
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
3 343 421
611
3 738 959
085
3 982 040
248
3 973 991
344
3 937 829
540
3 839 557
736
3 692 126
526
3 547 045
400
3 343 421
611
3 738 959
085
3 982 040
248
3 973 991
344
3 937 829
540
3 839 557
736
3 692 126
526
3 547 045
400

16
LOANS 2016 2017 2018 2019 2020 2021 2022
Prior period loans
Interest rate (annualized) 0% 0% 0% 0% 0% 0% 0%
Repayment of principal $ 0 0 0 0 0 0 0
Interest paid $ 0 0 0 0 0 0 0
Outstanding debt at the end of the current period $
325 000
000
325 000
000
325 000
000
325 000
000
325 000
000
325 000
000
325 000
000
New loans
Name
Type of loan 2 Investment loan
Loan currency 1 $
Interest rate (annualized) 5% 5% 5% 5% 5% 5% 5% 5%
Grace period on interest payments 2 yr.
Proceeds from loan disbursement
$
257 028
200
591 086
025
1 107 818
576
303 447
902
145 784
492
139 139
746
175 552
542
Repayment of principal $
Interest paid $
0 0
100 591
625
115 764
020
123 053
244
130 010
232
138 787
859
Outstanding debt at the end of the current period $
269 879
610
904 013
917
2 011 832
493
2 315 280
395
2 461 064
887
2 600 204
632
2 775 757
175
= Total: Loans received $
257 028
200
591 086
025
1 107 818
576
303 447
902
145 784
492
139 139
746
175 552
542
= Total: Loans repaid $ 0 0 0 0 0 0 0
= Total: Interest paid $ 0 0
100 591
625
115 764
020
123 053
244
130 010
232
138 787
859
= Total: Outstanding debt $
594 879
610
1 229 013
917
2 336 832
493
2 640 280
395
2 786 064
887
2 925 204
632
3 100 757
175
Debt service coverage (current project) times - - 2,23 4,53 6,55 5,85 5,38
Debt service coverage (project portfolio) times - - 2,23 4,53 6,55 5,85 5,38
Info: Cash at the end of period (current project) $
107 256
950
330 060
475
453 628
677
862 337
559
1 545 281
645
2 175 337
981
2 782 629
890
Info: Cash at the end of period (project portfolio) $
107 256
950
330 060
475
453 628
677
862 337
559
1 545 281
645
2 175 337
981
2 782 629
890
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL

17
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
325 000 000 325 000 000 325 000 000 325 000 000 325 000 000 325 000 000 325 000 000 325 000 000
5% 5% 5% 5% 5% 5% 5% 5%
117 328 983 126 291 186 119 595 169 0 0 0 0 0 3 083 072 822
0
144 654 308 150 968 867 156 948 626 156 948 626 156 948 626 156 948 626 156 948 626 156 948 626 1 845 521 908
2 893 086
158
3 019 377
344
3 138 972
514
3 138 972
514
3 138 972
514
3 138 972
514
3 138 972
514
3 138 972
514
117 328 983 126 291 186 119 595 169 0 0 0 0 0 3 083 072 822
0 0 0 0 0 0 0 0 0
144 654 308 150 968 867 156 948 626 156 948 626 156 948 626 156 948 626 156 948 626 156 948 626 1 845 521 908
3 218 086
158
3 344 377
344
3 463 972
514
3 463 972
514
3 463 972
514
3 463 972
514
3 463 972
514
3 463 972
514
4,88 3,62 2,55 0,95 0,77 0,37 0,06 0,08
4,88 3,62 2,55 0,95 0,77 0,37 0,06 0,08
3 343 421
611
3 738 959
085
3 982 040
248
3 973 991
344
3 937 829
540
3 839 557
736
3 692 126
526
3 547 045
400
3 343 421
611
3 738 959
085
3 982 040
248
3 973 991
344
3 937 829
540
3 839 557
736
3 692 126
526
3 547 045
400

19
СВОДНЫЙ ОТЧЕТ ОБ ИНВЕСТИЦИЯХ В
ПРОЕКТ
2016 2017 2018 2019 2020 2021 2022
Потребность в инвестициях $ 99 216 250 -278 438 -226 875 185 625 -21 870 095 -5 087 807 2 118 570
Инвестиции в здания и сооружения $ 0 0 0 0 0 0 0
Инвестиции в земельные участки $ 0 0 0 0 0 0 0
Инвестиции в нематериальные активы $ 0 0 0 0 0 0 0
Инвестиции в финансовые активы $ 0 0 0 0 0 0 0
Инвестиции в оборудование и прочие активы $ 0 0 0 0 0 0 0
Оплата расходов будущих периодов $ 0 0 0 0 0 0 0
Прирост чистого оборотного капитала $ 99 216 250 -278 438 -226 875 185 625 -21 870 095 -5 087 807 2 118 570
Привлечение финансирования $ 257 028 200 595 623 525
1 112 356
076 307 985 402 150 321 992 143 677 246 180 090 042
Средства собственников $ 0 0 0 0 0 0 0
Средства от текущей деятельности $ 0 0 0 0 0 0 0
Целевое финансирование $ 0 0 0 0 0 0 0
Средства от инвесторов строительства $ 0 0 0 0 0 0 0
Поступление денег от кредита $ 257 028 200 595 623 525
1 112 356
076 307 985 402 150 321 992 143 677 246 180 090 042
Возврат финансирования $ 0 0 101 056 718 116 455 989 123 972 088 131 155 950 140 160 452
Выплаченные проценты $ 0 0 101 056 718 116 455 989 123 972 088 131 155 950 140 160 452
Дивиденды $ 0 0 0 0 0 0 0
Лизинговые платежи $ 0 0 0 0 0 0 0
Возврат кредитов $ 0 0 0 0 0 0 0
Справка: Остаток средств на счете (текущий
проект) $ 107 256 950 334 010 163 460 310 146 871 400 184
1 561 456
051
2 195 229
794
2 804 469
733
Минимальный остаток средств на счете 107 256 950 $

20
2023 2024 2025 2026 2027 2028 2029 2030 ИТОГО
-3 174 332 1 604 409 10 389 731 10 005 744 1 697 108 2 798 464 2 288 210 48 125 99 714 688
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
-3 174 332 1 604 409 10 389 731 10 005 744 1 697 108 2 798 464 2 288 210 48 125 99 714 688
121 866 483 130 828 686 124 132 669 0 0 0 0 0
3 123 910
322
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
121 866 483 130 828 686 124 132 669 0 0 0 0 0
3 123 910
322
146 253 777 152 795 211 159 001 844 159 001 844 159 001 844 159 001 844 159 001 844
159 001
844
1 865 861
252
146 253 777 152 795 211 159 001 844 159 001 844 159 001 844 159 001 844 159 001 844
159 001
844
1 865 861
252
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
3 374 650
402
3 773 748
121
4 019 692
178
4 008 815
713
3 969 796
315
3 868 749
418
3 718 625
614
3 570 934
394

21
SUMMARY OF INVESTMENTS 2016 2017 2018 2019 2020 2021 2022
Investment requirements $ 99 216 250 -82 500 -41 250 165 000 -23 515 720 -3 483 432 2 097 945
Investment in buildings and structures $ 0 0 0 0 0 0 0
Investment in land $ 0 0 0 0 0 0 0
Investment in intangible assets $ 0 0 0 0 0 0 0
Investment in financial assets $ 0 0 0 0 0 0 0
Investment in equipment and other assets $ 0 0 0 0 0 0 0
Investment in deferred expenses $ 0 0 0 0 0 0 0
Investment in working capital $ 99 216 250 -82 500 -41 250 165 000 -23 515 720 -3 483 432 2 097 945
Proceeds from financing $ 257 028 200 591 086 025
1 107 818
576 303 447 902 145 784 492 139 139 746 175 552 542
Owners' contribution $ 0 0 0 0 0 0 0
Financing from current business operation $ 0 0 0 0 0 0 0
Grants $ 0 0 0 0 0 0 0
Proceeds from loan disbursement $ 257 028 200 591 086 025
1 107 818
576 303 447 902 145 784 492 139 139 746 175 552 542
Repayment of financing $ 0 0 100 591 625 115 764 020 123 053 244 130 010 232 138 787 859
Interest paid $ 0 0 100 591 625 115 764 020 123 053 244 130 010 232 138 787 859
Dividends $ 0 0 0 0 0 0 0
Lease payments $ 0 0 0 0 0 0 0
Repayment of debt $ 0 0 0 0 0 0 0
Info: Cash at the end of period (current project) $ 107 256 950 330 060 475 453 628 677 862 337 559
1 545 281
645
2 175 337
981
2 782 629
890
Minimum cash at the beginning of period 107 256 950 $

22
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL
-3 884 529 2 163 229 10 366 699 10 097 651 1 676 483 2 777 839 2 267 585 27 500 99 848 750
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
-3 884 529 2 163 229 10 366 699 10 097 651 1 676 483 2 777 839 2 267 585 27 500 99 848 750
117 328 983 126 291 186 119 595 169 0 0 0 0 0 3 083 072 822
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
117 328 983 126 291 186 119 595 169 0 0 0 0 0 3 083 072 822
144 654 308 150 968 867 156 948 626 156 948 626 156 948 626 156 948 626 156 948 626 156 948 626 1 845 521 908
144 654 308 150 968 867 156 948 626 156 948 626 156 948 626 156 948 626 156 948 626 156 948 626 1 845 521 908
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
3 343 421
611
3 738 959
085
3 982 040
248
3 973 991
344
3 937 829
540
3 839 557
736
3 692 126
526
3 547 045
400

23
INCOME STATEMENT 2016 2017 2018 2019 2020 2021 2022
Net sales $ 0 0 29 237 288 380 084 746 701 694 915 701 694 915 701 694 915
Cost of goods sold $ 212 420 000 488 500 847 915 552 542 250 783 390 120 483 051 114 991 525 145 084 746
Gross profit $
-212 420
000
-488 500
847
-886 315
254 129 301 356 581 211 864 586 703 390 556 610 169
Wages and salaries of administrative, sales and marketing personnel $ 0 0 0 0 0 0 0
General and administrative expenses $ 0 0 0 0 0 0 0
Sales and marketing expenses $ 0 0 0 0 0 0 0
Taxes, excl. income tax $ 3 135 000 3 465 000 3 630 000 2 970 000 2 310 000 1 760 000 1 485 000
Interest $ 12 851 410 43 048 282 100 591 625 115 764 020 123 053 244 130 010 232 138 787 859
Operating income $
-228 406
410
-535 014
129
-990 536
879 10 567 336 455 848 620 454 933 158 416 337 311
Gain (loss) from sale of fixed assets $ 0 0 0 0 0 0 0
Gain (loss) from construction activities $ 0 0 0 0 0 0 0
Gain (loss) from exchange rate fluctuations $ 0 0 0 0 0 0 0
Other income $ 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000
Other loss $ 0 0 0 0 0 0 0
Earnings before income tax $
-215 906
410
-522 514
129
-978 036
879 23 067 336 468 348 620 467 433 158 428 837 311
Income tax $ 0 0 0 0 0 0 0
Net income (loss) $
-215 906
410
-522 514
129
-978 036
879 23 067 336 468 348 620 467 433 158 428 837 311

24
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL
691 525 424 577 118 644 405 508 475 286 016 949 199 576 271 130 932 203 0 0 4 805 084 746
96 966 102 104 372 881 98 838 983 143 474 576 93 677 966 86 152 542 5 000 000 5 000 000 2 881 299 153
594 559 322 472 745 763 306 669 492 142 542 373 105 898 305 44 779 661 -5 000 000 -5 000 000 1 923 785 593
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
1 375 000 1 265 000 1 155 000 1 045 000 935 000 825 000 715 000 605 000 26 675 000
144 654 308 150 968 867 156 948 626 156 948 626 156 948 626 156 948 626 156 948 626 156 948 626 1 901 421 600
448 530 014 320 511 895 148 565 866 -15 451 253 -51 985 321
-112 993
965
-162 663
626
-162 553
626 -4 311 007
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
12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 187 500 000
0 0 0 0 0 0 0 0 0
461 030 014 333 011 895 161 065 866 -2 951 253 -39 485 321
-100 493
965
-150 163
626
-150 053
626 183 188 993
26 451 804 66 602 379 32 213 173 0 0 0 0 0 125 267 357
434 578 210 266 409 516 128 852 693 -2 951 253 -39 485 321
-100 493
965
-150 163
626
-150 053
626 57 921 637

27
INCOME STATEMENT ADDENDUM 2016 2017 2018 2019 2020 2021 2022
Currency
Other income (net of VAT) 1 $ 0 0 0 0 0 0 0
Other loss (net of VAT) 1 $ 0 0 0 0 0 0 0
Gain (loss) from exchange rate fluctuations $ 0 0 0 0 0 0 0
Dividends 0% $ 0 0 0 0 0 0 0
Earnings before interest, taxes, depreciation and amortization (EBITDA) $
-113 055
000
-374 465
847
-859 945
254 156 331 356 608 901 864 604 943 390 560 125 169
Earnings before interest and taxes (EBIT) $
-215 555
000
-491 965
847
-889 945
254 126 331 356 578 901 864 584 943 390 555 125 169
Net operating profit less adjusted taxes $
-172 444
000
-393 572
678
-711 956
203 101 065 085 463 121 492 467 954 712 444 100 136
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL
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
598 184 322 476 480 763 310 514 492 146 497 373 109 963 305 48 954 661 -715 000 -605 000 2 272 110 593
593 184 322 471 480 763 305 514 492 141 497 373 104 963 305 43 954 661 -5 715 000 -5 605 000 1 897 110 593
474 547 458 377 184 610 244 411 593 113 197 898 83 970 644 35 163 729 -4 572 000 -4 484 000 1 517 688 475

29
CASH FLOW STATEMENT 2016 2017 2018 2019 2020 2021 2022
Cash received from customers $ 0 0 34 500 000 448 500 000 828 000 000 828 000 000 828 000 000
Cash paid to suppliers $ 0 0 0 0 0 0 0
Other variable costs $ 0 0 0 0 0 0 0
Cash paid to employees $ 0 0 0 0 0 0 0
General expenses $
-109 920
000
-377 400
000
-927 070
000
-236 840
000
-106 770
000
-112 090
000
-165 300
000
Taxes $
-3 135 000 -3 465 000 -3 630 000 -2 970 000 -97 032 881
-110 966
610
-102 574
831
Interest paid $
0 0
-100 591
625
-115 764
020
-123 053
244
-130 010
232
-138 787
859
Other cash inflows $ 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000
Other cash outflows $ 0 0 0 0 0 0 0
Cash flow from operating activities $
-100 555
000
-368 365
000
-984 291
625 105 425 980 513 643 874 487 433 158 433 837 311
Investment in land $ 0 0 0 0 0 0 0
Investment in buildings and structures $ 0 0 0 0 0 0 0
Investment in equipment and other assets $ 0 0 0 0 0 0 0
Investment in intangible assets $ 0 0 0 0 0 0 0
Investment in financial assets $ 0 0 0 0 0 0 0
Investment in deferred expenses $ 0 0 0 0 0 0 0
Investment in working capital $ -99 216 250 82 500 41 250 -165 000 23 515 720 3 483 432 -2 097 945
Proceeds from sale of fixed assets $ 0 0 0 0 0 0 0
Cash flow from investing activities $ -99 216 250 82 500 41 250 -165 000 23 515 720 3 483 432 -2 097 945
Equity inflow $ 0 0 0 0 0 0 0
Grants $ 0 0 0 0 0 0 0
Proceeds from borrowing $
257 028 200 591 086 025
1 107 818
576
303 447 902 145 784 492 139 139 746 175 552 542
Repayment of debt $ 0 0 0 0 0 0 0
Lease payments $ 0 0 0 0 0 0 0
Dividends paid $ 0 0 0 0 0 0 0
Cash flow from financing activities $ 257 028 200 591 086 025
1 107 818
576 303 447 902 145 784 492 139 139 746 175 552 542
Change in cash $ 57 256 950 222 803 525 123 568 202 408 708 882 682 944 086 630 056 336 607 291 908
Cash at the beginning of period $ 50 000 000 107 256 950 330 060 475 453 628 677 862 337 559
1 545 281
645
2 175 337
981
Cash at the end of period $ 107 256 950 330 060 475 453 628 677 862 337 559
1 545 281
645
2 175 337
981
2 782 629
890

30
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL
816 000 000 681 000 000
478 500
000 337 500 000 235 500 000 154 500 000 0 0
5 670 000
000
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
-108 520 000 -117 260 000
-110 730
000
-163 400
000
-104 640
000 -95 760 000 0 0
-2 735 700
000
-135 747 482 -153 861 616
-89 468
682 -27 602 627 -20 896 695 -9 785 339 -715 000 -605 000
-762 456
763
-144 654 308 -150 968 867
-156 948
626
-156 948
626
-156 948
626
-156 948
626
-156 948
626
-156 948
626
-1 845 521
908
12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 12 500 000 187 500 000
0 0 0 0 0 0 0 0 0
439 578 210 271 409 516
133 852
693 2 048 747 -34 485 321 -95 493 965
-145 163
626
-145 053
626 513 821 328
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
3 884 529 -2 163 229
-10 366
699 -10 097 651 -1 676 483 -2 777 839 -2 267 585 -27 500 -99 848 750
0 0 0 0 0 0 0 0 0
3 884 529 -2 163 229
-10 366
699 -10 097 651 -1 676 483 -2 777 839 -2 267 585 -27 500 -99 848 750
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
117 328 983 126 291 186
119 595
169 0 0 0 0 0
3 083 072
822
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
117 328 983 126 291 186
119 595
169 0 0 0 0 0
3 083 072
822
560 791 722 395 537 474
243 081
163 -8 048 904 -36 161 804 -98 271 804
-147 431
210
-145 081
126
3 497 045
400
2 782 629 890
3 343 421
611
3 738 959
085
3 982 040
248
3 973 991
344
3 937 829
540
3 839 557
736
3 692 126
526
3 343 421 611
3 738 959
085
3 982 040
248
3 973 991
344
3 937 829
540
3 839 557
736
3 692 126
526
3 547 045
400

35
BALANCE SHEET 2016 2017 2018 2019 2020 2021 2022
Cash $
107 256 950 330 060 475 453 628 677 862 337 559
1 545 281
645
2 175 337
981
2 782 629
890
Accounts receivable $ 0 0 0 0 0 0 0
Advances paid $ 0 0 0 0 0 0 0
Finished goods $ 0 0 0 0 0 0 0
Work-in-progress $ 0 0 0 0 0 0 0
Raw materials and components $ 0 0 0 0 0 0 0
VAT paid $ 25 000 000 31 399 153 67 653 898 15 295 254 0 0 0
Deferred expenses $ 62 500 000 0 0 0 0 0 0
Other current assets $ 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000
Total current assets $ 219 756 950 386 459 628 546 282 575 902 632 813
1 570 281
645
2 200 337
981
2 807 629
890
Fixed assets $ 260 000 000 455 000 000 425 000 000 395 000 000 365 000 000 345 000 000 340 000 000
land $ 100 000 000 250 000 000 250 000 000 250 000 000 250 000 000 250 000 000 250 000 000
buildings and structures $ 95 000 000 90 000 000 85 000 000 80 000 000 75 000 000 70 000 000 65 000 000
equipment and other assets $ 40 000 000 90 000 000 65 000 000 40 000 000 15 000 000 0 0
intangible assets $ 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000
Financial assets $ 125 000 000 125 000 000 125 000 000 125 000 000 125 000 000 125 000 000 125 000 000
Investments in progress $ 325 000 000 75 000 000 75 000 000 75 000 000 75 000 000 75 000 000 75 000 000
Total fixed assets $ 710 000 000 655 000 000 625 000 000 595 000 000 565 000 000 545 000 000 540 000 000
= TOTAL ASSETS $ 929 756 950
1 041 459
628
1 171 282
575
1 497 632
813
2 135 281
645
2 745 337
981
3 347 629
890
Accounts payable $ 0 0 0 0 0 0 0
to suppliers of raw materials and components $ 0 0 0 0 0 0 0
to suppliers of fixed assets $ 0 0 0 0 0 0 0
Taxes payable $ 783 750 866 250 907 500 742 500 24 258 220 27 741 653 25 643 708
Advances received $ 0 0 0 0 0 0 0
Short-term loans $ 325 000 000 325 000 000 325 000 000 325 000 000 325 000 000 325 000 000 325 000 000
Other short-term liabilities $ 50 000 000 50 000 000 50 000 000 50 000 000 50 000 000 50 000 000 50 000 000
Total short-term liabilities $ 375 783 750 375 866 250 375 907 500 375 742 500 399 258 220 402 741 653 400 643 708
Long-term liabilities $
269 879 610 904 013 917
2 011 832
493
2 315 280
395
2 461 064
887
2 600 204
632
2 775 757
175
Owners' equity $ 425 000 000 425 000 000 425 000 000 425 000 000 425 000 000 425 000 000 425 000 000
Retained earnings $
-165 906
410
-688 420
539
-1 666 457
418
-1 643 390
082
-1 175 041
462
-707 608
304
-278 770
993
Other equity $ 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000
Total equity $ 284 093 590
-238 420
539
-1 216 457
418
-1 193 390
082
-725 041
462
-257 608
304 171 229 007
= TOTAL LIABILITIES AND EQUITY $ 929 756 950
1 041 459
628
1 171 282
575
1 497 632
813
2 135 281
645
2 745 337
981
3 347 629
890

36
2023 2024 2025 2026 2027 2028 2029 2030
3 343 421
611
3 738 959
085
3 982 040
248
3 973 991
344
3 937 829
540
3 839 557
736
3 692 126
526
3 547 045
400
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
25 000 000 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000
3 368 421
611
3 763 959
085
4 007 040
248
3 998 991
344
3 962 829
540
3 864 557
736
3 717 126
526
3 572 045
400
335 000 000 330 000 000 325 000 000 320 000 000 315 000 000 310 000 000 305 000 000 300 000 000
250 000 000 250 000 000 250 000 000 250 000 000 250 000 000 250 000 000 250 000 000 250 000 000
60 000 000 55 000 000 50 000 000 45 000 000 40 000 000 35 000 000 30 000 000 25 000 000
25 000 000 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000
125 000 000 125 000 000 125 000 000 125 000 000 125 000 000 125 000 000 125 000 000 125 000 000
75 000 000 75 000 000 75 000 000 75 000 000 75 000 000 75 000 000 75 000 000 75 000 000
535 000 000 530 000 000 525 000 000 520 000 000 515 000 000 510 000 000 505 000 000 500 000 000
3 903 421
611
4 293 959
085
4 532 040
248
4 518 991
344
4 477 829
540
4 374 557
736
4 222 126
526
4 072 045
400
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
29 528 237 27 365 008 16 998 308 6 900 657 5 224 174 2 446 335 178 750 151 250
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
325 000 000 325 000 000 325 000 000 325 000 000 325 000 000 325 000 000 325 000 000 325 000 000
50 000 000 50 000 000 50 000 000 50 000 000 50 000 000 50 000 000 50 000 000 50 000 000
404 528 237 402 365 008 391 998 308 381 900 657 380 224 174 377 446 335 375 178 750 375 151 250
2 893 086
158
3 019 377
344
3 138 972
514
3 138 972
514
3 138 972
514
3 138 972
514
3 138 972
514
3 138 972
514
425 000 000 425 000 000 425 000 000 425 000 000 425 000 000 425 000 000 425 000 000 425 000 000
155 807 217 422 216 733 551 069 426 548 118 173 508 632 853 408 138 888 257 975 262 107 921 637
25 000 000 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000 25 000 000
605 807 217 872 216 733
1 001 069
426 998 118 173 958 632 853 858 138 888 707 975 262 557 921 637
3 903 421
611
4 293 959
085
4 532 040
248
4 518 991
344
4 477 829
540
4 374 557
736
4 222 126
526
4 072 045
400

39
FINANCIAL RATIOS 2016 2017 2018 2019 2020 2021 2022
Return on assets % -23,2% -53,0% -88,4% 1,7% 25,8% 19,2% 14,1%
Return on equity % -76,0% - - - - - -992,9%
Return on fixed assets % -30,4% -76,6% -152,8% 3,8% 80,7% 84,2% 79,0%
COGS / sales % - - 3131,5% 66,0% 17,2% 16,4% 20,7%
Gross margin % - - -3345,2% 6,1% 66,7% 66,6% 61,1%
Fixed costs / COGS % 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0%
Break-even point $ - - 915 552 542 250 783 390 120 483 051 114 991 525 145 084 746
"Margin of safety" % - - -3031,5% 34,0% 82,8% 83,6% 79,3%
EBITDA margin % -52% -76% -94% 62% 496% 518% 382%
EBIT margin % -100% -100% -97% 50% 471% 501% 379%
Net margin % -100% -106% -106% 9% 381% 400% 293%
Effective income tax rate % 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0%
Current ratio times 0,58 1,03 1,45 2,40 3,93 5,46 7,01
Net working capital $
-156 026
800 10 593 378 170 375 075 526 890 313
1 171 023
425
1 797 596
329
2 406 986
182
Solvency ratio times 0,31 -0,23 -1,04 -0,80 -0,34 -0,09 0,05
Gearing ratio times 0,44 -0,19 -0,51 -0,44 -0,25 -0,09 0,05
Long-term debt to total liabilities % 29% 87% 172% 155% 115% 95% 83%
Debt service coverage times - - 2,23 4,53 6,55 5,85 5,38
Times interest earned times -15,80 -11,14 -8,72 1,20 4,81 4,60 4,09

40
2023 2024 2025 2026 2027 2028 2029 2030
12,0% 6,5% 2,9% -0,1% -0,9% -2,3% -3,5% -3,7%
111,9% 36,0% 13,8% -0,3% -4,0% -11,1% -19,2% -26,9%
80,9% 50,0% 24,4% -0,6% -7,6% -19,6% -29,6% -30,0%
14,0% 18,1% 24,4% 50,2% 46,9% 65,8% - -
62,8% 46,2% 31,8% -1,0% -19,8% -76,8% - -
100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0%
96 966 102 104 372 881 98 838 983 143 474 576 93 677 966 86 152 542 - -
86,0% 81,9% 75,6% 49,8% 53,1% 34,2% - -
608% 451% 311% 101% 116% 56% -13% -11%
603% 446% 306% 98% 111% 51% -100% -100%
442% 252% 129% -2% -42% -116% -2628% -2677%
5,7% 20,0% 20,0% 0,0% 0,0% 0,0% 0,0% 0,0%
8,33 9,35 10,22 10,47 10,42 10,24 9,91 9,52
2 963 893
375
3 361 594
078
3 615 041
940
3 617 090
687
3 582 605
366
3 487 111
402
3 341 947
776
3 196 894
150
0,16 0,20 0,22 0,22 0,21 0,20 0,17 0,14
0,18 0,25 0,28 0,28 0,27 0,24 0,20 0,16
74% 70% 69% 69% 70% 72% 74% 77%
4,88 3,62 2,55 0,95 0,77 0,37 0,06 0,08
4,19 3,21 2,03 0,98 0,75 0,36 0,04 0,04

44
INVESTMENT EFFICIENCY 2016 2017 2018 2019 2020 2021 2022
Include prior period investments 1 Yes
Include residual value of project assets 2 No
Currency of calculation: 1 $
Annualized discount rate: 4% % 4% 4% 4% 4% 4% 4% 4%
Cash flows included:
Net cash flow $
-1 109 341
532
-376 892
156
-903 777
075 197 872 196 635 602 190 594 924 776 542 769 653
Discounted net cash flow $
-1 109 341
532
-362 396
304
-835 592
710
175 907 662 543 315 416 488 984 800 428 958 741
Discounted net cash flow, cumulative $
-1 109 341
532
-1 471 737
836
-2 307 330
546
-2 131 422
884
-1 588 107
468
-1 099 122
669
-670 163
928
Simple payback period 7,75 yr.
Net Present Value (NPV) 344 822 149 $
Discounted Payback Period (PBP) 8,86 yr.
Internal Rate of Return (IRR) 6,9% (nominal — with inflation)
Profitability Index (PI) 1,15 times
Modified Internal Rate of Return (MIRR) 5%
Reinvestment rate 4%
Discount rate for investments 4%

45
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL
4% 4% 4% 4% 4% 4% 4% 4%
559 186 185 390 021 381 249 044 894 117 509 996 89 397 097 27 287 097 -21 872 310 -19 522 225 972 210 167
424 935 543 284 984 803 174 975 639 79 385 543 58 070 649 17 043 440 -13 135 943 -11 273 599 344 822 149
-245 228
385 39 756 418 214 732 057 294 117 600 352 188 250 369 231 690 356 095 747 344 822 149

47
RETURN ON EQUITY 2016 2017 2018 2019 2020 2021 2022
Include prior period investments 1 Yes
Include residual value of project assets 2 No
Net cash flow $
-849 743
050 222 803 525 123 568 202 408 708 882 682 944 086 630 056 336 607 291 908
-849 743
050
195 441 689 95 081 719 275 866 854 404 357 724 327 231 518 276 674 024
-849 743
050
-654 301
361
-559 219
642 -283 352 789 121 004 935 448 236 453 724 910 477
Simple payback period 4,14 years
Net Present Value (NPV)
1 081 293
935 $
Discounted Payback Period (PBP) 4,70 years

48
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL
14% 14% 14% 14% 14% 14% 14% 14%
560 791 722 395 537 474 243 081 163 -8 048 904 -36 161 804 -98 271 804
-147 431
210
-145 081
126 2 590 045 400
224 113 302 138 659 243 74 749 388 -2 171 142 -8 556 511 -20 397 207 -26 842 710 -23 170 905 1 081 293 935
949 023 779
1 087 683
022
1 162 432
411
1 160 261
268
1 151 704
757
1 131 307
550
1 104 464
840
1 081 293
935

49
RETURN ON LENDER(S) 2016 2017 2018 2019 2020 2021 2022
Net cash flow $
-202 341
532
-376 892
156
-903 777
075 197 872 196 635 602 190 594 924 776 542 769 653
-202 341
532
-358 944
911
-819 752
449 170 929 443 522 911 495 466 139 129 405 023 072
-202 341
532
-561 286
443
-1 381 038
892
-1 210 109
449 -687 197 954 -221 058 825 183 964 246
Simple payback period 6,10 yr.
Net Present Value (NPV)
1 124 030
459 $

50
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL
5% 5% 5% 5% 5% 5% 5% 5%
559 186 185 390 021 381 249 044 894 117 509 996 89 397 097 27 287 097 -21 872 310 -19 522 225 1 879 210 167
397 403 182 263 981 823 160 536 559 72 140 944 52 268 631 15 194 477 -11 599 353 -9 860 050 1 124 030 459
581 367 428 845 349 251
1 005 885
810
1 078 026
754
1 130 295
385
1 145 489
862
1 133 890
509
1 124 030
459

53
BUSINESS VALUATION 2016 2017 2018 2019 2020 2021 2022
Long-term growth rate 0% %
Cash flow for equity $ 169 405 540 186 154 396 159 822 947 356 350 238 667 648 832 630 056 336 607 291 908
Net income $
-215 906
410
-522 514
129
-978 036
879 23 067 336 468 348 620 467 433 158 428 837 311
Depreciation $ 102 500 000 117 500 000 30 000 000 30 000 000 30 000 000 20 000 000 5 000 000
Change in net working capital $ -25 783 750 -82 500 -41 250 165 000 -23 515 720 -3 483 432 2 097 945
Investment $ 0 0 0 0 0 0 0
Change in long-term debt $ 257 028 200 591 086 025
1 107 818
576 303 447 902 145 784 492 139 139 746 175 552 542
Discounted cash flow $ 166 115 799 175 518 657 144 895 797 310 642 137 559 626 236 507 803 883 470 631 280
Terminal value -112 100 000 $
Total value
2 884 208
725 $

54
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL
4% 4% 4% 4% 4% 4% 4% 4%
560 791 722 395 537 474 243 081 163 -8 048 904 -36 161 804 -98 271 804
-147 431
210
-145 081
126 3 541 145 709
434 578 210 266 409 516 128 852 693 -2 951 253 -39 485 321
-100 493
965
-150 163
626
-150 053
626 57 921 637
5 000 000 5 000 000 5 000 000 5 000 000 5 000 000 5 000 000 5 000 000 5 000 000 375 000 000
-3 884 529 2 163 229 10 366 699 10 097 651 1 676 483 2 777 839 2 267 585 27 500 -25 151 250
0 0 0 0 0 0 0 0 0
117 328 983 126 291 186 119 595 169 0 0 0 0 0 3 083 072 822
417 879 965 283 402 875 167 469 060 -5 331 958 -23 033 858 -60 188 315 -86 823 912 -82 153 770 2 946 453 876

55
EFFICIENCY FOR THE GOVERNMENT 2016 2017 2018 2019 2020 2021 2022
Tax revenues to various governments
federal regional / local
Value Added Tax (VAT) 100% 0%
Income tax 10% 90%
Social insurance contribution 100% 0%
Excise taxes and export duties 100% 0%
Import duties 100% 0%
Individual income tax 0% 100%
Land tax 0% 100%
Property tax 0% 100%
Other taxes deductible for income tax purposes 0% 100%
Other taxes not deductible for income tax purposes 0% 100%
Unified tax on imputed income 0% 100%
Simplified taxation system 0% 100%
Individual income tax rate 13% $ 0 0 0 0 0 0 0
Taxes received by federal government $ 0 0 0 0 94 722 881 109 206 610 101 089 831
Taxes received by regional and local governments $ 3 135 000 3 465 000 3 630 000 2 970 000 2 310 000 1 760 000 1 485 000
Financing provided by governments
Federal government
grants $ 0 0 0 0 0 0 0
loans provided $ 0 0 0 0 0 0 0
loans repayment $ 0 0 0 0 0 0 0
interest $ 0 0 0 0 0 0 0
Regional and local governments
grants $ 0 0 0 0 0 0 0
loans provided $ 0 0 0 0 0 0 0
loans repayment $ 0 0 0 0 0 0 0
interest $ 0 0 0 0 0 0 0
Tax revenues to various governments
Total cash flow for federal government $ 0 0 0 0 94 722 881 109 206 610 101 089 831
Total cash flow for regional and local governments $ 3 135 000 3 465 000 3 630 000 2 970 000 2 310 000 1 760 000 1 485 000

56
Discount rate 4% % 4% 4% 4% 4% 4% 4% 4%
Discounted cash flow for federal government 0 0 0 0 80 969 516 89 759 873 79 892 761
Discounted flow for regional and local governments 3 135 000 3 331 731 3 356 139 2 640 319 1 974 598 1 446 592 1 173 617
NPV for federal government 480 528 280 $
NPV for regional and local governments 104 705 598 $

57
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL
0 0 0 0 0 0 0 0 0
110 565 858 92 654 475 59 321 826 26 557 627 19 961 695 8 960 339 0 0 623 041 142
25 181 624 61 207 141 30 146 856 1 045 000 935 000 825 000 715 000 605 000 139 415 621
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 0 0 0 0 0 0
110 565 858 92 654 475 59 321 826 26 557 627 19 961 695 8 960 339 0 0 623 041 142

58
25 181 624 61 207 141 30 146 856 1 045 000 935 000 825 000 715 000 605 000 139 415 621
4% 4% 4% 4% 4% 4% 4% 4%
84 020 965 67 701 717 41 678 728 17 941 381 12 966 736 5 596 601 0 0 480 528 280
19 135 965 44 723 459 21 180 781 705 965 607 358 515 293 429 410 349 372 104 705 598

59
BASIC PROJECT PARAMETERS 2016 2017 2018 2019 2020 2021 2022
Sales (net of VAT) $ 0 0 29 237 288 380 084 746 701 694 915 701 694 915 701 694 915
Production costs (net of VAT) $ 228 406 410 535 014 129
1 019 774
167 369 517 410 245 846 295 246 761 757 285 357 605
Earnings before interest, taxes, depreciation and amortization (EBITDA) $
-113 055
000
-374 465
847
-859 945
254 156 331 356 608 901 864 604 943 390 560 125 169
Earnings before interest and taxes (EBIT) $
-215 555
000
-491 965
847
-889 945
254 126 331 356 578 901 864 584 943 390 555 125 169
Earnings before income tax $
-215 906
410
-522 514
129
-978 036
879 23 067 336 468 348 620 467 433 158 428 837 311
Net income (loss) $
-215 906
410
-522 514
129
-978 036
879 23 067 336 468 348 620 467 433 158 428 837 311
Retained earnings (per period) $
-215 906
410
-522 514
129
-978 036
879 23 067 336 468 348 620 467 433 158 428 837 311
Investment in fixed assets $ 0 0 0 0 0 0 0
Investment in working capital $ -99 216 250 82 500 41 250 -165 000 23 515 720 3 483 432 -2 097 945
Equity investment and grants $ 0 0 0 0 0 0 0
Loans provided $ 257 028 200 591 086 025
1 107 818
576 303 447 902 145 784 492 139 139 746 175 552 542
Loans repayment $ 0 0 0 0 0 0 0
Interest $ 0 0
-100 591
625 -115 764 020 -123 053 244 -130 010 232
-138 787
859
Change in cash $ 57 256 950 222 803 525 123 568 202 408 708 882 682 944 086 630 056 336 607 291 908
Cash at the beginning of period $ 50 000 000 107 256 950 330 060 475 453 628 677 862 337 559
1 545 281
645
2 175 337
981
Cash at the end of period $ 107 256 950 330 060 475 453 628 677 862 337 559
1 545 281
645
2 175 337
981
2 782 629
890
Investment efficiency
Net Present Value (NPV) 344 822 149 $
Profitability Index (PI) 115% %
Return on equity
Net Present Value (NPV) 1 081 293 935 $

60
Discounted Payback Period (PBP) 4,70 years
Profitability Index (PI) 216% times
Return on lender(s)

61
2023 2024 2025 2026 2027 2028 2029 2030 TOTAL
691 525 424 577 118 644 405 508 475 286 016 949 199 576 271 130 932 203 0 0 4 805 084 746
242 995 410 256 606 749 256 942 609 301 468 202 251 561 592 243 926 168 162 663 626 162 553 626 4 809 395 753
598 184 322 476 480 763 310 514 492 146 497 373 109 963 305 48 954 661 -715 000 -605 000 2 272 110 593
593 184 322 471 480 763 305 514 492 141 497 373 104 963 305 43 954 661 -5 715 000 -5 605 000 1 897 110 593
461 030 014 333 011 895 161 065 866 -2 951 253 -39 485 321
-100 493
965
-150 163
626
-150 053
626 183 188 993
434 578 210 266 409 516 128 852 693 -2 951 253 -39 485 321
-100 493
965
-150 163
626
-150 053
626 57 921 637
434 578 210 266 409 516 128 852 693 -2 951 253 -39 485 321
-100 493
965
-150 163
626
-150 053
626 57 921 637
0 0 0 0 0 0 0 0 0
3 884 529 -2 163 229 -10 366 699 -10 097 651 -1 676 483 -2 777 839 -2 267 585 -27 500 -99 848 750
0 0 0 0 0 0 0 0 0
117 328 983 126 291 186 119 595 169 0 0 0 0 0 3 083 072 822
0 0 0 0 0 0 0 0 0
-144 654
308
-150 968
867
-156 948
626
-156 948
626
-156 948
626
-156 948
626
-156 948
626
-156 948
626 -1 845 521 908
560 791 722 395 537 474 243 081 163 -8 048 904 -36 161 804 -98 271 804
-147 431
210
-145 081
126 3 497 045 400
2 782 629
890
3 343 421
611
3 738 959
085
3 982 040
248
3 973 991
344
3 937 829
540
3 839 557
736
3 692 126
526
3 343 421
611
3 738 959
085
3 982 040
248
3 973 991
344
3 937 829
540
3 839 557
736
3 692 126
526
3 547 045
400

0
500 000 000
1 000 000 000
1 500 000 000
2 000 000 000
2 500 000 000
3 000 000 000
3 500 000 000
4 000 000 000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
= Total: Outstanding debt
0
100 000 000
200 000 000
300 000 000
400 000 000
500 000 000
600 000 000
700 000 000
800 000 000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Net sales
-1 200 000 000
-1 000 000 000
-800 000 000
-600 000 000
-400 000 000
-200 000 000
0
200 000 000
400 000 000
600 000 000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Net income (loss)

-1 000 000 000
-800 000 000
-600 000 000
-400 000 000
-200 000 000
0
200 000 000
400 000 000
600 000 000
800 000 000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Earnings before interest, taxes, depreciation and amortization (EBITDA)
-1 500 000 000
-1 000 000 000
-500 000 000
0
500 000 000
1 000 000 000
1 500 000 000
201620172018201920202021202220232024202520262027202820292030
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
0
500 000 000
1 000 000 000
1 500 000 000
2 000 000 000
2 500 000 000
3 000 000 000
3 500 000 000
4 000 000 000
4 500 000 000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Cash at the end of period

-400 000 000
-200 000 000
0
200 000 000
400 000 000
600 000 000
800 000 000
1 000 000 000
1 200 000 000
201620172018201920202021202220232024202520262027202820292030
Repayment of debt
Interest paid
Proceeds from borrowing
0
100 000 000
200 000 000
300 000 000
400 000 000
500 000 000
600 000 000
700 000 000
800 000 000
900 000 000
201620172018201920202021202220232024202520262027202820292030
Financing from construction co-investors
Cash received from customers
0
500 000 000
1 000 000 000
1 500 000 000
2 000 000 000
2 500 000 000
3 000 000 000
3 500 000 000
4 000 000 000
4 500 000 000
5 000 000 000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Total current assets
Total fixed assets

-2 000 000 000
-1 000 000 000
0
1 000 000 000
2 000 000 000
3 000 000 000
4 000 000 000
5 000 000 000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Total short-term liabilities
Long-term liabilities
Total equity
-100,0%
-80,0%
-60,0%
-40,0%
-20,0%
0,0%
20,0%
40,0%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Return on assets
-4000,0%
-3500,0%
-3000,0%
-2500,0%
-2000,0%
-1500,0%
-1000,0%
-500,0%
0,0%
500,0%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Gross margin

-200%
-100%
0%
100%
200%
300%
400%
500%
600%
700%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
EBITDA margin
-2 500 000 000
-2 000 000 000
-1 500 000 000
-1 000 000 000
-500 000 000
0
500 000 000
1 000 000 000
201620172018201920202021202220232024202520262027202820292030
Discounted net cash flow, cumulative
-1 000 000 000
-500 000 000
0
500 000 000
1 000 000 000
1 500 000 000
201620172018201920202021202220232024202520262027202820292030

-2 000 000 000
-1 500 000 000
-1 000 000 000
-500 000 000
0
500 000 000
1 000 000 000
1 500 000 000
201620172018201920202021202220232024202520262027202820292030

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