Budget - FY 2010, 2011, 2012

All data in US funds

North American Market

Budgeted SP1 Units Sales FY 2010, 2011, 2012

Fiscal Year Jan Feb Mar Apr May Jun Jul

2010 20 20.0 20.0 20.0 20.0 20.0 25.0
2011 20.0 20.0 20.0 25.0 25.0 30.0 30.0
2012 30.0 30.0 40.0 40.0 40.0 75.0 75.0

North American Budgeted Units Sales SP1

80
70
Units in Thousands

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Monthly Units Sales

Budgeted Average price of SP1 $60,000 Budgeted Average price of SP1

Budgeted Selling Price and margin analysis per vehicle -FY 2010 and 2011 Budgeted Selling Price and ma
Target direct materials/car $30,000 Target direct materials/car
Target direct labour/car $11,000 Target direct labour/car
Target Manufacturing Overhead $4,000 Target Manufacturing Overhead
Total COGS/car $45,000 Total COGS/car
Gross Margin/car $15,000 Gross Margin/car
Gross Margin/car % 25% Gross Margin/car %
Target Selling and Admin $3,000 Target Selling and Admin
Target Net Profit/Car % 20% Target Net Profit/Car %
Target Net Profit/Car 12000 Target Net Profit/Car
Selling Price $60,000 Selling Price
P&L Analysis
Budget - Twelve Months ending Dec 31, 2010
North American Market
( in thousands)

Jan Feb Mar Apr May Jun Jul

Sales -SP1 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,500

COGS
Target Direct Materials 600 600 600 600 600 600 750
Target Direct Labour $220 $220 $220 $220 $220 $220 $275
Target Manufacturing
overhead $80 $80 $80 $80 $80 $80 $100
Total COGS $900 $900 $900 $900 $900 $900 $1,125
Gross margin $300 $300 $300 $300 $300 $300 $375
Gross margin % 25% 25% 25% 25% 25% 25% 25%

Selling and Admin Costs

Warranty costs 1 1 1 1 1 1 2
R&D 20 20 20 20 20 20 20
Marketing 20 20 20 20 20 20 20
Distribution costs 10 10 10 10 10 10 12.5
Other selling and admin 9 9 9 9 9 9 21
Total Selling and
Admin $60.0 $60.0 $60.0 $60.0 $60.0 $60.0 $75.0
Net Profit -SP1 240.0 240.0 240.0 240.0 240.0 240.0 300.0
Net Profit -SP1 % 20% 20% 20% 20% 20% 20% 20%

NOTES TO 2010 BUDGET

Based on research during FY 2010 we expect:

* warranty costs to run at 0.1% of 2010 sales
* distribution costs to run at 0.5K per vehicle
* Company will provide 240K for R&D costs to find new, more efficient technologies and ways of building solar vehicles
* Company will aslo provide 240K to promote new SP1

P&L Analysis
Budget - Twelve Months ending Dec 31, 2011
North American Market
( in thousands)

Jan Feb Mar Apr May Jun Jul

Sales -SP1 $1,200.0 $1,200.0 $1,200.0 $1,500.0 $1,500.0 $1,800.0 $1,800.0

COGS
Target Direct Materials $600.0 $600.0 $600.0 $750.0 $750.0 $900.0 $900.0
Target Direct Labour $220.0 $220.0 $220.0 $275.0 $275.0 $330.0 $330.0
Target Manufacturing
overhead $80.0 $80.0 $80.0 $100.0 $100.0 $120.0 $120.0
Total COGS $900.0 $900.0 $900.0 $1,125.0 $1,125.0 $1,350.0 $1,350.0
Gross margin $300 $300 $300 $375 $375 $450 $450
Gross margin % 25% 25% 25% 25% 25% 25% 25%

Selling and Admin Costs

Warranty costs 3.0 3.0 3.0 3.3 3.3 3.6 4.1
R&D 20.0 20.0 20.0 20.0 20.0 20.0 20.0
Marketing 20.0 20.0 20.0 20.0 20.0 20.0 20.0
Distribution costs 10.0 10.0 10.0 12.5 12.5 15.0 15.0
Other selling and admin 7.0 7.0 7.0 19.2 19.2 31.4 31.0
Total Selling and
Admin $60.0 $60.0 $60.0 $75.0 $75.0 $90.0 $90.0
Net Profit -SP1 $240.0 $240.0 $240.0 $300.0 $300.0 $360.0 $360.0
Net Profit -SP1 % 20% 20% 20% 20% 20% 20% 20%

NOTES TO 2011 BUDGET

Based on research during FY 2011 we expect:

* warranty costs to run at 0.1% of 2011 sales and 0.15% of 2010 sales
* distribution costs to run at 0.5K per vehicle
* Company will provide 240K for R&D costs to find new, more efficient technologies and ways of building solar vehicles
* Company will aslo provide 240K to promote new SP1

P&L Analysis
Budget - Twelve Months ending Dec 31, 2012
North American Market
( in thousands)

Jan Feb Mar Apr May Jun Jul

Sales -SP1 $1,800.0 $1,800.0 $2,400.0 $2,400.0 $2,400.0 $4,500.0 $4,500.0

COGS
Target Direct Materials 720 720 960 960 960 1800 1800
Target Direct Labour 300 300 400 400 400 750 750
Target Manufacturing
overhead 120 120 160 160 160 300 300
Total COGS $1,140.0 $1,140.0 $1,520.0 $1,520.0 $1,520.0 $2,850.0 $2,850.0
Gross margin $660.0 $660.0 $880.0 $880.0 $880.0 $1,650.0 $1,650.0
Gross margin % 37% 37% 37% 37% 37% 37% 37%

Selling and Admin Costs

Warranty costs $6.00 $6.00 $6.60 $7.05 $7.05 $9.60 $10.20
R&D 0 0 0 0 10 40 40
Marketing 30 30 30 30 30 30 30
Distribution costs 15 15 20 20 20 37.5 37.5
Other selling and admin 9 9 23.4 22.95 12.95 32.9 32.3
Total Selling and
Admin 60 60 80 80 80 150 150
Net Profit -SP1 $600.0 $600.0 $800.0 $800.0 $800.0 $1,500.0 $1,500.0
Net Profit -SP1 % 33% 33% 33% 33% 33% 33% 33%

NOTES TO 2012 BUDGET

In 2012 we expect to lower our COGS and increase Gross margin to 37% and net margin to 33%

Based on research during FY 2012 we expect:

* warranty costs to run at 0.1% of 2012 sales plu 0.15% of 2011 sales plus 0.2% of 2010 sales
* distribution costs to run at 0.5K per vehicle
* Company will provide 180K for R&D costs to find new, more efficient technologies and ways of building solar vehicles
* Company will also provide 360K to promote SP1 in order to double the units sales in comaprison to FY2011
 Aug Sep Oct Nov Dec Totals
25.0 20.0 20.0 20.0 20.0 250.0
30.0 25.0 25.0 25.0 25.0 300.0
70.0 50.0 50.0 50.0 50.0 600.0

SP1 Based on the research we expect higher sales during

summer months

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Budgeted Average price of SP1 $60,000

Budgeted Selling Price and margin analysis per vehicle -FY 2012
Target direct materials/car 24000
Target direct labour/car 10000
Target Manufacturing Overhead 4000
Total COGS/car 38000
Gross Margin/car $22,000
Gross Margin/car % 37%
Target Selling and Admin 2000
Target Net Profit/Car % 33%
Target Net Profit/Car 20000
Selling Price $60,000
 Aug Sep Oct Nov Dec FY 2010

$1,500 $1,200 $1,200 $1,200 $1,200 $15,000

750 600 600 600 600 7500

$275 $220 $220 $220 $220 2750

$100 $80 $80 $80 $80 1000

$1,125 $900 $900 $900 $900 $11,250
$375 $300 $300 $300 $300 $3,750
25% 25% 25% 25% 25% 25%

2 1 1 1 1 15
20 20 20 20 20 240
20 20 20 20 20 240
12.5 10 10 10 10 125
21 9 9 9 9 130

$75.0 $60.0 $60.0 $60.0 $60.0 750

300.0 240.0 240.0 240.0 240.0 3000.0
20% 20% 20% 20% 20% 20%

ys of building solar vehicles

Aug Sep Oct Nov Dec FY 2011

$1,800.0 $1,500.0 $1,500.0 $1,500.0 $1,500.0 $18,000.0

 $900.0 $750.0 $750.0 $750.0 $750.0 $9,000.0
$330.0 $275.0 $275.0 $275.0 $275.0 $3,300.0

$120.0 $100.0 $100.0 $100.0 $100.0 $1,200.0

$1,350.0 $1,125.0 $1,125.0 $1,125.0 $1,125.0 $13,500.0
$450 $375 $375 $375 $375 $4,500
25% 25% 25% 25% 25% 25%

4.1 3.3 3.3 3.3 3.3 40.5

20.0 20.0 20.0 20.0 20.0 240.0
20.0 20.0 20.0 20.0 20.0 240.0
15.0 12.5 12.5 12.5 12.5 150.0
31.0 19.2 19.2 19.2 19.2 229.5

$90.0 $75.0 $75.0 $75.0 $75.0 $900.0

$360.0 $300.0 $300.0 $300.0 $300.0 $3,600.0
20% 20% 20% 20% 20% 20%

ys of building solar vehicles

Aug Sep Oct Nov Dec FY 2011

$4,200.0 $3,000.0 $3,000.0 $3,000.0 $3,000.0 $36,000.0

1680 1200 1200 1200 1200 $14,400.0

700 500 500 500 500 $6,000.0

280 200 200 200 200 $2,400.0

$2,660.0 $1,900.0 $1,900.0 $1,900.0 $1,900.0 $22,800.0
$1,540.0 $1,100.0 $1,100.0 $1,100.0 $1,100.0 $13,200.0
37% 37% 37% 37% 37% 37%

$9.90 $7.65 $7.65 $7.65 $7.65 $93.0

30 20 20 10 10 $180.0
30 30 30 30 30 $360.0
35 25 25 25 25 $300.0
 35.1 17.35 17.35 27.35 27.35 $267.0

140 100 100 100 100 $1,200.0

$1,400.0 $1,000.0 $1,000.0 $1,000.0 $1,000.0 $12,000.0
33% 33% 33% 33% 33% 33%

ys of building solar vehicles

aprison to FY2011