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

sale of asset (net of VAT)

$ 0 0 0 0 0 0 0

Depreciation

Intangible assets 2 yr. net book value

$ 25 000 000 0 0 0 0 0 0


$ 0 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


$ 0 0 0 0 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 sale of asset (net of VAT)

$ 0 0 0 0 0 0 0

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 Financing from construction co-investors

$ 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


$ -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


$ 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 Currency of calculation: 1 $ Annualized discount rate: 14% % 14% 14% 14% 14% 14% 14% 14%


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 Internal Rate of Return (IRR) 39,2% (nominal — with inflation)



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

Currency of calculation: 1 $ Annualized discount rate: 5% % 5% 5% 5% 5% 5% 5% 5%


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 $

Discounted Payback Period (PBP) 6,55 yr. Internal Rate of Return (IRR) 20,6% (nominal — with inflation)



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

Currency of calculation: 1 $ Annualized discount rate: 4% % 4% 4% 4% 4% 4% 4% 4%

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


$ -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


$ 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 $ Discounted Payback Period (PBP) 8,86 yr. Internal Rate of Return (IRR) 6,9% (nominal — with inflation)

Profitability Index (PI) 115% %

Return on equity Net Present Value (NPV) 1 081 293 935 $

60

Discounted Payback Period (PBP) 4,70 years Internal Rate of Return (IRR) 39,2% (nominal — with inflation)

Profitability Index (PI) 216% times

Return on lender(s) Discounted Payback Period (PBP) 6,55 yr.

Internal Rate of Return (IRR) 20,6% (nominal — with inflation)

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

62

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

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

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


-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

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030


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

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030


-1 000 000 000

-500 000 000

0

500 000 000

1 000 000 000

1 500 000 000

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030


-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

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Discounted net cash flow, cumulative

Documents

Offshore Invest Analysis